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...

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

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.

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.

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.

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

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...

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...

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.

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

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.

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

A surplus production model including environmental effects: Application to the Senegalese white shrimp stocks

Science.gov (United States)

Thiaw, Modou; Gascuel, Didier; Jouffre, Didier; Thiaw, Omar Thiom

2009-12-01

In Senegal, two stocks of white shrimp ( Penaeusnotialis) are intensively exploited, one in the north and another in the south. We used surplus production models including environmental effects to analyse their changes in abundance over the past 10 years and to estimate their Maximum Sustainable Yield (MSY) and the related fishing effort ( EMSY). First, yearly abundance indices were estimated from commercial statistics using GLM techniques. Then, two environmental indices were alternatively tested in the model: the coastal upwelling intensity from wind speeds provided by the SeaWifs database and the primary production derived from satellite infrared images of chlorophyll a. Models were fitted, with or without the environmental effect, to the 1996-2005 time series. They express stock abundance and catches as functions of the fishing effort and the environmental index (when considered). For the northern stock, fishing effort and abundance fluctuate over the period without any clear trends. The model based on the upwelling index explains 64.9% of the year-to-year variability. It shows that the stock was slightly overexploited in 2002-2003 and is now close to full exploitation. Stock abundance strongly depends on environmental conditions; consequently, the MSY estimate varies from 300 to 900 tons according to the upwelling intensity. For the southern stock, fishing effort has strongly increased over the past 10 years, while abundance has been reduced 4-fold. The environment has a significant effect on abundance but only explains a small part of the year-to-year variability. The best fit is obtained using the primary production index ( R2 = 0.75), and the stock is now significantly overfished regardless of environmental conditions. MSY varies from 1200 to 1800 tons according to environmental conditions. Finally, in northern Senegal, the upwelling is highly variable from year to year and constitutes the major factor determining productivity. In the south, hydrodynamic

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

) Determine fish community characteristics, including species composition, abundance, and temporal and spatial distributions. (1c) Estimate the stock of origin for the yearling and subyearling Chinook salmon captured at the sampling sites using genetic analysis. (1d) Statistically assess the relationship between salmonid abundance and habitat parameters, including ancillary variables such as temperature and river stage. (2) Acoustic Telemetry Monitoring-Assess feasibility of applying Juvenile Salmon Acoustic Telemetry System (JSATS) technology to determine migration characteristics from upriver of Bonneville Dam through the study area (vicinity of the Sandy River delta/Washougal River confluence). (2a) Determine species composition, release locations, and distributions of JSATS-tagged fish. (2b) Estimate run timing, residence times, and migration pathways for these fish. Additionally, both objectives serve the purpose of baseline research for a potential tidal rechannelization project on the Sandy River. The U.S. Forest Service, in partnership with the Bonneville Power Administration and the U.S. Army Corps of Engineers, is currently pursuing reconnection of the east (relict) Sandy River channel with the current channel to improve fish and wildlife habitat in the Sandy River delta. Our study design and the location of sampling sites in this reach provide baseline data to evaluate the potential restoration.

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...

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.

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

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.

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

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.

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

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.

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...

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

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.

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...

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

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

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

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.

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...

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...

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.

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.

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).

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.

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

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

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...

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...

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

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)

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.

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

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,...

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

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

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

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.

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....

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.

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)...

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.

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.

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

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

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

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.

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

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

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.

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).

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.

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

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.

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...

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....

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.

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)

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

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

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.

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

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.

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.

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

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.

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).

Effects of Backpacker Use, Pack Stock Trail Use, and Pack Stock Grazing on Water-Quality Indicators, Including Nutrients, E. coli, Hormones, and Pharmaceuticals, in Yosemite National Park, USA

Science.gov (United States)

Forrester, Harrison; Clow, David; Roche, James; Heyvaert, Alan; Battaglin, William

2017-09-01

We investigated how visitor-use affects water quality in wilderness in Yosemite National Park. During the summers of 2012-2014, we collected and analyzed surface-water samples for water-quality indicators, including fecal indicator bacteria Escherichia coli, nutrients (nitrogen, phosphorus, carbon), suspended sediment concentration, pharmaceuticals, and hormones. Samples were collected upstream and downstream from different types of visitor use at weekly to biweekly intervals and during summer storms. We conducted a park-wide synoptic sampling campaign during summer 2014, and sampled upstream and downstream from meadows to evaluate the mitigating effect of meadows on water quality. At pack stock stream crossings, Escherichia coli concentrations were greater downstream from crossings than upstream (median downstream increase in Escherichia coli of three colony forming units 100 mL-1), with the greatest increases occurring during storms (median downstream increase in Escherichia coli of 32 CFU 100 mL-1). At backpacker use sites, hormones, and pharmaceuticals (e.g., insect repellent) were detected at downstream sites, and Escherichia coli concentrations were greater at downstream sites (median downstream increase in Escherichia coli of 1 CFU 100 mL-1). Differences in water quality downstream vs. upstream from meadows grazed by pack stock were not detectable for most water-quality indicators, however, Escherichia coli concentrations decreased downstream, suggesting entrapment and die-off of fecal indicator bacteria in meadows. Our results indicate that under current-use levels pack stock trail use and backpacker use are associated with detectable, but relatively minor, effects on water quality, which are most pronounced during storms.

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

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.

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

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

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

predation. Cormorant predation rates in excess of 30%, however, were observed for some groups of hatchery-reared fall Chinook salmon released downstream of Bonneville Dam. Implementation of the federal plan 'Caspian Tern Management to Reduce Predation of Juvenile Salmonids in the Columbia River Estuary' was initiated in 2008 with construction by the Corps of Engineers of two alternative colony sites for Caspian terns in interior Oregon: a 1-acre island on Crump Lake in the Warner Valley and a 1-acre island on Fern Ridge Reservoir near Eugene. We deployed Caspian tern social attraction (decoys and sound systems) on these two islands and monitored for Caspian tern nesting. Caspian terns quickly colonized the Crump Lake tern island; about 430 pairs nested there, including 5 terns that had been banded at the East Sand Island colony in the Columbia River estuary, over 500 km to the northwest. No Caspian terns nested at the Fern Ridge tern island in 2008, but up to 9 Caspian terns were recorded roosting on the island after the nesting season. There were two breeding colonies of Caspian terns on the mid-Columbia River in 2008: (1) about 388 pairs nested at the historical colony on Crescent Island in the McNary Pool and (2) about 100 pairs nested at a relatively new colony site on Rock Island in the John Day Pool. Nesting success at the Crescent Island tern colony was only 0.28 young fledged per breeding pair, the lowest nesting success recorded at that colony since monitoring began in 2000, while only three fledglings were raised at the Rock Island tern colony. The diet of Crescent Island Caspian terns consisted of 68% salmonid smolts; total smolt consumption was estimated at 330,000. Since 2004, total smolt consumption by Crescent Island terns has declined by 34%, due mostly to a decline in colony size, while steelhead consumption has increased 10% during this same period. In 2008, approximately 64,000 steelhead smolts were consumed by Caspian terns nesting at Crescent

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.

Effects of backpacker use, pack stock trail use, and pack stock grazing on water-quality indicators, including nutrients, E. coli, hormones, and pharmaceuticals, in Yosemite National Park, USA

Science.gov (United States)

Forrester, Harrison; Clow, David W.; Roche, James W.; Heyvaert, Alan C.; Battaglin, William A.

2017-01-01

We investigated how visitor-use affects water quality in wilderness in Yosemite National Park. During the summers of 2012–2014, we collected and analyzed surface-water samples for water-quality indicators, including fecal indicator bacteria Escherichia coli, nutrients (nitrogen, phosphorus, carbon), suspended sediment concentration, pharmaceuticals, and hormones. Samples were collected upstream and downstream from different types of visitor use at weekly to biweekly intervals and during summer storms. We conducted a park-wide synoptic sampling campaign during summer 2014, and sampled upstream and downstream from meadows to evaluate the mitigating effect of meadows on water quality. At pack stock stream crossings, Escherichia coli concentrations were greater downstream from crossings than upstream (median downstream increase in Escherichia coli of three colony forming units 100 mL−1), with the greatest increases occurring during storms (median downstream increase in Escherichia coli of 32 CFU 100 mL−1). At backpacker use sites, hormones, and pharmaceuticals (e.g., insect repellent) were detected at downstream sites, and Escherichia coli concentrations were greater at downstream sites (median downstream increase in Escherichia coli of 1 CFU 100 mL−1). Differences in water quality downstream vs. upstream from meadows grazed by pack stock were not detectable for most water-quality indicators, however, Escherichia coli concentrations decreased downstream, suggesting entrapment and die-off of fecal indicator bacteria in meadows. Our results indicate that under current-use levels pack stock trail use and backpacker use are associated with detectable, but relatively minor, effects on water quality, which are most pronounced during storms.

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.

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.

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.

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.

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

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

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.

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.

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...

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.

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.

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...

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

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.

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

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.

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...

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.

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)

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.

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.

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.

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 ...

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...

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

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.

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...

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...

75 FR 33634 - Klamath Hydroelectric Settlement Agreement, Including Secretarial Determination on Whether to...

Science.gov (United States)

2010-06-14

... satisfied, and whether, in his judgment, Facilities Removal (i) will advance restoration of the salmonid... whether removal of four dams owned by PacifiCorp: (1) Will advance the restoration of the salmonid...-flowing condition and allow full volitional passage of fish is in the public interest, will advance...

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

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.

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.

An Agent-Based Computational Model for China’s Stock Market and Stock Index Futures Market

Directory of Open Access Journals (Sweden)

Hai-Chuan Xu

2014-01-01

Full Text Available This study presents an agent-based computational cross market model for Chinese equity market structure, which includes both stocks and CSI 300 index futures. In this model, we design several stocks and one index future to simulate this structure. This model allows heterogeneous investors to make investment decisions with restrictions including wealth, market trading mechanism, and risk management. Investors’ demands and order submissions are endogenously determined. Our model successfully reproduces several key features of the Chinese financial markets including spot-futures basis distribution, bid-ask spread distribution, volatility clustering, and long memory in absolute returns. Our model can be applied in cross market risk control, market mechanism design, and arbitrage strategies analysis.

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

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

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.

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...

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.

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

Does Stock Market Performance Influence Retirement Intentions?

