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.

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

Science.gov (United States)

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

2015-01-01

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

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

Directory of Open Access Journals (Sweden)

Erika Berenguer

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

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

DEFF Research Database (Denmark)

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

2006-01-01

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

Breathing life into fisheries stock assessments with citizen science.

Science.gov (United States)

Fairclough, D V; Brown, J I; Carlish, B J; Crisafulli, B M; Keay, I S

2014-11-28

Citizen science offers a potentially cost-effective way for researchers to obtain large data sets over large spatial scales. However, it is not used widely to support biological data collection for fisheries stock assessments. Overfishing of demersal fishes along 1,000 km of the west Australian coast led to restrictive management to recover stocks. This diminished opportunities for scientists to cost-effectively monitor stock recovery via fishery-dependent sampling, particularly of the recreational fishing sector. As fishery-independent methods would be too expensive and logistically-challenging to implement, a citizen science program, Send us your skeletons (SUYS), was developed. SUYS asks recreational fishers to voluntarily donate fish skeletons of important species from their catch to allow biological data extraction by scientists to produce age structures and conduct stock assessment analyses. During SUYS, recreational fisher involvement, sample sizes and spatial and temporal coverage of samples have dramatically increased, while the collection cost per skeleton has declined substantially. SUYS is ensuring sampling objectives for stock assessments are achieved via fishery-dependent collection and reliable and timely scientific advice can be provided to managers. The program is also encouraging public ownership through involvement in the monitoring process, which can lead to greater acceptance of management decisions.

Eastern Baltic cod in distress: biological changes and challenges for stock assessment

DEFF Research Database (Denmark)

Eero, Margit; Hjelm, Joakim; Behrens, Jane

2015-01-01

The eastern Baltic (EB) cod (Gadus morhua) stock was depleted and overexploited for decades until the mid-2000s, when fishing mortality rapidly declined and biomass started to increase, as shown by stock assessments. These positive developments were partly assigned to effective management measures...... that the stock is in distress. In this study, we (i) summarize the knowledge of recent changes in cod biology and ecosystem conditions, (ii) describe the subsequent challenges for stock assessment, and (iii) highlight the key questions where answers are urgently needed to understand the present stock status...

Assessing stocks in data-poor African fisheries: a case study on the ...

African Journals Online (AJOL)

Assessing stocks in data-poor African fisheries: a case study on the white grouper Epinephelus aeneus of Mauritania. ... African Journal of Marine Science ... The lack of reliable stock assessment for numerous exploited stocks in West Africa often results from poor-quality data, high multi-specificity of captures, and the ...

Evaluation of alternative age-based methods for estimating relative abundance from survey data in relation to assessment models

DEFF Research Database (Denmark)

Berg, Casper Willestofte; Nielsen, Anders; Kristensen, Kasper

2014-01-01

Indices of abundance from fishery-independent trawl surveys constitute an important source of information for many fish stock assessments. Indices are often calculated using area stratified sample means on age-disaggregated data, and finally treated in stock assessment models as independent...... observations. We evaluate a series of alternative methods for calculating indices of abundance from trawl survey data (delta-lognormal, delta-gamma, and Tweedie using Generalized Additive Models) as well as different error structures for these indices when used as input in an age-based stock assessment model...... the different indices produced. The stratified mean method is found much more imprecise than the alternatives based on GAMs, which are found to be similar. Having time-varying index variances is found to be of minor importance, whereas the independence assumption is not only violated but has significant impact...

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

Science.gov (United States)

Swink, William D.

1983-01-01

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

Multi-temporal Assessment of Forest Cover, Stocking parameters ...

African Journals Online (AJOL)

user

The study assessed forest cover, stocking parameters and above-ground tree .... deration new emerging ideas on REDD+, this study .... representing areas of change and zero values representing no ..... John Wiley & Sons, Inc. New York.

AFSC/REFM: North Pacific Groundfish Stock Assessment Chapters, 1998-present

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Members of the Alaska Fisheries Science Center's (AFSC) Stock Assessment and Multispecies Assessments Program are responsible for determining the condition of...

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.

Eastern Baltic cod in distress: biological changes and challenges for stock assessment

DEFF Research Database (Denmark)

Eero, Margit; Hjelm, Joakim; Behrens, Jane

2015-01-01

The eastern Baltic (EB) cod (Gadus morhua) stock was depleted and overexploited for decades until the mid-2000s, when fishing mortality rapidly declined and biomass started to increase, as shown by stock assessments. These positive developments were partly assigned to effective management measure...

Stock assessment of the red spiny lobster (Panulirus argus caught in the tropical southwestern Atlantic

Directory of Open Access Journals (Sweden)

Humber A Andrade

2015-03-01

Full Text Available The stocks of the red spiny lobster (Panulirus argus (Latreille, 1804 in the Caribbean and in the Brazilian coast are of considerable economic importance. There are important genetic differences between the Brazilian and Caribbean populations, which support separated stock assessment. The present study provides an assessment of the Brazilian stock of P. argus using a biomass dynamic model based on a Bayesian approach. Assuming that the catch per unit effort is a valid index of relative abundance, the results of the analysis indicate that stocks have been heavily overexploited since the 1980s. The present-day scenario is pessimistic, and there is evidence that the stock may be close to collapse.

Using alternative biological information in stock assessment: condition-corrected natural mortality of Eastern Baltic cod

DEFF Research Database (Denmark)

Casini, Michele; Eero, Margit; Carlshamre, Sofia

2016-01-01

) assumed in the analytical stock assessment model. The results in terms of Spawning Stock Biomass (SSB), Fishing mortality (F) and Recruitment (R) in the final year from the stock assessment using M values adjusted for low condition were up to 40% different compared with the assessment assuming a constant......The inclusion of biological and ecological aspects in the assessment of fish population status is one of the bases for an ecosystem-based fisheries management. During the past two decades the Eastern Baltic cod has experienced a drastic reduction in growth and body condition that may have affected...

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

NARCIS (Netherlands)

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

2008-01-01

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

National inventories of down and dead woody material forest carbon stocks in the United States: Challenges and opportunities

Science.gov (United States)

C.W. Woodall; L.S. Heath; J.E. Smith

2008-01-01

Concerns over the effect of greenhouse gases and consequent international agreements and regional/national programs have spurred the need for comprehensive assessments of forest ecosystem carbon stocks. Down and dead woody (DDW) materials are a substantial component of forest carbon stocks; however, few surveys of DDW carbon stocks have been conducted at national-...

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

DEFF Research Database (Denmark)

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

2013-01-01

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

Modelling the mixing of herring stocks between the Baltic and the North Sea from otolith data

DEFF Research Database (Denmark)

Ulrich, Clara; Post, Søren Lorentzen; Worsøe Clausen, Lotte

2012-01-01

and Swedish commercial landings and surveys samples for the purpose of stock assessment. But the split estimates from sampling data are highly variable and noisy. Better understanding of the migration and exploitation patterns involved could therefore potentially improve the stock assessment as well...... and are consistent with existing ideas about the migration patterns of WBSS and NSAS within Division IIIa and adjacent waters. This work therefore provides the foundation for the development of a more rational management of the herring stocks in this area...

Assessing ecosystem carbon stocks of Indonesia's threatened wetland forests

Science.gov (United States)

Warren, M.; Kauffman, B.; Murdiyarso, D.; Kurnianto, S.

2011-12-01

Over millennia, atmospheric carbon dioxide has been sequestered and stored in Indonesia's tropical wetland forests. Waterlogged conditions impede decomposition, allowing the formation of deep organic soils. These globally significant C pools are highly vulnerable to deforestation, degradation and climate change which can potentially switch their function as C sinks to long term sources of greenhouse gas (GHG) emissions. Also at risk are critical ecosystem services which sustain millions of people and the conservation of unique biological communities. The multiple benefits derived from wetland forest conservation makes them attractive for international C offset programs such as the proposed Reduced Emissions from Deforestation and Degradation (REDD+) mechanism. Yet, ecosystem C pools and fluxes in wetland forests remain poorly quantified. Significant knowledge gaps exist regarding how land use changes impact C dynamics in tropical wetlands, and very few studies have simultaneously assessed above- and belowground ecosystem C pools in Indonesia's freshwater peat swamps and mangroves. In addition, most of what is known about Indonesia's tropical wetland forests is derived from few geographic locations where long-standing research has focused, despite their broad spatial distribution. Here we present results from an extensive survey of ecosystem C stocks across several Indonesian wetland forests. Ecosystem C stocks were measured in freshwater peat swamp forests in West Papua, Central Kalimantan, West Kalimantan, and Sumatra. Carbon storage was also measured for mangrove forests in W. Papua, W. Kalimantan, and Sumatra. One overarching goal of this research is to support the development of REDD+ for tropical wetlands by informing technical issues related to carbon measuring, monitoring, and verification (MRV) and providing baseline data about the variation of ecosystem C storage across and within several Indonesian wetland forests.

Benchmark values for forest soil carbon stocks in Europe

DEFF Research Database (Denmark)

De Vos, Bruno; Cools, Nathalie; Ilvesniemi, Hannu

2015-01-01

Soil organic carbon (SOC) stocks in forest floors and in mineral and peat forest soils were estimated at the European scale. The assessment was based on measured C concentration, bulk density, coarse fragments and effective soil depth data originating from 4914 plots in 22 EU countries belonging...... to the UN/ECE ICP Forests 16 × 16 km Level I network. Plots were sampled and analysed according to harmonized methods during the 2nd European Forest Soil Condition Survey. Using continuous carbon density depth functions, we estimated SOC stocks to 30-cm and 1-m depth, and stratified these stocks according...... to 22 WRB Reference Soil Groups (RSGs) and 8 humus forms to provide European scale benchmark values. Average SOC stocks amounted to 22.1 t C ha− 1 in forest floors, 108 t C ha− 1 in mineral soils and 578 t C ha− 1 in peat soils, to 1 m depth. Relative to 1-m stocks, the vertical SOC distribution...

Brownian motion approximations for stock control and tankage assessment

NARCIS (Netherlands)

R.A.J.J. Nieboer; R. Dekker (Rommert)

1995-01-01

textabstractThis paper presents a model for refinery tankage assessment. Special characteristics covered are a hybrid demand process and a periodic-review target-stock policy for production control. The demand is assumed to be in two forms: as large parcels, collected at fixed intervals, and as many

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...

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

DEFF Research Database (Denmark)

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

2001-01-01

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

Sampling for Soil Carbon Stock Assessment in Rocky Agricultural Soils

Science.gov (United States)

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

2016-01-01

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

AN ASSESSMENT OF FACTORS AFFECTING MATERIAL STOCK CONTROL PRACTICE ON SELECTED CONSTRUCTION SITES IN NIGERIA

OpenAIRE

Adafin, Johnson Kayode; Ayodele, Elijah Olusegun; Daramola, Olufemi

2011-01-01

This research examines the stock control methods utilized by construction firms on construction sites with a view to assessing the factors affecting material stock control practice by construction firms as well as determining the impact of factors affecting material stock control on building project performance. Data were collected with the aid of well-structured questionnaire administered on a number of construction professionals and technicians in some randomly selected building constructio...

Fundamental uncertainty and stock market volatility

NARCIS (Netherlands)

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

2008-01-01

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

Repeat surveys of spawning cisco (Coregonus artedi) in western Lake Superior: timing, distribution and composition of spawning stocks

Science.gov (United States)

Yule, Daniel L.; Schreiner, Donald R.; Addison, Peter A.; Seider, Michael J.; Evrard, Lori M.; Geving, Steven A.; Quinlan, Henry R.

2012-01-01

Acoustic (AC) and midwater trawl (MT) surveys of spawning cisco (Coregonus artedi) in Lake Superior have been combined with commercial yield to estimate exploitation. To time surveys properly, it is important to understand when adults typically arrive at spawning grounds and how numbers change as the spawning season progresses. We conducted repeat autumn surveys during nighttime hours at coastal sites where commercial roe fisheries occur. Spawner densities increased significantly from October to mid-November, but differences measured at sites sampled from mid- to late-November were comparatively small. Spawners occupied the upper 20–30 m of the water column during mid-November before utilizing a wider range of depths by late-November. We compared repeat AC densities to temporal trends of catch-per-unit-effort (CPUE) in suspended commercial gillnets and found good agreement within sites. Because different gillnet mesh sizes were used in each roe fishery. CPUE and AC density were poorly correlated among sites. We recommend that future surveys be conducted between mid- and late-November, and that MT gear be used to measure cisco densities in the uppermost 10 m of the water column where AC estimates may be conservative. Given the short temporal window for assessing spawner density, we believe both AC-MT and gillnet surveys will be needed to ensure that harvest of different stocks is kept at a sustainable level.

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.

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.

Stock market volatility and macroeconomic uncertainty

NARCIS (Netherlands)

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

2006-01-01

This paper provides empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from SPF survey participants over the period from 1969 to 1996. This link is much

Assessments of the lesser sandeel ( Ammodytes marinus ) in the North Sea based on revised stock divisions

DEFF Research Database (Denmark)

Pedersen, S.A.; Lewy, Peter; Wright, P.

1999-01-01

effort, catch per unit effort, yield, fishing and natural mortality. A better understanding of sandeel growth is important for stock and catch predictions because previous studies indicate that the variability of mean weight-at-age is one of the most important factors influencing the precision......Recent investigations suggest that the current treatment of North Sea sandeel (Ammodytes marinus) as a single unit stock may have little biological basis. In order to study regional effects of the fishery on North Sea lesser sandeel it may therefore be important to assess stock dynamics...... of predictions. The Danish weight-at-age data of sandeel are re- analysed to estimate the mean weight-at-age in the catch and the stock and the precision of the estimates. The reliability of the sandeel assessments is discussed in relation to the data sources available and to the knowledge of sandeel biology...

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.

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

Science.gov (United States)

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

2015-07-09

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

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

Directory of Open Access Journals (Sweden)

Jose L. Horreo

2015-07-01

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

A survey on the effects of institutional ownership, internal audit and non-executive board members on forecasting crashes: Evidence from Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Mostafa Sohouli Vahed

2014-11-01

Full Text Available This paper presents an empirical investigation to study the effects of institutional ownership, internal audit system, the number of non-executive board members and having differentiation between chair and general managers’ responsibilities on the likelihood of stock price crash on 110 listed firms on Tehran Stock Exchange over the period 2004-2011. The study uses Chen’ model (2001 [Chen, J., Hong, H., & Stein, J. C. (2001. Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3, 345-381.] to perform the investigation. Based on the results of the survey, there is a negative and meaningful relationship between stock price crash and institutional ownership when the level of significance is ten percent. In addition, as the number of non-executive board members increases, the chance of stock price crash decreases when the level of significance is five percent. However, separation between the responsibility of chair and general managers did not seem to influence on stock price and also having internal audit system had no impact on the likelihood of stock price change.

Fish stock surveys from 41 sites on the islands of Oahu and Hawaii from September 11, 1952 to December 28, 2000 (NODC Accession 0002754)

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Data are from underwater visual surveys of fish stocks from 41 survey sites on the islands of Oahu and Hawaii, conducted by biologists and technicians of Hawaii's...

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...

Increased soil organic carbon stocks under agroforestry: A survey of six different sites in France

Science.gov (United States)

Cardinael, Rémi; Chevallier, Tiphaine; Cambou, Aurélie; Beral, Camille; Barthes, Bernard; Dupraz, Christian; Kouakoua, Ernest; Chenu, Claire

2017-04-01

Introduction: Agroforestry systems are land use management systems in which trees are grown in combination with crops or pasture in the same field. In silvoarable systems, trees are intercropped with arable crops, and in silvopastoral systems trees are combined with pasture for livestock. These systems may produce forage and timber as well as providing ecosystem services such as climate change mitigation. Carbon (C) is stored in the aboveground and belowground biomass of the trees, and the transfer of organic matter from the trees to the soil can increase soil organic carbon (SOC) stocks. Few studies have assessed the impact of agroforestry systems on carbon storage in soils in temperate climates, as most have been undertaken in tropical regions. Methods: This study assessed five silvoarable systems and one silvopastoral system in France. All sites had an agroforestry system with an adjacent, purely agricultural control plot. The land use management in the inter-rows in the agroforestry systems and in the control plots were identical. The age of the study sites ranged from 6 to 41 years after tree planting. Depending on the type of soil, the sampling depth ranged from 20 to 100 cm and SOC stocks were assessed using equivalent soil masses. The aboveground biomass of the trees was also measured at all sites. Results: In the silvoarable systems, the mean organic carbon stock accumulation rate in the soil was 0.24 (0.09-0.46) Mg C ha-1 yr-1 at a depth of 30 cm and 0.65 (0.004-1.85) Mg C ha-1 yr-1 in the tree biomass. Increased SOC stocks were also found in deeper soil layers at two silvoarable sites. Young plantations stored additional SOC but mainly in the soil under the rows of trees, possibly as a result of the herbaceous vegetation growing in the rows. At the silvopastoral site, the SOC stock was significantly greater at a depth of 30-50 cm than in the control. Overall, this study showed the potential of agroforestry systems to store C in both soil and biomass in

Evaluating stocking of YOY pike Esox lucius as a tool in the restoration of shallow lakes

DEFF Research Database (Denmark)

Skov, Christian; Nilsson, P.A.

2007-01-01

from field surveys in eight study lakes stocked with YOY pike as well as from the literature. 3. Our model showed that all parameters studied were important for predicting the effects of pike stocking on cyprinids. In particular, body size at stocking, cyprinid production and pike survival were good...... as an appropriate and reliable tool for restoration programmes in shallow lakes, and indicate that when used efforts should be made to optimize the timing of stocking in relation to YOY cyprinid production and to increase the stocking body size of the pike.......1. Stocking of piscivores in shallow, eutrophicated lakes to reduce cyprinid densities is a common approach in lake restorations. Young-of-the-year (YOY) pike Esox lucius are frequently used to reduce cyprinid densities, but their effectiveness is equivocal. This study uses a simple model to assess...

78 FR 66681 - Draft 2013 Marine Mammal Stock Assessment Reports

Science.gov (United States)

2013-11-06

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

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.

Southern California Hook and Line Survey - Annual So. CA Bight hook and line data collection/survey

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — This is an annual, fishery-independent survey aimed at collecting abundance and biological data for use in the stock assessments of several key rockfish species...

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

Bayesian stock assessment of Pacific herring in Prince William Sound, Alaska.

Science.gov (United States)

Muradian, Melissa L; Branch, Trevor A; Moffitt, Steven D; Hulson, Peter-John F

2017-01-01

The Pacific herring (Clupea pallasii) population in Prince William Sound, Alaska crashed in 1993 and has yet to recover, affecting food web dynamics in the Sound and impacting Alaskan communities. To help researchers design and implement the most effective monitoring, management, and recovery programs, a Bayesian assessment of Prince William Sound herring was developed by reformulating the current model used by the Alaska Department of Fish and Game. The Bayesian model estimated pre-fishery spawning biomass of herring age-3 and older in 2013 to be a median of 19,410 mt (95% credibility interval 12,150-31,740 mt), with a 54% probability that biomass in 2013 was below the management limit used to regulate fisheries in Prince William Sound. The main advantages of the Bayesian model are that it can more objectively weight different datasets and provide estimates of uncertainty for model parameters and outputs, unlike the weighted sum-of-squares used in the original model. In addition, the revised model could be used to manage herring stocks with a decision rule that considers both stock status and the uncertainty in stock status.

Bayesian stock assessment of Pacific herring in Prince William Sound, Alaska.

Directory of Open Access Journals (Sweden)

Melissa L Muradian

Full Text Available The Pacific herring (Clupea pallasii population in Prince William Sound, Alaska crashed in 1993 and has yet to recover, affecting food web dynamics in the Sound and impacting Alaskan communities. To help researchers design and implement the most effective monitoring, management, and recovery programs, a Bayesian assessment of Prince William Sound herring was developed by reformulating the current model used by the Alaska Department of Fish and Game. The Bayesian model estimated pre-fishery spawning biomass of herring age-3 and older in 2013 to be a median of 19,410 mt (95% credibility interval 12,150-31,740 mt, with a 54% probability that biomass in 2013 was below the management limit used to regulate fisheries in Prince William Sound. The main advantages of the Bayesian model are that it can more objectively weight different datasets and provide estimates of uncertainty for model parameters and outputs, unlike the weighted sum-of-squares used in the original model. In addition, the revised model could be used to manage herring stocks with a decision rule that considers both stock status and the uncertainty in stock status.

76 FR 34054 - Marine Mammal Stock Assessment Reports

Science.gov (United States)

2011-06-10

... the language, a broad consensus was reached to accept the amendment of Schedule paragraph 13(b)(2) as... false killer whale stock into three fictional stocks based on the U.S. EEZ boundaries, and has inappropriately extrapolated from a single outdated false killer whale sighting to establish a population...

Mapping of soil organic carbon stocks for spatially explicit assessments of climate change mitigation potential

International Nuclear Information System (INIS)

Vågen, Tor-Gunnar; Winowiecki, Leigh A

2013-01-01

Current methods for assessing soil organic carbon (SOC) stocks are generally not well suited for understanding variations in SOC stocks in landscapes. This is due to the tedious and time-consuming nature of the sampling methods most commonly used to collect bulk density cores, which limits repeatability across large areas, particularly where information is needed on the spatial dynamics of SOC stocks at scales relevant to management and for spatially explicit targeting of climate change mitigation options. In the current study, approaches were explored for (i) field-based estimates of SOC stocks and (ii) mapping of SOC stocks at moderate to high resolution on the basis of data from four widely contrasting ecosystems in East Africa. Estimated SOC stocks for 0–30 cm depth varied both within and between sites, with site averages ranging from 2 to 8 kg m −2 . The differences in SOC stocks were determined in part by rainfall, but more importantly by sand content. Results also indicate that managing soil erosion is a key strategy for reducing SOC loss and hence in mitigation of climate change in these landscapes. Further, maps were developed on the basis of satellite image reflectance data with multiple R-squared values of 0.65 for the independent validation data set, showing variations in SOC stocks across these landscapes. These maps allow for spatially explicit targeting of potential climate change mitigation efforts through soil carbon sequestration, which is one option for climate change mitigation and adaptation. Further, the maps can be used to monitor the impacts of such mitigation efforts over time. (letter)

Taking Stock: Implications of a New Vision of Science Learning for State Science Assessment

Science.gov (United States)

Wertheim, Jill

2016-01-01

This article presents the author's response to the article "Taking Stock: Existing Resources for Assessing a New Vision of Science Learning" by Alonzo and Ke (this issue), which identifies numerous challenges that the Next Generation Science Standards (NGSS) pose for large-scale assessment. Jill Werthem comments that among those…

Assessment of Intellectual Capital in Joint-Stock Companies

Directory of Open Access Journals (Sweden)

Rima Tamošiūnienė

2015-12-01

Full Text Available The evaluation of intellectual capital factors is an essential part for the management of joint-stock companies. Many authors indicate that successful intellectual capital management increases value added in joint-stock companies. Nevertheless, intellectual capital is a complex and challenging concept as there is still no clear guidance, what the intellectual capital features and its structural parts are. Theoretical research revealed that scientists accentuate various intellectual capital parts depending basically on the type of their research, on the level of the research (micro, mezzo, macro, variables they selected to investigate and similar. This research paper gives an insight what drivers can be increasing value added in joint-stock companies.

Assessing the Impact of the ECB's Monetary Policy on the Stock Markets: A Sectoral View

OpenAIRE

Konstantin Kholodilin; Alberto Montagnoli; Oreste Napolitano; Boriss Siliverstovs

2008-01-01

This paper analyzes the response of the European stock markets to the monetary policy shocks by the European Central Bank using the heteroskedasticity based approach of Rigobon (2003). We find that monetary policy tightening has a heterogeneous impact on the Euro Area sectors on the day the monetary policy is publicly announced. Furthermore, we provide statistical evidence against the use of the popular event study approach when assessing the impact of monetary policy shocks on the stock mark...

A large-scale field assessment of carbon stocks in human-modified tropical forests.

Science.gov (United States)

Berenguer, Erika; Ferreira, Joice; Gardner, Toby Alan; Aragão, Luiz Eduardo Oliveira Cruz; De Camargo, Plínio Barbosa; Cerri, Carlos Eduardo; Durigan, Mariana; Cosme De Oliveira Junior, Raimundo; Vieira, Ima Célia Guimarães; Barlow, Jos

2014-12-01

Tropical rainforests store enormous amounts of carbon, the protection of which represents a vital component of efforts to mitigate global climate change. Currently, tropical forest conservation, science, policies, and climate mitigation actions focus predominantly on reducing carbon emissions from deforestation alone. However, every year vast areas of the humid tropics are disturbed by selective logging, understory fires, and habitat fragmentation. There is an urgent need to understand the effect of such disturbances on carbon stocks, and how stocks in disturbed forests compare to those found in undisturbed primary forests as well as in regenerating secondary forests. Here, we present the results of the largest field study to date on the impacts of human disturbances on above and belowground carbon stocks in tropical forests. Live vegetation, the largest carbon pool, was extremely sensitive to disturbance: forests that experienced both selective logging and understory fires stored, on average, 40% less aboveground carbon than undisturbed forests and were structurally similar to secondary forests. Edge effects also played an important role in explaining variability in aboveground carbon stocks of disturbed forests. Results indicate a potential rapid recovery of the dead wood and litter carbon pools, while soil stocks (0-30 cm) appeared to be resistant to the effects of logging and fire. Carbon loss and subsequent emissions due to human disturbances remain largely unaccounted for in greenhouse gas inventories, but by comparing our estimates of depleted carbon stocks in disturbed forests with Brazilian government assessments of the total forest area annually disturbed in the Amazon, we show that these emissions could represent up to 40% of the carbon loss from deforestation in the region. We conclude that conservation programs aiming to ensure the long-term permanence of forest carbon stocks, such as REDD+, will remain limited in their success unless they effectively

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

International Nuclear Information System (INIS)

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

2007-01-01

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

CLI technical commission. Additional safety assessments within the EDF nuclear stock

International Nuclear Information System (INIS)

2011-01-01

This slides presentation addresses additional safety assessments within the EDF nuclear stock. It describes the context and challenges of these assessments (institutional framework, European coherence, major objectives for EDF). It describes how EDF is organised to perform these assessments: a global project after Fukushima, assessments and tests which are beyond the existing safety referential, the three defence lines and their tests. It addresses the content of assessment reports for each topic (earthquake, flooding, loss of water, loss of electric supply, accident management). It indicates some improvements proposed after the first assessments. It describes the improvements concerning the Gravelines power plant. It recalls the assessment agenda, proposes a brief overview of events, comments the results of the third decennial visit of production unit no. 1 which comprised some proof test on the primary circuit, on the reactor vessel and on the reactor building

A continuous time delay-difference type model (CTDDM) applied to stock assessment of the southern Atlantic albacore Thunnus alalunga

Institute of Scientific and Technical Information of China (English)

LIAO Baochao; LIU Qun; ZHANG Kui; Abdul BASET; Aamir Mahmood MEMON; Khadim Hussain MEMON; HAN Yanan

2016-01-01

A continuous time delay-difference model (CTDDM) has been established that considers continuous time delays of biological processes.The southern Atlantic albacore (Thunnus alalunga) stock is the one of the commercially important tuna population in the marine world.The age structured production model (ASPM) and the surplus production model (SPM) have already been used to assess the albacore stock.However,the ASPM requires detailed biological information and the SPM lacks the biological realism.In this study,we focus on applying a CTDDM to the southern Atlantic albacore (T.alalunga) species,which provides an alternative method to assess this fishery.It is the first time that CTDDM has been provided for assessing the Atlantic albacore (T.alalunga) fishery.CTDDM obtained the 80％ confidence interval of MSY (maximum sustainable yield) of(21510 t,23118 t).The catch in 2011 (24100 t) is higher than the MSY values and the relative fishing mortality ratio (F2011/FMSY) is higher than 1.0.The results of CTDDM were analyzed to verify the proposed methodology and provide reference information for the sustainable management of the southern Atlantic albacore stock.The CTDDM treats the recruitment,the growth,and the mortality rates as all varying continuously over time and fills gaps between ASPM and SPM in this stock assessment.

