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Sample records for salmonid stocks coordinated

  1. Influences of Stocking Salmon Carcass Analogs on Salmonids in Klickitat River Tributaries, 2001-2005 Completion Report.

    Energy Technology Data Exchange (ETDEWEB)

    Zendt, Joe; Sharp, Bill (Yakama Nation Fisheries, Toppenish, WA)

    2006-09-01

    This report describes the work completed by the Yakama Nation Fisheries Program (YNFP) in the Klickitat subbasin in south-central Washington under BPA innovative project No.200105500--Influences of stocking salmon carcass analogs on salmonids in Columbia River Tributaries. Salmon carcasses historically provided a significant source of marine-derived nutrients to many stream systems in the Columbia basin, and decreased run sizes have led to a loss of this nutrient source in many streams. Partners in this project developed a pathogen-free carcass analog and stocked the analogs in streams with the following objectives: restoring food availability to streams with reduced anadromous salmon returns; mimicking the natural pathways and timing of food acquisition by salmonids; minimizing unintended negative ecological effects; and increasing the growth and survival of salmonids. In the Klickitat subbasin, carcass analogs were stocked in two streams in 2002 and 2003; a third stream was used as a control. Salmonid fish abundance, growth, and stomach contents were monitored in all three streams before and after carcass analog placement. Fish, invertebrate, and periphyton samples were also collected for stable isotope analysis (to determine if nutrients from carcass analogs were incorporated into the stream food web). Water quality samples were also collected to determine if nutrient overloading occurred in streams. Significant differences in growth were found between fish in treated and untreated stream reaches. Fish in treatment reaches exhibited higher instantaneous growth rates approximately one month after the first carcass analog stocking. Stomach contents sampling indicated that salmonid fish routinely consumed the carcass analog material directly, and that stomach fullness of fish in treatment reaches was higher than in untreated reaches in the first few weeks following carcass analog stockings. No significant differences were detected in fish abundance between

  2. Stock Assessment of Columbia River Anadromous Salmonids : Final Report, Volume I, Chinook, Coho, Chum and Sockeye Salmon Summaries.

    Energy Technology Data Exchange (ETDEWEB)

    Howell, Philip J.

    1986-07-01

    The purpose was to identify and characterize the wild and hatchery stocks of salmon and steelhead in the Columbia River Basin on the basis of currently available information. This report provides a comprehensive compilation of data on the status and life histories of Columbia Basin salmonid stocks.

  3. Influences of Stocking Salmon Carcass Analogs on Salmonids in Yakima River Tributaries, 2001-2002 Technical Report.

    Energy Technology Data Exchange (ETDEWEB)

    Pearsons, Todd N.; Johnson, Christopher L. (Washington Department of Fish and Wildlife, Olympia, WA)

    2003-04-01

    The benefits that marine derived nutrients from adult salmon carcasses provide to juvenile salmonids are increasingly being recognized. Current estimates suggest that only 6-7% of marine-derived nitrogen and phosphorus that were historically available to salmonids in the Pacific Northwest are currently available. Food limitation may be a major constraint limiting the restoration of salmonids. A variety of methods have been proposed to offset this nutrient deficit including: allowing greater salmon spawning escapement, stocking hatchery salmon carcasses, and stocking inorganic nutrients. Unfortunately, each of these methods has some ecological or socio-economic shortcoming. We intend to overcome many of these shortcomings by making and evaluating a pathogen free product that simulates a salmon carcass (analog). Abundant sources of marine derived nutrients are available such as fish offal from commercial fishing and salmon carcasses from hatcheries. However, a method for recycling these nutrients into a pathogen free analog that degrades at a similar rate as a natural salmon carcass has never been developed. We endeavored to (1) develop a salmon carcass analog that will increase the food available to salmonids, (2) determine the pathways that salmonids use to acquire food from analogs, and (3) determine the benefits to salmonids and the potential for application to salmonid restoration. We used a before-after-control-impact-paired design in six tributaries of the upper Yakima basin to determine the utility of stocking carcass analogs. Our preliminary results suggest that the introduction of carcass analogs into food-limited streams can be used to restore food pathways previously provided by anadromous salmon. The analogs probably reproduced both of the major food pathways that salmon carcasses produce: direct consumption and food chain enhancement. Trout and salmon fed directly on the carcass analogs during the late summer and presumably benefited from the increased

  4. Expert initial review of Columbia River Basin salmonid management models: Summary report

    International Nuclear Information System (INIS)

    Barnthouse, L.W.

    1993-10-01

    Over the past years, several fish passage models have been developed to examine the downstream survival of salmon during their annual migration through the Columbia River reservoir system to below Bonneville Dam. More recently, models have been created to simulate the survival of salmon throughout the entire life cycle. The models are used by various regional agencies and native American tribes to assess impacts of dam operation, harvesting, and predation on salmonid abundance. These models are now also being used to assess extinction probabilities and evaluate restoration alternatives for threatened and endangered salmonid stocks. Oak Ridge National Laboratory (ORNL) coordinated an initial evaluation of the principal models by a panel of outside, expert reviewers. None of the models were unequivocally endorsed by any reviewer. Significant strengths and weaknesses were noted for each with respect to reasonability of assumptions and equations, adequacy of documentation, adequacy of supporting data, and calibration procedures. Although the models reviewed differ in some important respects, all reflect a common conceptual basis in classical population dynamic theory and a common empirical basis consisting of the available time series of salmonid stock data, hydrographic records, experimental studies of dam passage parameters, and measurements of reservoir mortality. The results of this initial review are not to be construed as a comprehensive scientific peer review of existing Columbia River Basin (CRB) salmon population models and data. The peer review process can be enhanced further by a dynamic exchange regional modelers and scientific panel experts involving interaction and feedback

  5. Introduced northern pike consumption of salmonids in Southcentral Alaska

    Science.gov (United States)

    Sepulveda, Adam J.; Rutz, David S.; Dupuis, Aaron W; Shields, Patrick A; Dunker, Kristine J.

    2015-01-01

    The impacts of introduced northern pike (Esox lucius) on salmonid populations have attracted much attention because salmonids are popular subsistence, sport and commercial fish. Concern over the predatory effects of introduced pike on salmonids is especially high in Southcentral Alaska, where pike were illegally introduced to the Susitna River basin in the 1950s. We used pike abundance, growth, and diet estimates and bioenergetics models to characterise the realised and potential consumptive impacts that introduced pike (age 2 and older) have on salmonids in Alexander Creek, a tributary to the Susitna River. We found that juvenile salmonids were the dominant prey item in pike diets and that pike could consume up to 1.10 metric tons (realised consumption) and 1.66 metric tons (potential consumption) of juvenile salmonids in a summer. Age 3–4 pike had the highest per capita consumption of juvenile salmonids, and age 2 and age 3–4 pike had the highest overall consumption of juvenile salmonid biomass. Using historical data on Chinook salmon and pike potential consumption of juvenile salmonids, we found that pike consumption of juvenile salmonids may lead to collapsed salmon stocks in Alexander Creek. Taken together, our results indicate that pike consume a substantial biomass of juvenile salmonids in Alexander Creek and that coexistence of pike and salmon is unlikely without management actions to reduce or eliminate introduced pike.

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

    Science.gov (United States)

    2013-03-19

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

  7. Comparison of the movement and recapture of salmonid fishes tagged at two power plants

    International Nuclear Information System (INIS)

    Romberg, G.P.; Thommes, M.M.

    1974-01-01

    Fish tagging studies were conducted in the vicinity of Point Beach Nuclear Plant and Waukegan Power Plant to determine whether there were any seasonal or site specific differences in the residence behavior of salmonids at thermal discharges. Results showed that there were differences in the abundance and time of peak abundance of trout and salmon at the two power plant discharges. Certain species reacted differently to the two discharges probably as a result of maturity and water temperature. Salmonids did not appear to remain at either discharge for long periods. Direction of migration was affected by stocking location and water temperature

  8. Factors Affecting the Survival of Upstream Migrant Adult Salmonids in the Columbia River Basin : Recovery Issues for Threatened and Endangered Snake River Salmon : Technical Report 9 of 11.

    Energy Technology Data Exchange (ETDEWEB)

    Dauble, Dennis D.; Mueller, Robert P.

    1993-06-01

    The Bonneville Power Administration (BPA) is developing conservation planning documentation to support the National Marine Fisheries Service`s (NMFS) recovery plan for Columbia Basin salmonid stocks that are currently listed under the Endangered Species Act (ESA). Information from the conservation planning documentation will be used as a partial scientific basis for identifying alternative conservation strategies and to make recommendations toward conserving, rebuilding, and ultimately removing these salmon stocks from the list of endangered species. This report describes the adult upstream survival study, a synthesis of biological analyses related to conditions affecting the survival of adult upstream migrant salmonids in the Columbia River system. The objective of the adult upstream survival study was to analyze existing data related to increasing the survival of adult migrant salmonids returning to the Snake River system. The fate and accountability of each stock during its upstream migration period and the uncertainties associated with measurements of escapement and survival were evaluated. Operational measures that affected the survival of adult salmon were evaluated including existing conditions, augmented flows from upstream storage release, and drawdown of mainstem reservoirs. The potential impacts and benefits of these measures to each ESA stock were, also described based on considerations of species behavior and run timing.

  9. Occurrence and significance of atypical Aeromonas salmonicida in non-salmonid and salmonid fish species : A review

    DEFF Research Database (Denmark)

    Wiklund, T.; Dalsgaard, Inger

    1998-01-01

    , non-salmonids as well as salmonids, inhabiting fresh water, brackish water and marine environments in northern and central Europe, South Africa, North America, Japan and Australia. In non-salmonid fish species, infections with atypical strains often manifest themselves as superficial skin ulcerations...... information is available about the ecology, spread and survival of atypical strains in water. The commonly used therapeutic methods for the control of diseases in farmed fish caused by atypical A. salmonicida are generally effective against the atypical strains. Resistance to different antibiotics...

  10. Epidemiology and Control of Infectious Diseases of Salmonids in the Columbia River Basin, 1983 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Fryer, John L.

    1984-11-01

    The Department of Microbiology at Oregon State University with funding from the Bonneville Power Administration conducted a study relating to the epidemiology and control of three fish diseases of salmonids in the Columbia River Basin. These three diseases were ceratomyxosis which is caused by the myxosporidan parasite Ceratomyxa shasta, bacterial kidney disease, the etiological agent of which is Renibacterium salmoninarum, and infectious hematopoietic necrosis, which is caused by a rhabdovirus. Each of these diseases is highly destructive and difficult or impossible to treat with antimicrobial agents. The presence of ceratomyxosis in rainbow trout exposed at McNary and Little Goose Dams extends the range of this disease about 200 miles further up the Columbia River and into the Snake River drainage. Wallowa steelhead trout were less resistant to this disease than other upriver stocks tested. Juvenile salmonids entering the Columbia River estuary were collected periodically between May to September, 1983. Nine percent of the beach seined chinook salmon and 5, 11 and 12%, respectively, of the purse seined coho and chinook salmon and steelhead trout were infected with Ceratomyxa shasta. Experiments indicated ceratomyxosis progresses in salt water at the same rate as in fresh water once the fish have become infected. These data indicate a longer exposure to infective stages of C. shasta than previously identified and that approximately 10% of the migrating salmonids are infected and will probably die from this organism after entering salt water. Since sampling began in 1981 the bacterial kidney disease organism, Renibacterium salmoninarum, has been detected by the fluorescent antibody test in seven salmonid species caught in the open ocean off the coasts of Washington and Oregon. The bacterium has been found primarily in chinook salmon (11%) with lesions in 2.5% of these fish. This disease was also detected at levels ranging from 17% in coho salmon to 25% in chinook

  11. Introduced northern pike predation on salmonids in southcentral Alaska

    Science.gov (United States)

    Sepulveda, Adam J.; Rutz, David S.; Ivey, Sam S.; Dunker, Kristine J.; Gross, Jackson A.

    2013-01-01

    Northern pike (Esox lucius) are opportunistic predators that can switch to alternative prey species after preferred prey have declined. This trophic adaptability allows invasive pike to have negative effects on aquatic food webs. In Southcentral Alaska, invasive pike are a substantial concern because they have spread to important spawning and rearing habitat for salmonids and are hypothesised to be responsible for recent salmonid declines. We described the relative importance of salmonids and other prey species to pike diets in the Deshka River and Alexander Creek in Southcentral Alaska. Salmonids were once abundant in both rivers, but they are now rare in Alexander Creek. In the Deshka River, we found that juvenile Chinook salmon (Oncorhynchus tshawytscha) and coho salmon (O. kisutch) dominated pike diets and that small pike consumed more of these salmonids than large pike. In Alexander Creek, pike diets reflected the distribution of spawning salmonids, which decrease with distance upstream. Although salmonids dominated pike diets in the lowest reach of the stream, Arctic lamprey (Lampetra camtschatica) and slimy sculpin (Cottus cognatus) dominated pike diets in the middle and upper reaches. In both rivers, pike density did not influence diet and pike consumed smaller prey items than predicted by their gape-width. Our data suggest that (1) juvenile salmonids are a dominant prey item for pike, (2) small pike are the primary consumers of juvenile salmonids and (3) pike consume other native fish species when juvenile salmonids are less abundant. Implications of this trophic adaptability are that invasive pike can continue to increase while driving multiple species to low abundance.

  12. Salmon lice – impact on wild salmonids and salmon aquaculture

    Science.gov (United States)

    Torrissen, O; Jones, S; Asche, F; Guttormsen, A; Skilbrei, O T; Nilsen, F; Horsberg, T E; Jackson, D

    2013-01-01

    Salmon lice, Lepeophtheirus salmonis, are naturally occurring parasites of salmon in sea water. Intensive salmon farming provides better conditions for parasite growth and transmission compared with natural conditions, creating problems for both the salmon farming industry and, under certain conditions, wild salmonids. Salmon lice originating from farms negatively impact wild stocks of salmonids, although the extent of the impact is a matter of debate. Estimates from Ireland and Norway indicate an odds ratio of 1.1:1-1.2:1 for sea lice treated Atlantic salmon smolt to survive sea migration compared to untreated smolts. This is considered to have a moderate population regulatory effect. The development of resistance against drugs most commonly used to treat salmon lice is a serious concern for both wild and farmed fish. Several large initiatives have been taken to encourage the development of new strategies, such as vaccines and novel drugs, for the treatment or removal of salmon lice from farmed fish. The newly sequenced salmon louse genome will be an important tool in this work. The use of cleaner fish has emerged as a robust method for controlling salmon lice, and aquaculture production of wrasse is important towards this aim. Salmon lice have large economic consequences for the salmon industry, both as direct costs for the prevention and treatment, but also indirectly through negative public opinion. PMID:23311858

  13. Control strategy for viral diseases of salmonid fish, flounders and shrimp at hatchery and seed production facility in Japan

    OpenAIRE

    Yoshimizu, Mamoru

    2009-01-01

    Salmonid fish are important species for hatchery reared and released fish. Flounders and shrimp are also important species for seed production and sea-farming in Japan. Viral disease is one of the limitations of successful propagation of these species. Methods currently used to control viral diseases are 1) hygiene and sanitation in facilities, 2) disinfection of rearing and waste water using U. V. irradiation, ozonization and electrolyzation, 3) selection of pathogen-free brood stock by cell...

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

    DEFF Research Database (Denmark)

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

    2001-01-01

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

  15. Culture of salmonid fishes

    National Research Council Canada - National Science Library

    Stickney, Robert R

    1991-01-01

    .... In recognition of the growing concern that aquaculture development has the potential to negatively impact the natural environment, a chapter on controversies surrounding salmonid culture has been included...

  16. Ichthyophonus-induced cardiac damage: a mechanism for reduced swimming stamina in salmonids.

    Science.gov (United States)

    Kocan, R; Lapatra, S; Gregg, J; Winton, J; Hershberger, P

    2006-09-01

    Swimming stamina, measured as time-to-fatigue, was reduced by approximately two-thirds in rainbow trout experimentally infected with Ichthyophonus. Intensity of Ichthyophonus infection was most severe in cardiac muscle but multiple organs were infected to a lesser extent. The mean heart weight of infected fish was 40% greater than that of uninfected fish, the result of parasite biomass, infiltration of immune cells and fibrotic (granuloma) tissue surrounding the parasite. Diminished swimming stamina is hypothesized to be due to cardiac failure resulting from the combination of parasite-damaged heart muscle and low myocardial oxygen supply during sustained aerobic exercise. Loss of stamina in Ichthyophonus-infected salmonids could explain the poor performance previously reported for wild Chinook and sockeye salmon stocks during their spawning migration.

  17. Comparison of infectious hematopoietic necrosis in natural and experimental infections of spawning salmonids by infectivity and immunohistochemistry

    Science.gov (United States)

    Yamamoto, T.; Arakawa, C.K.; Batts, W.N.; Winton, J.R.

    1989-01-01

    Infectious hematopoietic necrosis (IHN) continues to be a serious virus disease of salmonids with epizootics recorded in both wild and hatchery populations (Williams and Amend 1976; Carlisle et al 1979; Groberg and Fryer 1983; Saft and Pratt 1986; Traxler 1987; Follett et al 1987; Meyers et al 1988). While originally enzootic in western North America, the virus appears to be spreading further (Sano et al 1977; de Kinkelin et al 1987; Bovo et al 1987). In hatchery outbreaks occurring in regions where the virus is not enzootic, it is often possible to trace the virus to the importation of infected fingerlings or contaminated eggs. In regions where the virus is widespread among stocks of fish, the source of virus infection is more difficult to establish particularly in watersheds where there are anadromous salmonids. Although salmonid fish surviving infection as fry and returning from the ocean to spawn are considered to be parental carriers of IHNV, there is very little data to support this hypothesis. Amend (1975) in the study of rainbow trout reported that in a population surviving infection and assayed a few years later found that a few trout were carrying virus. This is the study often cited as evidence for the carrier status of returning salmonids. LaPatra et al (1987) presented data that indicated IHNV has been transmitted horizontally through water from adult chinook salmon (Oncorhynchus tshawytscha) to adult coho salmon (O. kisutch) at a hatchery in northern California. They suggested that horizontal transmission may be an important means for perpetuating IHN. However, the actual mechanisms for persistence and transmission of IHN among fish in a watershed is likely to be complex and involve multiple species and age groups as well as intermediate vectors and/or reservoirs.

  18. Identifying footprints of selection in stocked brown trout populations: a spatio-temporal approach

    DEFF Research Database (Denmark)

    Hansen, Michael Møller; Meier, Kristian; Mensberg, Karen-Lise Dons

    2010-01-01

    Studies of interactions between farmed and wild salmonid fishes have suggested reduced fitness of farmed strains in the wild, but evidence for selection at the genic level is lacking. We studied three brown trout populations in Denmark which have been significantly admixed with stocked hatchery...... trout (19–64%), along with two hatchery strains used for stocking. The wild populations were represented by contemporary samples (2000–2006) and two of them by historical samples (1943–1956). We analysed 61 microsatellite loci, nine of which showed putative functional relationships [expressed sequence...... trout. In the most strongly admixed population, however, there was no evidence for selection, possibly because of immigration by stocked trout overcoming selection against hatchery-derived alleles or supportive breeding practices allowing hatchery strain trout to escape natural selection. To our...

  19. Functional Annotation of All Salmonid Genomes (FAASG): an international initiative supporting future salmonid research, conservation and aquaculture.

    Science.gov (United States)

    Macqueen, Daniel J; Primmer, Craig R; Houston, Ross D; Nowak, Barbara F; Bernatchez, Louis; Bergseth, Steinar; Davidson, William S; Gallardo-Escárate, Cristian; Goldammer, Tom; Guiguen, Yann; Iturra, Patricia; Kijas, James W; Koop, Ben F; Lien, Sigbjørn; Maass, Alejandro; Martin, Samuel A M; McGinnity, Philip; Montecino, Martin; Naish, Kerry A; Nichols, Krista M; Ólafsson, Kristinn; Omholt, Stig W; Palti, Yniv; Plastow, Graham S; Rexroad, Caird E; Rise, Matthew L; Ritchie, Rachael J; Sandve, Simen R; Schulte, Patricia M; Tello, Alfredo; Vidal, Rodrigo; Vik, Jon Olav; Wargelius, Anna; Yáñez, José Manuel

    2017-06-27

    We describe an emerging initiative - the 'Functional Annotation of All Salmonid Genomes' (FAASG), which will leverage the extensive trait diversity that has evolved since a whole genome duplication event in the salmonid ancestor, to develop an integrative understanding of the functional genomic basis of phenotypic variation. The outcomes of FAASG will have diverse applications, ranging from improved understanding of genome evolution, to improving the efficiency and sustainability of aquaculture production, supporting the future of fundamental and applied research in an iconic fish lineage of major societal importance.

  20. Survival and growth rates of juvenile salmonids reared in lowland streams

    Directory of Open Access Journals (Sweden)

    Golski Janusz

    2016-12-01

    Full Text Available The aim of this study was to assess the efficiency of propagating juvenile trout, Salmo trutta L. in small lowland streams and to evaluate the impact of the environmental conditions in the streams on the juvenile fish. Brown trout (Salmo trutta fario and sea trout (Salmo trutta trutta early fry fed under controlled conditions were used to stock third-order lowland streams. During summer, fall, and spring catches, fry were counted, measured, and weighed. The following parameters were calculated using the data collected: fry stocking density (ind. m-2; survival; specific mortality rate (SMR; length range; mean specimen length; body weight; mean body weight; specific growth rate (SGR; body condition (Fulton’s index. The ichthyological studies were accompanied by simultaneous analyses of environmental conditions that were performed monthly, and benthic macroinvertebrates were sampled in spring and fall. No differences were observed in the biological parameters analyzed between sea trout and brown trout. Variability in environmental parameters such as temperature, oxygenation, conductivity, and stream width and depth were associated with differentiation in the biological parameters of the fry. The results clearly indicate that the considerable potential of small lowland streams for the propagation of salmonid juvenile stages is currently underexploited.

  1. Migratory Behavior and Survival of Juvenile Salmonids in the Lower Columbia River and Estuary in 2009

    Energy Technology Data Exchange (ETDEWEB)

    McMichael, Geoffrey A.; Harnish, Ryan A.; Bellgraph, Brian J.; Carter, Jessica A.; Ham, Kenneth D.; Titzler, P. Scott; Hughes, Michael S.

    2010-08-01

    The study reported herein was funded as part of the Anadromous Fish Evaluation Program, which is managed by the U.S. Army Corps of Engineers (USACE). The Anadromous Fish Evaluation Program study code is EST P 02 01: A Study of Salmonid Survival and Behavior through the Columbia River Estuary Using Acoustic Tags. The study was conducted by the Pacific Northwest National Laboratory (PNNL) and National Oceanic and Atmospheric Administration (NOAA) Fisheries for the USACE Portland District. Estimated survival of acoustic-tagged juvenile Chinook salmon and steelhead through the lower Columbia River and estuary in 2009 was lowest in the final 50 km of the estuary. Probability of survival was relatively high (>0.90) for yearling and subyearling Chinook salmon from the Bonneville Dam forebay (rkm 236) to Three-tree Point (rkm 49.6). Survival of juvenile Chinook salmon declined sharply through the lower 50 km of the estuary. Acoustic-tagged steelhead smolts did not survive as well as juvenile Chinook salmon between Bonneville Dam and the mouth of the Columbia River. Steelhead survival began to decline farther upstream (at rkm 86) relative to that of the Chinook salmon stocks. Subyearling Chinook salmon survival decreased markedly as the season progressed. It remains to be determined whether later migrating subyearling Chinook salmon are suffering increasing mortality as the season progresses or whether some portion of the apparent loss is due to fish extending their freshwater residence. This study provided the first glimpse into what promises to be a very informative way to learn more about how juvenile salmonid passage experiences through the FCRPS may influence their subsequent survival after passing Bonneville Dam. New information regarding the influence of migration pathway through the lower 50 km of the Columbia River estuary on probability of survival of juvenile salmonids, combined with increased understanding regarding the foraging distances and time periods of

  2. Salmonid Gamete Preservation in the Snake River Basin, 2001 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Armstrong, Robyn; Kucera, Paul

    2002-06-01

    Steelhead (Oncorhynchus mykiss) and chinook salmon (Oncorhynchus tshawytscha) populations in the Northwest are decreasing. Genetic diversity is being lost at an alarming rate. Along with reduced population and genetic variability, the loss of biodiversity means a diminished environmental adaptability. The Nez Perce Tribe (Tribe) strives to ensure availability of genetic samples of the existing male salmonid population by establishing and maintaining a germplasm repository. The sampling strategy, initiated in 1992, has been to collect and preserve male salmon and steelhead genetic diversity across the geographic landscape by sampling within the major river subbasins in the Snake River basin, assuming a metapopulation structure existed historically. Gamete cryopreservation conserves genetic diversity in a germplasm repository, but is not a recovery action for listed fish species. The Tribe was funded in 2001 by the Bonneville Power Administration (BPA) and the U.S. Fish and Wildlife Service Lower Snake River Compensation Plan (LSRCP) to coordinate gene banking of male gametes from Endangered Species Act (ESA) listed steelhead and spring and summer chinook salmon in the Snake River basin. In 2001, a total of 398 viable chinook salmon semen samples from the Lostine River, Catherine Creek, upper Grande Ronde River, Lookingglass Hatchery (Imnaha River stock), Lake Creek, the South Fork Salmon River weir, Johnson Creek, Big Creek, Capehorn Creek, Marsh Creek, Pahsimeroi Hatchery, and Sawtooth Hatchery (upper Salmon River stock) were cryopreserved. Also, 295 samples of male steelhead gametes from Dworshak Hatchery, Fish Creek, Grande Ronde River, Little Sheep Creek, Pahsimeroi Hatchery and Oxbow Hatchery were also cryopreserved. The Grande Ronde chinook salmon captive broodstock program stores 680 cryopreserved samples at the University of Idaho as a long-term archive, half of the total samples. A total of 3,206 cryopreserved samples from Snake River basin steelhead and

  3. Impacts of Northern Pike on stocked Rainbow Trout in Pactola Reservoir, South Dakota

    Science.gov (United States)

    Scheibel, Natalie C.; Dembkowski, Daniel J.; Davis, Jacob L.; Chipps, Steven R.

    2016-01-01

    Establishment of nonnative Northern Pike Esox lucius in Pactola Reservoir, South Dakota, has prompted concern among biologists about the influence of this species on the lake’s intensively managed salmonid fisheries. Ancedotal information suggests that catch rates of Rainbow Trout Oncorhynchus mykiss have declined while mean size and abundance of Northern Pike has increased, although quantitative information on diet and growth of the Northern Pike population is lacking. To address potential interactions between Northern Pike and Rainbow Trout, we assessed size-dependent predation by Northern Pike on Rainbow Trout and determined the relative energetic contribution of stocked Rainbow Trout to Northern Pike growth using bioenergetics modeling. Stable isotopes combined with traditional diet analyses revealed that smaller Northern Pike (Trout contributed less than 10% to their annual energy consumption. In contrast, larger Northern Pike (≥600 mm TL) consumed primarily Rainbow Trout, which accounted for 56% of their annual energy consumption. Combining estimates of Northern Pike predation with production costs of catchable-size Rainbow Trout revealed that annual economic losses ranged from US$15,259 to $24,801 per year. Over its lifespan, an age-10 Northern Pike was estimated to consume ~117 Rainbow Trout worth approximately $340. Thus, Northern Pike predation substantially influences salmonid management initiatives and is likely a primary factor contributing to reduced Rainbow Trout abundance and return to anglers in Pactola Reservoir. Strategies for reducing Northern Pike predation on Rainbow Trout include increasing the size of stocked fish or altering the timing and spatial distribution of stocking events.

  4. A salmonid EST genomic study: genes, duplications, phylogeny and microarrays

    Directory of Open Access Journals (Sweden)

    Brahmbhatt Sonal

    2008-11-01

    Full Text Available Abstract Background Salmonids are of interest because of their relatively recent genome duplication, and their extensive use in wild fisheries and aquaculture. A comprehensive gene list and a comparison of genes in some of the different species provide valuable genomic information for one of the most widely studied groups of fish. Results 298,304 expressed sequence tags (ESTs from Atlantic salmon (69% of the total, 11,664 chinook, 10,813 sockeye, 10,051 brook trout, 10,975 grayling, 8,630 lake whitefish, and 3,624 northern pike ESTs were obtained in this study and have been deposited into the public databases. Contigs were built and putative full-length Atlantic salmon clones have been identified. A database containing ESTs, assemblies, consensus sequences, open reading frames, gene predictions and putative annotation is available. The overall similarity between Atlantic salmon ESTs and those of rainbow trout, chinook, sockeye, brook trout, grayling, lake whitefish, northern pike and rainbow smelt is 93.4, 94.2, 94.6, 94.4, 92.5, 91.7, 89.6, and 86.2% respectively. An analysis of 78 transcript sets show Salmo as a sister group to Oncorhynchus and Salvelinus within Salmoninae, and Thymallinae as a sister group to Salmoninae and Coregoninae within Salmonidae. Extensive gene duplication is consistent with a genome duplication in the common ancestor of salmonids. Using all of the available EST data, a new expanded salmonid cDNA microarray of 32,000 features was created. Cross-species hybridizations to this cDNA microarray indicate that this resource will be useful for studies of all 68 salmonid species. Conclusion An extensive collection and analysis of salmonid RNA putative transcripts indicate that Pacific salmon, Atlantic salmon and charr are 94–96% similar while the more distant whitefish, grayling, pike and smelt are 93, 92, 89 and 86% similar to salmon. The salmonid transcriptome reveals a complex history of gene duplication that is

  5. EFFECT OF NON-ESSENTIAL ELEMENTS (MERCURY. ARSENIC ON SALMONIDS (SALMONIDAE (REVIEW

    Directory of Open Access Journals (Sweden)

    І. Hrytsyniak

    2015-09-01

    Full Text Available Purpose. The problem of water ecosystem pollution with heavy metals achieved great actuality during recent years, both because of their significant distribution in environment, and wide spectrum of their toxic effects on fish organism. Much attention in modern scientific literature is given to the problem of the effects of heavy metals, including mercury and arsenic, on fish organism. However, investigations in this field are conducted mainly on cyprinids, while physiological and biochemical mechanisms of the effects of heavy metals on salmonids are less studied. According to this, the studies of the sources of heavy metals in water ecosystems, peculiarities of their action in salmonid organism on subcellular, cellular, tissue and organ levels, species and age-related peculiarities of the effects of heavy metals are of great scientific and practical importance. The purpose of this work is to review the mentioned problems. Findings. The work characterizes the effects of mercury and arsenic on salmonids on subcellular, cellular, tissue and organ levels. The article contains characteristic of conditions, under which toxic or lethal action of the mentioned xenobiotics on different species of salmonids was observed. Originality. The paper summarizes literature data concerning the effect of mercury and arsenic on salmonids. Attention is accented on the sources of the mentioned pollutants in surface waters, physiological and biochemical mechanisms of their effects on salmonids, and on factors, which determine the level of their toxicity. Lethal concentrations of mercury and arsenic to salmonids, depending on experiment duration, species and age-related peculiarities are presented. Practical value. Data presented in the review can be used for the explanation of physiological and biochemical mechanisms of the adaptation of salmonids to surface water pollution with heavy metals, diagnostics of fish pathologies caused by toxic effects of mercury and

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1981-06-01

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

  7. Influences of forest and rangeland management on salmonid fishes and their habitats

    National Research Council Canada - National Science Library

    Meehan, William R

    1991-01-01

    Contents : Stream ecosystems - Salmonid distributions and life histories - Habitat requirements of salmonids in streams - Natural processes - Timber harvesting, silvicultrue and watershed processes - Forest...

  8. 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

  9. Juvenile salmonid monitoring in the White Salmon River, Washington, post-Condit Dam removal, 2016

    Science.gov (United States)

    Jezorek, Ian G.; Hardiman, Jill M.

    2017-06-23

    2010, though age-1 and older O. mykiss abundance was similar. In Rattlesnake Creek, age-0 O. mykiss abundance during 2016 slightly exceeded the mean abundance from 2001 through 2005, although age-1 and older O. mykiss abundance was lower than from 2001 through 2005. These sampling efforts also provided the opportunity to collect genetic samples to investigate parental and stock origin, although funding to analyze the samples was not part of this grant. Juvenile salmonid sampling efforts during 2016 have shown that natural spawning produced steelhead and coho smolts and that coho were colonizing some tributaries. The 2016 efforts also provided the first post-dam juvenile abundance estimates. We hope to continue monitoring to better understand abundance trends, distribution, and life history patterns of recolonizing salmonids in the White Salmon River to assess efficacy of natural recolonization and to inform management decisions.

  10. Linking Forests and Fish: The Relationship Between Productivities of Salmonids and Forest Stands in Northern California

    Science.gov (United States)

    Wilzbach, P.; Frazey, S.

    2005-05-01

    Productivities of resident salmonid populations, upland, and riparian areas in 25 small watersheds of coastal northern California were estimated and compared to determine if: 1) upland site productivity predicted riparian site productivity; 2) either upland or riparian site productivity predicted salmonid productivity; and 3) other parameters explained more of the variance in salmonid productivity than upland or riparian site productivity. Salmonid productivity was indexed by total salmonid biomass, length of age 1 fish, and percent habitat saturation. Upland and riparian site productivities were estimated using site indices for redwood (Sequoia sempervirens) and red alder (Alnus rubra), respectively. Upland and riparian site indices were correlated, but neither factor contributed to the best approximating models of salmonid biomass or fish length at age one. Salmonid biomass was best described by a positive relationship with drainage area, and length at age was best described by a positive relationship with percent of riparian hardwoods. Percent habitat saturation was not well described by any of the models constructed. Lack of a relationship between upland conifer and salmonid productivity suggests that management of land for timber productivity and component streams for salmonid production in these sites will require separate, albeit integrated, strategies.

  11. Elwha genetics - Elwha river salmonid genetics

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Elwha Dam is in the process of being removed, with fish restoration to occur in areas previously inaccessible to salmonids. Fish recovery anticipates that...

  12. Assessment of Native Salmonids Above Hells Canyon Dam, Idaho; 1998 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Meyer, Kevin A. (Idaho Department of Fish and Game, Boise, ID)

    1999-03-01

    Native resident salmonids in the western United States are in decline throughout much of their range. The purpose of the multi-phased project is to restore native salmonids in the upper Snake River basin to self-sustaining, harvestable levels.

  13. Salmonid Gamete Preservation in the Snake River Basin : 2000 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Armstrong, Robyn; Kucera, Paul A. [Nez Perce Tribe. Dept. of Fisheries Resource Management, Lapwai, ID (US)

    2001-06-01

    Steelhead (Oncorhynchus mykiss) and chinook salmon (Oncorhynchus tshawytscha) populations in the Northwest are decreasing. Genetic diversity is being lost at an alarming rate. The Nez Perce Tribe (Tribe) strives to ensure availability of genetic samples of the existing male salmonid population by establishing and maintaining a germplasm repository. The sampling strategy, initiated in 1992, has been to collect and preserve male salmon and steelhead genetic diversity across the geographic landscape by sampling within the major river subbasins in the Snake River basin, assuming a metapopulation structure existed historically. Gamete cryopreservation conserves genetic diversity in a germplasm repository, but is not a recovery action for listed fish species. The Tribe was funded in 2000 by the Bonneville Power Administration (BPA) and the U.S. Fish and Wildlife Service Lower Snake River Compensation Plan (LSRCP) to coordinate gene banking of male gametes from Endangered Species Act listed steelhead and spring and summer chinook salmon in the Snake River basin. In 2000, a total of 349 viable chinook salmon semen samples from the Lostine River, Catherine Creek, upper Grande Ronde River, Lookingglass Hatchery (Imnaha River stock), Rapid River Hatchery, Lake Creek, the South Fork Salmon River weir, Johnson Creek, Big Creek, Capehorn Creek, Marsh Creek, Pahsimeroi Hatchery, and Sawtooth Hatchery (upper Salmon River stock) were cryopreserved. Also, 283 samples of male steelhead gametes from Dworshak Hatchery, Fish Creek, Grande Ronde River, Imnaha River, Little Sheep Creek, Pahsimeroi Hatchery and Oxbow Hatchery were also cryopreserved. The Tribe acquired 5 frozen steelhead samples from the Selway River collected in 1994 and 15 from Fish Creek sampled in 1993 from the U.S. Geological Survey, for addition into the germplasm repository. Also, 590 cryopreserved samples from the Grande Ronde chinook salmon captive broodstock program are being stored at the University of Idaho as

  14. Assessment of native salmonids above Hells Canyon Dam, Idaho; 1998 annual progress report

    International Nuclear Information System (INIS)

    Meyer, Kevin A.