Science.gov (United States)

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

2012-01-01

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

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...

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.

Formation of initial cost of stocks of own production

Directory of Open Access Journals (Sweden)

Elena Krukovskiy

2016-06-01

Full Text Available The concept and component stocks according to national accounting standards are revealed. The procedure for forming the initial value of the stock, depending on the way they arrive at the company according to the guidelines as well as methods for evaluating stocks of own production is grounded. The methodological principles of formation of information on stocks and the disclosure of its financial statements are considered. In the article investigated the procedure of forming the original value of stocks depending on how they flow to the enterprise. Number of methods of assessment of inventory, which can be used to reflect their value in the accounting and financial reporting, and methods of evaluation of own production is characterized. Identified costs are included in the initial cost of inventories, including inventories of own production. The estimation of the definition of agricultural produce at fair value and features of its application in the enterprise is proposed by authors.

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...

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.

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...

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.

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.

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.

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.

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.

Compression Stockings and Pressure Ulcers: Case Series of a Neglected Issue.

Science.gov (United States)

Rathore, Farooq A; Ahmad, Faria; Khan, Omer J

2017-10-10

Pressure ulcers develop in patients who endure long periods of immobilization, often caused by conditions such as musculoskeletal and neurological diseases. Pressure ulcers adversely affect the patient and increase caregiver burden and healthcare costs. Typical sites for these ulcers include the sacrum, trochanters, and heels; they also occur on the nape of the neck, penis, nostrils, helix of the ear, and upper back. Compression stockings are commonly used to prevent and stop the progression of venous disorders, including deep vein thrombosis, but their role in the development of pressure ulcers is not well known. We describe three case reports of pressure ulcer development due to prolonged application of compression stockings. In each case, the nursing staff who were primarily responsible for the prevention of pressure ulcers applied the stockings continuously without any intermittent relief. Moreover, the stockings did not include manufacturer instructions, such as recommended exposure times and applications. We recommend that nursing staff be trained in pressure relief and prevention of pressure ulcers, including rare occurrences, and that manufacturers give detailed guidance regarding the safe use of compression stockings.

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...

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.

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....

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.

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.

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.

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.

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

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.

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.

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 ...

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.

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

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.

Annual trends in catchability and fish stock assessments

DEFF Research Database (Denmark)

Marchal, P.; Ulrich, Clara; Korsbrekke, K.

2003-01-01

. The performances of the new and traditional XSA assessments are compared using criteria based on the precision of catchability estimates, stationarity of Log-catchability residuals and retrospective patterns relative to fishing mortality, spawning stock biomass and recruitment estimates. The performances....... A range of catchability trends, including values derived from the "Hybrid" method, is then implemented to standardise the fishing effort of some tuning fleets used in the stock assessments performed by XSA (eXtended Survivors Analysis). Stocks being assessed are the North Sea cod, saithe, plaice and sole...

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.

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.

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…

A Markov chain analysis of the movements of juvenile salmonids, including sockeye salmon, in the forebay of McNary Dam, Washington and Oregon, 2006-09

Science.gov (United States)

Adams, Noah S.; Hatton, Tyson W.

2012-01-01

Passage and survival data were collected at McNary Dam between 2006 and 2009. These data have provided critical information for resource managers to implement structural and operational changes designed to improve the survival of juvenile salmonids as they migrate past the dam. Much of the valuable information collected at McNary Dam was in the form of three-dimensional (hereafter referred to as 3-D) tracks of fish movements in the forebay. These data depicted the behavior of multiple species (in three dimensions) during different diel periods, spill conditions, powerhouse operations, and testing of the surface bypass structures (temporary spillway weirs; TSWs). One of the challenges in reporting 3-D results is presenting the information in a manner that allows interested parties to summarize the behavior of many fish over many different conditions across multiple years. To accomplish this, we used a Markov chain analysis to characterize fish movement patterns in the forebay of McNary Dam. The Markov chain analysis allowed us to numerically summarize the behavior of fish in the forebay. This report is the second report published in 2012 that uses this analytical method. The first report included only fish released as part of the annual studies conducted at McNary Dam. This second report includes sockeye salmon that were released as part of studies conducted by the Chelan and Grant County Public Utility Districts at mid-Columbia River dams. The studies conducted in the mid-Columbia used the same transmitters as were used for McNary Dam studies, but transmitter pulse width was different between studies. Additionally, no passive integrated transponder tags were implanted in sockeye salmon. Differences in transmitter pulse width resulted in lower detection probabilities for sockeye salmon at McNary Dam. The absence of passive integrated transponder tags prevented us from determining if fish passed the powerhouse through the juvenile bypass system (JBS) or turbines. To

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.

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.

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.

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

Science.gov (United States)

2010-01-01

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

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)

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

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

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.

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.

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.

The Asymmetric Impulse of the Sunshine Effect on Stock Returns and Volatilities

OpenAIRE

Yuan-Ming Lee; Kuan-Min Wang

2010-01-01

This study constructs a variety of GARCH models with the consideration of the generalized error distribution to analyze the relationship between the cloud cover and stock returns in Taiwan in the whole sample period (1986 to 2007) and in the two sub-sample periods (1986 to 1996 and 1997 to 2007). The data include Taiwan Stock Exchange Capitalization Weighted Stock Index and the U.S. Dow Jones Industrial Average index to proxy the impact of U.S. stock market on Taiwan’s stock market performanc...

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.

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.

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...

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.

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

Statistical aspects of fish stock assessment

DEFF Research Database (Denmark)

Berg, Casper Willestofte

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

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

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.

A causality between fund performance and stock market

Science.gov (United States)

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

2016-02-01

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

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

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

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...

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.

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.

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

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.

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.

26 CFR 1.1296-1 - Mark to market election for marketable stock.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Mark to market election for marketable stock. 1....1296-1 Mark to market election for marketable stock. (a) Definitions—(1) Eligible RIC. An eligible RIC... included in gross income by the company pursuant to such mark to market election with respect to such stock...

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.

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…

Northern peatland carbon stocks and dynamics: a review

Directory of Open Access Journals (Sweden)

Z. C. Yu

2012-10-01

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

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

Is there stock market efficiency in Malaysia?

OpenAIRE

Sui Suyin, Crystal

2007-01-01

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

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

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.

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

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.

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...

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.

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.

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.

N-mix for fish: estimating riverine salmonid habitat selection via N-mixture models

Science.gov (United States)

Som, Nicholas A.; Perry, Russell W.; Jones, Edward C.; De Juilio, Kyle; Petros, Paul; Pinnix, William D.; Rupert, Derek L.

2018-01-01

Models that formulate mathematical linkages between fish use and habitat characteristics are applied for many purposes. For riverine fish, these linkages are often cast as resource selection functions with variables including depth and velocity of water and distance to nearest cover. Ecologists are now recognizing the role that detection plays in observing organisms, and failure to account for imperfect detection can lead to spurious inference. Herein, we present a flexible N-mixture model to associate habitat characteristics with the abundance of riverine salmonids that simultaneously estimates detection probability. Our formulation has the added benefits of accounting for demographics variation and can generate probabilistic statements regarding intensity of habitat use. In addition to the conceptual benefits, model application to data from the Trinity River, California, yields interesting results. Detection was estimated to vary among surveyors, but there was little spatial or temporal variation. Additionally, a weaker effect of water depth on resource selection is estimated than that reported by previous studies not accounting for detection probability. N-mixture models show great promise for applications to riverine resource selection.

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.

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.

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

Directory of Open Access Journals (Sweden)

Muhammad Mansoor Baig

2015-12-01

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

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.

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.

Preventive distribution and plans of iodine tablets stocks management; Distribution preventive et plans de gestion des stocks de comprimes d'iode

Energy Technology Data Exchange (ETDEWEB)

NONE

2002-07-01

This official note includes two parts: one concerns the new preventive distribution of iodine tablets on the areas defined by the Particular Intervention Plans (P.P.I.) around nuclear facilities and the other one the setting up of iodine tablets stocks beyond the P.P.I. areas. In annexe is a guide for the elaboration of stocks management plans for steady iodine tablets. (N.C.)

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.

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.

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.

Mental Health Services in South Africa: Taking stock | Lund | African ...

African Journals Online (AJOL)

Mental Health Services in South Africa: Taking stock. ... This provides an opportunity to take stock of our mental health services. At primary care level key challenges include- training and ... on evaluating interventions. With current policy commitment, the time to act and invest in evidence-based mental health services is now.

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

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.

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.

A Stocking Guide for Allegheny Hardwoods and Its Use in Controlling Intermediate Cuttings

Science.gov (United States)

Benjamin A. Roach

1977-01-01

A stocking guide for stands of Allegheny hardwoods (sugar maple or sugar maple-beech with varying admixtures of black cherry, red maple, white ash, sweet birch, and other species) on the Allegheny Plateau in northwestern Pennsylvania. Included are procedures for evaluating stocking and stand conditions, thinning even-aged stands, determining minimum residual stocking,...

Outplanting Wyoming big sagebrush following wldfire: stock performance and economics

Science.gov (United States)

Dettweiler-Robinson, Eva; Bakker, Jonathan D.; Evans, James R.; Newsome, Heidi; Davies, G. Matt; Wirth, Troy A.; Pyke, David A.; Easterly, Richard T.; Salstrom, Debra; Dunwiddle, Peter W.

2013-01-01

Finding ecologically and economically effective ways to establish matrix species is often critical for restoration success. Wyoming big sagebrush (Artemisia tridentata subsp. wyomingensis) historically dominated large areas of western North America, but has been extirpated from many areas by large wildfires; its re-establishment in these areas often requires active management. We evaluated the performance (survival, health) and economic costs of container and bare-root stock based on operational plantings of more than 1.5 million seedlings across 2 200 ha, and compared our plantings with 30 other plantings in which sagebrush survival was tracked for up to 5 yr. Plantings occurred between 2001 and 2007, and included 12 combinations of stock type, planting amendment, and planting year.We monitored 10 500 plants for up to 8 yr after planting. Survival to Year 3 averaged 21% and was higher for container stock (30%) than bare-root stock (17%). Survival did not differ among container stock plantings, whereas survival of bare-root stock was sometimes enhanced by a hydrogel dip before planting, but not by

Stock price analysis of sustainable foreign investment companies in Indonesia

Science.gov (United States)

Fachrudin, Khaira Amalia

2018-03-01

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

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...

