WorldWideScience

Sample records for upper yakima stock

  1. Spring Chinook Salmon Interactions Indices and Residual/Precocial Monitoring in the Upper Yakima Basin; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2001-2002 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

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

    2003-05-01

    This report examines some of the factors that can influence the success of supplementation, which is currently being tested in the Yakima Basin using upper Yakima stock of spring chinook salmon. Supplementation success in the Yakima Basin is defined relative to four topic areas: natural production, genetics, ecological interactions, and harvest (Busack et al. 1997). The success of spring chinook salmon supplementation in the Yakima Basin is dependent, in part, upon fish culture practices and favorable physical and biological conditions in the natural environment (Busack et al. 1997). Shortfalls in either of these two topics (i.e., failure in culturing many fish that have high long-term fitness or environmental conditions that constrain spring chinook salmon production) will cause supplementation success to be limited. For example, inadvertent selection or propagation of spring chinook that residualize or precocially mature may hinder supplementation success. Spring chinook salmon that residualize (do not migrate during the normal migration period) may have lower survival rates than migrants and, additionally, may interact with wild fish and cause unacceptable impacts to non-target taxa. Large numbers of precocials (nonanadromous spawners) may increase competition for females and significantly skew ratios of offspring sired by nonanadromous males, which could result in more nonanadromous spring chinook in future generations. Conditions in the natural environment may also limit the success of spring chinook supplementation. For example, intra or interspecific competition may constrain spring chinook salmon production. Spring chinook salmon juveniles may compete with each other for food or space or compete with other species that have similar ecological requirements. Monitoring of spring chinook salmon residuals, precocials, prey abundance, carrying capacity, and competition will help researchers interpret why supplementation is working or not working (Busack et al

  2. Optimal Conventional and Semi-Natural Treatments for the Upper Yakima Spring Chinook Salmon Supplementation Project, Treatment Definitions and Descriptions, and Biological Specifications for Facility Design, Final Report 1999

    International Nuclear Information System (INIS)

    Hager, Robert C.; Costello, Ronald J.

    1999-01-01

    This report describes the Yakima Fisheries Project facilities (Cle Elum Hatchery and acclimation satellites) which provide the mechanism to conduct state-of-the-art research for addressing questions about spring chinook supplementation strategies. The definition, descriptions, and specifications for the Yakima spring chinook supplementation program permit evaluation of alternative fish culture techniques that should yield improved methods and procedures to produce wild-like fish with higher survival that can be used to rebuild depleted spring chinook stocks of the Columbia River Basin. The definition and description of three experimental treatments, Optimal Conventional (OCT), Semi-Natural (SNT), Limited Semi-Natural (LSNT), and the biological specifications for facilities have been completed for the upper Yakima spring chinook salmon stock of the Yakima Fisheries Project. The task was performed by the Biological Specifications Work Group (BSWG) represented by Yakama Indian Nation, Washington Department of Fish and Wildlife, National Marine Fisheries Service, and Bonneville Power Administration. The control and experimental variables of the experimental treatments (OCT, SNT, and LSNT) are described in sufficient detail to assure that the fish culture facilities will be designed and operated as a production scale laboratory to produce and test supplemented upper Yakima spring chinook salmon. Product specifications of the treatment groups are proposed to serve as the generic templates for developing greater specificity for measurements of product attributes. These product specifications will be used to monitor and evaluate treatment effects, with respect to the biological response variables (post release survival, long-term fitness, reproductive success and ecological interactions)

  3. Optimal Conventional and Semi-Natural Treatments for the Upper Yakima Spring Chinook Salmon Supplementation Project; Treatment Definitions and Descriptions and Biological Specifications for Facility Design, 1995-1999 Final Report.

    Energy Technology Data Exchange (ETDEWEB)

    Hager, Robert C. (Hatchery Operations Consulting); Costello, Ronald J. (Mobrand Biometrics, Inc., Vashon Island, WA)

    1999-10-01

    This report describes the Yakima Fisheries Project facilities (Cle Elum Hatchery and acclimation satellites) which provide the mechanism to conduct state-of-the-art research for addressing questions about spring chinook supplementation strategies. The definition, descriptions, and specifications for the Yakima spring chinook supplementation program permit evaluation of alternative fish culture techniques that should yield improved methods and procedures to produce wild-like fish with higher survival that can be used to rebuild depleted spring chinook stocks of the Columbia River Basin. The definition and description of three experimental treatments, Optimal Conventional (OCT), Semi-Natural (SNT), Limited Semi-Natural (LSNT), and the biological specifications for facilities have been completed for the upper Yakima spring chinook salmon stock of the Yakima Fisheries Project. The task was performed by the Biological Specifications Work Group (BSWG) represented by Yakama Indian Nation, Washington Department of Fish and Wildlife, National Marine Fisheries Service, and Bonneville Power Administration. The control and experimental variables of the experimental treatments (OCT, SNT, and LSNT) are described in sufficient detail to assure that the fish culture facilities will be designed and operated as a production scale laboratory to produce and test supplemented upper Yakima spring chinook salmon. Product specifications of the treatment groups are proposed to serve as the generic templates for developing greater specificity for measurements of product attributes. These product specifications will be used to monitor and evaluate treatment effects, with respect to the biological response variables (post release survival, long-term fitness, reproductive success and ecological interactions).

  4. Spring Chinook Salmon Interactions Indices and Residual/Precocious Male Monitoring in the Upper Yakima Basin; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2004-2005 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Pearsons, Todd N.; Johnson, Christopher L. (Washington Department of Fish and Wildlife, Olympia, WA); James, Brenda B. (Cascade Aquatics, Ellensburg, WA)

    2005-05-01

    This report examines some of the factors that can influence the success of supplementation, which is currently being tested in the Yakima Basin using upper Yakima stock of spring chinook salmon. Supplementation success in the Yakima Basin is defined relative to four topic areas: natural production, genetics, ecological interactions, and harvest (Busack et al. 1997). The success of spring chinook salmon supplementation in the Yakima Basin is dependent, in part, upon fish culture practices and favorable physical and biological conditions in the natural environment (Busack et al. 1997; James et al. 1999; Pearsons et al., 2003; Pearsons et al. 2004). Shortfalls in either of these two topics (i.e., failure in culturing many fish that have high long-term fitness or environmental conditions that constrain spring chinook salmon production) will cause supplementation success to be limited. For example, inadvertent selection or propagation of spring chinook that residualize or precocially mature may hinder supplementation success. Spring chinook salmon that residualize (do not migrate during the normal migration period) may have lower survival rates than migrants and, additionally, may interact with wild fish and cause unacceptable impacts to non-target taxa. Large numbers of precocials (nonanadromous spawners) may increase competition for females and significantly skew ratios of offspring sired by nonanadromous males, which could result in more nonanadromous spring chinook in future generations. Conditions in the natural environment may also limit the success of spring chinook supplementation. For example, intra or interspecific competition may constrain spring chinook salmon production. Spring chinook salmon juveniles may compete with each other for food or space or compete with other species that have similar ecological requirements. Monitoring of spring chinook salmon residuals, precocials, prey abundance, carrying capacity, and competition will help researchers

  5. Spring Chinook Salmon Interactions Indices and Residual/Precocial Monitoring in the Upper Yakima Basin; Yakima/Klickitat Fisheries Project Monitoring and Evaluation Report 5 of 7, 2003-2004 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

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

    2004-05-01

    This report examines some of the factors that can influence the success of supplementation, which is currently being tested in the Yakima Basin using upper Yakima stock of spring chinook salmon. Supplementation success in the Yakima Basin is defined relative to four topic areas: natural production, genetics, ecological interactions, and harvest (Busack et al. 1997). The success of spring chinook salmon supplementation in the Yakima Basin is dependent, in part, upon fish culture practices and favorable physical and biological conditions in the natural environment (Busack et al. 1997; James et al. 1999; Pearsons et al., 2003). Shortfalls in either of these two topics (i.e., failure in culturing many fish that have high long-term fitness or environmental conditions that constrain spring chinook salmon production) will cause supplementation success to be limited. For example, inadvertent selection or propagation of spring chinook that residualize or precocially mature may hinder supplementation success. Spring chinook salmon that residualize (do not migrate during the normal migration period) may have lower survival rates than migrants and, additionally, may interact with wild fish and cause unacceptable impacts to non-target taxa. Large numbers of precocials (nonanadromous spawners) may increase competition for females and significantly skew ratios of offspring sired by nonanadromous males, which could result in more nonanadromous spring chinook in future generations. Conditions in the natural environment may also limit the success of spring chinook supplementation. For example, intra or interspecific competition may constrain spring chinook salmon production. Spring chinook salmon juveniles may compete with each other for food or space or compete with other species that have similar ecological requirements. Monitoring of spring chinook salmon residuals, precocials, prey abundance, carrying capacity, and competition will help researchers interpret why supplementation