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

Carbon stocks assessment in subtropical forest types of Kashmir Himalayas

International Nuclear Information System (INIS)

Shaheen, H.; Khan, R.W.A.; Hussain, K.; Ullah, T.S.; Mehmood, A.

2016-01-01

Estimation of carbon sequestration in forest ecosystem is necessary to mitigate impacts of climate change. Current research project was focused to assess the Carbon contents in standing trees and soil of different subtropical forest sites in Kashmir. Tree biomass was estimated by using allometric equations whereas Soil carbon was calculated by Walkey-Black titration method. Total carbon stock was computed as 186.27 t/ha with highest value of 326 t/ha recorded from Pinus roxburghii forest whereas lowest of 75.86 t/ha at mixed forest. Average biomass carbon was found to be 151.38 t/ha with a maximum value of 294.7 t/ha and minimum of 43.4 t/ha. Pinus roxburghii was the most significant species having biomass value of 191.8 t/ha, followed by Olea cuspidata (68.9 t/ha), Acacia modesta (12.71 t/ha), Dalbergia sissoo (12.01 t/ha), Broussonetia papyrifera (5.93 t/ha), Punica granatum (2.27 t/ha), Mallotus philippensis (2.2 t/ha), Albizia lebbeck (1.8t/ha), Ficus palmata (1.51 t/ha), Acacia arabica (1.4 t/ha), Melia azedarach, (1.14 t/ha) and Ficus carica (1.07 t/ha) respectively. Recorded value of tree density was 492/ha; average DBH was 87.27 cm; tree height was 13.3m; and regeneration value was 83 seedlings/ha. Soil carbon stocks were found to be 34.89 t/ha whereas agricultural soil carbon was calculated as 27.18 t/ha. Intense deforestation was represented by a stump density of 147.4/ha. The results of Principal Component Analysis (PCA) revealed the distinct species clusters on the basis of location, biomass and Carbon stock values. Pinus roxburghii and Olea cuspidata were found to be the major contributors of carbon stock having maximum vector lengths in the PCA Biplot. Forest in the area needs to be managed in a sustainable manner to increase its carbon sequestration potential. (author)

A reliable method for ageing of whiting (Merlangius merlangus) for use in stock assessment and management

DEFF Research Database (Denmark)

Ross, Stine Dalmann; Hüssy, Karin

2013-01-01

Accurate age estimation is important for stock assessment and management. The importance of reliable ageing is emphasized by the impending analytical assessment of whiting (Merlangius merlangus) in the Baltic Sea. Whiting is a top predator in the western Baltic Sea, where it is fished commercially...

Improving capacity of stock assessment for sea turtles: using ocean circulation modeling to inform genetic mixed stock analysis

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Genetic approaches have been useful for assigning stock ID to sea turtles caught as bycatch in fisheries, or determining stock composition at foraging grounds. In...

A preliminary assessment of the impact of landslide, earthflow, and gully erosion on soil carbon stocks in New Zealand

Science.gov (United States)

Basher, Les; Betts, Harley; Lynn, Ian; Marden, Mike; McNeill, Stephen; Page, Mike; Rosser, Brenda

2018-04-01

In geomorphically active landscapes such as New Zealand, quantitative data on the relationship between erosion and soil carbon (C) are needed to establish the effect of erosion on past soil C stocks and future stock changes. The soil C model currently used in New Zealand for soil C stock reporting does not account for erosion. This study developed an approach to characterise the effect of erosion suitable for soil C stock reporting and provides an initial assessment of the magnitude of the effect of erosion. A series of case studies were used to establish the local effect of landslide, earthflow, and gully erosion on soil C stocks and to compare field measurements of soil C stocks with model estimates. Multitemporal erosion mapping from orthophotographs was used to characterise erosion history, identify soil sampling plot locations, and allow soil C stocks to be calculated accounting for erosion. All eroded plots had lower soil C stocks than uneroded (by mass movement and gully erosion) plots sampled at the same sites. Landsliding reduces soil C stocks at plot and landscape scale, largely as a result of individual large storms. After about 70 years, soil C stocks were still well below the value measured for uneroded plots (by 40% for scars and 20-30% for debris tails) indicating that the effect of erosion is very persistent. Earthflows have a small effect on estimates of baseline (1990) soil C stocks and reduce soil C stocks at landscape scale. Gullies have local influence on soil C stocks but because they cover a small proportion of the landscape have little influence at landscape scale. At many of the sites, the soil C model overestimates landscape-scale soil C stocks.

Dispositional optimism and stock investments

NARCIS (Netherlands)

Angelini, Viola; Cavapozzi, D.

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

RMT Assessments of the Market Latent Information Embedded in the Stocks' Raw, Normalized, and Partial Correlations

Directory of Open Access Journals (Sweden)

Dror Y. Kenett

2009-01-01

Full Text Available We present here assessment of the latent market information embedded in the raw, affinity (normalized, and partial correlations. We compared the Zipf plot, spectrum, and distribution of the eigenvalues for each matrix with the results of the corresponding random matrix. The analysis was performed on stocks belonging to the New York and Tel Aviv Stock Exchange, for the time period of January 2000 to March 2009. Our results show that in comparison to the raw correlations, the affinity matrices highlight the dominant factors of the system, and the partial correlation matrices contain more information. We propose that significant stock market information, which cannot be captured by the raw correlations, is embedded in the affinity and partial correlations. Our results further demonstrate the differences between NY and TA markets.

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

African Journals Online (AJOL)

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

Assessment of 48 Stock markets using adaptive multifractal approach

Science.gov (United States)

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

2017-11-01

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

Assessing Volatilities of Monetary Policy and their Effects on the Islamic and Conventional Stock Markets in Indonesia

Directory of Open Access Journals (Sweden)

M Shabri Abd Majid

2018-03-01

Full Text Available The main objective of this study is to empirically assess the volatilities of the monetary policy instruments and their effects on the Indonesian Islamic and conventional stock market. The changes in exchange rate, interest rates, and money supply and their effects on the stock markets are investigated using the using the Generalized Autoregressive Conditional Heteroskedasticity frameworks. As a big-open economy, the capital market of Indonesia is vulnerable to the global monetary shocks changes, thus the US federal funds rate is also incorporated into the GARCH model. The study documented that, with the exception of the US interest rate, the volatilities of all monetary policy variables of interest rate, exchange rate, and money supply were documented affecting the volatilities of both Islamic and conventional stock markets. These findings imply that the volatilities of Islamic and conventional stock markets have similar determinants, thus to stabilize the markets, the investigated monetary policy variables should be controlled for by the policy-makers. Any monetary policy design imposed by the policy-makers would have a similar effect on both conventional and Islamic stocks in Indonesia.DOI: 10.15408/sjie.v7i2.7352

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....

The Accuracy Assessment of Determining the Axis of Railway Track Basing on the Satellite Surveying

Science.gov (United States)

Koc, Władysław; Specht, Cezary; Chrostowski, Piotr; Palikowska, Katarzyna

2012-09-01

In 2009, at the Gdansk University of Technology there have been carried out, for the first time, continuous satellite surveying of railway track by the use of the relative phase method based on geodesic active network ASG-EUPOS and NAVGEO service. Still continuing research works focused on the GNSS multi-receivers platform evaluation for projecting and stock-taking. In order to assess the accuracy of the railway track axis position, the values of deviations of transverse position XTE (Cross Track Error) were evaluated. In order to eliminate the influence of random measurement errors and to obtain the coordinates representing the actual shape of the track, the XTE variable was analyzed by signal analysis methods (Chebyshev low-pass filtering and fast Fourier transform). At the end the paper presents the module of the computer software SATTRACK which currently has been developing at the Gdansk University of Technology. The program serves visualization, assessment and design process of railway track, adapted to the technique of continuous satellite surveying. The module called TRACK STRAIGHT is designed to assess the straight sections. A description of its operation as well as examples of its functions has been presented.

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

Assessment of current Dutch energy transition policy instruments for the existing housing stock

International Nuclear Information System (INIS)

Tambach, Milly; Hasselaar, Evert; Itard, Laure

2010-01-01

This research assesses to what extent current Dutch energy transition policy instruments for the existing housing stock can fulfil local executive actors' needs and instigate adoption of energy efficiency measures by them. This is done by studying energy policy instruments for the existing housing stock in the Netherlands and in other European countries, and by an empirical research, which analyses barriers and needs of local executive actors. We found that, despite current Dutch energy transition policy instruments for the existing housing stock seem to fulfil local executive actors' needs to a large extent, complementary policy instruments are needed to stimulate and pressure the incumbent renovation regime. A long-term oriented financial rewarding system is needed to build up a structural market for the deployment of renewables, to increase the number of specialist jobs in the building sector, and to stimulate the development of integrated, standardized, building components. Furthermore, a long-term oriented financial rewarding system for energy efficiency investments in housing renovation projects, and a low VAT rate applied to energy efficient renovation measures, are needed. Finally, enforcement possibilities and sanctions (fines) should become an integrative part of Dutch energy certification regulation to make the certificate become part of a value chain.

Financial literacy and stock market participation

NARCIS (Netherlands)

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

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

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.

Distribution patterns, stock size and life-history strategies of cape ...

African Journals Online (AJOL)

The problems and advantages of bottom trawl and acoustic surveys are discussed in the context of fluctuations in estimates of the size of the stock between 1991 and 1994 and the prevailing environmental conditions. It is concluded that combined acoustic and bottom trawl surveys are the only effective means of surveying ...

Assessment of Soil Organic Carbon Stock of Temperate Coniferous Forests in Northern Kashmir

Directory of Open Access Journals (Sweden)

Davood A. Dar

2015-02-01

Full Text Available  Soil organic carbon (SOC estimation in temperate forests of the Himalaya is important to estimate their contribution to regional, national and global carbon stocks. Physico chemical properties of soil were quantified to assess soil organic carbon density (SOC and SOC CO2 mitigation density at two soil depths (0-10 and 10-20 cms under temperate forest in the Northern region of Kashmir Himalayas India. The results indicate that conductance, moisture content, organic carbon and organic matter were significantly higher while as pH and bulk density were lower at Gulmarg forest site. SOC % was ranging from 2.31± 0.96 at Gulmarg meadow site to 2.31 ± 0.26 in Gulmarg forest site. SOC stocks in these temperate forests were from 36.39 ±15.40 to 50.09 ± 15.51 Mg C ha-1. The present study reveals that natural vegetation is the main contributor of soil quality as it maintained the soil organic carbon stock. In addition, organic matter is an important indicator of soil quality and environmental parameters such as soil moisture and soil biological activity change soil carbon sequestration potential in temperate forest ecosystems.DOI: http://dx.doi.org/10.3126/ije.v4i1.12186International Journal of Environment Volume-4, Issue-1, Dec-Feb 2014/15; page: 161-178

A framework for assessing global change risks to forest carbon stocks in the United States.

Directory of Open Access Journals (Sweden)

Christopher W Woodall

Full Text Available Among terrestrial environments, forests are not only the largest long-term sink of atmospheric carbon (C, but are also susceptible to global change themselves, with potential consequences including alterations of C cycles and potential C emission. To inform global change risk assessment of forest C across large spatial/temporal scales, this study constructed and evaluated a basic risk framework which combined the magnitude of C stocks and their associated probability of stock change in the context of global change across the US. For the purposes of this analysis, forest C was divided into five pools, two live (aboveground and belowground biomass and three dead (dead wood, soil organic matter, and forest floor with a risk framework parameterized using the US's national greenhouse gas inventory and associated forest inventory data across current and projected future Köppen-Geiger climate zones (A1F1 scenario. Results suggest that an initial forest C risk matrix may be constructed to focus attention on short- and long-term risks to forest C stocks (as opposed to implementation in decision making using inventory-based estimates of total stocks and associated estimates of variability (i.e., coefficient of variation among climate zones. The empirical parameterization of such a risk matrix highlighted numerous knowledge gaps: 1 robust measures of the likelihood of forest C stock change under climate change scenarios, 2 projections of forest C stocks given unforeseen socioeconomic conditions (i.e., land-use change, and 3 appropriate social responses to global change events for which there is no contemporary climate/disturbance analog (e.g., severe droughts in the Lake States. Coupling these current technical/social limits of developing a risk matrix to the biological processes of forest ecosystems (i.e., disturbance events and interaction among diverse forest C pools, potential positive feedbacks, and forest resiliency/recovery suggests an operational

First Assessment of Carbon Stock in the Belowground Biomass of Brazilian Mangroves

Directory of Open Access Journals (Sweden)

DANIEL M.C. SANTOS

2017-08-01

Full Text Available ABSTRACT Studies on belowground roots biomass have increasingly reported the importance of the contribution of this compartment in carbon stock maintenance in mangrove forests. To date, there are no estimates of this contribution in Brazilian mangrove forests, although the country has the second largest area of mangroves worldwide. For this study, trenches dug in fringing forests in Guaratiba State Biological Reserve (Rio de Janeiro, Brazil were used to evaluate the contribution of the different classes of roots and the vertical stratification of carbon stock. The total carbon stock average in belowground roots biomass in these forests was 104.41 ± 20.73 tC.ha−1. From that, an average of 84.13 ± 21.34 tC.ha−1 corresponded to the carbon stock only in fine roots, which have diameters smaller than 5 mm and are responsible for over 80% of the total belowground biomass. Most of the belowground carbon stock is concentrated in the first 40 cm below the surface (about 70%. The root:shoot ratio in this study is 1.14. These estimates demonstrate that the belowground roots biomass significantly contributes, more than 50%, to the carbon stock in mangrove forests. And the mangrove root biomass can be greater than that of other Brazilian ecosystems.

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

Assessment of soil organic carbon stocks under future climate and land cover changes in Europe.

Science.gov (United States)

Yigini, Yusuf; Panagos, Panos

2016-07-01

Soil organic carbon plays an important role in the carbon cycling of terrestrial ecosystems, variations in soil organic carbon stocks are very important for the ecosystem. In this study, a geostatistical model was used for predicting current and future soil organic carbon (SOC) stocks in Europe. The first phase of the study predicts current soil organic carbon content by using stepwise multiple linear regression and ordinary kriging and the second phase of the study projects the soil organic carbon to the near future (2050) by using a set of environmental predictors. We demonstrate here an approach to predict present and future soil organic carbon stocks by using climate, land cover, terrain and soil data and their projections. The covariates were selected for their role in the carbon cycle and their availability for the future model. The regression-kriging as a base model is predicting current SOC stocks in Europe by using a set of covariates and dense SOC measurements coming from LUCAS Soil Database. The base model delivers coefficients for each of the covariates to the future model. The overall model produced soil organic carbon maps which reflect the present and the future predictions (2050) based on climate and land cover projections. The data of the present climate conditions (long-term average (1950-2000)) and the future projections for 2050 were obtained from WorldClim data portal. The future climate projections are the recent climate projections mentioned in the Fifth Assessment IPCC report. These projections were extracted from the global climate models (GCMs) for four representative concentration pathways (RCPs). The results suggest an overall increase in SOC stocks by 2050 in Europe (EU26) under all climate and land cover scenarios, but the extent of the increase varies between the climate model and emissions scenarios. Copyright © 2016 The Authors. Published by Elsevier B.V. All rights reserved.

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

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 MARKET PREDICTION USING CLUSTERING WITH META-HEURISTIC APPROACHES

OpenAIRE

Prasanna, S.; Ezhilmaran, D.

2015-01-01

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

STOCK MARKET PREDICTION USING CLUSTERING WITH META-HEURISTIC APPROACHES

OpenAIRE

Prasanna, S.; Ezhilmaran, D.

2014-01-01

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

Small-vessel Survey and Auction Sampling to Estimate Growth and Maturity of Eteline Snappers

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Small-vessel Survey and Auction Sampling to Estimate Growth and Maturity of Eteline Snappers and Improve Data-Limited Stock Assessments. This biosampling project...

Historic changes in length distributions of three Baltic cod (Gadus morhua) stocks: Evidence of growth retardation.

Science.gov (United States)

Svedäng, Henrik; Hornborg, Sara

2017-08-01

Understanding how combinations of fishing effort and selectivity affect productivity is central to fisheries research. We investigate the roles of fishing regulation in comparison with ecosystem status for Baltic Sea cod stock productivity, growth performance, and population stability. This case study is interesting because three cod populations with different exploitation patterns and stock status are located in three adjacent but partially, ecologically different areas. In assessing stock status, growth, and productivity, we use survey information and rather basic stock parameters without relying on age readings. Because there is an urgent interest of better understanding of the current development of the Eastern Baltic cod stock, we argue that our approach represents partly a novel way of interpreting monitoring information together with catch data in a simplified yet more informative way. Our study reports how the Eastern and Western Baltic cod have gone toward more truncated size structures between 1991 and 2016, in particular for the Eastern Baltic cod, whereas the Öresund cod show no trend. We suggest that selective fishing may disrupt fish population dynamic stability and that lower natural productivity might amplify the effects of selective fishing. In support of earlier findings on a density-dependent growth of Eastern Baltic cod, management is advised to acknowledge that sustainable exploitation levels for Eastern Baltic cod are much more limited than perceived in regular assessments. Of more general importance, our results emphasize the need to embrace a more realistic view on what ecosystems can produce regarding tractable fish biomass to facilitate a more ecosystem-based fisheries management.

Fish stock assessments in the Mediterranean: state of the art

Directory of Open Access Journals (Sweden)

Jordi Lleonart

2003-04-01

Full Text Available The Mediterranean fisheries are characterised by fragmented fleets, usually composed by relatively small vessels, use of a large number of landing sites, multi-species catches and low CPUEs. Fish are commercialised mainly fresh and the prices are relatively high. These factors make it difficult and expensive to get extensive and reliable data time series and to get biological samples. Most of the fish caught in the Mediterranean are the recruits (0-1 year old of the main target species. Since the recruitment is much more uncertain than the abundance of the adult stages, the assessments are also more uncertain. Furthermore, no TAC or adaptive management is in place, so the administrations do not require monitoring in order to manage the fisheries. The continental shelf is narrow (with some exceptions and there are few stocks shared between two or more countries. Consequently, the international management structures have not been sufficiently enforced, and until recently no regular assessments were made by international working groups. These characteristics have led to a situation in which most of the assessments have been done in the framework of scientific projects, and therefore do not have continuity in time. The results of these assessments have rarely been incorporated in management.

Deadwood biomass: an underestimated carbon stock in degraded tropical forests?

Science.gov (United States)

Pfeifer, Marion; Lefebvre, Veronique; Turner, Edgar; Cusack, Jeremy; Khoo, MinSheng; Chey, Vun K.; Peni, Maria; Ewers, Robert M.

2015-04-01

Despite a large increase in the area of selectively logged tropical forest worldwide, the carbon stored in deadwood across a tropical forest degradation gradient at the landscape scale remains poorly documented. Many carbon stock studies have either focused exclusively on live standing biomass or have been carried out in primary forests that are unaffected by logging, despite the fact that coarse woody debris (deadwood with ≥10 cm diameter) can contain significant portions of a forest’s carbon stock. We used a field-based assessment to quantify how the relative contribution of deadwood to total above-ground carbon stock changes across a disturbance gradient, from unlogged old-growth forest to severely degraded twice-logged forest, to oil palm plantation. We measured in 193 vegetation plots (25 × 25 m), equating to a survey area of >12 ha of tropical humid forest located within the Stability of Altered Forest Ecosystems Project area, in Sabah, Malaysia. Our results indicate that significant amounts of carbon are stored in deadwood across forest stands. Live tree carbon storage decreased exponentially with increasing forest degradation 7-10 years after logging while deadwood accounted for >50% of above-ground carbon stocks in salvage-logged forest stands, more than twice the proportion commonly assumed in the literature. This carbon will be released as decomposition proceeds. Given the high rates of deforestation and degradation presently occurring in Southeast Asia, our findings have important implications for the calculation of current carbon stocks and sources as a result of human-modification of tropical forests. Assuming similar patterns are prevalent throughout the tropics, our data may indicate a significant global challenge to calculating global carbon fluxes, as selectively-logged forests now represent more than one third of all standing tropical humid forests worldwide.

Avoidance within a changing assessment paradigm for Mediterranean Hake stocks

Directory of Open Access Journals (Sweden)

S. RAGONESE

2009-06-01

Full Text Available The Mediterranean hake Merluccius merluccius L., 1758, is the emblem of the so-called Mediterranean demersal fisheries paradox, showing a persistent, although stable, status of growth overexploitation and an impressive gap between current and any biological reference point. Almost full avoidance capability of large size females to bottom trawls, higher overall growth rates than previously believed and higher natural mortality in juveniles than adult, were considered among the most plausible explanation factors of such persistence. In the present note, arguments are illustrated to raise some concern about avoidance and highlight the important role of the other factors in improving assessments and launching a short term recovery plan for Mediterranean Hake stocks which is more acceptable to fishermen.

RMT Assessments of the Market Latent Information Embedded in the Stocks' Raw, Normalized, and Partial Correlations

OpenAIRE

Kenett, Dror Y.; Shapira, Yoash; Ben-Jacob, Eshel

2009-01-01

We present here assessment of the latent market information embedded in the raw, affinity (normalized), and partial correlations. We compared the Zipf plot, spectrum, and distribution of the eigenvalues for each matrix with the results of the corresponding random matrix. The analysis was performed on stocks belonging to the New York ...

The use of Depletion Methods to assess Mediterranean cephalopod stocks under the current EU Data Collection Framework

Directory of Open Access Journals (Sweden)

S. KELLER

2015-09-01

Full Text Available Fuelled by the raising importance of cephalopod fisheries in Europe, there have been demands from scientists and stakeholders for their assessment and management. However, little has been done to improve the data collection in order to analyse cephalopod populations under the EU Data Collection Framework (DCF. While the DCF allows member states to design flexible national sampling programmes, it establishes the minimum data requirements (MDR each state is obliged to fulfil. In this study, it was investigated whether such MDR currently set by the DCF allow the application of depletion models (DMs to assess European cephalopod stocks. Squid and cuttlefish fisheries from the western Mediterranean were used as a case study. This exercise sheds doubt on the suitability of the MDR to properly assess and manage cephalopod stocks by means of DMs. Owing to the high plasticity of life-history traits in cephalopod populations, biological parameters should be estimated during the actual depletion period of the fished stocks, in contrast with the triennial sampling established by the DCF. In order to accurately track the depletion event, the rapid growth rates of cephalopods implies that their populations should be monitored at shorter time scales (ideally weekly or biweekly instead of quarterly as required by the DCF. These measures would not demand additional resources of the ongoing DCF, but a redistribution of sampling efforts during the depletion period. Such changes in the sampling scheme could be designed and undertaken by the member states or directly integrated as requirements.

Division of Aquatic Resources (DAR), Division of Lands and Natural Resources (DLNR) of the State of Hawaii Fish Stock Surveys from 41 sites on Oahu and Island of Hawaii from 1952-2000 (NODC Accession 0002754)

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Data are from underwater visual surveys of fish stocks from 41 survey sites on the islands of Oahu and Hawaii, conducted by biologists and technicians of Hawaii's...

AFSC/REFM: Beaufort Sea Marine Fish Survey, Beaufort Sea, Alaska, August 2008, Fisheries Interaction Team

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — The Alaska Fisheries Science Center's Status of Stocks and Multispecies Assessment (SSMA) Programs Fishery Interaction Team (FIT) conducted a fish survey in the...

Risk assessment and stock market volatility in the Eurozone: 1986-2014

Science.gov (United States)

Menezes, Rui; Oliveira, Álvaro

2015-04-01

This paper studies the stock market return's volatility in the Eurozone as an input for evaluating the market risk. Stock market returns are endogenously determined by long-term interest rate changes and so is the return's conditional variance. The conditional variance is the time-dependent variance of the underlying variable. In other words, it is the variance of the returns measured at each moment t, so it changes through time depending on the specific market structure at each time observation. Thus, a multivariate EGARCH model is proposed to capture the complex nature of this network. By network, in this context, we mean the chain of stock exchanges that co-move and interact in such a way that a shock in one of them propagates up to the other ones (contagion). Previous studies provide evidence that the Eurozone stock exchanges are deeply integrated. The results indicate that asymmetry and leverage effects exist along with fat tails and endogeneity. In-sample and out-of-sample forecasting tests provide clear evidence that the multivariate EGARCH model performs better than the univariate counterpart to predict the behavior of returns both before and after the 2008 crisis.

Measuring stock and change in the GB countryside for policy--key findings and developments from the Countryside Survey 2007 field survey.