Impact of Monetary Policy and Fiscal Policy on Indonesian Stock Market

Directory of Open Access Journals (Sweden)

Rossanto Dwi HANDOYO

2015-05-01

Full Text Available This paper attempts to investigate the effect of fiscal and monetary policy on Indonesian Stock price as well as main sectors stock price such as agricultural, mining, manufacture, and financial sector indexes. We consider the world oil price as a foreign variable that will influence domestic economy as in regular small open economy model. In this paper, we employ the Monte Carlo algorithm to Near-SVAR models (If some of the VAR equations have regressors not included in the others. We find that there is a positive stock price response to monetary policy shock both aggregated and sectoral stock price. In term of interaction between fiscal policy shock and stock market, we find that all sectors respond negative relationship. From this empirical finding, fiscal policy crowd out private sector activity in market, thus, its effect will be impotent in economy. We also provide the evidence that not only both policies are able to influence the stock price individually, but also the interaction between monetary and fiscal policy is important in explaining stock market performance.

Phenotypic and genetic characterization of Piscirickettsia salmonis from Chilean and Canadian salmonids.

Science.gov (United States)

Otterlei, Alexander; Brevik, Øyvind J; Jensen, Daniel; Duesund, Henrik; Sommerset, Ingunn; Frost, Petter; Mendoza, Julio; McKenzie, Peter; Nylund, Are; Apablaza, Patricia

2016-03-15

The study presents the phenotypic and genetic characterization of selected P. salmonis isolates from Atlantic salmon and rainbow trout suffering from SRS (salmonid rickettsial septicemia) in Chile and in Canada. The phenotypic characterization of the P. salmonis isolates were based on growth on different agar media (including a newly developed medium), different growth temperatures, antibiotics susceptibility and biochemical tests. This is the first study differentiating Chilean P. salmonis isolates into two separate genetic groups. Genotyping, based on 16S rRNA-ITS and concatenated housekeeping genes grouped the selected isolates into two clades, constituted by the Chilean strains, while the Canadian isolates form a branch in the phylogenetic tree. The latter consisted of two isolates that were different in both genetic and phenotypic characteristics. The phylogenies and the MLST do not reflect the origin of the isolates with respect to host species. The isolates included were heterogeneous in phenotypic tests. The genotyping methods developed in this study provided a tool for separation of P. salmonis isolates into distinct clades. The SRS outbreaks in Chile are caused by minimum two different genetic groups of P. salmonis. This heterogeneity should be considered in future development of vaccines against this bacterium in Chile. Two different strains of P. salmonis, in regards to genetic and phenotypic characteristics, can occur in the same contemporary outbreak of SRS.

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

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.

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.

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

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.

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 ...

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

Energy Technology Data Exchange (ETDEWEB)

Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Deakin University, Victoria 3125 (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology University, Melbourne (Australia)

2010-01-15

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 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...

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

Directory of Open Access Journals (Sweden)

Şerife Özlen

2014-08-01

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

Preventive distribution and plans of iodine tablets stocks management

International Nuclear Information System (INIS)

2002-01-01

This official note includes two parts: one concerns the new preventive distribution of iodine tablets on the areas defined by the Particular Intervention Plans (P.P.I.) around nuclear facilities and the other one the setting up of iodine tablets stocks beyond the P.P.I. areas. In annexe is a guide for the elaboration of stocks management plans for steady iodine tablets. (N.C.)

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.

Exploitation dynamics of small fish stocks like Arctic cisco

Science.gov (United States)

Nielsen, Jennifer L.

2004-01-01

Potential impacts to the Arctic cisco population fall into both demographic and behavioral categories. Possible demographic impacts include stock recruitment effects, limited escapement into marine habitats, and variable age-class reproductive success. Potential behavioral impacts involve migratory patterns, variable life histories, and strategies for seasonal feeding. Arctic cisco stocks are highly susceptible to over-exploitation due to our limited basic knowledge of the highly variable Arctic environment and the role they play in this dynamic ecosystem.Our knowledge of potential demographic changes is very limited, and it is necessary to determine the abundance and recruitment of the hypothesized Mackenzie River source population, the extent of the coastal migratory corridor, growth patterns, and coastal upwelling and mixing effects on population dynamics for this species. Information needed to answer some of the demographic questions includes basic evolutionary history and molecular genetics of Arctic cisco (for instance, are there contributions to the Arctic cisco stock from the Yukon?), what is the effective population size (i.e., breeding population size), and potential links to changes in climate. The basic behavioral questions include migratory and variable life history questions. For instance, the extent of movement back and forth between freshwater and the sea, age-specific differences in food web dynamics, and nearshore brackish and high salinity habitats are topics that should be studied. Life history data should be gathered to understand the variation in age at reproduction, salinity tolerance, scale and duration of the freshwater stage, survival, and adult migration. Both molecular and ecological tools should be integrated to manage the Arctic cisco stock(s), such as understanding global climate changes on patterns of harvest and recruitment, and the genetics of population structure and colonization. Perhaps other populations are contributing to the

A cointegration analysis of wine stock indexes

Directory of Open Access Journals (Sweden)

Sabina Introvigne

2017-12-01

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

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...

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.

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.

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.

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...

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

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

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...

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. ...

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.

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.

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.

Potential environmental effects of pack stock on meadow ecosystems of the Sierra Nevada, USA

Science.gov (United States)

Ostoja, Steven M.; Brooks, Matthew L.; Moore, Peggy E.; Berlow, Eric L.; Robert Blank,; Roche, Jim; Chase, Jennifer T.; Sylvia Haultain,

2014-01-01

Pack and saddle stock, including, but not limited to domesticated horses, mules, and burros, are used to support commercial, private and administrative activities in the Sierra Nevada. The use of pack stock has become a contentious and litigious issue for land management agencies in the region inter alia due to concerns over effects on the environment. The potential environmental effects of pack stock on Sierra Nevada meadow ecosystems are reviewed and it is concluded that the use of pack stock has the potential to influence the following: (1) water nutrient dynamics, sedimentation, temperature, and microbial pathogen content; (2) soil chemistry, nutrient cycling, soil compaction and hydrology; (3) plant individuals, populations and community dynamics, non-native invasive species, and encroachment of woody species; and (4) wildlife individuals, populations and communities. It is considered from currently available information that management objectives of pack stock should include the following: minimise bare ground, maximise plant cover, maintain species composition of native plants, minimise trampling, especially on wet soils and stream banks, and minimise direct urination and defecation by pack stock into water. However, incomplete documentation of patterns of pack stock use and limited past research limits current understanding of the effects of pack stock, especially their effects on water, soils and wildlife. To improve management of pack stock in this region, research is needed on linking measurable monitoring variables (e.g. plant cover) with environmental relevancy (e.g. soil erosion processes, wildlife habitat use), and identifying specific environmental thresholds of degradation along gradients of pack stock use in Sierra Nevada meadows.

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.

Stock Selection for Portfolios Using Expected Utility-Entropy Decision Model

Directory of Open Access Journals (Sweden)

Jiping Yang

2017-09-01

Full Text Available Yang and Qiu proposed and then recently improved an expected utility-entropy (EU-E measure of risk and decision model. When segregation holds, Luce et al. derived an expected utility term, plus a constant multiplies the Shannon entropy as the representation of risky choices, further demonstrating the reasonability of the EU-E decision model. In this paper, we apply the EU-E decision model to selecting the set of stocks to be included in the portfolios. We first select 7 and 10 stocks from the 30 component stocks of Dow Jones Industrial Average index, and then derive and compare the efficient portfolios in the mean-variance framework. The conclusions imply that efficient portfolios composed of 7(10 stocks selected using the EU-E model with intermediate intervals of the tradeoff coefficients are more efficient than that composed of the sets of stocks selected using the expected utility model. Furthermore, the efficient portfolio of 7(10 stocks selected by the EU-E decision model have almost the same efficient frontier as that of the sample of all stocks. This suggests the necessity of incorporating both the expected utility and Shannon entropy together when taking risky decisions, further demonstrating the importance of Shannon entropy as the measure of uncertainty, as well as the applicability of the EU-E model as a decision-making model.

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...

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...

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.

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

Energy Technology Data Exchange (ETDEWEB)

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

1986-08-01

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

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...

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...

Improved management based on stock identification of eastern and western Baltic cod

DEFF Research Database (Denmark)

Hüssy, Karin; Bastardie, Francois; Eero, Margit

The objective of this project was to establish an empirically founded knowledge base for the sustainable exploitation of the western Baltic cod stock by including the complex stock structure and migration patterns. Stock mapping: Extensive immigration of “Eastern” cod into the Arkona Basin (SD 24......) within the “Western” cod’s management unit was documented using high-powered genetic tools. The majority (91%) of all spawning fish caught in SD 24 in 2011 were “Eastern” cod and only 9% were from the “Western” stock. The results suggest that the stock structure in the Arkona Basin is highly influenced...... by mixing of genetically separate stocks. Trends in mixing: Since the 1980’s where cod in SD 24 consisted primarily of “Western” type, the proportion of “Eastern” cod has increased, particularly since 2005. Throughout that period, the immigration of “Eastern” cod into SD 24 consisted primarily of adult...

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.

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.

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

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.

A standard operating procedure for the surgical implantation of transmitters in juvenile salmonids

Science.gov (United States)

Liedtke, T.L.; Beeman, J.W.; Gee, L.P.