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2003-04-01

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

  7. Yakima Fisheries Project revised Draft Environmental Impact Statement: Summary

    International Nuclear Information System (INIS)

    1995-05-01

    The Bonneville Power Administration (BPA) proposes to fund the Yakima Fisheries Project (YFP) to undertake fishery research and enhancement activities in the Yakima River Basin. The State of Washington and the Yakima Indian Nation would jointly direct the project. The Yakima River system is a promising location for mitigation and enhancement to compensate for stock losses from development and operation of hydroelectric projects elsewhere in the Columbia Basin. The YFP would help determine the role that supplementation might play in increasing natural production of anadromous salmonids throughout the Columbia Basin. In cooperation with BPA, the project managers propose to construct, operate and maintain anadromous (e.g. salmon) fish production facilities. The goal is to conduct research activities designed to increase knowledge of supplementation techniques. These techniques would be applied to rebuild naturally spawning anadromous fish stocks historically present in the Yakima River Basin and, ultimately, those throughout the Columbia River Basin. Eventually, the YFP might involve the supplementation of all stocks of anadromous fish known to have occurred in the Yakima Basin. However, at this time only two alternatives have been proposed: Alternative 1 would supplement depressed naturally spawning populations of upper Yakima spring chinook salmon; Alternative 2 (preferred) would include all actions under Alternative 1; it would also add a study to determine the feasibility of re-establishing a naturally spawning population and a significant fall fishery for coho salmon in the Yakima Basin. (Coho smolts are currently being imported from another basin under the Columbia River Basin Fish Management Plan; the stock is now virtually eliminated from the Basin.)

  8. Yakima/Klickitat Fisheries Project: Short Project Overview of Spring Chinook Salmon Supplementation in the Upper Yakima Basin; Washington Department of Fish and Wildlife Policy/Technical Involvement and Planning, 2004-2005 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Fast, David E.; Bosch, William J.

    2005-09-01

    The Yakima/Klickitat Fisheries Project (YKFP) is on schedule to ascertain whether new artificial production techniques can be used to increase harvest and natural production of spring Chinook salmon while maintaining the long-term genetic fitness of the fish population being supplemented and keeping adverse genetic and ecological interactions with non-target species or stocks within acceptable limits. The Cle Elum Supplementation and Research Facility (CESRF) collected its first spring chinook brood stock in 1997, released its first fish in 1999, and age-4 adults have been returning since 2001. In these initial years of CESRF operation, recruitment of hatchery origin fish has exceeded that of fish spawning in the natural environment, but early indications are that hatchery origin fish are not as successful at spawning in the natural environment as natural origin fish when competition is relatively high. When competition is reduced, hatchery fish produced similar numbers of progeny as their wild counterparts. Most demographic variables are similar between natural and hatchery origin fish, however hatchery origin fish were smaller-at-age than natural origin fish. Long-term fitness of the target population is being evaluated by a large-scale test of domestication. Slight changes in predation vulnerability and competitive dominance, caused by domestication, were documented. Distribution of spawners has increased as a result of acclimation site location and salmon homing fidelity. Semi-natural rearing and predator avoidance training have not resulted in significant increases in survival of hatchery fish. However, growth manipulations in the hatchery appear to be reducing the number of precocious males produced by the YKFP and consequently increasing the number of migrants. Genetic impacts to non-target populations appear to be low because of the low stray rates of YKFP fish. Ecological impacts to valued non-target taxa were within containment objectives or impacts that

  9. Yakima Fisheries Project : Revised Draft Environmental Impact Statement.

    Energy Technology Data Exchange (ETDEWEB)

    United States. Bonneville Power Administration.

    1995-05-01

    BPA proposes to fund several fishery-related activities in the Yakima River Basin. The Yakima Fisheries Project (YFP), included in the Northwest Power Planning Council`s fish and wildlife program, would be jointly managed by the State of Washington and the Yakima Indian Nation. Fisheries resources in the Yakima River are severely reduced from historical levels and there is a significant potential for enhancement of these resources. BPA`s proposed action is to fund (1) information gathering on the implementation of supplementation techniques and on feasibility of reintroducing coho salmon in an environment where native populations have become extinct; (2) research activities based on continuous assessment, feedback and improvement of research design and activities ({open_quotes}adaptive management{close_quotes}); and (3) the construction, operation, and maintenance of facilities for supplementing populations of upper Yakima spring chinook salmon. The project has been considerably revised from the original proposal described in the first draft EIS. Examined in addition to No Action (which would leave present anadromous fisheries resources unchanged in the, Basin) are two alternatives for action: (1) supplementation of depressed natural populations of upper Yakima spring chinook and (2) that same supplementation plus a study to determine the feasibility of re-establishing (via stock imported from another basin) naturally spawning population and a significant fall fishery for coho in the Yakima Basin. Alternative 2 has been identified as the preferred action. Major issues examined in the Revised Draft EIS include potential impacts of the project on genetic and ecological resources of existing fish populations, on water quality and quantity, on threatened and endangered species listed under the Endangered Species Act, and on the recreational fishery.

  10. Hydrogeologic framework and groundwater/surface-water interactions of the upper Yakima River Basin, Kittitas County, central Washington

    Science.gov (United States)

    Gendaszek, Andrew S.; Ely, D. Matthew; Hinkle, Stephen R.; Kahle, Sue C.; Welch, Wendy B.

    2014-01-01

    The hydrogeology, hydrology, and geochemistry of groundwater and surface water in the upper (western) 860 square miles of the Yakima River Basin in Kittitas County, Washington, were studied to evaluate the groundwater-flow system, occurrence and availability of groundwater, and the extent of groundwater/surface-water interactions. The study area ranged in altitude from 7,960 feet in its headwaters in the Cascade Range to 1,730 feet at the confluence of the Yakima River with Swauk Creek. A west-to-east precipitation gradient exists in the basin with the western, high-altitude headwaters of the basin receiving more than 100 inches of precipitation per year and the eastern, low-altitude part of the basin receiving about 20 inches of precipitation per year. From the early 20th century onward, reservoirs in the upper part of the basin (for example, Keechelus, Kachess, and Cle Elum Lakes) have been managed to store snowmelt for irrigation in the greater Yakima River Basin. Canals transport water from these reservoirs for irrigation in the study area; additional water use is met through groundwater withdrawals from wells and surface-water withdrawals from streams and rivers. Estimated groundwater use for domestic, commercial, and irrigation purposes is reported for the study area. A complex assemblage of sedimentary, metamorphic, and igneous bedrock underlies the study area. In a structural basin in the southeastern part of the study area, the bedrock is overlain by unconsolidated sediments of glacial and alluvial origin. Rocks and sediments were grouped into six hydrogeologic units based on their lithologic and hydraulic characteristics. A map of their extent was developed from previous geologic mapping and lithostratigraphic information from drillers’ logs. Water flows through interstitial space in unconsolidated sediments, but largely flows through fractures and other sources of secondary porosity in bedrock. Generalized groundwater-flow directions within the

  11. Spring Chinook Salmon Interactions Indices and Residual/Precocial Monitoring in the Upper Yakima Basin, Annual Report 1998

    International Nuclear Information System (INIS)

    James, Brenda B.; Pearsons, Todd N.; McMichael, Geoffrey A.