    1999-01-01

    Native resident salmonids in the western United States are in decline throughout much of their range. The purpose of the multi-phased project is to restore native salmonids in the upper Snake River basin to self-sustaining, harvestable levels

  15. APPLICATION OF SALMONIDS (SALMONIDAE N THE BIOMONITORING OF AQUATIC ENVIRONMENT (REVIEW

    Directory of Open Access Journals (Sweden)

    D. Yanovych

    2016-03-01

    Full Text Available Purpose. Due to the pollution of fisheries water bodies by industrial and agricultural waste waters, as well as by xenobiotics coming from other sources, taking into account a pridictable increase in the amounts of such effluents in the short and long terms, the problems related to the study of the effects of the pollutants of different nature and origin on aquatic organisms, especially fish, as well as a prediction of possible adverse consequences on aquatic ecosystems, becomes particularly important. The aim of our work was an analysis and synthesis of existing literature data concerning the indication in the biomonitoring of aquatic environments based on biological markers of salmonids as highly sensitive objects of fish fauna to external factors. Findings. The review summarizes and systematizes the data concerning the use of salmonids in biomonitoring studies. Furthermore, we highlighted and characterized the specificity of bioindication parameters of the aquatic environment state, such as the biochemical, genetic, physiological, morphological, histopathological, behavioral and population markers and noted the effects of hydroecosystem ecotoxication on different levels of biological organization (cell, individual, population, fish community. We also described the possibility of biological monitoring based on saprobic indexes identified for indicator species belonging to salmonids. Originality. In the article describes the structure, pros and cons of the use of specific biomarkers of individual salmonid fish and their populations for assessing the ecological status of aquatic environments. Practical value. The data given in the article can be used to improve the system of the ecological monitoring of aquatic environments by extending the range of indicator indices with organism and population biomarkers of highly sensitive salmonid species.

  16. Avian predation on juvenile salmonids in the Lower Columbia River; 1998 annual report

    International Nuclear Information System (INIS)

    Collis, Ken; Adamany, Stephanie; Roby, Daniel D.; Craig, David P.; Lyons, Donald E.

    2000-01-01

    The authors initiated a field study in 1997 to assess the impacts of fish-eating colonial waterbirds (i.e., terns, cormorants, and gulls) on the survival of juvenile salmonids in the lower Columbia River. Here the authors present results from the 1998 breeding season, the second field season of work on this project. The research objectives in 1998 were to: (1) determine the location, size, nesting chronology, nesting success, and population trajectories of breeding colonies of fish-eating birds in the lower Columbia River; (2) determine diet composition of fish-eating birds, including taxonomic composition and energy content of various prey types; (3) estimate forage fish consumption rates, with special emphasis on juvenile salmonids, by breeding adults and their young; (4) determine the relative vulnerability of different groups of juvenile salmonids to bird predation; (5) identify foraging range, foraging strategies, and habitat utilization by piscivorous waterbirds; and (6) test the feasibility of various alternative methods for managing avian predation on juvenile salmonids and develop recommendations to reduce avian predation, if warranted by the results

  17. Avian Predation on Juvenile Salmonids in the Lower Columbia River: 1998 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Collis, Ken; Adamany, Stephanie; Roby, Daniel D.; Craig, David P.; Lyons, Donald E.

    2000-04-01

    The authors initiated a field study in 1997 to assess the impacts of fish-eating colonial waterbirds (i.e., terns, cormorants, and gulls) on the survival of juvenile salmonids in the lower Columbia River. Here the authors present results from the 1998 breeding season, the second field season of work on this project. The research objectives in 1998 were to: (1) determine the location, size, nesting chronology, nesting success, and population trajectories of breeding colonies of fish-eating birds in the lower Columbia River; (2) determine diet composition of fish-eating birds, including taxonomic composition and energy content of various prey types; (3) estimate forage fish consumption rates, with special emphasis on juvenile salmonids, by breeding adults and their young; (4) determine the relative vulnerability of different groups of juvenile salmonids to bird predation; (5) identify foraging range, foraging strategies, and habitat utilization by piscivorous waterbirds; and (6) test the feasibility of various alternative methods for managing avian predation on juvenile salmonids and develop recommendations to reduce avian predation, if warranted by the results.

  18. Marine effect of introduced salmonids: Prey consumption by exotic steelhead and anadromous brown trout in the Patagonian Continental Shelf

    Science.gov (United States)

    Ciancio, J.; Beauchamp, D.A.; Pascual, M.

    2010-01-01

    On the basis of stable isotope analysis, we estimated the marine diet of the most abundant anadromous salmonid species in Patagonian Atlantic basins. The results were coupled with bioenergetic and population models to estimate the consumption of food by salmonids and was compared with that by seabirds, the most abundant top predators in the area. Amphipods were the main salmonid prey, followed by sprat, silversides, squid, and euphausiids. The total consumption, even assuming large anadromous salmonid populations, represented Limnology and Oceanography, Inc.

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

    DEFF Research Database (Denmark)

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

    2006-01-01

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

  20. Genetically influenced resistance to stress and disease in salmonids in relation to present-day breeding practice - a short review

    Directory of Open Access Journals (Sweden)

    Jan Mendel

    2018-01-01

    Full Text Available While intensive fish production has many advantages, it also has a number of drawbacks as regards disease and stress. To date, there has been no conclusive review of disease resistance at Czech fish farms. The aim of the study was to describe briefly the existing salmonid breeding practice in the Czech Republic and to point out the trends and new possibilities gaining ground around Europe. However, the present situation in the Czech stocks is not rare at all and therefore it is used here as a model example representing numerous breeding practices in Europe. Stress and disease resistance in fish is polygenic and quantitative, making selection for such traits difficult. In recent years, however, fish breeding methods have developed rapidly, with the use of genetic analysis tools, for example, now allowing much greater selection accuracy. Gradual progress in understanding the importance of individual genetic markers offers many new options that can be utilised in breeding practice. New selection methods, such as quantitative trait loci (QTLs and genomic selection, are increasingly employed in European aquaculture. Next generation sequencing techniques now help in the finding of new and promising QTLs that can be used in assisted selection. This review maps the current progress in improving salmonid resistance to stress and disease in aquaculture and at the same time provides the breeders with a short overview of the latest tools of genetically controlled breeding and of the newest products available at the European market.

  1. Model structure of the stream salmonid simulator (S3)—A dynamic model for simulating growth, movement, and survival of juvenile salmonids

    Science.gov (United States)

    Perry, Russell W.; Plumb, John M.; Jones, Edward C.; Som, Nicholas A.; Hetrick, Nicholas J.; Hardy, Thomas B.

    2018-04-06

    Fisheries and water managers often use population models to aid in understanding the effect of alternative water management or restoration actions on anadromous fish populations. We developed the Stream Salmonid Simulator (S3) to help resource managers evaluate the effect of management alternatives on juvenile salmonid populations. S3 is a deterministic stage-structured population model that tracks daily growth, movement, and survival of juvenile salmon. A key theme of the model is that river flow affects habitat availability and capacity, which in turn drives density dependent population dynamics. To explicitly link population dynamics to habitat quality and quantity, the river environment is constructed as a one-dimensional series of linked habitat units, each of which has an associated daily time series of discharge, water temperature, and usable habitat area or carrying capacity. The physical characteristics of each habitat unit and the number of fish occupying each unit, in turn, drive survival and growth within each habitat unit and movement of fish among habitat units.The purpose of this report is to outline the underlying general structure of the S3 model that is common among different applications of the model. We have developed applications of the S3 model for juvenile fall Chinook salmon (Oncorhynchus tshawytscha) in the lower Klamath River. Thus, this report is a companion to current application of the S3 model to the Trinity River (in review). The general S3 model structure provides a biological and physical framework for the salmonid freshwater life cycle. This framework captures important demographics of juvenile salmonids aimed at translating management alternatives into simulated population responses. Although the S3 model is built on this common framework, the model has been constructed to allow much flexibility in application of the model to specific river systems. The ability for practitioners to include system-specific information for the

  2. InterCatch - a tool for fish stock assessment, status and methods

    DEFF Research Database (Denmark)

    Kjems-Nielsen, Henrik; Larsen, Lena Inger; Zarecki, Maria

    2006-01-01

    InterCatch is a web-based system for handling fish stock assessment data focusing on documenting characteristics of the catches. These national fish stock data are uploaded to InterCatch by national data submitters. After all data are uploaded the stock coordinators (working for the fish stock as...... assessment group) can then check and set up allocation schemes for unsampled catches. After applying the best allocation scheme to the unsampled catches, the catch data are aggregated as required and exported for analysis, e.g. XSA or ICA....

  3. The footprint of salmonids on river morphology

    Science.gov (United States)

    Hassan, M. A.; Tonina, D.

    2012-12-01

    Female salmonids dig a pit in the streambed where they lay their eggs, which then cover with sediment from a second pit forming an egg nest call redd. This formation results in a shape resembling a dune with an amplitude, which is the vertical difference between bottom of the pit and crest of the hump, varying from few centimetres (for small fish, chum or sockeye salmon) to tenths of a meter (for large fish, Chinook salmon). During redd construction, salmonids alter streambed topography, winnow away fine sediment and mix streambed material within a layer as thick as 50 cm, for the large chinook salmon. The spawning activities may result in additional roughness at the local scale due to redds. However, redd construction may smooth large-scale topography reducing roughness due the macro-bedform. These topographical changes vary streambed roughness, which in turn may affect shear stress distribution. Redds have been suggested to increase the overall flow resistance due to form drag resulting in lower grain shear stress and less particle mobility. However, the mixing of the sediment could prevent armouring of the streambed surface allowing higher than with armouring sediment transport. Here, we use detailed pre- and post-spawning bathymetries coupled with accurate 2-dimensional hydraulic numerical modelling to test which of these two effects has potentially more impact on sediment transport. Our results show that topographical roughness added by sockeye salmons, which build small redds with 15cm amplitude and 1 meter wavelength (longitudinal length of a redd), has negligible effect on shear stress at the reach-scale and limited at the local scale. Conversely, sediment mixing has an important effect on reducing armouring, increasing sediment mobility, which results in potentially more sediment transport in reaches with than without redds. Consequently, salmonid bioturbation due to mass-spawning fish can be a dominant element for sediment transport in mountain drainage

  4. Vertebrae classification models - Validating classification models that use morphometrics to identify ancient salmonid (Oncorhynchus spp.) vertebrae to species

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Using morphometric characteristics of modern salmonid (Oncorhynchus spp.) vertebrae, we have developed classification models to identify salmonid vertebrae to the...

  5. Variation in salmonid life histories: patterns and perspectives.

    Science.gov (United States)

    Mary F. Willson

    1997-01-01

    Salmonid fishes differ in degree of anadromy, age of maturation, frequency of reproduction, body size and fecundity, sexual dimorphism, breeding season, morphology, and, to a lesser degree, parental care. Patterns of variation and their possible significance for ecology and evolution and for resource management are the focus of this review.

  6. Ecology of Juvenile Salmonids in Shallow Tidal Freshwater Habitats in the Vicinity of the Sandy River Delta, Lower Columbia River, 2007 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Sobocinski, Kathryn; Johnson, Gary; Sather, Nichole [Pacific Northwest National Laboratory

    2008-03-17

    This document is the first annual report for the study titled 'Ecology of Juvenile Salmonids in Shallow Tidal Freshwater Habitats in the Vicinity of the Sandy River Delta in the Lower Columbia River'. Hereafter, we refer to this research as the Tidal Freshwater Monitoring (TFM) Study. The study is part of the research, monitoring, and evaluation effort developed by the Action Agencies (Bonneville Power Administration, U.S. Army Corps of Engineers, U.S. Bureau of Reclamation) in response to obligations arising from the Endangered Species Act as a result of operation of the Federal Columbia River Power System (FCRPS). The project is performed under the auspices of the Northwest Power and Conservation Council's Columbia Basin Fish and Wildlife Program. The goal of the 2007-2009 Tidal Freshwater Monitoring Study is to answer the following questions: In what types of habitats within the tidal freshwater area of the lower Columbia River and estuary (LCRE; Figure 1) are yearling and subyearling salmonids found, when are they present, and under what environmental conditions?1 And, what is the ecological importance2 of shallow (0-5 m) tidal freshwater habitats to the recovery of Upper Columbia River spring Chinook salmon and steelhead and Snake River fall Chinook salmon? Research in 2007 focused mainly on the first question, with fish stock identification data providing some indication of Chinook salmon presence at the variety of habitat types sampled. The objectives and sub-objectives for the 2007 study were as follows: (1) Habitat and Fish Community Characteristics-Provide basic data on habitat and fish community characteristics for yearling and subyearling salmonids at selected sites in the tidal freshwater reach in the vicinity of the Sandy River delta. (1a) Characterize vegetation assemblage percent cover, conventional water quality, substrate composition, and beach slope at each of six sampling sites in various tidal freshwater habitat types. (1b

  7. 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...

  8. Physiological Assessment of Wild and Hatchery Juvenile Salmonids : Final Report, 2003.

    Energy Technology Data Exchange (ETDEWEB)

    Larsen, Donald A.; Beckman, Brian R.; Dickhoff, Walton W.

    2003-08-01

    It is generally held that hatchery-reared salmonids are of inferior quality and have lower smolt-to-adult survival compared to naturally-reared salmon. The overall objectives of the work performed under this contract were the following: (1) Characterize the physiology and development of naturally rearing juvenile salmonids to: (2) Allow for the design of effective rearing programs for producing wild-like smolts in supplementation and production hatchery programs. (3) Examine the relationship between growth rate and size on the physiology and migratory performance of fish reared in hatchery programs. (4) Examine the interaction of rearing temperature and feed rate on the growth and smoltification of salmon for use in producing a more wild-like smolt in hatchery programs.

  9. Many Species, Many Threats: A Composite Risk Assessment of Climate Impacts for Salmonids in the Pacific Northwest

    Science.gov (United States)

    Graham, M. C.; Greene, C.; Beechie, T. J.; Raymond, C.

    2016-02-01

    The life cycles of salmonid species span freshwater, estuarine, and marine environments, exposing these economically, ecologically, and culturally important species to a wide variety of climate change threats. The diverse life histories of salmonids make them differentially vulnerable to climate change based on their use of different habitat types and the variability in climate change threats across these habitat types. Previous studies have focused mainly on assessing the vulnerability of particular life stages for a few species. Hence, we lack a broad perspective on how multiple climate threats are expected to impact the entire salmonid community, which spend much of their lives in marine waters. This lack of knowledge hampers our ability to prioritize various adaptation strategies for salmonid conservation. In order to conduct a more extensive vulnerability study of salmonids, we performed a life cycle-based risk assessment of climate change threats for nine species of salmonids (species within Oncorhynchus, Salvelinus, and Prosopium genera) inhabiting the Skagit River watershed, which is subject to an array of climate impacts. Our risk assessment integrated projections of impacts from various climate threats in freshwater, estuarine, and marine ecosystems with expert-based assessments of species-specific sensitivity and exposure. We found that projections (multiple global climate models under moderate emission scenarios) of both changes in magnitude and frequency of three flow-related freshwater impacts (flooding, low flows, and suspended sediment pulses) were more severe than threats in estuarine and marine habitats for which we could obtain projections. Combining projections with expert-based sensitivity and exposure scores revealed that these three threats exhibited the highest risk across all species. Of the nine species, the four most vulnerable were Chinook and coho salmon, steelhead, and bull trout. Even though these salmonids spend much of their lives

  10. Invasion versus isolation: trade-offs in managing native salmonids with barriers to upstream movement.

    Science.gov (United States)

    Fausch, Kurt D; Rieman, Bruce E; Dunham, Jason B; Young, Michael K; Peterson, Douglas P

    2009-08-01

    Conservation biologists often face the trade-off that increasing connectivity in fragmented landscapes to reduce extinction risk of native species can foster invasion by non-native species that enter via the corridors created, which can then increase extinction risk. This dilemma is acute for stream fishes, especially native salmonids, because their populations are frequently relegated to fragments of headwater habitat threatened by invasion from downstream by 3 cosmopolitan non-native salmonids. Managers often block these upstream invasions with movement barriers, but isolation of native salmonids in small headwater streams can increase the threat of local extinction. We propose a conceptual framework to address this worldwide problem that focuses on 4 main questions. First, are populations of conservation value present (considering evolutionary legacies, ecological functions, and socioeconomic benefits as distinct values)? Second, are populations vulnerable to invasion and displacement by non-native salmonids? Third, would these populations be threatened with local extinction if isolated with barriers? And, fourth, how should management be prioritized among multiple populations? We also developed a conceptual model of the joint trade-off of invasion and isolation threats that considers the opportunities for managers to make strategic decisions. We illustrated use of this framework in an analysis of the invasion-isolation trade-off for native cutthroat trout (Oncorhynchus clarkii) in 2 contrasting basins in western North America where invasion and isolation are either present and strong or farther away and apparently weak. These cases demonstrate that decisions to install or remove barriers to conserve native salmonids are often complex and depend on conservation values, environmental context (which influences the threat of invasion and isolation), and additional socioeconomic factors. Explicit analysis with tools such as those we propose can help managers make

  11. Ecology and impacts of nonnative salmonids with special reference to brook trout (Salvelinus fontinalis Mitchill) in North Europe

    OpenAIRE

    Korsu, K. (Kai)

    2008-01-01

    Abstract My main objectives in this thesis were to explore general patterns and mechanisms driving salmonid invasions globally and, more specifically, to examine the invasion dynamics and impacts of the North American brook trout in North European stream systems. Non-native salmonids have often spread extensively and caused many harmful impacts on their native counterparts. Among the three globally introduced salmonids, the European brown trout appeared as the 'worst' alien species (st...

  12. Gas bubble disease monitoring and research of juvenile salmonids

    International Nuclear Information System (INIS)

    Maule, A.G.; Beeman, J.; Hans, K.M.; Mesa, M.G.; Haner, P.; Warren, J.J.

    1997-10-01

    This document describes the project activities 1996--1997 contract year. This report is composed of three chapters which contain data and analyses of the three main elements of the project: field research to determine the vertical distribution of migrating juvenile salmonids, monitoring of juvenile migrants at dams on the Snake and Columbia rivers, and laboratory experiments to describe the progression of gas bubble disease signs leading to mortality. The major findings described in this report are: A miniature pressure-sensitive radio transmitter was found to be accurate and precise and, after compensation for water temperature, can be used to determine the depth of tagged-fish to within 0.32 m of the true depth (Chapter 1). Preliminary data from very few fish suggest that depth protects migrating juvenile steelhead from total dissolved gas supersaturation (Chapter 1). As in 1995, few fish had any signs of gas bubble disease, but it appeared that prevalence and severity increased as fish migrated downstream and in response to changing gas supersaturation (Chapter 2). It appeared to gas bubble disease was not a threat to migrating juvenile salmonids when total dissolved gas supersaturation was < 120% (Chapter 2). Laboratory studies suggest that external examinations are appropriate for determining the severity of gas bubble disease in juvenile salmonids (Chapter 3). The authors developed a new method for examining gill arches for intravascular bubbles by clamping the ventral aorta to reduce bleeding when arches were removed (Chapter 3). Despite an outbreak of bacterial kidney disease in the experimental fish, the data indicate that gas bubble disease is a progressive trauma that can be monitored (Chapter 3)

  13. Underwater methods for study of salmonids in the Intermountain West

    Science.gov (United States)

    Russell F. Thurow

    1994-01-01

    This guide describes underwater methods using snorkeling gear to study fish populations in flowing waters of the Intermountain West. It outlines procedures for estimating salmonid abundance and habitat use and provides criteria for identifying and estimating the size of fish underwater.

  14. Estimated loss of juvenile salmonids to predation by northern squawfish, walleyes, and smallmouth bass in John Day Reservoir, Columbia River

    International Nuclear Information System (INIS)

    Rieman, B.E.; Beamesderfer, R.C.; Vigg, S.; Poe, T.P.

    1991-01-01

    The authors estimated the loss of juvenile salmonids Oncorhynchus spp. to predation by northern squawfish Ptychocheilus oregonensis, walleyes Stizostedion vitreum, and smallmouth bass Micropterus dolomieu in John Day Reservoir during 1983-1986. Their estimates were based on measures of daily prey consumption, predator numbers, and numbers of juvenile salmonids entering the reservoir during the April-August period of migration. They estimated the mean annual loss was 2.7 million juvenile salmonids. Northern squawfish were responsible for 78% of the total loss; walleyes accounted for 13% and smallmouth bass for 9%. Twenty-one percent of the loss occurred in a small area immediately below McNary Dam at the head of John Day Reservoir. The authors estimated that the three predator species consumed 14% of all juvenile salmonids that entered the reservoir. Mortality changed by month and increased late in the migration season. Monthly mortality estimates ranged from 7% in June and 61% in August. Mortality from predation was highest for chinook salmon O. tshawytscha, which migrated in July and August. Despite uncertainties in the estimates, it is clear that predation by resident fish predators can easily account for previously explained mortality of out-migrating juvenile salmonids. Alteration of the Columbia River by dams and a decline in the number of salmonids could have increased the fraction of mortality caused by predation over what is was in the past

  15. Modeling potential river management conflicts between frogs and salmonids

    Science.gov (United States)

    Steven F. Railsback; Bret C. Harvey; Sarah J. Kupferberg; Margaret M. Lang; Scott McBain; Hart H. Welsh

    2016-01-01

    Management of regulated rivers for yellow-legged frogs (Rana boylii) and salmonids exemplifies potential conflicts among species adapted to different parts of the natural flow and temperature regimes. Yellow-legged frogs oviposit in rivers in spring and depend on declining flows and warming temperatures for egg and tadpole survival and growth,...

  16. Gas bubble trauma monitoring and research of juvenile salmonids. 1995 Annual report

    International Nuclear Information System (INIS)

    Maule, A.G.; Mesa, M.G.; Hans, K.M.

    1997-07-01

    This report describes laboratory and field monitoring studies of gas bubble trauma (GBT) in migrating juvenile salmonids in the Snake and Columbia rivers. The first chapter describes laboratory studies of the progression of GBT signs leading to mortality and the use of the signs for GBT assessment. The progression and severity of GBT signs in juvenile salmonids exposed to different levels of total dissolved gas (TDG) and temperatures was assessed and quantified. Next, the prevalence, severity, and individual variation of GBT signs was evaluated to attempt to relate them to mortality. Finally, methods for gill examination in fish exposed to high TDG were developed and evaluated. Primary findings were: (1) no single sign of GBT was clearly correlated with mortality, but many GBT signs progressively worsened; (2) both prevalence and severity of GBT signs in several tissues is necessary; (3) bubbles in the lateral line were the earliest sign of GBT, showed progressive worsening, and had low individual variation but may develop poorly during chronic exposures; (4) fin bubbles had high prevalence, progressively worsened, and may be a persistent sign of GBT; and (5) gill bubbles appear to be the proximate cause of death but may only be relevant at high TDG levels and are difficult to examine. Chapter Two describes monitoring results of juvenile salmonids for signs of GBT. Emigrating fish were collected and examined for bubbles in fins and lateral lines. Preliminary findings were: (1) few fish had signs of GBT, but prevalence and severity appeared to increase as fish migrated downstream; (2) there was no apparent correlation between GBT signs in the fins, lateral line, or gills; (3) prevalence and severity of GBT was suggestive of long-term, non-lethal exposure to relatively low level gas supersaturated water; and (4) it appeared that GBT was not a threat to migrating juvenile salmonids. 24 refs., 26 figs., 3 tabs

  17. Seasonal Juvenile Salmonid Presence and Migratory Behavior in the Lower Columbia River

    Energy Technology Data Exchange (ETDEWEB)

    Carter, Jessica A.; McMichael, Geoffrey A.; Welch, Ian D.; Harnish, Ryan A.; Bellgraph, Brian J.

    2009-04-30

    To facilitate preparing Biological Assessments of proposed channel maintenance projects, the Portland District of the U.S. Army Corps of Engineers contracted the Pacific Northwest National Laboratory to consolidate and synthesize available information about the use of the lower Columbia River and estuary by juvenile anadromous salmonids. The information to be synthesized included existing published documents as well as data from five years (2004-2008) of acoustic telemetry studies conducted in the Columbia River estuary using the Juvenile Salmon Acoustic Telemetry System. For this synthesis, the Columbia River estuary includes the section of the Columbia River from Bonneville Dam at river kilometer (Rkm) 235 downstream to the mouth where it enters the Pacific Ocean. In this report, we summarize the seasonal salmonid presence and migration patterns in the Columbia River estuary based on information from published studies as well as relevant data from acoustic telemetry studies conducted by NOAA Fisheries and the Pacific Northwest National Laboratory (PNNL) between 2004 and 2008. Recent acoustic telemetry studies, conducted using the Juvenile Salmon Acoustic Telemetry System (JSATS; developed by the Portland District of the U.S. Army Corps of Engineers), provided information on the migratory behavior of juvenile steelhead (O. mykiss) and Chinook salmon in the Columbia River from Bonneville Dam to the Pacific Ocean. In this report, Section 2 provides a summary of information from published literature on the seasonal presence and migratory behavior of juvenile salmonids in the Columbia River estuary and plume. Section 3 presents a detailed synthesis of juvenile Chinook salmon and steelhead migratory behavior based on use of the JSATS between 2004 and 2008. Section 4 provides a discussion of the information summarized in the report as well as information drawn from literature reviews on potential effects of channel maintenance activities to juvenile salmonids rearing in

  18. The energetic consequences of habitat structure for forest stream salmonids.

    Science.gov (United States)

    Naman, Sean M; Rosenfeld, Jordan S; Kiffney, Peter M; Richardson, John S

    2018-05-08

    1.Increasing habitat availability (i.e. habitat suitable for occupancy) is often assumed to elevate the abundance or production of mobile consumers; however, this relationship is often nonlinear (threshold or unimodal). Identifying the mechanisms underlying these nonlinearities is essential for predicting the ecological impacts of habitat change, yet the functional forms and ultimate causation of consumer-habitat relationships are often poorly understood. 2.Nonlinear effects of habitat on animal abundance may manifest through physical constraints on foraging that restrict consumers from accessing their resources. Subsequent spatial incongruence between consumers and resources should lead to unimodal or saturating effects of habitat availability on consumer production if increasing the area of habitat suitable for consumer occupancy comes at the expense of habitats that generate resources. However, the shape of this relationship could be sensitive to cross-ecosystem prey subsidies, which may be unrelated to recipient habitat structure and result in more linear habitat effects on consumer production. 3.We investigated habitat-productivity relationships for juveniles of stream-rearing Pacific salmon and trout (Oncorhynchus spp.), which typically forage in low-velocity pool habitats, while their prey (drifting benthic invertebrates) are produced upstream in high-velocity riffles. However, juvenile salmonids also consume subsidies of terrestrial invertebrates that may be independent of pool-riffle structure. 4.We measured salmonid biomass production in 13 experimental enclosures each containing a downstream pool and upstream riffle, spanning a gradient of relative pool area (14-80% pool). Increasing pool relative to riffle habitat area decreased prey abundance, leading to a nonlinear saturating effect on fish production. We then used bioenergetics model simulations to examine how the relationship between pool area and salmonid biomass is affected by varying levels of

  19. 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.

  20. Diversity of Flavobacterium psychrophilum and the potential use of its phages for protection against bacterial cold water disease in salmonids

    DEFF Research Database (Denmark)

    Castillo, D.; Higuera, G.; Villa, M.

    2012-01-01

    Flavobacterium psychrophilum causes rainbow trout fry syndrome (RTFS) and cold water disease (CWD) in salmonid aquaculture. We report characterization of F. psychrophilum strains and their bacteriophages isolated in Chilean salmonid aquaculture. Results suggest that under laboratory conditions ph...... together with the bacteria in a ratio of 10 plaque‐forming units per colony‐forming unit. While we recognize the artificial laboratory conditions used for these protection assays, this work is the first to demonstrate that phages might be able protect salmonids from RTFS or CWD....

  1. Predicting recolonization patterns and interactions between potamodromous and anadromous salmonids in response to dam removal in the Elwha River, Washington State, USA

    Science.gov (United States)

    Brenkman, S.J.; Pess, G.R.; Torgersen, C.E.; Kloehn, K.K.; Duda, J.J.; Corbett, S.C.

    2008-01-01

    The restoration of salmonids in the Elwha River following dam removal will cause interactions between anadromous and potamodromous forms as recolonization occurs in upstream and downstream directions. Anadromous salmonids are expected to recolonize historic habitats, and rainbow trout (Oncorhynchus mykiss) and bull trout (Salvelinus confluentus) isolated above the dams for 90 years are expected to reestablish anadromy. We summarized the distribution and abundance of potamodromous salmonids, determined locations of spawning areas, and mapped natural barriers to fish migration at the watershed scale based on data collected from 1993 to 2006. Rainbow trout were far more abundant than bull trout throughout the watershed and both species were distributed up to river km 71. Spawning locations for bull trout and rainbow trout occurred in areas where we anticipate returning anadromous fish to spawn. Nonnative brook trout were confined to areas between and below the dams, and seasonal velocity barriers are expected to prevent their upstream movements. We hypothesize that the extent of interaction between potamodromous and anadromous salmonids will vary spatially due to natural barriers that will limit upstream-directed recolonization for some species of salmonids. Consequently, most competitive interactions will occur in the main stem and floodplain downstream of river km 25 and in larger tributaries. Understanding future responses of Pacific salmonids after dam removal in the Elwha River depends upon an understanding of existing conditions of the salmonid community upstream of the dams prior to dam removal.

  2. NIS occurrence - Non-native species impacts on threatened and endangered salmonids

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The objectives of this project: a) Identify the distribution of non-natives in the Columbia River Basin b) Highlight the impacts of non-natives on salmonids c)...

  3. Monitoring of downstream salmon and steelhead at federal hydroelectric facilities -- 1995. Annual report 1995

    International Nuclear Information System (INIS)

    Martinson, R.D.; Graves, R.J.; Langeslay, M.J.; Killins, S.D.

    1996-12-01

    The seaward migration of juvenile salmonids was monitored by the National Marine Fisheries Service (NMFS) at Bonneville and John Day Dams on the Columbia river in 1995. The NMFS Smolt Monitoring Project is part of a larger Smolt Monitoring Program (SMP) coordinated by the Fish Passage Center (FPC) for the Columbia Basin Fish and Wildlife Authority. This program focuses on protecting, mitigating, and enhancing fish populations affected by the development and operation of hydroelectric power plants on the Columbia River. The purpose of the SMP is to monitor the migration of the juvenile salmonid stocks in the Columbia basin and make flow and spill recommendations designed to facilitate fish passage. Data are also used for travel time, migration timing, and relative run size analysis. The purpose of the NMFS portion of the program is to provide FPC with species and project specific real time data from John Day and Bonneville Dams

  4. How do land-based salmonid farms affect stream ecology?

    International Nuclear Information System (INIS)

    Tello, A.; Corner, R.A.; Telfer, T.C.

    2010-01-01

    Increasing research is highlighting the fact that streams provide crucial ecosystem services through the biogeochemical and ecological processes they sustain. Freshwater land-based salmonid farms commonly discharge their effluents into low order, headwater streams, partly due to the fact that adequate freshwater resources for production are commonly found in undisturbed areas. We review the effects of salmonid farm effluents on different biological components of stream ecosystems. Relevant considerations related to the temporal and spatial scales of effluent discharge and ecological effects are discussed. These highlight the need to characterize the patterns of stressor discharge when assessing environmental impacts and designing ecological effects studies. The potential role of multiple stressors in disrupting ecosystem structure and function is discussed with an emphasis on aquaculture veterinary medicines. Further research on the effects of veterinary medicines using relevant exposure scenarios would significantly contribute to our understanding of their impact in relation to other effluent stressors. - This article reviews the effects of aquaculture effluents on stream ecosystems with an emphasis on veterinary medicines and the temporal patterns of effluent discharge.

  5. The design and analysis of salmonid tagging studies in the Columbia Basin. Volume 2: Estimating salmonid survival with combined PIT-CWT tagging. Technical report

    International Nuclear Information System (INIS)

    Newman, K.

    1997-06-01

    Passive Integrated Transponder (PIT) tags and Coded Wire Tags (CWTs) in combination can provide information about salmonid survival that single tag releases may not. The release and recapture protocol affects which survival and recapture rates can be estimated and the precision of the estimates. For the particular case of Columbia river salmonids tagged with both PIT tags and CWTs, three different release and recapture protocols were evaluated. This report addresses the need to study the fate of salmon smolt in-river and their subsequent return as adults. Double-tagging procedures are investigated where PIT-tags would be used to provide in-river survival data during smolt outmigrations and coded-wire tags (CWT) used to provide adult return information. This report provides statistical models for the analysis of the joint data as well as recommendations on optimal tagging studies. Study costs and stress on smolt can be reduced by only PIT-tagging a subset of all the fish coded-wire-tagged, while retaining the information content and sampling precision

  6. Acoustic Telemetry Evaluation of Juvenile Salmonid Passage and Survival at John Day Dam with Emphasis on the Prototype Surface Flow Outlet, 2008

    Energy Technology Data Exchange (ETDEWEB)

    Weiland, Mark A.; Ploskey, Gene R.; Hughes, James S.; Deng, Zhiqun; Fu, Tao; Monter, Tyrell J.; Johnson, Gary E.; Khan, Fenton; Wilberding, Matthew C.; Cushing, Aaron W.; Zimmerman, Shon A.; Faber, Derrek M.; Durham, Robin E.; Townsend, Richard L.; Skalski, John R.; Kim, Jina; Fischer, Eric S.; Meyer, Matthew M.

    2009-12-01

    The main purpose of the study was to evaluate the performance of Top Spill Weirs installed at two spillbays at John Day Dam and evaluate the effectiveness of these surface flow outlets at attracting juvenile salmon away from the powerhouse and reducing turbine passage. The Juvenile Salmonid Acoustic Telemetry System (JSATS) was used to estimate survival of juvenile salmonids passing the dam and also for calculating performance metrics used to evaluate the efficiency and effectiveness of the dam at passing juvenile salmonids.

  7. Predation by Northern Pikeminnow and tiger muskellunge on juvenile salmonids in a high–head reservoir: Implications for anadromous fish reintroductions

    Science.gov (United States)

    Sorel, Mark H.; Hansen, Adam G.; Connelly, Kristin A.; Wilson, Andrew C.; Lowery, Erin D.; Beauchamp, David A.

    2016-01-01

    The feasibility of reintroducing anadromous salmonids into reservoirs above high-head dams is affected by the suitability of the reservoir habitat for rearing and the interactions of the resident fish with introduced fish. We evaluated the predation risk to anadromous salmonids considered for reintroduction in Merwin Reservoir on the North Fork Lewis River in Washington State for two reservoir use-scenarios: year-round rearing and smolt migration. We characterized the role of the primary predators, Northern Pikeminnow Ptychocheilus oregonensis and tiger muskellunge (Northern Pike Esox lucius × Muskellunge E. masquinongy), by using stable isotopes and stomach content analysis, quantified seasonal, per capita predation using bioenergetics modeling, and evaluated the size and age structures of the populations. We then combined these inputs to estimate predation rates of size-structured population units. Northern Pikeminnow of FL ≥ 300 mm were highly cannibalistic and exhibited modest, seasonal, per capita predation on salmonids, but they were disproportionately much less abundant than smaller, less piscivorous, conspecifics. The annual predation on kokanee Oncorhynchus nerka (in biomass) by a size-structured unit of 1,000 Northern Pikeminnow having a FL ≥ 300 mm was analogous to 16,000–40,000 age-0 spring Chinook Salmon O. tshawytscha rearing year-round, or 400–1,000 age-1 smolts migrating April–June. The per capita consumption of salmonids by Northern Pikeminnow having a FL ≥ 200 mm was relatively low, due in large part to spatial segregation during the summer and the skewed size distribution of the predator population. Tiger muskellunge fed heavily on Northern Pikeminnow, other nonsalmonids, and minimally on salmonids. In addition to cannibalism within the Northern Pikeminnow population, predation by tiger muskellunge likely contributed to the low recruitment of larger (more piscivorous) Northern Pikeminnow, thereby decreasing the risk of predation to

  8. Salmonid Chromosome Evolution as Revealed by a Novel Method for Comparing RADseq Linkage Maps

    Science.gov (United States)

    Gosselin, Thierry; Normandeau, Eric; Lamothe, Manuel; Isabel, Nathalie; Audet, Céline; Bernatchez, Louis

    2016-01-01

    Whole genome duplication (WGD) can provide material for evolutionary innovation. Family Salmonidae is ideal for studying the effects of WGD as the ancestral salmonid underwent WGD relatively recently, ∼65 Ma, then rediploidized and diversified. Extensive synteny between homologous chromosome arms occurs in extant salmonids, but each species has both conserved and unique chromosome arm fusions and fissions. Assembly of large, outbred eukaryotic genomes can be difficult, but structural rearrangements within such taxa can be investigated using linkage maps. RAD sequencing provides unprecedented ability to generate high-density linkage maps for nonmodel species, but can result in low numbers of homologous markers between species due to phylogenetic distance or differences in library preparation. Here, we generate a high-density linkage map (3,826 markers) for the Salvelinus genera (Brook Charr S. fontinalis), and then identify corresponding chromosome arms among the other available salmonid high-density linkage maps, including six species of Oncorhynchus, and one species for each of Salmo, Coregonus, and the nonduplicated sister group for the salmonids, Northern Pike Esox lucius for identifying post-duplicated homeologs. To facilitate this process, we developed MapComp to identify identical and proximate (i.e. nearby) markers between linkage maps using a reference genome of a related species as an intermediate, increasing the number of comparable markers between linkage maps by 5-fold. This enabled a characterization of the most likely history of retained chromosomal rearrangements post-WGD, and several conserved chromosomal inversions. Analyses of RADseq-based linkage maps from other taxa will also benefit from MapComp, available at: https://github.com/enormandeau/mapcomp/ PMID:28173098

  9. Migratory Behavior and Survival of Juvenile Salmonids in the Lower Columbia River, Estuary, and Plume in 2010

    Energy Technology Data Exchange (ETDEWEB)

    McMichael, Geoffrey A. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Harnish, Ryan A. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Skalski, John R. [Univ. of Washington, Seattle, WA (United States); Deters, Katherine A. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Ham, Kenneth D. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Townsend, Richard L. [Univ. of Washington, Seattle, WA (United States); Titzler, P. Scott [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Hughes, Michael S. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Kim, Jin A. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Trott, Donna M. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

    2011-09-01

    Uncertainty regarding the migratory behavior and survival of juvenile salmonids passing through the lower Columbia River and estuary after negotiating dams on the Federal Columbia River Power System (FCRPS) prompted the development and application of the Juvenile Salmon Acoustic Telemetry System (JSATS). The JSATS has been used to investigate the survival of juvenile salmonid smolts between Bonneville Dam (river kilometer (rkm) 236) and the mouth of the Columbia River annually since 2004. In 2010, a total of 12,214 juvenile salmonids were implanted with both a passive integrated transponder (PIT) and a JSATS acoustic transmitter. Using detection information from JSATS receiver arrays deployed on dams and in the river, estuary, and plume, the survival probability of yearling Chinook salmon and steelhead smolts tagged at John Day Dam was estimated form multiple reaches between rkm 153 and 8.3 during the spring. During summer, the survival probability of subyearling Chinook salmon was estimated for the same reaches. In addition, the influence of routes of passage (e.g., surface spill, deep spill, turbine, juvenile bypass system) through the lower three dams on the Columbia River (John Day, The Dalles, and Bonneville) on juvenile salmonid smolt survival probability from the dams to rkm 153 and then between rkm 153 and 8.3 was examined to increase understanding of the immediate and latent effects of dam passage on juvenile salmon survival. Similar to previous findings, survival probability was relatively high (>0.95) for most groups of juvenile salmonids from the Bonneville Dam tailrace to about rkm 50. Downstream of rkm 50 the survival probability of all species and run types we examined decreased markedly. Steelhead smolts suffered the highest mortality in this lower portion of the Columbia River estuary, with only an estimated 60% of the tagged fish surviving to the mouth of the river. In contrast, yearling and subyearling Chinook salmon smolts survived to the mouth

  10. Monitoring of downstream salmon and steelhead at federal hydroelectric facilities - 1996. Annual report

    International Nuclear Information System (INIS)

    Martinson, R.D.; Graves, R.J.; Mills, R.B.; Kamps, J.W.