2012-01-01

Biotelemetry is a useful tool to monitor the movements of animals and is widely applied in fisheries research. Radio or acoustic technology can be used, depending on the study design and the environmental conditions in the study area. A broad definition of telemetry also includes the use of Passive Integrated Transponder (PIT) tags, either separately or with a radio or acoustic transmitter. To use telemetry, fish must be equipped with a transmitter. Although there are several attachment procedures available, surgical implantation of transmitters in the abdominal cavity is recognized as the best technique for long-term telemetry studies in general (Stasko and Pincock, 1977; Winter, 1996; Jepsen, 2003), and specifically for juvenile salmonids, Oncorhynchus spp. (Adams and others, 1998a, 1998b; Martinelli and others, 1998; Hall and others, 2009). Studies that use telemetry assume that the processes by which the animals are captured, handled, and tagged, as well as the act of carrying the transmitter, will have minimal effect on their behavior and performance. This assumption, commonly stated as a lack of transmitter effects, must be valid if telemetry studies are to describe accurately the movements and behavior of an entire population of interest, rather than the subset of that population that carries transmitters. This document describes a standard operating procedure (SOP) for surgical implantation of radio or acoustic transmitters in juvenile salmonids. The procedures were developed from a broad base of published information, laboratory experiments, and practical experience in tagging thousands of fish for numerous studies of juvenile salmon movements near Columbia River and Snake River hydroelectric dams. Staff from the Western Fisheries Research Center's Columbia River Research Laboratory (CRRL) frequently have used telemetry studies to evaluate new structures or operations at hydroelectric dams in the Columbia River Basin, and these evaluations typically

Evidence of Macroeconomic Policy Effects over Company-Sector Stock Returns

Directory of Open Access Journals (Sweden)

Mara Madaleno

2014-11-01

Full Text Available Given that stock markets may act as an economy mirror, it is explored the sensitivity of company-sector-specific stock returns to macroeconomic news reflecting different economic environments for the UK, US, Germany, Japan and Australian markets between March 1993 and February 2013 using monthly data. Results seem to indicate that portfolio investors need to be aware that movements in the market index is the best predictor to forecast stock returns of individual companies and sectors in developed economies. Sentiment influences individual company’s returns of the utilities sector, even if these are considered of limited growth and stable earnings, for UK, USA and Australia, turning investor confidence a relevant variable to be included. Information increases about industrial production have no influence on company and sector stocks, thus not affecting investor’s decision in developed countries. As for Japan, results seem to indicate that the higher the need of oil imports of a country, the higher will be the positive impact of oil price changes over company returns. Finally, the riskless interest rate has no effect on sector stock returns independently of the country under analysis. For developed economies, we confirm the finding that stocks cannot be used as a hedge against inflation.

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.

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.

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

Science.gov (United States)

2010-01-01

... conversion under 12 CFR part 563b, including the stock purchase priorities accorded members of the issuing... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Issuances of stock by savings association..., DEPARTMENT OF THE TREASURY MUTUAL HOLDING COMPANIES § 575.7 Issuances of stock by savings association...

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...

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...

What are the effects of agricultural management on soil organic carbon (SOC) stocks?

DEFF Research Database (Denmark)

Söderström, Bo; Hedlund, Katarina; Jackson, Louise E.

2014-01-01

the physical and biological properties of the soil. Intensification of agriculture and land-use change from grasslands to croplands are generally known to deplete SOC stocks. The depletion is exacerbated through agricultural practices with low return of organic material and various mechanisms......Changes in soil organic carbon (SOC) stocks significantly influence the atmospheric C concentration. Agricultural management practices that increase SOC stocks thus may have profound effects on climate mitigation. Additional benefits include higher soil fertility since increased SOC stocks improve......, such as oxidation/mineralization, leaching and erosion. However, a systematic review comparing the efficacy of different agricultural management practices to increase SOC stocks has not yet been produced. Since there are diverging views on this matter, a systematic review would be timely for framing policies...

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.

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.

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.

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 ...

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

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

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

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.

Modelling energy demand in the Norwegian building stock

Energy Technology Data Exchange (ETDEWEB)

Sartori, Igor

2008-07-15

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

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.

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)

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.

Impact of fishing and stocking practices on Coregonid diversity

Science.gov (United States)

Anneville, Orlane; Lasne, Emilien; Guillard, Jean; Eckmann, Reiner; Stockwell, Jason D.; Gillet, Christian; Yule, Daniel

2015-01-01

Fish species diversity can be lost through interacting stressors including habitat loss, stocking and overfishing. Although a multitude of stressors have played a role in the global decline of coregonid (Coregonus spp.) diversity, a number of contemporary studies have identified habitat loss stemming from eutrophication as the primary cause. Unfortunately, reconstructing the role of fishing and stocking practices can be difficult, because these records are incomplete or appear only in hard-to-access historic grey literature. Based on an illustrative set of historic and contemporary studies, we describe how fisheries management practices may have contributed to coregonid diversity loss in European and North American lakes. We provide case studies examining how fishing and stocking may reduce coregonid diversity through demographic decline and introgressive hybridization. In some lakes, fisheries management practices may have led to a loss of coregonid diversity well before issues with habitat degradation manifested. Our review suggests that fish conservation policies could beneficially consider the relative importance of all stressors, including management practices, as potential drivers of diversity loss.

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)

The ecology of fish parasites with particular reference to helminth parasites and their salmonid fish hosts in Welsh rivers: a review of some of the central questions.

Science.gov (United States)

Thomas, J D

2002-01-01

Ecological studies carried out in Welsh rivers on the feeding behaviour of salmonid fish, their helminth parasites and intermediate hosts in the early 1950s and in 1998 have been used as a basis to review the literature dealing with the following questions. First, how are the helminth populations dispersed in space-time? Second, to what extent are the distributional patterns and the life history strategies of the parasites influenced by physicochemical factors? Third, to what extent are populations of helmith parasites in salmonid fish influenced by host characteristics including the genome, sex, age, size, social position and Feeding behaviour? Fourth, are the populations of parasites regulated in a density-dependent manner? Fifth, do the parasites influence the survival and wellbeing of their salmonid hosts and the evolution of sex? Sixth, to what extent is the parasite community influenced by environmental changes including those of an anthropogenic nature and can the parasites be used as bioindicators of pollution? As with most parasites the helminth species found were highly overdispersed thus making it necessary to undertake a log10 (1 + x) conversion for statistical analyses. Statistical analyses confirm that the genome, age and sex of salmonid fish hosts, the station and seasonal change in radiation levels were significant factors in predicting the number of parasites. The evidence given supports the hypothesis that the feeding behaviour and habitat selection by the host fish, their position in the social hierarchy and the overdispersed nature of the transmission sites are the key factors in causing differences in the parasitic fauna related to host species, age, size and sex. Differences in the helminth parasite community related to station can be explained on the basis of differences in water types, sediments and chemistry. Although the evidence presented is in accord with the consensus view that temperature is correlated with seasonal changes in the

Ecosystem Carbon Stocks of Intertidal Wetlands in Singapore

Science.gov (United States)

Phang, V. X. H.; Friess, D.; Chou, L. M.

2014-12-01

Mangrove forests and seagrass meadows provide numerous ecosystem services, with huge recent interest in their carbon sequestration and storage value. Mangrove forests and seagrass meadows as well as mudflats and sandbars form a continuum of intertidal wetlands, but studies that consider these spatially-linked habitats as a whole are limited. This paper presents the results of a field-based and remote sensing carbon stock assessment, including the first study of the ecosystem carbon stocks of these adjacent habitats in the tropics. Aboveground, belowground and soil organic carbon pools were quantified at Chek Jawa, an intertidal wetland in Singapore. Total ecosystem carbon stocks averaged 499 Mg C ha-1 in the mangrove forest and 140 Mg C ha-1 in the seagrass meadow. Soil organic carbon dominated the total storage in both habitats. In the adjacent mudflats and sandbars, soil organic carbon averaged 143 and 124 Mg C ha-1 respectively. High amount of carbon stored in soil demonstrate the role of intertidal wetlands in sequestering large amount of carbon in sediments accumulated over millennia. High-resolution remote sensing imagery was used to create spatial models that upscaled field-based carbon measurements to the national scale. Field-based data and spatial modeling of ecosystem carbon stocks to the entire island through remote sensing provides a large-scale and holistic carbon stock value, important for the understanding and management of these threatened intertidal ecosystems.

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.

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...

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...

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%.

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.

Applying an international CAPM to herding behaviour model for integrated stock markets

Directory of Open Access Journals (Sweden)

Najmudin Najmudin

2017-12-01

Full Text Available Development of financial globalization in the form of stock market integration experiences a trend which is getting stronger. The analysis models in the field of finance and investments should be able to adjust to these developments. This adjustment includes the models used to detect the existence of herding behavior. All this time, the herding behavior model of individual stocks towards market consensus has been referring to CAPM theory. The basic assumption of CAPM is that financial assets at a domestic stock market are segmented from the financial assets’ movement at the global market. Therefore, this paper aims to provide an alternative view in the form of an international herding model that should be applied in the context of an integrated stock market. The model was created with reference to the international CAPM. This paper combined ICAPM method and international CSAD model to identify herding for eight stock markets, the sample period being from January 2003 to December 2016. The result found that for segmented stock markets, represented by China and the Philippines, herding happened for both overall the sample period and the market crisis period. In addition, for the integrated stock markets, represented by Indonesia, Japan, Malaysia, Singapore, Thailand, and the UK, herding behavior was only found during the market crisis period. Therefore, classification of market integrations should be considered in assessing the herding behaviour at stock markets.

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.

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…

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.

75 FR 46912 - Draft 2010 Marine Mammal Stock Assessment Reports

Science.gov (United States)

2010-08-04

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

12 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...

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...

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

OpenAIRE

Marcus Clements; Harminder Singh; Antonie Van Eekelen

2007-01-01

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

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.

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

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...

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...

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.

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.

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.

Risk management of stock index futures

Institute of Scientific and Technical Information of China (English)

无

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 ...

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.

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.

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.

Risk assessment for the reintroduction of anadromous salmonids upstream of Chief Joseph and Grand Coulee Dams, Northeastern Washington

Science.gov (United States)

Hardiman, Jill M.; Breyta, Rachel B.; Haskell, Craig A.; Ostberg, Carl O.; Hatten, James R.; Connolly, Patrick J.

2017-09-12

), broodstock management and history, and potential constraints (that is, Endangered Species Act [ESA] listing, Evolutionarily Significant Unit concerns, pathogens, and availability). During the workshops, a group of regional fisheries and topic experts subjectively ranked the relative risks of pathogens, genetic effects, predation, and competition to resident fish and reintroduced salmonids. We assessed the pathogen risk of each potential donor for introducing new pathogens and the increased burden to existing pathogens for resident species upstream of the dams. We considered genetic risks to resident and downstream conspecifics and ecological impacts, including competition for food and space, predator-prey interactions, and ecosystem benefits/impacts. Each reintroduced species donor source was ranked based on abundance/viability (demographic risk to source and feasibility of collection), ancestral/genetic similarity (evolutionary similarity to historical populations), local adaptation (geographic proximity/similarity of source conditions to reintroduction conditions), and life history compatibility (including migration; spawn timing; and relative usage of reservoir, main-stem, or tributary habitats) with environmental conditions in the reintroduction area. We synthesized this information by species for all potential donors, in which an overall score and ranking system was established for decision support in donor selection for reintroduction into the upper Columbia River. We also provided information outside the ranking process by:Identifying predator-prey interactions and competition for food and space among species,Developing a decision support framework for donor selection, andProviding decision support for reintroduction strategies.