    1999-01-01

    Select ecological interactions and spring chinook salmon residual/precocial abundance were monitored in 1998 as part of the Yakima/Klickitat Fisheries Project's supplementation monitoring program. Monitoring these variables is part of an effort to help evaluate the factors that contribute to, or limit supplementation success. The ecological interactions that were monitored were prey consumption, competition for food, and competition for space. The abundance of spring chinook salmon life-history forms that have the potential to be influenced by supplementation and that have important ecological and genetic roles were monitored (residuals and precocials). Residual spring chinook salmon do not migrate to the ocean during the normal emigration period and continue to rear in freshwater. Precocials are those salmon that precocially mature in freshwater. The purpose of sampling during 1998 was to collect baseline data one year prior to the release of hatchery spring chinook salmon which occurred during the spring of 1999. All sampling that the authors report on here was conducted in upper Yakima River during summer and fall 1998. The stomach fullness of juvenile spring chinook salmon during the summer and fall averaged 12%. The food competition index suggested that mountain whitefish (0.59), rainbow trout (0.55), and redside shiner (0.55) were competing for food with spring chinook salmon. The space competition index suggested that rainbow trout (0.31) and redside shiner (0.39) were competing for space with spring chinook salmon but mountain whitefish (0.05) were not. Age-0 spring chinook salmon selected a fairly narrow range of microhabitat parameters in the summer and fall relative to what was available. Mean focal depths and velocities for age 0 spring chinook salmon during the summer were 0.5 m ± 0.2 m and 0.26 m/s ± 0.19 m/s, and during the fall 0.5 m ± 0.2 m and 0.24 m/s ± 0.18 m/s. Among potential competitors, age 1+ rainbow trout exhibited the greatest degree

  12. Yakima Fisheries Project. Final environmental impact statement

    International Nuclear Information System (INIS)

    1996-01-01

    BPA proposes to fund several fishery-related activities in the Yakima River Basin. These activities, known as the Yakima Fisheries Project (YFP), would be jointly managed by the State of Washington and the Yakima Indian Nation. The YFP is included in the Northwest Power Planning Council's (Council's) fish and wildlife program. The Council selected the Yakima River system for attention because fisheries resources are severely reduced from historical levels and because there is a significant potential for enhancement of these resources. BPA's proposed action is to fund (1) information gathering on the implementation of supplementation techniques and on feasibility of reintroducing coho salmon in an environment where native populations have become extinct; (2) research activities based on continuous assessment, feedback and improvement of research design and activities (open-quotes adaptive managementclose quotes); and (3) die construction, operation, and maintenance of facilities for supplementing populations of upper Yakima spring chinook salmon. Examined in addition to No Action are two alternatives for action: (1) supplementation of depressed natural populations of upper Yakima spring chinook and (2) that same supplementation plus a study to determine the feasibility of reestablishing naturally spawning population and a significant fall fishery for coho in the Yakima Basin. Alternative 2 is the preferred action. A central hatchery would be built for either alternative, as well as three sites with six raceways each for acclimation and release of spring chinook smolts. Major issues examined in the Revised Draft EIS include potential impacts of the project on genetic and ecological resources of existing fish populations, on water quality and quantity, on threatened and endangered species listed under the Endangered Species Act, and on the recreational fishery

  13. Yakima Fisheries Project : Final Environmental Impact Statement.

    Energy Technology Data Exchange (ETDEWEB)

    United States. Bonneville Power Administration; Washington (State). Dept. of Fish and Wildlife; Confederated Tribes and Bands of the Yakama Nation, Washington.

    1996-01-01

    BPA proposes to fund several fishery-related activities in the Yakima River Basin. These activities, known as the Yakima Fisheries Project (YFP), would be jointly managed by the State of Washington and the Yakima Indian Nation. The YFP is included in the Northwest Power Planning Council`s (Council`s) fish and wildlife program. The Council selected the Yakima River system for attention because fisheries resources are severely reduced from historical levels and because there is a significant potential for enhancement of these resources. BPA`s proposed action is to fund (1) information gathering on the implementation of supplementation techniques and on feasibility of reintroducing coho salmon in an environment where native populations have become extinct; (2) research activities based on continuous assessment, feedback and improvement of research design and activities ({open_quotes}adaptive management{close_quotes}); and (3) die construction, operation, and maintenance of facilities for supplementing populations of upper Yakima spring chinook salmon. Examined in addition to No Action are two alternatives for action: (1) supplementation of depressed natural populations of upper Yakima spring chinook and (2) that same supplementation plus a study to determine the feasibility of reestablishing naturally spawning population and a significant fall fishery for coho in the Yakima Basin. Alternative 2 is the preferred action. A central hatchery would be built for either alternative, as well as three sites with six raceways each for acclimation and release of spring chinook smolts. Major issues examined in the Revised Draft EIS include potential impacts of the project on genetic and ecological resources of existing fish populations, on water quality and quantity, on threatened and endangered species listed under the Endangered Species Act, and on the recreational fishery.

  14. Yakima River Spring Chinook Enhancement Study, 1991 Final Report.

    Energy Technology Data Exchange (ETDEWEB)

    Fast, David E.

    1991-05-01

    The population of Yakima River spring chinook salmon (Oncorhynchus tschawytscha) has been drastically reduced from historic levels reported to be as high as 250,000 adults (Smoker 1956). This reduction is the result of a series of problems including mainstem Columbia dams, dams within the Yakima itself, severely reduced flows due to irrigation diversions, outmigrant loss in irrigation canals, increased thermal and sediment loading, and overfishing. Despite these problems, the return of spring chinook to the Yakima River has continued at levels ranging from 854 to 9,442 adults since 1958. In October 1982, the Bonneville Power Administration contracted the Yakima Indian Nation to develop methods to increase production of spring chinook in the Yakima system. The Yakima Nation's current enhancement policy attempts to maintain the genetic integrity of the spring chinook stock native to the Yakima Basin. Relatively small numbers of hatchery fish have been released into the basin in past years. The goal of this study was to develop data that will be used to present management alternatives for Yakima River spring chinook. A major objective of this study is to determine the distribution, abundance and survival of wild Yakima River spring chinook. The second major objective of this study is to determine the relative effectiveness of different methods of hatchery supplementation. The last three major objectives of the study are to locate and define areas in the watershed that may be used for the rearing of spring chinook; to define strategies for enhancing natural production of spring chinook in the Yakima River; and to determine the physical and biological limitations on production within the system. 47 refs., 89 figs., 67 tabs.

  15. Comparing the Reproductive Success of Yakima River Hatchery-and Wild-Origin Spring Chinook; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2000-2001 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Schroder, S.L. (Washington Department of Fish and Wildlife, Olympia, WA); Knudsen, C.M. (Oncorh Consulting, Olympia, WA); Rau, J.A. (Cle Elum Supplementation Research, Cle Elum, WA)

    2003-01-01

    In the Yakima Spring Chinook supplementation program, wild fish are brought into the Cle Elum Hatchery, artificially crossed, reared, transferred to acclimation sites, and released into the upper Yakima River as smolts. When these fish mature and return to the Yakima River most of them will be allowed to spawn naturally; a few, however, will be brought back to the hatchery and used for research purposes. In order for this supplementation approach to be successful, hatchery-origin fish must be able to spawn and produce offspring under natural conditions. Recent investigations on salmonid fishes have indicated that exposure to hatchery environments during juvenile life may cause significant behavioral, physiological, and morphological changes in adult fish. These changes appear to reduce the reproductive competence of hatchery fish. In general, males are more affected than females; species with prolonged freshwater rearing periods are more strongly impacted than those with shorter rearing periods; and stocks that have been exposed to artificial culture for multiple generations are more impaired than those with a relatively short exposure history to hatchery conditions.

  16. Yakima/Klickitat Fisheries Project Genetic Studies; Yakima/Klickitat Fisheries Project Monitoring and Evaluation Report 1 of 7, 2003-2004 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Busack, Craig A.; Frye, Alice; Kassler, Todd (Washington Department of Fish and Wildlife, Olympia, WA)

    2004-05-01

    included as an appendix. In chapter 5 we present a final report on computer simulations of factorial mating designs. Using three different schemes for combining breeding values of fish, we found that full factorial mating offers a substantial increase in effective size over single-pair mating. Although full factorial mating may be too difficult logistically, but a significant proportion of the full factorial mating advantage can be obtained by using 2 x 2 partial factorials. We have developed a method that allows us to determine the relative effective size advantage of mixed partial factorial designs. In chapter 6 we report on an analysis of stock origin of smolts collected at Chandler. The 702 Chinook salmon smolts collected at the Chandler trap in 2003 were screened at 12 microsatellite DNA loci. A new Yakima basin baseline, consisting of spring chinook from the upper Yakima, Naches, and American River populations and fall chinook from the Marion Drain and lower Yakima populations, was created for these same 12 loci. DNA template problems with the tissue collections from the Naches, and American River populations prompted the omission of four loci prior to analysis. The results indicated: 80% Naches spring, 13% American River spring, 7% upper Yakima spring, and less than 1% for the two fall populations combined. The estimated stock proportions in the 2003 Chandler collection differed substantially from those for the 2002 collection. The temporal pattern of sampling in both Chandler smolt collections was not proportional to the observed outmigration in each year, suggesting that both of these estimates should be regarded with caution. Strengthening of the baseline data set will be a high priority for future work with Chandler smolts.