Science.gov (United States)

Norton, L R; Maskell, L C; Smart, S S; Dunbar, M J; Emmett, B A; Carey, P D; Williams, P; Crowe, A; Chandler, K; Scott, W A; Wood, C M

2012-12-30

Countryside Survey is a unique large scale long-term monitoring programme investigating stock and change of habitats, landscape features, vegetation, soil and freshwaters of Great Britain. Repeat field surveys combine policy and scientific objectives to provide evidence on how multiple aspects of the environment are changing over time, a key goal of international science in the face of profound human impacts on ecosystems. Countryside Survey 2007 (CS2007), the fifth survey since 1978, retained consistency with previous surveys, whilst evolving in line with technological and conceptual advances in the collection and integration of data to understand landscape change. This paper outlines approaches taken in the 2007 survey and its subsequent analysis and presents some of the headline results of the survey and their relevance for national and international policy objectives. Key changes between 1998 and 2007 included: a) significant shifts in agricultural land cover from arable to grassland, accompanied by increases in the area of broadleaved woodland, b) decreases in the length of managed hedges associated with agricultural land, as a proportion deteriorated to lines of trees and c) increases in the areas and numbers of wet habitats (standing open water, ponds) and species preferring wetter conditions (1998-2007 and 1978-2007). Despite international policy directed at maintaining and enhancing biodiversity, there were widespread decreases in species richness in all linear and area habitats, except on arable land, consistent with an increase in competitive and late successional species between 1998 and 2007 and 1978 and 2007. Late successional and competitive species: Stinging nettle (Urtica dioica), Hawthorn (Cratageous monogyna) and Bramble (Rubus fruticosus), in the top ten recorded species recorded in 2007, all increased between 1998 and 2007. The most commonly recorded species in CS (1990, 1998 and 2007) was agricultural Ryegrass (Lolium perenne). Increases in

Optimization of investment portfolio weight of stocks affected by market index

Science.gov (United States)

Azizah, E.; Rusyaman, E.; Supian, S.

2017-01-01

Stock price assessment, selection of optimum combination, and measure the risk of a portfolio investment is one important issue for investors. In this paper single index model used for the assessment of the stock price, and formulation optimization model developed using Lagrange multiplier technique to determine the proportion of assets to be invested. The level of risk is estimated by using variance. These models are used to analyse the stock price data Lippo Bank and Bumi Putera.

A Protocol for Advanced Psychometric Assessment of Surveys

Science.gov (United States)

Squires, Janet E.; Hayduk, Leslie; Hutchinson, Alison M.; Cranley, Lisa A.; Gierl, Mark; Cummings, Greta G.; Norton, Peter G.; Estabrooks, Carole A.

2013-01-01

Background and Purpose. In this paper, we present a protocol for advanced psychometric assessments of surveys based on the Standards for Educational and Psychological Testing. We use the Alberta Context Tool (ACT) as an exemplar survey to which this protocol can be applied. Methods. Data mapping, acceptability, reliability, and validity are addressed. Acceptability is assessed with missing data frequencies and the time required to complete the survey. Reliability is assessed with internal consistency coefficients and information functions. A unitary approach to validity consisting of accumulating evidence based on instrument content, response processes, internal structure, and relations to other variables is taken. We also address assessing performance of survey data when aggregated to higher levels (e.g., nursing unit). Discussion. In this paper we present a protocol for advanced psychometric assessment of survey data using the Alberta Context Tool (ACT) as an exemplar survey; application of the protocol to the ACT survey is underway. Psychometric assessment of any survey is essential to obtaining reliable and valid research findings. This protocol can be adapted for use with any nursing survey. PMID:23401759

Energy savings in Danish residential building stock

DEFF Research Database (Denmark)

Tommerup, Henrik M.; Svendsen, Svend

2006-01-01

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

Accounting for correlated observations in an age-based state-space stock assessment model

DEFF Research Database (Denmark)

Berg, Casper Willestofte; Nielsen, Anders

2016-01-01

Fish stock assessment models often relyon size- or age-specific observations that are assumed to be statistically independent of each other. In reality, these observations are not raw observations, but rather they are estimates from a catch-standardization model or similar summary statistics base...... the independence assumption is rejected. Less fluctuating estimates of the fishing mortality is obtained due to a reduced process error. The improved model does not suffer from correlated residuals unlike the independent model, and the variance of forecasts is decreased....

Use of reference buildings to assess the energy saving potentials of the residential building stock: The experience of TABULA project

International Nuclear Information System (INIS)

Ballarini, Ilaria; Corgnati, Stefano Paolo; Corrado, Vincenzo

2014-01-01

Retrofit actions applied to the existent building stock aim at increasing the energy performance, considering the optimal trade-off between energy savings and costs, according to the Directive 2010/31/EU. To select effective refurbishment measures and to quantify the energy saving potentials of the existent building stock, the analysis should be performed on “reference buildings”. This article presents a methodology for the identification of reference buildings, according to the IEE-TABULA project (2009–12) aimed at creating a harmonised structure for “European Building Typologies”. Among the possible applications of the building typology, this work focuses on the potentialities of energy savings and CO 2 emission reductions for the European residential building stock. In particular, the Italian approach to model the energy balance of a subset of the national building stock is described; the results show the enormous potentialities of energy savings even with basic energy retrofit actions. Cost analyses were not in the scope of the project, but the results of this study are the basis for further investigations aimed at assessing the cost effectiveness of sets of measures. In this regard, the TABULA building-types are being applied by the Italian government for calculating cost-optimal levels of energy performance, complying with the Directive 2010/31/EU objectives. - Highlights: • European building stocks need retrofit actions to improve the energy performance. • Necessity to define “reference buildings” in order to perform cost-optimal analyses. • Definition of a National “Building Typology” according to IEE-TABULA project. • Methodology to identify reference buildings for assessing energy saving potentials

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

Methodology for profitability assessment in the case of old rolling stock replacement with new trains in Bulgarian State Railways

Directory of Open Access Journals (Sweden)

Stoilov Valeri

2017-01-01

Full Text Available A methodology has been developed for assessing the profitability of passenger carriers in the event of a complete or partial replacement of the old rolling stock with new one. The evaluation has taken into account the energy costs, the cost of servicing the train stock, repair costs, the cost of infrastructure charges, the number of days for the movement of trains. A correction coefficient was introduced for bringing the analysed costs closer to the real ones reported in the accounting documents of BDZ-PP Ltd. It was found out that when the rolling stock is completely changed, company’s expenses are expected to decrease by BGN 82 million per year. The most significant share is due to a decrease in energy resources – 51%, followed by repair – 39%, train staff – 17% and infrastructure fees – 16%.

The Moderating Influence of Supermarket Satisfaction on Out-of-Stock Store Switching Behaviour

DEFF Research Database (Denmark)

Hansen, Torben; Beckmann, Suzanne C.; Solgaard, Hans Stubbe

. Based on a survey of 631 grocery consumers, this study investigates the moderating influence of preferred supermarket satisfaction on relations between quality consciousness, price consciousness, pre-planning propensity and out-of-stock store switching, and also examines the direct influence...... of these variables on out-of-stock store switching. The results indicate that whereas preferred supermarket satisfaction negatively moderates the relation between quality consciousness and out-of-stock store switching, preferred supermarket satisfaction positively moderates the relation between price consciousness...

A blue carbon soil database: Tidal wetland stocks for the US National Greenhouse Gas Inventory

Science.gov (United States)

Feagin, R. A.; Eriksson, M.; Hinson, A.; Najjar, R. G.; Kroeger, K. D.; Herrmann, M.; Holmquist, J. R.; Windham-Myers, L.; MacDonald, G. M.; Brown, L. N.; Bianchi, T. S.

2015-12-01

Coastal wetlands contain large reservoirs of carbon, and in 2015 the US National Greenhouse Gas Inventory began the work of placing blue carbon within the national regulatory context. The potential value of a wetland carbon stock, in relation to its location, soon could be influential in determining governmental policy and management activities, or in stimulating market-based CO2 sequestration projects. To meet the national need for high-resolution maps, a blue carbon stock database was developed linking National Wetlands Inventory datasets with the USDA Soil Survey Geographic Database. Users of the database can identify the economic potential for carbon conservation or restoration projects within specific estuarine basins, states, wetland types, physical parameters, and land management activities. The database is geared towards both national-level assessments and local-level inquiries. Spatial analysis of the stocks show high variance within individual estuarine basins, largely dependent on geomorphic position on the landscape, though there are continental scale trends to the carbon distribution as well. Future plans including linking this database with a sedimentary accretion database to predict carbon flux in US tidal wetlands.

Aggregate Stock Market Illiquidity and Bond Risk Premia

NARCIS (Netherlands)

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

2012-01-01

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

Acoustic-Trawl Survey of Walleye Pollock on the Eastern Bering Sea Shelf (DY1407, EK60)

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — National Marine Fisheries Service (NMFS), Alaska Fisheries Science Center (AFSC) conducted an acoustic-trawl (AT) stock assessment survey on the eastern Bering Sea...

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.

Changes in abundance of the northern Benguela sardine stock ...

African Journals Online (AJOL)

Changes in abundance of the northern Benguela sardine stock during the decade ... with comments on the relative importance of fishing and the environment. ... Survey-based recruitment indices suggest that the changes in the 1990s were ...

Organic carbon stocks and sequestration rates of forest soils in Germany.

Science.gov (United States)

Grüneberg, Erik; Ziche, Daniel; Wellbrock, Nicole

2014-08-01

The National Forest Soil Inventory (NFSI) provides the Greenhouse Gas Reporting in Germany with a quantitative assessment of organic carbon (C) stocks and changes in forest soils. Carbon stocks of the organic layer and the mineral topsoil (30 cm) were estimated on the basis of ca. 1.800 plots sampled from 1987 to 1992 and resampled from 2006 to 2008 on a nationwide grid of 8 × 8 km. Organic layer C stock estimates were attributed to surveyed forest stands and CORINE land cover data. Mineral soil C stock estimates were linked with the distribution of dominant soil types according to the Soil Map of Germany (1 : 1 000 000) and subsequently related to the forest area. It appears that the C pool of the organic layer was largely depending on tree species and parent material, whereas the C pool of the mineral soil varied among soil groups. We identified the organic layer C pool as stable although C was significantly sequestered under coniferous forest at lowland sites. The mineral soils, however, sequestered 0.41 Mg C ha(-1) yr(-1) . Carbon pool changes were supposed to depend on stand age and forest transformation as well as an enhanced biomass input. Carbon stock changes were clearly attributed to parent material and soil groups as sandy soils sequestered higher amounts of C, whereas clayey and calcareous soils showed small gains and in some cases even losses of soil C. We further showed that the largest part of the overall sample variance was not explained by fine-earth stock variances, rather by the C concentrations variance. The applied uncertainty analyses in this study link the variability of strata with measurement errors. In accordance to other studies for Central Europe, the results showed that the applied method enabled a reliable nationwide quantification of the soil C pool development for a certain period. © 2014 The Authors. Global Change Biology Published by John Wiley & Sons Ltd.

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.

A New Decision-Making Method for Stock Portfolio Selection Based on Computing with Linguistic Assessment

Directory of Open Access Journals (Sweden)

Chen-Tung Chen

2009-01-01

Full Text Available The purpose of stock portfolio selection is how to allocate the capital to a large number of stocks in order to bring a most profitable return for investors. In most of past literatures, experts considered the portfolio of selection problem only based on past crisp or quantitative data. However, many qualitative and quantitative factors will influence the stock portfolio selection in real investment situation. It is very important for experts or decision-makers to use their experience or knowledge to predict the performance of each stock and make a stock portfolio. Because of the knowledge, experience, and background of each expert are different and vague, different types of 2-tuple linguistic variable are suitable used to express experts' opinions for the performance evaluation of each stock with respect to criteria. According to the linguistic evaluations of experts, the linguistic TOPSIS and linguistic ELECTRE methods are combined to present a new decision-making method for dealing with stock selection problems in this paper. Once the investment set has been determined, the risk preferences of investor are considered to calculate the investment ratio of each stock in the investment set. Finally, an example is implemented to demonstrate the practicability of the proposed method.

Degradation in carbon stocks near tropical forest edges.

Science.gov (United States)

Chaplin-Kramer, Rebecca; Ramler, Ivan; Sharp, Richard; Haddad, Nick M; Gerber, James S; West, Paul C; Mandle, Lisa; Engstrom, Peder; Baccini, Alessandro; Sim, Sarah; Mueller, Carina; King, Henry

2015-12-18

Carbon stock estimates based on land cover type are critical for informing climate change assessment and landscape management, but field and theoretical evidence indicates that forest fragmentation reduces the amount of carbon stored at forest edges. Here, using remotely sensed pantropical biomass and land cover data sets, we estimate that biomass within the first 500 m of the forest edge is on average 25% lower than in forest interiors and that reductions of 10% extend to 1.5 km from the forest edge. These findings suggest that IPCC Tier 1 methods overestimate carbon stocks in tropical forests by nearly 10%. Proper accounting for degradation at forest edges will inform better landscape and forest management and policies, as well as the assessment of carbon stocks at landscape and national levels.

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.

The soil classification and the subsurface carbon stock estimation with a ground-penetrating radar

International Nuclear Information System (INIS)

Onishi, K.; Rokugawa, S.; Kato, Y.

2002-01-01

One of the serious problems of the Kyoto Protocol is that we have no effective method to estimate the carbon stock of the subsurface. To solve this problem, we propose the application of ground-penetrating radar (GPR) to the subsurface soil survey. As a result, it is shown that GPR can detect the soil horizons, stones and roots. The fluctuations of the soil horizons in the forest are cleanly indicated as the reflection pattern of the microwaves. Considering the fact that the physical, chemical, and biological characteristics of each soil layer is almost unique, GPR results can be used to estimate the carbon stock in soil by combining with the vertical soil sample survey at one site. Then as a trial, we demonstrate to estimate the carbon content fixed in soil layers based on the soil samples and GPR survey data. we also compare this result with the carbon stock for the flat horizon case. The advantages of GPR usage for this object are not only the reduction of uncertainty and the cost, but also the environmental friendliness of survey manner. Finally, we summarize the adaptabilities of various antennas having different predominant frequencies for the shallow subsurface zone. (author)

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 ...

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.

Improving the assessment and management of the plaice stock complex between the North Sea and the Baltic Sea

DEFF Research Database (Denmark)

Ulrich, Clara; Boje, Jesper; Cardinale, Massimiliano

2012-01-01

Plaice in Kattegat and Skagerrak have traditionally been considered as one stock unit. However the collected information on biology and fishery in areas between the North and Baltic Seas suggest changes are needed in assessment units as well as in management areas. Plaice in Skagerrak (Division 20...

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.

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.

A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Mohammad Khodaei Valahzaghard

2014-10-01

Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

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.

Global socioeconomic carbon stocks in long-lived products 1900-2008

Science.gov (United States)

Lauk, Christian; Haberl, Helmut; Erb, Karl-Heinz; Gingrich, Simone; Krausmann, Fridolin

2012-09-01

A better understanding of the global carbon cycle as well as of climate change mitigation options such as carbon sequestration requires the quantification of natural and socioeconomic stocks and flows of carbon. A so-far under-researched aspect of the global carbon budget is the accumulation of carbon in long-lived products such as buildings and furniture. We present a comprehensive assessment of global socioeconomic carbon stocks and the corresponding in- and outflows during the period 1900-2008. These data allowed calculation of the annual carbon sink in socioeconomic stocks during this period. The study covers the most important socioeconomic carbon fractions, i.e. wood, bitumen, plastic and cereals. Our assessment was mainly based on production and consumption data for plastic, bitumen and wood products and the respective fractions remaining in stocks in any given year. Global socioeconomic carbon stocks were 2.3 GtC in 1900 and increased to 11.5 GtC in 2008. The share of wood in total C stocks fell from 97% in 1900 to 60% in 2008, while the shares of plastic and bitumen increased to 16% and 22%, respectively. The rate of gross carbon sequestration in socioeconomic stocks increased from 17 MtC yr-1 in 1900 to a maximum of 247 MtC yr-1 in 2007, corresponding to 2.2%-3.4% of global fossil-fuel-related carbon emissions. We conclude that while socioeconomic carbon stocks are not negligible, their growth over time is not a major climate change mitigation option and there is an only modest potential to mitigate climate change by the increase of socioeconomic carbon stocks.

Addressing catch mechanisms in gillnets improves modeling of selectivity and estimates of mortality rates: a case study using survey data on an endangered stock of Arctic char

DEFF Research Database (Denmark)

Jonsson, T.; Setzer, M.; Pope, John George

2013-01-01

Estimation of fish stock size distributions from survey data requires knowledge about gear selectivity. However, selectivity models rest on assumptions that seldom are analyzed. Departures from these can lead to misinterpretations and biased management recommendations. Here, we use survey data...... and asymmetric, with poor model fits. Removing potentially nonmeshed fish had the greatest positive effect on model fit, resulting in much narrower and less asymmetric selection curves, while attempting to take nonisometric growth into account, by using girth rather than length, improved model fit...

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...

An evaluation of management strategies for Atlantic tuna stocks

Directory of Open Access Journals (Sweden)

L. T. Kell

2003-04-01

Full Text Available International agreements for the International Commission for the Conservation of Atlantic Tunas (ICCAT convention area imply that Atlantic tuna stocks should be managed by strategies based on maximum sustainable yield (MSY; however, there is concern whether this will actually ensure sustainability with sufficiently high probability consistent with the principals of the precautionary approach. Therefore, the performance of MSY management strategies based on current assessment procedures was evaluated using a computer simulation framework. The framework includes the data collection, assessment, prediction, and management processes, as well as the implementation of management regulations. It therefore provides an integrated way to evaluate the relative importance of and the interactions between each component of the system with regard to the overall success of the management strategy. The study elucidates guidelines about assessment and management that are general enough to be applied to all tunas in the Atlantic Ocean. It does so by comparing different hypotheses about management and assessment for three stocks (North Atlantic albacore, Atlantic bigeye and East Atlantic skipjack, which are representative of the variety encountered (i.e. from data rich to poor and tropical to temperate waters in ICCAT stocks. Management performance was especially sensitive to the carrying capacity of the stock. The type of proxy used for MSY was more important to the success of the procedure than the frequency of assessment or the number of indices used in the assessment. Whilst the procedure was successful at achieving the management objectives for albacore, it was only partially successful for bigeye and was too conservative for skipjack.

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

DEFF Research Database (Denmark)

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

2013-01-01

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

What determines how top managers value their stock options?

NARCIS (Netherlands)

Sautner, Z.; Weber, M.

2008-01-01

What determines how top managers value their executive stock options? We explore this question empirically by using a unique survey data set which combines subjective option valuation data with a wide set of individual-level variables. Inconsistent with the predictions of theory, individuals in our

ASSESSMENT OF PLASTIC FLOWS AND STOCKS IN SERBIA USING MATERIAL FLOW ANALYSIS

Directory of Open Access Journals (Sweden)

Goran Vujić

2010-01-01

Full Text Available Material flow analysis (MFA was used to assess the amounts of plastic materials flows and stocks that are annually produced, consumed, imported, exported, collected, recycled, and disposed in the landfills in Serbia. The analysis revealed that approximatelly 269,000 tons of plastic materials are directly disposed in uncontrolled landfills in Serbia without any preatretment, and that siginificant amounts of these materials have already accumulated in the landfills. The substantial amounts of landfilled plastics represent not only a loss of valuable recourses, but also pose a seriuos treath to the environment and human health, and if the trend of direct plastic landfilling is continued, Serbia will face with grave consecequnces.

77 FR 3450 - Guidelines for Assessing Marine Mammal Stocks

Science.gov (United States)

2012-01-24

... population trend model are available, such a model can be used to influence the uncertainty projections....) voluntarily submitted by the commenter may be publicly accessible. Do not submit Confidential Business... distribution and abundance of the stock, population growth rates and trends, estimates of annual human-caused...

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

Science.gov (United States)

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

2014-09-01

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

Effects of changes in stock productivity and mixing on sustainable fishing and economic viability

DEFF Research Database (Denmark)

Bastardie, Francois; Nielsen, J. Rasmus; Eero, Margit

2017-01-01

Within the new FMSY European paradigm, this paper shows how a combination of changes in fish stock mixing, non-stationarity in productivity, and constraints on unit stock concepts undermine the effective management of fisheries, especially when management reference points are not adjusted...... accordingly. Recent changes in stock structures, conditions and stock mixing between eastern and western Baltic cod can jeopardize the reliability of stock assessments and of the fishery economy. We modelled how different management, individual vessel decision-making, and stock growth and mixing scenarios...... have induced alternative individual vessel spatial effort allocation and economic performance by affecting fishing costs and by changing the relative stock abundance and size distribution. Stock mixing heavily influences profit and stock abundance for stocks that have experienced increased fishing...

Aboveground vs. Belowground Carbon Stocks in African Tropical Lowland Rainforest: Drivers and Implications.

Directory of Open Access Journals (Sweden)

Sebastian Doetterl

Full Text Available African tropical rainforests are one of the most important hotspots to look for changes in the upcoming decades when it comes to C storage and release. The focus of studying C dynamics in these systems lies traditionally on living aboveground biomass. Belowground soil organic carbon stocks have received little attention and estimates of the size, controls and distribution of soil organic carbon stocks are highly uncertain. In our study on lowland rainforest in the central Congo basin, we combine both an assessment of the aboveground C stock with an assessment of the belowground C stock and analyze the latter in terms of functional pools and controlling factors.Our study shows that despite similar vegetation, soil and climatic conditions, soil organic carbon stocks in an area with greater tree height (= larger aboveground carbon stock were only half compared to an area with lower tree height (= smaller aboveground carbon stock. This suggests that substantial variability in the aboveground vs. belowground C allocation strategy and/or C turnover in two similar tropical forest systems can lead to significant differences in total soil organic C content and C fractions with important consequences for the assessment of the total C stock of the system.We suggest nutrient limitation, especially potassium, as the driver for aboveground versus belowground C allocation. However, other drivers such as C turnover, tree functional traits or demographic considerations cannot be excluded. We argue that large and unaccounted variability in C stocks is to be expected in African tropical rain-forests. Currently, these differences in aboveground and belowground C stocks are not adequately verified and implemented mechanistically into Earth System Models. This will, hence, introduce additional uncertainty to models and predictions of the response of C storage of the Congo basin forest to climate change and its contribution to the terrestrial C budget.

Aboveground vs. Belowground Carbon Stocks in African Tropical Lowland Rainforest: Drivers and Implications.

Science.gov (United States)

Doetterl, Sebastian; Kearsley, Elizabeth; Bauters, Marijn; Hufkens, Koen; Lisingo, Janvier; Baert, Geert; Verbeeck, Hans; Boeckx, Pascal

2015-01-01

African tropical rainforests are one of the most important hotspots to look for changes in the upcoming decades when it comes to C storage and release. The focus of studying C dynamics in these systems lies traditionally on living aboveground biomass. Belowground soil organic carbon stocks have received little attention and estimates of the size, controls and distribution of soil organic carbon stocks are highly uncertain. In our study on lowland rainforest in the central Congo basin, we combine both an assessment of the aboveground C stock with an assessment of the belowground C stock and analyze the latter in terms of functional pools and controlling factors. Our study shows that despite similar vegetation, soil and climatic conditions, soil organic carbon stocks in an area with greater tree height (= larger aboveground carbon stock) were only half compared to an area with lower tree height (= smaller aboveground carbon stock). This suggests that substantial variability in the aboveground vs. belowground C allocation strategy and/or C turnover in two similar tropical forest systems can lead to significant differences in total soil organic C content and C fractions with important consequences for the assessment of the total C stock of the system. We suggest nutrient limitation, especially potassium, as the driver for aboveground versus belowground C allocation. However, other drivers such as C turnover, tree functional traits or demographic considerations cannot be excluded. We argue that large and unaccounted variability in C stocks is to be expected in African tropical rain-forests. Currently, these differences in aboveground and belowground C stocks are not adequately verified and implemented mechanistically into Earth System Models. This will, hence, introduce additional uncertainty to models and predictions of the response of C storage of the Congo basin forest to climate change and its contribution to the terrestrial C budget.

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

Science.gov (United States)

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

2017-09-01

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

Assessing effects of stocked trout on nongame fish assemblages in southern Appalachian Mountain streams

Science.gov (United States)

Weaver, D.; Kwak, Thomas J.

2013-01-01

Fisheries managers are faced with the challenge of balancing the management of recreational fisheries with that of conserving native species and preserving ecological integrity. The negative effects that nonnative trout species exert on native trout are well documented and include alteration of competitive interactions, habitat use, and production. However, the effects that nonnative trout may exert on nongame fish assemblages are poorly understood. Our objectives were to quantify the effects of trout stocking on native nongame fish assemblages intensively on one newly stocked river, the North Toe River, North Carolina, and extensively on other southern Appalachian Mountain streams that are annually stocked with trout. In the intensive study, we adopted a before-after, control-impact (BACI) experimental design to detect short-term effects on the nongame fish assemblage and found no significant differences in fish density, species richness, species diversity, or fish microhabitat use associated with trout stocking. We observed differences in fish microhabitat use between years, however, which suggests there is a response to environmental changes, such as the flow regime, which influence available habitat. In the extensive study, we sampled paired stocked and unstocked stream reaches to detect long-term effects from trout stocking; however, we detected no differences in nongame fish density, species richness, species diversity, or population size structure between paired sites. Our results revealed high inherent system variation caused by natural and anthropogenic factors that appear to overwhelm any acute or chronic effect of stocked trout. Furthermore, hatchery-reared trout may be poor competitors in a natural setting and exert a minimal or undetectable impact on native fish assemblages in these streams. These findings provide quantitative results necessary to assist agencies in strategic planning and decision making associated with trout fisheries, stream

The nature of conflict between hikers and recreational stock users in the John Muir wilderness

Science.gov (United States)

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

1994-01-01

The purpose of this research was to determine the extent of conflict between hikers and recreational stock users in a Sierra Nevada wilderness and to test the relative importance of various hypothetical predictors of conflict using multiple conflict measures. A survey of hikers and recreational stock users of the John Muir Wilderness in California revealed the ability...

Global socioeconomic carbon stocks in long-lived products 1900–2008

International Nuclear Information System (INIS)

Lauk, Christian; Haberl, Helmut; Erb, Karl-Heinz; Gingrich, Simone; Krausmann, Fridolin

2012-01-01

A better understanding of the global carbon cycle as well as of climate change mitigation options such as carbon sequestration requires the quantification of natural and socioeconomic stocks and flows of carbon. A so-far under-researched aspect of the global carbon budget is the accumulation of carbon in long-lived products such as buildings and furniture. We present a comprehensive assessment of global socioeconomic carbon stocks and the corresponding in- and outflows during the period 1900–2008. These data allowed calculation of the annual carbon sink in socioeconomic stocks during this period. The study covers the most important socioeconomic carbon fractions, i.e. wood, bitumen, plastic and cereals. Our assessment was mainly based on production and consumption data for plastic, bitumen and wood products and the respective fractions remaining in stocks in any given year. Global socioeconomic carbon stocks were 2.3 GtC in 1900 and increased to 11.5 GtC in 2008. The share of wood in total C stocks fell from 97% in 1900 to 60% in 2008, while the shares of plastic and bitumen increased to 16% and 22%, respectively. The rate of gross carbon sequestration in socioeconomic stocks increased from 17 MtC yr −1 in 1900 to a maximum of 247 MtC yr −1 in 2007, corresponding to 2.2%–3.4% of global fossil-fuel-related carbon emissions. We conclude that while socioeconomic carbon stocks are not negligible, their growth over time is not a major climate change mitigation option and there is an only modest potential to mitigate climate change by the increase of socioeconomic carbon stocks. (letter)

78 FR 19002 - Marine Mammal Protection Act; Draft Revised Stock Assessment Reports for Two Stocks of West...

Science.gov (United States)

2013-03-28

... animals which will result in the maximum productivity of the population or the species, keeping in mind... which significant new information is available, and (c) at least once every 3 years for all other stocks... Science, Marine Pollution Bulletin, Marine Technology Society Journal, Wildlife Monographs, Gulf and...