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...

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.

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...

Dataset for petroleum based stock markets and GAUSS codes for SAMEM

Directory of Open Access Journals (Sweden)

Ahmed A.A. Khalifa

2017-02-01

Full Text Available This article includes a unique data set of a balanced daily (Monday, Tuesday and Wednesday for oil and natural gas volatility and the oil rich economies’ stock markets for Saudi Arabia, Qatar, Kuwait, Abu Dhabi, Dubai, Bahrain and Oman, using daily data over the period spanning Oct. 18, 2006–July 30, 2015. Additionally, we have included unique GAUSS codes for estimating the spillover asymmetric multiplicative error model (SAMEM with application to Petroleum-Based Stock Market. The data, the model and the codes have many applications in business and social science.

Dataset for petroleum based stock markets and GAUSS codes for SAMEM.

Science.gov (United States)

Khalifa, Ahmed A A; Bertuccelli, Pietro; Otranto, Edoardo

2017-02-01

This article includes a unique data set of a balanced daily (Monday, Tuesday and Wednesday) for oil and natural gas volatility and the oil rich economies' stock markets for Saudi Arabia, Qatar, Kuwait, Abu Dhabi, Dubai, Bahrain and Oman, using daily data over the period spanning Oct. 18, 2006-July 30, 2015. Additionally, we have included unique GAUSS codes for estimating the spillover asymmetric multiplicative error model (SAMEM) with application to Petroleum-Based Stock Market. The data, the model and the codes have many applications in business and social science.

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.

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.

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,...

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.

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.

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.

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.

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.

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...

Evaluating stocking efficacy in an ecosystem undergoing oligotrophication

Science.gov (United States)

Kao, Yu-Chun; Rogers, Mark W.; Bunnell, David B.

2017-01-01

Oligotrophication has negatively affected fisheries production in many freshwater ecosystems and could conceivably reduce the efficacy of stockings used to enhance fisheries. In Lake Michigan, offshore oligotrophication has occurred since the 1970s, owing to reductions in total phosphorus (TP) inputs and nearshore sequestration of TP by nonindigenous dreissenid mussels. We evaluated simultaneous effects of stock enhancement and oligotrophication on salmonine species (Chinook salmon Oncorhynchus tshawytscha, lake trout Salvelinus namaycush, and steelhead O. mykiss) that support valuable recreational fisheries. We employed a novel application of an Ecopath with Ecosim model by conducting a full factorial simulation experiment. Our design included multiple levels of salmonine stocking, consumption by invasive quagga mussels (Dreissena bugensis), and TP that were informed by manager interests. Under all levels of TP and quagga mussel consumption, our results showed that stock enhancement could still increase salmonine biomass, but positive responses were stronger for lake trout and steelhead than Chinook salmon. Simulations showed that quagga mussel consumption has deleterious effects on pelagic-oriented prey fishes and Chinook salmon, which feed almost exclusively on the pelagic-oriented alewife (Alosa pseudoharengus). In summary, results from our simulation experiment suggested that lake trout and steelhead are better suited to the current ecosystem than Chinook salmon, and therefore, stock enhancement provides the highest gains for these two species. Furthermore, simulated biomass of all recreational salmonine species increased with increasing TP, indicating the need for managers to consider how potential future oligotrophication will limit the carrying capacity of salmonine biomass in Lake Michigan

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...

"Price-quakes" shaking the world's stock exchanges.

Directory of Open Access Journals (Sweden)

Jørgen Vitting Andersen

Full Text Available BACKGROUND: Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. METHODOLOGY/PRINCIPAL FINDINGS: Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. CONCLUSIONS/SIGNIFICANCE: We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

"Price-quakes" shaking the world's stock exchanges.

Science.gov (United States)

Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

2011-01-01

Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

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)

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.

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

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

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...

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.

Auditor Tenure and Stock Price Volatility: TheModerating Role of Auditor Industry Specialization

Directory of Open Access Journals (Sweden)

Mehran Jorjani

2018-04-01

Full Text Available Purpose The present study aims to investigate the relationship between auditor tenure and stock return volatility and to study the moderating effect of auditor’s industry specialization on this relationship in the firms listed on the Tehran Stock Exchange (TSE. Design/methodology/approach A sample of 95 companies listed on the Tehran Stock Exchange during the period 2011 to 2015 was selected and two hypotheses were formulated and analyzed using multivariate regression and econometric models. Findings The results of the study indicate that with the increase of auditor tenure, the volatility of stock returns is reduced. However, the results showed that the use of auditors specializing in the client's industry does not affect the relationship between the length of auditor tenure and the volatility of stock returns. Originality/value The findings of current study not only extend the extant theoretical literature concerning the stock price volatility in developing countries including emerging capital market of Iran, but also help investors, capital market and audit profession regulators to make informed decisions.

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 ...

Dependence of Stock Markets with Gold and Bonds under Bullish and Bearish Market States

OpenAIRE

Shahzad, Syed Jawad Hussain; Raza, Naveed; Shahbaz, Muhammad; Ali, Azwadi

2017-01-01

This paper examines the dependence of gold and benchmark bonds with ten stock markets including five larger developed markets (e.g. USA, UK, Japan, Canada and Germany) and five Eurozone peripheral GIPSI countries (Greece, Ireland, Portuguese, Spain and Ireland) stock markets. We use a novel quantile-on-quantile (QQ) approach to construct the dependence estimates of the quantiles of gold and bond with the quantiles of stock markets. The QQ approach, recently developed by Sim and Zhou (2015), c...

Interactions between the Real Economy and the Stock Market: A Simple Agent-Based Approach

Directory of Open Access Journals (Sweden)

Frank Westerhoff

2012-01-01

Full Text Available We develop a simple behavioral macromodel to study interactions between the real economy and the stock market. The real economy is represented by a Keynesian-type goods market approach while the setup for the stock market includes heterogeneous speculators. Using a mixture of analytical and numerical tools we find, for instance, that speculators may create endogenous boom-bust dynamics in the stock market which, by spilling over into the real economy, can cause lasting fluctuations in economic activity. However, fluctuations in economic activity may, by shaping the firms' fundamental values, also have an impact on the dynamics of the stock market.

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.

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.

Fine-mapping diabetes-related traits, including insulin resistance, in heterogeneous stock rats

Science.gov (United States)

Holl, Katie L.; Oreper, Daniel; Xie, Yuying; Tsaih, Shirng-Wern; Valdar, William

2012-01-01

Type 2 diabetes (T2D) is a disease of relative insulin deficiency resulting from both insulin resistance and beta cell failure. We have previously used heterogeneous stock (HS) rats to fine-map a locus for glucose tolerance. We show here that glucose intolerance in the founder strains of the HS colony is mediated by different mechanisms: insulin resistance in WKY and an insulin secretion defect in ACI, and we demonstrate a high degree of variability for measures of insulin resistance and insulin secretion in HS rats. As such, our goal was to use HS rats to fine-map several diabetes-related traits within a region on rat chromosome 1. We measured blood glucose and plasma insulin levels after a glucose tolerance test in 782 male HS rats. Using 97 SSLP markers, we genotyped a 68 Mb region on rat chromosome 1 previously implicated in glucose and insulin regulation. We used linkage disequilibrium mapping by mixed model regression with inferred descent to identify a region from 198.85 to 205.9 that contains one or more quantitative trait loci (QTL) for fasting insulin and a measure of insulin resistance, the quantitative insulin sensitivity check index. This region also encompasses loci identified for fasting glucose and Insulin_AUC (area under the curve). A separate <3 Mb QTL was identified for body weight. Using a novel penalized regression method we then estimated effects of alternative haplotype pairings under each locus. These studies highlight the utility of HS rats for fine-mapping genetic loci involved in the underlying causes of T2D. PMID:22947656

Initial value sensitivity of the Chinese stock market and its relationship with the investment psychology

Science.gov (United States)

Ying, Shangjun; Li, Xiaojun; Zhong, Xiuqin

2015-04-01

This paper discusses the initial value sensitivity (IVS) of Chinese stock market, including the single stock market and the Chinese A-share stock market, with respect to real markets and evolving models. The aim is to explore the relationship between IVS of the Chinese A-share stock market and the investment psychology based on the evolving model of genetic cellular automaton (GCA). We find: (1) The Chinese stock market is sensitively dependent on the initial conditions. (2) The GCA model provides a considerable reliability in complexity simulation (e.g. the IVS). (3) The IVS of stock market is positively correlated with the imitation probability when the intensity of the imitation psychology reaches a certain threshold. The paper suggests that the government should seek to keep the imitation psychology under a certain level, otherwise it may induce severe fluctuation to the market.

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....

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.

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

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

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.

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.

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.

Population size and yield of Baffin Bay beluga (Delphinapterus leucas stocks

Directory of Open Access Journals (Sweden)

Stuart Innes

2002-07-01

Full Text Available A surplus production model within a Sampling, Importance Resampling (SIR Bayesian analysis was used to estimate stock sizes and yields of Baffin Bay belugas. The catch of belugas in West Greenland increased in 1968 and has remained well above sustainable rates. SIR analysis indicated a decline of about 50% between 1981 and 1994, with a credibility interval that included a previous estimate of 62%. The estimated stock sizes of belugas wintering off West Greenland in 1998 and 1999 were approximately 5,100 and 4,100 respectively and were not significantly different than an estimate based on aerial surveys combined for both years. Projected to 1999 this stock can sustain median landings of 109 whales with a total kill of about 155, based on posterior estimates of struck and lost plus under-reporting. The declining stock size index series did not provide sufficient information to estimate the potential maximum rate of population growth, the number of whales struck and lost, or the shape of the production curve with precision. Estimating these parameters requires an index time series with a marked step change in catch or a series with increasing stock sizes. The stock size estimate for the belugas wintering in the North Water in 1999 was approximately 14,800 but there is no information about the population biology of these whales. The estimated maximum sustainable yield (landed for the North Water stock was 317 belugas.