    1997-08-01

    The seaward migration of juvenile salmonids was monitored by the National Marine Fisheries Service (NMFS) at Bonneville and John Day Dams on the Columbia River in 1996 The NMFS Smolt Monitoring Project is part of a larger Smolt Monitoring Program (SMP) coordinated by the Fish Passage Center (FPC) for the Columbia Basin Fish and Wildlife Authority. The purpose of the SMP is to monitor the migration of the juvenile salmonid stocks in the Columbia basin and make flow and spill recommendations designed to facilitate fish passage. Data are also used for travel time, migration timing, and relative run size analysis. The purpose of the NMFS portion of the program is to provide the FPC with species and project specific real time data from John Day and Bonneville Dams. Monitoring data collected included: river conditions; total numbers of fish; numbers of fry, adult salmon, and incidental catch; daily and seasonal passage patterns; and fish condition. 10 refs., 16 figs., 5 tabs

  11. Monitoring of downstream salmon and steelhead at Federal hydroelectric facilities. Annual report 1993

    International Nuclear Information System (INIS)

    Wood, L.A.; Martinson, R.D.; Graves, R.J.; Carroll, D.R.; Killins, S.D.

    1994-04-01

    The seaward migration of juvenile salmonids was monitored by the National Marine Fisheries Service (NMFS) at Bonneville and John Day Dams on the Columbia River in 1993 (river mile 145 and 216, respectively, Figure 1). The NMFS Smolt Monitoring Project is part of a larger Smolt Monitoring Program (SMP) coordinated by the Fish Passage Center (FPC) for the Columbia Basin Fish and Wildlife Authority. This program is carried out under the auspices of the Northwest Power Planning Council Fish and Wildlife Program and is funded by the Bonneville Power Administration. The purpose of the SMP is to index Columbia Basin juvenile salmonid stocks and develop and implement flow and spill requests intended to facilitate fish passage. Data is also used for travel time, migration timing and relative run size magnitude analysis. The purpose of the NMFS portion of the program is to provide FPC with species specific data; numbers, condition, length, brand recaptures and flow data from John Day, and Bonneville Dams on a daily basis

  12. An extremely sensitive nested PCR-RFLP mitochondrial marker for detection and identification of salmonids in eDNA from water samples

    Directory of Open Access Journals (Sweden)

    Laura Clusa

    2017-02-01

    Full Text Available Background Salmonids are native from the North Hemisphere but have been introduced for aquaculture and sport fishing in the South Hemisphere and inhabit most rivers and lakes in temperate and cold regions worldwide. Five species are included in the Global Invasive Species Database: rainbow trout Oncorhynchus mykiss, Atlantic salmon Salmo salar, brown trout Salmo trutta, brook trout Salvelinus fontinalis, and lake trout Salvelinus namaycush. In contrast, other salmonids are endangered in their native settings. Methods Here we have developed a method to identify salmonid species directly from water samples, focusing on the Iberian Peninsula as a case study. We have designed nested Salmonidae-specific primers within the 16S rDNA region. From these primers and a PCR-RFLP procedure the target species can be unequivocally identified from DNA extracted from water samples. Results The method was validated in aquarium experiments and in the field with water from watersheds with known salmonid populations. Finally, the method was applied to obtain a global view of the Salmonidae community in Nalón River (north coast of Spain. Discussion This new powerful, very sensitive (identifying the species down to 10 pg DNA/ml water and economical tool can be applied for monitoring the presence of salmonids in a variety of situations, from checking upstream colonization after removal of river barriers to monitoring potential escapes from fish farms.

  13. System-Wide Significance of Predation on Juvenile Salmonids in Columbia and Snake River Reservoirs : Annual Report 1992.

    Energy Technology Data Exchange (ETDEWEB)

    Petersen, James H.; Poe, Thomas P.

    1993-12-01

    Northern squawfish (Ptychocheilus oregonensis) predation on juvenile salmonids was characterized during 1992 at ten locations in the Columbia River below Bonneville Dam and at three locations in John Day Reservoir. During the spring and summer, 1,487 northern squawfish were collected in the lower Columbia River and 202 squawfish were sampled in John Day Reservoir. Gut content data, predator weight, and water temperature were used to compute a consumption index (CI) for northern squawfish, and overall diet was also described. In the Columbia River below Bonneville Dam, northern squawfish diet was primarily fish (spring 69%; summer 53%), most of which were salmonids. Salmonids were also the primary diet component in the Bonneville Dam tailrace, John Day Dam forebay, and the McNary Dam tailrace. Crustaceans were the dominant diet item at the John Day mid-reservoir location, although sample sizes were small. About half of the non-salmonid preyfish were sculpins. The consumption index (CI) of northern squawfish was generally higher during summer than during spring. The highest CI`s were observed during summer in the tailrace boat restricted zones of Bonneville Dam (CI = 7.8) and McNary Dam (CI = 4.6). At locations below Bonneville Dam, CI`s were relatively low near Covert`s Landing and Rooster Rock, higher at four locations between Blue Lake and St. Helens, and low again at three downriver sites (Kalama, Ranier, and Jones Beach). Northern squawfish catches and CI`s were noticeably higher throughout the lower Columbia compared to mid-reservoir sites further upriver sampled during 1990--92. Predation may be especially intense in the free-flowing section of the Columbia River below Bonneville Dam. Smallmouth bass (Micropterus dolomieui; N = 198) ate mostly fish -- 25% salmonids, 29% sculpins, and 46% other fish. Highest catches of smallmouth bass were in the John Day Dam forebay.

  14. Effect of Multiple Turbine Passage on Juvenile Snake River Salmonid Survival

    International Nuclear Information System (INIS)

    Ham, Kenneth D.; Anderson, James J.; Vucelick, Jessica A.

    2005-01-01

    This report describes a study conducted by Pacific Northwest National Laboratory to identify populations of migrating juvenile salmonids with a potential to be impacted by repeated exposure to turbine passage conditions. This study is part of a research program supported by the U.S. Department of Energy Wind/Hydropower Program. The program's goal is to increase hydropower generation and capacity while enhancing environmental performance. Our study objective is to determine whether the incremental effects of turbine passage during downstream migration impact populations of salmonids. When such a potential is found to exist, a secondary objective is to determine what level of effect of passing multiple turbines is required to decrease the number of successful migrants by 10%. This information will help identify whether future laboratory or field studies are feasible and design those studies to address conditions that present the greatest potential to improve dam survival and thus benefit fish and power generation

  15. Behavioural and Neuroendocrine Effects of Stress in Salmonid Fish

    OpenAIRE

    Øverli, Øyvind

    2001-01-01

    Stress can affect several behavioural patterns, such as food intake and the general activity level of an animal. The central monoamine neurotransmitters serotonin, dopamine, and norepinephrine are important in the mediation of both behavioural and neuroendocrine stress effects. This thesis describes studies of two salmonid fish model systems: Fish that become socially dominant or subordinate when reared in pairs, and rainbow trout (Oncorhynchus mykiss) genetically selected for high (HR) and l...

  16. 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....

  17. A Comprehensive Model of Municipal Housing Stock Management

    Directory of Open Access Journals (Sweden)

    Muczyński Andrzej

    2016-06-01

    Full Text Available In many European countries there are still substantial housing needs which social landlords have to fulfill. Especially in countries with a shortage of affordable housing for underprivileged households, the effective and efficient management of the existing social housing stock, which includes technical, social, financial and tenure management activities on the strategic, tactical and operational level, is very important. The paper presents a comprehensive model of municipal housing stock management in the context of Polish conditions. This model was built by adapting the multidimensional concept of real estate management originally developed for commercial real estate portfolio management. It shows an integrative view of municipal housing stock management in Poland and contributes to the better organization and coordination of management activities and tasks in this area. The prepared model may be of interest to other countries where the functions of social landlords are mostly carried out directly by municipalities and their organizational units.

  18. Stock Summary Reports for Columbia River Anadromous Salmonids, Volume V; Idaho Subbasins, 1992 CIS Summary Report.

    Energy Technology Data Exchange (ETDEWEB)

    Keifer, Sharon (Idaho Department of Fish and Game, Boise, ID); Rowe, Mike (Shoshone-Bannock Tribes, Fort Hall, ID); Hatch, Keith (Columbia River Inter-Tribal Fish Commission, Portland, OR)

    1993-05-01

    An essential component of the effort to rebuild the Columbia Basin's anadromous fish resources is that available information and experience be organized and shared among numerous organizations and individuals. Past experience and knowledge must form the basis for actions into the future. Much of this knowledge exists only in unpublished form in agency and individual files. Even that information which is published in the form of technical and contract reports receives only limited distribution and is often out of print and unavailable after a few years. Only a small fraction of the basin's collective knowledge is captured in permanent and readily available databases (such as the Northwest Environmental Database) or in recognized journals. State, tribal, and federal fishery managers have recognized these information management problems and have committed to a program, the Coordinated Information System Project, to capture and share more easily the core data and other information upon which management decisions are based. That project has completed scoping and identification of key information needs and development of a project plan. Work performed under the CIS project will be coordinated with and extend information contained in the Northwest Environmental Database. Construction of prototype systems will begin in Phase 3. This report is one in a series of seven describing the results of the Coordinated Information System scoping and needs identification phase. A brief description of each of these reports is given.

  19. Effects of river morphology, hydraulic gradients, and sediment deposition on water exchange and oxygen dynamics in salmonid redds.

    Science.gov (United States)

    Schindler Wildhaber, Y; Michel, C; Epting, J; Wildhaber, R A; Huber, E; Huggenberger, P; Burkhardt-Holm, P; Alewell, C

    2014-02-01

    Fine sediment decreasing gravel permeability and oxygen supply to incubating salmonid embryos, is often considered the main contributing factor for the observed decline of salmonid populations. However, oxygen supply to salmonid embryos also depends on hydraulic conditions driving water flow through the redd. A more generalized perspective is needed to better understand the constraints on successful salmonid incubation in the many heavily modified fluvial ecosystems of the Northern Hemisphere. The effects of hydraulic gradients, riverbed and redd morphology as well as fine sediment deposition on dissolved oxygen (DO) and water exchange was studied in 18 artificial redds at three sites along a modified river. Fifty percent of the redds in the two downstream sites were lost during high flow events, while redd loss at the upstream site was substantially lower (8%). This pattern was likely related to increasing flood heights from up- to downstream. Specific water infiltration rates (q) and DO were highly dynamic and driven on multiple temporal and spatial scales. Temporally, the high permeability of the redd gravel and the typical pit-tail structure of the new built redds, leading to high DO, disappeared within a month, when fine sediment had infiltrated and the redd structure was leveled. On the scale of hours to days, DO concentrations and q increased during high flows, but decreased during the falling limb of the water level, most likely related to exfiltration of oxygen depleted groundwater or hyporheic water. DO concentrations also decreased under prolonged base flow conditions, when increased infiltration of silt and clay particles clogged the riverbed and reduced q. Spatially, artificial log steps affected fine sediment infiltration, q and interstitial DO in the redds. The results demonstrate that multiple factors have to be considered for successful river management in salmonid streams, including riverbed structure and local and regional hydrogeological

  20. Evaluation of Juvenile Salmonid Outmigration and Survival in the Lower Umatilla River Basin; 1996 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Knapp, Suzanne M.; Kern, J. Chris; Carmichael, Richard W. (Oregon Department of Fish and Wildlife, Portland, OR)

    1997-01-01

    This is the second year report of a multi-year project that monitors the outmigration and survival of hatchery and naturally-produced juvenile salmonids in the lower Umatilla River. This project supplements and complements ongoing or completed fisheries projects in the Umatilla River basin. Knowledge gained on outmigration and survival will assist researchers and managers in adapting hatchery practices, flow enhancement strategies, canal operations, and supplementation and enhancement efforts for natural and restored fish populations. The authors also report on tasks related to evaluating juvenile salmonid passage at Three Mile Falls Dam and West Extension Canal.

  1. Evaluation of juvenile salmonid outmigration and survival in the lower Umatilla River basin. Annual report, 1996

    International Nuclear Information System (INIS)

    Knapp, S.M.; Kern, J.C.; Cameron, W.A.; Snedaker, S.M.; Carmichael, R.W.

    1996-01-01

    This is the second year report of a multi-year project that monitors the outmigration and survival of hatchery and naturally-produced juvenile salmonids in the lower Umatilla River. This project supplements and complements ongoing or completed fisheries projects in the Umatilla River basin. Knowledge gained on outmigration and survival will assist researchers and managers in adapting hatchery practices, flow enhancement strategies, canal operations, and supplementation and enhancement efforts for natural and restored fish populations. The authors also report on tasks related to evaluating juvenile salmonid passage at Three Mile Falls Dam and West Extension Canal

  2. Comparing stream-specific to generalized temperature models to guide salmonid management in a changing climate

    Science.gov (United States)

    Andrew K. Carlson,; William W. Taylor,; Hartikainen, Kelsey M.; Dana M. Infante,; Beard, Douglas; Lynch, Abigail

    2017-01-01

    Global climate change is predicted to increase air and stream temperatures and alter thermal habitat suitability for growth and survival of coldwater fishes, including brook charr (Salvelinus fontinalis), brown trout (Salmo trutta), and rainbow trout (Oncorhynchus mykiss). In a changing climate, accurate stream temperature modeling is increasingly important for sustainable salmonid management throughout the world. However, finite resource availability (e.g. funding, personnel) drives a tradeoff between thermal model accuracy and efficiency (i.e. cost-effective applicability at management-relevant spatial extents). Using different projected climate change scenarios, we compared the accuracy and efficiency of stream-specific and generalized (i.e. region-specific) temperature models for coldwater salmonids within and outside the State of Michigan, USA, a region with long-term stream temperature data and productive coldwater fisheries. Projected stream temperature warming between 2016 and 2056 ranged from 0.1 to 3.8 °C in groundwater-dominated streams and 0.2–6.8 °C in surface-runoff dominated systems in the State of Michigan. Despite their generally lower accuracy in predicting exact stream temperatures, generalized models accurately projected salmonid thermal habitat suitability in 82% of groundwater-dominated streams, including those with brook charr (80% accuracy), brown trout (89% accuracy), and rainbow trout (75% accuracy). In contrast, generalized models predicted thermal habitat suitability in runoff-dominated streams with much lower accuracy (54%). These results suggest that, amidst climate change and constraints in resource availability, generalized models are appropriate to forecast thermal conditions in groundwater-dominated streams within and outside Michigan and inform regional-level salmonid management strategies that are practical for coldwater fisheries managers, policy makers, and the public. We recommend fisheries professionals reserve resource

  3. Parental genetic diversity of brown trout (Salmo trutta m. fario) brood stock affects offspring susceptibility to whirling disease.

    Science.gov (United States)

    Eszterbauer, Edit; Forró, Barbara; Tolnai, Zoltán; Guti, Csaba Ferenc; Zsigmond, Gergely; Hoitsy, György; Kallert, Dennis Marc

    2015-03-03

    Whirling disease, caused by the myxozoan parasite Myxobolus cerebralis, has high economical and ecological importance worldwide. Susceptibility to the disease varies considerably among salmonid species. In brown trout (Salmo trutta) the infection is usually subclinical with low mortality, which increases the risk of parasite dissemination, especially when farm fish are used for stocking natural habitats. The influence of intraspecific genetic differences (especially the level of homozygosity) on susceptibility is unknown. Therefore, we examined the possible correlations between parental genetic diversity and offspring susceptibility of brown trout stocks to whirling disease. Two brown trout brood stocks from a German and a Hungarian fish farm were genetically characterized using microsatellite and lineage-specific genetic markers. The individual inbreeding coefficient f and pairwise relatedness factor r were estimated based on eight microsatellite markers. Brood stock populations were divided into groups according to low and high f and r value estimates and subjected to selective fertilization. The offspring from these separate groups were exposed to M. cerebralis actinospores, and the infection prevalence and intensity was measured and statistically analysed. The analysis of phylogeographic lineage heritage revealed high heterogeneity in the Hungarian brood stock since > 50% of individuals were Atlantic-Danubian hybrids, while only pure Atlantic-descending specimens were detected in the German population. Based on f msat and r msat estimations, classified non-inbred (NIB), inbred (IB) and a group of closely related fish (REL) were created. The susceptibility of their offspring varied considerably. Although there was no significant difference in the prevalence of M. cerebralis infection, the mean intensity of infection differed significantly between NIB and IB groups. In REL and IB groups, a high variability was observed in infection intensity. No external

  4. A synthesis of tagging studies examining the behaviour and survival of anadromous salmonids in marine environments.

    Directory of Open Access Journals (Sweden)

    S Matthew Drenner

    Full Text Available This paper synthesizes tagging studies to highlight the current state of knowledge concerning the behaviour and survival of anadromous salmonids in the marine environment. Scientific literature was reviewed to quantify the number and type of studies that have investigated behaviour and survival of anadromous forms of Pacific salmon (Oncorhynchus spp., Atlantic salmon (Salmo salar, brown trout (Salmo trutta, steelhead (Oncorhynchus mykiss, and cutthroat trout (Oncorhynchus clarkii. We examined three categories of tags including electronic (e.g. acoustic, radio, archival, passive (e.g. external marks, Carlin, coded wire, passive integrated transponder [PIT], and biological (e.g. otolith, genetic, scale, parasites. Based on 207 papers, survival rates and behaviour in marine environments were found to be extremely variable spatially and temporally, with some of the most influential factors being temperature, population, physiological state, and fish size. Salmonids at all life stages were consistently found to swim at an average speed of approximately one body length per second, which likely corresponds with the speed at which transport costs are minimal. We found that there is relatively little research conducted on open-ocean migrating salmonids, and some species (e.g. masu [O. masou] and amago [O. rhodurus] are underrepresented in the literature. The most common forms of tagging used across life stages were various forms of external tags, coded wire tags, and acoustic tags, however, the majority of studies did not measure tagging/handling effects on the fish, tag loss/failure, or tag detection probabilities when estimating survival. Through the interdisciplinary application of existing and novel technologies, future research examining the behaviour and survival of anadromous salmonids could incorporate important drivers such as oceanography, tagging/handling effects, predation, and physiology.

  5. Migrational Characteristics, Biological Observations, and Relative Survival of Juvenile Salmonids Entering the Columbia River Estuary, 1966-1983, 1985 Final Report of Research.

    Energy Technology Data Exchange (ETDEWEB)

    Dawley, Earl M.

    1986-04-01

    Natural runs of salmonids in the Columbia River basin have decreased as a result of hydroelectric-dam development, poor land- and forest-management, and over-fishing. This has necessitated increased salmon culture to assure adequate numbers of returning adults. Hatchery procedures and facilities are continually being modified to improve both the efficiency of production and the quality of juveniles produced. Initial efforts to evaluate changes in hatchery procedures were dependent upon adult contributions to the fishery and returns to the hatchery. Procedures were developed for sampling juvenile salmon and steelhead entering the Columbia River estuary and ocean plume. The sampling of hatchery fish at the terminus of their freshwater migration assisted in evaluating hatchery production techniques and identifying migrational or behavioral characteristics that influence survival to and through the estuary. The sampling program attempted to estimate survival of different stocks and define various aspects of migratory behavior in a large river, with flows during the spring freshet from 4 to 17 thousand cubic meters per second (m/sup 3//second).

  6. PCR-RFLP Method to Identify Salmonid Species of Economic Importance

    Directory of Open Access Journals (Sweden)

    Andreea Dudu

    2011-05-01

    Full Text Available The identification of different fish species by molecular methods has become necessary to avoid both the incorrect labelling of individuals involved in repopulation programmes and the commercial frauds on the fish market. Different fish species of great economical importance, like the salmonids, which are very much requested for their meat, can be identified using molecular techniques such as PCR-RFLP. The method is based on the amplification of a target region from the genome by PCR reaction followed by endonucleases digestion to detect the polymorphism of restriction fragments. In our study we analysed the following salmonid species from Romania: Salmo trutta fario, Salmo labrax, Salvelinus fontinalis, Onchorhynchus mykiss, Thymallus thymallus and Hucho hucho. In order to discriminate between the analysed species we amplified a fragment of mitochondrial genome comprising tRNAGlu/ cytochrome b/ tRNAThr/ tRNAPro/ D-loop/ tRNAPhe, followed by digestion with a specific restriction enzyme. The direct digestion of unpurified PCR products generated species-specific restriction patterns and proved to be a simple, reliable, inexpensive and fast method. Thus, it may be successfully utilized in specialized laboratories for the correct identification of the fish species for multiple purposes, including the traceability of fish food products.

  7. Low Temperature-Dependent Salmonid Alphavirus Glycoprotein Processing and Recombinant Virus-Like Particle Formation

    NARCIS (Netherlands)

    Metz, S.W.H.; Feenstra, F.; Villoing, S.; Hulten, van M.C.; Lent, van J.W.M.; Koumans, J.; Vlak, J.M.; Pijlman, G.P.

    2011-01-01

    Pancreas disease (PD) and sleeping disease (SD) are important viral scourges in aquaculture of Atlantic salmon and rainbow trout. The etiological agent of PD and SD is salmonid alphavirus (SAV), an unusual member of the Togaviridae (genus Alphavirus). SAV replicates at lower temperatures in fish.

  8. Persistence of Salmonid Redds

    Science.gov (United States)

    Buffington, J. M.; Buxton, T.; Fremier, A. K.; Hassan, M. A.; Yager, E.

    2013-12-01

    The construction of redds by spawning salmonids modifies fluvial processes in ways that are beneficial to egg and embryo survival. Redd topography induces hyporheic flow that oxygenates embryos incubating within the streambed and creates form drag that reduces bed mobility and scour of salmonid eggs. Winnowing of fine material during redd construction also coarsens the streambed, increasing bed porosity and hyporheic flow and reducing bed mobility. In addition to the biological benefits, redds may influence channel morphology by altering channel hydraulics and bed load transport rates depending on the size and extent of redds relative to the size of the channel. A key question is how long do the physical and biological effects of redds last? Field observations indicate that in some basins redds are ephemeral, with redd topography rapidly erased by subsequent floods, while in other basins, redds can persist for years. We hypothesize that redd persistence is a function of basin hydrology, sediment supply, and characteristics of the spawning fish. Hydrology controls the frequency and magnitude of bed mobilizing flows following spawning, while bed load supply (volume and caliber) controls the degree of textural fining and consequent bed mobility after spawning, as well as the potential for burial of redd features. The effectiveness of flows in terms of their magnitude and duration depend on hydroclimate (i.e., snowmelt, rainfall, or transitional hydrographs), while bed load supply depends on basin geology, land use, and natural disturbance regimes (e.g., wildfire). Location within the stream network may also influence redd persistence. In particular, lakes effectively trap sediment and regulate downstream flow, which may promote long-lived redds in stream reaches below lakes. These geomorphic controls are modulated by biological factors: fish species (size of fish controls size of redds and magnitude of streambed coarsening); life history (timing of spawning and

  9. 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

  10. The role of emergent wetlands as potential rearing habitats for juvenile salmonids

    Science.gov (United States)

    Henning, Julie A.; Gresswell, Robert E.; Flemming, Ian A.

    2006-01-01

    A recent trend of enhancing freshwater emergent wetlands for waterfowl and other wildlife has raised concern about the effects of such measures on juvenile salmonids. We undertook this study to quantify the degree and extent of juvenile Pacific salmon Oncorhynchus spp. utilization of enhanced and unenhanced emergent wetlands within the floodplain of the lower Chehalis River, Washington, and to determine the fate of the salmon using them. Enhanced emergent wetlands contained water control structures that provided an outlet for fish emigration and a longer hydroperiod for rearing than unenhanced wetlands. Age-0 and age-1 coho salmon O. kisutch were the most common salmonid at all sites, enhanced wetlands having significantly higher age-1 abundance than unenhanced wetlands that were a similar distance from the main-stem river. Yearling coho salmon benefited from rearing in two enhanced wetland habitats, where their specific growth rate and minimum estimates of survival (1.43%/d by weight and 30%; 1.37%/d and 57%) were comparable to those in other side-channel rearing studies. Dissolved oxygen concentrations decreased in emergent wetlands throughout the season and approached the limits lethal to juvenile salmon by May or June each year. Emigration patterns suggested that age-0 and age-1 coho salmon emigrated as habitat conditions declined. This observation was further supported by the results of an experimental release of coho salmon. Survival of fish utilizing emergent wetlands was dependent on movement to the river before water quality decreased or stranding occurred from wetland desiccation. Thus, our results suggest that enhancing freshwater wetlands via water control structures can benefit juvenile salmonids, at least in the short term, by providing conditions for greater growth, survival, and emigration.

  11. Assessment of Salmonids and their Habitat Conditions in the Walla Walla River Basin within Washington, 2001 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Mendel, Glen Wesley; Trump, Jeremy; Karl, David

    2002-12-01

    Concerns about the decline of native salmon and trout populations have increased among natural resource managers and the public in recent years. As a result, a multitude of initiatives have been implemented at the local, state, and federal government levels. These initiatives include management plans and actions intended to protect and restore salmonid fishes and their habitats. In 1998 bull trout (Salvelinus confluentus) were listed under the Endangered Species Act (ESA), as ''Threatened'', for the Walla Walla River and its tributaries. Steelhead (Oncorhynchus mykiss) were listed as ''Threatened'' in 1999 for the mid-Columbia River and its tributaries. These ESA listings emphasize the need for information about these threatened salmonid populations and their habitats. The Washington Department of Fish and Wildlife (WDFW) is entrusted with ''the preservation, protection, and perpetuation of fish and wildlife....[and to] maximize public recreational or commercial opportunities without impairing the supply of fish and wildlife (WAC 77.12.010).'' In consideration of this mandate, the WDFW submitted a proposal in December 1997 to the Bonneville Power Administration (BPA) for a study to assess salmonid distribution, relative abundance, genetics, and the condition of salmonid habitats in the Walla Walla River basin. The primary purposes of this project are to collect baseline biological and habitat data, to identify major data gaps, and to draw conclusions whenever possible. The study reported herein details the findings of the 2001 field season (March to November, 2001).

  12. The rapid measurement of soil carbon stock using near-infrared technology

    Science.gov (United States)

    Kusumo, B. H.; Sukartono; Bustan

    2018-03-01

    As a soil pool stores carbon (C) three times higher than an atmospheric pool, the depletion of C stock in the soil will significantly increase the concentration of CO2 in the atmosphere, causing global warming. However, the monitoring or measurement of soil C stock using conventional procedures is time-consuming and expensive. So it requires a rapid and non-destructive technique that is simple and does not need chemical substances. This research is aimed at testing whether near-infrared (NIR) technology is able to rapidly measure C stock in the soil. Soil samples were collected from an agricultural land at the sub-district of Kayangan, North Lombok, Indonesia. The coordinates of the samples were recorded. Parts of the samples were analyzed using conventional procedure (Walkley and Black) and some other parts were scanned using near-infrared spectroscopy (NIRS) for soil spectral collection. Partial Least Square Regression (PLSR) was used to develop models from soil C data measured by conventional analysis and from spectral data scanned by NIRS. The best model was moderately successful to measure soil C stock in the study area in North Lombok. This indicates that the NIR technology can be further used to monitor the change of soil C stock in the soil.

  13. HIV antiretroviral medication stock-outs in Ghana: contributors and consequences.

    Science.gov (United States)

    Poku, Rebecca A; Owusu, Adobea Yaa; Mullen, Patricia Dolan; Markham, Christine; McCurdy, Sheryl A

    2017-09-01

    Drug stock-outs are an unfortunate yet common reality for patients living in low and middle income countries, particularly in sub-Saharan Africa where trouble with consistent stock of antiretroviral medications (ARVs) continues. Our study takes a snapshot of this problem in Ghana. Although the country launched its antiretroviral therapy (ART) programme in 2003, progress toward realising the full benefit of ART for treated individuals has been limited, in part, because of stock-outs. In Ghana's Greater Accra region, we conducted semi-structured interviews with 40 women living with HIV (WLHIV) and 15 individuals with a history of HIV-related work in government or non-governmental organisations, or healthcare facilities. We used repeated review with coding and mapping techniques to analyse the transcripts and identify common themes. Stock-outs of ARVs result in inconsistent administration of therapy, increased indirect medical costs for WLHIV, and negative labelling of patients. Inefficiencies in drug supply, poor coordination with port authorities, inadequate government funding and dependence on international aid contribute to the stock-outs experienced in Ghana. Although using ARVs produced in-country could reduce supply problems, the domestically-manufactured product currently does not meet World Health Organization (WHO) standards. We recommend focused efforts to produce WHO standard ARVs in Ghana, and a review of current supply chain management to identify and mend pitfalls in the system.

  14. Outplanting Anadromous Salmonids, A Lilterature Study.

    Energy Technology Data Exchange (ETDEWEB)

    Smith, Eugene M.

    1985-10-01

    This paper presents a list of more than 200 references on topics associated with offstation releases of hatchery stocks of anadromous fish used to supplement or reestablish wild rearing. The narrative briefly reviews influences of genetics, rearing density of fish in the natural environment, survival rates observed from outplanted stocks, and estimation procedures for stocking rates and rearing densities. We have attempted to summarize guidelines and recommendations for fishery managers to consider. Based on tagging studies, a typical smolt release from a Willamette River hatchery would return 0.29% of the smolts to the stream of release as adults. Catch to escapement ratios for adult Willamette chinook vary widely between broods, but on average two fish are caught for each fish that escapes. The catch is about evenly divided between offshore and freshwater harvest. British Columbia is the primary location of offshore harvest, and the lower Willamette River is the primary location of freshwater harvest. Review of departmental policy indicates that only Willamette stock spring chinook are currently acceptable for use in a proposed outplant study within the Willamette basin. Further, most Oregon Department of Fish and Wildlife district management biologists would prefer not to transfer any stocks of spring chinook between drainage subbasins. State fishery managers identified 16 Willamette basin streams as being suitable for supplementation with spring chinook from hatcheries. We reviewed the potential for rearing salmon in reservoirs throughout the basin. Use of the Carmen-Smith spawning channel, which was constructed on the upper McKenzie River in 1960, has generally declined with the decline in populations of chinook salmon in this river. The Carmen-Smith channel still provides a spawning place for those relatively few adult chinook that still return each year, but more fishery benefits may result from other uses of this facility. 7 figs., 8 tabs.

  15. Barriers, invasion, and conservation of native salmonids in coldwater streams [Box 18.2

    Science.gov (United States)

    Bruce Rieman; Michael Young; Kurt Fausch; Jason Dunham; Douglas Peterson

    2010-01-01

    Habitat loss and fragmentation are threats to persistence of many native fish populations. Invading nonnative species that may restrict or displace native species are also important. These two issues are particularly relevant for native salmonids that are often limited to remnant habitats in cold, headwater streams. On the surface, reversing threats to native fishes...

  16. 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

  17. METAHEURISTICS FOR OPTIMIZING SAFETY STOCK IN MULTI STAGE INVENTORY SYSTEM

    Directory of Open Access Journals (Sweden)

    Gordan Badurina

    2013-02-01

    Full Text Available Managing the right level of inventory is critical in order to achieve the targeted level of customer service, but it also carries significant cost in supply chain. In majority of cases companies define safety stock on the most downstream level, i.e. the finished product level, using different analytical methods. Safety stock on upstream level, however, usually covers only those problems which companies face on that particular level (uncertainty of delivery, issues in production, etc.. This paper looks into optimizing safety stock in a pharmaceutical supply considering the three stages inventory system. The problem is defined as a single criterion mixed integer programming problem. The objective is to minimize the inventory cost while the service level is predetermined. In order to coordinate inventories at all echelons, the variable representing the so-called service time is introduced. Because of the problem dimensions, metaheuristics based on genetic algorithm and simulated annealing are constructed and compared, using real data from a Croatian pharmaceutical company. The computational results are presented evidencing improvements in minimizing inventory costs.

  18. Turbulence Investigation and Reproduction for Assisting Downstream Migrating Juvenile Salmonids, Part I of II, 2001-2002 Final Report.

    Energy Technology Data Exchange (ETDEWEB)

    Hotchkiss, Rollin H. (Washington State University, Department of Civil and Environmental Engineers, Albrook Hydraulics Laboratory)

    2002-12-01

    Turbulence in gravel bed rivers plays a critical role in most stream processes including contaminant and nutrient transport, aquatic habitat selection, and natural channel design. While most hydraulic designs and fluid models are based on bulk velocity, migrating juvenile salmon experience and react to the temporally varied turbulent fluctuations. Without properly understanding and accounting for the continuous turbulent motions proper fishway design and guidance are impossible. Matching temporally varied flow to fish reactions is the key to guiding juvenile salmonids to safe passageways. While the ideal solution to fish guidance design would be to use specific fluid action-fish reaction mechanisms, such concrete cause and effect relations have not been established. One way to approach the problem of guidance is to hypothesize that in an environment lacking obvious bulk flow cues (like the reservoir environment), turbulent flow conditions similar to those experienced by juvenile salmonids in natural migration corridors will be attractive to juvenile salmonids. Proof of this hypothesis requires three steps: (1) gathering data on turbulence characteristics in natural migration corridors, (2) reproduction of the turbulence parameters in a controlled environment, and (3) testing the reproduced turbulence on actively migrating juvenile salmonids for increased passage efficiencies. The results from the third step have not been finalized, therefore this report will focus on understanding turbulent processes in gravel bed rivers and reproduction of turbulence in controlled environments for use in fish passage technologies. The purposes of this report are to (1) present data collected in natural gravel bed rivers, (2) present a simple method for reproduction of appropriate turbulence levels in a controlled environment, (3) compare these results to those from one prototype surface collector (PSC), and (4) discuss the implications on fish passage design.

  19. 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.

  20. 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.

  1. 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 ...

  2. Invasion versus isolation: Trade-offs in managing native salmonids with barriers to upstream movement

    Science.gov (United States)

    Kurt D. Fausch; Bruce E. Rieman; Jason B. Dunham; Michael K. Young; Douglas P. Peterson

    2009-01-01

    Conservation biologists often face the trade-off that increasing connectivity in fragmented landscapes to reduce extinction risk of native species can foster invasion by non-native species that enter via the corridors created, which can then increase extinction risk. This dilemma is acute for stream fishes, especially native salmonids, because their populations are...

  3. Development of field-based models of suitable thermal regimes for interior Columbia Basin salmonids

    Science.gov (United States)

    Jason B. Dunham; Bruce Rieman; Gwynne Chandler

    2001-01-01

    This report describes results of research sponsored through an interagency agreement between the U.S. Forest Service Rocky Mountain Research Station and U.S. Environmental Protection Agency (Interagency Agreement #00-IA-11222014-521). The primary objectives of this research included 1) develop models relating occurrence of two threatened inland salmonid fishes to...

  4. Modes of salmonid MHC class I and II evolution differ from the primate paradigm

    NARCIS (Netherlands)

    Shum, B.P.; Guethlein, L.; Flodin, L.R.; Adkison, M.A.; Hedrick, R.P.; Nehring, R.B.; Stet, R.J.M.; Secombes, C.; Parham, P.

    2001-01-01

    Rainbow trout (Oncorhynchus mykiss) and brown trout (Salmo trutta) represent two salmonid genera separated for 15-20 million years. cDNA sequences were determined for the classical MHC class I heavy chain gene UBA and the MHC class II β-chain gene DAB from 15 rainbow and 10 brown trout. Both genes

  5. Assessment of Salmonids and Their Habitat Conditions in the Walla Walla River Basin within Washington, Annual Report 2002-2003.