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.

Robustness of egg production methods as a fishery independent alternative to assess the Eastern Baltic cod stock (Gadus morhua callarias L.)

DEFF Research Database (Denmark)

Kraus, Gerd; Hinrichsen, Hans-Harald; Voss, Rüdiger

2012-01-01

potential (SRP). Eastern Baltic cod (Gad us morhua callarias L) has severely declined throughout the 2nd half of the 1980s and 1st half of the 1990s due to climate-driven adverse hydrographic conditions and high fishing intensity. Since 2007 the stock is managed under a long-term management plan and showed...... signs of recovery in most recent years. Since 1986. egg surveys have been carried! out regularly in the Bornholm Basin, the most important spawning area of Eastern Baltic cod since mid-1980s. In the present paper the robustness of EPM towards simplification of spawning parameters and toward; reduction...... of the number of egg surveys is tested applying three different methods requiring different numbers of egg surveys. We applied the annual egg production method (AEPM) requiring full egg survey coverage of the spawning season to estimate cod abundances in the Bornholm Basin. In addition, the daily fecundity...

Limits to the reliability of size-based fishing status estimation for data-poor stocks

DEFF Research Database (Denmark)

Kokkalis, Alexandros; Thygesen, Uffe Høgsbro; Nielsen, Anders

2015-01-01

For stocks which are considered “data-poor” no knowledge exist about growth, mortality or recruitment. The only available information is from catches. Here we examine the ability to assess the level of exploitation of a data-poor stock based only on information of the size of individuals in catches....... The model is a formulation of the classic Beverton–Holt theory in terms of size where stock parameters describing growth, natural mortality, recruitment, etc. are determined from life-history invariants. A simulation study was used to compare the reliability of assessments performed under different...... to a considerable improvement in the assessment. Overall, the simulation study demonstrates that it may be possible to classify a data-poor stock as undergoing over- or under-fishing, while the exact status, i.e., how much the fishing mortality is above or below Fmsy, can only be assessed with a substantial...

Report of the second joint meeting of the Working Party on Assessment of Fish Resources and the Working Party on Stock Assessment of Shrimp and Lobster Resources, Mexico City, Mexico, 26-29 November 1979

National Research Council Canada - National Science Library

1981-01-01

The final formal report of the WECAFC Working Parties on Assessment of Fish Resources and on Stock Assessment of Shrimp and Lobster Resources, held in Mexico City, Mexico, 26-29 November 1979 is presented...

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

Science.gov (United States)

Greve, Michelle; Reyers, Belinda; Mette Lykke, Anne; Svenning, Jens-Christian

2013-01-01

Carbon offset projects through forestation are employed within the emissions trading framework to store carbon. Yet, information about the potential of landscapes to stock carbon, essential to the design of offset projects, is often lacking. Here, based on data on vegetation carbon, climate and soil, we quantify the potential for carbon storage in woody vegetation across tropical Africa. The ability of offset projects to produce co-benefits for ecosystems and people is then quantified. When co-benefits such as biodiversity conservation are considered, the top-ranked sites are sometimes different to sites selected purely for their carbon-stocking potential, although they still possess up to 92% of the latter carbon-stocking potential. This work provides the first continental-scale assessment of which areas may provide the greatest direct and indirect benefits from carbon storage reforestation projects at the smallest costs and risks, providing crucial information for prioritization of investments in carbon storage projects.

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.

Assessment of the sardine (Sardina pilchardus Walbaum, 1792 fishery in the eastern Mediterranean basin (North Aegean Sea

Directory of Open Access Journals (Sweden)

K. ANTONAKAKIS

2011-06-01

Full Text Available The aim of this study was to describe the biometric characteristics of the European sardine (Sardina pilchardus catches and assess the current status of sardine stock in North Aegean Sea based on population characteristics and abundance trends. The stock was dominated by age groups 1 and 2, not exceeding age group 4. The sardine stock in this area was assessed through an Integrated Catch-at-Age model which implements a separable Virtual Population Analysis on catch at age data with weighted tuning indices. Sardine landings data derived from the commercial purse seine fishery over the period 2000-2008 were combined with the age structure of the stock as resulted from fisheries independent acoustic surveys. Sensitivity analysis of the impact of natural mortality values on stock assessment results was applied. Additionally forecast of the sardine population parameters and catches under different exploitation scenarios was implemented in a medium term basis. Results indicated that the North Aegean Sea sardine stock is considered fully exploited with the fishery operating close but over the empirical exploitation level for sustainability. Finally, the status of the sardine stock in N. Aegean Sea is discussed in relation to the sardine stocks from the western and the central Mediterranean basin.

NEFSC Survey Indices of Abundance

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Northeast Fisheries Survey Bottom trawl survey indices of abundance such as stratified mean number per tow or mean weight per tow by species stock. Includes indices...

Solow Residuals Without Capital Stocks

DEFF Research Database (Denmark)

Burda, Michael C.; Severgnini, Battista

2014-01-01

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

Admixture analysis and stocking impact assessment in brown trout ( Salmo trutta ), estimated with incomplete baseline data

DEFF Research Database (Denmark)

Hansen, Michael Møller; Eg Nielsen, Einar; Bekkevold, Dorte

2001-01-01

the populations contributing to admixture. We applied the method to analyse the genetic contribution of domesticated brown trout (Salmo trutta) in samples of anadromous trout from two stocked populations with no genetic data available before stocking. Further, we estimated population level admixture proportions...... by the mean of individual admixture coefficients. This method proved more informative than a multidimensional scaling analysis of individual-based genetic distances and assignment tests. The results showed almost complete absence of stocked, domesticated trout in samples of trout from the rivers. Consequently......, stocking had little effect on improving fisheries. In one population, the genetic contribution by domesticated trout was small, whereas in the other population, some genetic impact was suggested. Admixture in this sample of anadromous trout despite absence of stocked domesticated trout could be because...

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.

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.

Refurbishment of Social housing: a survey of the building stock owned by ATC Torino

Directory of Open Access Journals (Sweden)

Andrea Levra Levron

2016-11-01

Full Text Available The Italian public housing building stock is considerable, although quantitatively less than that of other European countries,. The public policies adopted in the last decades have pushed the supply of housing by the private sector and supported the sale of the assets by the public housing authorities. Those buildings are often degraded and obsolete. Nevertheless, the issue of redevelopment of this part of the residential building stock is a central focus, also because of its important social role, especially in the current period of crisis. One of the recurring factors in the Italian case is the low quality of this building stock due to the lack of an organic maintenance activity. The paper reports the first results of a research carried out by the Department of Architecture and Design in cooperation with a social housing public authority, the Regional Agency for the Central Piedmont House (ATC. The goal of the research was the development of methodologies for estimating and analysis of maintenance requirements. Moreover, the study suggests and develops a forecasting tool for the planning of maintenance operations and redevelopment of the large building estates.

The effects of globalization on firm’s stock in the selected Asian countries

Directory of Open Access Journals (Sweden)

Sepideh Haghi

2015-06-01

Full Text Available This study aims to survey the effects of economic globalization on the firm’s stock that is measured by the index of the stock market by using panel data in selected countries in Asia (Iran, Saudi Arabia, India, China, Singapore, Malaysia, Indonesia, South Korea, Russia, Pakistan, Philippines, Sri Lanka during 1997- 2013. Unit root tests indicate that the variables are stationary on the level. The results of F-test, Breusch-Pagan and Hausman tests show that the unilateral fixed effects must be applied. The results show that the economic globalization significantly improves stock market index. Moreover the positive and significant effect on the firm’s stock depend on political globalization and dummy variable, however the negative and significant effect is related to the growth rate of government expenditure, the exchange rate and the interaction effects of economy.

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....

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.

A system dynamics model for stock and flow of tritium in fusion power plant

Energy Technology Data Exchange (ETDEWEB)

Kasada, Ryuta, E-mail: r-kasada@iae.kyoto-u.ac.jp [Institute of Advanced Energy, Kyoto University, Gokasho, Uji, Kyoto 611-0011 (Japan); Kwon, Saerom [Institute of Advanced Energy, Kyoto University, Gokasho, Uji, Kyoto 611-0011 (Japan); Japan Atomic Energy Agency, Tokai-mura, Naka-gun, Ibaraki-ken 319-1195 (Japan); Konishi, Satoshi [Institute of Advanced Energy, Kyoto University, Gokasho, Uji, Kyoto 611-0011 (Japan); Sakamoto, Yoshiteru; Yamanishi, Toshihiko; Tobita, Kenji [Japan Atomic Energy Agency, Rokkasho-mura, Kamikita-gun, Aomori-ken 039-3212 (Japan)

2015-10-15

Highlights: • System dynamics model of tritium fuel cycle was developed for analyzing stock and flow of tritium in fusion power plants. • Sensitivity of tritium build-up to breeding ratio parameters has been assessed to two plant concepts having 3 GW and 1.5 GW fusion power. • D-D start-up absolutely without initial loading of tritium is possible for both of the 3 GW and 1.5 GW fusion power plant concepts. • Excess stock of tritium is generated by the steady state operation with the value of tritium breeding ratio over unity. - Abstract: In order to analyze self-efficiency of tritium fuel cycle (TFC) and share the systems thinking of TFC among researchers and engineers in the vast area of fusion reactor technology, we develop a system dynamics (SD) TFC model using a commercial software STELLA. The SD-TFC model is illustrated as a pipe diagram which consists of tritium stocks, such as plasma, fuel clean up, isotope separation, fueling with storage and blanket, and pipes connecting among them. By using this model, we survey a possibility of D-D start-up without initial loading of tritium on two kinds of fusion plant having different plasma parameters. The D-D start-up scenario can reduce the necessity of initial loading of tritium through the production in plasma by D-D reaction and in breeding blanket by D-D neutron. The model is also used for considering operation scenario to avoid excess stock of tritium which must be produced at tritium breeding ratio over unity.

An Empirical Research on Non-Economic Factors That Effects Individuals Stock Market Participation Preferences

Directory of Open Access Journals (Sweden)

Ali BAYRAKDAROĞLU

2015-12-01

Full Text Available The purpose of this study, understanding the direct participation of depositors in Turkey to stock markets according to some social and behavioral factors. Because of unable to explain stock market and risk free assets market participation differences even with risk premium and low level of stock market participation led us to consider some social factors like financial literacy, risk perception, trust, short and long term market expectations. This study was conducted on 329 students Business Administration department at Faculty of Economics and Administrative Sciences of Muğla Sıtkı Koçman University by using survey technique. The data were analyzed by logistic regression showed that social factors like risk perception, financial literacy, trust to financial institutions, short and long term expectations affects the stock market participation preferences.

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 ...

Oil risk in oil stocks

NARCIS (Netherlands)

Scholtens, Bert; Wang, L

2008-01-01

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

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.

Material Implications of Rural Electrification—A Methodological Framework to Assess In-Use Stocks of Off-Grid Solar Products and EEE in Rural Households in Bangladesh

Directory of Open Access Journals (Sweden)

Alexander Batteiger

2018-02-01

Full Text Available “Universal access to electricity” is proclaimed as the seventh sustainable development goal (SDG 7 of the United Nations (UN Sustainable Development Goals list. The achievement of this goal will result in a rapid diffusion of energy technologies that would in turn increase materials stocks, subsequently increase the raw material demand as well as the arising waste flows. This study describes a methodological framework to assess in-use stocks of off-grid solar products and electrical and electronic equipment (EEE for rural communities in developing countries. The methodology is based on energy-access data. Furthermore, the specifics of the characteristics of off-grid solar products are discussed. The methodology is applied to rural Bangladesh and its solar home system (SHS program. By the end of 2016, around 4.1 million SHSs were installed. This type of access to electricity has a significant impact on the in-use stocks, as households add the comparatively heavy SHSs to their in-use stocks. In-use stocks of EEE, in general, are low. Off-grid solar products are lighter than standard EEE, and fewer products types are available. These findings will help to better understand material stocks and future waste flows in the given context and will support the adaption of recycling infrastructures.

Relationships between stocking rate, livestock production systems and Alpine grasslands management

Directory of Open Access Journals (Sweden)

Enrico Sturaro

2010-01-01

Full Text Available This study was conducted in order to identify the relationships between stocking rate, management system, topographic conditions and weed encroachment of summer pastures in “Lessinia”, a pre-Alpine area in the Veneto region (North-Eastern Italy. Using the data from a field survey on 46 summer pastures (30 with dairy cows and 16 with other bovine categories, various ANOVA/ANCOVA models were used to test the effects on stocking rate of livestock category, supplementary concentrate feeding, and pasture weed encroachment, slope and elevation. Stocking rate was higher in summer pastures with dairy cows than in those with other bovine categories, and in pastures with moderate slopes than in those with higher ones, but was unaffected by supplementary concentrate feeding, altitude and weed encroachment. This indicates that in the considered areas stocking rate is not constrained by pasture productivity and is kept at sub-optimal levels. Future research is needed to make more clear the effects that the present management status may have on the evolution of pastures productivity and biodiversity value.

Analysis of the contribution of the Netherlands commercial CPUE data to ICES stock assessments in the years 1995 - 2000

NARCIS (Netherlands)

Pastoors, M.A.; Bolle, L.J.

2003-01-01

The contribution of the Dutch commercial CPUE data to the stock assessments of North Sea plaice and sole in the years 1995-2000 has been analysed. The CPUE series are based on the total landings at age in the Dutch beam trawl fishery and the total effort (in HP days at sea) of this fishery. It is

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

Science.gov (United States)

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

2015-01-01

objectives To assess the relationship between health system factors and facility-level EHP stock-outs in Mozambique. methods Service provisions were assessed in 26 health facilities and 13 district warehouses in Sofala Province, Mozambique, from July to August in 2011–2013. Generalised estimating equations were used to model factors associated with facility-level availability of essential drugs, supplies and equipment. results Stock-out rates for drugs ranged from 1.3% for oral rehydration solution to 20.5% for Depo-Provera and condoms, with a mean stock-out rate of 9.1%; mean stock-out rates were 15.4% for supplies and 4.1% for equipment. Stock-outs at the district level accounted for 27.1% (29/107) of facility-level drug stock-outs and 44.0% (37/84) of supply stock-outs. Each 10-km increase in the distance from district distribution warehouses was associated with a 31% (CI: 22–42%), 28% (CI: 17–40%) or 27% (CI: 7–50%) increase in rates of drug, supply or equipment stock-outs, respectively. The number of heath facility staff was consistently negatively associated with the occurrence of stock-outs. conclusions Facility-level stock-outs of EHPs in Mozambique are common and appear to disproportionately affect those living far from district capitals and near facilities with few health staff. The majority of facility-level EHP stock-outs in Mozambique occur when stock exists at the district distribution centre. Innovative methods are urgently needed to improve EHP supply chains, requesting and ordering of drugs, facility and district communication, and forecasting of future EHP needs in Mozambique. Increased investments in public-sector human resources for health could potentially decrease the occurrence of EHP stock-outs. PMID:24724617

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…

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.

News media and the stock market: Assessing mutual relationships : An interdisciplinary multi-method study of financial journalism, news media, emotions, market events and the stock market

NARCIS (Netherlands)

Strauß, N.

2018-01-01

This dissertation provides insights in explaining the interrelationships between news media and the stock market. First, the results show that first-hand economic news seems to induce stronger, and more immediate stock market reactions than already known public information. Second, public economic

Data for developing allometric models and evaluating carbon stocks of the Zambezi Teak Forests in Zambia.

Science.gov (United States)

Ngoma, Justine; Moors, Eddy; Kruijt, Bart; Speer, James H; Vinya, Royd; Chidumayo, Emmanuel N; Leemans, Rik

2018-04-01

This paper presents data on carbon stocks of tropical tree species along a rainfall gradient. The data was generated from the Sesheke, Namwala, and Kabompo sites in Zambia. Though above-ground data was generated for all these three sites, we uprooted trees to determine below-ground biomass from the Sesheke site only. The vegetation was assessed in all three sites. The data includes tree diameter at breast height (DBH), total tree height, wood density, wood dry weight and root dry weight for large (≥ 5 cm DBH) and small (importance-value indices of various species for large and small trees are also determined. Below and above-ground carbon stocks of the surveyed tree species are presented per site. This data were used by Ngoma et al. (2018) [1] to develop above and below-ground biomass models and the reader is referred to this study for additional information, interpretation, and reflection on applying this data.

Development and assessment of a physics-based simulation model to investigate residential PM2.5 infiltration across the US housing stock

Science.gov (United States)

The Lawrence Berkeley National Laboratory Population Impact Assessment Modeling Framework (PIAMF) was expanded to enable determination of indoor PM2.5 concentrations and exposures in a set of 50,000 homes representing the US housing stock. A mass-balance model is used to calculat...

Combining satellite, aerial and ground measurements to assess forest carbon stocks in Democratic Republic of Congo

Science.gov (United States)

Beaumont, Benjamin; Bouvy, Alban; Stephenne, Nathalie; Mathoux, Pierre; Bastin, Jean-François; Baudot, Yves; Akkermans, Tom

2015-04-01

Monitoring tropical forest carbon stocks changes has been a rising topic in the recent years as a result of REDD+ mechanisms negotiations. Such monitoring will be mandatory for each project/country willing to benefit from these financial incentives in the future. Aerial and satellite remote sensing technologies offer cost advantages in implementing large scale forest inventories. Despite the recent progress made in the use of airborne LiDAR for carbon stocks estimation, no widely operational and cost effective method has yet been delivered for central Africa forest monitoring. Within the Maï Ndombe region of Democratic Republic of Congo, the EO4REDD project develops a method combining satellite, aerial and ground measurements. This combination is done in three steps: [1] mapping and quantifying forest cover changes using an object-based semi-automatic change detection (deforestation and forest degradation) methodology based on very high resolution satellite imagery (RapidEye), [2] developing an allometric linear model for above ground biomass measurements based on dendrometric parameters (tree crown areas and heights) extracted from airborne stereoscopic image pairs and calibrated using ground measurements of individual trees on a data set of 18 one hectare plots and [3] relating these two products to assess carbon stocks changes at a regional scale. Given the high accuracies obtained in [1] (> 80% for deforestation and 77% for forest degradation) and the suitable, but still to be improved with a larger calibrating sample, model (R² of 0.7) obtained in [2], EO4REDD products can be seen as a valid and replicable option for carbon stocks monitoring in tropical forests. Further improvements are planned to strengthen the cost effectiveness value and the REDD+ suitability in the second phase of EO4REDD. This second phase will include [A] specific model developments per forest type; [B] measurements of afforestation, reforestation and natural regeneration processes and

Unraveling biocomplexity of Northeast Atlantic herring stocks using SNP markers

DEFF Research Database (Denmark)

Bekkevold, Dorte; Limborg, Morten; Helyar, Sarah

2012-01-01

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

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

Science.gov (United States)

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

2015-02-01

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

Stock price estimation using ensemble Kalman Filter square root method

Science.gov (United States)

Karya, D. F.; Katias, P.; Herlambang, T.

2018-04-01

Shares are securities as the possession or equity evidence of an individual or corporation over an enterprise, especially public companies whose activity is stock trading. Investment in stocks trading is most likely to be the option of investors as stocks trading offers attractive profits. In determining a choice of safe investment in the stocks, the investors require a way of assessing the stock prices to buy so as to help optimize their profits. An effective method of analysis which will reduce the risk the investors may bear is by predicting or estimating the stock price. Estimation is carried out as a problem sometimes can be solved by using previous information or data related or relevant to the problem. The contribution of this paper is that the estimates of stock prices in high, low, and close categorycan be utilized as investors’ consideration for decision making in investment. In this paper, stock price estimation was made by using the Ensemble Kalman Filter Square Root method (EnKF-SR) and Ensemble Kalman Filter method (EnKF). The simulation results showed that the resulted estimation by applying EnKF method was more accurate than that by the EnKF-SR, with an estimation error of about 0.2 % by EnKF and an estimation error of 2.6 % by EnKF-SR.

Wavelet decomposition and regime shifts. Assessing the effects of crude oil shocks on stock market returns

Energy Technology Data Exchange (ETDEWEB)

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

2010-03-15

While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes. (author)

Wavelet decomposition and regime shifts: Assessing the effects of crude oil shocks on stock market returns

Energy Technology Data Exchange (ETDEWEB)

Jammazi, Rania, E-mail: jamrania2@yahoo.f [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia); Aloui, Chaker, E-mail: chaker.aloui@fsegt.rnu.t [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

2010-03-15

While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes.

Wavelet decomposition and regime shifts: Assessing the effects of crude oil shocks on stock market returns

International Nuclear Information System (INIS)

Jammazi, Rania; Aloui, Chaker

2010-01-01

While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes.

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.

RE-EXAMINING STOCK MARKET INTEGRATION AMONG BRICS COUNTRIES

Directory of Open Access Journals (Sweden)

Berzanna Seydou Ouattara

2017-09-01

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

Assessment of the relationship between oil prices and US oil stocks

International Nuclear Information System (INIS)

Saif Ghouri, Salman

2006-01-01

This paper qualitatively and quantitatively analyzes the relationship between US monthly ending oil stocks position with that of West Texas Intermediate (WTI) oil prices from February 1995 to July 2004. The paper concludes if other things are held constant, WTI is inversely related to the petroleum products (PPP), combined petroleum products and crude oil (CPPP), crude oil alone (Crude), total oil stocks including petroleum products, crude oil and strategic petroleum reserves SPR (Total), total gasoline (TGO), total distillate (TDO). It could not establish a statistically significant and negative relationship with SPR when run alone. One percent increase (decrease) in CPPP, PPP, Crude, Total, TGO and TDO leads to decrease (increase) in WTI, respectively, by 0.70, 0.43, 0.37, 0.97, 0.26 and 0.21 percent. Oil prices are largely influenced by total crude and Crude and PPP inventories levels while modestly with variations in gasoline and distillate stocks levels. Despite a healthy increase of over 22 percent in SPR from January 2001 to April 2004, it did not result in easing of oil prices. Primarily because SPR are meant for security of supply concern and are only released under extreme conditions by the President of United States, they are neither meant for the purposes of balancing supply-demand gap nor for the stability of oil prices. The aggressive SPR buildup in recent years is related to international terrorism, geopolitical situation in the Middle East, particularly in Iraq, that encourages US government to enhance its SPR to meet any short-term eventuality. The analyst must keep a close eye on CPPP and the total oil stocks variation to forecast WTI in the short run whilst gasoline and distillate influence oil prices modestly in the short run. SPR, on the other hand, are expected to play a pivotal role in balancing oil prices and in providing a critical resource for the economy in case of any major shortfall in the long run

Assessment of the relationship between oil prices and US oil stocks

Energy Technology Data Exchange (ETDEWEB)

Saif Ghouri, Salman [Business Environment Section, Corporate Planning Department, Qatar Petroleum, Doha (Qatar)]. E-mail: ghouri@qp.com.qa

2006-11-15

This paper qualitatively and quantitatively analyzes the relationship between US monthly ending oil stocks position with that of West Texas Intermediate (WTI) oil prices from February 1995 to July 2004. The paper concludes if other things are held constant, WTI is inversely related to the petroleum products (PPP), combined petroleum products and crude oil (CPPP), crude oil alone (Crude), total oil stocks including petroleum products, crude oil and strategic petroleum reserves SPR (Total), total gasoline (TGO), total distillate (TDO). It could not establish a statistically significant and negative relationship with SPR when run alone. One percent increase (decrease) in CPPP, PPP, Crude, Total, TGO and TDO leads to decrease (increase) in WTI, respectively, by 0.70, 0.43, 0.37, 0.97, 0.26 and 0.21 percent. Oil prices are largely influenced by total crude and Crude and PPP inventories levels while modestly with variations in gasoline and distillate stocks levels. Despite a healthy increase of over 22 percent in SPR from January 2001 to April 2004, it did not result in easing of oil prices. Primarily because SPR are meant for security of supply concern and are only released under extreme conditions by the President of United States, they are neither meant for the purposes of balancing supply-demand gap nor for the stability of oil prices. The aggressive SPR buildup in recent years is related to international terrorism, geopolitical situation in the Middle East, particularly in Iraq, that encourages US government to enhance its SPR to meet any short-term eventuality. The analyst must keep a close eye on CPPP and the total oil stocks variation to forecast WTI in the short run whilst gasoline and distillate influence oil prices modestly in the short run. SPR, on the other hand, are expected to play a pivotal role in balancing oil prices and in providing a critical resource for the economy in case of any major shortfall in the long run.

An Assessment of Theories Underlying the Operations of the Nigerian Stock Market

Directory of Open Access Journals (Sweden)

Chris O. Udoka

2014-07-01

Full Text Available This paper aimed at determining the theories and approaches that inform the operational efficiency of the Nigerian stock market, considering the economic, financial, political and environmental factors inducing shareholder behaviour in the market. Taking a desk review of the theories, against the wealth maximization expectations of investors, the paper notes that due to imperfections in the Nigerian stock market, certain policies are clearly unsuitable in informing shareholder behaviour and corporate managements’ relationship with them. Due to the several factors affecting dividend policy such as legal constraints, funding needs, control issue, debt obligation, investment opportunity, inflation, shareholders expectations etc, good planning must be put in place.

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.

The productivity effects of profit sharing, employee ownership, stock option and team incentive plans: Evidence from korean panel data

OpenAIRE

Kato, Takao; Lee, Ju Ho; Ryu, Jang-soo

2010-01-01

We report the first results for Korean firms on the incidence, diffusion, scope and effects of diverse employee financial participation schemes, such as Profit Sharing Plans (PSPs), Employee Stock Ownership Plans (ESOPs), Stock Option Plans (SOPs) and Team Incentive Plans (TIPs). In do doing, we assemble important new panel data by merging data from a survey of all Korean firms listed on Korean Stock Exchange which enjoys an unusually high response rate of 60 percent with accounting data from...