  17. Yakima fisheries project. Revised draft environmental impact statement

    International Nuclear Information System (INIS)

    1995-05-01

    BPA proposes to fund several fishery-related activities in the Yakima River Basin. These activities, known as the Yakima Fisheries Project (YFP), would be jointly managed by the State of Washington and the Yakima Indian Nation. The YFP is included in the Northwest Power Planning Council's (Council's) fish and wildlife program. The Council selected the Yakima River system for attention because fisheries resources are severely reduced from historical levels and because there is a significant potential for enhancement of these resources. BPA's proposed action is to fund (1) information gathering on the implementation of supplementation techniques and on feasibility of reintroducing coho salmon in an environment where native populations have become extinct; (2) research activities based on continuous assessment, feedback and improvement of research design and activities (adaptive management); and (3) the construction, operation, and maintenance of facilities for supplementing populations of upper Yakima spring chinook salmon. Major issues examined in the Revised Draft EIS include potential impacts of the project on genetic and ecological resources of existing fish populations, on water quality and quantity, on threatened and endangered species listed under the Endangered Species Act, and on the recreational fishery. Only minor differences in environmental consequences were found between Alternatives 1 and 2. Potentially high impacts on wild, native, and non-target fish populations under both alternatives would be mitigated through careful adherence to the adaptive management process outlined in the EIS

  18. Yakima/Klickitat Fisheries Project Genetic Studies; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2001-2002 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Busack, Craig A.; Fritts, Anthony L.; Loxterman, Janet (Washington Department of Fish and Wildlife, Olympia, WA)

    2003-05-01

    In chapter 1 we report on studies of the population genetic structure, using DNA microsatellites, of steelhead collected from different locations in the Yakima River basin (Roza Dam, Ahtanum Creek, Toppenish Creek, and Satus Creek) in 2000 and 2001. Of 28 pairwise tests of genotypic differentiation, only the 2000 and 2001 Roza Dam collections and the 2000 and 2001 Satus Creek collections did not exhibit significant differences. Similarly, pairwise tests of genetic differentiation (FST) were significant for all comparisons except the between-years comparisons of Roza Dam, Toppenish Creek, and Satus Creek collections. All tests between populations sampled from different localities were significant, indicating that these collections represent genetically differentiated stocks. In chapter 2 we report on genetic comparisons, again using microsatellites, of the three spring chinook populations in the Yakima basin (Upper Yakima, Naches, and American) with respect to our ability to be able to estimate the proportions of the three populations in mixed smolt samples collected at Chandler. We evaluated this both in terms of mixed fishery analysis, where proportions are estimated, but the likely provenance of any particular fish is unknown, and classification, where an attempt is made to assign individual fish to their population of origin. Simulations were done over the entire ranged of stock proportions observed in the Yakima basin in the last 20+ years. Stock proportions can be estimated very accurately by either method. Chapter 3 reports on our ongoing effort at cryopreserving semen from wild Upper Yakima spring chinook. In 2002, semen from 91 males, more than 50% of those spawned, was cryopreserved. Representation over the spawning season was excellent. Chapters 4,5, and 6 all relate to the continuing development of the domestication study design. Chapter 4 details the ISRP consultations and evolution of the design from last year's preferred alternative to the

  19. Yakima River Spring Chinook Enhancement Study, 1984 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Wasserman, Larry

    1985-01-01

    This study develops data to present management alternatives for Yakima River spring chinook. The first objective is to determine the distribution, abundance and survival of wild Yakima River spring chinook. Naturally produced populations will be studied to determine if these runs can be sustained in the face of present harvest and environmental conditions. This information will be gathered through spawning ground surveys, counting of adults at Prosser and Roza fish ladders, and through monitoring the tribal dipnet fishery. Concurrent studies will examine potential habitat limitations within the basin. Presently, survival to emergence studies, in conjunction with substrate quality analysis is being undertaken. Water temperature is monitored throughout the basin, and seining takes place monthly to evaluate distribution and abundance. The outcome of this phase of the investigation is to determine an effective manner for introducing hatchery stocks that minimize the impacts on the wild population. The second objective of this study is to determine relative effectiveness of different methods of hatchery supplementation.

  20. Genetic and Phenotypic Catalog of Native Resident Trout of the Interior Columbia River Basin; Populations of the Upper Yakima Basin, 1997-1998 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Trotter, Patrick C. (Fishery Science Consultant, Seattle, WA); McMillan, Bill; Gayeski, Nick (Washington Trout, Duvall, WA)

    1999-10-01

    The objective of this project is to photo-document upper Columbia Basin native resident trout populations in Washington, and to ascertain their species or subspecies identity and relative genetic purity using a nonlethal DNA technique.

  1. Yakima River Species Interactions Studies; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2004-2005 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Pearsons, Todd N.; Temple, Gabriel M.; Fritts, Anthony L. (Washington Department of Fish and Wildlife, Olympia, WA)

    2005-05-01

    This report is intended to satisfy two concurrent needs: (1) provide a contract deliverable from the Washington Department of Fish and Wildlife (WDFW) to the Bonneville Power Administration (BPA), with emphasis on identification of salient results of value to ongoing Yakima/Klickitat Fisheries Project (YKFP) planning, and (2) summarize results of research that have broader scientific relevance. This is the thirteenth of a series of progress reports that address species interactions research and supplementation monitoring of fishes in response to supplementation of salmon and steelhead in the upper Yakima River basin (Hindman et al. 1991; McMichael et al. 1992; Pearsons et al. 1993; Pearsons et al. 1994; Pearsons et al. 1996; Pearsons et al. 1998, Pearsons et al. 1999, Pearsons et al. 2001a, Pearsons et al. 2001b, Pearsons et al. 2002, Pearsons et al. 2003, Pearsons et al. 2004). Journal articles and book chapters have also been published from our work (McMichael 1993; Martin et al. 1995; McMichael et al. 1997; McMichael and Pearsons 1998; McMichael et al. 1998; Pearsons and Fritts 1999; McMichael et al. 1999; McMichael et al. 1999; Pearsons and Hopley 1999; Ham and Pearsons 2000; Ham and Pearsons 2001; Amaral et al. 2001; McMichael and Pearsons 2001; Pearsons 2002, Fritts and Pearsons 2004, Pearsons et al. in press, Major et al. in press). This progress report summarizes data collected between January 1, 2004 and December 31, 2004. These data were compared to findings from previous years to identify general trends and make preliminary comparisons. Interactions between fish produced as part of the YKFP, termed target species or stocks, and other species or stocks (non-target taxa) may alter the population status of non-target species or stocks. This may occur through a variety of mechanisms, such as competition, predation, and interbreeding (Pearsons et al. 1994; Busack et al. 1997; Pearsons and Hopley 1999). Furthermore, the success of a supplementation program may

  2. Reproductive Ecology of Yakima River Hatchery and Wild Spring Chinook; Yakima/Klickitat Fisheries Project Monitoring and Evaluation Report 3 of 7, 2003-2004 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Knudsen, Curtis (Oncorh Consulting, Olympia, WA)

    2004-05-01

    This is the third in a series of annual reports that address reproductive ecological research and comparisons of hatchery and wild origin spring chinook in the Yakima River basin. Data have been collected prior to supplementation to characterize the baseline reproductive ecology, demographics and phenotypic traits of the unsupplemented upper Yakima population, however this report focuses on data collected on hatchery and wild spring chinook returning in 2003; the third year of hatchery adult returns. This report is organized into three chapters, with a general introduction preceding the first chapter and summarizes data collected between April 1, 2003 and March 31, 2004 in the Yakima basin. Summaries of each of the chapters in this report are included below. A major component of determining supplementation success in the Yakima Klickitat Fishery Project's spring chinook (Oncorhynchus tshawytscha) program is an increase in natural production. Within this context, comparing upper Yakima River hatchery and wild origin fish across traits such as sex ratio, age composition, size-at-age, fecundity, run timing and gamete quality is important because these traits directly affect population productivity and individual fish fitness which determine a population's productivity.