    Energy Technology Data Exchange (ETDEWEB)

    Mendel, Glen; Trump, Jeremy; Gembala, Mike

    2003-09-01

    This study began in 1998 to assess salmonid distribution, relative abundance, genetics, and the condition of salmonid habitats in the Walla Walla River basin. Stream flows in the Walla Walla Basin continue to show a general trend that begins with a sharp decline in discharge in late June, followed by low summer flows and then an increase in discharge in fall and winter. Manual stream flow measurements at Pepper bridge showed an increase in 2002 of 110-185% from July-September, over flows from 2001. This increase is apparently associated with a 2000 settlement agreement between the U.S. Fish and Wildlife Service (USFWS) and the irrigation districts to leave minimum flows in the river. Stream temperatures in the Walla Walla basin were similar to those in 2001. Upper montane tributaries maintained maximum summer temperatures below 65 F, while sites in mid and lower Touchet and Walla Walla rivers frequently had daily maximum temperatures well above 68 F (high enough to inhibit migration in adult and juvenile salmonids, and to sharply reduce survival of their embryos and fry). These high temperatures are possibly the most critical physiological barrier to salmonids in the Walla Walla basin, but other factors (available water, turbidity or sediment deposition, cover, lack of pools, etc.) also play a part in salmonid survival, migration, and breeding success. The increased flows in the Walla Walla, due to the 2000 settlement agreement, have not shown consistent improvements to stream temperatures. Rainbow/steelhead (Oncorhynchus mykiss) trout represent the most common salmonid in the basin. Densities of Rainbow/steelhead in the Walla Walla River from the Washington/Oregon stateline to Mojonnier Rd. dropped slightly from 2001, but are still considerably higher than before the 2000 settlement agreement. Other salmonids including; bull trout (Salvelinus confluentus), chinook salmon (Oncorhynchus tshawytscha), mountain whitefish (Prosopium williamsoni), and brown trout (Salmo

  6. 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.

  7. Facultative anadromy in salmonids: linking habitat, individual life history decisions, and population-level consequences

    Science.gov (United States)

    Steven F. Railsback; Bret C. Harvey; Jason L. White

    2014-01-01

    Modeling and management of facultative anadromous salmonids is complicated by their ability to select anadromous or resident life histories. Conventional theory for this behavior assumes individuals select the strategy offering highest expected reproductive success but does not predict how population-level consequences such as a stream’s smolt production emerge from...

  8. The design and analysis of salmonid tagging studies in the Columbia River. Volume 7: Monte-Carlo comparison of confidence internal procedures for estimating survival in a release-recapture study, with applications to Snake River salmonids

    International Nuclear Information System (INIS)

    Lowther, A.B.; Skalski, J.

    1996-06-01

    Confidence intervals for survival probabilities between hydroelectric facilities of migrating juvenile salmonids can be computed from the output of the SURPH software developed at the Center for Quantitative Science at the University of Washington. These intervals have been constructed using the estimate of the survival probability, its associated standard error, and assuming the estimate is normally distributed. In order to test the validity and performance of this procedure, two additional confidence interval procedures for estimating survival probabilities were tested and compared using simulated mark-recapture data. Intervals were constructed using normal probability theory, using a percentile-based empirical bootstrap algorithm, and using the profile likelihood concept. Performance of each method was assessed for a variety of initial conditions (release sizes, survival probabilities, detection probabilities). These initial conditions were chosen to encompass the range of parameter values seen in the 1993 and 1994 Snake River juvenile salmonid survival studies. The comparisons among the three estimation methods included average interval width, interval symmetry, and interval coverage

  9. 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

  10. 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.

  11. Selective precipitation reaction: a novel diagnostic test for tissue pathology in Atlantic salmon, Salmo salar, infected with salmonid alphavirus (SAV3).

    Science.gov (United States)

    Braceland, M; Tinsley, J; Cockerill, D; Bickerdike, R; McLoughlin, M F; Eckersall, P D

    2017-08-01

    While investigating biomarkers for infection with salmonid alphavirus (SAV), the cause of pancreas disease (PD), a selective precipitation reaction (SPR) has been discovered in serum which could be an on-farm qualitative test and an in-laboratory quantitative assay for health assessments in aquaculture. Mixing serum from Atlantic salmon, Salmo salar, with SAV infection with a sodium acetate buffer caused a visible precipitation which does not occur with serum from healthy salmon. Proteomic examination of the precipitate has revealed that the components are a mix of muscle proteins, for example enolase and aldolase, along with serum protein such as serotransferrin and complement C9. The assay has been optimized for molarity, pH, temperature and wavelength so that the precipitation can be measured as the change in optical density at 340 nm (Δ 340 ). Application of the SPR assay to serum samples from a cohabitation trial of SAV infection in salmon showed that the Δ 340 in infected fish rose from undetectable to a maximum at 6 weeks post-infection correlating with histopathological score of pancreas, heart and muscle damage. This test may have a valuable role to play in the diagnostic evaluation of stock health in salmon. © 2016 The Authors. Journal of Fish Diseases Published by John Wiley & Sons Ltd.

  12. 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...

  13. An Ecosystem-Based Approach to Habitat Restoration Projects with Emphasis on Salmonids in the Columbia River Estuary, 2003 Technical Report.

    Energy Technology Data Exchange (ETDEWEB)

    Johnson, G.; Thom, R.; Whiting, A. (Pacific Northwest National Laboratory)

    2003-11-01

    -listed salmon populations and native species using the CRE. The program's underlying principles are: (1) projects are founded on the best available ecological restoration science, implemented in an ecosystem context, and developed with the intent to restore relevant ecological processes; (2) projects incorporate adaptive management practices with testable hypotheses to track ecological responses to a given restoration effort; and (3) projects are implemented in a coordinated, open process and scientific results from monitoring and evaluation are communicated widely and readily accessible. With this goal and these principles in mind, we developed an approach for CRE habitat restoration. The intent of this document is to provide a scientific basis and implementation guidelines for a habitat restoration program designed to improve ecosystem functions and enhance juvenile salmonid survival in the CRE. The stepwise approach to CRE habitat restoration outlined is somewhat general and broad because the available scientific information is incomplete, e.g., juvenile salmon usage of various CRE wetland habitats. As new data become available, a more specific, detailed plan than was possible here can be produced as an outgrowth of this document. In conclusion, this document provides a scientific basis and implementation guidelines for a habitat restoration program designed to improve ecosystem functions and enhance juvenile salmonid survival in the CRE. As more experience is gained with CRE habitat restoration and scientific uncertainties are resolved, this document should be used as a basis for a detailed habitat restoration plan that specifically addresses (1) which habitat types offer the greatest ecological benefit to salmon, (2) the location of potential sites that if restored would likely provide these habitat types, and (3) how and when the restoration work should be done. This document supports the use of adaptive management so that all elements of salmonid habitat restoration

  14. Froude Number is the Single Most Important Hydraulic Parameter for Salmonid Spawning Habitat.

    Science.gov (United States)

    Gillies, E.; Moir, H. J.

    2015-12-01

    Many gravel-bed rivers exhibit historic straightening or embanking, reducing river complexity and the available habitat for key species such as salmon. A defensible method for predicting salmonid spawning habitat is an important tool for anyone engaged in assessing a river restoration. Most empirical methods to predict spawning habitat use lookup tables of depth, velocity and substrate. However, natural site selection is different: salmon must pick a location where they can successfully build a redd, and where eggs have a sufficient survival rate. Also, using dimensional variables, such as depth and velocity, is problematic: spawning occurs in rivers of differing size, depth and velocity range. Non-dimensional variables have proven useful in other branches of fluid dynamics, and instream habitat is no different. Empirical river data has a high correlation between observed salmon redds and Froude number, without insight into why. Here we present a physics based model of spawning and bedform evolution, which shows that Froude number is indeed a rational choice for characterizing the bedform, substrate, and flow necessary for spawning. It is familiar for Froude to characterize surface waves, but Froude also characterizes longitudinal bedform in a mobile bed river. We postulate that these bedforms and their hydraulics perform two roles in salmonid spawning: allowing transport of clasts during redd building, and oxygenating eggs. We present an example of this Froude number and substrate based habitat characterization on a Scottish river for which we have detailed topography at several stages during river restoration and subsequent evolution of natural processes. We show changes to the channel Froude regime as a result of natural process and validate habitat predictions against redds observed during 2014 and 2015 spawning seasons, also relating this data to the Froude regime in other, nearby, rivers. We discuss the use of the Froude spectrum in providing an indicator of

  15. Developing a predation index and evaluating ways to reduce salmonid losses to predation in the Columbia River basin

    International Nuclear Information System (INIS)

    Nigro, A.A.

    1990-12-01

    We report our results of studies to develop a predation index and evaluate ways to reduce juvenile salmonid losses to predation in the Columbia River Basin. Study objectives of each were: develop an index to estimate predation losses of juvenile salmonids (Oncorhynchus spp) in reservoirs throughout the Columbia River Basin, describe the relationships among predator-caused mortality of juvenile salmonids and physical and biological variables, examine the feasibility of developing bounty, commercial or recreational fisheries on northern squawfish (Ptychocheilus oregonensis) and develop a plan to evaluate the efficacy of predator control fisheries; determine the economic feasibility of developing bounty and commercial fisheries for northern squawfish, assist ODFW with evaluating the economic feasibility of recreational fisheries for northern squawfish and assess the economic feasibility of utilizing northern squawfish, carp (Cyprinus carpio) and suckers (Castostomus spp) in multispecies fisheries; evaluate commercial technology of various fishing methods for harvesting northern squawfish in Columbia River reservoirs and field test the effectiveness of selected harvesting systems, holding facilities and transportation systems; and modify the existing Columbia River Ecosystem Model (CREM) to include processes necessary to evaluate effects of removing northern squawfish on their population size structure and abundance, document the ecological processes, mathematical equations and computer (FORTRAN) programming of the revised version of CREM and conduct systematic analyses of various predator removal scenarios, using revised CREM to generate the simulations. Individual reports are indexed separately

  16. Research, Monitoring, and Evaluation of Avian Predation on Salmonid Smolts in the Lower and Mid-Columbia River, 2008 Draft Season Summary.

    Energy Technology Data Exchange (ETDEWEB)

    Roby, Daniel D. [USGS - Oregon Cooperative Fish and Wildlife Research Unit, Department of Fisheries and Wildlife, Oregon State University; Collis, Ken [Real Time Research, Inc.; Lyons, Donald E. [USGS - Oregon Cooperative Fish and Wildlife Research Unit, Oregon State University

    2009-07-08

    This report describes investigations into predation by piscivorous colonial waterbirds on juvenile salmonids (Oncorhynchus spp.) from throughout the Columbia River basin during 2008. East Sand Island in the Columbia River estuary again supported the largest known breeding colony of Caspian terns (Hydroprogne caspia) in the world (approximately 10,700 breeding pairs) and the largest breeding colony of double-crested cormorants (Phalacrocorax auritus) in western North America (approximately 10,950 breeding pairs). The Caspian tern colony increased from 2007, but not significantly so, while the double-crested cormorant colony experienced a significant decline (20%) from 2007. Average cormorant nesting success in 2008, however, was down only slightly from 2007, suggesting that food supply during the 2008 nesting season was not the principal cause of the decline in cormorant colony size. Total consumption of juvenile salmonids by East Sand Island Caspian terns in 2008 was approximately 6.7 million smolts (95% c.i. = 5.8-7.5 million). Caspian terns nesting on East Sand Island continued to rely primarily on marine forage fishes as a food supply. Based on smolt PIT tag recoveries on the East Sand Island Caspian tern colony, predation rates were highest on steelhead in 2008; minimum predation rates on steelhead smolts detected passing Bonneville Dam averaged 8.3% for wild smolts and 10.7% for hatchery-raised smolts. In 2007, total smolt consumption by East Sand Island double-crested cormorants was about 9.2 million juvenile salmonids (95% c.i. = 4.4-14.0 million), similar to or greater than that of East Sand Island Caspian terns during that year (5.5 million juvenile salmonids; 95% c.i. = 4.8-6.2 million). The numbers of smolt PIT tags recovered on the cormorant colony in 2008 were roughly proportional to the relative availability of PIT-tagged salmonids released in the Basin, suggesting that cormorant predation on salmonid smolts in the estuary was less selective than tern

  17. Evaluation of an ion adsorption method to estimate intragravel flow velocity in salmonid spawning gravels

    Science.gov (United States)

    James L. Clayton; John G. King; Russell F. Thurow

    1996-01-01

    Intragravel water exchange provides oxygenated water, removes metabolic waste, and is an essential factor in salmonid embryo survival. Measurements of intragravel flow velocity have been suggested as an index of gravel quality and also as a useful predictor of fry emergence; however, proposed methods for measuring velocity in gravel are problematic. We evaluate an ion...

  18. 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.

  19. Three-dimensional migration behavior of juvenile salmonids in reservoirs and near dams

    OpenAIRE

    Li, Xinya; Deng, Zhiqun D.; Fu, Tao; Brown, Richard S.; Martinez, Jayson J.; McMichael, Geoffrey A.; Trumbo, Bradly A.; Ahmann, Martin L.; Renholds, Jon F.; Skalski, John R.; Townsend, Richard L.

    2018-01-01

    To acquire 3-D tracking data on juvenile salmonids, Juvenile Salmon Acoustic Telemetry System (JSATS) cabled hydrophone arrays were deployed in the forebays of two dams on the Snake River and at a mid-reach reservoir between the dams. The depth distributions of fish were estimated by statistical analyses performed on large 3-D tracking data sets from ~33,500 individual acoustic tagged yearling and subyearling Chinook salmon and juvenile steelhead at the two dams in 2012 and subyearling Chinoo...

  20. Assessment of Salmonids and their Habitat Conditions in the Walla Walla River Basin of Washington : 2000 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Mendel, Glen Wesley; Karl, David; Coyle, Terrence

    2001-11-01

    Concerns about the decline of native salmon and trout populations have increased among natural resource managers and the public in recent years. As a result, a multitude of initiatives have been implemented at the local, state, and federal government levels. These initiatives include management plans and actions intended to protect and restore salmonid fishes and their habitats. In 1998 bull trout were listed under the Endangered Species Act (ESA), as ''Threatened'', for the Walla Walla River and its tributaries. Steelhead were listed as ''Threatened'' in 1999 for the mid-Columbia River and its tributaries. These ESA listings emphasize the need for information about the threatened salmonid populations and their habitats. The Washington Department of Fish and Wildlife (WDFW) is entrusted with ''the preservation, protection, and perpetuation of fish and wildlife....[and to] maximize public recreational or commercial opportunities without impairing the supply of fish and wildlife (WAC 77. 12.010).'' In consideration of this mandate, the WDFW submitted a proposal in December 1997 to the Bonneville Power Administration (BPA) for a study to assess salmonid distribution, relative abundance, genetics, and the condition of their habitats in the Walla Walla River basin. The primary purposes of this project are to collect baseline biological and habitat data, to identify major data gaps, and to draw conclusions whenever possible. The study reported herein details the findings of the 2000 field season (March to November, 2000).

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

    Directory of Open Access Journals (Sweden)

    Wilson Yaputra Yakup

    2016-05-01

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

  2. Can biosecurity and local network properties predict pathogen species richness in the salmonid industry?

    Science.gov (United States)

    More, Simon J.; Geoghegan, Fiona; McManus, Catherine; Hill, Ashley E.; Martínez-López, Beatriz

    2018-01-01

    Salmonid farming in Ireland is mostly organic, which implies limited disease treatment options. This highlights the importance of biosecurity for preventing the introduction and spread of infectious agents. Similarly, the effect of local network properties on infection spread processes has rarely been evaluated. In this paper, we characterized the biosecurity of salmonid farms in Ireland using a survey, and then developed a score for benchmarking the disease risk of salmonid farms. The usefulness and validity of this score, together with farm indegree (dichotomized as ≤ 1 or > 1), were assessed through generalized Poisson regression models, in which the modeled outcome was pathogen richness, defined here as the number of different diseases affecting a farm during a year. Seawater salmon (SW salmon) farms had the highest biosecurity scores with a median (interquartile range) of 82.3 (5.4), followed by freshwater salmon (FW salmon) with 75.2 (8.2), and freshwater trout (FW trout) farms with 74.8 (4.5). For FW salmon and trout farms, the top ranked model (in terms of leave-one-out information criteria, looic) was the null model (looic = 46.1). For SW salmon farms, the best ranking model was the full model with both predictors and their interaction (looic = 33.3). Farms with a higher biosecurity score were associated with lower pathogen richness, and farms with indegree > 1 (i.e. more than one fish supplier) were associated with increased pathogen richness. The effect of the interaction between these variables was also important, showing an antagonistic effect. This would indicate that biosecurity effectiveness is achieved through a broader perspective on the subject, which includes a minimization in the number of suppliers and hence in the possibilities for infection to enter a farm. The work presented here could be used to elaborate indicators of a farm’s disease risk based on its biosecurity score and indegree, to inform risk-based disease surveillance and

  3. Can biosecurity and local network properties predict pathogen species richness in the salmonid industry?

    Directory of Open Access Journals (Sweden)

    Tadaishi Yatabe

    Full Text Available Salmonid farming in Ireland is mostly organic, which implies limited disease treatment options. This highlights the importance of biosecurity for preventing the introduction and spread of infectious agents. Similarly, the effect of local network properties on infection spread processes has rarely been evaluated. In this paper, we characterized the biosecurity of salmonid farms in Ireland using a survey, and then developed a score for benchmarking the disease risk of salmonid farms. The usefulness and validity of this score, together with farm indegree (dichotomized as ≤ 1 or > 1, were assessed through generalized Poisson regression models, in which the modeled outcome was pathogen richness, defined here as the number of different diseases affecting a farm during a year. Seawater salmon (SW salmon farms had the highest biosecurity scores with a median (interquartile range of 82.3 (5.4, followed by freshwater salmon (FW salmon with 75.2 (8.2, and freshwater trout (FW trout farms with 74.8 (4.5. For FW salmon and trout farms, the top ranked model (in terms of leave-one-out information criteria, looic was the null model (looic = 46.1. For SW salmon farms, the best ranking model was the full model with both predictors and their interaction (looic = 33.3. Farms with a higher biosecurity score were associated with lower pathogen richness, and farms with indegree > 1 (i.e. more than one fish supplier were associated with increased pathogen richness. The effect of the interaction between these variables was also important, showing an antagonistic effect. This would indicate that biosecurity effectiveness is achieved through a broader perspective on the subject, which includes a minimization in the number of suppliers and hence in the possibilities for infection to enter a farm. The work presented here could be used to elaborate indicators of a farm's disease risk based on its biosecurity score and indegree, to inform risk-based disease surveillance and

  4. Virucidal activity of two Iodophors to salmonid viruses

    Science.gov (United States)

    Amend, Donald F.; Pietsch, John P.

    1972-01-01

    Wescodyne® and Betadine®, organic iodine complexes, were compared in vitro for virucidal activity against infectious hematopoietic necrosis (IHN), infectious pancreatic necrosis (IPN), and viral hemorrhagic septicemia (VHS) viruses. Both iodophors were about equally effective on all three viruses. Each iodophor completely destroyed IHN virus within 30 sec at 12 ppm iodine, and was not affected by water hardness. Virucidal activity, however, was reduced at pH levels above 8.0 and in the presence of organic matter. Wescodyne was also compared with seven disinfectants commonly used in fish hatcheries, for virucidal properties against IHN virus. Wescodyne and chlorine were the only disinfectants to completely destroy the virus. Either Wescodyne or Betadine would effectively destroy the salmonid viruses at less than 25 ppm iodine within 5 min in solutions near neutrality.

  5. 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...

  6. 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.

  7. A simple model that identifies potential effects of sea-level rise on estuarine and estuary-ecotone habitat locations for salmonids in Oregon, USA.

    Science.gov (United States)

    Flitcroft, Rebecca; Burnett, Kelly; Christiansen, Kelly

    2013-07-01

    Diadromous aquatic species that cross a diverse range of habitats (including marine, estuarine, and freshwater) face different effects of climate change in each environment. One such group of species is the anadromous Pacific salmon (Oncorhynchus spp.). Studies of the potential effects of climate change on salmonids have focused on both marine and freshwater environments. Access to a variety of estuarine habitat has been shown to enhance juvenile life-history diversity, thereby contributing to the resilience of many salmonid species. Our study is focused on the effect of sea-level rise on the availability, complexity, and distribution of estuarine, and low-freshwater habitat for Chinook salmon (Oncorhynchus tshawytscha), steelhead (anadromous O. mykiss), and coho salmon (O. kisutch) along the Oregon Coast under future climate change scenarios. Using LiDAR, we modeled the geomorphologies of five Oregon estuaries and estimated a contour associated with the current mean high tide. Contour intervals at 1- and 2-m increments above the current mean high tide were generated, and changes in the estuary morphology were assessed. Because our analysis relied on digital data, we compared three types of digital data in one estuary to assess the utility of different data sets in predicting the changes in estuary shape. For each salmonid species, changes in the amount and complexity of estuarine edge habitats varied by estuary. The simple modeling approach we applied can also be used to identify areas that may be most amenable to pre-emptive restoration actions to mitigate or enhance salmonid habitat under future climatic conditions.

  8. 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....

  9. Impact of beaver dams on abundance and distribution of anadromous salmonids in two lowland streams in Lithuania.

    Science.gov (United States)

    Virbickas, Tomas; Stakėnas, Saulius; Steponėnas, Andrius

    2015-01-01

    European beaver dams impeded movements of anadromous salmonids as it was established by fishing survey, fish tagging and redd counts in two lowland streams in Lithuania. Significant differences in abundancies of other litophilic fish species and evenness of representation by species in the community were detected upstream and downstream of the beaver dams. Sea trout parr marked with RFID tags passed through several successive beaver dams in upstream direction, but no tagged fish were detected above the uppermost dam. Increase in abundances of salmonid parr in the stream between the beaver dams and decrease below the dams were recorded in November, at the time of spawning of Atlantic salmon and sea trout, but no significant changes were detected in the sections upstream of the dams. After construction of several additional beaver dams in the downstream sections of the studied streams, abundance of Atlantic salmon parr downstream of the dams decreased considerably in comparison with that estimated before construction.

  10. Impact of beaver dams on abundance and distribution of anadromous salmonids in two lowland streams in Lithuania.

    Directory of Open Access Journals (Sweden)

    Tomas Virbickas

    Full Text Available European beaver dams impeded movements of anadromous salmonids as it was established by fishing survey, fish tagging and redd counts in two lowland streams in Lithuania. Significant differences in abundancies of other litophilic fish species and evenness of representation by species in the community were detected upstream and downstream of the beaver dams. Sea trout parr marked with RFID tags passed through several successive beaver dams in upstream direction, but no tagged fish were detected above the uppermost dam. Increase in abundances of salmonid parr in the stream between the beaver dams and decrease below the dams were recorded in November, at the time of spawning of Atlantic salmon and sea trout, but no significant changes were detected in the sections upstream of the dams. After construction of several additional beaver dams in the downstream sections of the studied streams, abundance of Atlantic salmon parr downstream of the dams decreased considerably in comparison with that estimated before construction.

  11. 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.

  12. 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.

  13. Significance of Selective Predation and Development of Prey Protection Measures for Juvenile Salmonids in the Columbia and Snake River Reservoirs: Annual Progress Report, February 1991-February 1992.

    Energy Technology Data Exchange (ETDEWEB)

    Poe, Thomas P.

    1992-12-31

    This document is the 1991 annual report of progress for the Bonneville Power Administration (BPA) research Project conducted by the US Fish and Wildlife Service (FWS). Our approach was to present the progress achieved during 1991 in a series of separate reports for each major project task. Each report is prepared in the format of a scientific paper and is able to stand alone, whatever the state of progress or completion. This project has two major goals. One is to understand the significance of selective predation and prey vulnerability by determining if substandard juvenile salmonids (dead, injured, stressed, diseased, or naive) are more vulnerable to predation by northern squawfish, than standard or normal juvenile salmonids. The second goal is to develop and test prey protection measures to control predation on juvenile salmonids by reducing predator-smolt encounters or predator capture efficiency.

  14. 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 ...

  15. The potential influence of changing climate on the persistence of salmonids of the inland west

    Science.gov (United States)

    Haak, A.L.; Williams, J.E.; Isaak, D.; Todd, A.; Muhlfeld, C.C.; Kershner, J.L.; Gresswell, R.E.; Hostetler, S.W.; Neville, H.M.

    2010-01-01

    The Earth's climate warmed steadily during the 20th century, and mean annual air temperatures are estimated to have increased by 0.6°C (Intergovernmental Panel on Climate Change, 2007). Although many cycles of warming and cooling have occurred in the past, the most recent warming period is unique in its rate and magnitude of change (Siegenthaler and others, 2005) and in its association with anthropogenic emissions of greenhouse gases (Intergovernmental Panel on Climate Change , 2007). The climate in the western United States warmed in concert with the global trend but at an accelerated rate (+0.8°C during the 20th century; Saunders and others, 2008). The region could also prove especially sensitive to future changes because the relatively small human population is growing rapidly, as are demands on limited water supplies. Regional hydrological patterns are dominated by seasonal snow accumulation at upper elevations. Most of the region is relatively dry, and both terrestrial and aquatic ecosystems are strongly constrained b y water availability (Barnett and others, 2008; Brown and others, 2008). Stream environments are dynamic and climatically extreme, and salmonid fishes are the dominant elements of the native biodiversity (McPhail and Lindsey, 1986; Waples and others, 2008). Salmonids have broad economic and ecologic importance, but a century of intensive water resource development, nonnative fish stocking, and land use has significantly reduced many populations and several taxa are now protected under the Endangered Species Act (Thurow and others, 1997; Trotter, 2008). Because salmonids require relatively pristine, cold water environments and are often isolated in headwater habitats, members of this group may be especially vulnerable to the effects of a warming climate (Keleher and Rahel, 1996; Rieman and others, 2007; Williams and others, 2009). Warming during the 20th century drove a series of environmental trends that have profound implications for many

  16. Juvenile salmonid use of freshwater emergent wetlands in the floodplain and its implications for conservation management

    Science.gov (United States)

    Henning, Julie A.; Gresswell, Robert E.; Fleming, Ian A.

    2006-01-01

    A recent trend of enhancing freshwater emergent wetlands for waterfowl and other wildlife has raised concern about the effects of such measures on juvenile salmonids. We undertook this study to quantify the degree and extent of juvenile Pacific salmon Oncorhynchus spp. utilization of enhanced and unenhanced emergent wetlands within the floodplain of the lower Chehalis River, Washington, and to determine the fate of the salmon using them. Enhanced emergent wetlands contained water control structures that provided an outlet for fish emigration and a longer hydroperiod for rearing than unenhanced wetlands. Age-0 and age-1 coho salmon O. kisutch were the most common salmonid at all sites, enhanced wetlands having significantly higher age-1 abundance than unenhanced wetlands that were a similar distance from the main-stem river. Yearling coho salmon benefited from rearing in two enhanced wetland habitats, where their specific growth rate and minimum estimates of survival (1.43%/d by weight and 30%; 1.37%/d and 57%) were comparable to those in other side-channel rearing studies. Dissolved oxygen concentrations decreased in emergent wetlands throughout the season and approached the limits lethal to juvenile salmon by May or June each year. Emigration patterns suggested that age-0 and age-1 coho salmon emigrated as habitat conditions declined. This observation was further supported by the results of an experimental release of coho salmon. Survival of fish utilizing emergent wetlands was dependent on movement to the river before water quality decreased or stranding occurred from wetland desiccation. Thus, our results suggest that enhancing freshwater wetlands via water control structures can benefit juvenile salmonids, at least in the short term, by providing conditions for greater growth, survival, and emigration.

  17. Non-native salmonids affect amphibian occupancy at multiple spatial scales

    Science.gov (United States)

    Pilliod, David S.; Hossack, Blake R.; Bahls, Peter F.; Bull, Evelyn L.; Corn, Paul Stephen; Hokit, Grant; Maxell, Bryce A.; Munger, James C.; Wyrick, Aimee

    2010-01-01

    Aim The introduction of non-native species into aquatic environments has been linked with local extinctions and altered distributions of native species. We investigated the effect of non-native salmonids on the occupancy of two native amphibians, the long-toed salamander (Ambystoma macrodactylum) and Columbia spotted frog (Rana luteiventris), across three spatial scales: water bodies, small catchments and large catchments. Location Mountain lakes at ≥ 1500 m elevation were surveyed across the northern Rocky Mountains, USA. Methods We surveyed 2267 water bodies for amphibian occupancy (based on evidence of reproduction) and fish presence between 1986 and 2002 and modelled the probability of amphibian occupancy at each spatial scale in relation to habitat availability and quality and fish presence. Results After accounting for habitat features, we estimated that A. macrodactylum was 2.3 times more likely to breed in fishless water bodies than in water bodies with fish. Ambystoma macrodactylum also was more likely to occupy small catchments where none of the water bodies contained fish than in catchments where at least one water body contained fish. However, the probability of salamander occupancy in small catchments was also influenced by habitat availability (i.e. the number of water bodies within a catchment) and suitability of remaining fishless water bodies. We found no relationship between fish presence and salamander occupancy at the large-catchment scale, probably because of increased habitat availability. In contrast to A. macrodactylum, we found no relationship between fish presence and R. luteiventris occupancy at any scale. Main conclusions Our results suggest that the negative effects of non-native salmonids can extend beyond the boundaries of individual water bodies and increase A. macrodactylum extinction risk at landscape scales. We suspect that niche overlap between non-native fish and A. macrodactylum at higher elevations in the northern Rocky

  18. Cumulative effects of logging road sediment on salmonid populations in the Clearwater River, Jefferson County, Washington

    Science.gov (United States)

    C. J. Cederholm; L. M. Reid; E. O. Salo

    1981-01-01

    Abstract - The nature of sediment production from logging roads and the effect of the resulting sediment on salmonid spawning success in the Clearwater River drainage have been studied for eight years. The study includes intensive and extensive analyses of field situations, supplemented by several controlled experiments. It was found that significant amounts (15-25...

  19. 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.

  20. Lake Roosevelt Fisheries Evaluation Program; Evaluation of Limiting Factors for Stocked Kokanee and Rainbow Trout in Lake Roosevelt, Washington, 1999 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Baldwin, Casey; Polacek, Matt

    2009-03-01

    Hatchery supplementation of kokanee Oncorhynchus nerka and rainbow trout O. mykiss has been the primary mitigation provided by Bonneville Power Administration for loss of anadromous fish to the waters above Grand Coulee Dam (GCD). The hatchery program for rainbow trout has consistently met management goals and provided a substantial contribution to the fishery; however, spawner returns and creel survey results for kokanee have been below management goals. Our objective was to identify factors that limit limnetic fish production in Lake Roosevelt by evaluating abiotic conditions, food limitations, piscivory, and entrainment. Dissolved oxygen concentration was adequate throughout most of the year; however, levels dropped to near 6 mg/L in late July. For kokanee, warm water temperatures during mid-late summer limited their nocturnal distribution to 80-100 m in the lower section of the reservoir. Kokanee spawner length was consistently several centimeters longer than in other Pacific Northwest systems, and the relative weights of rainbow trout and large kokanee were comparable to national averages. Large bodied daphnia (> 1.7 mm) were present in the zooplankton community during all seasons indicating that top down effects were not limiting secondary productivity. Walleye Stizostedion vitreum were the primary piscivore of salmonids in 1998 and 1999. Burbot Lota lota smallmouth bass Micropterus dolomieui, and northern pikeminnow Ptychocheilus oregonensis preyed on salmonids to a lesser degree. Age 3 and 4 walleye were responsible for the majority (65%) of the total walleye consumption of salmonids. Bioenergetics modeling indicated that reservoir wide consumption by walleye could account for a 31-39% loss of stocked kokanee but only 6-12% of rainbow trout. Size at release was the primary reason for differential mortality rates due to predation. Entrainment ranged from 2% to 16% of the monthly abundance estimates of limnetic fish, and could account for 30% of total

  1. Spatial and temporal heterogeneity of infectious hematopoietic necrosis virus in Pacific Northwest salmonids

    Science.gov (United States)

    Breyta, Rachel; Black, Allison; Kaufman, John; Kurath, Gael

    2016-01-01

    The aquatic rhaboviral pathogen infectious hematopoietic necrosis virus (IHNV) causes acute disease in juvenile fish of a number of populations of Pacific salmonid species. Heavily managed in both marine and freshwater environments, these fish species are cultured during the juvenile stage in freshwater conservation hatcheries, where IHNV is one of the top three infectious diseases that cause serious morbidity and mortality. Therefore, a comprehensive study of viral genetic surveillance data representing 2590 field isolates collected between 1958 and 2014 was conducted to determine the spatial and temporal patterns of IHNV in the Pacific Northwest of the contiguous United States. Prevalence of infection varied over time, fluctuating over a rough 5–7 year cycle. The genetic analysis revealed numerous subgroups of IHNV, each of which exhibited spatial heterogeneity. Within all subgroups, dominant genetic types were apparent, though the temporal patterns of emergence of these types varied among subgroups. Finally, the affinity or fidelity of subgroups to specific host species also varied, where UC subgroup viruses exhibited a more generalist profile and all other subgroups exhibited a specialist profile. These complex patterns are likely synergistically driven by numerous ecological, pathobiological, and anthropogenic factors. Since only a few anthropogenic factors are candidates for managed intervention aimed at improving the health of threatened or endangered salmonid fish populations, determining the relative impact of these factors is a high priority for future studies.

  2. 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…

  3. Assessment of salmonids and their habitat conditions in the Walla Walla River Basin of Washington : 2000 annual report; ANNUAL

    International Nuclear Information System (INIS)

    Mendel, Glen Wesley; Karl, David; Coyle, Terrence

    2001-01-01

    Concerns about the decline of native salmon and trout populations have increased among natural resource managers and the public in recent years. As a result, a multitude of initiatives have been implemented at the local, state, and federal government levels. These initiatives include management plans and actions intended to protect and restore salmonid fishes and their habitats. In 1998 bull trout were listed under the Endangered Species Act (ESA), as ''Threatened'', for the Walla Walla River and its tributaries. Steelhead were listed as ''Threatened'' in 1999 for the mid-Columbia River and its tributaries. These ESA listings emphasize the need for information about the threatened salmonid populations and their habitats. The Washington Department of Fish and Wildlife (WDFW) is entrusted with ''the preservation, protection, and perpetuation of fish and wildlife....[and to] maximize public recreational or commercial opportunities without impairing the supply of fish and wildlife (WAC 77.12.010).'' In consideration of this mandate, the WDFW submitted a proposal in December 1997 to the Bonneville Power Administration (BPA) for a study to assess salmonid distribution, relative abundance, genetics, and the condition of their habitats in the Walla Walla River basin. The primary purposes of this project are to collect baseline biological and habitat data, to identify major data gaps, and to draw conclusions whenever possible. The study reported herein details the findings of the 2000 field season (March to November, 2000)

  4. Relationship of otolith strontium-to-calcium ratios and salinity: Experimental validation for juvenile salmonids

    Science.gov (United States)

    Zimmerman, C.E.

    2005-01-01

    Analysis of otolith strontium (Sr) or strontium-to-calcium (Sr:Ca) ratios provides a powerful tool to reconstruct the chronology of migration among salinity environments for diadromous salmonids. Although use of this method has been validated by examination of known individuals and translocation experiments, it has never been validated under controlled experimental conditions. In this study, incorporation of otolith Sr was tested across a range of salinities and resulting levels of ambient Sr and Ca concentrations in juvenile chinook salmon (Oncorhynchus tshawytscha), coho salmon (Oncorhynchus kisutch), sockeye salmon (Oncorhynchus nerka), rainbow trout (Oncorhynchus rnykiss), and Arctic char (Salvelinus alpinus). Experimental water was mixed, using stream water and seawater as end members, to create experimental salinities of 0.1, 6.3, 12.7, 18.6, 25.5, and 33.0 psu. Otolith Sr and Sr:Ca ratios were significantly related to salinity for all species (r2 range: 0.80-0.91) but provide only enough predictive resolution to discriminate among fresh water, brackish water, and saltwater residency. These results validate the use of otolith Sr:Ca ratios to broadly discriminate salinity histories encountered by salmonids but highlight the need for further research concerning the influence of osmoregulation and physiological changes associated with smoking on otolith microchemistry.

  5. Evolving dynamics of trading behavior based on coordination game in complex networks

    Science.gov (United States)

    Bian, Yue-tang; Xu, Lu; Li, Jin-sheng

    2016-05-01

    This work concerns the modeling of evolvement of trading behavior in stock markets. Based on the assumption of the investors' limited rationality, the evolution mechanism of trading behavior is modeled according to the investment strategy of coordination game in network, that investors are prone to imitate their neighbors' activity through comprehensive analysis on the risk dominance degree of certain investment behavior, the network topology of their relationship and its heterogeneity. We investigate by mean-field analysis and extensive simulations the evolution of investors' trading behavior in various typical networks under different risk dominance degree of investment behavior. Our results indicate that the evolution of investors' behavior is affected by the network structure of stock market and the effect of risk dominance degree of investment behavior; the stability of equilibrium states of investors' behavior dynamics is directly related with the risk dominance degree of some behavior; connectivity and heterogeneity of the network plays an important role in the evolution of the investment behavior in stock market.

  6. 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

  7. 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

  8. An integrated vendor-buyer model with stock-dependent demand

    DEFF Research Database (Denmark)

    Sajadieh, Mohsen S.; Thorstenson, Anders; Akbari Jokar, Mohammad R.

    2010-01-01

    We develop an integrated vendor-buyer model for a two-stage supply chain. The vendor manufactures the product and delivers it in a number of equal-sized batches to the buyer. The items delivered are presented to the end customers in a display area. Demand is assumed to be positively dependent...... on the amount of items displayed. The objective is to maximize total supply chain profit. The numerical analysis shows that buyer-vendor coordination is more profitable in situations when demand is more stock dependent. It also shows that the effect of double marginalization provides a link between the non...