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.

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

OpenAIRE

Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

2015-01-01

This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index...

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.

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

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

Annual trends in catchability and fish stock assessments

Directory of Open Access Journals (Sweden)

Marchal Paul

2003-04-01

Full Text Available A key assumption of many fish stock assessment models is that catchability is constant over time. We assume here that trends in catchability may occur through fishing power creeping. The tuning fleets, which are prone to fishing power development, may be identified using the Hybrid method. A range of catchability trends, including values derived from the Hybrid method, is then implemented to standardise the fishing effort of some tuning fleets used in the stock assessments performed by XSA (eXtended Survivors Analysis. Stocks being assessed are the North Sea cod, saithe, plaice and sole. The performances of the new and traditional XSA assessments are compared using criteria based on the precision of catchability estimates, stationarity of Log-catchability residuals and retrospective patterns relative to fishing mortality, spawning stock biomass and recruitment estimates. The performances of the North Sea cod, plaice and sole assessments could be enhanced by accounting for an overall annual increase in the catchability of some of the tuning fleets. No significant trends could be detected in the catchability of the tuning fleets relative to the assessment of the North Sea saithe. By contrast with the traditional assessment, the spawning biomass of cod is expected not to have increased between 1997 and 1998, while the fishing mortality of sole is expected to have increased over the same period.

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...

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.

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....

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.

Appropriate Utilization and Stocking of Antidotes in Qatar Public Hospitals

Directory of Open Access Journals (Sweden)

Rawan Salameh

2017-09-01

Full Text Available Background: There are a few studies that evaluate preparedness and availability of antidotes in the emergency setting and none have been conducted in Qatar. Published studies show that timely availability of antidotes in the emergency department setting is a common issue. To address this, we conducted a study to evaluate antidote stocking and utilization in Qatar hospital pharmacies and emergency departments. Methods: In order to evaluate the appropriate use and timely administration of antidotes, research assistants prospectively collected data on ED patients. All ED patients who received any key antidote over the 6-month study period were identified through both ED and pharmacy records. In order to evaluate the stocking of the 31 most important antidotes in our main public hospitals, a survey assessing the stocking of these key antidotes was sent to the four general hospitals in Qatar, to determine their availability and whether they are stocked in the ED or only in the main pharmacy. Results: Poison exposure was evaluated in 471 cases. Antidotes were given within 30 minutes in 73% of cases, which included atropine, calcium, dextrose, flumazenil, naloxone, pralidoxime, sodium bicarbonate, thiamine, vitamin K and scorpion and snake antivenoms. Administration occurred later than 60 minutes in 2% of cases, exclusively with N-acetylcysteine and activated charcoal. Atropine, calcium, dextrose, naloxone, pralidoxime (2-PAM, sodium bicarbonate, and anti-venoms were clinically indicated 92% of the times they were ordered. N-acetylcysteine was indicated in only 51.5% of administrations. Significant variation in antidote stocking existed between hospitals, and there was no stocked hydroxocobalamin as antidotes for cyanide poisoning or fomepizole for toxic alcohol poisoning. Conclusion: Antidote stocking varied significantly between hospitals, and antidotes necessary for cyanide and toxic alcohol poisoning were deficient in all public hospitals. The

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

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.

12 CFR 552.3 - Charters for Federal stock associations.

Science.gov (United States)

2010-01-01

... exercise all of the express, implied, and incidental powers conferred thereby and by all acts amendatory... stock savings bank shall substitute the term “savings bank” for “association.” Charters may also include...

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

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

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.

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

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....

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

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...

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...

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.

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

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.

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.

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...

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.

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.

Cointegration-based financial networks study in Chinese stock market

Science.gov (United States)

Tu, Chengyi

2014-05-01

We propose a method based on cointegration instead of correlation to construct financial complex network in Chinese stock market. The network is obtained starting from the matrix of p-value calculated by Engle-Granger cointegration test between all pairs of stocks. Then some tools for filtering information in complex network are implemented to prune the complete graph described by the above matrix, such as setting a level of statistical significance as a threshold and Planar Maximally Filtered Graph. We also calculate Partial Correlation Planar Graph of these stocks to compare the above networks. Last, we analyze these directed, weighted and non-symmetric networks by using standard methods of network analysis, including degree centrality, PageRank, HITS, local clustering coefficient, K-shell and strongly and weakly connected components. The results shed a new light on the underlying mechanisms and driving forces in a financial market and deepen our understanding of financial complex network.

Bursts and horizontal evolution of DNA transposons in the speciation of pseudotetraploid salmonids

Directory of Open Access Journals (Sweden)

Davidson William S

2007-11-01

Full Text Available Abstract Background Several genome duplications have occurred in the evolutionary history of teleost fish. In returning to a stable diploid state, the polyploid genome reorganized, and large portions are lost, while the fish lines evolved to numerous species. Large scale transposon movement has been postulated to play an important role in the genome reorganization process. We analyzed the DNA sequence of several large loci in Salmo salar and other species for the presence of DNA transposon families. Results We have identified bursts of activity of 14 families of DNA transposons (12 Tc1-like and 2 piggyBac-like families, including 11 novel ones in genome sequences of Salmo salar. Several of these families have similar sequences in a number of closely and distantly related fish, lamprey, and frog species as well as in the parasite Schistosoma japonicum. Analysis of sequence similarities between copies within the families of these bursts demonstrates several waves of transposition activities coinciding with salmonid species divergence. Tc1-like families show a master gene-like copying process, illustrated by extensive but short burst of copying activity, while the piggyBac-like families show a more random copying pattern. Recent families may include copies with an open reading frame for an active transposase enzyme. Conclusion We have identified defined bursts of transposon activity that make use of master-slave and random mechanisms. The bursts occur well after hypothesized polyploidy events and coincide with speciation events. Parasite-mediated lateral transfer of transposons are implicated.

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.

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.

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...

Who continues to stock oral artemisinin monotherapy? Results of a provider survey in Myanmar.

Science.gov (United States)

Thein, Si Thu; Sudhinaraset, May; Khin, Hnin Su Su; McFarland, Willi; Aung, Tin

2016-06-22

Artemisinin-based combination therapy (ACT) is a key strategy for global malaria elimination efforts. However, the development of artemisinin-resistant malaria parasites threatens progress and continued usage of oral artemisinin monotherapies (AMT) predisposes the selection of drug resistant strains. This is particularly a problem along the Myanmar/Thailand border. The artemisinin monotherapy replacement programme (AMTR) was established in 2012 to remove oral AMT from stocks in Myanmar, specifically by replacing oral AMT with quality-assured ACT and conducting behavioural change communication activities to the outlets dispensing anti-malarial medications. This study attempts to quantify the characteristics of outlet providers who continue to stock oral AMT despite these concerted efforts. A cross-sectional survey of all types of private sector outlets that were stocking anti-malarial drugs in 13 townships of Eastern Myanmar was implemented from July to August 2014. A total of 573 outlets were included. Bivariate and multivariable logistic regressions were conducted to assess outlet and provider-level characteristics associated with stocking oral AMT. In total, 2939 outlets in Eastern Myanmar were screened for presence of any anti-malarial drugs in August 2014. The study found that 573 (19.5 %) had some kind of oral anti-malarial drug in stock at the time of survey and among them, 96 (16.8 %) stocked oral AMT. In bivariate analyses, compared to health care facilities, itinerant drug vendors, retailers and health workers were less likely to stock oral AMT (33.3 vs 12.9, 10.0, 8.1 %, OR = 0.30, 0.22, 0.18, respectively). Providers who cut blister pack or sell partial courses (40.6 vs 11.7 %, OR 5.18, CI 3.18-8.44) and those who based their stock decision on consumer demand (32.8 vs 12.1 %, OR 3.54, CI 2.21-5.63) were more likely to stock oAMT. Multivariate logistic regressions produced similar significant associations. Private healthcare facilities and drug

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.

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.

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.

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.

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

Science.gov (United States)

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

2018-01-01

State-and-transition simulation models (STSMs) provide a general framework for forecasting landscape dynamics, including projections of both vegetation and land-use/land-cover (LULC) change. The STSM method divides a landscape into spatially-referenced cells and then simulates the state of each cell forward in time, as a discrete-time stochastic process using a Monte Carlo approach, in response to any number of possible transitions. A current limitation of the STSM method, however, is that all of the state variables must be discrete.Here we present a new approach for extending a STSM, in order to account for continuous state variables, called a state-and-transition simulation model with stocks and flows (STSM-SF). The STSM-SF method allows for any number of continuous stocks to be defined for every spatial cell in the STSM, along with a suite of continuous flows specifying the rates at which stock levels change over time. The change in the level of each stock is then simulated forward in time, for each spatial cell, as a discrete-time stochastic process. The method differs from the traditional systems dynamics approach to stock-flow modelling in that the stocks and flows can be spatially-explicit, and the flows can be expressed as a function of the STSM states and transitions.We demonstrate the STSM-SF method by integrating a spatially-explicit carbon (C) budget model with a STSM of LULC change for the state of Hawai'i, USA. In this example, continuous stocks are pools of terrestrial C, while the flows are the possible fluxes of C between these pools. Importantly, several of these C fluxes are triggered by corresponding LULC transitions in the STSM. Model outputs include changes in the spatial and temporal distribution of C pools and fluxes across the landscape in response to projected future changes in LULC over the next 50 years.The new STSM-SF method allows both discrete and continuous state variables to be integrated into a STSM, including interactions between

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. 

Impact of monetary policy on the volatility of stock market in pakistan

OpenAIRE

Abdul Qayyum; Saba Anwa

2010-01-01

This paper addresses the linkages between the monetary policy and the stock market in Pakistan. The estimation technique employed includes Engle Granger two step procedure and the bivariate EGARCH method. The results indicate that any change in the monetary policy stance have a significant impact on the volatility of the stock market. Thus contributing to the ongoing debate in the monetary policy rule literature regarding the proactive and reactive approach.

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.

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....

18 CFR 367.4380 - Account 438, Dividends declared-common stock.

Science.gov (United States)

2010-04-01

... GAS ACT Retained Earnings Accounts § 367.4380 Account 438, Dividends declared—common stock. (a) This account must include amounts declared payable out of retained earnings as dividends on actually...

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.