Stock Market Volatility: Examining North America, Europe and Asia

OpenAIRE

Gamini Premaratne; Lakshmi Bala

2004-01-01

An understanding of volatility in stock markets is important for determining the cost of capital and for assessing investment and leverage decisions as volatility is synonymous with risk. Substantial changes in volatility of financial markets are capable of having significant negative effects on risk averse investors. Using daily returns from 1992 to 2002, we investigate volatility co-movement between the Singapore stock market and the markets of US, UK, Hong Kong and Japan. In order to gauge...

Assessing the impact of stocking northern-origin hatchery brook trout on the genetics of wild populations in North Carolina

Science.gov (United States)

Kazyak, David C.; Rash, Jacob; Lubinski, Barbara A.; King, Tim L.

2018-01-01

The release of hatchery-origin fish into streams with endemics can degrade the genetics of wild populations if interbreeding occurs. Starting in the 1800s, brook trout descendent from wild populations in the northeastern United States were stocked from hatcheries into streams across broad areas of North America to create and enhance fishery resources. Across the southeastern United States, many millions of hatchery-origin brook trout have been released into hundreds of streams, but the extent of introgression with native populations is not well resolved despite large phylogeographic distances between these groups. We used three assessment approaches based on 12 microsatellite loci to examine the extent of hatchery introgression in 406 wild brook trout populations in North Carolina. We found high levels of differentiation among most collections (mean F′ST = 0.718), and among most wild collections and hatchery strains (mean F′ST = 0.732). Our assessment of hatchery introgression was consistent across the three metrics, and indicated that most wild populations have not been strongly influenced by supplemental stocking. However, a small proportion of wild populations in North Carolina appear to have been strongly influenced by stocked conspecifics, or in some cases, may have been founded entirely by hatchery lineages. In addition, we found significant differences in the apparent extent of hatchery introgression among major watersheds, with the Savannah River being the most strongly impacted. Conversely, populations in the Pee Dee River watershed showed little to no evidence of hatchery introgression. Our study represents the first large-scale effort to quantify the extent of hatchery introgression across brook trout populations in the southern Appalachians using highly polymorphic microsatellite markers.

Global patterns in mangrove soil carbon stocks and losses

KAUST Repository

Atwood, Trisha B.

2017-06-26

Mangrove soils represent a large sink for otherwise rapidly recycled carbon (C). However, widespread deforestation threatens the preservation of this important C stock. It is therefore imperative that global patterns in mangrove soil C stocks and their susceptibility to remineralization are understood. Here, we present patterns in mangrove soil C stocks across hemispheres, latitudes, countries and mangrove community compositions, and estimate potential annual CO2 emissions for countries where mangroves occur. Global potential CO2 emissions from soils as a result of mangrove loss were estimated to be ~7.0 Tg CO2e yr−1. Countries with the highest potential CO2 emissions from soils are Indonesia (3,410 Gg CO2e yr−1) and Malaysia (1,288 Gg CO2e yr−1). The patterns described serve as a baseline by which countries can assess their mangrove soil C stocks and potential emissions from mangrove deforestation.

Extrapolation bias and the predictability of stock returns by price-scaled variables

NARCIS (Netherlands)

Cassella, Stefano; Gulen, H.

Using survey data on expectations of future stock returns, we recursively estimate the degree of extrapolative weighting in investors' beliefs (DOX). In an extrapolation framework, DOX determines the relative weight investors place on recent-versus-distant past returns. DOX varies considerably over

Data evaluation of data limited stocks: Dab, flounder, Witch, Lemon Sole, Brill, Turbot and Horse mackerel

NARCIS (Netherlands)

Hammen, van der T.; Poos, J.J.

2012-01-01

Several commercially important demersal fish stocks for the North Sea fisheries are classified by ICES (International Council for the Exploration of the Sea) as “data limited” stocks, which are stocks for which the data are insufficient to perform a full analytical assessment and forecast (ICES

Otter ( Lutra lutra ) predation on stocked brown trout ( Salmo trutta ) in two Danish lowland rivers

DEFF Research Database (Denmark)

Jacobsen, Lene

2005-01-01

This study aimed to evaluate otter predation on stocked trout. Large hatchery-reared trout (16-30 cm) were stocked into two Danish rivers with different fish populations. Otter diet before and after trout stocking was determined by analysing 685 spraints, collected regularly during the 35-day study...... period. Fish composition in the rivers before stocking was assessed by electrofishing. In River Trend, a typical trout river, the proportion of trout in the otter diet increased from 8% before stocking to 33% a few days after stocking. Moreover, trout lengths in the diet changed significantly towards...... the lengths of stocked trout, indicating that newly stocked trout were preferred to wild trout. In River Skals, dominated by cyprinids, there was no change in otter diet after stocking of hatchery trout, i.e., these were ignored by otter. Otter predation should be taken into account together with fish...

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

Science.gov (United States)

2013-01-01

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

Spatial distribution of soil organic carbon stocks in France

Directory of Open Access Journals (Sweden)

M. P. Martin

2011-05-01

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

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

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

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.

Proceedings of the North Pacific Symposium on Invertebrate Stock Assessment and Management

National Research Council Canada - National Science Library

Jamieson, Glen S; Campbell, A

1998-01-01

...) dynamics of harvested stocks and ecosystems; metapopulations, larval dispersal and gene flow, fisheries and their selective effects, and management implications of life history and behaviour variability; 4...

Spatial variability of soil carbon stock in the Urucu river basin, Central Amazon-Brazil

International Nuclear Information System (INIS)

Ceddia, Marcos Bacis; Villela, André Luis Oliveira; Pinheiro, Érika Flávia Machado; Wendroth, Ole

2015-01-01

The Amazon Forest plays a major role in C sequestration and release. However, few regional estimates of soil organic carbon (SOC) stock in this ecoregion exist. One of the barriers to improve SOC estimates is the lack of recent soil data at high spatial resolution, which hampers the application of new methods for mapping SOC stock. The aims of this work were: (i) to quantify SOC stock under undisturbed vegetation for the 0–30 and the 0–100 cm under Amazon Forest; (ii) to correlate the SOC stock with soil mapping units and relief attributes and (iii) to evaluate three geostatistical techniques to generate maps of SOC stock (ordinary, isotopic and heterotopic cokriging). The study site is located in the Central region of Amazon State, Brazil. The soil survey covered the study site that has an area of 80 km 2 and resulted in a 1:10,000 soil map. It consisted of 315 field observations (96 complete soil profiles and 219 boreholes). SOC stock was calculated by summing C stocks by horizon, determined as a product of BD, SOC and the horizon thickness. For each one of the 315 soil observations, relief attributes were derived from a topographic map to understand SOC dynamics. The SOC stocks across 30 and 100 cm soil depth were 3.28 and 7.32 kg C m −2 , respectively, which is, 34 and 16%, lower than other studies. The SOC stock is higher in soils developed in relief forms exhibiting well-drained soils, which are covered by Upland Dense Tropical Rainforest. Only SOC stock in the upper 100 cm exhibited spatial dependence allowing the generation of spatial variability maps based on spatial (co)-regionalization. The CTI was inversely correlated with SOC stock and was the only auxiliary variable feasible to be used in cokriging interpolation. The heterotopic cokriging presented the best performance for mapping SOC stock. - Highlights: • The SOC stocks across 30 and 100 cm depth were 3.28 and 7.32 kg C m −2 , respectively. • SOC stocks were 34 and 16%, respectively

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

Directory of Open Access Journals (Sweden)

Prokopovich Vladimir Pavlovich

2014-06-01

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

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.

Problems of assessment of efficiency of managing corporate rights in joint stock companies

Directory of Open Access Journals (Sweden)

Kurinnyy Oleksandr V.

2013-03-01

Full Text Available The goal of the article lies in identification of specific features of formation, implementation and practical use of the balanced scorecard of efficiency of managing corporate rights in domestic joint stock companies. Complexity of formation of the balanced scorecard of efficiency of managing property of shareholders is due to a necessity of ensuring deliberateness of the combination of financial and non-financial indicators for formalisation of managerial goals, establishment of a connection between financial parameters and operation indicators of enterprise activity and also attempt to determine the whole cost of an enterprise, which would be adequate to the market value of its assets. Taking into account the above, the article defines efficiency of managing shares of the joint stock as the degree of correlation between the goal, regulatory set functions, managerial actions and results of execution of managerial duties by managers. Prospect of further studies in this direction is development of methodical basis of formation and functioning of the balanced scorecard of efficiency of the use of shares of corporate rights in a joint stock company.

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.

Survey of Biomass Resource Assessments and Assessment Capabilities in APEC Economies

Energy Technology Data Exchange (ETDEWEB)

Milbrandt, A.; Overend, R. P

2008-11-01

This survey of biomass resource assessments and assessment capabilities in Asia-Pacific Economic Cooperation (APEC) economies considered various sources: academic and government publications, media reports, and personal communication with contacts in member economies.

Relevance of carbon stocks of marine sediments for national greenhouse gas inventories of maritime nations.

Science.gov (United States)

Avelar, Silvania; van der Voort, Tessa S; Eglinton, Timothy I

2017-12-01

Determining national carbon stocks is essential in the framework of ongoing climate change mitigation actions. Presently, assessment of carbon stocks in the context of greenhouse gas (GHG)-reporting on a nation-by-nation basis focuses on the terrestrial realm, i.e., carbon held in living plant biomass and soils, and on potential changes in these stocks in response to anthropogenic activities. However, while the ocean and underlying sediments store substantial quantities of carbon, this pool is presently not considered in the context of national inventories. The ongoing disturbances to both terrestrial and marine ecosystems as a consequence of food production, pollution, climate change and other factors, as well as alteration of linkages and C-exchange between continental and oceanic realms, highlight the need for a better understanding of the quantity and vulnerability of carbon stocks in both systems. We present a preliminary comparison of the stocks of organic carbon held in continental margin sediments within the Exclusive Economic Zone of maritime nations with those in their soils. Our study focuses on Namibia, where there is a wealth of marine sediment data, and draws comparisons with sediment data from two other countries with different characteristics, which are Pakistan and the United Kingdom. Results indicate that marine sediment carbon stocks in maritime nations can be similar in magnitude to those of soils. Therefore, if human activities in these areas are managed, carbon stocks in the oceanic realm-particularly over continental margins-could be considered as part of national GHG inventories. This study shows that marine sediment organic carbon stocks can be equal in size or exceed terrestrial carbon stocks of maritime nations. This provides motivation both for improved assessment of sedimentary carbon inventories and for reevaluation of the way that carbon stocks are assessed and valued. The latter carries potential implications for the management of

Relevance of carbon stocks of marine sediments for national greenhouse gas inventories of maritime nations

Directory of Open Access Journals (Sweden)

Silvania Avelar

2017-05-01

Full Text Available Abstract Background Determining national carbon stocks is essential in the framework of ongoing climate change mitigation actions. Presently, assessment of carbon stocks in the context of greenhouse gas (GHG-reporting on a nation-by-nation basis focuses on the terrestrial realm, i.e., carbon held in living plant biomass and soils, and on potential changes in these stocks in response to anthropogenic activities. However, while the ocean and underlying sediments store substantial quantities of carbon, this pool is presently not considered in the context of national inventories. The ongoing disturbances to both terrestrial and marine ecosystems as a consequence of food production, pollution, climate change and other factors, as well as alteration of linkages and C-exchange between continental and oceanic realms, highlight the need for a better understanding of the quantity and vulnerability of carbon stocks in both systems. We present a preliminary comparison of the stocks of organic carbon held in continental margin sediments within the Exclusive Economic Zone of maritime nations with those in their soils. Our study focuses on Namibia, where there is a wealth of marine sediment data, and draws comparisons with sediment data from two other countries with different characteristics, which are Pakistan and the United Kingdom. Results Results indicate that marine sediment carbon stocks in maritime nations can be similar in magnitude to those of soils. Therefore, if human activities in these areas are managed, carbon stocks in the oceanic realm—particularly over continental margins—could be considered as part of national GHG inventories. Conclusions This study shows that marine sediment organic carbon stocks can be equal in size or exceed terrestrial carbon stocks of maritime nations. This provides motivation both for improved assessment of sedimentary carbon inventories and for reevaluation of the way that carbon stocks are assessed and valued. The

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…

Assessing risk of draft survey by AHP method

Science.gov (United States)

Xu, Guangcheng; Zhao, Kuimin; Zuo, Zhaoying; Liu, Gang; Jian, Binguo; Lin, Yan; Fan, Yukun; Wang, Fei

2018-04-01

The paper assesses the risks of vessel floating in the seawater for draft survey by using the analytic hierarchy process. On this basis, the paper established draft survey risk index from the view of draft reading, ballast water, fresh water, and calculation process and so on. Then the paper proposes the method to deal with risk assessment using one concrete sample.

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.

Preliminary work of mangrove ecosystem carbon stock mapping in small island using remote sensing: above and below ground carbon stock mapping on medium resolution satellite image

Science.gov (United States)

Wicaksono, Pramaditya; Danoedoro, Projo; Hartono, Hartono; Nehren, Udo; Ribbe, Lars

2011-11-01

Mangrove forest is an important ecosystem located in coastal area that provides various important ecological and economical services. One of the services provided by mangrove forest is the ability to act as carbon sink by sequestering CO2 from atmosphere through photosynthesis and carbon burial on the sediment. The carbon buried on mangrove sediment may persist for millennia before return to the atmosphere, and thus act as an effective long-term carbon sink. Therefore, it is important to understand the distribution of carbon stored within mangrove forest in a spatial and temporal context. In this paper, an effort to map carbon stocks in mangrove forest is presented using remote sensing technology to overcome the handicap encountered by field survey. In mangrove carbon stock mapping, the use of medium spatial resolution Landsat 7 ETM+ is emphasized. Landsat 7 ETM+ images are relatively cheap, widely available and have large area coverage, and thus provide a cost and time effective way of mapping mangrove carbon stocks. Using field data, two image processing techniques namely Vegetation Index and Linear Spectral Unmixing (LSU) were evaluated to find the best method to explain the variation in mangrove carbon stocks using remote sensing data. In addition, we also tried to estimate mangrove carbon sequestration rate via multitemporal analysis. Finally, the technique which produces significantly better result was used to produce a map of mangrove forest carbon stocks, which is spatially extensive and temporally repetitive.

STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS*

Science.gov (United States)

HUDOMIET, PÉTER; KÉZDI, GÁBOR; WILLIS, ROBERT J.

2011-01-01

SUMMARY This paper utilizes data on subjective probabilities to study the impact of the stock market crash of 2008 on households’ expectations about the returns on the stock market index. We use data from the Health and Retirement Study that was fielded in February 2008 through February 2009. The effect of the crash is identified from the date of the interview, which is shown to be exogenous to previous stock market expectations. We estimate the effect of the crash on the population average of expected returns, the population average of the uncertainty about returns (subjective standard deviation), and the cross-sectional heterogeneity in expected returns (disagreement). We show estimates from simple reduced-form regressions on probability answers as well as from a more structural model that focuses on the parameters of interest and separates survey noise from relevant heterogeneity. We find a temporary increase in the population average of expectations and uncertainty right after the crash. The effect on cross-sectional heterogeneity is more significant and longer lasting, which implies substantial long-term increase in disagreement. The increase in disagreement is larger among the stockholders, the more informed, and those with higher cognitive capacity, and disagreement co-moves with trading volume and volatility in the market. PMID:21547244

STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS.

Science.gov (United States)

Hudomiet, Péter; Kézdi, Gábor; Willis, Robert J

2011-01-01

This paper utilizes data on subjective probabilities to study the impact of the stock market crash of 2008 on households' expectations about the returns on the stock market index. We use data from the Health and Retirement Study that was fielded in February 2008 through February 2009. The effect of the crash is identified from the date of the interview, which is shown to be exogenous to previous stock market expectations. We estimate the effect of the crash on the population average of expected returns, the population average of the uncertainty about returns (subjective standard deviation), and the cross-sectional heterogeneity in expected returns (disagreement). We show estimates from simple reduced-form regressions on probability answers as well as from a more structural model that focuses on the parameters of interest and separates survey noise from relevant heterogeneity. We find a temporary increase in the population average of expectations and uncertainty right after the crash. The effect on cross-sectional heterogeneity is more significant and longer lasting, which implies substantial long-term increase in disagreement. The increase in disagreement is larger among the stockholders, the more informed, and those with higher cognitive capacity, and disagreement co-moves with trading volume and volatility in the market.

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 Price Simulation Using Bootstrap and Monte Carlo

Directory of Open Access Journals (Sweden)

Pažický Martin

2017-06-01

Full Text Available In this paper, an attempt is made to assessment and comparison of bootstrap experiment and Monte Carlo experiment for stock price simulation. Since the stock price evolution in the future is extremely important for the investors, there is the attempt to find the best method how to determine the future stock price of BNP Paribas′ bank. The aim of the paper is define the value of the European and Asian option on BNP Paribas′ stock at the maturity date. There are employed four different methods for the simulation. First method is bootstrap experiment with homoscedastic error term, second method is blocked bootstrap experiment with heteroscedastic error term, third method is Monte Carlo simulation with heteroscedastic error term and the last method is Monte Carlo simulation with homoscedastic error term. In the last method there is necessary to model the volatility using econometric GARCH model. The main purpose of the paper is to compare the mentioned methods and select the most reliable. The difference between classical European option and exotic Asian option based on the experiment results is the next aim of tis paper.

76 FR 23794 - Stock Status Determination for Atlantic Highly Migratory Scalloped Hammerhead Shark

Science.gov (United States)

2011-04-28

...) published in the North American Journal of Fisheries Management a stock assessment of the Atlantic... conservation and management measures to rebuild overfished stocks within 2 years of making this determination... to rebuilding the fishery within the shortest time possible in accordance with 16 U.S.C. 1854(e)(4...

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.

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.

Spatial variability of soil carbon stock in the Urucu river basin, Central Amazon-Brazil.

Science.gov (United States)

Ceddia, Marcos Bacis; Villela, André Luis Oliveira; Pinheiro, Érika Flávia Machado; Wendroth, Ole

2015-09-01

The Amazon Forest plays a major role in C sequestration and release. However, few regional estimates of soil organic carbon (SOC) stock in this ecoregion exist. One of the barriers to improve SOC estimates is the lack of recent soil data at high spatial resolution, which hampers the application of new methods for mapping SOC stock. The aims of this work were: (i) to quantify SOC stock under undisturbed vegetation for the 0-30 and the 0-100 cm under Amazon Forest; (ii) to correlate the SOC stock with soil mapping units and relief attributes and (iii) to evaluate three geostatistical techniques to generate maps of SOC stock (ordinary, isotopic and heterotopic cokriging). The study site is located in the Central region of Amazon State, Brazil. The soil survey covered the study site that has an area of 80 km(2) and resulted in a 1:10,000 soil map. It consisted of 315 field observations (96 complete soil profiles and 219 boreholes). SOC stock was calculated by summing C stocks by horizon, determined as a product of BD, SOC and the horizon thickness. For each one of the 315 soil observations, relief attributes were derived from a topographic map to understand SOC dynamics. The SOC stocks across 30 and 100 cm soil depth were 3.28 and 7.32 kg C m(-2), respectively, which is, 34 and 16%, lower than other studies. The SOC stock is higher in soils developed in relief forms exhibiting well-drained soils, which are covered by Upland Dense Tropical Rainforest. Only SOC stock in the upper 100 cm exhibited spatial dependence allowing the generation of spatial variability maps based on spatial (co)-regionalization. The CTI was inversely correlated with SOC stock and was the only auxiliary variable feasible to be used in cokriging interpolation. The heterotopic cokriging presented the best performance for mapping SOC stock. Copyright © 2015 Elsevier B.V. All rights reserved.

An analysis on energy efficiency initiatives in the building stock of Liege, Belgium

International Nuclear Information System (INIS)

Singh, Manoj Kumar; Mahapatra, Sadhan; Teller, Jacques

2013-01-01

Built environment is responsible for 60% of total energy consumption in European countries and 128 million BOE of primary energy in Belgium. The average energy consumption in the residential buildings of Belgium is 70% higher than the EU average and stands at 348 kW h/m 2 /year. Energy Performance Building Directive (EPBD) provides guidelines for energy performance analysis of buildings in Belgium. In this study, a holistic approach has been adopted to analyse the building stock of Liege, Belgium. This analysis is based on ‘General Socio-economic survey 2001’ and ‘Housing quality survey 2006 in Walloon region’ databases. It considers parameters such as buildings age, built-up area, type of heating system, type of fuel used, adjacency, insulation of roofs and walls and energy consumption etc. for an in depth analysis. This study concludes that about 69% of buildings which are constructed before 1945 needs serious renovation towards the improvement of roof and external wall insulation level. It then successfully identifies specific areas which need detailed study to evaluate the comfort status in the existing building stock, improvement of insulation level and its effect on heating energy consumption as well as the economic analysis on energy efficiency measurements. -- Highlights: •Energy efficiency studies of building stock of Liege, Belgium. •Energy Performance Building Directive is used as reference for analysis. •Buildings age, built-up area and energy consumption data are used for analysis. •Identifies the areas to improve energy efficiency of building stock

Multicriteria assessment in restoring migratory fish stocks in the river Iijoki; Monitavoitearviointi Iijoen vaelluskalakantojen palauttamisen tukena

Energy Technology Data Exchange (ETDEWEB)

Karjalainen, T.P.; Rytkoenen, A.-M.; Marttunen, M.; Maeki-Petaeys, A.; Autti, O.

2011-05-15

The Iijoki is one of Finland's most important former salmon rivers. Construction of multiple main stem dams on the river in the 1960s effectively blocked the migration corridors of migratory fish. Suitable spawning and nursery habitats above the dams span an estimated 600-800 hectares. With riverside residents are very much in favour of the return of migratory fish, watershed planning for this has been set as a target. Such measures are rendered urgent by the fact that there is still a possibility of replenishing the Iijoki's own salmon stock, thereby restoring the fishes' natural lifecycle and natural selection. This report has been completed as part of the project 'The return of migratory fish to the River Iijoki (2008-2010)', where the main object was reconciling the target of enhancing the natural life cycle of migratory fish with the continued generation of hydropower. Under a multicriteria assessment, various alternatives and measures for improving migratory fish stocks were clarified and their desirability, costs and benefits systematically and transparently evaluated. Furthermore, interest groups' views of the three options and their effects (as distinct from the expert evaluation) were clarified with the help of computer aided interviews. The alternatives were transferring salmon above the main stem dams and two fish-ladder options. The multicriteria assessment viewed the construction of fish ladders, alongside other large-scale support measures, as the best option. Based on all of the criteria applied in a cost-benefit analysis, the stock transfer alternative was the most economically viable, because its net product value was positive in all cases. The fish ladder options were the most expensive due to the construction costs involved, but they also provided the greatest benefits. Above all, fish ladder construction is supported by the fact that it would return migratory fish to their natural lifecycle and attain the EU

Investment characteristics, stock characteristics and portfolio diversification of finance professionals

OpenAIRE

Mohammad Tariqul Islam Khan; Siow-Hooi Tan; Lee-Lee Chong; Hway-Boon Ong

2017-01-01

This study estimates if Malaysian finance professionals' investment characteristics and stock characteristics' preferences affect their portfolio diversification, and whether the effects of these predictors vary across professionals' gender, income and experience. Employing a survey and ordinal regression models, the findings demonstrate that investment characteristics such as active trading, usage of internet and telephone, and saving for retirement objective are likely to improve diversific...

Differential Emotions and the Stock Market - The Case of Company-Specific Trading

DEFF Research Database (Denmark)

Risius, Marten; Akolk, Fabian; Beck, Roman

2015-01-01

in sentiment analysis instead of the predominant assessment of the binary positive-negative valence of emotions. Therefore, based on emotion theory and an established sentiment lexicon, we develop and apply an open source dictionary for the analysis of seven different emotions (affection, happiness......, satisfaction, fear, anger, depression, and contempt). To investigate the connection between the differential emotions and stock movements we analyze approximately 5.5 million Twitter messages on 33 S&P 100 companies and their respective NYSE stock prices from Yahoo!Finance over a period of three months...... emotionality strength has a significant connection with company-specific stock price movements. The emotion specific analysis reveals that an increase in depression and happiness strength is associated with a significant decrease in company-specific stock prices....

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.

The cross-correlation analysis of multi property of stock markets based on MM-DFA

Science.gov (United States)

Yang, Yujun; Li, Jianping; Yang, Yimei

2017-09-01

In this paper, we propose a new method called DH-MXA based on distribution histograms of Hurst surface and multiscale multifractal detrended fluctuation analysis. The method allows us to investigate the cross-correlation characteristics among multiple properties of different stock time series. It may provide a new way of measuring the nonlinearity of several signals. It also can provide a more stable and faithful description of cross-correlation of multiple properties of stocks. The DH-MXA helps us to present much richer information than multifractal detrented cross-correlation analysis and allows us to assess many universal and subtle cross-correlation characteristics of stock markets. We show DH-MXA by selecting four artificial data sets and five properties of four stock time series from different countries. The results show that our proposed method can be adapted to investigate the cross-correlation of stock markets. In general, the American stock markets are more mature and less volatile than the Chinese stock markets.

Business risk assessment of the companies on the Mexican Stock Exchange’s sustainable index

Directory of Open Access Journals (Sweden)

José Antonio Morales Castro

2014-12-01

Full Text Available (Received: 2014/10/27 - Accepted: 2014/12/15This work evaluated the business risk change of 20 companies included on the sustainable index of the Mexican Stock Exchange (BMV. The unlevered beta coefficient was used for this analysis. Two periods were compared: the one before, and the one after including the companies on the index. For each of the 20 companies it was used financial information, stocks closing prices and the stock market index value, over a period of 234 weeks. Then, considering the two periods, the statistical difference between the unlevered beta coefficient averages was calculated. Finally, a hypothesis proof was made to evaluate the business risk change. It was found that for 12 out of the 20 companies, the unlevered beta coefficient suffered a reduction. The findings suggest that it is not enough for the companies to certify as sustainable in order to reduce its business risk.

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.

Lessons learned from practical approaches to reconcile mismatches between biological population structure and stock units of marine fish

NARCIS (Netherlands)

Kerr, Lisa A.; Hintzen, Niels T.; Cadrin, Steven X.; Clausen, Lotte Worsøe; Dickey-Collas, Mark; Goethel, Daniel R.; Hatfield, Emma M.C.; Kritzer, Jacob P.; Nash, Richard D.M.