  9. 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.

  10. A comparative evaluation of crowding stress on muscle HSP90 and myostatin expression in salmonids

    Science.gov (United States)

    Galt, Nicholas J.; Froehlich, Jacob Michael; McCormick, Stephen; Biga, Peggy R.

    2018-01-01

    Stress is a major factor that contributes to poor production and animal welfare concerns in aquaculture. As such, a thorough understanding of mechanisms involved in the stress response is imperative to developing strategies to mitigate the negative side effects of stressors, including the impact of high stocking densities on growth. The purpose of this study was to determine how the muscle growth inhibitor, myostatin, and the stress-responsive gene HSP90 are regulated in response to crowding stress in rainbow trout (Oncorhynchus mykiss), cutthroat trout (Oncorhynchus clarki), brook trout (Salvelinus fontinalis), and Atlantic salmon (Salmo salar). All species exhibited higher cortisol and glucose levels following the handling stress, indicating physiological response to the treatment. Additionally, all species, except rainbow trout, exhibited higher HSP90 levels in muscle after a 48 h crowding stress. Crowding stress resulted in a decrease of myostatin-1ain brook trout white muscle but not red muscle, while, myostatin-1a and -2a levels increased in white muscle and myostatin-1b levels increased in red muscle in Atlantic salmon. In rainbow trout, no significant changes were detected in either muscle type, but myostatin-1awas upregulated in both white and red skeletal muscle in the closely related cutthroat trout. The variation in response to crowding suggests a complex and species-specific interaction between stress and the muscle gene regulation in these salmonids. Only Atlantic salmon and cutthroat trout exhibited increased muscle myostatin transcription, and also exhibited the largest increase in circulating glucose in response to crowding. These results suggest that species-specific farming practices should be carefully examined in order to optimize low stress culture conditions.

  11. 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.

  12. Salmonid Gamete Preservation in the Snake River Basin, Annual Report 2002.

    Energy Technology Data Exchange (ETDEWEB)

    Young, William; Kucera, Paul

    2003-07-01

    In spite of an intensive management effort, chinook salmon (Oncorhynchus tshawytscha) and steelhead (Oncorhynchus mykiss) populations in the Northwest have not recovered and are currently listed as threatened species under the Endangered Species Act. In addition to the loss of diversity from stocks that have already gone extinct, decreased genetic diversity resulting from genetic drift and inbreeding is a major concern. Reduced population and genetic variability diminishes the environmental adaptability of individual species and entire ecological communities. The Nez Perce Tribe (NPT), in cooperation with Washington State University and the University of Idaho, established a germplasm repository in 1992 in order to preserve the remaining salmonid diversity in the region. The germplasm repository provides long-term storage for cryopreserved gametes. Although only male gametes can be cryopreserved, conserving the male component of genetic diversity will maintain future management options for species recovery. NPT efforts have focused on preserving salmon and steelhead gametes from the major river subbasins in the Snake River basin. However, the repository is available for all management agencies to contribute gamete samples from other regions and species. In 2002 a total of 570 viable semen samples were added to the germplasm repository. This included the gametes of 287 chinook salmon from the Lostine River, Catherine Creek, upper Grande Ronde River, Imnaha River (Lookingglass Hatchery), Lake Creek, South Fork Salmon River, Johnson Creek, Big Creek, Capehorn Creek, Marsh Creek, Pahsimeroi River (Pahsimeroi Hatchery), and upper Salmon River (Sawtooth Hatchery) and the gametes of 280 steelhead from the North Fork Clearwater River (Dworshak Hatchery), Fish Creek, Little Sheep Creek, Pahsimeroi River (Pahsimeroi Hatchery) and Snake River (Oxbow Hatchery). In addition, gametes from 60 Yakima River spring chinook and 34 Wenatchee River coho salmon were added to the

  13. Stock Summary Reports for Columbia River Anadromous Salmonids, Volume 1; Oregon Subbasins Below Bonneville Dam, 1992 CIS Summary Report.

    Energy Technology Data Exchange (ETDEWEB)

    Olsen, Eric; Pierce, Paige (Oregon Department of Fish and Wildlife, Clackamas, OR); Hatch, Keith (Columbia River Inter-Tribal Fish Commission, Portland, OR)

    1993-05-01

    An essential component of the effort to rebuild the Columbia Basin's anadromous fish resources is that available information and experience be organized and shared among numerous organizations and individuals. Past experience and knowledge must form the basis for actions into the future. Much of this knowledge exists only in unpublished form in agency and individual files. Even that information which is published in the form of technical and contract reports receives only limited distribution and is often out of print and unavailable after a few years. Only a small fraction of the basin's collective knowledge is captured in permanent and readily available databases (such as the Northwest Environmental Database) or in recognized journals. State, tribal, and federal fishery managers have recognized these information management problems and have committed to a program, the Coordinated Information System Project, to capture and share more easily the core data and other information upon which management decisions are based. That project has completed scoping and identification of key information needs and development of a project plan. Work performed under the CIS project will be coordinated with and extend information contained in the Northwest Environmental Database. Construction of prototype systems will begin in Phase 3. This report is one in a series of seven describing the results of the Coordinated Information System scoping and needs identification phase. A brief description of each of these reports follows. This report (Roger 1992) summarizes and integrates the results of the next five reports and relates them to deliverables identified in the Phase II cooperative agreement. Broader issues of organization and operation which are not appropriate for the more focused reports are also discussed. This report should be viewed as an executive summary for the CIS project to date. If one wants a quick overview of the CIS project, this report and the project

  14. 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...

  15. Influence of the faces relative arrangement on the optimal reloading station location and analytical determination of its coordinates

    Directory of Open Access Journals (Sweden)

    V.К. Slobodyanyuk

    2017-04-01

    Full Text Available The purpose of this study is to develop a methodology of the optimal rock mass run-of-mine (RoM stock point determination and research of the influence of faces spatial arrangement on this point. The research represents an overview of current researches, where algorithms of the Fermat-Torricelli-Steiner point are used in order to minimize the logistic processes. The methods of mathematical optimization and analytical geometry were applied. Formulae for the optimal point coordinates determination for a 4 faces were established using the latter methods. Mining technology with use of reloading stations is rather common at the deep iron ore pits. In most cases, when deciding on location of RoM stock, its high-altitude position in space of the pit is primarily taken into account. However, the location of the reloading station in a layout also has a significant influence on technical and economic parameters of open-pit mining operations. The traditional approach, which considers a point of the center of gravity as an optimal point for RoM stock location, does not guarantee the minimum haulage. In mathematics, the Fermat-Torricelli point that provides a minimum distance to the vertices of the triangle is known. It is shown that the minimum haulage is provided when the point of RoM stock location and Fermat-Torricelli point coincide. In terms of open pit mining operations, the development of a method that will determine an optimal point of RoM stock location for a working area with respect to the known coordinates of distinguished points on the basis of new weight factors is of particular practical importance. A two-stage solution to the problem of determining the rational point of RoM stock location (with a minimal transport work for any number of faces is proposed. Such optimal point for RoM stock location reduces the transport work by 10–20 %.

  16. 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.

  17. Carbon stocks in tree biomass and soils of German forests

    Directory of Open Access Journals (Sweden)

    Wellbrock Nicole

    2017-06-01

    Full Text Available Close to one third of Germany is forested. Forests are able to store significant quantities of carbon (C in the biomass and in the soil. Coordinated by the Thünen Institute, the German National Forest Inventory (NFI and the National Forest Soil Inventory (NFSI have generated data to estimate the carbon storage capacity of forests. The second NFI started in 2002 and had been repeated in 2012. The reporting time for the NFSI was 1990 to 2006. Living forest biomass, deadwood, litter and soils up to a depth of 90 cm have stored 2500 t of carbon within the reporting time. Over all 224 t C ha-1 in aboveground and belowground biomass, deadwood and soil are stored in forests. Specifically, 46% stored in above-ground and below-ground biomass, 1% in dead wood and 53% in the organic layer together with soil up to 90 cm. Carbon stocks in mineral soils up to 30 cm mineral soil increase about 0.4 t C ha-1 yr-1 stocks between the inventories while the carbon pool in the organic layers declined slightly. In the living biomass carbon stocks increased about 1.0 t C ha-1 yr-1. In Germany, approximately 58 mill. tonnes of CO2 were sequestered in 2012 (NIR 2017.

  18. Determine the Influence of Time Held in “Knockdown” Anesthesia on Survival and Stress of Surgically Implanted Juvenile Salmonids

    Energy Technology Data Exchange (ETDEWEB)

    Woodley, Christa M.; Wagner, Katie A.; Knox, Kasey M.

    2012-01-31

    The Juvenile Salmon Acoustic Telemetry System (JSATS) was developed for the U.S. Army Corp of Engineers Portland District (USACE) to address questions related to survival and performance measures of juvenile salmonids as they pass through the Federal Columbia River Power System (FCRPS). Researchers using JSATS acoustic transmitters (ATs) were tasked with standardizing the surgical implantation procedure to ensure that the stressors of handling and surgery on salmonids were consistent and less likely to cause effects of tagging in survival studies. Researchers questioned whether the exposure time in 'knockdown' anesthesia (or induction) to prepare fish for surgery could influence the survival of study fish (CBSPSC 2011). Currently, fish are held in knockdown anesthesia after they reach Stage 4 anesthesia until the completion of the surgical implantation of a transmitter, varies from 5 to 15 minutes for studies conducted in the Columbia Basin. The Columbia Basin Surgical Protocol Steering Committee (CBSPSC ) expressed concern that its currently recommended 10-minute maximum time limit during which fish are held in anesthetic - tricaine methanesulfonate (MS-222, 80 mg L-1 water) - could increase behavioral and physiological costs, and/or decrease survival of outmigrating juvenile salmonids. In addition, the variability in the time fish are held at Stage 4 could affect the data intended for direct comparison of fish within or among survival studies. Under the current recommended protocol, if fish exceed the 10-minute time limit, they are to be released without surgical implantation, thereby increasing the number of fish handled and endangered species 'take' at the bypass systems for FCRPS survival studies.

  19. Salmon and steelhead in the White Salmon River after the removal of Condit Dam–Planning efforts and recolonization results

    Science.gov (United States)

    Allen, Brady; Engle, Rod O; Zendt, Joseph S; Shrier, Frank C; Wilson, Jeremy T; Connolly, Patrick J.

    2016-01-01

    Condit Dam, at river kilometer 5.3 on the White Salmon River, Washington, was breached in 2011 and completely removed in 2012. This action opened habitat to migratory fish for the first time in 100 years. The White Salmon Working Group was formed to create plans for fish salvage in preparation for fish recolonization and to prescribe the actions necessary to restore anadromous salmonid populations in the White Salmon River after Condit Dam removal. Studies conducted by work group members and others served to inform management decisions. Management options for individual species were considered, including natural recolonization, introduction of a neighboring stock, hatchery supplementation, and monitoring natural recolonization for some time period to assess the need for hatchery supplementation. Monitoring to date indicates that multiple species and stocks of anadromous salmonids are finding and spawning in the now accessible and recovering habitat.

  20. Effects of riparian canopy opening and salmon carcass addition on the abundance and growth of resident salmonids

    Science.gov (United States)

    Margaret A. Wilzbach; Bret C. Harvey; Jason L. White; Rodney J. Nakamoto

    2005-01-01

    We studied the concurrent effects of riparian canopy opening and salmon carcass addition on salmonid biomass, density and growth rates in small streams over 2 years. In each of six streams in the Smith and Klamath River basins in northern California, red alder (Alnus rubra) and other hardwoods were removed along both banks of a 100-m reach to...

  1. 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.

  2. 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.

  3. Acoustic Imaging Evaluation of Juvenile Salmonid Behavior in the Immediate Forebay of the Water Temperature Control Tower at Cougar Dam, 2010

    Energy Technology Data Exchange (ETDEWEB)

    Khan, Fenton; Johnson, Gary E.; Royer, Ida M.; Phillips, Nathan RJ; Hughes, James S.; Fischer, Eric S.; Ploskey, Gene R.

    2011-10-01

    This report presents the results of an evaluation of juvenile Chinook salmonid (Oncorhynchus tshawytscha) behavior in the immediate forebay of the Water Temperature Control (WTC) tower at Cougar Dam in 2010. The study was conducted by the Pacific Northwest National Laboratory for the U.S. Army Corps of Engineers. The overall goal of the study was to characterize juvenile salmonid behavior and movement patterns in the immediate forebay of the WTC tower for fisheries resource managers to use to make decisions on bioengineering designs for long-term structures and/or operations to facilitate safe downstream passage for juvenile salmonids. We collected acoustic imaging (Dual-Frequency Identification Sonar; DIDSON) data from February 1, 2010 through January 31, 2011 to evaluate juvenile salmonid behavior year-round in the immediate forebay surface layer of the WTC tower (within 20 m, depth 0-5 m). From October 28, 2010 through January 31, 2011 a BlueView acoustic camera was also deployed in an attempt to determine its usefulness for future studies as well as augment the DIDSON data. For the DIDSON data, we processed a total of 35 separate 24-h periods systematically covering every other week in the 12-month study. Two different 24-hour periods were processed for the BlueView data for the feasibility study. Juvenile salmonids were present in the immediate forebay of the WTC tower throughout 2010. The juvenile salmonid abundance index was low in the spring (<200 fish per sample-day), began increasing in late April and peaked in mid-May. Fish abundance index began decreasing in early June and remained low in the summer months. Fish abundance increased again in the fall, starting in October, and peaked on November 8-9. A second peak occurred on December 22. Afterwards, abundance was low for the rest of the study (through January 2011). Average fish length for juvenile salmonids during early spring 2010 was 214 {+-} 86 mm (standard deviation). From May through early November

  4. 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.

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

    Directory of Open Access Journals (Sweden)

    Adina Dornean

    2017-05-01

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

  6. 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…

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

    Directory of Open Access Journals (Sweden)

    McGinnity Philip

    2010-04-01

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

  8. 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.

  9. 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

  10. Influence of riparian canopy on macroinvertebrate composition and food habits of juvenile salmonids in several Oregon streams.

    Science.gov (United States)

    William R. Meehan

    1996-01-01

    The community composition of macroinvertebrates and the feeding habits of juvenile salmonids were studied in eight Oregon streams. Benthic, drift, sticky trap, and water trap samples were taken over a 3-year period, along with stomach samples of the fish. Samples were taken in stream reaches with and without riparian canopy. Both main effects—fish diet versus...

  11. Trophic feasibility of reintroducing anadromous salmonids in three reservoirs on the north fork Lewis River, Washington: Prey supply and consumption demand of resident fishes

    Science.gov (United States)

    Sorel, Mark H.; Hansen, Adam G.; Connelly, Kristin A.; Beauchamp, David A.

    2016-01-01

    The reintroduction of anadromous salmonids in reservoirs is being proposed with increasing frequency, requiring baseline studies to evaluate feasibility and estimate the capacity of reservoir food webs to support reintroduced populations. Using three reservoirs on the north fork Lewis River as a case study, we demonstrate a method to determine juvenile salmonid smolt rearing capacities for lakes and reservoirs. To determine if the Lewis River reservoirs can support reintroduced populations of juvenile stream-type Chinook Salmon Oncorhynchus tshawytscha, we evaluated the monthly production of daphniaDaphnia spp. (the primary zooplankton consumed by resident salmonids in the system) and used bioenergetics to model the consumption demand of resident fishes in each reservoir. To estimate the surplus of Daphnia prey available for reintroduced salmonids, we assumed a maximum sustainable exploitation rate and accounted for the consumption demand of resident fishes. The number of smolts that could have been supported was estimated by dividing any surplus Daphnia production by the simulated consumption demand of an individual Chinook Salmon fry rearing in the reservoir to successful smolt size. In all three reservoirs, densities of Daphnia were highest in the epilimnion, but warm epilimnetic temperatures and the vertical distribution of planktivores suggested that access to abundant epilimnetic prey was limited. By comparing accessible prey supply and demand on a monthly basis, we were able to identify potential prey supply bottlenecks that could limit smolt production and growth. These results demonstrate that a bioenergetics approach can be a valuable method of examining constraints on lake and reservoir rearing capacity, such as thermal structure and temporal food supply. This method enables numerical estimation of rearing capacity, which is a useful metric for managers evaluating the feasibility of reintroducing Pacific salmon Oncorhynchus spp. in lentic systems.

  12. 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.

  13. 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.

  14. 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.

  15. Pathways of Barotrauma in Juvenile Salmonids Exposed to Simulated Hydroturbine Passage: Boyle’s Law vs. Henry’s Law

    Energy Technology Data Exchange (ETDEWEB)

    Brown, Richard S.; Pflugrath, Brett D.; Colotelo, Alison HA; Brauner, Colin J.; Carlson, Thomas J.; Deng, Zhiqun; Seaburg, Adam

    2012-06-01

    On their seaward migration, juvenile salmonids commonly pass hydroelectric dams. Fish passing by the turbine blade may experience rapid decompression, the severity of which can be highly variable and may result in a number of barotraumas. The mechanisms of these injuries can be due to expansion of existing bubbles or gases coming out of solution; governed by Boyle’s Law and Henry’s Law, respectively. This paper combines re-analysis of published data with new experiments to gain a better understanding of the mechanisms of injury and mortality for fish experiencing rapid decompression associated with hydroturbine passage. From these data it appears that the majority of decompression related injuries are due to the expansion of existing bubbles in the fish, particularly the expansion and rupture of the swim bladder. This information is particularly useful for fisheries managers and turbine manufacturers, demonstrating that reducing the rate of swim bladder ruptures by reducing the frequency of occurrence and severity of rapid decompression during hydroturbine passage could reduce the rates of injury and mortality for hydroturbine passed juvenile salmonids.

  16. Detection and quantification of Renibacterium salmoninarum DNA in salmonid tissues by real-time quantitative polymerase chain reaction analysis

    Science.gov (United States)

    Chase, D.M.; Elliott, D.G.; Pascho, R.J.

    2006-01-01

    Renibacterium salmoninarum is an important salmonid pathogen that is difficult to culture. We developed and assessed a real-time, quantitative, polymerase chain reaction (qPCR) assay for the detection and enumeration of R. salmoninarum. The qPCR is based on TaqMan technology and amplifies a 69-base pair (bp) region of the gene encoding the major soluble antigen (MSA) of R. salmoninarum. The qPCR assay consistently detected as few as 5 R. salmoninarum cells per reaction in kidney tissue. The specificity of the qPCR was confirmed by testing the DNA extracts from a panel of microorganisms that were either common fish pathogens or reported to cause false-positive reactions in the enzyme-linked immunosorbent assay (ELISA). Kidney samples from 38 juvenile Chinook salmon (Oncorhynchus tshawytscha) in a naturally infected population were examined by real-time qPCR, a nested PCR, and ELISA, and prevalences of R. salmoninarum detected were 71, 66, and 71%, respectively. The qPCR should be a valuable tool for evaluating the R. salmoninarum infection status of salmonids.

  17. 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.

  18. 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.

  19. 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.

  20. 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

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

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

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

  2. Assessment of Smolt Condition for Travel Time Analysis, 1993-1994 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Schrock, Robin M; Beeman, John W; VanderKooi, Scott P [US Geological Survey, Western Fisheries Research Center, Columbia River Research Laboratory, Cook, WA

    1999-02-01

    The assessment of smolt condition for travel time analysis (ASCTTA) project provided information on the level of smoltification in Columbia River hatchery and wild salmonid stocks to the Fish Passage Center (FPC), for the primary purpose of in-river management of flows.

  3. Potential effects of climate change on streambed scour and risks to salmonid survival in snow-dominated mountain basins

    Science.gov (United States)

    Jaime R. Goode; John M. Buffington; Daniele Tonina; Daniel J. Isaak; Russell F. Thurow; Seth Wenger; David Nagel; Charlie Luce; Doerthe Tetzlaff; Chris Soulsby

    2013-01-01

    Snowmelt-dominated basins in northern latitudes provide critical habitat for salmonids. As such, these systems may be especially vulnerable to climate change because of potential shifts in the frequency, magnitude, and timing of flows that can scour incubating embryos. A general framework is presented to examine this issue, using a series of physical models that link...

  4. Predation on Pacific salmonid eggs and carcass's by subyearling Atlantic salmon in a tributary of Lake Ontario

    Science.gov (United States)

    Johnson, James H.; Chalupnicki, Marc A.; Abbett, Ross; Verdoliva, Francis

    2016-01-01

    A binational effort to reintroduce Atlantic salmon (Salmo salar) that were extirpated in the Lake Ontario ecosystem for over a century is currently being undertaken by the New York State Department of Environmental Conservation and the Ontario Ministry of Natural Resources. Reintroduction actions include the release of several life stages including fry, fall fingerlings, and yearling smolts. In this study we describe the diet of recently released fall fingerling Atlantic salmon in a tributary of the Salmon River, New York. A specific objective of the study was to determine if juvenile Atlantic salmon would utilize the high caloric food source provided by introduced Pacific salmonids (Oncorhynchus spp.) that includes eggs and carcass flesh. Salmon eggs and carcass flesh comprised 20.5% of the October to January diet in 2013–14 and 23.9% in 2014–15. The consumption of steelhead (O. mykiss) eggs was a major part of the diet in April in both 2014 (54.1%) and 2015 (33.2%). This study documented that recently released Atlantic salmon will consume the high caloric food material provided by Pacific salmonids and that the consumption of this material extends for several months.

  5. Functional morphology and biomechanics of the tongue-bite apparatus in salmonid and osteoglossomorph fishes

    Science.gov (United States)

    Camp, Ariel L; Konow, Nicolai; Sanford, Christopher P J

    2009-01-01

    The tongue-bite apparatus and its associated musculoskeletal elements of the pectoral girdle and neurocranium form the structural basis of raking, a unique prey-processing behaviour in salmonid and osteoglossomorph fishes. Using a quantitative approach, the functional osteology and myology of this system were compared between representatives of each lineage, i.e. the salmonid Salvelinus fontinalis (N =10) and the osteoglossomorph Chitala ornata(N = 8). Divergence was found in the morphology of the novel cleithrobranchial ligament, which potentially relates to kinematic differences between the raking lineage representatives. Salvelinus had greater anatomical cross-sectional areas of the epaxial, hypaxial and protractor hyoideus muscles, whereas Chitala had greater sternohyoideus and adductor mandibulae mass. Two osteology-based biomechanical models (a third-order lever for neurocranial elevation and a modified four-bar linkage for hyoid retraction) showed divergent force/velocity priorities in the study taxa. Salvelinus maximizes both force (via powerful cranial muscles) and velocity (through mechanical amplification) during raking. In contrast, Chitala has relatively low muscle force but more efficient force transmission through both mechanisms compared with Salvelinus. It remains unclear if and how behavioural modulation and specializations in the post-cranial anatomy may affect the force/velocity trade-offs in Chitala. Further studies of tongue-bite apparatus morphology and biomechanics in a broader species range may help to clarify the role that osteology and myology play in the evolution of behavioural diversity. PMID:19438765

  6. 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.

  7. 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.

  8. Study of Disease and Physiology in the 1979 Homing Study Hatchery Stocks: A Supplement to "Imprinting Salmon and Steelhead Trout for Homing", 1979 by Slatick, Gilbreath, and Walch.

    Energy Technology Data Exchange (ETDEWEB)

    Novotny, Anthony J.; Zaugg, Waldo S.

    1981-09-01

    The National Marine Fisheries Service (NMFS), under contract to the Bonneville Power Administration, is conducting research on imprinting salmon and steelhead for homing (Slatick et al. 1979, 1980; Novotny and Zaugg 1979). The studies were begun with little background knowledge of the effects of disease or certain physiological functions on imprinting and homing in salmonids. Consequently, work aimed at filling this void was begun by the authors in 1978 (Novotny and Zaugg 1979) and continued in 1979. In 1979, we examined random samples of normal populations of homing test fish at the hatcheries to determine the physiological readiness to migrate and adapt to seawater and general fish health. At the Manchester Marine Experimental Station, Manchester, Washington, we determined the survival of samples of the test fish maintained in marine net-pens after release from the hatcheries. Hatcheries and stocks sampled are listed in Table 1.

  9. 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 ...

  10. 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...

  11. 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.

  12. 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.

  13. 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...

  14. Intestinal fluid absorption in anadromous salmonids: importance of tight junctions and aquaporins

    Directory of Open Access Journals (Sweden)

    Kristina eSundell

    2012-09-01

    Full Text Available The anadromous salmonid life cycle includes both fresh water (FW and seawater (SW stages. The parr-smolt transformation (smoltification pre–adapt the fish to SW while still in FW. The osmoregulatory organs change their mode of action from a role of preventing water inflow in FW, to absorb ions to replace water lost by osmosis in SW. During smoltification, the drinking rate increases, in the intestine the ion and fluid transport increases and is further elevated after SW entry. In SW, the intestine absorbs ions to create an inwardly directed water flow which is accomplished by increased Na+,K+-ATPase (NKA activity in the basolateral membrane, driving ion absorption via ion channels and/or co-transporters. This review will aim at discussing the expression patterns of the ion transporting proteins involved in intestinal fluid absorption in the FW stage, during smoltification and after SW entry. Of equal importance for intestinal fluid absorption as the active absorption of ions, is the permeability of the epithelium to ions and water. During the smoltification the increase in NKA activity and water uptake in SW is accompanied by decreased paracellular permeability suggesting a redirection of the fluid movement from a paracellular route in FW, to a transcellular route in SW. Increased transcellular fluid absorption could be achieved by incorporation of aquaporins (AQPs into the enterocyte membranes and/or by a change in fatty acid profile of the enterocyte lipid bilayer. An increased incorporation of unsaturated fatty acids into the membrane phospholipids will increase water permeability by enhancing the fluidity of the membrane. A second aim of the present review is therefore to discuss the presence and regulation of expression of AQPs in the enterocyte membrane as well as to discuss the profile of fatty acids present in the membrane phospholipids during different stages of the salmonid lifecycle.

  15. 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.

  16. 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.

  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. The physiology and toxicology of salmonid eggs and larvae in relation to water quality criteria

    International Nuclear Information System (INIS)

    Finn, Roderick Nigel

    2007-01-01

    The purpose of this review is to collate physiological knowledge on salmonid eggs and larvae in relation to water quality criteria. Salmonid genera reviewed include Coregonus, Thymallus, Salvelinus, Salmo, and Oncorhynchus spp. When physiological data for salmonids are lacking, the zebrafish and medaka models are included. The primary focus is on the underlying mechanisms involved in the hydro-mineral, thermal, and respiratory biology with an extended section on the xenobiotic toxicology of the early stages. Past and present data reveal that the eggs of salmonids are among the largest shed by any broadcast spawning teleost. Once ovulated, the physicochemical properties of the ovarian fluid provide temporary protection from external perturbations and maintain the eggs in good physiological condition until spawning. Following fertilisation and during early development the major structures protecting the embryo from poor water quality are the vitelline membrane, the enveloping layer and the chorion. The vitelline membrane is one of the least permeable membranes known, while the semi-permeable chorion provides both physical and chemical defense against metals, pathogens, and xenobiotic chemicals. In part these structures explain the lower sensitivity of the eggs to chemical imbalance compared to the larvae, however the lower metabolic rate and the chronology of gene expression and translational control suggest that developmental competence also plays a decisive role. In addition, maternal effect genes provide a defense potential until the mid-blastula transition. The transition between maternal effect genes and zygotic genes is a critical period for the embryo. The perivitelline fluids are an important trap for cations, but are also the major barrier to diffusion of gases and solutes. Acidic environmental pH interferes with acid-base and hydromineral balance but also increases the risk of aluminium and heavy metal intoxication. These risks are ameliorated somewhat by

  19. The physiology and toxicology of salmonid eggs and larvae in relation to water quality criteria

    Energy Technology Data Exchange (ETDEWEB)

    Finn, Roderick Nigel [Department of Biology, University of Bergen, Allegaten 41, N-5020 Bergen (Norway)]. E-mail: nigel.finn@bio.uib.no

    2007-03-30

    The purpose of this review is to collate physiological knowledge on salmonid eggs and larvae in relation to water quality criteria. Salmonid genera reviewed include Coregonus, Thymallus, Salvelinus, Salmo, and Oncorhynchus spp. When physiological data for salmonids are lacking, the zebrafish and medaka models are included. The primary focus is on the underlying mechanisms involved in the hydro-mineral, thermal, and respiratory biology with an extended section on the xenobiotic toxicology of the early stages. Past and present data reveal that the eggs of salmonids are among the largest shed by any broadcast spawning teleost. Once ovulated, the physicochemical properties of the ovarian fluid provide temporary protection from external perturbations and maintain the eggs in good physiological condition until spawning. Following fertilisation and during early development the major structures protecting the embryo from poor water quality are the vitelline membrane, the enveloping layer and the chorion. The vitelline membrane is one of the least permeable membranes known, while the semi-permeable chorion provides both physical and chemical defense against metals, pathogens, and xenobiotic chemicals. In part these structures explain the lower sensitivity of the eggs to chemical imbalance compared to the larvae, however the lower metabolic rate and the chronology of gene expression and translational control suggest that developmental competence also plays a decisive role. In addition, maternal effect genes provide a defense potential until the mid-blastula transition. The transition between maternal effect genes and zygotic genes is a critical period for the embryo. The perivitelline fluids are an important trap for cations, but are also the major barrier to diffusion of gases and solutes. Acidic environmental pH interferes with acid-base and hydromineral balance but also increases the risk of aluminium and heavy metal intoxication. These risks are ameliorated somewhat by

  20. 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...

  1. Genomic arrangement of salinity tolerance QTLs in salmonids: A comparative analysis of Atlantic salmon (Salmo salar with Arctic charr (Salvelinus alpinus and rainbow trout (Oncorhynchus mykiss

    Directory of Open Access Journals (Sweden)

    Norman Joseph D

    2012-08-01

    Full Text Available Abstract Background Quantitative trait locus (QTL studies show that variation in salinity tolerance in Arctic charr and rainbow trout has a genetic basis, even though both these species have low to moderate salinity tolerance capacities. QTL were observed to localize to homologous linkage group segments within putative chromosomal regions possessing multiple candidate genes. We compared salinity tolerance QTL in rainbow trout and Arctic charr to those detected in a higher salinity tolerant species, Atlantic salmon. The highly derived karyotype of Atlantic salmon allows for the assessment of whether disparity in salinity tolerance in salmonids is associated with differences in genetic architecture. To facilitate these comparisons, we examined the genomic synteny patterns of key candidate genes in the other model teleost fishes that have experienced three whole-genome duplication (3R events which preceded a fourth (4R whole genome duplication event common to all salmonid species. Results Nine linkage groups contained chromosome-wide significant QTL (AS-2, -4p, -4q, -5, -9, -12p, -12q, -14q -17q, -22, and −23, while a single genome-wide significant QTL was located on AS-4q. Salmonid genomes shared the greatest marker homology with the genome of three-spined stickleback. All linkage group arms in Atlantic salmon were syntenic with at least one stickleback chromosome, while 18 arms had multiple affinities. Arm fusions in Atlantic salmon were often between multiple regions bearing salinity tolerance QTL. Nine linkage groups in Arctic charr and six linkage group arms in rainbow trout currently have no synteny alignments with stickleback chromosomes, while eight rainbow trout linkage group arms were syntenic with multiple stickleback chromosomes. Rearrangements in the stickleback lineage involving fusions of ancestral arm segments could account for the 21 chromosome pairs observed in the stickleback karyotype. Conclusions Salinity tolerance in

  2. Study of Disease and Physiology in the 1978 Homing Study Hatchery Stocks: A Supplement to "Imprinting Salmon and Steelhead Trout for Homing" by Slatick, Novotny, and Gilbreath, January 1979.

    Energy Technology Data Exchange (ETDEWEB)

    Novotny, Anthony J.; Zaugg, Waldo S.

    1979-11-01

    The main functions of the National Marine Fisheries Service (NMFS) Aquaculture Task biologists and contractual scientists involved in the 1978 homing studies were primarily a surveillance of fish physiology, disease, and relative survival during culture in marine net-pens, to determine if there were any unusual factors that might effect imprinting and homing behavior. The studies were conducted with little background knowledge of the implications of disease and physiology on imprinting and homing in salmonids. Hatcheries and stocks sampled are listed in Table 1. The health status of the stocks was quite variable as could be expected. The Dworshak and Wells Hatcheries steelhead suffered from some early stresses in seawater, probably osmoregulatory. The incidences of latent BKD in the Wells and Chelan Hatcheries steelhead and Kooskia Hatchery spring chinook salmon were extremely high, and how these will effect survival in the ocean is not known. Gill enzyme activity in the Dworshak and Chelan Hatcheries steelhead at release was low. Of the steelhead, survival in the Tucannon Hatchery stock will probably be the highest, with Dworshak Hatchery stock the lowest. The analyses conducted by the veterinary pathologist indicate that overall there was no evidence of serious pathological conditions that might be disastrous to any given stock, but at this time it is also difficult to interpret the results of certain types of clinical pathology that have either not been previously reported or extensively studied. For example, if the 77% incidence of basophillic granular organisms in the gills of the Carson coho salmon does represent an infestation of microsporidian protozoan parasites, is the intensity of infestation severe enough to cause irreparable damage that might affect survival? The results of the viral assays are questionable because the Rangen Laboratory is the only one that found evidence of viruses in these stocks (however, the veterinary pathologist did find evidence

  3. 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...

  4. 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. ...

  5. 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.

  6. Co-Speciation of the Ectoparasite Gyrodactylus teuchis (Monogenea, Platyhelminthes and Its Salmonid Hosts.

    Directory of Open Access Journals (Sweden)

    Christoph Hahn

    Full Text Available Co-speciation is a fundamental concept of evolutionary biology and intuitively appealing, yet in practice hard to demonstrate as it is often blurred by other evolutionary processes. We investigate the phylogeographic history of the monogenean ectoparasites Gyrodactylus teuchis and G. truttae on European salmonids of the genus Salmo. Mitochondrial cytochrome oxidase subunit 1 and the nuclear ribosomal internal transcribed spacer 2 were sequenced for 189 Gyrodactylus individuals collected from 50 localities, distributed across most major European river systems, from the Iberian- to the Balkan Peninsula. Despite both anthropogenic and naturally caused admixture of the principal host lineages among major river basins, co-phylogenetic analyses revealed significant global congruence for host and parasite phylogenies, providing firm support for co-speciation of G. teuchis and its salmonid hosts brown trout (S. trutta and Atlantic salmon (S. salar. The major split within G. teuchis, coinciding with the initial divergence of the hosts was dated to ~1.5 My BP, using a Bayesian framework based on an indirect calibration point obtained from the host phylogeny. The presence of G. teuchis in Europe thus predates some of the major Pleistocene glaciations. In contrast, G. truttae exhibited remarkably low intraspecific genetic diversity. Given the direct life cycle and potentially high transmission potential of gyrodactylids, this finding is interpreted as indication for a recent emergence (<60 ky BP of G. truttae via a host-switch. Our study thus suggests that instances of two fundamentally different mechanisms of speciation (co-speciation vs. host-switching may have occurred on the same hosts in Europe within a time span of less than 1.5 My in two gyrodactylid ectoparasite species.

  7. Infection experiments with novel Piscine orthoreovirus from rainbow trout (Oncorhynchus mykiss in salmonids.

    Directory of Open Access Journals (Sweden)

    Helena Hauge

    Full Text Available A new disease in farmed rainbow trout (Onchorhyncus mykiss was described in Norway in 2013. The disease mainly affected the heart and resembled heart and skeletal muscle inflammation (HSMI in Atlantic salmon (Salmo salar L.. HSMI is associated with Piscine orthoreovirus (PRV, and a search for a similar virus in the diseased rainbow trout led to detection of a sequence with 85% similarity to PRV. This finding called for a targeted effort to assess the risk the new PRV-variant pose on farmed rainbow trout and Atlantic salmon by studying infection and disease pathogenesis, aiming to provide more diagnostic knowledge. Based on the genetic relationship to PRV, the novel virus is referred to as PRV-Oncorhynchus mykiss (PRV-Om in contrast to PRV-Salmo salar (PRV-Ss. In experimental trials, intraperitoneally injected PRV-Om was shown to replicate in blood in both salmonid species, but more effectively in rainbow trout. In rainbow trout, the virus levels peaked in blood and heart of cohabitants 6 weeks post challenge, along with increased expression of antiviral genes (Mx and viperin in the spleen, with 80-100% of the cohabitants infected. Heart inflammation was diagnosed in all cohabitants examined 8 weeks post challenge. In contrast, less than 50% of the Atlantic salmon cohabitants were infected between 8 and 16 weeks post challenge and the antiviral response in these fish was very low. From 12 weeks post challenge and onwards, mild focal myocarditis was demonstrated in a few virus-positive salmon. In conclusion, PRV-Om infects both salmonid species, but faster transmission, more notable antiviral response and more prominent heart pathology were observed in rainbow trout.

  8. Effect of stocking sub-yearling Atlantic salmon on the habitat use of sub-yearling rainbow trout

    Science.gov (United States)

    Johnson, James H.