Looking Back on the Stock Market

Institute of Scientific and Technical Information of China (English)

无

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.

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.

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...

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

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

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

Science.gov (United States)

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

2017-11-01

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

18 CFR 367.4370 - Account 437, Dividends declared-preferred stock.

Science.gov (United States)

2010-04-01

... NATURAL GAS ACT Retained Earnings Accounts § 367.4370 Account 437, Dividends declared—preferred stock. (a) This account must include amounts declared payable out of retained earnings as dividends on actually...

The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching

Directory of Open Access Journals (Sweden)

Slah Bahloul

2017-03-01

Full Text Available The objective of this paper is to study the impact of conventional stock market return and volatility and various macroeconomic variables (including inflation rate, short-term interest rate, the slope of the yield curve and money supply on Islamic stock markets returns for twenty developed and emerging markets using Markov switching regression models. The empirical results for the period 2002–2014 show that both developed and emerging Islamic stock indices are influenced by conventional stock indices returns and money supply for both the low and high volatility regimes. However, the other macroeconomic variables fail to explain the dynamics of Islamic stock indices especially in the high volatility regime. Similar conclusions are obtained by using the MS-VAR model.

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

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.

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.

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

Retail Out-of-stocks in the Context of Centralized and Direct Delivery

Directory of Open Access Journals (Sweden)

Nikola Milićević

2018-03-01

Full Text Available The delivery of the right product, at the right time to the retail store, only seems to be an easy process. The smallest problem can cause the out-of-stock (OOS situation, which may prevent customers to buy products they were looking for. Consequently, it affects retailers and their suppliers through potential operational inefficiencies, sale losses and eventually the losses of their loyal customers. Starting from these problems, by using the data of a large Serbian retailer, this paper analyses out-of-stocks in the context of two alternative delivery systems, centralized and direct. For calculating OOS rates the perpetual inventory aggregation metrics was used, while the occurrence of out-of-stocks was modelled by the application of probit regression analysis. The results have shown that delivery system has a significant impact on the probability of a stock-out, indicating potential problems in the centralized system. In addition, the analysis included certain product and store characteristics that also significantly affect the average probability of stock-outs.

An epidemiological model of virus transmission in salmonid fishes of the Columbia River Basin

Science.gov (United States)

Ferguson, Paige F. B.; Breyta, Rachel; Brito, Ilana L.; Kurath, Gael; LaDeau, Shannon L.

2018-01-01

cohort-sites experienced self-exposure by infected juvenile fish, this transmission route had the greatest probability of infection (0.22). Increased testing and/or determining whether transmission can occur from cohort-sites without testing records (e.g., determining there was no testing record because there were no fish at the cohort-site) are expected to improve inference about infection probabilities. Increased use of secure water supplies and continued use of biosecurity protocols may reduce IHNV transmission from adult fish and juvenile fish within the site, respectively, to juvenile salmonids at hatcheries. Models and conclusions from this study are potentially relevant to understanding the relative importance of transmission routes for other important aquatic pathogens in salmonids, including the agents of bacterial kidney disease and coldwater disease, and the basic approach may be useful for other pathogens and hosts in other geographic regions.

MyLabStocks: a web-application to manage molecular biology materials.

Science.gov (United States)

Chuffart, Florent; Yvert, Gaël

2014-05-01

Laboratory stocks are the hardware of research. They must be stored and managed with mimimum loss of material and information. Plasmids, oligonucleotides and strains are regularly exchanged between collaborators within and between laboratories. Managing and sharing information about every item is crucial for retrieval of reagents, for planning experiments and for reproducing past experimental results. We have developed a web-based application to manage stocks commonly used in a molecular biology laboratory. Its functionalities include user-defined privileges, visualization of plasmid maps directly from their sequence and the capacity to search items from fields of annotation or directly from a query sequence using BLAST. It is designed to handle records of plasmids, oligonucleotides, yeast strains, antibodies, pipettes and notebooks. Based on PHP/MySQL, it can easily be extended to handle other types of stocks and it can be installed on any server architecture. MyLabStocks is freely available from: https://forge.cbp.ens-lyon.fr/redmine/projects/mylabstocks under an open source licence. © 2014 Laboratoire de Biologie Moleculaire de la Cellule CNRS. Yeast published by John Wiley & Sons, Ltd.

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...

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.

Morphometric evaluation of Arbor Acre parent stock broilers reared ...

African Journals Online (AJOL)

Morphometric evaluation of Arbor Acre parent stock broilers reared in ... Economic importance of morphometric parameters such as live weight and body ... (R2) value of 60.30 included forecast indices such as BL, WS, WL, TL, BG and SL.

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...

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...

PERCEPTION OF CAPITAL, PROFIT AND DIVIDENDS AFFECT THE STOCK PURCHASE INTENTION IN INDONESIA PUBLIC COMPANY

Directory of Open Access Journals (Sweden)

Iskandar Muda

2017-05-01

Full Text Available This study aims to investigate the influence perception of Capital Gains and Dividends on Stock Purchase Intention in Indonesian companies. Variables used in this research are the capital, profit and dividends (independent variables and Stock Purchase Intention (dependent variable and to show their relationship, it was used multiple linear regression. This research included Manufacturing Companies listed on the Indonesia Stock Exchange and there were taken into account a number of 38 societies Data of this research are secondary data, obtained from the financial statements of the investigated companies published in the Indonesia Stock Exchange. The results showed that simultaneous independent variables have a significant influence on the capital structure, while partially effect on the Capital Shares Purchase Intentions. It was also shown that Profit and Dividends do not affect the Stock Purchase Intention.

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...

Testing of Rice Stocks for Their Survival of Winter Cold

Directory of Open Access Journals (Sweden)

Hiroshi Ikehashi

2018-03-01

Full Text Available Rice cultivation is considered to be initiated by vegetative propagation of sprout from wild perennial stocks. To test whether any presently cultivated rice cultivar can survive the winter cold or not, rice stocks of several cultivars including indica and japonica types were placed in a shallow pool from October to April in 2015–2016 and 2016–2017. During the coldest period of the winter, the bases of the stocks were placed 5–6 cm below the surface of water, where temperatures ranged from 3 °C to 5 °C, while the surface was frozen for two or three times and covered with snow for a day. Only one cultivar, Nipponbare, a japonica type, survived the winter cold and regenerated sprouts in the end of April or early May. A possibility to develop perennial cultivation of rice or perennial hybrid rice is discussed.

Modeling and Computing of Stock Index Forecasting Based on Neural Network and Markov Chain

Science.gov (United States)

Dai, Yonghui; Han, Dongmei; Dai, Weihui

2014-01-01

The stock index reflects the fluctuation of the stock market. For a long time, there have been a lot of researches on the forecast of stock index. However, the traditional method is limited to achieving an ideal precision in the dynamic market due to the influences of many factors such as the economic situation, policy changes, and emergency events. Therefore, the approach based on adaptive modeling and conditional probability transfer causes the new attention of researchers. This paper presents a new forecast method by the combination of improved back-propagation (BP) neural network and Markov chain, as well as its modeling and computing technology. This method includes initial forecasting by improved BP neural network, division of Markov state region, computing of the state transition probability matrix, and the prediction adjustment. Results of the empirical study show that this method can achieve high accuracy in the stock index prediction, and it could provide a good reference for the investment in stock market. PMID:24782659

Modeling and Computing of Stock Index Forecasting Based on Neural Network and Markov Chain

Directory of Open Access Journals (Sweden)

Yonghui Dai

2014-01-01

Full Text Available The stock index reflects the fluctuation of the stock market. For a long time, there have been a lot of researches on the forecast of stock index. However, the traditional method is limited to achieving an ideal precision in the dynamic market due to the influences of many factors such as the economic situation, policy changes, and emergency events. Therefore, the approach based on adaptive modeling and conditional probability transfer causes the new attention of researchers. This paper presents a new forecast method by the combination of improved back-propagation (BP neural network and Markov chain, as well as its modeling and computing technology. This method includes initial forecasting by improved BP neural network, division of Markov state region, computing of the state transition probability matrix, and the prediction adjustment. Results of the empirical study show that this method can achieve high accuracy in the stock index prediction, and it could provide a good reference for the investment in stock market.

Taxing Stock Options: Efficiency, Fairness and Revenue Implications

Directory of Open Access Journals (Sweden)

Jack M. Mintz

2015-10-01

means also allowing the same deduction to an employer allowed for other forms of compensation. Changing only the personal side merely replaces one type of distortion with another, and discourage employers from granting options, by making it a more expensive form of compensation compared to any other. The NDP predicts that its proposal to impose full personal taxation on stock options will raise annually $500 million leading to a tax revenue collection of $ 2 billion in the next four years. The Liberals also predict that their similar proposal will actually raise more: approximately $560 million annually. But neither proposal acknowledges the necessary symmetrical adjustment for corporations — the tax deductibility of stock-option benefits. If we estimate the federal and provincial revenue effect from the full taxation of stock options using data from recent years reflecting the options granted by the largest 100 public corporations in Canada, projected forward to 2015, we find that the tax revenue gain is actually $1.168 billion. But the tax revenue loss, by allowing corporate tax deductions for stock-option benefits, is $1.318 billion. After one more adjustment for the gain from the personal tax on corporate tax saving on the dividend received by the investor, the net effect for federal and provincial governments is a slight net loss of $12 million. The NDP and the Liberals are onto a good idea in proposing a more efficient way to tax stock options. Regardless of who wins the election, it is the right approach. But it cannot be done fairly, or successfully, without also including a deduction for the employer. And once that is accounted for, as sensible as their proposals may be, neither party should expect any extra spending money to come from implementing this change.