2016-01-01

Recent advances in the application of stock identification methods have revealed inconsistencies between the spatial structure of biological populations and the definition of stock units used in assessment and management. From a fisheries management perspective, stocks are typically assumed to be

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

Derivative Market: An Integral Part Of The Zimbabwe Stock Exchange

OpenAIRE

Kosmas Njanike

2010-01-01

The study assesses the need for a derivative market as an integral of Zimbabwe Stock Exchange. It also aims to evaluate the feasibility of establishing a derivative market as an essential element of Zimbabwe Stock Exchange. The research identifies factors that need to be addressed to facilitate such a market. Views of various fund managers, financial analysts and dealers drawn from asset management firms were used. Changes in market trends are influenced by hyper inflation and acute financial...

Did pension plan accounting contribute to a stock market bubble?

OpenAIRE

Julia Lynn Coronado; Steven A. Sharpe

2003-01-01

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

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.

Global stocks of selected mineral-based commodities

Science.gov (United States)

Wilburn, David R.; Bleiwas, Donald I.; Karl, Nick A.

2016-12-05

IntroductionThe U.S. Geological Survey, National Minerals Information Center, analyzes mineral and metal supply chains by identifying and describing major components of mineral and material flows from ore extraction, through intermediate forms, to a final product. This report focuses on an important component of the world’s supply chain: the amounts and global distribution of major consumer, producer, and exchange stocks of selected mineral commodities. In this report, the term “stock” is used instead of “inventory” and refers to accumulations of mined ore, intermediate products, and refined mineral-based commodities that are in a form that meets the agreed-upon specifications of a buyer or processor of intermediate products. These may include certain ores such as bauxite, concentrates, smelter products, and refined metals. Materials sometimes referred to as inventory for accounting purposes, such as ore contained in a deposit or in a leach pile, or materials that need to be further processed before they can be shipped to a consumer, are not considered. Stocks may be held (owned) by consumers, governments, investors, producers, and traders. They may serve as (1) a means to achieve economic, social, and strategic goals through government policies; (2) a secure source of supply to meet demand and to mitigate potential shortages in the supply chain; (3) a hedge to mitigate price volatility; and (4) vehicles for speculative investment.The paucity and uneven reliability of data for stocks of ores and concentrates and for material held by producers, consumers, and merchants hinder the accurate estimating of the size and distribution of this portion of the supply chain for certain commodities. This paper reviews the more visible stocks held in commodity exchange warehouses distributed throughout the world.

Statistical modelling of fish stocks

DEFF Research Database (Denmark)

Kvist, Trine

1999-01-01

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

Formation of reserves to cover loss from depreciation of stocks of retail trade enterprises

Directory of Open Access Journals (Sweden)

A.S. Krutova

2017-12-01

Full Text Available Nowadays, the most significant and widely researched accounting innovation is forming the reserve system of a business unit under conditions of sustainable development. The research proves the necessity of forming the reserves as an element of a business unit protection from the risks to lose economic profits because of assets depreciation. It is proposed when making a decision about the formation of the reserve to protect stocks from depreciation, to take into account the level of essentiality not only the deviation size of actual cost of goods from their market cost, but also the level of essentiality of the deviation of actual commodity turnover from its planned significance. The authors develop the algorithm for the level of essentiality assessment when forming the reserve of depreciation of stocks for trade enterprises, which actualizes two indices, namely, the relative deviations of commodity turnover and the cost of goods and allows to make decision about formation of reserves for decreasing the cost of capital equipment including essentiality. The research determines the main factors of influence on the depreciation of the stocks under conditions of continuity, they are: the change of assessment of stocks because of the events after report date, the methods of determining the risk of stocks, moral depreciation and quality loss. To provide the continual cycle of replenishment of commodity stocks for a trade enterprise the authors develop the diagram of accounting process for the formation and use of the depreciation reserve of stocks.

Spatial variability of soil carbon stock in the Urucu river basin, Central Amazon-Brazil

Energy Technology Data Exchange (ETDEWEB)

Ceddia, Marcos Bacis, E-mail: marcosceddia@gmail.com [Department of Soil, Institute of Agronomy, Universidade Federal Rural do Rio de Janeiro (UFRRJ), Seropédica, RJ 23890-000 (Brazil); Villela, André Luis Oliveira [Colégio Técnico da UFRRJ, RJ, Seropédica 23890-000 (Brazil); Pinheiro, Érika Flávia Machado [Department of Soil, Institute of Agronomy, Universidade Federal Rural do Rio de Janeiro (UFRRJ), Seropédica, RJ 23890-000 (Brazil); Wendroth, Ole [Department of Plant & Soil Sciences, University of Kentucky, College of Agriculture, Lexington, KY (United States)

2015-09-01

The Amazon Forest plays a major role in C sequestration and release. However, few regional estimates of soil organic carbon (SOC) stock in this ecoregion exist. One of the barriers to improve SOC estimates is the lack of recent soil data at high spatial resolution, which hampers the application of new methods for mapping SOC stock. The aims of this work were: (i) to quantify SOC stock under undisturbed vegetation for the 0–30 and the 0–100 cm under Amazon Forest; (ii) to correlate the SOC stock with soil mapping units and relief attributes and (iii) to evaluate three geostatistical techniques to generate maps of SOC stock (ordinary, isotopic and heterotopic cokriging). The study site is located in the Central region of Amazon State, Brazil. The soil survey covered the study site that has an area of 80 km{sup 2} and resulted in a 1:10,000 soil map. It consisted of 315 field observations (96 complete soil profiles and 219 boreholes). SOC stock was calculated by summing C stocks by horizon, determined as a product of BD, SOC and the horizon thickness. For each one of the 315 soil observations, relief attributes were derived from a topographic map to understand SOC dynamics. The SOC stocks across 30 and 100 cm soil depth were 3.28 and 7.32 kg C m{sup −2}, respectively, which is, 34 and 16%, lower than other studies. The SOC stock is higher in soils developed in relief forms exhibiting well-drained soils, which are covered by Upland Dense Tropical Rainforest. Only SOC stock in the upper 100 cm exhibited spatial dependence allowing the generation of spatial variability maps based on spatial (co)-regionalization. The CTI was inversely correlated with SOC stock and was the only auxiliary variable feasible to be used in cokriging interpolation. The heterotopic cokriging presented the best performance for mapping SOC stock. - Highlights: • The SOC stocks across 30 and 100 cm depth were 3.28 and 7.32 kg C m{sup −2}, respectively. • SOC stocks were 34 and 16

Benchmark map of forest carbon stocks in tropical regions across three continents.

Science.gov (United States)

Saatchi, Sassan S; Harris, Nancy L; Brown, Sandra; Lefsky, Michael; Mitchard, Edward T A; Salas, William; Zutta, Brian R; Buermann, Wolfgang; Lewis, Simon L; Hagen, Stephen; Petrova, Silvia; White, Lee; Silman, Miles; Morel, Alexandra

2011-06-14

Developing countries are required to produce robust estimates of forest carbon stocks for successful implementation of climate change mitigation policies related to reducing emissions from deforestation and degradation (REDD). Here we present a "benchmark" map of biomass carbon stocks over 2.5 billion ha of forests on three continents, encompassing all tropical forests, for the early 2000s, which will be invaluable for REDD assessments at both project and national scales. We mapped the total carbon stock in live biomass (above- and belowground), using a combination of data from 4,079 in situ inventory plots and satellite light detection and ranging (Lidar) samples of forest structure to estimate carbon storage, plus optical and microwave imagery (1-km resolution) to extrapolate over the landscape. The total biomass carbon stock of forests in the study region is estimated to be 247 Gt C, with 193 Gt C stored aboveground and 54 Gt C stored belowground in roots. Forests in Latin America, sub-Saharan Africa, and Southeast Asia accounted for 49%, 25%, and 26% of the total stock, respectively. By analyzing the errors propagated through the estimation process, uncertainty at the pixel level (100 ha) ranged from ± 6% to ± 53%, but was constrained at the typical project (10,000 ha) and national (>1,000,000 ha) scales at ca. ± 5% and ca. ± 1%, respectively. The benchmark map illustrates regional patterns and provides methodologically comparable estimates of carbon stocks for 75 developing countries where previous assessments were either poor or incomplete.

Benchmark map of forest carbon stocks in tropical regions across three continents

Science.gov (United States)

Saatchi, Sassan S.; Harris, Nancy L.; Brown, Sandra; Lefsky, Michael; Mitchard, Edward T. A.; Salas, William; Zutta, Brian R.; Buermann, Wolfgang; Lewis, Simon L.; Hagen, Stephen; Petrova, Silvia; White, Lee; Silman, Miles; Morel, Alexandra

2011-01-01

Developing countries are required to produce robust estimates of forest carbon stocks for successful implementation of climate change mitigation policies related to reducing emissions from deforestation and degradation (REDD). Here we present a “benchmark” map of biomass carbon stocks over 2.5 billion ha of forests on three continents, encompassing all tropical forests, for the early 2000s, which will be invaluable for REDD assessments at both project and national scales. We mapped the total carbon stock in live biomass (above- and belowground), using a combination of data from 4,079 in situ inventory plots and satellite light detection and ranging (Lidar) samples of forest structure to estimate carbon storage, plus optical and microwave imagery (1-km resolution) to extrapolate over the landscape. The total biomass carbon stock of forests in the study region is estimated to be 247 Gt C, with 193 Gt C stored aboveground and 54 Gt C stored belowground in roots. Forests in Latin America, sub-Saharan Africa, and Southeast Asia accounted for 49%, 25%, and 26% of the total stock, respectively. By analyzing the errors propagated through the estimation process, uncertainty at the pixel level (100 ha) ranged from ±6% to ±53%, but was constrained at the typical project (10,000 ha) and national (>1,000,000 ha) scales at ca. ±5% and ca. ±1%, respectively. The benchmark map illustrates regional patterns and provides methodologically comparable estimates of carbon stocks for 75 developing countries where previous assessments were either poor or incomplete. PMID:21628575

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.

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.

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.

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 ...

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.

Effects of various stocking density on productive performance and some physiological traits of broiler chicks

OpenAIRE

Ihsan T. Tayeb,; Siamand Nizar Hassan,; Merkhan M. Mustafa,; Shawkat Abdulrazaq M. Sadeq,; Gulizar Issa Ameen,; Asia Mohamed Hassan

2011-01-01

This experiment was carried out as a survey at the commercial poultry farm of broiler chickens in Duhok region namely Amedy, Akry and Sumail in order to study the effect of stocking density on the chick performance and some physiological traits. Chicks were divided into three stocking densities namely 8.66, 10.41 and 13.36 birds/m². The results obtained are summarized as follows: Live body weights and feed conversion ratio at 7 weeks of age were non significant differences between different s...

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...

Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.

Science.gov (United States)

Berument, M Hakan; Ceylan, Nildag Basak

2013-06-01

There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.

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.

Portfolio analysis based on the example of Zagreb Stock Exchange

OpenAIRE

Bogdan, Sinisa; Baresa, Suzana; Ivanovic, Sasa

2010-01-01

In this paper we analyze the portfolio that was selected from the Zagreb Stock Exchange and also try to assess its risks and its future offerings that are relevant in making the decisions about investments. Through the work we will explain the importance of diversification and how the very diversification reduces risk. We will also analyze the systemic risk of individual stocks within the portfolio and the systemic risk of the given portfolio and explain its importance. Through regression ana...

Legal insider trading and stock market liquidity

NARCIS (Netherlands)

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

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

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.

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.

Otolith edge fingerprints as approach for stock identification of Genidens barbus

Science.gov (United States)

Avigliano, Esteban; Maichak de Carvalho, Barbara; Leisen, Mathieu; Romero, Rurik; Velasco, Gonzalo; Vianna, Marcelo; Barra, Fernando; Volpedo, Alejandra Vanina

2017-07-01

The purpose of this paper is to assess the use of multi-elemental otolith fingerprints as a tool to delimit catfish Genidens barbus fish stocks in four estuaries from the southwestern Atlantic Ocean. Barium:Calcium (Ca), Magnesium:Ca, Manganese:Ca, Sodium:Ca and Strontium:Ca ratios in the otolith edge were determined by LA-ICPMS. PERMANOVA analysis reveal significant differences in the multi-element signatures among estuaries (p = 0.0001-0.002). Reclassification rates of quadratic discriminant analysis are high, averaging 89.9% (78-100%). The new data presented here show that the otolith chemistry is a potential tool for stock identification, and indicates the presence of at least four stocks which should probably be handled independently.

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...

Audit Committee Practice in the Polish Listed Stock Companies. Present Situation and Development Perspectives

Directory of Open Access Journals (Sweden)

Piotr Szczepankowski

2012-06-01

Full Text Available The audit committee is one of the parts of corporate governance mechanism, which is understood as the relationship between corporate managers, directors and the providers of equity, people and institutions who save and invest their capital to earn the return. This study presents survey research results of audit committee activity in Polish public stock companies quoted on the Warsaw Stock Exchange (WSE. The purpose of this paper is to present the audit committee practice in Poland after 2009. The paper shows that the audit committee practice is still the most problematic issue of transitional Polish corporate governance rules. The survey has shown that the corporate needs and its implementation, and communication with listed companies leave a lot of room for improvement. The paper is based on the documents prepared in 2010 by PricewaterhouseCoopers, the Polish Association of Listed Companies and the Polish Institute of Directors.

Implementing ecosystem-based fisheries management: from single-species to integrated ecosystem assessment and advice for Baltic Sea fish stocks

DEFF Research Database (Denmark)

Möllmann, Christian; Lindegren, Martin; Blenckner, Thorsten

2014-01-01

-economic factors, in relation to specified management objectives. Here, we focus on implementing the IEA approach for Baltic Sea fish stocks. We combine both tactical and strategic management aspects into a single strategy that supports the present Baltic Sea fish stock advice, conducted by the International...... Council for the Exploration of the Sea (ICES). We first review the state of the art in the development of IEA within the current management framework. We then outline and discuss an approach that integrates fish stock advice and IEAs for the Baltic Sea. We intentionally focus on the central Baltic Sea...... and its three major fish stocks cod (Gadus morhua), herring (Clupea harengus), and sprat (Sprattus sprattus), but emphasize that our approach may be applied to other parts and stocks of the Baltic, as well as other ocean areas...

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.

A cost-efficient method to assess carbon stocks in tropical peat soil

Directory of Open Access Journals (Sweden)

M. W. Warren

2012-11-01

Full Text Available Estimation of belowground carbon stocks in tropical wetland forests requires funding for laboratory analyses and suitable facilities, which are often lacking in developing nations where most tropical wetlands are found. It is therefore beneficial to develop simple analytical tools to assist belowground carbon estimation where financial and technical limitations are common. Here we use published and original data to describe soil carbon density (kgC m⁻³; C_d as a function of bulk density (gC cm⁻³; B_d, which can be used to rapidly estimate belowground carbon storage using B_d measurements only. Predicted carbon densities and stocks are compared with those obtained from direct carbon analysis for ten peat swamp forest stands in three national parks of Indonesia. Analysis of soil carbon density and bulk density from the literature indicated a strong linear relationship (C_d = B_d × 495.14 + 5.41, R² = 0.93, n = 151 for soils with organic C content > 40%. As organic C content decreases, the relationship between C_d and B_d becomes less predictable as soil texture becomes an important determinant of C_d. The equation predicted belowground C stocks to within 0.92% to 9.57% of observed values. Average bulk density of collected peat samples was 0.127 g cm⁻³, which is in the upper range of previous reports for Southeast Asian peatlands. When original data were included, the revised equation C_d = B_d × 468.76 + 5.82, with R² = 0.95 and n = 712, was slightly below the lower 95% confidence interval of the original equation, and tended to decrease C_d estimates. We recommend this last equation for a rapid estimation of soil C stocks for well-developed peat soils where C content > 40%.

Past and prospective carbon stocks in forests of northern Wisconsin: a report from the Chequamegon-Nicolet National Forest Climate Change Response Framework

Science.gov (United States)

Richard Birdsey; Yude Pan; Maria Janowiak; Susan Stewart; Sarah Hines; Linda Parker; Stith Gower; Jeremy Lichstein; Kevin McCullough; Fangmin Zhang; Jing Chen; David Mladenoff; Craig Wayson; Chris. Swanston

2014-01-01

This report assesses past and prospective carbon stocks for 4.5 million ha of forest land in northern Wisconsin, including a baseline assessment and analysis of the impacts of disturbance and management on carbon stocks. Carbon density (amount of carbon stock per unit area) averages 237 megagrams (Mg) per ha, with the National Forest lands having slightly higher carbon...

Application of the Beck model to stock markets: Value-at-Risk and portfolio risk assessment

Science.gov (United States)

Kozaki, M.; Sato, A.-H.

2008-02-01

We apply the Beck model, developed for turbulent systems that exhibit scaling properties, to stock markets. Our study reveals that the Beck model elucidates the properties of stock market returns and is applicable to practical use such as the Value-at-Risk estimation and the portfolio analysis. We perform empirical analysis with daily/intraday data of the S&P500 index return and find that the volatility fluctuation of real markets is well-consistent with the assumptions of the Beck model: The volatility fluctuates at a much larger time scale than the return itself and the inverse of variance, or “inverse temperature”, β obeys Γ-distribution. As predicted by the Beck model, the distribution of returns is well-fitted by q-Gaussian distribution of Tsallis statistics. The evaluation method of Value-at-Risk (VaR), one of the most significant indicators in risk management, is studied for q-Gaussian distribution. Our proposed method enables the VaR evaluation in consideration of tail risk, which is underestimated by the variance-covariance method. A framework of portfolio risk assessment under the existence of tail risk is considered. We propose a multi-asset model with a single volatility fluctuation shared by all assets, named the single β model, and empirically examine the agreement between the model and an imaginary portfolio with Dow Jones indices. It turns out that the single β model gives good approximation to portfolios composed of the assets with non-Gaussian and correlated returns.

Does predation by grey seals (Halichoerus grypus) affect Bothnian Sea herring stock estimates?

DEFF Research Database (Denmark)

Gårdmark, Anna; Östman, Örjan; Nielsen, Anders

2012-01-01

when accounting for seal predation, this did not change the conclusions about drivers of herring dynamics. Accounting for grey seal predation is important for abundance estimates of old herring, but currently not for SSB estimates, given the great uncertainties in the standard assessment. The grey seal...... fivefold since 1985. Its main prey, herring (Clupea harrengus), is a key species for fisheries in the region. Yet, current stock assessments assume constant natural mortality, leading to a risk of biased stock estimates with increasing predation and misleading analyses of herring population dynamics. We...... estimated grey seal predation from diet data and reanalysed herring spawning stock biomass (SSB) during 1973–2009. Accounting for predation increased the herring SSB 16% (maximum 19%), but this was within the confidence intervals when ignoring predation. Although mortality in older individuals was inflated...

Assessment Matters: Moving beyond Surveys

Science.gov (United States)

Wise, Vicki L.; Barham, Mary Ann

2012-01-01

The August 16, 2011, "Chronicle of Higher Education" article "Want Data? Ask Students. Again and Again" by Sara Lipka posits that in higher education there is a culture of oversurveying students and too often relying on surveys as the main, or only, way of assessing the impact of programs and services on student satisfaction and learning. Because…

14 CFR Sec. 19-7 - Passenger origin-destination survey.

Science.gov (United States)

2010-01-01

... Information, K-25, U.S. Department of Transportation, 1200 New Jersey Avenue, SE., Washington, DC 20590. (b...., Washington, DC 20590, Telephone (202) 366-9059. EC30SE91.007 B. Narrative Description A single O&D Survey is... (either standard IATA and ARC ticket stock or nonstandard ticket stock), and is to select for reporting...

Kyiv institutional buildings sector energy efficiency program: Technical assessment

Energy Technology Data Exchange (ETDEWEB)

Secrest, T.J.; Freeman, S.L. [Pacific Northwest National Lab., Richland, WA (United States); Popelka, A. [Tysak Engineering, Acton, MA (United States); Shestopal, P.A.; Gagurin, E.V. [Agency for Rational Energy Use and Ecology, Kyiv (Ukraine)

1997-08-01

The purpose of this assessment is to characterize the economic energy efficiency potential and investment requirements for space heating and hot water provided by district heat in the stock of state and municipal institutional buildings in the city of Kyiv. The assessment involves three activities. The first is a survey of state and municipal institutions to characterize the stock of institutional buildings. The second is to develop an estimate of the cost-effective efficiency potential. The third is to estimate the investment requirements to acquire the efficiency resource. Institutional buildings are defined as nonresidential buildings owned and occupied by state and municipal organizations. General categories of institutional buildings are education, healthcare, and cultural. The characterization activity provides information about the number of buildings, building floorspace, and consumption of space heating and hot water energy provided by the district system.

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...

NMFS Fishery-Independent Survey System (FINSS)

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Fishery Independent Survey System (FINSS) is a national system that characterizes NMFS ocean observation activities, stock and ecosystem data collections during...

Nutrient stocks of short-term fallows on high base status soils in the humid tropics of Papua New Guinea

NARCIS (Netherlands)

Hartemink, A.E.

2004-01-01

In order to understand nutrient dynamics in tropical farming systems with fallows, it is necessary to assess changes in nutrient stocks in plants, litter and soils. Nutrient stocks (soil, above ground biomass, litter) were assessed of one-year old fallows with Piper aduncum, Gliricidia sepium and

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...

Effect of tree species on carbon stocks in forest floor and mineral soil and implications for soil carbon inventories

NARCIS (Netherlands)

Schulp, C.J.E.; Nabuurs, G.J.; Verburg, P.H.; Waal, de R.W.

2008-01-01

Forest soil organic carbon (SOC) and forest floor carbon (FFC) stocks are highly variable. The sampling effort required to assess SOC and FFC stocks is therefore large, resulting in limited sampling and poor estimates of the size, spatial distribution, and changes in SOC and FFC stocks in many

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.

Using Online Surveys to Promote and Assess Learning

Science.gov (United States)

Taylor, Laura; Doehler, Kirsten

2014-01-01

This article explores the use of online survey software to collect data from students during class to efficiently use class time. Several example activities for an introductory statistics classroom are considered. We also discuss utilization of online survey software for other purposes such as collecting assessment information and student…

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.

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

Directory of Open Access Journals (Sweden)

A Kasaei nasab

2013-05-01

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

Abundance and Summer Distribution of a Local Stock of Black Sea Bottlenose Dolphins, Tursiops truncatus (Cetacea, Delphinidae, in Coastal Waters near Sudak (Ukraine, Crimea

Directory of Open Access Journals (Sweden)

Gladilina E. V.

2016-02-01

Full Text Available The first assessment of abundance of a local population of bottlenose dolphins in the Black Sea (near the Sudak coast in 2011–2012 has been conducted: the results of a mark-recapture study of photo identified animals were complemented by a vessel line transect survey. The overall abundance of a population was estimated at between 621 ± 198 and 715 ± 267 animals (Chapman and Petersen estimates, and the majority of members of the population were recorded in the surveyed area. The summer range covered the area of a few hundred square kilometers, similar to migrating coastal stocks in other world regions. The greatest density of distribution was observed in August in sea 45–60 m deep; in addition, frequent approaches to the coastline are usual for dolphins of this stock. These trends in distribution may be partly explained by distribution of prey. Interaction with sprat trawling fisheries can be a factor shaping the local population structure. Coastal waters of Sudak and adjoining sea areas are an important habitat for bottlenose dolphins in the northern Black Sea, significant for their conservation.

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.

Predictability of Technical Trading Rules: Evidence from the Taiwan Stock Market

OpenAIRE

Kung, James J.

2009-01-01

Using the Taiwan Stock Exchange Weighted Index from the first trading day in 1975 to the last trading day in 2007, we investigate the predictability of two popular technical rules (variable-length moving average and trading range breakout) in the Taiwan stock market and assess its bearing on market efficiency. Our results show that, for the two rules, returns from buy signals are generally higher than those from sell signals. In addition, they exhibit considerable predictive power over 1975-1...

Strategies for outcrossing and genetic manipulation of Drosophila compound autosome stocks.

Science.gov (United States)

Martins, T; Kotadia, S; Malmanche, N; Sunkel, C E; Sullivan, W

2013-01-01

Among all organisms, Drosophila melanogaster has the most extensive well-characterized collection of large-scale chromosome rearrangements. Compound chromosomes, rearrangements in which homologous chromosome arms share a centromere, have proven especially useful in genetic-based surveys of the entire genome. However, their potential has not been fully realized because compound autosome stocks are refractile to standard genetic manipulations: if outcrossed, they yield inviable aneuploid progeny. Here we describe two strategies, cold-shock and use of the bubR1 mutant alleles, to produce nullo gametes through nondisjunction. These gametes are complementary to the compound chromosome-bearing gametes and thus produce viable progeny. Using these techniques, we created a compound chromosome two C(2)EN stock bearing a red fluorescent protein-histone transgene, facilitating live analysis of these unusually long chromosomes.

Alpine grassland soil organic carbon stock and its uncertainty in the three rivers source region of the Tibetan Plateau.

Directory of Open Access Journals (Sweden)

Xiaofeng Chang

Full Text Available Alpine grassland of the Tibetan Plateau is an important component of global soil organic carbon (SOC stocks, but insufficient field observations and large spatial heterogeneity leads to great uncertainty in their estimation. In the Three Rivers Source Region (TRSR, alpine grasslands account for more than 75% of the total area. However, the regional carbon (C stock estimate and their uncertainty have seldom been tested. Here we quantified the regional SOC stock and its uncertainty using 298 soil profiles surveyed from 35 sites across the TRSR during 2006-2008. We showed that the upper soil (0-30 cm depth in alpine grasslands of the TRSR stores 2.03 Pg C, with a 95% confidence interval ranging from 1.25 to 2.81 Pg C. Alpine meadow soils comprised 73% (i.e. 1.48 Pg C of the regional SOC estimate, but had the greatest uncertainty at 51%. The statistical power to detect a deviation of 10% uncertainty in grassland C stock was less than 0.50. The required sample size to detect this deviation at a power of 90% was about 6-7 times more than the number of sample sites surveyed. Comparison of our observed SOC density with the corresponding values from the dataset of Yang et al. indicates that these two datasets are comparable. The combined dataset did not reduce the uncertainty in the estimate of the regional grassland soil C stock. This result could be mainly explained by the underrepresentation of sampling sites in large areas with poor accessibility. Further research to improve the regional SOC stock estimate should optimize sampling strategy by considering the number of samples and their spatial distribution.

Flow, stock, and impact assessment of refrigerants in the Japanese household air conditioner sector.