  3. Effects of Domestication on Predation Mortality and Competitive Dominance; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2004-2005 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Pearsons, Todd N.; Fritts, Anthony L.; Scott, Jennifer L. (Washington Department of Fish and Wildlife, Olympia, WA)

    2005-05-01

    . The Yakima Fisheries Project is studying the effects of domestication on a variety of adult and juvenile traits of spring chinook salmon (Busack et al. 2003). The overall experimental design is to compare a variety of traits, across generations, from three lines of Yakima basin chinook, a hatchery control, supplementation line, and a wild control. The hatchery line was derived from wild upper Yakima broodstock and is only allowed to spawn in the hatchery. The supplementation line is upper Yakima stock that spawns in the upper Yakima River. This stock is an integration of wild and hatchery supplementation fish. Starting in 2005, we plan to use a wild control line of fish that will be the offspring of wild broodstock collected in the Naches River system, a tributary to the Yakima River. The Naches River is not stocked with hatchery fish, and there is minimal stray from Upper Yakima supplementation, so we believe that these will serve as a control to compare any genotypic changes in the hatchery and the supplementation line. As generations of fish are tested, we believe we will be able to analyze the data using an analysis of covariance to test the hypothesis that the hatchery line will exhibit greater domestication over generations, the wild line will remain at baseline levels, and the supplementation line will be somewhere in between. In this report, we have used the terms ''hatchery'' or ''supplementation'' to refer to upper Yakima fish that are progeny of fish that spent one generation in the hatchery, and ''wild'' to refer to fish that have had no exposure to the hatchery other than the matings for this experiment. The terms are relative to the parents that produced the fish for these experiments. All progeny of these fish were mated and reared under the same laboratory conditions. This report addresses two juvenile traits: predation mortality, and competitive dominance. Other traits will be presented in

  4. Reproductive Ecology of Yakima River Hatchery and Wild Spring Chinook; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2001-2002 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Knudsen, Curtis M. (Oncorh Consulting, Olympia, WA)

    2003-05-01

    This report is intended to satisfy two concurrent needs: (1) provide a contract deliverable from Oncorh Consulting to the Washington Department of Fish and Wildlife (WDFW), with emphasis on identification of salient results of value to ongoing Yakima/Klickitat Fisheries Project (YKFP) planning, and (2) summarize results of research that have broader scientific relevance. This is the second in a series of reports that address reproductive ecological research and monitoring of spring chinook in the Yakima River basin. In addition to within-year comparisons, between-year comparisons will be made to determine if traits of the wild Naches basin control population, the naturally spawning population in the upper Yakima River and the hatchery control population are diverging over time. This annual report summarizes data collected between April 1, 2002 and March 31, 2003. In the future, these data will be compared to previous years to identify general trends and make preliminary comparisons. Supplementation success in the Yakima Klickitat Fishery Project's (YKFP) spring chinook (Oncorhynchus tshawytscha) program is defined as increasing natural production and harvest opportunities, while keeping adverse ecological interactions and genetic impacts within acceptable bounds (Busack et al. 1997). Within this context demographics, phenotypic traits, and reproductive ecology have significance because they directly affect natural productivity. In addition, significant changes in locally adapted traits due to hatchery influence, i.e. domestication, would likely be maladaptive resulting in reduced population productivity and fitness (Taylor 1991; Hard 1995). Thus, there is a need to study demographic and phenotypic traits in the YKFP in order to understand hatchery and wild population productivity, reproductive ecology, and the effects of domestication (Busack et al. 1997). Tracking trends in these traits over time is also a critical aspect of domestication monitoring (Busack

  5. Yakima River Species Interactions Studies, Annual Report 1998

    International Nuclear Information System (INIS)

    Pearsons, Todd N.; Ham, Kenneth D.; McMichael, Geoffrey A.

    1999-01-01

    Species interactions research and monitoring was initiated in 1989 to investigate ecological interactions among fish in response to proposed supplementation of salmon and steelhead in the upper Yakima River basin. This is the seventh of a series of progress reports that address species interactions research and pre-supplementation monitoring of fishes in the Yakima River basin. Data have been collected prior to supplementation to characterize the ecology and demographics of non-target taxa (NTT) and target taxon, and develop methods to monitor interactions and supplementation success. Major topics of this report are associated with monitoring potential impacts to support adaptive management of NTT and baseline monitoring of fish predation indices on spring chinook salmon smolts. This report is organized into three chapters, with a general introduction preceding the first chapter. This annual report summarizes data collected primarily by the Washington Department of Fish and Wildlife (WDFW) between January 1, 1998 and December 31, 1998 in the Yakima basin, however these data were compared to data from previous years to identify preliminary trends and patterns

  6. Yakima River species interactions studies annual report, 2000; ANNUAL

    International Nuclear Information System (INIS)

    Pearsons, Todd N.

    2001-01-01

    Species interactions research and monitoring was initiated in 1989 to investigate ecological interactions among fish in response to proposed supplementation of salmon and steelhead in the upper Yakima River basin. This is the ninth of a series of progress reports that address species interactions research and supplementation monitoring of fishes in the Yakima River basin. Data have been collected prior to supplementation to characterize the ecology and demographics of non-target taxa (NTT) and target taxon, and develop methods to monitor interactions and supplementation success. Major topics of this report are associated with the chronology of ecological interactions that occur throughout a supplementation program, implementing NTT monitoring prescriptions for detecting potential impacts of hatchery supplementation, hatchery fish interactions, and monitoring fish predation indices. This report is organized into four chapters, with a general introduction preceding the first chapter. This annual report summarizes data collected primarily by the Washington Department of Fish and Wildlife (WDFW) between January 1, 2000 and December 31, 2000 in the Yakima basin, however these data were compared to data from previous years to identify preliminary trends and patterns. Summaries of each of the chapters included in this report are described

  7. Reproductive Ecology of Yakima River Hatchery and Wild Spring Chinook; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2004-2005 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Knudsen, Curtis M. (Oncorh Consulting, Olympia, WA); Schroder, Steven L. (Washington Department of Fish and Wildlife, Olympia, WA); Johnston, Mark V. (yakama Nation, Toppenish, WA)

    2005-05-01

    This report is intended to satisfy two concurrent needs: (1) provide a contract deliverable from Oncorh Consulting to the Washington Department of Fish and Wildlife (WDFW), with emphasis on identification of salient results of value to ongoing Yakima/Klickitat Fisheries Project (YKFP) planning and (2) summarize results of research that have broader scientific relevance. This is the fourth in a series of reports that address reproductive ecological research and monitoring of spring chinook populations in the Yakima River basin. This annual report summarizes data collected between April 1, 2004 and March 31, 2005 and includes analyses of historical baseline data, as well. Supplementation success in the Yakima Klickitat Fishery Project's (YKFP) spring chinook (Oncorhynchus tshawytscha) program is defined as increasing natural production and harvest opportunities, while keeping adverse ecological interactions and genetic impacts within acceptable bounds (Busack et al. 1997). Within this context demographics, phenotypic traits, and reproductive ecology have significance because they directly affect natural productivity. In addition, significant changes in locally adapted traits due to hatchery influence, i.e. domestication, would likely be maladaptive resulting in reduced population productivity and fitness (Taylor 1991; Hard 1995). Thus, there is a need to study demographic and phenotypic traits in the YKFP in order to understand hatchery and wild population productivity, reproductive ecology, and the effects of domestication (Busack et al. 1997). Tracking trends in these traits over time is also a critical aspect of domestication monitoring (Busack et al. 2004) to determine whether trait changes have a genetic component and, if so, are they within acceptable limits. The first chapter of this report compares first generation hatchery and wild upper Yakima River spring chinook returns over a suite of life-history, phenotypic and demographic traits. The second

  8. Yakima River Species Interactions Study; Yakima/Klickitat Fisheries Project Monitoring and Evaluation Report 7 of 7, 2003-2004 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Pearsons, Todd N.; Fritts, Anthony L.; Temple, Gabriel M. (Washington Department of Fish and Wildlife, Olympia, WA)

    2004-05-01

    This report is intended to satisfy two concurrent needs: (1) provide a contract deliverable from the Washington Department of Fish and Wildlife (WDFW) to the Bonneville Power Administration (BPA), with emphasis on identification of salient results of value to ongoing Yakima/Klickitat Fisheries Project (YKFP) planning, and (2) summarize results of research that have broader scientific relevance. This is the twelfth of a series of progress reports that address species interactions research and supplementation monitoring of fishes in response to supplementation of salmon and steelhead in the upper Yakima River basin (Hindman et al. 1991; McMichael et al. 1992; Pearsons et al. 1993; Pearsons et al. 1994; Pearsons et al. 1996; Pearsons et al. 1998, Pearsons et al. 1999, Pearsons et al. 2001a, Pearsons et al. 2001b, Pearsons et al. 2002, Pearsons et al. 2003). Journal articles and book chapters have also been published from our work (McMichael 1993; Martin et al. 1995; McMichael et al. 1997; McMichael and Pearsons 1998; McMichael et al. 1998; Pearsons and Fritts 1999; McMichael et al. 1999; McMichael et al. 1999; Pearsons and Hopley 1999; Ham and Pearsons 2000; Ham and Pearsons 2001; Amaral et al. 2001; McMichael and Pearsons 2001; Pearsons 2002, Fritts and Pearsons 2004, Pearsons et al. in press, Major et al. in press). This progress report summarizes data collected between January 1, 2003 and December 31, 2003. These data were compared to findings from previous years to identify general trends and make preliminary comparisons. Interactions between fish produced as part of the YKFP, termed target species or stocks, and other species or stocks (non-target taxa) may alter the population status of non-target species or stocks. This may occur through a variety of mechanisms, such as competition, predation, and interbreeding (Pearsons et al. 1994; Busack et al. 1997; Pearsons and Hopley 1999). Furthermore, the success of a supplementation program may be limited by strong