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

Habitat restoration in the Columbia River estuary (CRE) is an important off-site mitigation action in the 2000 Biological Opinion (BiOp), an operation of the Federal Columbia River Power System. The CRE, defined as the tidally influenced stretch of river from the mouth to Bonneville Dam 146 miles upstream, is part of the migration pathway for anadromous fish in the Columbia Basin, including salmon listed under the Endangered Species Act (ESA). Salmon in various stages of life, from fry to adults, use tidal channels and wetlands in the CRE to feed, find refuge from predators, and transition physiologically from freshwater to saltwater. Over the last 100 years, however, the area of some wetland habitats has decreased by as much as 70% because of dike and levee building, flow regulation, and other activities. In response to the decline in available habitat, the BiOp's Reasonable and Prudent Alternative (RPA) included mandates to 'develop a plan addressing the habitat needs of juvenile salmon and steelhead in the estuary' (RPA Action 159) and 'develop and implement an estuary restoration program with a goal of protecting and enhancing 10,000 acres of tidal wetlands and other key habitats' (RPA Action 160). To meet Action 159 and support Action 160, this document develops a science-based approach designed to improve ecosystem functions through habitat restoration activities in the CRE. The CRE habitat restoration program's goal and principles focus on habitat restoration projects in an ecosystem context. Since restoration of an entire ecosystem is not generally practical, individual habitat restoration projects have the greatest likelihood of success when they are implemented with an ecosystem perspective. The program's goal is: Implementation of well-coordinated, scientifically sound projects designed to enhance, protect, conserve, restore, and create 10,000 acres of tidal wetlands and other key habitats to aid rebuilding of ESA

Ecosystem-Level Carbon Stocks in Costa Rican Mangrove Forests

Science.gov (United States)

Cifuentes, M.

2012-12-01

Tropical mangroves provide a wide variety of ecosystem services, including atmospheric carbon sequestration. Because of their high rates of carbon accumulation, the large expected size of their total stocks (from 2 to 5 times greater than those of upland tropical forests), and the alarming rates at which they are being converted to other uses (releasing globally from 0.02 to 0.12 Pg C yr-1), mangroves are receiving increasing attention as additional tools to mitigate climate change. However, data on whole ecosystem-level carbon in tropical mangroves is limited. Here I present the first estimate of ecosystem level carbon stocks in mangrove forests of Central America. I established 28, 125 m-long, sampling transects along the 4 main rivers draining the Térraba-Sierpe National Wetland in the southern Pacific coast of Costa Rica. This area represents 39% of all remaining mangroves in the country (48300 ha). A circular nested plot was placed every 25 m along each transect. Carbon stocks of standing trees, regeneration, the herbaceous layer, litter, and downed wood were measured following internationally-developed methods compatible with IPCC "Good Practice Guidelines". In addition, total soil carbon stocks were determined down to 1 m depth. Together, these carbon estimates represent the ecosystem-carbon stocks of these forests. The average aboveground carbon stocks were 72.5 ± 3.2 MgC ha-1 (range: 9 - 241 MgC ha-1), consistent with results elsewhere in the world. Between 74 and 92% of the aboveground carbon is stored in trees ≥ 5cm dbh. I found a significant correlation between basal area of trees ≥ 5cm dbh and total aboveground carbon. Soil carbon stocks to 1 m depth ranged between 141 y 593 MgC ha-1. Ecosystem-level carbon stocks ranged from 391 MgC ha-1 to 438 MgC ha-1, with a slight increase from south to north locations. Soil carbon stocks represent an average 76% of total ecosystem carbon stocks, while trees represent only 20%. These Costa Rican mangroves

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...

Characterizing the role of built environment stocks in human development and emission growth

DEFF Research Database (Denmark)

Lin, Chen; Liu, Gang; Müller, Daniel B.

2017-01-01

throughout their construction, operation, and end-of-life management phases. These stocks usually exist in societies for relatively long time, from years to over a century, therefore their dynamics have long term impacts on human development and emission growth. Several recent studies, including the Fifth...... Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), have discussed the lock-in effects of infrastructure stocks on emission pathways. However, there is still a lack of quantitative analysis and evidence to support this claim. Here, based on an empirical regression model and a new...... underline the role of built environment stocks in human development, future emission pathways, and relevant climate policy....

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...

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

Stock Market Fluctuations and Self-Harm among Children and Adolescents in Hong Kong.

Science.gov (United States)

Wong, Wilfred Hing-Sang; Lee, James Chun-Yin; Ho, Frederick Ka-Wing; Li, Tim Man-Ho; Ip, Patrick; Chow, Chun-Bong

2017-06-09

Although a few studies investigated the impact of stock market fluctuations on population health, the question of whether stock market fluctuations have an impact on self-harm in children and adolescents remain unanswered. This study therefore investigated the association between stock market fluctuations and self-harm among children and adolescents in Hong Kong. Daily self-harm attendance records were retrieved from all 18 local Accident and Emergency Departments (AED) from 2001 to 2012. 4931 children and adolescents who committed self-harm were included. The results indicated positive correlation between daily change in stock market index, Hang Seng Index (∇HSI, per 300 points), and daily self-harm incident risk of children and adolescents, without time lag between the two. The incident risk ratio for ∇HSI was 1.09 ( p = 0.0339) in children and 1.06 ( p = 0.0246) in adolescents. Importantly, non-trading days were found to impose significant protective effect in both groups against self-harm risk. Our results showed that stock market fluctuations were related to self-harm behaviors in children and adolescents. Parents and professionals should be educated about the potential harm of stock market fluctuations and the importance of effective parenting in reducing self-harm among children and adolescents.

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

Science.gov (United States)

Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

2015-01-01

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

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...

STUDY ON FINANCIAL COMMUNICATIONS FROM PUBLIC RETAIL COMPANIES: COMPARATIVE ANALYSIS – MILANO STOCK EXCHANGE AND BUCHAREST STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Veronica R GROSU

2016-09-01

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

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.

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

Successive oral immunizations against Piscirickettsia salmonis and infectious salmon anemia virus are required to maintain a long-term protection in farmed salmonids

Directory of Open Access Journals (Sweden)

Ivan eTobar

2015-05-01

Full Text Available Currently, there is a growing demand to determine the protective status of vaccinated fish in order to prevent diseases outbreaks. A set of different parameters that include the infectious and immunological status of vaccinated salmonids from 622 Chilean farms were analyzed during 2011-2014. The aim of this study was to optimize the vaccination program of these centers through the determination of the protective state of vaccinated fish using oral immunizations. This state was measured by the association of the concentration of the immunoglobulin M (IgM in the serum and the mortality rate of vaccinated fish. Salmonids were vaccinated with different commercial mono- or polyvalent vaccines against SRS and ISAv, first by the intraperitoneal injection of oil-adjuvanted antigens and then by the stimulation of mucosal immunity using oral vaccines as booster. The results showed that high levels of specific IgM antibodies were observed after injectable vaccination, reaching a maximum concentration at 600-800 degree-days. Similar levels of antibodies were observed when oral immunizations were administrated. The high concentration of antibodies (above 2750 ng/mL for ISAv and 3500 ng/mL for SRS was maintained for a period of 800 degree-days after each vaccination procedure. In this regard, oral immunizations maintained a long-term high concentration of anti-SRS and anti-ISAv specific IgM antibodies. When the concentration of antibodies decreased below 2000 pg/mL, a window of susceptibility to SRS infection was observed in the farm, suggesting the close association between antibody levels and fish protective status. These results demonstrated that, in the field, several oral immunizations are essential to uphold a high level of specific anti-pathogens antibodies and, therefore, a protective status during the whole productive cycle.

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.

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

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

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.

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...

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.

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.

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...

Contagion Effects of US Subprime Crisis on ASEAN-5 Stock Markets: Evidence from MGARCH-DCC Application

OpenAIRE

Chunxiu, Ma; Masih, Mansur

2014-01-01

We attempted to investigate the contagion effects of the US subprime crisis on ASEAN-5 stock markets [including Malaysia (conventional and Islamic), Thailand, Singapore, Indonesia, Philippines] by applying MGARCH-DCC through the period of January 1, 2004 to July 5, 2012 on daily stock indices returns, and also Continuous Wavelet Transform coherence method through the period of January 1, 2006 to December 31, 20091 on daily stock indices returns. This is motivated by the fact that the 2007-200...

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...

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

Climate-induced trends in predator–prey synchrony differ across life-history stages of an anadromous salmonid

Science.gov (United States)

Bell, Donovan A.; Kovach, Ryan; Vulstek, Scott C.; Joyce, John E.; Tallmon, David A.

2017-01-01

Differential climate-induced shifts in phenology can create mismatches between predators and prey, but few studies have examined predator–prey mismatch across multiple life-history stages. We used long-term data from a warming stream with shifting salmonid migration timings to quantify intra-annual migration synchrony between predatory Dolly Varden (Salvelinus malma) and Pacific salmon prey and examined how predator–prey synchrony has been influenced by climate change. We demonstrate that Dolly Varden have become increasingly mismatched with spring downstream migrations of abundant pink salmon (Oncorhynchus gorbuscha) juveniles. However, Dolly Varden have remained matched with fall upstream migrations of spawning Pacific salmon, including coho (Oncorhynchus kisutch), sockeye (Oncorhynchus nerka), and pink salmon. Downstream predator–prey migration synchrony decreased over time and with higher temperatures, particularly with pink salmon. In contrast, upstream migration synchrony was temporally stable and increased with rising temperatures. Differing trends in Dolly Varden predator–prey synchrony may be explained by the direct use of salmon to cue upstream migration, but not downstream migration. Overall, we show that climate change can have differing impacts on predator–prey synchrony across life-history stages.

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.

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

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.

Cross-sectional fluctuation scaling in the high-frequency illiquidity of Chinese stocks

Science.gov (United States)

Cai, Qing; Gao, Xing-Lu; Zhou, Wei-Xing; Stanley, H. Eugene

2018-03-01

Taylor's law of temporal and ensemble fluctuation scaling has been ubiquitously observed in diverse complex systems including financial markets. Stock illiquidity is an important nonadditive financial quantity, which is found to comply with Taylor's temporal fluctuation scaling law. In this paper, we perform the cross-sectional analysis of the 1 min high-frequency illiquidity time series of Chinese stocks and unveil the presence of Taylor's law of ensemble fluctuation scaling. The estimated daily Taylor scaling exponent fluctuates around 1.442. We find that Taylor's scaling exponents of stock illiquidity do not relate to the ensemble mean and ensemble variety of returns. Our analysis uncovers a new scaling law of financial markets and might stimulate further investigations for a better understanding of financial markets' dynamics.

78 FR 62814 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule...

Science.gov (United States)

2013-10-22

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change To Assume... Authority and Supervision September 30, 2013. On July 31, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or...) Manipulation patterns that monitor solely NASDAQ activity, including patterns that monitor the Exchange's...

Multifractal analysis of Moroccan family business stock returns

Science.gov (United States)

Lahmiri, Salim

2017-11-01