Science.gov (United States)

Xue, Mianqiang; Kojima, Naoya; Machimura, Takashi; Tokai, Akihiro

2017-05-15

Refrigerants provide society with great benefits while have the potential to cause adverse effects on the environment and human health. The present study estimated time-dependent flows and stocks and assessed the effects of refrigerants (R-22, R-410a, and R-32) in household air conditioners in Japan. It was found that stock of R-22 and R-410a peaked at 49,147t in 2000 and 55,994t in 2017, respectively. The largest flow of R-22 and R-410a to waste phase occurred at 3417t/yr. in 2005 and 4011t/yr. in 2023, respectively. The total global warming potential (GWP) due to refrigerant emissions increased from 3.6kt CO 2 eq. in 1952 to 6999kt CO 2 eq. in 2019, and then decreased to 5314kt CO 2 eq. in 2030. The ozone depletion potential (ODP) peaked at 141t CFC-11 eq. in 2002. When substituting R-410a for R-22, the ODP decreased 50% while the GDP increased 8%. When substituting R-32 for R-410a, there was no effect on the ODP while the GDP decreased 6%. The human health damage due to the global warming effect of refrigerant emission was much higher than that due to the ozone depleting effect. The refrigerant emission in use and waste management phases dominated the human health damage. The dynamic estimation not only allows us to evaluate the performance of past policies but also supports the future sustainable management associated with the health effects of refrigerants. Copyright © 2017 Elsevier B.V. All rights reserved.

A systematic review of childhood maltreatment assessments in population-representative surveys since 1990.

Science.gov (United States)

Hovdestad, Wendy; Campeau, Aimée; Potter, Dawn; Tonmyr, Lil

2015-01-01

Population-representative surveys that assess childhood maltreatment and health are a valuable resource to explore the implications of child maltreatment for population health. Systematic identification and evaluation of such surveys is needed to facilitate optimal use of their data and to inform future research. To inform researchers of the existence and nature of population-representative surveys relevant to understanding links between childhood maltreatment and health; to evaluate the assessment of childhood maltreatment in this body of work. We included surveys that: 1) were representative of the non-institutionalized population of any size nation or of any geopolitical region ≥ 10 million people; 2) included a broad age range (≥ 40 years); 3) measured health; 4) assessed childhood maltreatment retrospectively; and 5) were conducted since 1990. We used Internet and database searching (including CINAHL, Embase, ERIC, Global Health, MEDLINE, PsycINFO, Scopus, Social Policy and Practice: January 1990 to March 2014), expert consultation, and other means to identify surveys and associated documentation. Translations of non-English survey content were verified by fluent readers of survey languages. We developed checklists to abstract and evaluate childhood maltreatment content. Fifty-four surveys from 39 countries met inclusion criteria. Sample sizes ranged from 1,287-51,945 and response rates from 15%-96%. Thirteen surveys assessed neglect, 15 emotional abuse; 18 exposure to family violence; 26 physical abuse; 48 sexual abuse. Fourteen surveys assessed more than three types; six of these were conducted since 2010. In nine surveys childhood maltreatment assessments were detailed (+10 items for at least one type of maltreatment). Seven surveys' assessments had known reliability and/or validity. Data from 54 surveys can be used to explore the population health relevance of child maltreatment. Assessment of childhood maltreatment is not comprehensive but there is

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.

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...

Survey gear calibration independent of spatial fish distribution

DEFF Research Database (Denmark)

Lewy, Peter; Nielsen, J. Rasmus; Hovgård, Holger

2004-01-01

Trawl surveys provide important information for evaluation of relative stock abundance fluctuations over time. Therefore, when survey gears or vessels are changed, it is important to compare the efficiency and selectivity of old and new gears and vessels. A method for estimation of conversion fac...

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...

Innate and discretionary accruals quality and corporate governance: A case study of Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Hossein Panahian

2012-09-01

Full Text Available In this paper, we present an empirical study to find the relationship between discretionary accruals quality as well as innate accruals quality and portion of non-executive board of directors, concentration of ownership ratio and board size in Tehran Stock Exchange. The survey selects 118 qualified stocks from this exchange and using a random technique chooses 42 firms. The study implements two linear regression techniques to estimate the first part of the information and then using structural equation modeling examines six hypotheses. Based on the results of this survey we can conclude that an increase on non-executive members positively influences on discretionary accruals quality and negatively influences innate accruals quality. Concentration of ownership ratio positively influences on discretionary accruals quality and negatively impacts on innate accruals quality. Finally, size of board of directors negatively impacts discretionary accruals quality and positively influences on innate accruals quality.

STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

Directory of Open Access Journals (Sweden)

Wesley Mendes-da-Silva

2014-08-01

Full Text Available This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

Personality Traits and Susceptibility to Behavioral Biases among a Sample of Polish Stock Market Investors

Directory of Open Access Journals (Sweden)

Rzeszutek Marcin

2015-09-01

Full Text Available The aim of this paper is to investigate whether susceptibility to selected behavioral biases (overconfidence, mental accounting and sunk-cost fallacy is correlated with the Eysenck’s [1978] personality traits (impulsivity, venturesomeness, and empathy. This study was conducted on a sample of 90 retail investors frequently investing on the Warsaw Stock Exchange. Participants filled out a survey made up of two parts: 1 three situational exercises, which assessed susceptibility to behavioral biases and 2 an Impulsiveness Questionnaire, which measures impulsivity, venturesomeness, and empathy. The results demonstrated the relationship between venturesomeness and susceptibility to all behavioral biases explored in this study. We find that higher level of venturesomeness was linked with a lower probability of all behavioral biases included in this study.

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

Science.gov (United States)

Christopher W. Woodall; Grant M. Domke

2012-01-01

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

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.

The effects of financial risks on the relationship between earnings and stock returns

Directory of Open Access Journals (Sweden)

Mehri Akhavi Babi

2015-06-01

Full Text Available This study was conducted to investigate the effects of financial risks on the relationship between earnings per share and stock returns. The statistical population of the study consisted of the companies accepted by Tehran Stock Exchange. According to the conditions for sampling, 65 companies were selected during a period of six years from 2008 to 2013 (i.e., 390 fiscal years, and four hypotheses were set forth to achieve the purposes of the study. The first hypothesis tried to assess the relationship between earnings per share and stock returns. The second, third, and fourth hypotheses investigated the significance of the effects of three financial risks, namely liquidity, credit, and solvency risks on the relationship between earnings per share and stock returns. The hypotheses of the study were tested using linear and multiple regressions. The findings of the study indicated that there was a positive and significant relationship between earnings per share and stock returns. In addition, the results proved that the credit and solvency risks had negative and significant effects on the relationship between earnings per share and stock returns, but the effect of liquidity risk on this relationship was not significant.

75 FR 6077 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Science.gov (United States)

2010-02-05

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... given that on January 29, 2010, The NASDAQ Stock Market LLC (``Nasdaq'' or the ``Exchange'') filed with... markets. Such assessments consider factors such as a destination's latency, fill rates, reliability, and...

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.

Building Assessment Survey and Evaluation Data (BASE)

Data.gov (United States)

U.S. Environmental Protection Agency — The Building Assessment Survey and Evaluation (BASE) study was a five year study to characterize determinants of indoor air quality and occupant perceptions in...

National Wetland Condition Assessment 2011: A Collaborative Survey of the Nation's Wetlands

Science.gov (United States)

The National Wetland Condition Assessment 2011: A Collaborative Survey presents the results of an unprecedented assessment of the nation’s wetlands. This report is part of the National Aquatic Resource Surveys, a series of statistically based surveys designed to provide the publi...

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 ...

The Impact of Inventory Management on Stock-Outs of Essential Drugs in Sub-Saharan Africa: Secondary Analysis of a Field Experiment in Zambia.

Science.gov (United States)

Leung, Ngai-Hang Z; Chen, Ana; Yadav, Prashant; Gallien, Jérémie

2016-01-01

To characterize the impact of widespread inventory management policies on stock-outs of essential drugs in Zambia's health clinics and develop related recommendations. Daily clinic storeroom stock levels of artemether-lumefantrine (AL) products in 2009-2010 were captured in 145 facilities through photography and manual transcription of paper forms, then used to determine historical stock-out levels and estimate demand patterns. Delivery lead-times and estimates of monthly facility accessibility were obtained through worker surveys. A simulation model was constructed and validated for predictive accuracy against historical stock-outs, then used to evaluate various changes potentially affecting product availability. While almost no stock-outs of AL products were observed during Q4 2009 consistent with primary analysis, up to 30% of surveyed facilities stocked out of some AL product during Q1 2010 despite ample inventory being simultaneously available at the national warehouse. Simulation experiments closely reproduced these results and linked them to the use of average past monthly issues and failure to capture lead-time variability in current inventory control policies. Several inventory policy enhancements currently recommended by USAID | DELIVER were found to have limited impact on product availability. Inventory control policies widely recommended and used for distributing medicines in sub-Saharan Africa directly account for a substantial fraction of stock-outs observed in common situations involving demand seasonality and facility access interruptions. Developing central capabilities in peripheral demand forecasting and inventory control is critical. More rigorous independent peer-reviewed research on pharmaceutical supply chain management in low-income countries is needed.

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.

Impacts of Airborne Lidar Pulse Density on Estimating Biomass Stocks and Changes in a Selectively Logged Tropical Forest

Directory of Open Access Journals (Sweden)

Carlos Alberto Silva

2017-10-01

Full Text Available Airborne lidar is a technology well-suited for mapping many forest attributes, including aboveground biomass (AGB stocks and changes in selective logging in tropical forests. However, trade-offs still exist between lidar pulse density and accuracy of AGB estimates. We assessed the impacts of lidar pulse density on the estimation of AGB stocks and changes using airborne lidar and field plot data in a selectively logged tropical forest located near Paragominas, Pará, Brazil. Field-derived AGB was computed at 85 square 50 × 50 m plots in 2014. Lidar data were acquired in 2012 and 2014, and for each dataset the pulse density was subsampled from its original density of 13.8 and 37.5 pulses·m−2 to lower densities of 12, 10, 8, 6, 4, 2, 0.8, 0.6, 0.4 and 0.2 pulses·m−2. For each pulse density dataset, a power-law model was developed to estimate AGB stocks from lidar-derived mean height and corresponding changes between the years 2012 and 2014. We found that AGB change estimates at the plot level were only slightly affected by pulse density. However, at the landscape level we observed differences in estimated AGB change of >20 Mg·ha−1 when pulse density decreased from 12 to 0.2 pulses·m−2. The effects of pulse density were more pronounced in areas of steep slope, especially when the digital terrain models (DTMs used in the lidar derived forest height were created from reduced pulse density data. In particular, when the DTM from high pulse density in 2014 was used to derive the forest height from both years, the effects on forest height and the estimated AGB stock and changes did not exceed 20 Mg·ha−1. The results suggest that AGB change can be monitored in selective logging in tropical forests with reasonable accuracy and low cost with low pulse density lidar surveys if a baseline high-quality DTM is available from at least one lidar survey. We recommend the results of this study to be considered in developing projects and national

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.

A method for assessing carbon stocks, carbon sequestration, and greenhouse-gas fluxes in ecosystems of the United States under present conditions and future scenarios

Science.gov (United States)

Bergamaschi, Brian A.; Bernknopf, Richard; Clow, David; Dye, Dennis; Faulkner, Stephen; Forney, William; Gleason, Robert; Hawbaker, Todd; Liu, Jinxun; Liu, Shu-Guang; Prisley, Stephen; Reed, Bradley; Reeves, Matthew; Rollins, Matthew; Sleeter, Benjamin; Sohl, Terry; Stackpoole, Sarah; Stehman, Stephen; Striegl, Robert G.; Wein, Anne; Zhu, Zhi-Liang; Zhu, Zhi-Liang

2010-01-01

he Energy Independence and Security Act of 2007 (EISA), Section 712, mandates the U.S. Department of the Interior to develop a methodology and conduct an assessment of the Nation’s ecosystems, focusing on carbon stocks, carbon sequestration, and emissions of three greenhouse gases (GHGs): carbon dioxide, methane, and nitrous oxide. The major requirements include (1) an assessment of all ecosystems (terrestrial systems, such as forests, croplands, wetlands, grasslands/shrublands; and aquatic ecosystems, such as rivers, lakes, and estuaries); (2) an estimate of the annual potential capacities of ecosystems to increase carbon sequestration and reduce net GHG emissions in the context of mitigation strategies (including management and restoration activities); and (3) an evaluation of the effects of controlling processes, such as climate change, land-use and land-cover change, and disturbances such as wildfires.The concepts of ecosystems, carbon pools, and GHG fluxes follow conventional definitions in use by major national and international assessment or inventory efforts. In order to estimate current ecosystem carbon stocks and GHG fluxes and to understand the potential capacity and effects of mitigation strategies, the method will use two time periods for the assessment: 2001 through 2010, which establishes a current ecosystem carbon and GHG baseline and will be used to validate the models; and 2011 through 2050, which will be used to assess potential capacities based on a set of scenarios. The scenario framework will be constructed using storylines of the Intergovernmental Panel on Climate Change (IPCC) Special Report on Emission Scenarios (SRES), along with both reference and enhanced land-use and land-cover (LULC) and land-management parameters. Additional LULC and land-management mitigation scenarios will be constructed for each storyline to increase carbon sequestration and reduce GHG fluxes in ecosystems. Input from regional experts and stakeholders will be

Extension of biomass estimates to pre-assessment periods using density dependent surplus production approach.

Directory of Open Access Journals (Sweden)

Jan Horbowy

Full Text Available Biomass reconstructions to pre-assessment periods for commercially important and exploitable fish species are important tools for understanding long-term processes and fluctuation on stock and ecosystem level. For some stocks only fisheries statistics and fishery dependent data are available, for periods before surveys were conducted. The methods for the backward extension of the analytical assessment of biomass for years for which only total catch volumes are available were developed and tested in this paper. Two of the approaches developed apply the concept of the surplus production rate (SPR, which is shown to be stock density dependent if stock dynamics is governed by classical stock-production models. The other approach used a modified form of the Schaefer production model that allows for backward biomass estimation. The performance of the methods was tested on the Arctic cod and North Sea herring stocks, for which analytical biomass estimates extend back to the late 1940s. Next, the methods were applied to extend biomass estimates of the North-east Atlantic mackerel from the 1970s (analytical biomass estimates available to the 1950s, for which only total catch volumes were available. For comparison with other methods which employs a constant SPR estimated as an average of the observed values, was also applied. The analyses showed that the performance of the methods is stock and data specific; the methods that work well for one stock may fail for the others. The constant SPR method is not recommended in those cases when the SPR is relatively high and the catch volumes in the reconstructed period are low.

How do managers behave in stock option plans? Clinical evidence from exercise and survey data

NARCIS (Netherlands)

Sautner, Z.; Weber, M.

2009-01-01

We use unique case study data to analyze the behavior of top managers in an executive stock option plan. We gather questionnaire data on the managers' traits and combine it with exercise data. Managers in our sample expect low volatilities (compared to historical estimates) and are well diversified

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....

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.

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.

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.

Advancing US GHG Inventory by Incorporating Survey Data using Machine-Learning Techniques

Science.gov (United States)

Alsaker, C.; Ogle, S. M.; Breidt, J.

2017-12-01

Crop management data are used in the National Greenhouse Gas Inventory that is compiled annually and reported to the United Nations Framework Convention on Climate Change. Emissions for carbon stock change and N2O emissions for US agricultural soils are estimated using the USDA National Resources Inventory (NRI). NRI provides basic information on land use and cropping histories, but it does not provide much detail on other management practices. In contrast, the Conservation Effects Assessment Project (CEAP) survey collects detailed crop management data that could be used in the GHG Inventory. The survey data were collected from NRI survey locations that are a subset of the NRI every 10 years. Therefore, imputation of the CEAP are needed to represent the management practices across all NRI survey locations both spatially and temporally. Predictive mean matching and an artificial neural network methods have been applied to develop imputation model under a multiple imputation framework. Temporal imputation involves adjusting the imputation model using state-level USDA Agricultural Resource Management Survey data. Distributional and predictive accuracy is assessed for the imputed data, providing not only management data needed for the inventory but also rigorous estimates of uncertainty.

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)

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

Energy Technology Data Exchange (ETDEWEB)

Howell, Philip J.

1986-07-01

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

Howard Hughes Medical Institute dose assessment survey

International Nuclear Information System (INIS)

O'Brien, S.L.; McDougall, M.M.; Barkley, W.E.

1996-01-01

Biomedical science researchers often express frustration that health physics practices vary widely between individual institutions. A survey examining both internal and external dose assessment practices was devised and mailed to fifty institutions supporting biomedical science research. The results indicate that health physics dose assessment practices and policies are highly variable. Factors which may contribute to the degree of variation are discussed. 2 tabs

Black swans in the brazilian stock market

Directory of Open Access Journals (Sweden)

Hugo Jacob Lovisolo

2013-08-01

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

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%.

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.

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.

Time-varying extreme value dependence with application to leading European stock markets

KAUST Repository

Castro-Camilo, Daniela; de Carvalho, Miguel; Wadsworth, Jennifer

2018-01-01

Extremal dependence between international stock markets is of particular interest in today’s global financial landscape. However, previous studies have shown this dependence is not necessarily stationary over time. We concern ourselves with modeling extreme value dependence when that dependence is changing over time, or other suitable covariate. Working within a framework of asymptotic dependence, we introduce a regression model for the angular density of a bivariate extreme value distribution that allows us to assess how extremal dependence evolves over a covariate. We apply the proposed model to assess the dynamics governing extremal dependence of some leading European stock markets over the last three decades, and find evidence of an increase in extremal dependence over recent years.

Time-varying extreme value dependence with application to leading European stock markets

KAUST Repository

Castro-Camilo, Daniela

2018-03-09

Extremal dependence between international stock markets is of particular interest in today’s global financial landscape. However, previous studies have shown this dependence is not necessarily stationary over time. We concern ourselves with modeling extreme value dependence when that dependence is changing over time, or other suitable covariate. Working within a framework of asymptotic dependence, we introduce a regression model for the angular density of a bivariate extreme value distribution that allows us to assess how extremal dependence evolves over a covariate. We apply the proposed model to assess the dynamics governing extremal dependence of some leading European stock markets over the last three decades, and find evidence of an increase in extremal dependence over recent years.

Developing an International Survey of Teachers' Assessment Capabilities

DEFF Research Database (Denmark)

Renken, Maggie; Otrel-Cass, Kathrin; Cowie, Bronwen

teacher education into the first years as teachers across six countries. We target the nature of programmes and changes in understanding assessment purposes, practices, principles and policy. This project builds on the ACT survey of student-teacher understandings of assessment conducted over three years......Professional standards require teachers to be assessment literate - to construct, administer, and score reliable, valid assessments, communicate interpretations and use evidence to adjust teaching to support students. This project investigates student-teachers’ assessment literacy throughout...

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...

Effects of vegetation's degradation on carbon stock, morphological ...

African Journals Online (AJOL)

This study was conducted to assess the capacity of mangroves soils to stock carbon and how degradation can influence its various properties. Transect method was performed. So, two transects of 100 m length and 10 m wide were established according to the degradation level. Total of 18 Soil samples were taken to be ...

Effects of vegetation's degradation on carbon stock, morphological ...

African Journals Online (AJOL)

ndema

This study was conducted to assess the capacity of mangroves soils to stock carbon and how degradation can influence its various properties. Transect method was performed. So, two transects of. 100 m length and 10 m wide were established according to the degradation level. Total of 18 Soil samples were taken to be ...

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...

Comparison of regression coefficient and GIS-based methodologies for regional estimates of forest soil carbon stocks

International Nuclear Information System (INIS)

Elliott Campbell, J.; Moen, Jeremie C.; Ney, Richard A.; Schnoor, Jerald L.

2008-01-01

Estimates of forest soil organic carbon (SOC) have applications in carbon science, soil quality studies, carbon sequestration technologies, and carbon trading. Forest SOC has been modeled using a regression coefficient methodology that applies mean SOC densities (mass/area) to broad forest regions. A higher resolution model is based on an approach that employs a geographic information system (GIS) with soil databases and satellite-derived landcover images. Despite this advancement, the regression approach remains the basis of current state and federal level greenhouse gas inventories. Both approaches are analyzed in detail for Wisconsin forest soils from 1983 to 2001, applying rigorous error-fixing algorithms to soil databases. Resulting SOC stock estimates are 20% larger when determined using the GIS method rather than the regression approach. Average annual rates of increase in SOC stocks are 3.6 and 1.0 million metric tons of carbon per year for the GIS and regression approaches respectively. - Large differences in estimates of soil organic carbon stocks and annual changes in stocks for Wisconsin forestlands indicate a need for validation from forthcoming forest surveys

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 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.

Cognitive Assessment Practices: A Survey of School Psychologists

Science.gov (United States)

Sotelo-Dynega, Marlene; Dixon, Shauna G.

2014-01-01

The present article describes an exploratory study regarding the preferred cognitive assessment practices of current school psychologists. Three hundred and twenty-three school psychologists participated in the survey. The results suggest that the majority of school psychologists endorsed that they base their assessment practices on an underlying…

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.

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.

75 FR 77022 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Science.gov (United States)

2010-12-10

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... is hereby given that on November 24, 2010, The NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange..., assesses fees for its real time market data. In general, a customer that receives a data feed directly from...

76 FR 48193 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Science.gov (United States)

2011-08-08

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule To Amend Fees Assessed for Use of NASDAQ Pre-Trade Risk Management August 3, 2011. Pursuant...\\ notice is hereby given that, on July 25, 2011, The NASDAQ Stock Market LLC (the ``Exchange'' or ``NASDAQ...

The Importance of Parameter Estimates for Stock-REIT-Bond Optimal Asset Allocation

OpenAIRE

Lin, Lisa; Lo, Jonathan

2012-01-01

This study is an extension of the research done by Waggle & Agrrawal (2006), which assesses the marginal effects of changes in optimal portfolio weights with respect to changes in the REIT-stock risk premium and correlation coefficients under a three-asset setting. We also consider two time periods from 1988-2011 and from 2000-2011. The results show that the sensitivity of changes in the REIT-stock risk premium on optimal portfolio weights is significantly higher than the effect of change...

Effect of spatial differences in growth on distribution of seasonally co-occurring herring Clupea harengus stocks

DEFF Research Database (Denmark)

Worsøe Clausen, Lotte; Stæhr, Karl-Johan; Rindorf, Anna

2015-01-01

The mechanisms most likely to determine the distribution of the two major herring Clupea harengus stocks in their common early summer feeding ground in the eastern North Sea, Skagerrak and Kattegat were investigated through analysis of acoustic survey data from six consecutive years. No change...... was detected in biomass of North Sea autumn spawning C. harengus (NSAS) over time, whereas the biomass of western Baltic spring spawning C. harengus (WBSS) declined severely. Analyses of centre of abundance by stock showed no change in NSAS distribution, whereas the WBSS changed to a more western distribution...... Kattegat. The westward movement of spring spawners over time suggests that growth rate and possibly density of conspecifics influence the migration pattern and distribution of C. harengus in the area. In contrast, there was no evidence to suggest that distribution was constant over time within stocks...

Spatial patterns of soil organic carbon stocks in Estonian arable soils

Science.gov (United States)

Suuster, Elsa; Astover, Alar; Kõlli, Raimo; Roostalu, Hugo; Reintam, Endla; Penu, Priit

2010-05-01

Soil organic carbon (SOC) determines ecosystem functions, influencing soil fertility, soil physical, chemical and biological properties and crop productivity. Therefore the spatial pattern of SOC stocks and its appropriate management is important at various scales. Due to climate change and the contribution of carbon store in the soils, the national estimates of soil carbon stocks should be determined. Estonian soils have been well studied and mapped at a scale 1:10,000. Previous studies have estimated SOC stocks based on combinations of large groups of Estonian soils and the mean values of the soil profile database, but were not embedded into the geo-referenced databases. These studies have estimated SOC stocks of Estonian arable soils 122.3 Tg. Despite of available soil maps and databases, this information is still very poorly used for spatial soil modelling. The aim of current study is to assess and model spatial pattern of SOC stocks of arable soils on a pilot area Tartu County (area 3089 sq km). Estonian digital soil map and soil monitoring databases are providing a good opportunity to assess SOC stocks at various scales. The qualitative nature of the initial data from a soil map prohibits any straightforward use in modelling. Thus we have used several databases to construct models and linkages between soil properties that can be integrated into soil map. First step was to reorganize the soil map database (44,046 mapping units) so it can be used as an input to modelling. Arable areas were distinguished by a field layer of Agricultural Registers and Information Board, which provides precise information of current land use as it is the basis of paying CAP subsidies. The estimates of SOC content were found by using the arable land evaluation database of Tartu from the Estonian Land Board (comprising 950 sq km and 31,226 fields), where each soil type was assessed separately and average SOC content grouped by texture was derived. SOC content of epipedon varies in

Biodiversity, carbon stocks and community monitoring in traditional agroforestry practices

DEFF Research Database (Denmark)

Hartoyo, Adisti Permatasari Putri; Siregar, Iskandar Z.; Supriyanto

2016-01-01

Traditional agroforestry practices in Berau, East Kalimantan, are suitable land use types to conserve that potentially support the implementation of REDD+. The objectives of this research are to assess biodiversity and carbon stock in various traditional agroforestry practices, also to determine...

AFSC/NMML: Small cetacean aerial survey in Alaskan waters, 1997-1999

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Aerial surveys were conducted to produce abundance estimates for the three Alaska stocks of harbor porpoise. Surveys occurred from May to July 1997 for the Southeast...

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,...

An evaluation of multi-annual management strategies for ICES roundfish stocks

DEFF Research Database (Denmark)

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

2006-01-01

to observe, monitor, assess, and control them. Strategies were evaluated in terms of risk (measured as the probability of spawning-stock biomass falling below a biomass threshold for the stock) and cumulative yield. In general, bounds on interannual TAC change of 10% and 20% affected the ability to achieve......Current scientific management objectives for ICES roundfish stocks are to ensure conservation of the biological resource and do not explicitly consider economic or social objectives. For example, there are currently no objectives to maximize the sustainable yield or to reduce variability in total...... allowable catches (TACs). This is despite the fact that the current system can result in wide annual fluctuations in TAC, limiting the ability of the fishing industry to plan for the future. Therefore, this study evaluated management strategies that stabilized catches by setting bounds on the interannual...

Diffusion of subsidized ACTs in accredited drug shops in Tanzania: determinants of stocking and characteristics of early and late adopters.