  9. Yakima Basin Fish Passage Project, Phase 2

    International Nuclear Information System (INIS)

    1991-08-01

    Implementation of the Yakima Basin Fish Passage Project -- Phase 2 would significantly improve the production of anadromous fish in the Yakima River system. The project would provide offsite mitigation and help to compensate for lower Columbia River hydroelectric fishery losses. The Phase 2 screens would allow greater numbers of juvenile anadromous fish to survive. As a consequence, there would be higher returns of adult salmon and steelhead to the Yakima River. The proposed action would play an integral part in the overall Yakima River anadromous fish enhancement program (fish passage improvement, habitat enhancement, hatchery production increases, and harvest management). These would be environmental benefits associated with implementation of the Fish Passage and Protective Facilities Phase 2 Project. Based on the evaluation presented in this assessment, there would be no significant adverse environmental impacts if the proposed action was carried forward. No significant adverse environmental effects have been identified from construction and operation of the Yakima Phase 2 fish passage project. Proper design and implementation of the project will ensure no adverse effects will occur. Based on the information in this environmental analysis, BPA's and Reclamation's proposal to construct these facilities does not constitute a major Federal action that could significantly affect the quality of the human environment. 8 refs., 4 figs., 6 tabs

  10. The Reaches Project : Ecological and Geomorphic Dtudies Supporting Normative Flows in the Yakima River Basin, Washington, Final Report 2002.

    Energy Technology Data Exchange (ETDEWEB)

    Stanford, Jack A.; Lorang, Mark N.; Matson, Phillip L. (University of Montana, Flathead Lake Biological Station, Poison, MT)

    2002-10-01

    The Yakima River system historically produced robust annual runs of chinook, sockeye, chum and coho salmon and steelhead. Many different stocks or life history types existed because the physiography of the basin is diverse, ranging from very dry and hot in the high desert of the lower basin to cold and wet in the Cascade Mountains of the headwaters (Snyder and Stanford 2001). Habitat diversity and life history diversity of salmonids are closely correlated in the Yakima Basin. Moreover, habitat diversity for salmonids and many other fishes maximizes in floodplain reaches of river systems (Ward and Stanford 1995, Independent Scientific Group 2000). The flood plains of Yakima River likely were extremely important for spawning and rearing of anadromous salmonids (Snyder and Stanford 2001). However, Yakima River flood plains are substantially degraded. Primary problems are: revetments that disconnect main and side channel habitats; dewatering associated with irrigation that changes base flow conditions and degrades the shallow-water food web; chemical and thermal pollution that prevents proper maturation of eggs and juveniles; and extensive gravel mining within the floodplain reaches that has severed groundwater-channel connectivity, increased thermal loading and increased opportunities for invasions of nonnative species. The Yakima River is too altered from its natural state to allow anything close to the historical abundance and diversity of anadromous fishes. Habitat loss, overharvest and dam and reservoir passage problems in the mainstem Columbia River downstream of the Yakima, coupled with ocean productivity variation, also are implicated in the loss of Yakima fisheries. Nonetheless, in an earlier analysis, Snyder and Stanford (2001) concluded that a significant amount of physical habitat remains in the five floodplain reaches of the mainstem river because habitat-structuring floods do still occur on the remaining expanses of floodplain environment. Assuming main

  11. Reproductive Ecology of Yakima River Hatchery and Wild Spring Chinook and Juvenile-to-Adult PIT-tag Retention; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2001 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Knudsen, Curtis M. (Washington Department of Fish and Wildlife, Olympia, WA)

    2002-11-01

    This report is intended to satisfy two concurrent needs: (1) provide a contract deliverable from Oncorh Consulting to the Washington Department of Fish and Wildlife (WDFW), with emphasis on identification of salient results of value to ongoing Yakima/Klickitat Fisheries Project (YKFP) planning, and (2) summarize results of research that have broader scientific relevance. This is the first in an anticipated series of reports that address reproductive ecological research and monitoring of spring chinook in the Yakima River basin. In addition to within-year comparisons, between-year comparisons will be made to determine if traits of the wild Naches basin control population, the naturally spawning population in the upper Yakima River and the hatchery control population are diverging over time. This annual report summarizes data collected between April 1, 2001 and March 31, 2002. In the future, these data will be compared to previous years to identify general trends and make preliminary comparisons.

  12. Pathogen Screening of Naturally Produced Yakima River Spring Chinook Smolts; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2004-2005 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Thomas, Joan B. (Washington Department of Fish and Wildlife, Olympia, WA)

    2005-05-01

    In the spring of 2004 naturally produced smolts outmigrating from the Yakima River Basin were collected for the sixth year of pathogen screening. This component of the evaluation is to monitor whether introduction of hatchery produced smolts would impact the prevalence of specific pathogens in the naturally produced spring chinook smolts. Increases in prevalence of any of these pathogens could negatively impact the survival of these fish. Since 1999 the Cle Elum Hatchery has been releasing spring chinook salmon smolts into the upper Yakima River to increase natural production. In 1998 and 2000 through 2004 naturally produced smolts were collected for monitoring at the Chandler smolt collection facility on the lower Yakima River. Smolts were collected from mid to late outmigration, with a target of 200 fish each year. The pathogens monitored were infectious hematopoeitic necrosis virus, infectious pancreatic necrosis virus, viral hemorrhagic septicemia virus, Flavobacterium psychrophilum, Flavobacterium columnare, Aeromonas salmonicida, Yersinia ruckeri, Edwardsiella ictaluri, Renibacterium salmoninarum and Myxobolus cerebralis. Of these pathogens, only R. salmoninarum was detected in very low levels in the naturally produced smolts outmigrating in 2004. To date, only bacterial pathogens have been detected and prevalences have been low. There have been small variations each year and these changes are attributed to normal fluctuations in prevalence. All of the pathogens detected are widely distributed in Washington State.

  13. 77 FR 45653 - Yakima River Basin Conservation Advisory Group; Yakima River Basin Water Enhancement Project...

    Science.gov (United States)

    2012-08-01

    ... Basin Conservation Advisory Group, Yakima River Basin Water Enhancement Project, established by the... Water Conservation Program. DATES: The meeting will be held on Tuesday, August 21, 2012, from 1 p.m. to... the implementation of the Water Conservation Program, including the applicable water conservation...

  14. Pathogen Screening of Naturally Produced Yakima River Spring Chinook Smolts; Yakima/Klickitat Fisheries Project Monitoring and Evaluation Report 6 of 7, 2003-2004 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Thomas, Joan B. (Washington Department of Fish and Wildlife, Olympia, WA)

    2004-05-01

    In 1999 the Cle Elum Hatchery began releasing spring chinook salmon smolts into the upper Yakima River to increase natural production. Part of the evaluation of this program is to monitor whether introduction of hatchery produced smolts would impact the prevalence of specific pathogens in the naturally produced spring chinook smolts. Increases in prevalence of any of these pathogens could negatively impact the survival of these fish. In 1998 and 2000 through 2003 naturally produced smolts were collected for monitoring at the Chandler smolt collection facility on the lower Yakima River. Smolts were collected from mid to late outmigration, with a target of 200 fish each year. The pathogens monitored were infectious hematopoeitic necrosis virus, infectious pancreatic necrosis virus, viral hemorrhagic septicemia virus, Flavobacterium psychrophilum, Flavobacterium columnare, Aeromonas salmonicida, Yersinia ruckeri, Edwardsiella ictaluri, Renibacterium salmoninarum and Myxobolus cerebralis. To date, only the bacterial pathogens have been detected and prevalences have been low. Prevalences have varied each year and these changes are attributed to normal fluctuation of prevalence. All of the pathogens detected are widely distributed in Washington State.

  15. Differences in Ichthyophonus prevalence and infection severity between upper Yukon River and Tanana River chinook salmon, Oncorhynchus tshawytscha (Walbaum), stocks.

    Science.gov (United States)

    Kocan, R; Hershberger, P

    2006-08-01

    Two genetically distinct populations of chinook salmon, Oncorhynchus tshawytscha (Walbaum), were simultaneously sampled at the confluence of the Yukon and Tanana rivers in 2003. Upper Yukon-Canadian fish had significantly higher infection prevalence as well as more severe infections (higher parasite density in heart tissue) than the lower Yukon-Tanana River fish. Both populations had migrated the same distance from the mouth of the Yukon River at the time of sampling but had significantly different distances remaining to swim before reaching their respective spawning grounds. Multiple working hypotheses are proposed to explain the differences between the two stocks: (1) the two genetically distinct populations have different inherent resistance to infection, (2) genetically influenced differences in feeding behaviour resulted in temporal and/or spatial differences in exposure, (3) physiological differences resulting from different degrees of sexual maturity influenced the course of disease, and (4) the most severely infected Tanana River fish either died en route or fatigued and were unable to complete their migration to the Tanana River, thus leaving a population of apparently healthier fish.