    2016-01-01

    Atlantic salmon (Salmo salar) restoration in the Lake Ontario watershed may depend on the species' ability to compete with naturalized non-native salmonids, including rainbow trout (Oncorhynchus mykiss) in Lake Ontario tributaries. This study examined interspecific habitat associations between sub-yearling Atlantic salmon and rainbow trout as well as the effect of salmon stocking on trout habitat in two streams in the Lake Ontario watershed. In sympatry, Atlantic salmon occupied significantly faster velocities and deeper areas than rainbow trout. However, when examining the habitat use of rainbow trout at all allopatric and sympatric sites in both streams, trout habitat use was more diverse at the sympatric sites with an orientation for increased cover and larger substrate. In Grout Brook, where available habitat remained constant, there was evidence suggesting that trout may have shifted to slower and shallower water in the presence of salmon. The ability of sub-yearling Atlantic salmon to affect a habitat shift in rainbow trout may be due to their larger body size and/or larger pectoral fin size. Future studies examining competitive interactions between these species during their first year of stream residence should consider the size advantage that earlier emerging Atlantic salmon will have over rainbow trout.

  9. Recovery of Renibacterium salmoninarum from naturally infected salmonine stocks in Michigan using a modified culture protocol

    Directory of Open Access Journals (Sweden)

    Mohamed Faisal

    2010-01-01

    Full Text Available Renibacterium salmoninarum, the causative agent of bacterial kidney disease (BKD, is a fastidious and slow-growing bacterium that is extremely difficult to grow in vitro. Herein, we describe a modified primary culture protocol that encompasses a modified bacteriological culture medium and a tissue processing procedure. In order to facilitate the release of R. salmoninarum from granulomatous tissues, kidneys of infected fish were homogenized in a high speed stomacher. The kidney disease medium (KDM2, routinely used for primary culture of R. salmoninarum was modified by the addition of antibiotics and metabolites. When a relatively large inoculum of diluted kidney homogenate was streak-plate inoculated onto the modified KDM2, colonial growth of R. salmoninarum was achieved within 5–7 days, compared to the standard of two weeks or more. The modified procedure was then used to determine the prevalence of R. salmoninarum among representative captive and feral salmonid stocks in Michigan. Prevalence and clinical manifestations varied among species, strains of fish, and locations; however, R. salmoninarum isolates were biochemically homogenous. The improved primary culture procedure described in this study enabled selective and quick isolation of R. salmoninarum. Also, the isolates retrieved in this study constitute a unique biological resource for future studies of R. salmoninarum in the Laurentian Great Lakes.

  10. Microhabitat preference of Anisakis simplex in 3 salmonid species: Immunological Implications

    DEFF Research Database (Denmark)

    Bahlool, Qusay Zuhair Mohammad; Buchmann, Kurt

    Third stage larvae of Anisakis simplex nematodes are considered to have a low host-specificity and are able to infect a wide range of fish species. However, the physiological and immunological status of the fish species may affect the fate of the worm following infection. We selected three...... different salmonid species to investigate the in vivo behavioural difference of experimentally inoculated Anisakis parasite inside these fishes. Rainbow trout (Oncorhynchus mykiss), Baltic salmon (Salmo salar) and brown trout (Salmo trutta) were used in this experiment. Infection success differed between...... species. Baltic salmon showed a higher number of nematodes successfully established, whereas brown trout and rainbow trout showed a higher natural resistance. Microhabitat results were also different according to the fish species. Anisakis simplex found in brown trout where attached to the digestive tract...

  11. 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...

  12. Impacts of Columbia River discharge on salmonid habitat: 2. Changes in shallow-water habitat

    Science.gov (United States)

    Kukulka, Tobias; Jay, David A.

    2003-09-01

    This is the second part of an investigation that analyzes human alteration of shallow-water habitat (SWH) available to juvenile salmonids in the tidal Lower Columbia River. Part 2 develops a one-dimensional, subtidal river stage model that explains ˜90% of the stage variance in the tidal river. This model and the tidal model developed in part 1 [, 2003] uncouple the nonlinear interaction of river tides and river stage by referring both to external forcing by river discharge, ocean tides, and atmospheric pressure. Applying the two models, daily high-water levels were predicted for a reach from rkm-50 to rkm-90 during 1974 to 1998, the period of contemporary management. Predicted water levels were related to the bathymetry and topography to determine the changes in shallow-water habitat area (SWHA) caused by flood control dikes and altered flow management. Model results suggest that diking and a >40% reduction of peak flows have reduced SWHA by ˜62% during the crucial spring freshet period during which juvenile salmon use of SWHA is maximal. Taken individually, diking and flow cycle alteration reduced spring freshet SWHA by 52% and 29%, respectively. SWHA has been both displaced to lower elevations and modified in its character because tidal range has increased. Our models of these processes are economical for the very long simulations (seasons to centuries) needed to understand historic changes and climate impacts on SWH. Through analysis of the nonlinear processes controlling surface elevation in a tidal river, we have identified some of the mechanisms that link freshwater discharge to SWH and salmonid survival.

  13. 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...

  14. 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.

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

    Directory of Open Access Journals (Sweden)

    Amir Saadaoui

    2015-02-01

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

  16. Hydroacoustic Evaluation of Juvenile Salmonid Passage at The Dalles Dam Sluiceway, 2005

    Energy Technology Data Exchange (ETDEWEB)

    Johnson, Gary E.; Khan, Fenton; Hedgepeth, J; Mueller, Robert P.; Rakowski, Cynthia L.; Richmond, Marshall C.; Serkowski, John A.; Skalski, John R.

    2006-06-01

    The U.S. Army Corps of Engineers Portland District engaged the Pacific Northwest National Laboratory to evaluate fish passage at The Dalles Dam powerhouse in 2005. The goal of the study was to provide information on smolt passage that will inform decisions on long-term measures and operations to enhance sluiceway passage and reduce turbine passage to improve smolt survival at the dam. The study addressed one of the main programs dedicated to improving juvenile salmonid survival at The Dalles Dam: Surface Flow Bypass. The study objectives (see below) were met using a combination of hydroacoustic and hydraulic data. The study incorporated fixed-location hydroacoustic methods across the entire powerhouse, with especially intense sampling using multiple split-beam transducers at all sluiceway portals. We did not sample fish passage at the spillway in 2005. In the sluiceway nearfield, we used an acoustic camera to track fish movements. The fish data were interpreted with hydraulic data from a computational fluid dynamics (CFD) model. Fish passage data were collected in the framework of an “experiment” using a randomized block design (3-day treatments; two treatments) to compare two sluiceway operational configurations: Sluice 2+5 and Sluice 2+19 (six gates open for each configuration). Total project outflow was 76% of the 10-year average for spring and 71% of the 10-year average for summer. Based on these findings, we make the following recommendations: 1) The sluice should be operated 24 h/d from April until November. 2) Open six rather than three sluice gates to take advantage of the maximum hydraulic capacity of the sluiceway. 3) Open the three gates above the western-most operating main turbine unit and the three gates at MU 8 where turbine passage rates are relatively high. 4) Operate the turbine units below open sluice gates as a standard fish operations procedure. 5) Develop hydraulic and entrance enhancements to the sluiceway to tap the potential of The

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

    Science.gov (United States)

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

    2018-02-01

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

  18. Comparative evaluation of molecular diagnostic tests for Nucleospora salmonis and prevalence in migrating juvenile salmonids from the Snake River, USA

    Science.gov (United States)

    Badil, Samantha; Elliott, Diane G.; Kurobe, Tomofumi; Hedrick, Ronald P.; Clemens, Kathy; Blair, Marilyn; Purcell, Maureen K.

    2011-01-01

    Nucleospora salmonis is an intranuclear microsporidian that primarily infects lymphoblast cells and contributes to chronic lymphoblastosis and a leukemia-like condition in a range of salmonid species. The primary goal of this study was to evaluate the prevalence of N. salmonis in out-migrating juvenile hatchery and wild Chinook salmon Oncorhynchus tshawytscha and steelhead O. mykiss from the Snake River in the U.S. Pacific Northwest. To achieve this goal, we first addressed the following concerns about current molecular diagnostic tests for N. salmonis: (1) nonspecific amplification patterns by the published nested polymerase chain reaction (nPCR) test, (2) incomplete validation of the published quantitative PCR (qPCR) test, and (3) whether N. salmonis can be detected reliably from nonlethal samples. Here, we present an optimized nPCR protocol that eliminates nonspecific amplification. During validation of the published qPCR test, our laboratory developed a second qPCR test that targeted a different gene sequence and used different probe chemistry for comparison purposes. We simultaneously evaluated the two different qPCR tests for N. salmonis and found that both assays were highly specific, sensitive, and repeatable. The nPCR and qPCR tests had good overall concordance when DNA samples derived from both apparently healthy and clinically diseased hatchery rainbow trout were tested. Finally, we demonstrated that gill snips were a suitable tissue for nonlethal detection of N. salmonis DNA in juvenile salmonids. Monitoring of juvenile salmonid fish in the Snake River over a 3-year period revealed low prevalence of N. salmonis in hatchery and wild Chinook salmon and wild steelhead but significantly higher prevalence in hatchery-derived steelhead. Routine monitoring of N. salmonis is not performed for all hatchery steelhead populations. At present, the possible contribution of this pathogen to delayed mortality of steelhead has not been determined.

  19. 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.

  20. 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...

  1. The Australian stock market development: Prospects and challenges

    OpenAIRE

    Sheilla Nyasha; Nicholas M. Odhiambo

    2013-01-01

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

  2. 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.

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    E. S. Saleh

    2017-08-01

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

  5. 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 ...

  6. Research, Monitoring, and Evaluation of Avian Predation on Salmonid Smolts in the Lower and Mid-Columbia River, 2006 Final Season Summary.

    Energy Technology Data Exchange (ETDEWEB)

    Roby, Daniel D. [USGS - Oregon Cooperative Fish and Wildlife Research Unit, Oregon State University; Collis, Ken [Real Time Research, Inc.; Lyons, Donald E. [USGS - Oregon Cooperative Fish and Wildlife Research Unit, Oregon State University

    2009-06-18

    This study investigates predation by piscivorous waterbirds on juvenile salmonids (Oncorhynchus spp.) from throughout the Columbia River Basin. During 2006, study objectives in the Columbia River estuary, work funded by the Bonneville Power Administration, were to (1) monitor and evaluate previous management initiatives to reduce Caspian tern (Hydroprogne caspia) predation on juvenile salmonids (smolts); (2) measure the impact of double-crested cormorant (Phalacrocorax auritus) predation on smolt survival, and assess potential management options to reduce cormorant predation; and (3) monitor large colonies of other piscivorous waterbirds in the estuary (i.e., glaucous-winged/western gulls [Larus glaucescens/occidentalis]) to determine the potential impacts on smolt survival. Study objectives on the mid-Columbia River, work funded by the Walla Walla District of the U.S. Army Corps of Engineers, were to (1) measure the impact of predation by Caspian terns and double-crested cormorants on smolt survival; and (2) monitor large nesting colonies of other piscivorous waterbirds (i.e., California gulls [L. californicus], ring-billed gulls [L. delawarensis], American white pelicans [Pelecanus erythrorhynchos]) on the mid-Columbia River to determine the potential for significant impacts on smolt survival. Our efforts to evaluate system-wide losses of juvenile salmonids to avian predation indicated that Caspian terns and double-crested cormorants were responsible for the vast majority of smolt losses to avian predators in the Columbia Basin, with most losses occurring in the Columbia River estuary. In 2006, East Sand Island in the Columbia River estuary supported the largest known breeding colonies of Caspian terns and double-crested cormorants in the world. The Caspian tern colony on East Sand Island consisted of about 9,200 breeding pairs in 2006, up slightly (but not significantly so) from the estimate of colony size in 2005 (8,820 pairs). There has not been a

  7. GENERAL METHOD OF STOCKS AUDIT

    Directory of Open Access Journals (Sweden)

    Iryna Galushchak

    2017-03-01

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

  8. Quantifying the effect of predators on endangered species using a bioenergetics approach : Caspian terns and juvenile salmonids in the Columbia River estuary

    NARCIS (Netherlands)

    Roby, DD; Lyons, DE; Craig, DP; Collis, K; Visser, GH

    We estimated the consumption of juvenile salmonids (Oncorhynchus spp.) and other forage fishes by Caspian terns (Sterna caspia) nesting on Rice Island in the Columbia River estuary in 1997 and 1998 using a bioenergetics modeling approach. The study was prompted by concern that Caspian tern predation

  9. 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.

  10. 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.

  11. Latent Toxicity of Endothall to Anadromous Salmonids During Seawater Challenge.

    Science.gov (United States)

    Courter, Lauren A; Garrison, Thomas M; Courter, Ian I

    2016-05-01

    Limited evidence exists on the latent effects of toxicant exposure on the seawater adaptability of anadromous salmon and steelhead. It is unclear whether such an effect exists for the widely used and relatively non-toxic herbicide endothall. Coho salmon, Oncorhynchus kisutch (coho), Chinook salmon, O. tshawytscha (Chinook), and anadromous rainbow trout, O. mykiss (steelhead) were subjected to a 10-day seawater challenge following freshwater treatments [0-12 mg acid equivalent (a.e)./L at 96 h]. Mean survival resulted in 82 % (n = 225), 84 % (n = 133), 90 % (n = 73) and 59 % (n = 147) survival for 0, 3-5, 6-8, and 9-12 mg a.e./L, respectively. Our results indicate a lower toxicity threshold compared with previously reported acute toxicity results, but higher compared with previous seawater challenge studies. We demonstrate the utility of the seawater challenge assay to accurately define toxic effects of pesticides on salmonids with complex life-histories.

  12. 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.

  13. 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)

  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. 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)

  16. 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.

  17. 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...

  18. 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...

  19. The impact of the Sea Empress oil spill on the abundance of juvenile migratory salmonids in West Wales

    International Nuclear Information System (INIS)

    Roberts, D.E.; Jones, F.H.; Wyatt, R.J.; Milner, N.J.

    1998-01-01

    No counting facilities for adult salmonids were operational in the rivers draining into the area of coast affected by the Sea Empress oil spill. There were therefore no direct means of determining any impact on the numbers of returning salmon and sea trout. However, a measure of salmon and trout fry abundance before and after (1997) the spill may provide evidence of an impact; on recruitment and abundance of adults. Approximately 10 years historical fry data were available from 53 sites on the Tywi and 41 sites on the Taf, as part of the Welsh Region Juvenile Salmonid Monitoring Programme (RJSMP). An assessment was undertaken by the Water Research Centre on the design of the survey and appropriate data analysis. Analysed data included: River Tywi salmon and trout fry densities 1985-1996, compared to 1997 and Teifi control 1986-1997. River Taf salmon and trout fry densities 1986-1996, compared to 1997 and Teifi control 1986-1997. The abundance of salmon and trout fry in 1997 were similar to previous years suggesting the Sea Empress oil spill did not have a major impact on recruitment. However, it is not possible to conclude unequivocally that returning salmon and sea trout were not affected by the spill. (author)

  20. 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%.

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

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-06-01

    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.

  2. 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.

  3. Evidence for an autumn downstream migration of Atlantic salmon Salmo salar (Linnaeus) and brown trout Salmo trutta (Linnaeus) parr to the Baltic Sea

    Science.gov (United States)

    Taal, Imre; Kesler, Martin; Saks, Lauri; Rohtla, Mehis; Verliin, Aare; Svirgsden, Roland; Jürgens, Kristiina; Vetemaa, Markus; Saat, Toomas

    2014-06-01

    In the eastern Baltic rivers, anadromous salmonid parr are known to smoltify and migrate to the sea from March until June, depending on latitude, climate and hydrological conditions. In this study, we present the first records of autumn descent of brown trout Salmo trutta and Atlantic salmon Salmo salar from the Baltic Sea Basin. Otolith microchemistry analyses revealed that these individuals hatched in freshwater and had migrated to the brackish water shortly prior to capture. The fish were collected in 2006, 2008, 2009 and 2013 from Eru Bay (surface salinity 4.5-6.5 ‰), Gulf of Finland. This relatively wide temporal range of observations indicates that the autumn descent of anadromous salmonids is not a random event. These results imply that autumn descent needs more consideration in the context of the effective stock management, assessment and restoration of Baltic salmonid populations and their habitats.

  4. 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.

  5. 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…

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

    Directory of Open Access Journals (Sweden)

    Shelly Midesia

    2016-09-01

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

  7. 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...

  8. 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...

  9. 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...

  10. Genome specific PPARαB duplicates in salmonids and insights into estrogenic regulation in brown trout.

    Science.gov (United States)

    Madureira, Tânia Vieira; Pinheiro, Ivone; de Paula Freire, Rafaelle; Rocha, Eduardo; Castro, Luis Filipe; Urbatzka, Ralph

    2017-06-01

    Peroxisome proliferator-activated receptors (PPARs) are key regulators of many processes in vertebrates, such as carbohydrate and lipid metabolism. PPARα, a member of the PPAR nuclear receptor gene subfamily (NR1C1), is involved in fatty acid metabolism, namely in peroxisomal β-oxidation. Two gene paralogues, pparαA and pparαB, were described in several teleost species with their origin dating back to the teleost-specific genome duplication (3R). Given the additional salmonid-specific genome duplication (4R), four genes could be theoretically anticipated for this gene subfamily. In this work, we examined the pparα gene repertoire in brown trout, Salmo trutta f. fario. Data disclosed two pparα-like sequences in brown trout. Phylogenetic analyses further revealed that the isolated genes are most likely genome pparαB duplicates, pparαBa and pparαBb, while pparαA is apparently absent in salmonids. Both genes showed a ubiquitous mRNA expression across a panel of 11 different organs. In vitro exposed primary brown trout hepatocytes strongly suggest that pparα gene paralogues are differently regulated by ethinylestradiol (EE2). PparαBb mRNA expression significantly decreased with dosage, reaching significance after exposure to 50μM EE2, while pparαBa mRNA increased, significant at 1μM EE2. The present data enhances the understanding of pparα function and evolution in teleost, and reinforces the evidence of a potential crosstalk between estrogenic and pparα signaling pathways. Copyright © 2017 Elsevier Inc. All rights reserved.

  11. 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

  12. 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...

  13. 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...

  14. Using Satellite Tracking and Isotopic Information to Characterize the Impact of South American Sea Lions on Salmonid Aquaculture in Southern Chile.

    Science.gov (United States)

    Sepúlveda, Maritza; Newsome, Seth D; Pavez, Guido; Oliva, Doris; Costa, Daniel P; Hückstädt, Luis A

    2015-01-01

    Apex marine predators alter their foraging behavior in response to spatial and/or seasonal changes in natural prey distribution and abundance. However, few studies have identified the impacts of aquaculture that represents a spatially and temporally predictable and abundant resource on their foraging behavior. Using satellite telemetry and stable isotope analysis we examined the degree of spatial overlap between the South American sea lion (SASL) and salmon farms, and quantify the amount of native prey versus farmed salmonids in SASL diets. We instrumented eight SASL individuals with SRDL-GPS tags. Vibrissae, hair and skin samples were collected for δ13C and δ15N analyses from five of the tagged individuals and from four males captured in a haul-out located adjacent to salmon farms. Tracking results showed that almost all the foraging areas of SASL are within close proximity to salmon farms. The most important prey for the individuals analyzed was farmed salmonids, with an estimated median (±SD) contribution of 19.7 ± 13.5‰ and 15.3 ± 9.6‰ for hair and skin, respectively. Using vibrissae as a temporal record of diet for each individual, we observed a remarkable switch in diet composition in two SASL, from farmed salmonids to pelagic fishes, which coincided with the decrease of salmon production due to the infectious salmon anemia virus that affected salmon farms in Chile at the end of 2008. Our study demonstrates the usefulness of integrating stable isotope derived dietary data with movement patterns to characterize the impacts of a non-native prey on the foraging ecology of an apex marine predator, providing important applied implications in situations where interactions between aquaculture and wildlife are common.

  15. Using Satellite Tracking and Isotopic Information to Characterize the Impact of South American Sea Lions on Salmonid Aquaculture in Southern Chile.

    Directory of Open Access Journals (Sweden)

    Maritza Sepúlveda

    Full Text Available Apex marine predators alter their foraging behavior in response to spatial and/or seasonal changes in natural prey distribution and abundance. However, few studies have identified the impacts of aquaculture that represents a spatially and temporally predictable and abundant resource on their foraging behavior. Using satellite telemetry and stable isotope analysis we examined the degree of spatial overlap between the South American sea lion (SASL and salmon farms, and quantify the amount of native prey versus farmed salmonids in SASL diets. We instrumented eight SASL individuals with SRDL-GPS tags. Vibrissae, hair and skin samples were collected for δ13C and δ15N analyses from five of the tagged individuals and from four males captured in a haul-out located adjacent to salmon farms. Tracking results showed that almost all the foraging areas of SASL are within close proximity to salmon farms. The most important prey for the individuals analyzed was farmed salmonids, with an estimated median (±SD contribution of 19.7 ± 13.5‰ and 15.3 ± 9.6‰ for hair and skin, respectively. Using vibrissae as a temporal record of diet for each individual, we observed a remarkable switch in diet composition in two SASL, from farmed salmonids to pelagic fishes, which coincided with the decrease of salmon production due to the infectious salmon anemia virus that affected salmon farms in Chile at the end of 2008. Our study demonstrates the usefulness of integrating stable isotope derived dietary data with movement patterns to characterize the impacts of a non-native prey on the foraging ecology of an apex marine predator, providing important applied implications in situations where interactions between aquaculture and wildlife are common.

  16. Are brown trout Salmo trutta fario and rainbow trout Oncorhynchus mykiss two of a kind? A comparative study of salmonids to temperature-influenced Tetracapsuloides bryosalmonae infection.

    Science.gov (United States)

    Bailey, C; Schmidt-Posthaus, H; Segner, H; Wahli, T; Strepparava, N

    2018-02-01

    Proliferative kidney disease (PKD) of salmonids caused by Tetracapsuloides bryosalmonae causes high mortalities of wild brown trout (Salmo trutta fario) and farmed rainbow trout (Oncorhynchus mykiss) at elevated water temperatures. Here the aim was to compare the temperature-dependent modulation of T. bryosalmonae in the two salmonid host species, which display different temperature optima. We used a novel experimental set-up in which we exposed brown trout and rainbow trout to an identical quantified low concentration of T. bryosalmonae for a short time period (1 hr). We followed the development of the parasite in the fish hosts for 70 days. PKD prevalence and parasite kinetics were assessed using qPCR. Exposures were performed at temperatures (12°C and 15°C) that reflect an environmental scenario that may occur in the natural habitat of salmonids. T. bryosalmonae infection was confirmed earliest in brown trout kept at 15°C (day 7 post-exposure) while, in all other groups, T. bryosalmonae was not confirmed until day 15 post-exposure. Moreover, significantly greater infection prevalence and a faster increase of parasite intensity were observed in brown trout kept at 15°C than in all other groups. These results indicate that PKD is differentially modulated by water temperature in related host species. © 2017 John Wiley & Sons Ltd.

  17. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

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

  18. The waterfall paradox: How knickpoints disconnect hillslope and channel processes, isolating salmonid populations in ideal habitats

    Science.gov (United States)

    May, Christine; Roering, Joshua J.; Snow, Kyle; Griswold, Kitty; Gresswell, Robert E.

    2017-01-01

    Waterfalls create barriers to fish migration, yet hundreds of isolated salmonid populations exist above barriers and have persisted for thousands of years in steep mountainous terrain. Ecological theory indicates that small isolated populations in disturbance-prone landscapes are at greatest risk of extirpation because immigration and recolonization are not possible. On the contrary, many above-barrier populations are currently thriving while their downstream counterparts are dwindling. This quandary led us to explore geomorphic knickpoints as a mechanism for disconnecting hillslope and channel processes by limiting channel incision and decreasing the pace of base-level lowering. Using LiDAR from the Oregon Coast Range, we found gentler channel gradients, wider valleys, lower gradient hillslopes, and less shallow landslide potential in an above-barrier catchment compared to a neighboring catchment devoid of persistent knickpoints. Based on this unique geomorphic template, above-barrier channel networks are less prone to debris flows and other episodic sediment fluxes. These above-barrier catchments also have greater resiliency to flooding, owing to wider valleys with greater floodplain connectivity. Habitat preference models further indicate that salmonid habitat is present in greater quantity and quality in these above-barrier networks. Therefore the paradox of the persistence of small isolated fish populations may be facilitated by a geomorphic mechanism that both limits their connectivity to larger fish populations yet dampens the effect of disturbance by decreasing connections between hillslope and channel processes above geomorphic knickpoints.

  19. 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.

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

    Science.gov (United States)

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

    2017-03-01

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

  1. 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...

  2. 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.

  3. 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...

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

    Directory of Open Access Journals (Sweden)

    Xiao-Qian Sun

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

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

    Science.gov (United States)

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

    2016-01-01

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

  6. 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,...

  7. Survival Estimates for the Passage of Juvenile Salmonids through Snake River Dams and Reservoirs, 1994 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Muir, William D.

    1995-02-01

    In 1994, the National Marine Fisheries Service and the University of Washington completed the second year of a multi-year study to estimate survival of juvenile salmonids (Oncorhynchus spp.) passing through the dams and reservoirs of the Snake River. Actively migrating smolts were collected at selected locations above, at, and below Lower Granite Dam, tagged with passive integrated transponder (PIT) tags, and released to continue their downstream migration. Survival estimates were calculated using the Single-Release, Modified Single-Release, and Paired-Release Models.

  8. Production and evaluation of YY-male Brook Trout to eradicate nonnative wild brook trout populations

    Science.gov (United States)

    Kennedy, Patrick; Schill, Daniel J.; Meyer, Kevin A.; Campbell, Matthew R.; Vu, Ninh V.; Hansen, Michael J.

    2017-01-01

    Nonnative Brook Trout Salvelinus fontinalis were introduced throughout western North America in the early 1900s, resulting in widespread self-sustaining populations that are difficult to eradicate and often threaten native salmonid populations. A novel approach for their eradication involves use of YY male (MYY) Brook Trout (created in the hatchery by feminizing XY males and crossing them with normal XY males). If MYY Brook Trout survive after stocking, and reproduce successfully with wild females, in theory this could eventually drive the sex ratio of the wild population to 100% males, at which point the population would not be able to reproduce and would be eradicated. This study represents the first successful development of a FYY and MYY salmonid broodstock, which was produced in four years at relatively low cost. Field trials demonstrated that stocked hatchery MYY Brook Trout survived and produced viable MYY offspring in streams, although reproductive fitness appeared to have been lower than their wild conspecifics. Even if reduced fitness is the norm in both streams and alpine lakes, our population simulations suggest that eradication can be achieved in reasonable time periods under some MYY stocking scenarios, especially when wild Brook Trout are simultaneously suppressed in the population.

  9. Molecular testing of adult Pacific salmon and trout (Oncorhynchus spp.) for several RNA viruses demonstrates widespread distribution of piscine orthoreovirus in Alaska and Washington

    Science.gov (United States)

    Purcell, Maureen; Thompson, Rachel L.; Evered, Joy; Kerwin, John; Meyers, Ted R.; Stewart, Bruce; Winton, James

    2018-01-01

    This research was initiated in conjunction with a systematic, multiagency surveillance effort in the United States (U.S.) in response to reported findings of infectious salmon anaemia virus (ISAV) RNA in British Columbia, Canada. In the systematic surveillance study reported in a companion paper, tissues from various salmonids taken from Washington and Alaska were surveyed for ISAV RNA using the U.S.-approved diagnostic method, and samples were released for use in this present study only after testing negative. Here, we tested a subset of these samples for ISAV RNA with three additional published molecular assays, as well as for RNA from salmonid alphavirus (SAV), piscine myocarditis virus (PMCV) and piscine orthoreovirus (PRV). All samples (n = 2,252; 121 stock cohorts) tested negative for RNA from ISAV, PMCV, and SAV. In contrast, there were 25 stock cohorts from Washington and Alaska that had one or more individuals test positive for PRV RNA; prevalence within stocks varied and ranged from 2% to 73%. The overall prevalence of PRV RNA-positive individuals across the study was 3.4% (77 of 2,252 fish tested). Findings of PRV RNA were most common in coho (Oncorhynchus kisutch Walbaum) and Chinook (O. tshawytscha Walbaum) salmon.

  10. 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.

  11. 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...

  12. 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...

  13. 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)

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

    Directory of Open Access Journals (Sweden)

    Okičić Jasmina

    2015-04-01

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

  15. First Laboratory Confirmation of Salmonid Alphavirus Type 2 (SAV2 Infection in Poland

    Directory of Open Access Journals (Sweden)

    Borzym Ewa

    2014-10-01

    Full Text Available The aim of the study was to identify the genotype of Polish isolates of salmonid alphaviruses (SAV and to find the origin of the virus. Samples for virus isolation included the kidneys, spleen, and liver pooled from 10 fish. A typical cytopathic effect was observed after inoculation of samples on cell lines. Total RNA was extracted from cell culture supernatant and submitted to RT-PCR with primers amplifying two informative regions of the genome: a conserved region in the E2 gene and a variable region in the nsP3 gene. The sequences revealed that the strain from Poland belonged to subtype SAV 2, indicating a very strong genetic identity with isolates from Italy and France.

  16. 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

  17. Approach, passage, and survival of juvenile salmonids at Little Goose Dam, Washington: Post-construction evaluation of a temporary spillway weir, 2009

    Science.gov (United States)

    Beeman, J.W.; Braatz, A.C.; Hansel, H.C.; Fielding, S.D.; Haner, P.V.; Hansen, G.S.; Shurtleff, D.J.; Sprando, J.M.; Rondorf, D.W.

    2010-01-01

    This report describes a study of dam passage and survival of radio-tagged juvenile salmonids after installation of a temporary spillway weir (TSW) at Little Goose Dam, Washington, in 2009. The purpose of the study was to document fish passage and survival when the dam was operated with the TSW in place. Spillway weirs are one of several methods used to improve downstream passage of juvenile salmonids. Each spillway weir design is based on the concept of providing an overflow weir with a depth more similar to the natural migration depth of juvenile salmonids than conventional spill bays. Little Goose Dam was the last of the four lower Snake River dams to have a spillway weir installed. This was the first year that some form of surface passage device was operating at all Snake River and Columbia River dams between Lewiston, Idaho, and the Columbia River estuary. The study design stipulated that a total of 30 percent of the river discharge would continuously be passed over the TSW and the conventional spill bays, and this percentage was achieved. The TSW also was to be operated at the 'low crest' elevation during the spring and the 'high crest' elevation during the summer, but the TSW was only operated at the low crest elevation during this study. Behavior, passage, and survival of spring and summer juvenile salmonid migrants passing through Little Goose Dam were examined using radio telemetry. Survival was estimated using the Route Specific Survival Model (RSSM) by releasing tagged fish near Central Ferry State Park 21 kilometers upstream of the dam and in the tailrace approximately 0.5 kilometer downstream of the dam. From April 18 to May 21, 2009, 1,520 yearling Chinook salmon (Oncorhynchus tshawytscha) and 1,517 juvenile steelhead (O. mykiss) were radio tagged and released. From June 6 to July 5, 2009, 4,251 subyearling Chinook salmon (O. tshawytscha) were radio tagged and released. Release dates of subyearling Chinook salmon were selected to avoid 'reservoir

  18. 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...

  19. 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.

  20. 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 ...

  1. 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.

  2. 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.

  3. 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....

  4. River food web response to large-scale riparian zone manipulations.

    Directory of Open Access Journals (Sweden)

    J Timothy Wootton

    Full Text Available Conservation programs often focus on select species, leading to management plans based on the autecology of the focal species, but multiple ecosystem components can be affected both by the environmental factors impacting, and the management targeting, focal species. These broader effects can have indirect impacts on target species through the web of interactions within ecosystems. For example, human activity can strongly alter riparian vegetation, potentially impacting both economically-important salmonids and their associated river food web. In an Olympic Peninsula river, Washington state, USA, replicated large-scale riparian vegetation manipulations implemented with the long-term (>40 yr goal of improving salmon habitat did not affect water temperature, nutrient limitation or habitat characteristics, but reduced canopy cover, causing reduced energy input via leaf litter, increased incident solar radiation (UV and PAR and increased algal production compared to controls. In response, benthic algae, most insect taxa, and juvenile salmonids increased in manipulated areas. Stable isotope analysis revealed a predominant contribution of algal-derived energy to salmonid diets in manipulated reaches. The experiment demonstrates that riparian management targeting salmonids strongly affects river food webs via changes in the energy base, illustrates how species-based management strategies can have unanticipated indirect effects on the target species via the associated food web, and supports ecosystem-based management approaches for restoring depleted salmonid stocks.

  5. 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

  6. 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

  7. 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.

  8. 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.

  9. 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...

  10. 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.

  11. The association between price, competition, and demand factors on private sector anti-malarial stocking and sales in western Kenya: considerations for the AMFm subsidy

    Science.gov (United States)

    2013-01-01

    Background Households in sub-Saharan Africa are highly reliant on the retail sector for obtaining treatment for malaria fevers and other illnesses. As donors and governments seek to promote the use of artemisinin combination therapy in malaria-endemic areas through subsidized anti-malarials offered in the retail sector, understanding the stocking and pricing decisions of retail outlets is vital. Methods A survey of all medicine retailers serving Bungoma East District in western Kenya was conducted three months after the launch of the AMFm subsidy in Kenya. The survey obtained information on each anti-malarial in stock: brand name, price, sales volume, outlet characteristics and GPS co-ordinates. These data were matched to household-level data from the Webuye Health and Demographic Surveillance System, from which population density and fever prevalence near each shop were determined. Regression analysis was used to identify the factors associated with retailers’ likelihood of stocking subsidized artemether lumefantrine (AL) and the association between price and sales for AL, quinine and sulphadoxine-pyrimethamine (SP). Results Ninety-seven retail outlets in the study area were surveyed; 11% of outlets stocked subsidized AL. Size of the outlet and having a pharmacist on staff were associated with greater likelihood of stocking subsidized AL. In the multivariable model, total volume of anti-malarial sales was associated with greater likelihood of stocking subsidized AL and competition was important; likelihood of stocking subsidized AL was considerably higher if the nearest neighbour stocked subsidized AL. Price was a significant predictor of sales volume for all three types of anti-malarials but the relationship varied, with the largest price sensitivity found for SP drugs. Conclusion The results suggest that helping small outlets overcome the constraints to stocking subsidized AL should be a priority. Competition between retailers and prices can play an important

  12. 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.

  13. 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.

  14. Impact of Small Hydro-Power Plants on Salmonid Fishes Spawning Migrations

    Directory of Open Access Journals (Sweden)

    Saulius Stakėnas

    2011-04-01

    Full Text Available In 2000 and 2005, fish ladders were built in Vilnia and Siesartis rivers providing fish access to another 10 and 25 km of the rivers respectively. The analysis of redd distribution and abundance in both rivers revealed that the construction of fish ladders significantly increased the number and share of redds above dams, however, a significant increase in redds above the dam occurred 2-4 years after fish ladders construction supporting homing behaviour as one of the most important factors for the recolonization of the newly accessible habitats. The tracking of radio tagged salmon and sea trout revealed that statistically, significantly more time, fishes spent in the middle part of fish ladders. Assessed fish ladders efficiency for migrating salmonids made 66%. Minor construction defects and lack of protection were the main factors reducing fishway efficiency. Based on radio tracking data, recommendations are given for minor changes in fish ladders construction and operating schedule to increase the efficiency of fish ladders.Article in English

  15. Incipient toxicity of lithium to freshwater organisms representing a salmonid habitat

    International Nuclear Information System (INIS)

    Emery, R.; Klopfer, D.C.; Skalski, J.R.

    1981-07-01

    Because the eventual development of fusion power reactors could increase the mining, use and disposal of lithium five-fold by the year 2000, potential effects from unusual amounts of lithium in aquatic environments were investigated. Freshwater oganisms representing a Pacific Northwest salmonid habitat were exposed to elevated conentrations of lithium. Nine parameters were used to determine the incipient toxicity of lithium to rainbow trout (Salmo gairdneri), insect larvae (Chironomus sp.), and Columbia River periphyton. All three groups of biota were incipiently sensitive to lithium at concentrations ranging between 0.1 and 1 mg/L. These results correspond with the incipient toxicity of beryllium, a chemically similar component of fusion reactor cores. A maximum lithium concentration of 0.01 mg/L occurs naturally in most freshwater environments (beryllium is rarer). Therefore, a concentration range of 0.01 to 0.1 mg/L may be regarded as approaching toxic concentrations when assessing the hazards of lithium in freshwaters

  16. 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...

  17. 78 FR 14117 - Draft Environmental Impact Statement/Environmental Impact Report for Yolo Bypass Salmonid Habitat...

    Science.gov (United States)

    2013-03-04

    ...The Bureau of Reclamation and California Department of Water Resources intend to prepare an environmental impact statement/ environmental impact report (EIS/EIR) for the implementation of actions I.6.1 and I.7 identified in the National Marine Fisheries Service's 2009 Biological Opinion and Conference Opinion on the Long-term Operation of the Central Valley Project and State Water Project Reasonable and Prudent Alternative. These actions consist of salmonid habitat restoration efforts within the lower Sacramento River basin and fish passage through the Yolo Bypass. We are seeking suggestions and information on the alternatives and topics to be addressed and any other important issues related to the proposed action.

  18. 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....

  19. 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.

  20. 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

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

    Directory of Open Access Journals (Sweden)

    Younos VakilAlroaia

    2012-08-01

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

  2. Rates of consumption of juvenile salmonids and alternative prey fish by northern squawfish, walleyes, smallmouth bass, and channel catfish in John Day Reservoir, Columbia River

    International Nuclear Information System (INIS)

    Vigg, S.; Poe, T.P.; Prendergast, L.A.; Hansel, H.C.