Science.gov (United States)

Larson, Peter S; Yadav, Prashant; Alphs, Sarah; Arkedis, Jean; Massaga, Julius; Sabot, Oliver; Cohen, Jessica L

2013-12-18

Many households in sub-Saharan Africa utilize the private sector as a primary source of treatment for malaria episodes. Expanding access to effective treatment in private drug shops may help reduce incidence of severe disease and mortality. This research leveraged a longitudinal survey of stocking of subsidized artemisinin combination therapies (ACTs), an effective anti-malarial, in Accredited Drug Dispensing Outlets (ADDOs) in two regions of Tanzania. This provided a unique opportunity to explore shop and market level determinants of product diffusion in a developing country retail market. 356 ADDOs in the Rukwa and Mtwara regions of Tanzania were surveyed at seven points between Feb 2011 and May 2012. Shop level audits were used to measure the availability of subsidized ACTs at each shop. Data on market and shop level factors were collected during the survey and also extracted from GIS layers. Regression and network based methodologies were used. Shops classified as early and late adopters, following Rogers' model of product diffusion, were compared. The Bass model of product diffusion was applied to determine whether shops stocked ACTs out of a need to imitate market competitors or a desire to satisfy customer needs. Following the introduction of a subsidy for ACTs, stocking increased from 12% to nearly 80% over the seven survey rounds. Stocking was influenced by higher numbers of proximal shops and clinics, larger customer traffic and the presence of a licensed pharmacist. Early adopters were characterized by a larger percentage of customers seeking care for malaria, a larger catchment and sourcing from specific wholesalers/suppliers. The Bass model of product diffusion indicated that shops were adopting products in response to competitor behavior, rather than customer demand. Decisions to stock new pharmaceutical products in Tanzanian ADDOs are influenced by a combination of factors related to both market competition and customer demand, but are particularly

Does automation improve stock market efficiency in Ghana ...

African Journals Online (AJOL)

The automation of the Ghana Stock Exchange (GSE) in 2008, among other reforms, was expected to improve the efficiency of the market. The extent of this truism has, however, not been empirically established for the GSE. In this study, we attempt to assess the impact of the automation on the efficiency of the GSE within the ...

Psychological ownership and financial firm performance: The interplay of employee stock ownership and participative leadership

DEFF Research Database (Denmark)

Torp, Simon; Nielsen, Bo Bernhard

2018-01-01

Based on a survey among 295 of the top 500 Danish companies, we develop and test an integrated model of the simultaneous effects of employee stock ownership (ESO) and a participative leadership style (PLS) on the creation of psychological ownership (PO) and link this to financial firm performance...

An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Roghayeh Ahmdi Panah Banad Koki

2014-03-01

Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

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...

Kona Integrated Ecosystem Assessment Survey (SE1606, EK60)

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — During this cruise, small-boat surveys were conducted of surface slicks in order to assess their ecological relevance and underlying physical derivers. To assess the...

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...

Species diversity, biomass, and carbon stock assessments of a natural mangrove forest in palawan, philippines

International Nuclear Information System (INIS)

Abino, A.C.; Lee, Y.J.; Castillo, J.A.A

2014-01-01

Philippines claims international recognition for its mangrove-rich ecosystem which play significant functions from the viewpoint of ecosystem services and climate change mitigation. In this study, we assessed the species diversity of the natural mangrove forest of Bahile, Puerto Princesa City, Palawan and evaluated its potential to sequester and store carbon. Sixteen plots with a size of 10 m * 10 m were established using quadrat sampling technique to identify, record, and measure the trees. Diversity index and allometric equations were utilized to determine species diversity, and biomass and carbon stocks. Sediment samples in undisturbed portions using a 30 cm high and 5 cm diameter corer were collected in all plots to determine near-surface sediment carbon. The diversity index (H = 0.9918) was very low having a total of five true mangrove species identified dominated by Rhizophora apiculata Bl. with an importance value index of 148.1%. Among the stands, 74% of the total biomass was attributed to the above-ground (561.2 t ha-1) while 26% was credited to the roots (196.5 t ha-1). The total carbon sequestered and stored in the above-ground and root biomass were 263.8 t C ha-1 (50%) and 92.3 t C ha-1 (17%), respectively. Sediments contained 33% (173.75 t C ha-1) of the mangrove C-stocks. Stored carbon was equivalent to 1944.5 t CO/sub 2/ ha-1. These values suggest that Bahile natural mangrove forest has a potential to sequester and store substantial amounts of atmospheric carbon, hence the need for sustainable management and protection of this important coastal ecosystem. (author)

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

A Price Earnings Index for the Danish Stock Market

DEFF Research Database (Denmark)

Risager, Ole

2004-01-01

Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period...

Information theory applied to econophysics: stock market behaviors

Science.gov (United States)

Vogel, Eugenio E.; Saravia, Gonzalo

2014-08-01

The use of data compressor techniques has allowed to recognize magnetic transitions and their associated critical temperatures [E.E. Vogel, G. Saravia, V. Cortez, Physica A 391, 1591 (2012)]. In the present paper we introduce some new concepts associated to data recognition and extend the use of these techniques to econophysics to explore the variations of stock market indicators showing that information theory can help to recognize different regimes. Modifications and further developments to previously introduced data compressor wlzip are introduced yielding two measurements. Additionally, we introduce an algorithm that allows to tune the number of significant digits over which the data compression is due to act complementing, this with an appropriate method to round off the truncation. The application is done to IPSA, the main indicator of the Chilean Stock Market during the year 2010 due to availability of quality data and also to consider a rare effect: the earthquake of the 27th of February on that year which is as of now the sixth strongest earthquake ever recorded by instruments (8.8 Richter scale) according to United States Geological Survey. Along the year 2010 different regimes are recognized. Calm days show larger compression than agitated days allowing for classification and recognition. Then the focus turns onto selected days showing that it is possible to recognize different regimes with the data of the last hour (60 entries) allowing to determine actions in a safer way. The "day of the week" effect is weakly present but "the hour of the day" effect is clearly present; its causes and implications are discussed. This effect also establishes the influence of Asian, European and American stock markets over the smaller Chilean Stock Market. Then dynamical studies are conducted intended to search a system that can help to realize in real time about sudden variations of the market; it is found that information theory can be really helpful in this respect.

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...

A stochastic length-based assessment model for the Pandalus stock in Skagerrak and the Norwegian Deep

DEFF Research Database (Denmark)

Nielsen, Anders; Munch-Petersen, Sten; Eigaard, Ole Ritzau

2013-01-01

in this paper is based on the assessment data presented at the 2012 NIPAG meeting, but with updated survey information. Also the estimates shown here are based on equal standard deviations for survey and catch L = (c) L , which is the natural assumption, as this parameter describes the standard deviation...

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.

On the dynamics of the stocks of blue mussels ( Mytilus edulis L.) in the Danish Wadden Sea

DEFF Research Database (Denmark)

Munch-Petersen, Sten; Kristensen, Per Sand

2001-01-01

As biological basis for the monitoring programme for the commercially exploited stock(s) of mussels (Mytilus edulis L.) in the Danish Wadden Sea, samples of mussels have been collected regularly since 1986, both from sub-tidal and inter- tidal mussel beds. These samples are the basis for the esti...... with figures from other investigations. These analyses have been the basis for annual assessments of the mussel stocks, which again are used in the current management of mussel fishery in the Danish Wadden Sea.......As biological basis for the monitoring programme for the commercially exploited stock(s) of mussels (Mytilus edulis L.) in the Danish Wadden Sea, samples of mussels have been collected regularly since 1986, both from sub-tidal and inter- tidal mussel beds. These samples are the basis...

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 ...

Towards complete and harmonized assessment of soil carbon stocks and balance in forests: The ability of the Yasso07 model across a wide gradient of climatic and forest conditions in Europe.

Science.gov (United States)

Hernández, Laura; Jandl, Robert; Blujdea, Viorel N B; Lehtonen, Aleksi; Kriiska, Kaie; Alberdi, Iciar; Adermann, Veiko; Cañellas, Isabel; Marin, Gheorghe; Moreno-Fernández, Daniel; Ostonen, Ivika; Varik, Mats; Didion, Markus

2017-12-01

Accurate carbon-balance accounting in forest soils is necessary for the development of climate change policy. However, changes in soil organic carbon (SOC) occur slowly and these changes may not be captured through repeated soil inventories. Simulation models may be used as alternatives to SOC measurement. The Yasso07 model presents a suitable alternative because most of the data required for the application are readily available in countries with common forest surveys. In this study, we test the suitability of Yasso07 for simulating SOC stocks and stock changes in a variety of European forests affected by different climatic, land use and forest management conditions and we address country-specific cases with differing resources and data availability. The simulated SOC stocks differed only slightly from measured data, providing realistic, reasonable mean SOC estimations per region or forest type. The change in the soil carbon pool over time, which is the target parameter for SOC reporting, was generally found to be plausible although not in the case of Mediterranean forest soils. As expected under stable forest management conditions, both land cover and climate play major roles in determining the SOC stock in forest soils. Greater mean SOC stocks were observed in northern latitudes (or at higher altitude) than in southern latitudes (or plains) and conifer forests were found to store a notably higher amount of SOC than broadleaf forests. Furthermore, as regards change in SOC, an inter-annual sink effect was identified for most of the European forest types studied. Our findings corroborate the suitability of Yasso07 to assess the impact of forest management and land use change on the SOC balance of forests soils, as well as to accurately simulate SOC in dead organic matter (DOM) and mineral soil pools separately. The obstacles encountered when applying the Yasso07 model reflect a lack of available input data. Future research should focus on improving our knowledge of

Stock assessment of fishery target species in Lake Koka, Ethiopia

Directory of Open Access Journals (Sweden)

Gashaw Tesfaye

2015-09-01

Full Text Available Effective management is essential for small-scale fisheries to continue providing food and livelihoods for households, particularly in developing countries where other options are often limited. Studies on the population dynamics and stock assessment on fishery target species are thus imperative to sustain their fisheries and the benefits for the society. In Lake Koka (Ethiopia, very little is known about the vital population parameters and exploitation status of the fishery target species: tilapia Oreochromis niloticus,common carp Cyprinus carpióand catfish Clarias gariepinus.Our study, therefore, aimed at determining the vital population parameters and assessing the status of these target species in Lake Koka using length frequency data collected quarterly from commercial catches from 2007-2012. A total of 20 097 fish specimens (distributed as 7 933 tilapia, 6 025 catfish and 6 139 common carp were measured for the analysis. Von Bertalanffy growth parameters and their confidence intervals were determined from modal progression analysis using ELEFAN I and applying the jackknife technique. Mortality parameters were determined from length-converted catch curves and empirical models. The exploitation status of these target species were then assessed by computing exploitation rates (E from mortality parameters as well as from size indicators i.e., assessing the size distribution of fish catches relative to the size at maturity (L m,the size that provides maximum cohort biomass (Lopt and the abundance of mega-spawners. The mean value of growth parameters L x, Kand the growth performance index 0' were 44.5 cm, 0.41/year and 2.90 for O. niloticus,74.1 cm, 0.28/year and 3.19 for C. carpioand 121.9 cm, 0.16/year and 3.36 for C. gariepinus,respectively. The 95 % confidence intervals of the estimates were also computed. Total mortality (Z estimates were 1.47, 0.83 and 0.72/year for O. niloticus, C. carpioand C. gariepinus,respectively. Our study suggest

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.

Fish species, Fish biomass, Fishery survey, invertebrate species, and other variables collected from midwater net tows, and bottom trawl observations using net, trawl, and other instruments from the Arctic Ocean, and Beaufort Sea from August 6, 2008 to August 21, 2008 (NODC Accession 0112823)

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — The Alaska Fisheries Science Center's Status of Stocks and Multispecies Assessment (SSMA) Programs Fishery Interaction Team (FIT) conducted a fish survey in the...

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.

The Stock Market, Profit and Investment

OpenAIRE

Olivier Blanchard; Changyong Rhee; Lawrence Summers

1990-01-01

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

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....

Surveying Assessment in Experiential Learning: A Single Campus Study

Directory of Open Access Journals (Sweden)

Thomas Yates

2015-12-01

Full Text Available The purpose of this study was to determine the methods of experiential assessment in use at a Canadian university and the extent to which they are used. Exploring experiential assessment will allow identification of commonly used methods and facilitate the development of best practices of assessment in the context of experiential learning (EL at an institutional level. The origins of EL are found in the work of Dewey (1938, later modified by Kolb and Fry (1975. Experiential methods include: experiential education, service learning problem-based learning and others such as action learning, enquiry-based learning, and case studies. Faculty currently involved in EL at the participating university were invited to complete an online survey about their teaching and assessment methods. This paper will share the results and analysis of the EL inventory survey.

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.

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

Science.gov (United States)

Mokhtar, Mazura; Shuib, Adibah; Mohamad, Daud

2014-12-01

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

Has the 2008 financial crisis affected stock market efficiency? The case of Eurozone

Science.gov (United States)

Anagnostidis, P.; Varsakelis, C.; Emmanouilides, C. J.

2016-04-01

In this paper, the impact of the 2008 financial crisis on the weak-form efficiency of twelve Eurozone stock markets is investigated empirically. Efficiency is tested via the Generalized Hurst Exponent method, while dynamic Hurst exponents are estimated by means of the rolling window technique. To account for biases associated with the finite sample size and the leptokurtosis of the financial data, the statistical significance of the Hurst exponent estimates is assessed through a series of Monte-Carlo simulations drawn from the class of α-stable distributions. According to our results, the 2008 crisis has adversely affected stock price efficiency in most of the Eurozone capital markets, leading to the emergence of significant mean-reverting patterns in stock price movements.

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...

Final Report. Research Assess ment 1996 anchovy stock in region I and II.

OpenAIRE

Barría Martínez, P. L.

1997-01-01

El presente informe tiene como objetivo entregar los resultados de la evaluación del stock de anchoveta, su diagnosis y estimación de la captura total permisible para 1997, disminuyendo así el riesgo de sobre-explotación por crecimiento y no desestabilizar los niveles de captura.

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.

Macedonian Small Investors’ Behavior Towards Stock Market

Directory of Open Access Journals (Sweden)

Angelovska Julijana

2015-05-01

Full Text Available Convenience sample survey was fielded to the Macedonian individual stock market investors to find out whether their investment behavior can be explained by some underlying factors grounded in the behavioral approach to the study of financial markets. Descriptive statistics technique has been used to analyze the investors’ attitude about the market’s efficiency and to test different theories of behavioral finance. The results have indicated that investors are not completely rational individuals as supposed by theories of traditional finance. Also in the theoretical framework of behavioral finance Macedonian investors use heuristics, or rules of thumb, when judging information and forming beliefs, but Macedonian investors do not behave as suggested within prospect theory and regret aversion.

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.

HABITAT USE BY NATIVE AND STOCKED TROUT (SALMO TRUTTA L. IN TWO NORTHEAST STREAMS, PORTUGAL

Directory of Open Access Journals (Sweden)

TEIXEIRA A.

2006-04-01

Full Text Available Habitat use by stocked and native brown trout (Salmo trutta L. was assessed in two headwater streams of North-eastern Portugal. Underwater observations were made during the summer season in three successive years to evaluate the effect of supplemental trout stocking. Multivariate analysis techniques applied to data sets on microhabitat use were exploited to identify the focal elevation (distance of fish from the bottom, total depth and cover as the variables that contribute most to the discrimination between stocked and native trout. Preference curves computed for native and stocked trout of the same age (1+, showed a distinct pattern in their ability to explore the available microhabitat resources. Stocked trout tended to occupy deeper pools (total depth > 100 cm vs. 60-100 cm for native trout, holding higher focal elevations (140-160 cm vs. 22.5 cm and cover (combination of boulders and overhanging vegetation or undercut banks. Furthermore, a high poststocking movement of 80% hatchery-reared fish was verified just one month after their release, suggesting that stocking did not contribute to the sustainable populations in either stream, and is far from being an adequate management technique.

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...

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.

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

Base stock policies with degraded service to large orders

DEFF Research Database (Denmark)

Du, Bisheng; Larsen, Christian

2011-01-01

and the base stock levels of each rule are such that all customers (of both order types) are indifferent between the two rules. When comparing the difference in the average on-hand inventory levels, we can then make an assessment of the threshold value of the cost of splitting an order (which may otherwise...

Elements of stock market analysis

Directory of Open Access Journals (Sweden)

Suciu, T.

2013-12-01

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

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

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.

POTENTIAL PRODUCTION OF DEMERSAL FISH STOCK IN THE MALACCA STRAIT OF INDONESIA

Directory of Open Access Journals (Sweden)

Purwanto Purwanto

2015-06-01

Full Text Available Malacca Strait is one of the main fishing areas for demersal fishery in Indonesia. To support the management of that fishery, an assessment of the demersal fish stock was conducted. This study estimated that the maximum sustainable yield and the optimal catch per unit effortof demersal fishery in the Malacca Strait were about 106.8 thousand tons/year and 28.5 tons per unit of Danish seine, respectively, resulting from the operation of 3,752 Danish seines. Unfortunately, fishing effort was higher than its optimum level and the fish stock was over-exploited since 2003. To recover the demersal fish stock to its optimum level and to ensure the optimal fish production from demersal fishery in the Malacca Strait, it was necessary to reduce fishing effort at about 67% from its level in 2011.

Assessment of health surveys: fitting a multidimensional graded response model.

Science.gov (United States)

Depaoli, Sarah; Tiemensma, Jitske; Felt, John M

The multidimensional graded response model, an item response theory (IRT) model, can be used to improve the assessment of surveys, even when sample sizes are restricted. Typically, health-based survey development utilizes classical statistical techniques (e.g. reliability and factor analysis). In a review of four prominent journals within the field of Health Psychology, we found that IRT-based models were used in less than 10% of the studies examining scale development or assessment. However, implementing IRT-based methods can provide more details about individual survey items, which is useful when determining the final item content of surveys. An example using a quality of life survey for Cushing's syndrome (CushingQoL) highlights the main components for implementing the multidimensional graded response model. Patients with Cushing's syndrome (n = 397) completed the CushingQoL. Results from the multidimensional graded response model supported a 2-subscale scoring process for the survey. All items were deemed as worthy contributors to the survey. The graded response model can accommodate unidimensional or multidimensional scales, be used with relatively lower sample sizes, and is implemented in free software (example code provided in online Appendix). Use of this model can help to improve the quality of health-based scales being developed within the Health Sciences.

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

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.

A comprehensive framework to quantify energy savings potential from improved operations of commercial building stocks

International Nuclear Information System (INIS)

Azar, Elie; Menassa, Carol C.

2014-01-01

While studies highlight the significant impact of actions performed by occupants and facility managers on building energy performance, current policies ignore the importance of human actions and the potential energy savings from a more efficient operation of building systems. This is mainly attributed to the lack of methods that evaluate non-technological drivers of energy use for large stocks of commercial buildings to support policy making efforts. Therefore, this study proposes a scientific approach to quantifying the energy savings potential due to improved operations of any stock of commercial buildings. The proposed framework combines energy modeling techniques, studies on human actions in buildings, and surveying and sampling methods. The contributions of this study to energy policy are significant as they reinforce the role of human actions in energy conservation, and support efforts to integrate operation-focused solutions in energy conservation policy frameworks. The framework's capabilities are illustrated in a case study performed on the stock of office buildings in the United States (US). Results indicate a potential 21 percent reduction in the current energy use levels of these buildings through realistic changes in current building operation patterns. - Highlights: • Human actions highly influence energy performance of commercial building stocks. • It is challenging to quantify operation-related energy savings potential. • The proposed framework quantifies potential energy savings from improved operations. • The framework can be applied on any stock of commercial buildings. • Applications include support for operation-focused solutions in energy policies

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...

Assessing the stock market volatility for different sectors in Malaysia by using standard deviation and EWMA methods

Science.gov (United States)

Saad, Shakila; Ahmad, Noryati; Jaffar, Maheran Mohd

2017-11-01

Nowadays, the study on volatility concept especially in stock market has gained so much attention from a group of people engaged in financial and economic sectors. The applications of volatility concept in financial economics can be seen in valuation of option pricing, estimation of financial derivatives, hedging the investment risk and etc. There are various ways to measure the volatility value. However for this study, two methods are used; the simple standard deviation and Exponentially Weighted Moving Average (EWMA). The focus of this study is to measure the volatility on three different sectors of business in Malaysia, called primary, secondary and tertiary by using both methods. The daily and annual volatilities of different business sector based on stock prices for the period of 1 January 2014 to December 2014 have been calculated in this study. Result shows that different patterns of the closing stock prices and return give different volatility values when calculating using simple method and EWMA method.

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...

Survey Procedures Manual for the Environmental Survey and Site Assessment Program (ESSAP). Revision 10

International Nuclear Information System (INIS)

2000-01-01

The Environmental Survey and Site Assessment Program (ESSAP) of the Oak Ridge Institute for Science and Education (ORISE) conducts radiological survey activities under a contract with the U. S. Department of Energy (DOE) and for the U.S. Nuclear Regulatory Commission (NRC). ORISE and its programs are operated by Oak Ridge Associated Universities (ORAU) through a contract with DOE. The purpose of this Procedures Manual is to provide a standardized set of procedures that document activities of the program in an auditable manner. These procedures are applicable to both DOE and NRC operations. Procedures presented in this manual are limited to those associated with site survey activities

A test for the relative strength of maternal and stock effects in spring Chinook salmon (Oncorhynchus tshawytscha) from two different hatcheries (Study site: Warm Springs Hatchery; Stocks: Warm Springs Hatchery and Carson Hatchery; Year class: 1993): Chapter 10

Science.gov (United States)

Wetzel, Lisa A.; Rubin, Stephen P.; Reisenbichler, Reginald R.; Stenberg, Karl D.; Rubin, Stephen P.; Reisenbichler, Reginald R.; Wetzel, Lisa A.; Hayes, Michael C.

2012-01-01

An experiment was undertaken to determine the relative strength of maternal and stock effects in Chinook salmon (Oncorhynchus tshawytscha) reared in a common environment, as a companion study to our investigation of hatchery and wild Chinook salmon. Pure-strain and reciprocal crosses were made between two hatchery stocks (Carson and Warm Springs National Fish Hatcheries). The offspring were reared together in one of the hatcheries to the smolt stage, and then were transferred to a seawater rearing facility (USGS-Marrowstone Field Station). Differences in survival, growth and disease prevalence were assessed. Fish with Carson parentage grew to greater size at the hatchery and in seawater than the pure-strain Warm Springs fish, but showed higher mortality at introduction to seawater. The analyses of maternal and stock effects were inconclusive, but the theoretical responses to different combinations of maternal and stock effects may be useful in interpreting stock comparison studies.

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.

Modeling soil organic carbon stocks and changes in Spain using the GEFSOC system

Science.gov (United States)

Álvaro-Fuentes, Jorge; Easter, Mark; Cantero-Martínez, Carlos; Paustian, Keith

2010-05-01

Currently, there is little information about soil organic carbon (SOC) stocks in Spain. To date the effects of land-use and soil management on SOC stocks in Spain have been evaluated in experimental fields under certain soil and climate conditions. However, these field experiments do not account for the spatial variability in management, cropping systems and soil and climate characteristics that exist in the whole territory. More realistic approaches like ecosystem-level dynamic simulation systems linked to geographic information systems (GIS) allow better assessments of SOC stocks at a regional or national level. The Global Environmental Facility Soil Organic Carbon (GEFSOC) system was recently built for this purpose (Milne et al., 2007) and it incorporates three widely used models for estimating SOC dynamics: (a) the Century ecosystem model; (b) the RothC soil C decomposition model; and (c) the Intergovernmental Panel on Climate Change (IPCC) method for assessing soil C at regional scales. We modeled 9.5 Mha in northeast Spain using the GEFSOC system to predict SOC stocks and changes comprising: pasture, forest, cereal-fallow, cereal monoculture, orchards, rice, irrigated land and grapes and olives. The spatial distribution of the different land use categories and their change over time was obtained from the European Corine database and from Spanish census data on land use from 1926 to 2007. At the same time, current and historical management information was collected from different sources in order to have a fairly well picture of changes in land use and management for this area. Soil parameters needed by the system were obtained from the European soil map (1 km x 1 km) and climate data was produced by the Meteorology State Agency (Ministry of the Environment and Rural and Marine Environs of Spain). The SOC stocks simulated were validated with SOC values from the European SOC map and from other national studies. Modeled SOC results suggested that spatial

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.

Investor Reaction to Mandatory Offers on the Warsaw Stock Exchange

Directory of Open Access Journals (Sweden)

Szymon Okoń

2012-06-01

Full Text Available The following paper aims to assess investor reaction to mandatory offers on the Warsaw Stock Exchange, which is important because knowledge about these reactions can be used to make better investment decisions. This paper highlights the importance of procedure in making a mandatory offer and its grounds in the Polish legal system. Additionally, it presents empirical research on the reactions of investors to mandatory offers on the Warsaw Stock Exchange. It has been provided that mandatory offers have a significant impact on the price of a company’s shares listed on the Warsaw Stock Exchange. Knowledge about the reactions of investors to a mandatory offer may be used when selecting securities for an investment portfolio. The findings may provide guidance in deciding whether to begin or end investment in the company, both for individual and institutional investors. The event study methodology approach used in the paper is regarded as valuable and can be the basis for further research in other areas of the capital market research, especially in the context of information efficiency.

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

Directory of Open Access Journals (Sweden)

Christian Hüttich

2014-07-01

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

Recruitment of shrimp ( Pandalus borealis) in the Barents Sea related to spawning stock and environment

Science.gov (United States)

Aschan, Michaela; Ingvaldsen, Randi

2009-10-01

The shrimp spawn in autumn, and the females carry their eggs as out roe until spring when the larvae hatch. Within a period of 2 months the shrimp larvae settle to the bottom. It has been claimed that the year-class strength probably is determined during the larval phase. Today's assessment and forecast of the shrimp stock productivity and potential fishing yields are weak. This is partly due to poor knowledge on population dynamics from hatching until the shrimp are caught in the fishery at the age of 3 or 4 years. We, therefore, here identify the most important abiotic and biotic factors that affect recruitment in addition to spawning stock biomass. Since 1995, a net attached to the underbelly of the survey trawl used at the annual cruise in the Barents Sea has caught juvenile shrimp. The abundance of settled shrimp larvae varies in time and space. The recruitment to the fishery has been quite stable with the exception of the 1996 year-class, which was observed as 1-year-olds but has not been registered since. The temporal pattern of the three youngest year-classes is studied in relation to abiotic factors such as sea temperature, ice index and North Atlantic Oscillation, as well as biotic factors such as spawning stock biomass and presence of copepods, euphausiids and predating cod. Recruitment indices and factors identified by the Spearmann correlation to be significantly correlated with recruitment were used as input in a principal component analysis (PCA) and a generalized additive model (GAM) was applied. Abundance of 1-year-old shrimp is positively correlated to spawning stock biomass the previous year and to temperature of the previous winter, and negatively correlated with the number of 1-year-old cod. Two-year-old shrimp show significant correlation with temperature, whereas there is a strong negative correlation with euphausiids. Three-year-old shrimp are significantly correlated with the number of 2-year-old shrimp the previous year but negatively

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...

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.

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.

An empirical assessment of forest floor carbon stock components across the United States