  16. Legacy lead arsenate soil contamination at childcare centers in the Yakima Valley, Central Washington, USA.

    Science.gov (United States)

    Durkee, Jenna; Bartrem, Casey; Möller, Gregory

    2017-02-01

    From the early 1900s to the 1950s, Yakima Valley orchards were commonly treated with lead arsenate (LA) insecticides. Lead (Pb) and arsenic (As) soil contamination has been identified on former orchard lands throughout Central Washington and pose a threat to human health and the environment. The levels of Pb and As in soil and interior dust at participating childcare centers in the Upper Yakima Valley (Yakima County), Washington were sampled to explore exposure potential for young children. Childcare center soils were collected from two soil depths, homogenized, and analyzed in bulk by a field-portable X-ray fluorescence spectrometer (XRF). Interior dust wipes samples were collected from at least two locations in each facility. All soil samples >250 mg/kg Pb and/or >20 As mg/kg were sieved to 250 μm, tested by XRF a second time, and analyzed via acid digestion and inductively coupled plasma mass spectrometry (ICP-MS) analysis. Bulk and sieved XRF results, as well as ICP-MS to XRF results were strongly correlated. Maximum Pb and As XRF results indicated that 4 (21%) and 8 (42%) of the 19 childcare centers surveyed exceeded the regulatory standard for Pb and As, respectively. Historic land use was significantly associated with elevated Pb and As levels. Interior dust loadings were below United States Environmental Protection Agency (EPA) guidelines. Childcare centers are areas of intensive use for children and when coupled with potential residential exposure in their homes, the total daily exposure is a potential hazard to children. Copyright © 2016 Elsevier Ltd. All rights reserved.

  17. Diagnosis of Transformation in Architecture and Construction of the Housing Stock in the Years 1848-2013 in Selected Cities Of Upper Silesia

    Science.gov (United States)

    Cibis, Jerzy; Nowogońska, Beata

    2017-10-01

    Despite extensive and valuable literature and a series of activities over the past several years of scientific studies, there’s lack of work presenting a comprehensive inventory of housing shaped over the centuries in terms of the assessment of the users’ needs based on suitability and real modernisation. Such coverage of the subject, based largely on research methods using statistical reports on the changes carried out in the substance subject to research, would enable the assessment - as close to the reality as possible - of the housing stock and the potential associated with its further use. The subject of the work is the state of residential architecture resources of the period 1848-2013 in selected cities of Upper Silesia, changes carried out in the architecture and construction. Changes to the architecture and construction carried out in the housing stock subject to research constitute an important means of evaluation of the housing resources by their users. The changes occur three aspects: technical, functional and aesthetic. The main objective of the work is the presentation of a detailed assessment and comprehensive picture of the state of the housing stock of selected cities in Upper Silesia, based on statistical tests, numerous spatial solutions in terms of the evolutionary development of forms of residential architecture in Upper Silesia. The premise of the work is on the one hand, the expansion of knowledge of housing resources in Upper Silesian cities. On the other hand, it is an attempt to formulate a method of the comprehensive assessment of the housing stock in general, using the elements of statistics, analysis of spatial solutions and macrosocial determinants that shape human residential space. For greater clarity and precision of the obtained information, the performed assessment is connected with a direct private space of a dwelling place. It discusses to a limited extent the modernisation and transformation of the neighbourhood or the so

  18. Evaluation of water quality conditions near proposed fish production sites associated with the Yakima Fisheries Project. Final report

    International Nuclear Information System (INIS)

    Dauble, D.d.; Mueller, R.P.; Martinson, G.A.

    1994-05-01

    In 1991, the Pacific Northwest Laboratory (PNL) began studying water quality at several sites in the Yakima River Basin for the Bonneville Power Administration. These sites were being proposed as locations for fish culture facilities as part of the Yakima Fisheries Project (YFP). Surface water quality parameters near the proposed fish culture facilities are currently suitable for fish production. Water quality conditions in the mainstream Yakima River and its tributaries are generally excellent in the upper part of the watershed (i.e., near Cle Elum), but they are only fair to poor for the river downstream of Union Gap (river mile 107). Water quality of the Naches River near Oak Flats is also suitable for fish production. Groundwater supplies near the proposed fish production facilities typically have elevated concentrations of metals and dissolved gases. These conditions can be mitigated using best engineering practices such as precipitation and degasification. Additionally, mixing with surface water may improve these conditions. Depending on the location and depth of the well, groundwater temperatures may be warmer than optimum for acclimating and holding juvenile and adult fish. Water quality parameters measured in the Yakima River and tributaries sometimes exceed the range of values described as acceptable for culture of salmonids and for the protection of other aquatic life. However, constituent concentrations are within ranges that exist in many northwest fish hatcheries. Additionally, site-specific tests conducted by PNL (i.e., live box exposures and egg incubation studies) indicate that fish can be successfully reared in surface and well water near the proposed facility sites. Thus, there appear to be no constraints to artificial production for the YFP

  19. Ferruginous hawks on the Yakima Training Center

    Energy Technology Data Exchange (ETDEWEB)

    Mazaika, R.; Cadwell, L.L.

    1994-07-01

    Habitat quality for ferruginous hawks (Buteo regalis) is largely determined by availability of nest sites and adequate prey base. A limitation of one of these will limit the number of hawks in an area. In general, ferruginous hawks are adaptable to various nesting substrates and will nest in proximity to other closely related sympatric species (e.g., red-tailed hawk, Swainson`s hawk). This analysis focused on an assessment of prey base availability and habitat disturbance in the vicinity of historic nest sites and small mammal trap sites on the Yakima Training Center (YTC) in Washington State. The primary ground-disturbing activities on the YTC are associated with military training, fire, and grazing. In addition to the direct effect these activities can have on ferruginous hawks, indirect effects may result from changes in composition, density, and structure of vegetation that subsequently alter faunal population numbers and species diversity. A summary of results of small mammal trapping, population estimation, vegetative analysis and disturbance rating at seven trap sites during the time period of June through August of 1993 are presented.

  20. Yakima River Spring Chinook Enhancement Study, 1988 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Fast, David E.

    1988-12-01

    Smolt outmigration was monitored at Wapatox on the Naches River and Prosser on the lower Yakima. The spring outmigration at Wapatox was estimated to be smolts. The survival from egg to smolt was calculated using the 1986 redd counts and the 1988 smolt outmigration at Prosser. The smolt to adult survival was calculated based on the 1983 smolt outmigration estimated at Prosser and the 1984 return of jacks (3 year old fish), the 1985 return of four year old adults, and the 1986 return of five year old fish to the Yakima River. 13 refs., 4 figs., 47 tabs.

  1. Yakima Habitat Improvement Project Master Plan, Technical Report 2003.

    Energy Technology Data Exchange (ETDEWEB)

    Golder Associates, Inc.

    2003-04-22

    The Yakima Urban Growth Area (UGA) is a developing and growing urban area in south-central Washington. Despite increased development, the Yakima River and its tributaries within the UGA continue to support threatened populations of summer steelhead and bull trout as well as a variety of non-listed salmonid species. In order to provide for the maintenance and recovery of these species, while successfully planning for the continued growth and development within the UGA, the City of Yakima has undertaken the Yakima Habitat Improvement Project. The overall goal of the project is to maintain, preserve, and restore functioning fish and wildlife habitat within and immediately surrounding the Yakima UGA over the long term. Acquisition and protection of the fish and wildlife habitat associated with key properties in the UGA will prevent future subdivision along riparian corridors, reduce further degradation or removal of riparian habitat, and maintain or enhance the long term condition of aquatic habitat. By placing these properties in long-term protection, the threat of development from continued growth in the urban area will be removed. To most effectively implement the multi-year habitat acquisition and protection effort, the City has developed this Master Plan. The Master Plan provides the structure and guidance for future habitat acquisition and restoration activities to be performed within the Yakima Urban Area. The development of this Master Plan also supports several Reasonable and Prudent Alternatives (RPAs) of the NOAA Fisheries 2000 Biological Opinion (BiOp), as well as the Water Investment Action Agenda for the Yakima Basin, local planning efforts, and the Columbia Basin Fish and Wildlife Authority's 2000 Fish and Wildlife Program. This Master Plan also provides the framework for coordination of the Yakima Habitat Improvement Project with other fish and wildlife habitat acquisition and protection activities currently being implemented in the area. As a

  2. Yakima fisheries project spring chinook supplementation monitoring plan

    International Nuclear Information System (INIS)

    Busack, C.; Pearsons, T.; Knudsen, C.; Phelps, S.; Watson, B.; Johnston, M.