    1991-01-01

    Adult northern squawfish Ptychocheilus oregonesis, walleyes Stizostedion vitreum, smallmouth bass Micropterus dolomieu, and channel catfish Ictalurus punctatus were sampled from four regions of John Day Reservoir from April to August 1983-1986 to quantify their consumption of 13 species of prey fish, particularly seaward-migrating juvenile Pacific salmon and steelhead (Oncorhynchus spp.). Consumption rates were estimated from field data on stomach contents and digestion rate relations determined in previous investigations. For each predator, consumption rates varied by reservoir area, month, time of day, and predator size or age. The greatest daily consumption of salmonids by northern squawfish and channel catfish occurred in the upper end of the reservoir below McNary Dam. Greatest daily predation by walleyes and smallmouth bass occurred in the middle and lower reservoir. Consumption rates of all predators were highest in July, concurrent with maximum temperature and abundance of juvenile salmonids. Feeding by the predators tended to peak after dawn and near midnight. Northern squawfish below McNary Dam exhibited this pattern, but fed mainly in the morning hours down-reservoir. The daily ration of total prey fish was highest for northern squawfish over 451 mm fork length, for walleyes 201-250 mm, for smallmouth bass 176-200 mm, and for channel catfish 401-450 mm. Averaged over all predator sizes and sampling months (April-August), the total daily ration (fish plus other prey) of smallmouth bass was about twice that of channel catfish, northern squawfish, and walleyes. However, northern squawfish was clearly the major predator on juvenile salmonids

  3. 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

  4. 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.

  5. 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.

  6. 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

  7. 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....

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

    International Nuclear Information System (INIS)

    Arreola Hernandez, Jose

    2014-01-01

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

  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. 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...

  11. 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...

  12. Comparative Study of Genome Divergence in Salmonids with Various Rates of Genetic Isolation

    Directory of Open Access Journals (Sweden)

    Elena A. Shubina

    2013-01-01

    Full Text Available The aim of the study is a comparative investigation of changes that certain genome parts undergo during speciation. The research was focused on divergence of coding and noncoding sequences in different groups of salmonid fishes of the Salmonidae (Salmo, Parasalmo, Oncorhynchus, and Salvelinus genera and the Coregonidae families under different levels of reproductive isolation. Two basic approaches were used: (1 PCR-RAPD with a 20–22 nt primer design with subsequent cloning and sequencing of the products and (2 a modified endonuclease restriction analysis. The restriction fragments were shown with sequencing to represent satellite DNA. Effects of speciation are found in repetitive sequences. The revelation of expressed sequences in the majority of the employed anonymous loci allows for assuming the adaptive selection during allopatric speciation in isolated char forms.

  13. Catchment source contributions to the sediment-bound organic matter degrading salmonid spawning gravels in a lowland river, southern England

    Energy Technology Data Exchange (ETDEWEB)

    Collins, A.L., E-mail: adrian.collins@adas.co.uk [ADAS, Pendeford House, Wobaston Road, Wolverhampton WV9 5AP (United Kingdom); Geography and Environment, University of Southampton, Highfield, Southampton SO17 1BJ (United Kingdom); Williams, L.J.; Zhang, Y.S. [ADAS, Pendeford House, Wobaston Road, Wolverhampton WV9 5AP (United Kingdom); Marius, M. [Civil Engineering and Environment, University of Southampton, Highfield, Southampton S017 1BJ (United Kingdom); Dungait, J.A.J. [Department of Sustainable Systems and Grassland Science, Rothamsted Research—North Wyke, Okehampton, Devon EX20 2SB (United Kingdom); Smallman, D.J. [Civil Engineering and Environment, University of Southampton, Highfield, Southampton S017 1BJ (United Kingdom); Dixon, E.R. [Department of Sustainable Systems and Grassland Science, Rothamsted Research—North Wyke, Okehampton, Devon EX20 2SB (United Kingdom); Stringfellow, A. [Civil Engineering and Environment, University of Southampton, Highfield, Southampton S017 1BJ (United Kingdom); Sear, D.A. [Geography and Environment, University of Southampton, Highfield, Southampton SO17 1BJ (United Kingdom); Jones, J.I. [School of Biological and Chemical Sciences, Queen Mary University of London, Mile End Road, London, E1 4NS (United Kingdom); Naden, P.S. [CEH Wallingford, Maclean Building, Benson Lane, Crowmarsh Gifford, Wallingford, Oxfordshire, OX10 8BB (United Kingdom)

    2013-07-01

    The ingress of particulate material into freshwater spawning substrates is thought to be contributing to the declining success of salmonids reported over recent years for many rivers. Accordingly, the need for reliable information on the key sources of the sediment problem has progressed up the management agenda. Whilst previous work has focussed on apportioning the sources of minerogenic fine sediment degrading spawning habitats, there remains a need to develop procedures for generating corresponding information for the potentially harmful sediment-bound organic matter that represents an overlooked component of interstitial sediment. A source tracing procedure based on composite signatures combining bulk stable {sup 13}C and {sup 15}N isotope values with organic molecular structures detected using near infrared (NIR) reflectance spectroscopy was therefore used to assess the primary sources of sediment-bound organic matter sampled from artificial spawning redds. Composite signatures were selected using a combination of the Kruskal–Wallis H-test, principal component analysis and GA-driven discriminant function analysis. Interstitial sediment samples were collected using time-integrating basket traps which were inserted at the start of the salmonid spawning season and extracted in conjunction with critical phases of fish development (eyeing, hatch, emergence, late spawning). Over the duration of these four basket extractions, the overall relative frequency-weighted average median (± 95% confidence limits) source contributions to the interstitial sediment-bound organic matter were estimated to be in the order: instream decaying vegetation (39 ± < 1%; full range 0–77%); damaged road verges (28 ± < 1%; full range 0–77%); septic tanks (22 ± < 1%; full range 0–50%), and; farm yard manures/slurries (11 ± < 1%; full range 0–61%). The reported procedure provides a promising basis for understanding the key sources of interstitial sediment-bound organic matter

  14. 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.

  15. 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.

  16. 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...

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. 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...

  2. 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.

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

    Directory of Open Access Journals (Sweden)

    Ricardo Ribeiro

    2013-11-01

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

  4. Comparative Performance of Acoustic-tagged and PIT-tagged Juvenile Salmonids

    Energy Technology Data Exchange (ETDEWEB)

    Hockersmith, Eric E.; Brown, Richard S.; Liedtke, Theresa L.

    2008-02-01

    Numerous research tools and technologies are currently being used to evaluate fish passage and survival to determine the impacts of the Federal Columbia River Power System (FCRPS) on endangered and threatened juvenile salmonids, including PIT tags, balloon tags, hydroacoustic evaluations, radio telemetry, and acoustic telemetry. Each has advantages and disadvantages, but options are restricted in some situations because of limited capabilities of a specific technology, lack of detection capability downstream, or availability of adequate numbers of fish. However, there remains concern about the comparative effects of the tag or the tagging procedure on fish performance. The recently developed Juvenile Salmonid Acoustic Telemetry System (JSATS) acoustic transmitter is the smallest active acoustic tag currently available. The goal of this study was to determine whether fish tagged with the JSATS acoustic-telemetry tag can provide unbiased estimates of passage behavior and survival within the performance life of the tag. We conducted both field and laboratory studies to assess tag effects. For the field evaluation we released a total of 996 acoustic-tagged fish in conjunction with 21,026 PIT-tagged fish into the tailrace of Lower Granite Dam on 6 and 13 May. Travel times between release and downstream dams were not significantly different for the majority of the reaches between acoustic-tagged and PIT-tagged fish. In addition to the field evaluation, a series of laboratory experiments were conducted to determine if growth and survival of juvenile Chinook salmon surgically implanted with acoustic transmitters is different than untagged or PIT tagged juvenile Chinook salmon. Only yearling fish with integrated and non-integrated transmitters experienced mortalities, and these were low (<4.5%). Mortality among sub-yearling control and PIT-tag treatments ranged up to 7.7% while integrated and non-integrated treatments had slightly higher rates (up to 8.3% and 7

  5. 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.

  6. Erection of Ceratonova n. gen. (Myxosporea: Ceratomyxidae) to encompass freshwater species C. gasterostea n. sp. from threespine stickleback (Gasterosteus aculeatus) and C. shasta n. comb. from salmonid fishes.

    Science.gov (United States)

    Atkinson, S D; Foott, J S; Bartholomew, J L

    2014-10-01

    Ceratonova gasterostea n. gen. n. sp. is described from the intestine of freshwater Gasterosteus aculeatus L. from the Klamath River, California. Myxospores are arcuate, 22.4 ± 2.6 μm thick, 5.2 ± 0.4 μm long, posterior angle 45° ± 24°, with 2 sub-spherical polar capsules, diameter 2.3 ± 0.2 μm, which lie adjacent to the suture. Its ribosomal small subunit sequence was most similar to an intestinal parasite of salmonid fishes, Ceratomyxa shasta (97%, 1,671/1,692 nucleotides), and distinct from all other Ceratomyxa species (<85%), which are typically coelozoic parasites in the gall bladder or urinary system of marine fishes. We propose erection of genus Ceratonova to contain both intestinal, freshwater species and reassign the salmonid parasite as Ceratonova shasta n. comb.

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    Noer Azam Achsani

    2011-08-01

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

  9. 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.

  10. What is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

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

  11. 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.

  12. 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.

  13. 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.

  14. 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...

  15. 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

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

    Directory of Open Access Journals (Sweden)

    Gbemileke A. Ogunranti

    2016-09-01

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

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

    Science.gov (United States)

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

    2014-08-02

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

  18. Origin of fin-clipped salmonids collected at two thermal discharges on Lake Michigan

    International Nuclear Information System (INIS)

    Romberg, G.P.; Thommes, M.M.; Spigarelli, S.A.

    1974-01-01

    Fin clips observed on fish collected during tagging studies at the Point Beach and Waukegan thermal discharges were recorded and the data were tabulated by species. Using fin clip and fish size, attempts were made to identify probable stocking locations and dates from agency records. Data are presented for lake trout, rainbow trout, brown trout, and Coho salmon. Tables are presented to show probable stocking locations and dates

  19. 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.

  20. 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.

  1. 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

  2. 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...

  3. 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.

  4. 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.

  5. 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...

  6. 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...

  7. 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...

  8. 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.

  9. Evaluation of Juvenile Salmonid Outmigration and Survival in the Lower Umatilla River Basin, Annual Report 2003-2006.

    Energy Technology Data Exchange (ETDEWEB)

    White, Tara

    2007-02-01

    This report summarizes activities conducted by the Oregon Department of Fish and Wildlife's Juvenile Outmigration and Survival M&E project in the Umatilla River subbasin between 2004-2006. Information is used to make informed decisions on hatchery effectiveness, natural production success, passage improvement and flow enhancement strategies. Data collected includes annual estimates of smolt abundance, migration timing, and survival, life history characteristics and productivity status and trends for spring and fall Chinook salmon, coho salmon and summer steelhead. Productivity data provided is the key subbasin scale measure of the effectiveness of salmon and steelhead restoration actions in the Umatilla River. Information is also used for regional planning and recovery efforts of Mid-Columbia River (MCR) ESA-listed summer steelhead. Monitoring is conducted via smolt trapping and PIT-tag interrogation at Three Mile Falls Dam. The Umatilla Juvenile Outmigration and Survival Project was established in 1994 to evaluate the success of management actions and fisheries restoration efforts in the Umatilla River Basin. Project objectives for the 2004-2006 period were to: (1) operate the PIT tag detection system at Three Mile Falls Dam (TMFD), (2) enhance provisional PIT-tag interrogation equipment at the east bank adult fish ladder, (3) monitor the migration timing, abundance and survival of naturally-produced juvenile salmonids and trends in natural production, (4) determine migration parameters and survival of hatchery-produced fish representing various rearing, acclimation and release strategies, (5) evaluate the relative survival between transported and non-transported fish, (6) monitor juvenile life history characteristics and evaluate trends over time, (7) investigate the effects of river, canal, fishway operations and environmental conditions on smolt migration and survival, (8) document the temporal distribution and diversity of resident fish species, and (9

  10. 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.

  11. 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...

  12. Tile-based parallel coordinates and its application in financial visualization

    Science.gov (United States)

    Alsakran, Jamal; Zhao, Ye; Zhao, Xinlei

    2010-01-01

    Parallel coordinates technique has been widely used in information visualization applications and it has achieved great success in visualizing multivariate data and perceiving their trends. Nevertheless, visual clutter usually weakens or even diminishes its ability when the data size increases. In this paper, we first propose a tile-based parallel coordinates, where the plotting area is divided into rectangular tiles. Each tile stores an intersection density that counts the total number of polylines intersecting with that tile. Consequently, the intersection density is mapped to optical attributes, such as color and opacity, by interactive transfer functions. The method visualizes the polylines efficiently and informatively in accordance with the density distribution, and thus, reduces visual cluttering and promotes knowledge discovery. The interactivity of our method allows the user to instantaneously manipulate the tiles distribution and the transfer functions. Specifically, the classic parallel coordinates rendering is a special case of our method when each tile represents only one pixel. A case study on a real world data set, U.S. stock mutual fund data of year 2006, is presented to show the capability of our method in visually analyzing financial data. The presented visual analysis is conducted by an expert in the domain of finance. Our method gains the support from professionals in the finance field, they embrace it as a potential investment analysis tool for mutual fund managers, financial planners, and investors.

  13. 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...

  14. 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

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

    Science.gov (United States)

    Chen, Wei-Qiang; Graedel, T E

    2015-05-19

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

  16. Mapping of linear antibody epitopes of the glycoprotein of VHSV, a salmonid rhabdovirus

    DEFF Research Database (Denmark)

    Fernandez-Alonso, M.; Lorenzo, G.; Perez, L.

    1998-01-01

    antibodies (MAbs), only 2 non-neutralizing MAbs, I10 (aa 139-153) and IP1H3 (aa 399-413), could be mapped to specific peptides in the pepscan of the gpG. Mapping of these MAbs was confirmed by immunoblotting with recombinant proteins and/or other synthetic peptides covering those sequences. None......Antibody Linear epitopes of the glycoprotein G (gpG) of the viral haemorrhagic septicaemia virus (VHSV), a rhabdovirus of salmonids, were mapped by pepscan using overlapping 15-mer peptides covering the entire gpG sequence and ELISA with polyclonal and monoclonal murine and polyclonal trout...... antibodies. Among the regions recognized in the pepscan by the polyclonal antibodies (PAbs) were the previously identified phosphatidylserine binding heptad-repeats (Estepa & Coll 1996; Virology 216:60-70) and leucocyte stimulating peptides (Lorenzo et al. 1995; Virology 212:348-355). Among 17 monoclonal...

  17. Value Investing in the Stock Market of Thailand

    Directory of Open Access Journals (Sweden)

    Gerardo “Gerry” Alfonso Perez

    2017-11-01

    Full Text Available Value investment and growth investment have attracted a large amount of research in recent decades, but most of this research focuses on the U.S. and Europe. This article covers the Thai stock market which has very different characteristics compared to western markets and even South East Asian countries such as Indonesia or Malaysia. Among South East Asian countries, Thailand has one of the most dynamic capital markets. In order to see if some well-known trends in other markets exist in Thailand the performance of value and growth stocks in the Thai market were analyzed for a period of 17 years using existing style indexes (MSCI as well as creating portfolios using individual stocks. For this entire period, when using the indexes, returns are statistically significant superior for value stocks compared to growth stocks. However, when analyzing the performance of the market in any given calendar year from 1999 to 2016, the results are much more mixed with in fact growth stocks outperforming in several of those years. Interestingly, when building portfolios using criteria such as low P/E or low P/B the results are not statistically different. Suggesting perhaps that the classification into value or growth stocks is more complex than it would appear. One of the common assumptions of value investing is that those stocks outperform over long periods of time. It might well be that in the Thai case one year is not a long enough period for value stocks to outperform. While there have been some clear efforts over recent years to modernize the stock market of Thailand, it remains relatively underdeveloped, particularly when compared to markets such as the U.S. Hence, its behavior regarding value versus growth investment might be rather different.

  18. Turbulence investigation and reproduction for assisting downstream migrating juvenile salmonids, Part II of II: Effects of induced turbulence on behavior of juvenile salmon, 2001-2005 final report

    Science.gov (United States)

    Perry, R.; Farley , M.; Hansen, G.; Morse , J.; Rondorf, D.

    2005-01-01

    Passage through dams is a major source of mortality of anadromous juvenile salmonids because some populations must negotiate up to eight dams in Columbia and Snake rivers. Dams cause direct mortality when fish pass through turbines, but dams may also cause indirect mortality by altering migration conditions in rivers. Forebays immediately upstream of dams have decreased the water velocity of rivers and may contribute substantially to the total migration delay of juvenile salmonids. Recently, Coutant (2001a) suggested that in addition to low water velocities, lack of natural turbulence may contribute to migration delay by causing fish to lose directional cues. Coutant (2001a) further hypothesized that restoring turbulence in dam forebays may reduce migration delay by providing directional cues that allow fish to find passage routes more quickly (Coutant 2001a). Although field experiments have yielded proof of the concept of using induced turbulence to guide fish to safe passage routes, little is known about mechanisms actually causing behavioral changes. To test hypotheses about how turbulence influences movement and behavior of migrating juvenile salmonids, we conducted two types of controlled experiments at Cowlitz Falls Dam, Washington. A common measure of migration delay is the elapsed time between arrival at, and passage through, a dam. Therefore, for the first set of experiments, we tested the effect of induced turbulence on the elapsed time needed for fish to traverse through a raceway and pass over a weir at its downstream end (time trial experiment). If turbulence helps guide fish to passage routes, then fish should pass through the raceway quicker in the presence of appropriately scaled and directed turbulent cues. Second, little is known about how the physical properties of water movement provide directional cues to migrating juvenile salmonids. To examine the feasibility of guiding fish with turbulence, we tested whether directed turbulence could guide

  19. Three-spined stickleback Gasterosteus aculeatus, as a possible paratenic host for salmonid nematodes in a subarctic lake.

    Science.gov (United States)

    Braicovich, Paola E; Kuhn, Jesper A; Amundsen, Per-Arne; Marcogliese, David J

    2016-03-01

    In Takvatn, a subarctic lake in northern Norway, 35 of 162 three-spined sticklebacks examined were infected with 106 specimens of third-stage larvae of Philonema oncorhynchi. The prevalence and mean intensity of P. oncorhynchi were 10 % and 2.0 in 2013 and 24 % and 3.0 in 2014, respectively. A single specimen of Cystidicola farionis was found in an additional sample. While the latter is considered an accidental infection, three-spined sticklebacks may function as paratenic hosts of P. oncorhynchi, potentially enhancing its transmission to salmonids due to their central role in the lacustrine food web of this subarctic lake.

  20. 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

  1. 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

  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. The risks and returns of stock investment in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2013-03-01

    The risks and returns of stock investment are discussed via numerically simulating the mean escape time and the probability density function of stock price returns in the modified Heston model with time delay. Through analyzing the effects of delay time and initial position on the risks and returns of stock investment, the results indicate that: (i) There is an optimal delay time matching minimal risks of stock investment, maximal average stock price returns and strongest stability of stock price returns for strong elasticity of demand of stocks (EDS), but the opposite results for weak EDS; (ii) The increment of initial position recedes the risks of stock investment, strengthens the average stock price returns and enhances stability of stock price returns. Finally, the probability density function of stock price returns and the probability density function of volatility and the correlation function of stock price returns are compared with other literatures. In addition, good agreements are found between them.

  4. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Juan Carlos Ames Santillán

    2012-06-01

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

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

    OpenAIRE

    Ames Santillán, Juan Carlos

    2012-01-01

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

  7. Do Earthquakes Shake Stock Markets?

    Science.gov (United States)

    Ferreira, Susana; Karali, Berna

    2015-01-01

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

  8. On the Feed-back Mechanism of Chinese Stock Markets

    Science.gov (United States)

    Lu, Shu Quan; Ito, Takao; Zhang, Jianbo

    Feed-back models in the stock markets research imply an adjustment process toward investors' expectation for current information and past experiences. Error-correction and cointegration are often used to evaluate the long-run relation. The Efficient Capital Market Hypothesis, which had ignored the effect of the accumulation of information, cannot explain some anomalies such as bubbles and partial predictability in the stock markets. In order to investigate the feed-back mechanism and to determine an effective model, we use daily data of the stock index of two Chinese stock markets with the expectational model, which is one kind of geometric lag models. Tests and estimations of error-correction show that long-run equilibrium seems to be seldom achieved in Chinese stock markets. Our result clearly shows the common coefficient of expectations and fourth-order autoregressive disturbance exist in the two Chinese stock markets. Furthermore, we find the same coefficient of expectations has an autoregressive effect on disturbances in the two Chinese stock markets. Therefore the presence of such feed-back is also supported in Chinese stock markets.

  9. THE TURN OF THE MONTH EFFECT CONTINUED: A COMPARISON OF SMALL CAP STOCKS AND LARGE CAP STOCKS

    OpenAIRE

    Ramsundhar, Shamman

    2010-01-01

    The purpose of this paper is to investigate whether the turn of the month effect occurs in small cap and large cap stocks and if it occurs in both categories, to determine whether there is a difference in the magnitude. My research, for the period of 1963-2008, based on the CRSP value weighted index, shows that there is a significant turn of the month effect in small and large cap stocks, however the effect is larger in small cap stocks. Furthermore, this effect is not limited to a short time...

  10. Politics and the Stock Market ; Evidence from Germany

    OpenAIRE

    Jörg Döpke; Christian Pierdzioch

    2004-01-01

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

  11. Global Concept of Financial Institutional Transformation of Stock Exchange

    Directory of Open Access Journals (Sweden)

    Burmaka Mykola

    2017-12-01

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

  12. Modeling Chaotic Behavior of Chittagong Stock Indices

    Directory of Open Access Journals (Sweden)

    Shipra Banik

    2012-01-01

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

  13. INDONESIA SHARI'AH COMPLIANCE STOCK RETURN BEHAVIOUR

    Directory of Open Access Journals (Sweden)

    Helma Malini

    2017-04-01

    Full Text Available This study aims to measures the behaviour of Indonesia Shari'ah compliance stock return. The measurement of return behaviour toward volatility will proved the capability of Indonesia Shari'ah compliance toward volatility that happened in Indonesia during the period of observation. Investing in Shari'ah compliance is quite different than investing in conventional stock which followed the capital market set of rules and law, Shari'ah compliance follows not only the capital market set of laws and but also the Islamic principles of principles. Most of the previous studies examine issues related to the conventional stocks and market. The present study take one step further by investigating issue related to Shari'ah compliance instrument. In the case of Shari'ah stock price in Indonesia, the dynamics volatility of the stock price can be minimized by taking an integrated screening process to the listed company, as precautions steps toward volatility

  14. Initial Detection and Molecular Characterization of Namaycush Herpesvirus (Salmonid Herpesvirus 5) in Lake Trout.

    Science.gov (United States)

    Glenney, Gavin W; Barbash, Patricia A; Coll, John A

    2016-03-01

    A novel herpesvirus was found by molecular methods in samples of Lake Trout Salvelinus namaycush from Lake Erie, Pennsylvania, and Lake Ontario, Keuka Lake, and Lake Otsego, New York. Based on PCR amplification and partial sequencing of polymerase, terminase, and glycoprotein genes, a number of isolates were identified as a novel virus, which we have named Namaycush herpesvirus (NamHV) salmonid herpesvirus 5 (SalHV5). Phylogenetic analyses of three NamHV genes indicated strong clustering with other members of the genus Salmonivirus, placing these isolates into family Alloherpesviridae. The NamHV isolates were identical in the three partially sequenced genes; however, they varied from other salmonid herpesviruses in nucleotide sequence identity. In all three of the genes sequenced, NamHV shared the highest sequence identity with Atlantic Salmon papillomatosis virus (ASPV; SalHV4) isolated from Atlantic Salmon Salmo salar in northern Europe, including northwestern Russia. These results lead one to believe that NamHV and ASPV have a common ancestor that may have made a relatively recent host jump from Atlantic Salmon to Lake Trout or vice versa. Partial nucleotide sequence comparisons between NamHV and ASPV for the polymerase and glycoprotein genes differ by >5% and >10%, respectively. Additional nucleotide sequence comparisons between NamHV and epizootic epitheliotropic disease virus (EEDV/SalHV3) in the terminase, glycoprotein, and polymerase genes differ by >5%, >20%, and >10%, respectively. Thus, NamHV and EEDV may be occupying discrete ecological niches in Lake Trout. Even though NamHV shared the highest genetic identity with ASPV, each of these viruses has a separate host species, which also implies speciation. Additionally, NamHV has been detected over the last 4 years in four separate water bodies across two states, which suggests that NamHV is a distinct, naturally replicating lineage. This, in combination with a divergence in nucleotide sequence from EEDV

  15. 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.

  16. 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.

  17. The Effect of Cash Dividend, Retained Earnings, and Stock Price of Manufacturing Company Listed In Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Farah Margaretha

    2015-03-01

    Full Text Available This study aims to determine the effect of cash dividends per share, retained earnings per share, earnings per share, and leverage on the stock price of manufacture industry in Indonesia from 2008-2012. Research used secondary data in which the source was obtained indirectly through an intermediary medium or data processed from literatures and reports associated with this research. Independent variables in this study (x are cash dividends per share, retained earnings per share, earnings per share, and leverage, while the dependent variable (y is stock price. The samples used were 23 companies with purposive sampling method. The empirical results of this study indicate that cash dividends per share, retained earnings per share, earnings per share, and leverage has significant effect on the stock price. It is therefore the higher stock price will attract investors to invest their money. Hence, companies and investors need to attend cash dividends per share, retained earnings per share, earnings per share, and leverage as factors that affect the increase or decrease of the stock price. 

  18. Sign realized jump risk and the cross-section of stock returns: Evidence from China's stock market.

    Science.gov (United States)

    Chao, Youcong; Liu, Xiaoqun; Guo, Shijun

    2017-01-01

    Using 5-minute high frequency data from the Chinese stock market, we employ a non-parametric method to estimate Fama-French portfolio realized jumps and investigate whether the estimated positive, negative and sign realized jumps could forecast or explain the cross-sectional stock returns. The Fama-MacBeth regression results show that not only have the realized jump components and the continuous volatility been compensated with risk premium, but also that the negative jump risk, the positive jump risk and the sign jump risk, to some extent, could explain the return of the stock portfolios. Therefore, we should pay high attention to the downside tail risk and the upside tail risk.

  19. 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.

  20. 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.

  1. Assessing survival of Mid-Columbia River released juvenile salmonids at McNary Dam, Washington, 2008-09

    Science.gov (United States)

    Evans, Scott D.; Walker, Christopher E.; Brewer, Scott J.; Adams, Noah S.

    2010-01-01

    Few studies have evaluated survival of juvenile salmon over long river reaches in the Columbia River and information regarding the survival of sockeye salmon at lower Columbia River dams is lacking. To address these information gaps, the U.S. Geological Survey was contracted by the U.S. Army Corps of Engineers to evaluate the possibility of using tagged fish released in the Mid-Columbia River to assess passage and survival at and downstream of McNary Dam. Using the acoustic telemetry systems already in place for a passage and survival study at McNary Dam, fish released from the tailraces of Wells, Rocky Reach, Rock Island, Wanapum, and Priest Rapids Dams were detected at McNary Dam and at the subsequent downstream arrays. These data were used to generate route-specific survival probabilities using single-release models from fish released in the Mid-Columbia River. We document trends in passage and survival probabilities at McNary Dam for yearling Chinook and sockeye salmon and juvenile steelhead released during studies in the Mid-Columbia River. Trends in the survival and passage of these juvenile salmonid species are presented and discussed. However, comparisons made across years and between study groups are not possible because of differences in the source of the test fish, the type of acoustic tags used, the absence of the use of passive integrated transponder tags in some of the release groups, differences in tagging and release protocols, annual differences in dam operations and configurations, differences in how the survival models were constructed (that is, number of routes that could be estimated given the number of fish detected), and the number and length of reaches included in the analysis (downstream reach length and arrays). Despite these differences, the data we present offer a unique opportunity to examine the migration behavior and survival of a group of fish that otherwise would not be studied. This is particularly true for sockeye salmon because

  2. Combining Radio and PIT-Telemetry to Study the Large and Fine-Scale Movements of Stocked and Wild Brown Trout (Salmo trutta L.) in a Northeastern Stream, Portugal

    OpenAIRE

    Teixeira, Amílcar A. T.; Cortes, Rui M. V.

    2011-01-01

    Stream-resident salmonid movements have been the subject of numerous studies and their behaviour is relatively well-known (Harcup et al., 1984; Heggenes, 1988). For example, brown trout (Salmo trutta) is described as a sedentary species based on the behaviour displayed, often associated to the strong site attachment to a territory or home range (Bridcut & Giller, 1993; Armstrong & Herbert, 1997). Other salmonids like brook (Salvelinus fontinalis) (Roghair & Dolloff, 2005) and c...

  3. 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...

  4. Connecting single-stock assessment models through correlated survival

    DEFF Research Database (Denmark)

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

    2017-01-01

    times. We propose a simple alternative. In three case studies each with two stocks, we improve the single-stock models, as measured by Akaike information criterion, by adding correlation in the cohort survival. To limit the number of parameters, the correlations are parameterized through...... the corresponding partial correlations. We consider six models where the partial correlation matrix between stocks follows a band structure ranging from independent assessments to complex correlation structures. Further, a simulation study illustrates the importance of handling correlated data sufficiently...... by investigating the coverage of confidence intervals for estimated fishing mortality. The results presented will allow managers to evaluate stock statuses based on a more accurate evaluation of model output uncertainty. The methods are directly implementable for stocks with an analytical assessment and do...

  5. 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...

  6. Operating revenue changes in a demutualized stock exchange

    Directory of Open Access Journals (Sweden)

    Mohamed Hesham Abdel-Hafez

    2015-03-01

    Full Text Available Stock exchanges were traditionally run as cooperative venues. The globalization, the development of technology, and the increase of competition among stock exchanges forced these venues to change their structure and adopt a new one-demutualization- that can be a lifeline in facing these environmental changes in regards to stock exchanges. This new trend enables the exchange to expand their activities and supply the market with new products and services, therefore enhancing the value of the exchange itself. The main sources of revenue for traditional exchanges have been listing fees, transaction fees, membership fees and the sale of information services such as market data, quotations, and trade data. Due to the environmental changes the stock exchanges' services are now executed electronically, and in turn, this has led to an increase in the competition among exchanges. Furthermore, this increased competition has led to the re-adjustment of the regulation structure which gradually erodes the sources of revenues provided by the conventional stock exchanges. The paper divided the research plan into two sections: the first section is to highlight the concept of demutualization process; the phases of demutualization, the factors that push the stock exchanges to demutualize and the benefits of demutualization. The second section was based on statistical comparative analysis of the stock exchanges' revenues prior and after demutualization. The researcher used the regression analysis tool on seven demutualized stock exchanges during the period from 1997-2012. The paper aims to prove that demutualization has a positive effect on the revenues of the stock exchange, thus it enhances the value of the exchange.

  7. Ecological Effects of Re-introduction of Salmonid Spawning Gravel in Lowland Danish Streams

    DEFF Research Database (Denmark)

    Pedersen, Morten Lauge; Kristensen, Esben Astrup; Kronvang, Brian

    2009-01-01

    recently been conducted in many streams and rivers. However, systematic monitoring of these spawning gravel restoration projects is limited. The overall aim of this paper was to evaluate gravel reintroduction as a long-term salmonid rehabilitation method in 32 lowland streams. Displacement of gravel......, including both restored reaches and upstream control reaches. Downstream displacement of gravel was most common at sites where gravel was reintroduced without further improvement, although these sites exhibited the highest density of YOY brown trout (Salmo trutta), evidencing that the remaining gravel...... is still functional. The intensive study of three streams showed that spawning was enhanced by the introduction of spawning gravel at the restored sites compared to control sites and that habitat quality generally were improved. Our results also suggest complex interactions exist between spawning activity...

  8. Simulation testing the robustness of stock assessment models to error: some results from the ICES strategic initiative on stock assessment methods

    DEFF Research Database (Denmark)

    Deroba, J. J.; Butterworth, D. S.; Methot, R. D.

    2015-01-01

    The World Conference on Stock Assessment Methods (July 2013) included a workshop on testing assessment methods through simulations. The exercise was made up of two steps applied to datasets from 14 representative fish stocks from around the world. Step 1 involved applying stock assessments to dat...

  9. 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.

  10. 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

  11. Salmonids surveys, number of juvenile fish, fork length, and species diversity conducted in the Little Campbell Creek watershed, Alaska from 2010-11-01 to 2011-03-01 (NCEI Accession 0148761)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Over the past few years biologists and other researchers have encountered noticeable fish die-offs, mostly of young salmonid, in various stretches of Little Campbell...

  12. 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...

  13. 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.)

  14. Improved primer sequences for the mitochondrial ND1, ND3/4 and ND5/6 segments in salmonid fishes : application to RFLP analysis of Atlantic salmon

    DEFF Research Database (Denmark)

    Eg Nielsen, Einar; Hansen, Michael Møller; Mensberg, Karen-Lise Dons

    1998-01-01

    New specific primers for the mtDNA segments ND1, ND3/4 and ND5/6 designed from the rainbow trout sequence, improved PCR amplification for salmonid fishes. RFLP analysis revealed restriction site variation for all three segments in Atlantic salmon. Eleven haplotypes were detected in a screening...

  15. 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...

  16. 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...

  17. 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...

  18. Optimal Portfolio Selection in Ex Ante Stock Price Bubble and Furthermore Bubble Burst Scenario from Dhaka Stock Exchange with Relevance to Sharpe’s Single Index Model

    Directory of Open Access Journals (Sweden)

    Javed Bin Kamal

    2012-09-01

    Full Text Available The paper aims at constructing an optimal portfolio by applying Sharpe’s single index model of capital asset pricing in different scenarios, one is ex ante stock price bubble scenario and stock price bubble and bubble burst is second scenario. Here we considered beginning of year 2010 as rise of stock price bubble in Dhaka Stock Exchange. Hence period from 2005 -2009 is considered as ex ante stock price bubble period. Using DSI (All share price index in Dhaka Stock Exchange as market index and considering daily indices for the March 2005 to December 2009 period, the proposed method formulates a unique cut off point (cut off rate of return and selects stocks having excess of their expected return over risk-free rate of return surpassing this cut-off point. Here, risk free rate considered to be 8.5% per annum (Treasury bill rate in 2009. Percentage of an investment in each of the selected stocks is then decided on the basis of respective weights assigned to each stock depending on respective ‘β’ value, stock movement variance representing unsystematic risk, return on stock and risk free return vis-à-vis the cut off rate of return. Interestingly, most of the stocks selected turned out to be bank stocks. Again we went for single index model applied to same stocks those made to the optimum portfolio in ex ante stock price bubble scenario considering data for the period of January 2010 to June 2012. We found that all stocks failed to make the pass Single Index Model criteria i.e. excess return over beta must be higher than the risk free rate. Here for the period of 2010 to 2012, the risk free rate considered to be 11.5 % per annum (Treasury bill rate during 2012.

  19. Hybrid Clustering-GWO-NARX neural network technique in predicting stock price

    Science.gov (United States)

    Das, Debashish; Safa Sadiq, Ali; Mirjalili, Seyedali; Noraziah, A.

    2017-09-01

    Prediction of stock price is one of the most challenging tasks due to nonlinear nature of the stock data. Though numerous attempts have been made to predict the stock price by applying various techniques, yet the predicted price is not always accurate and even the error rate is high to some extent. Consequently, this paper endeavours to determine an efficient stock prediction strategy by implementing a combinatorial method of Grey Wolf Optimizer (GWO), Clustering and Non Linear Autoregressive Exogenous (NARX) Technique. The study uses stock data from prominent stock market i.e. New York Stock Exchange (NYSE), NASDAQ and emerging stock market i.e. Malaysian Stock Market (Bursa Malaysia), Dhaka Stock Exchange (DSE). It applies K-means clustering algorithm to determine the most promising cluster, then MGWO is used to determine the classification rate and finally the stock price is predicted by applying NARX neural network algorithm. The prediction performance gained through experimentation is compared and assessed to guide the investors in making investment decision. The result through this technique is indeed promising as it has shown almost precise prediction and improved error rate. We have applied the hybrid Clustering-GWO-NARX neural network technique in predicting stock price. We intend to work with the effect of various factors in stock price movement and selection of parameters. We will further investigate the influence of company news either positive or negative in stock price movement. We would be also interested to predict the Stock indices.

  20. Dispersal, growth and diet of stocked and wild northern pike fry in a shallow natural lake, with implications for management of stocking programs

    DEFF Research Database (Denmark)

    Skov, Christian; Koed, Anders; Baastrup-Spohr, Lars

    2011-01-01

    season. Stomach analyses revealed that the stocked pike ingested less diverse prey items and had higher fractions of empty stomachs throughout the study period. Overall, the fraction of stocked pike in samples rapidly declined over the season, which may have been caused by differential survival...... low fitness of stocked individuals in competition with wild conspecifics: (1) genetic-based local maladaptation among the stocked fish and (2) carryover effects from the hatchery. The latter may be less likely because the fry stocked were the offspring of wild fish and only spent a few weeks...

  1. 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

  2. Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

    Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

  3. Factors of Selection of the Stock Allocation Method

    Directory of Open Access Journals (Sweden)

    Rohov Heorhii K.

    2014-03-01

    Full Text Available The article describes results of the author’s study of factors of making strategic decisions on selection of methods of stock allocation by public joint stock companies in Ukraine. The author used the Random forest mathematical apparatus of classification trees building and also informal methods. The article analyses the reasons that restrain public allocation of stock. It shows significant influence upon selection of a method of stock allocation of such factors as capital concentration, balance rate of corporate rights, sector of economy and significant participation of the institutes of common investment or the state in the authorised capital. The built hierarchical model of classification of factors of the issuing policy of joint stock companies finds logical justification in specific features of the institutional environment, however, it does not fit into the framework of the classical concept of the market economy. The model could be used both for formation of goals of corporate financial strategies and in the process of improvement of state regulation of activity of securities issuers. The prospect of further studies in this direction is identification of transformation of factors of selection of the stock allocation method under conditions of revival of the stock market.

  4. The price momentum of stock in distribution

    Science.gov (United States)

    Liu, Haijun; Wang, Longfei

    2018-02-01

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

  5. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

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

  6. Stock Market and Sustainable Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Erasmus L Owusu

    2016-11-01

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

  7. Epidemiology and Control of Infectious Diseases of Salmonids in the Columbia River Basin, 1986 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Fryer, John L.

    1986-12-01

    The Department of Microbiology at Oregon State University with funding from the Bonneville Power Administration conducted a study relating to the epidemiology and control of three fish diseases of salmonids in the Columbia River Basin. These three diseases were ceratomyxosis caused by the myxosporidan parasite Ceratomyxa Shasta, bacterial kidney disease, the causative agent Renibacterium salmoninarum, and infectious hematopoietic necrosis, caused by a rhabdovirus. Each of these diseases is highly destructive and difficult or impossible to treat with antimicrobial agents. The geographic range of the infectious stage of C. Shasta has been extended to include the Snake River to the Oxbow and Hells Canyon Dams. These are the farthest upriver sites tested. Infections of ceratomyxosis were also initiated in the east fork of the Lewis River and in the Washougal River in Washington. Laboratory studies with this parasite failed to indicate that tubeficids are required in its life cycle. Bacterial kidney disease has been demonstrated in all life stages of salmonids: in the eggs, fry, smolts, juveniles and adults in the ocean, and in fish returning to fresh water. Monoclonal antibodies produced against R. salmoninarum demonstrated antigenic differences among isolates of the bacterium. Monoclonal antibodies also showed antigens of R. salmoninarum which are similar to those of a wide variety of gram positive and gram negative bacteria. A demonstration project at Round Butte Hatchery showed U V treatment to be an effective method for reducing the microbial population of the water supply and could reduce risks of IHNV. Tangential flow filtration was used successfully to concentrate IHNV from environmental water. At Round Butte Hatchery the carrier rate of IHNV in adults was very low and there was no subsequent mortality resulting from IHN in juveniles.

  8. A comparative examination of cortisol effects on muscle myostatin and HSP90 gene expression in salmonids.

    Science.gov (United States)

    Galt, Nicholas J; McCormick, Stephen D; Froehlich, Jacob Michael; Biga, Peggy R

    2016-10-01

    Cortisol, the primary corticosteroid in teleost fishes, is released in response to stressors to elicit local functions, however little is understood regarding muscle-specific responses to cortisol in these fishes. In mammals, glucocorticoids strongly regulate the muscle growth inhibitor, myostatin, via glucocorticoid response elements (GREs) leading to muscle atrophy. Bioinformatics methods suggest that this regulatory mechanism is conserved among vertebrates, however recent evidence suggests some fishes exhibit divergent regulation. Therefore, the aim of this study was to evaluate the conserved actions of cortisol on myostatin and hsp90 expression to determine if variations in cortisol interactions have emerged in salmonid species. Representative salmonids; Chinook salmon (Oncorhynchus tshawytscha), cutthroat trout (Oncorhynchus clarki), brook trout (Salvelinus fontinalis), and Atlantic salmon (Salmo salar); were injected intraperitoneally with a cortisol implant (50μg/g body weight) and muscle gene expression was quantified after 48h. Plasma glucose and cortisol levels were significantly elevated by cortisol in all species, demonstrating physiological effectiveness of the treatment. HSP90 mRNA levels were elevated by cortisol in brook trout, Chinook salmon, and Atlantic salmon, but were decreased in cutthroat trout. Myostatin mRNA levels were affected in a species, tissue (muscle type), and paralog specific manner. Cortisol treatment increased myostatin expression in brook trout (Salvelinus) and Atlantic salmon (Salmo), but not in Chinook salmon (Oncorhynchus) or cutthroat trout (Oncorhynchus). Interestingly, the VC alone increased myostatin mRNA expression in Chinook and Atlantic salmon, while the addition of cortisol blocked the response. Taken together, these results suggest that cortisol affects muscle-specific gene expression in species-specific manners, with unique Oncorhynchus-specific divergence observed, that are not predictive solely based upon

  9. 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...

  10. 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...

  11. Catchment source contributions to the sediment-bound organic matter degrading salmonid spawning gravels in a lowland river, southern England

    International Nuclear Information System (INIS)

    Collins, A.L.; Williams, L.J.; Zhang, Y.S.; Marius, M.; Dungait, J.A.J.; Smallman, D.J.; Dixon, E.R.; Stringfellow, A.; Sear, D.A.; Jones, J.I.; Naden, P.S.

    2013-01-01

    The ingress of particulate material into freshwater spawning substrates is thought to be contributing to the declining success of salmonids reported over recent years for many rivers. Accordingly, the need for reliable information on the key sources of the sediment problem has progressed up the management agenda. Whilst previous work has focussed on apportioning the sources of minerogenic fine sediment degrading spawning habitats, there remains a need to develop procedures for generating corresponding information for the potentially harmful sediment-bound organic matter that represents an overlooked component of interstitial sediment. A source tracing procedure based on composite signatures combining bulk stable 13 C and 15 N isotope values with organic molecular structures detected using near infrared (NIR) reflectance spectroscopy was therefore used to assess the primary sources of sediment-bound organic matter sampled from artificial spawning redds. Composite signatures were selected using a combination of the Kruskal–Wallis H-test, principal component analysis and GA-driven discriminant function analysis. Interstitial sediment samples were collected using time-integrating basket traps which were inserted at the start of the salmonid spawning season and extracted in conjunction with critical phases of fish development (eyeing, hatch, emergence, late spawning). Over the duration of these four basket extractions, the overall relative frequency-weighted average median (± 95% confidence limits) source contributions to the interstitial sediment-bound organic matter were estimated to be in the order: instream decaying vegetation (39 ± road verges > septic tanks > farm manures

  12. Piscine reovirus: Genomic and molecular phylogenetic analysis from farmed and wild salmonids collected on the Canada/US Pacific Coast

    Science.gov (United States)

    Siah, Ahmed; Morrison, Diane B.; Fringuelli, Elena; Savage, Paul S.; Richmond, Zina; Purcell, Maureen K.; Johns, Robert; Johnson, Stewart C.; Sakasida, Sonja M.

    2015-01-01

    Piscine reovirus (PRV) is a double stranded non-enveloped RNA virus detected in farmed and wild salmonids. This study examined the phylogenetic relationships among different PRV sequence types present in samples from salmonids in Western Canada and the US, including Alaska (US), British Columbia (Canada) and Washington State (US). Tissues testing positive for PRV were partially sequenced for segment S1, producing 71 sequences that grouped into 10 unique sequence types. Sequence analysis revealed no identifiable geographical or temporal variation among the sequence types. Identical sequence types were found in fish sampled in 2001, 2005 and 2014. In addition, PRV positive samples from fish derived from Alaska, British Columbia and Washington State share identical sequence types. Comparative analysis of the phylogenetic tree indicated that Canada/US Pacific Northwest sequences formed a subgroup with some Norwegian sequence types (group II), distinct from other Norwegian and Chilean sequences (groups I, III and IV). Representative PRV positive samples from farmed and wild fish in British Columbia and Washington State were subjected to genome sequencing using next generation sequencing methods. Individual analysis of each of the 10 partial segments indicated that the Canadian and US PRV sequence types clustered separately from available whole genome sequences of some Norwegian and Chilean sequences for all segments except the segment S4. In summary, PRV was genetically homogenous over a large geographic distance (Alaska to Washington State), and the sequence types were relatively stable over a 13 year period.

  13. Significance of selective predation and development of prey protection measures for juvenile salmonids in the Columbia and Snake River reservoirs. Annual progress report, February 1993--February 1994

    International Nuclear Information System (INIS)

    Poe, T.P.

    1994-01-01

    This report addresses the problem of predator-prey interactions of juvenile salmonids in the Columbia and Snake River. Six papers are included on selective predation and prey protection. Attention is focused on monitoring the movements, the distribution, and the behavior of juvenile chinook salmon and northern squawfish

  14. 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.

  15. 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.

  16. Introduction de salmonidés en milieu vierge (Îles Kerguelen, Subantarctique : enjeux, résultats, perspectives

    Directory of Open Access Journals (Sweden)

    DAVAINE P.

    1997-01-01

    Full Text Available Les îles Kerguelen (Terres Australes et Antarctiques Françaises sont, à l'origine, vierges de toute espèce de poisson d'eau douce. Les quelques espèces de Salmonidés, introduites à la fin des années cinquante dans le cadre d'une politique d'occupation et de mise en valeur du Territoire, se sont acclimatées à l'environnement subantarctique et naturalisées avec plus ou moins de succès en fonction de leurs stratégies adaptatives respectives. Objet d'un suivi scientifique continu, ces populations apparaissent comme d'excellents modèles pour des études de génétique et de dynamique des populations. Les phénomènes de colonisation, limités dans un premier temps à l'augmentation régulière des densités de population et une extension rapide intra-rivière, ont connu un développement spectaculaire depuis les années quatre-vingt, à la suite des modifications importantes du climat local, dont l'influence sur les populations a été multiple. La vaste superficie de Kerguelen et les caractéristiques de ses réseaux hydrographiques permettent d'envisager de continuer à tirer parti positivement des introductions passées de Salmonidés, sur les plans scientifique et de mise en valeur du territoire, tout en développant une politique de protection des écosystèmes aquatiques et terrestres conforme à l'évolution actuelle des mentalités.

  17. Parasites as biological tags of marine, freshwater and anadromous fishes in North America from the Tropics to the Arctic.

    Science.gov (United States)

    Marcogliese, David J; Jacobson, Kym C

    2015-01-01

    Parasites have been considered as natural biological tags of marine fish populations in North America for almost 75 years. In the Northwest Atlantic, the most studied species include Atlantic cod (Gadus morhua), Atlantic herring (Clupea harengus) and the redfishes (Sebastes spp.). In the North Pacific, research has centred primarily on salmonids (Oncorhynchus spp.). However, parasites have been applied as tags for numerous other pelagic and demersal species on both the Atlantic and Pacific coasts. Relatively few studies have been undertaken in the Arctic, and these were designed to discriminate anadromous and resident salmonids (Salvelinus spp.). Although rarely applied in fresh waters, parasites have been used to delineate certain fish stocks within the Great Lakes-St Lawrence River basin. Anisakid nematodes and the copepod Sphyrion lumpi frequently prove useful indicators in the Northwest Atlantic, while myxozoan parasites prove very effective on the coast and open seas of the Pacific Ocean. Relative differences in the ability of parasites to discriminate between fish stocks on the Pacific and Atlantic coasts may be due to oceanographic and bathymetric differences between regions. Molecular techniques used to differentiate populations and species of parasites show promise in future applications in the field.

  18. 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...

  19. 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)....

  20. 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...

  1. 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...

  2. 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 ...

  3. 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...

  4. 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.

  5. Scoring on the stock exchange? The effect of football matches on stock market returns : an event study

    NARCIS (Netherlands)

    Scholtens, B.; Peenstra, W.

    2009-01-01

    We analyse the effect of results of football matches on the stock market performance of football teams. We analyse 1274 matches of eight teams in the national and European competition during 2000-2004. We find that the stock market response is significant and positive for victories and negative for

  6. 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.

  7. 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...

  8. 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

  9. 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

  10. The Effect of Stock Return Sequences on Trading Volumes

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2017-10-01

    Full Text Available The present study explores the effect of the gambler’s fallacy on stock trading volumes. I hypothesize that if a stock’s price rises (falls during a number of consecutive trading days, then the gambler’s fallacy may cause at least some of the investors to expect that the stock’s price “has” to subsequently fall (rise, and thus, to increase their willingness to sell (buy the stock, resulting in a stronger degree of disagreement between the investors and a higher-than-usual stock trading volume on the first day when the stock’s price indeed falls (rises. Employing a large sample of daily price and trading volume data, I document that following relatively long sequences of the same-sign stock returns, on the days when the sign is reversed, the trading activity in the respective stocks is abnormally high. Moreover, average abnormal trading volumes gradually and significantly increase with the length of the preceding return sequence. The effect is slightly more pronounced following the sequences of negative stock returns, and remains significant after controlling for other potentially influential factors, including contemporaneous and lagged actual and absolute stock returns, historical stock returns and volatilities, and company-specific events, such as earnings announcements and dividend payments.

  11. Stock market in Ukraine: state and prospects of development

    Directory of Open Access Journals (Sweden)

    Krasnova Iryna V.

    2014-01-01

    Full Text Available The article is devoted to analysis of the topical problem of detection of specific features of functioning and problem of development of the stock market of Ukraine and also justification of directions of increase of its liquidity and efficiency. It analyses main tendencies and regularities of development of the stock market in the context of institutional, instrumental and infrastructural components. It considers issues of changes of volumes of trade and other parameters of activity of stock exchanges during recent years. It focuses on existing problems on the way of development of the stock market of Ukraine, which interfere with its efficient functioning, in particular, a limited number of liquid and investment attractive financial instruments, high fragmentariness of the exchange and depositary infrastructure, and insufficient legislative regulation of the exchange activity. For solution of problem issues and stimulation of further development of the domestic stock market the article marks expediency of consolidation of stock exchanges, necessity to increase capitalisation, liquidity and transparency of the stock market; further formation and consolidation of the market infrastructure and ensuring its reliable and efficient functioning, and improvement of mechanisms of state regulation, supervision and protection of the rights of investors in the Ukrainian stock market.

  12. 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...

  13. New research resources at the Bloomington Drosophila Stock Center.

    Science.gov (United States)

    Cook, Kevin R; Parks, Annette L; Jacobus, Luke M; Kaufman, Thomas C; Matthews, Kathleen A

    2010-01-01

    The Bloomington Drosophila Stock Center (BDSC) is a primary source of Drosophila stocks for researchers all over the world. It houses over 27,000 unique fly lines and distributed over 160,000 samples of these stocks this past year. This report provides a brief overview of significant recent events at the BDSC with a focus on new stock sets acquired in the past year, including stocks for phiC31 transformation, RNAi knockdown of gene expression, and SNP and quantitative trait loci discovery. We also describe additions to sets of insertions and molecularly defined chromosomal deficiencies, the creation of a new Deficiency Kit, and planned additions of X chromosome duplication sets.

  14. 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.

  15. 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.

  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. 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…

  18. Policy Impact on the Chinese Stock Market: From the 1994 Bailout Policies to the 2015 Shanghai-Hong Kong Stock Connect

    Directory of Open Access Journals (Sweden)

    Yang-Chao Wang

    2017-01-01

    Full Text Available From the 1994 bailout policies to the 2015 Shanghai-Hong Kong Stock Connect, the policy impact on the Chinese stock market has changed over time. By May 2015, global investors can directly invest in a more legalized and normalized Chinese stock market, whereas they are still concerned about the policy-oriented market and its attendant risks. In this study, we employ the family of GARCH models to investigate the structural changes in risks with the implementation of a series of policies. Our results show that although many policies improve or stabilize the stock market, certain policies lead to substantial volatility. Among them, macro-control policies and transaction cost adjustments are a double-edged sword, which should be used with caution. Furthermore, with opening-up policies being launched recently, the Chinese stock market has entered a new stage in which it affects international capital markets. However, the increased risks, which may result in a sharp turnaround, cause worry.

  19. EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Oleksandr Trofimchuk

    2015-11-01

    Full Text Available The purpose of the article is to research and critically evaluate the features of functioning and development the stock market in Ukraine. The main point is to substantiate modern tendencies and to find ways of more efficient development of the Ukrainian stock market. Methodology. The research is based on the analysis of the important aspects which characterize stock market development. They are the volume of trading activity that was done on stock exchanges, level of market capitalization, economic concentration, price policy on market services, and control over the insider information use and manipulation identification. Results. On the basis of volume of trading activity that was done on stock exchanges, features of stock market structure are determined. Comparative analysis between the stock market capitalization level of Ukraine and average world index of stock market capitalization is done. The level and dynamic of economic concentration is defined. Features of competition between Ukrainian stock exchanges are analyzed. Great attention in research is paid to problems of control over the insider information use and principles of manipulation identification by stock exchanges. Value/originality. The research showed that main amount of trading operations was done in “shadow” stock market, capitalization level decreased and stock market in Ukraine does not meet international standards of transparency. Further research should be focused on problems of ensuring the effective implementation of the basic principles of competition between market participants. Main point is to provide law mechanisms to increase transparency level of the national stock market and to increase share of organized stock market in Ukraine.

  20. PENGARUH STOCK SPLIT TERHADAP LIKUIDITAS DAN RETURN SAHAM DI BURSA EFEK JAKARTA

    Directory of Open Access Journals (Sweden)

    Wang Sutrisno

    2000-01-01

    Full Text Available Research on stock splits has frequently been undertaken. The results vary, but fundamentally can be classified into two groups. First, the stock split is purely "cosmetic". Second, the stock split has a real effect on stocks. The difference between these opinions raises controversy. The purpose of this study is to examine whether stock splits influence stock liquidity and return of an individual stock as well as in a group of stocks as a portfolio. Overall, the results of this study show that stock splits did influence stock price, trading volume and bid-ask spread but did not influence stock risk and abnormal return from the point of view of an individual stock as well as in a group of stocks as a portfolio. The test of a relationship between bid-ask spread and stock price, trading volume and stock risk for each stock shows that all three variable did not significantly affect the bid-ask spread. On the other hand, the test of a relationship in a portfolio reveals that only stock prices significantly affect the bid-ask spread. Abstract in Bahasa Indonesia : Penelitian mengenai stock split sudah sering dilakukan. Hasil dari penelitian- penelitian tersebut bermacam - macam, tetapi pada dasarnya dapat dibedakan menjadi dua kelompok. Pertama, stock split dinyatakan murni hanya sebagai "kosmetik". Kedua, stock split dinyatakan mempunyai efek yang nyata terhadap saham. Perbedaan pendapat ini sering menimbulkan kontroversi. Tujuan dari penelitian ini adalah untuk menguji kembali apakah betul stock split dapat mempengaruhi likuiditas dan return saham baik ditinjau secara individual untuk masing - masing saham maupun seluruh saham sebagai sebuah portofolio. Secara keseluruhan, hasil dari penelitian ini menunjukkan bahwa stock split hanya mempengaruhi harga, volume perdagangan dan persentase spread, tetapi tidak mempengaruhi varians dan abnormal return baik ditinjau secara individual maupun sebagai sebuah portofolio. Sedangkan pengujian hubungan antara

  1. 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...

  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. 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

  4. 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...

  5. 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'...

  6. 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...

  7. 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...

  8. 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...

  9. Atlantic salmon brood stock management and breeding handbook

    Science.gov (United States)

    Kincaid, Harold L.; Stanley, Jon G.

    1989-01-01

    Anadromus runs of Atlantic salmon have been restored to the Connecticut, Merrimack, Pawcatuck, Penobscot, and St. Croix rivers in New England by the stocking of more than 8 million smolts since 1948. Fish-breeding methods have been developed that minimize inbreeding and domestication and enhance natural selection. Methods are available to advance the maturation of brood stock, control the sex of production lots and store gametes. Current hatchery practices emphasize the use of sea-run brood stock trapped upon return to the rivers and a limited number of captive brood stock and rejuvenated kelts. Fish are allowed to mature naturally, after which they are spawned and incubated artificially. Generally, 1-year smolts are produced, and excess fish are stocked as fry in headwater streams. Smolts are stocked during periods of rising water in spring. Self-release pools are planned that enable smolts to choose the emigration time. Culturists keep good records that permit evaluation of the performance of strains and the effects of breeding practices. As Atlantic salmon populations expand, culturists must use sound breeding methods that enhance biotic potential while maintaining genetic diversity and protecting unique gene pools.

  10. 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.

  11. 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

  12. 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.

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

    Science.gov (United States)

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

    2015-01-01

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

  14. Decision Support for the Rolling Stock Dispatcher

    DEFF Research Database (Denmark)

    Groth, Julie Jespersen

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

  15. 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.

  16. 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.

  17. The impact of the introduction of index options on volatility and liquidity on the underlying stocks : Empirical evidence from the Asian stock markets

    OpenAIRE

    Hasan, Md Kamrul; Chowdhury, Shabyashachi

    2011-01-01

    The impact of the introduction of derivatives on the underlying stock is a debatable topic among the researchers. The issue is quite controversial as contradictory results have been obtained by researchers in various stock markets. The purpose of this study is to examine the volatility and the liquidity effect on the underlying stock after the introduction of index options. We have investigated volatility and liquidity effect by collecting sample data from the stock markets of India, Korea, T...

  18. Development of stock correlation networks using mutual information and financial big data.

    Science.gov (United States)

    Guo, Xue; Zhang, Hu; Tian, Tianhai

    2018-01-01

    Stock correlation networks use stock price data to explore the relationship between different stocks listed in the stock market. Currently this relationship is dominantly measured by the Pearson correlation coefficient. However, financial data suggest that nonlinear relationships may exist in the stock prices of different shares. To address this issue, this work uses mutual information to characterize the nonlinear relationship between stocks. Using 280 stocks traded at the Shanghai Stocks Exchange in China during the period of 2014-2016, we first compare the effectiveness of the correlation coefficient and mutual information for measuring stock relationships. Based on these two measures, we then develop two stock networks using the Minimum Spanning Tree method and study the topological properties of these networks, including degree, path length and the power-law distribution. The relationship network based on mutual information has a better distribution of the degree and larger value of the power-law distribution than those using the correlation coefficient. Numerical results show that mutual information is a more effective approach than the correlation coefficient to measure the stock relationship in a stock market that may undergo large fluctuations of stock prices.

  19. 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...

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

    Science.gov (United States)

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

    2015-11-01

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

  1. 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)

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

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-12-01

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

  3. 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...

  4. 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.

  5. 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...

  6. RE-EXAMINING STOCK MARKET INTEGRATION AMONG BRICS COUNTRIES

    Directory of Open Access Journals (Sweden)

    Berzanna Seydou Ouattara

    2017-09-01

    Full Text Available The main goal of this paper is to contribute to the international investment decision making process among the BRICS countries and to the development or changes of policies in response to the dynamics in these countries. The background is important for international investors seeking diversification benefits abroad and for policy makers reacting to the developments in the aforementioned economies. Thus, the context of this paper is directed to the examination of the stock market interaction among the BRICS countries. The objective of this research paper is to analyze the existence of the short-term linkages and long-term cointegration among the BRICS markets. Augmented Dicker-Fuller (ADF and Philips-Perron tests (PP are used to analyze stationarity among the selected variables. The research applies the correlation test on the stock markets returns to investigate the degree of freedom existing among the markets. The long run and the short run are also investigated using Johansen cointegration test while the Pairwise Granger Causality and the Wald tests are applied to assess the direction of the causality between the stock market indices. The study also extends the investigation by employing the impulse response function and variance decomposition to evaluate the reaction of each stock to a shock from other stock indices. The quarterly data consisted of fifteen years from 2000 to 2015 and are exclusively composed of stock market index of selected countries. One of the key findings of the research is that the Chinese stock markets are mostly independent from other BRICS markets, implying diversification benefits for the international investors both in the short and the long run. Another important finding is that the BRICS stock markets are not cointegrated in the long run, thus, being a favorable destination for the long-term investments.

  7. Granger Causality between Stock Market and Macroeconomic Indicators: Evidence from Germany

    Directory of Open Access Journals (Sweden)

    Tomáš Plíhal

    2016-01-01

    Full Text Available The aim of this paper is to investigate informational efficiency of the stock market in Germany. Granger causality between the stock market and the selected macroeconomic variables is investigated by bivariate analysis using Toda-Yamamoto (1995 approach. This study focuses on monthly data from January 1999 to September 2015, and the stock market is represented by blue chip stock market index DAX. Investigated macroeconomic indicators include industrial production, inflation, money supply, interest rate, trade balance and exchange rate. Stock market Granger-causes industrial production and interest rate, and is therefore leading indicator of these variables. Between money supply and stock prices is Granger causality in both directions. Other variables seem to be independent on development of the stock market. We do not find any violation of Efficient market hypothesis which indicates that the stock market in Germany is informational efficient.

  8. DOMESTIC AND FORIGN FACTORS FOR STOCK PRICES IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Rahajeng Cahyaning Putri Cipto

    2011-09-01

    Full Text Available Indonesia has been developing various sectors of its economy, and so it needs a huge amount of capital. Therefore, it has been putting a lot of efforts to develop its capital market. This paper analyzes the impacts of domestic and foreign factors on Indonesia stock price. Some considered domestic factors are interest rates, production index, and foreign exchange rates. Various considered foreign factors are Singapore and US stock prices. The paper uses Vector Error Correction Mechanism model to analyze the data. The estimation results suggest that all variables significantly influence Indonesia stock price, with Singapore stock price as the dominant factors.Keywords: Stock price, interest rates, exchange rates, production indexJEL classification numbers: G12, G15

  9. Measurement Of Shariah Stock Performance Using Risk Adjusted Performance

    Directory of Open Access Journals (Sweden)

    Zuhairan Y Yunan

    2015-03-01

    Full Text Available The aim of this research is to analyze the shariah stock performance using risk adjusted performance method. There are three parameters to measure the stock performance i.e. Sharpe, Treynor, and Jensen. This performance’s measurements calculate the return and risk factor from shariah stocks. The data that used on this research is using the data of stocks at Jakarta Islamic Index. Sampling method that used on this paper is purposive sampling. This research is using ten companies as a sample. The result shows that from three parameters, the stock that have a best performance are AALI, ANTM, ASII, CPIN, INDF, KLBF, LSIP, and UNTR.DOI: 10.15408/aiq.v7i1.1364

  10. 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.

  11. Corruption and stock market development: A quantitative approach

    Science.gov (United States)

    Bolgorian, Meysam

    2011-11-01

    Studying the relation between corruption and economic factors and examining its consequences for economic development have attracted many economists and physicists in recent years. The purpose of this paper is to focus on the role of stock market development on corruption. Analyzing a data set of corruption and stock market development measures such as market capitalization and total value of share trading for 46 countries around the world for the period 2007-2009, we examine the dependence of the Corruption Perception Index (CPI) on stock market development. Our findings suggest that there exists a power-law dependence between corruption and stock market development. We also observe a negative relation between level of corruption and financial system improvement.

  12. 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

  13. Confidence and self-attribution bias in an artificial stock market

    Science.gov (United States)

    Bertella, Mario A.; Pires, Felipe R.; Rego, Henio H. A.; Vodenska, Irena; Stanley, H. Eugene

    2017-01-01

    Using an agent-based model we examine the dynamics of stock price fluctuations and their rates of return in an artificial financial market composed of fundamentalist and chartist agents with and without confidence. We find that chartist agents who are confident generate higher price and rate of return volatilities than those who are not. We also find that kurtosis and skewness are lower in our simulation study of agents who are not confident. We show that the stock price and confidence index—both generated by our model—are cointegrated and that stock price affects confidence index but confidence index does not affect stock price. We next compare the results of our model with the S&P 500 index and its respective stock market confidence index using cointegration and Granger tests. As in our model, we find that stock prices drive their respective confidence indices, but that the opposite relationship, i.e., the assumption that confidence indices drive stock prices, is not significant. PMID:28231255

  14. 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

  15. 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...

  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. State-Space Estimation of Soil Organic Carbon Stock

    Science.gov (United States)

    Ogunwole, Joshua O.; Timm, Luis C.; Obidike-Ugwu, Evelyn O.; Gabriels, Donald M.

    2014-04-01

    Understanding soil spatial variability and identifying soil parameters most determinant to soil organic carbon stock is pivotal to precision in ecological modelling, prediction, estimation and management of soil within a landscape. This study investigates and describes field soil variability and its structural pattern for agricultural management decisions. The main aim was to relate variation in soil organic carbon stock to soil properties and to estimate soil organic carbon stock from the soil properties. A transect sampling of 100 points at 3 m intervals was carried out. Soils were sampled and analyzed for soil organic carbon and other selected soil properties along with determination of dry aggregate and water-stable aggregate fractions. Principal component analysis, geostatistics, and state-space analysis were conducted on the analyzed soil properties. The first three principal components explained 53.2% of the total variation; Principal Component 1 was dominated by soil exchange complex and dry sieved macroaggregates clusters. Exponential semivariogram model described the structure of soil organic carbon stock with a strong dependence indicating that soil organic carbon values were correlated up to 10.8m.Neighbouring values of soil organic carbon stock, all waterstable aggregate fractions, and dithionite and pyrophosphate iron gave reliable estimate of soil organic carbon stock by state-space.

  18. Mitochondrial DNA variation in brood stocks of the lake trout

    International Nuclear Information System (INIS)

    Grewe, P.M.; Hebert, P.D.N.

    1986-01-01

    Efforts are in progress to restore lake trout populations in the Great Lakes from hatchery stocks. In most cases, plantings include a variety of brood stocks that originated from different portions of the Great Lakes. Members of the various stocks can be differentially fin clipped to permit comparison of their survival success, but this does not allow assessment of their reproductive capability in the wild. Assessment of reproductive success requires the existence of genetic markers between brook stocks which will ideally persist over many generations. Efforts to identify allozyme differences between brood stocks have met with little success. The present investigation has employed an alternative technique to identify genetic markers--the restriction analysis of mitochondrial DNA. Mitochondiral DNA analysis of 7 lake trout brood stocks has revealed the existence of 10 mitochondrial clones falling into 3 major groups. The results indicate that mt-DNA markers have great potential for brood stock management. Genetic variability in the nuclear genome of each stock can be maintained by utilizing a large number of male parents, while restricting female parents to members of a single mitochondrial clone. Genetically marked fry could then be produced with only minor shifts in hatchery management

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

    Directory of Open Access Journals (Sweden)

    Audrius Dzikevičius

    2016-12-01

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

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

    Science.gov (United States)

    Oktaviarina, A.

    2018-01-01

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

  1. Year-Round Monitoring of Contaminants in Neal and Rogers Creeks, Hood River Basin, Oregon, 2011-12, and Assessment of Risks to Salmonids.

    Directory of Open Access Journals (Sweden)

    Whitney B Hapke

    Full Text Available Pesticide presence in streams is a potential threat to Endangered Species Act listed salmonids in the Hood River basin, Oregon, a primarily forested and agricultural basin. Two types of passive samplers, polar organic chemical integrative samplers (POCIS and semipermeable membrane devices (SPMDs, were simultaneously deployed at four sites in the basin during Mar. 2011-Mar. 2012 to measure the presence of pesticides, polybrominated diphenyl ethers (PBDEs, and polychlorinated biphenyls (PCBs. The year-round use of passive samplers is a novel approach and offers several new insights. Currently used pesticides and legacy contaminants, including many chlorinated pesticides and PBDEs, were present throughout the year in the basin's streams. PCBs were not detected. Time-weighted average water concentrations for the 2-month deployment periods were estimated from concentrations of chemicals measured in the passive samplers. Currently used pesticide concentrations peaked during spring and were detected beyond their seasons of expected use. Summed concentrations of legacy contaminants in Neal Creek were highest during July-Sept., the period with the lowest streamflows. Endosulfan was the only pesticide detected in passive samplers at concentrations exceeding Oregon or U.S. Environmental Protection Agency water-quality thresholds. A Sensitive Pesticide Toxicity Index (SPTI was used to estimate the relative acute potential toxicity among sample mixtures. The acute potential toxicity of the detected mixtures was likely greater for invertebrates than for fish and for all samples in Neal Creek compared to Rogers Creek, but the indices appear to be low overall (<0.1. Endosulfans and pyrethroid insecticides were the largest contributors to the SPTIs for both sites. SPTIs of some discrete (grab samples from the basin that were used for comparison exceeded 0.1 when some insecticides (azinphos methyl, chlorpyrifos, malathion were detected at concentrations near or

  2. Monitoring of downstream salmon and steelhead at federal hydroelectric facilities

    International Nuclear Information System (INIS)

    Hawkes, L.A.; Martinson, R.D.; Absolon, R.F.

    1993-05-01

    The seaward migration of salmonid smolts was monitored by the National marine Fisheries Service (NMFS) at two sites on the Columbia River in 1992. The NMFS Smolt Monitoring Project is part of a larger Smolt Monitoring Program to index Columbia Basin juvenile salmonied stocks. It is coordinated by the Fish Passage Center (FPC) for the Columbia Basin Fish and Wildlife Agencies and Tribes. Its purpose is to facilitate fish passage through reservoirs and at dams by providing FPC with timely smolt migration data used for flow and spill management. Data is also used for travel time, migration timing and relative run size magnitude analysis. This program is carried out under the auspices of the Northwest Power Planning Council Fish and Wildlife Program and is funded by the Bonneville Power Administration (BPA). Sampling sites were John Day and Bonneville Dams under the 1992 Smolt Monitoring Program. All pertinent fish capture, condition, brand recovery, and flow data, were reported daily to FPC. These data were incorporated into the FPC's Fish Passage Data System (FPDS)

  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. The Influence of Fundamental and Macroeconomic Analysis on Stock Price

    Directory of Open Access Journals (Sweden)

    Hari Gursida

    2017-12-01

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

  5. 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...

  6. 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...

  7. Energy prices, volatility, and the stock market. Evidence from the Eurozone

    International Nuclear Information System (INIS)

    Oberndorfer, Ulrich

    2009-01-01

    This paper constitutes a first analysis on stock returns of energy corporations from the Eurozone. It focuses on the relationship between energy market developments and the pricing of European energy stocks. According to our results, oil price hikes negatively impact on stock returns of European utilities. However, they lead to an appreciation of oil and gas stocks. Interestingly, forecastable oil market volatility negatively affects European oil and gas stocks, implying profit opportunities for strategic investors. In contrast, the gas market does not play a role for the pricing of Eurozone energy stocks. Coal price developments affect the stock returns of European utilities. However, this effect is small compared to oil price impacts, although oil is barely used for electricity generation in Europe. This suggests that for the European stock market, the oil price is the main indicator for energy price developments as a whole. (author)

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

    Science.gov (United States)

    Stewart, David R.; Long, James M.

    2015-01-01

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

  9. 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

  10. 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...

  11. 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...

  12. Spatial distribution of soil organic carbon stocks in France

    Directory of Open Access Journals (Sweden)

    M. P. Martin

    2011-05-01

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

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

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

  13. The performance of Libyan stock market

    Directory of Open Access Journals (Sweden)

    Atiya Aljbiri

    2012-01-01

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

  14. 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.

  15. 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.

  16. Binomial tree method for pricing a regime-switching volatility stock loans

    Science.gov (United States)

    Putri, Endah R. M.; Zamani, Muhammad S.; Utomo, Daryono B.

    2018-03-01

    Binomial model with regime switching may represents the price of stock loan which follows the stochastic process. Stock loan is one of alternative that appeal investors to get the liquidity without selling the stock. The stock loan mechanism resembles that of American call option when someone can exercise any time during the contract period. From the resembles both of mechanism, determination price of stock loan can be interpreted from the model of American call option. The simulation result shows the behavior of the price of stock loan under a regime-switching with respect to various interest rate and maturity.

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

    Directory of Open Access Journals (Sweden)

    Fangki A. Sorongan

    2016-03-01

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

  18. The lead-lag relationship between stock index and stock index futures: A thermal optimal path method

    Science.gov (United States)

    Gong, Chen-Chen; Ji, Shen-Dan; Su, Li-Ling; Li, Sai-Ping; Ren, Fei

    2016-02-01

    The study of lead-lag relationship between stock index and stock index futures is of great importance for its wide application in hedging and portfolio investments. Previous works mainly use conventional methods like Granger causality test, GARCH model and error correction model, and focus on the causality relation between the index and futures in a certain period. By using a non-parametric approach-thermal optimal path (TOP) method, we study the lead-lag relationship between China Securities Index 300 (CSI 300), Hang Seng Index (HSI), Standard and Poor 500 (S&P 500) Index and their associated futures to reveal the variance of their relationship over time. Our finding shows evidence of pronounced futures leadership for well established index futures, namely HSI and S&P 500 index futures, while index of developing market like CSI 300 has pronounced leadership. We offer an explanation based on the measure of an indicator which quantifies the differences between spot and futures prices for the surge of lead-lag function. Our results provide new perspectives for the understanding of the dynamical evolution of lead-lag relationship between stock index and stock index futures, which is valuable for the study of market efficiency and its applications.

  19. 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.

  20. Spatial optimization of carbon-stocking projects across Africa integrating stocking potential with co-benefits and feasibility

    DEFF Research Database (Denmark)

    Greve, Michelle; Reyers, Belinda; Lykke, Anne Mette

    2013-01-01

    Carbon (C) offset projects through forestation are employed within the emissions trading framework to store C. Yet, information about the potential of landscapes to stock C, essential to the design of offset projects, is often lacking. Based on data on vegetation C, climate and soil we quantified...... the potential for C storage in woody vegetation across tropical Africa. The ability for offset projects to produce co-benefits for ecosystems and local communities was also investigated. When co-benefits such as biodiversity conservation were considered, the top-ranked sites were often different to sites...... selected purely for their C stocking potential, but they still possessed 68% of the latter’s C stocking potential. This work provides the first continental-scale assessment of which areas may provide the greatest direct and indirect benefits from C storage reforestation projects at the smallest costs...