    1997-08-01

    The Yakima Fisheries Project (YFP), a key element in the Northwest Power Planning Council's Fish and Wildlife Program, has been in planning for more than ten years. It was initially conceived as, and is still intended to be, a multipurpose project. Besides increasing fish production in the Yakima basin, it is also intended to yield information about supplementation that will be of value to the entire Columbia basin, and hopefully the entire region. Because of this expectation of increased knowledge resulting from the project, a large and comprehensive monitoring program has always been seen as an integral part of the project. Throughout 1996 the Monitoring Implementation and Planning Team (MIPT), an interdisciplinary group of biologists who have worked on the project for several years, worked to develop a comprehensive spring chinook monitoring plan for the project. The result is the present document

  3. Evaluation of Water Quality Conditions Near Proposed Fish Production Sites Associated with the Yakima Fisheries Project, 1991-1993 Final Report.

    Energy Technology Data Exchange (ETDEWEB)

    Dauble, Dennis D.

    1994-05-01

    In 1991, the Pacific Northwest Laboratory (PNL) began studying water quality at several sites in the Yakima River Basin for the Bonneville Power Administration. These sites were being proposed as locations for fish culture facilities as part of the Yakima Fisheries Project (YFP). Surface water quality parameters near the proposed fish culture facilities are currently suitable for fish production. Water quality conditions in the mainstream Yakima River and its tributaries are generally excellent in the upper part of the watershed (i.e., near Cle Elum), but they are only fair to poor for the river downstream of Union Gap (river mile 107). Water quality of the Naches River near Oak Flats is also suitable for fish production. Groundwater supplies near the proposed fish production facilities typically have elevated concentrations of metals and dissolved gases. These conditions can be mitigated using best engineering practices such as precipitation and degasification. Additionally, mixing with surface water may improve these conditions. Depending on the location and depth of the well, groundwater temperatures may be warmer than optimum for acclimating and holding juvenile and adult fish. Water quality parameters measured in the Yakima River and tributaries sometimes exceed the range of values described as acceptable for culture of salmonids and for the protection of other aquatic life. However, constituent concentrations are within ranges that exist in many northwest fish hatcheries. Additionally, site-specific tests conducted by PNL (i.e., live box exposures and egg incubation studies) indicate that fish can be successfully reared in surface and well water near the proposed facility sites. Thus, there appear to be no constraints to artificial production for the YFP.

  4. Relation between Nitrates in Water Wells and Potential Sources in the Lower Yakima Valley, Washington State

    Science.gov (United States)

    Results of a study EPA conducted to investigate the contribution of various sources to the high nitrate levels in groundwater and residential drinking water wells in the Lower Yakima Valley of Washington State.

  5. Development of an Index to Bird Predation of Juvenile Salmonids within the Yakima River, 2001 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Major, III, Walter; Grue, Christian E.; Ryding, Kristen E. (University of Washington, School of Aquatic and Fishery Sciences, Seattle, WA)

    2002-08-01

    ;'gulls'' (California and Ring-billed) at hotspots and Common Mergansers within upper river reaches. Consumption on the lower reaches was distributed among a number of species, with slightly more then half of all fish consumption being attributed to American White Pelicans. Estimated consumption by gulls at both hotspots combined (8 Apr-30 Jun) was 169,883 fish. Assuming a worst case scenario (all fish taken were smolts) this represented approximately 4.9% of all smolts estimated passing or being released from the Prosser Dam area during the 2001 smolt migration season. Total gull abundances and estimates of consumption between the two hotspot sites were opposite that seen in 2000. Foraging gulls at Horn Rapids Dam were regressed against flow for the 3 years and found to be significant (alpha = 0.1, P=0.081, r{sup 2} = .2589). A similar 3-year regression vs fish passage through the Chandler Juvenile Fish Facility, however, did not show a significant relationship (alpha = 0.1, P = 0.396, r{sup 2} = .3708). Total estimated take by Common Mergansers across all strata surveyed was 14,777 kg between 8 Apr and 31 Aug, 2001. Approximately 66 percent of that consumption was within the upper river reaches (Stratum 1) where there is a known breeding population of mergansers. Graphical comparisons of merganser abundances over the three years (1999-2001) in the upper reaches of the Yakima River suggest an increase in 2001 from the previous 2 years in both the spring and summer survey periods, but overlapping confidence intervals prevent assumptions regarding upward or downward trends in abundance.

  6. Identification and Mapping of Sagebrush/Grass Successional Stages with Landsat Thematic Mapper Data at Yakima Training Center, Washington

    National Research Council Canada - National Science Library

    Leedy, Craig

    2004-01-01

    .... This research attempted to identify and map successional changes on semiarid rangelands at Yakima Training Center, WA, using remote sensing techniques by developing a model derived from analysis...

  7. Costs of climate change: Economic value of Yakima River salmon

    International Nuclear Information System (INIS)

    Anderson, D.M.; Shankle, S.A.; Scott, M.J.; Neitzel, D.A.; Chatters, J.C.

    1992-07-01

    This work resulted from a continuing multidisciplinary analysis of species preservation and global change. The paper explores the economic cost of a potential regional warming as it affects one Pacific Northwest natural resource, the spring chinook salmon (Oncorhynchus tshcawytscha). Climate change and planned habitat improvements impact the production and economic value of soling chinook salmon of the Yakima River tributary of the Columbia River in eastern Washington. The paper presents a derivation of the total economic value of a chinook salmon, which includes the summation of the existence, commercial, recreational, and capital values of the fish. When currently available commercial, recreational, existence, and capital values for chinook salmon were applied to estimated population changes, the estimated change in the economic value per fish associated with reduction of one fish run proved significant

  8. Yakima/Klickitat Fisheries Project Genetic Studies; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2005-2006 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Busack, Craig A.; Fritts, Anthony L.; Kassler, Todd (Washington Department of Fish and Wildlife, Olympia, WA)

    2006-05-01

    This report covers one of many topics under the Yakima/Klickitat Fisheries Project's Monitoring and Evaluation Program (YKFPME). The YKFPME is funded under two BPA contracts, one for the Yakama Nation and the other for the Washington Department of Fish and Wildlife (Contract number 22370, Project Number 1995-063-25). A comprehensive summary report for all of the monitoring and evaluation topics will be submitted after all of the topical reports are completed. This approach to reporting enhances the ability of people to get the information they want, enhances timely reporting of results, and provides a condensed synthesis of the whole YKFPME. The current report was completed by the Washington Department of Fish and Wildlife.

  9. Yakima/Klickitat Fisheries Project Monitoring and Evaluation, Final Report For the Performance Period May 1, 2008 through April 30, 2009.

    Energy Technology Data Exchange (ETDEWEB)

    Sampson, Melvin R. [The Confederated Tribes and Bands of the Yakama Nation

    2009-07-30

    The Yakima-Klickitat Fisheries Project (YKFP) is a joint project of the Yakama Nation (lead entity) and the Washington State Department of Fish and Wildlife (WDFW) and is sponsored in large part by the Bonneville Power Administration (BPA) with oversight and guidance from the Northwest Power and Conservation Council (NPCC). It is among the largest and most complex fisheries management projects in the Columbia Basin in terms of data collection and management, physical facilities, habitat enhancement and management, and experimental design and research on fisheries resources. Using principles of adaptive management, the YKFP is attempting to evaluate all stocks historically present in the Yakima subbasin and apply a combination of habitat restoration and hatchery supplementation or reintroduction, to restore the Yakima Subbasin ecosystem with sustainable and harvestable populations of salmon, steelhead and other at-risk species. The original impetus for the YKFP resulted from the landmark fishing disputes of the 1970s, the ensuing legal decisions in United States versus Washington and United States versus Oregon, and the region's realization that lost natural production needed to be mitigated in upriver areas where these losses primarily occurred. The YKFP was first identified in the NPCC's 1982 Fish and Wildlife Program (FWP) and supported in the U.S. v Oregon 1988 Columbia River Fish Management Plan (CRFMP). A draft Master Plan was presented to the NPCC in 1987 and the Preliminary Design Report was presented in 1990. In both circumstances, the NPCC instructed the Yakama Nation, WDFW and BPA to carry out planning functions that addressed uncertainties in regard to the adequacy of hatchery supplementation for meeting production objectives and limiting adverse ecological and genetic impacts. At the same time, the NPCC underscored the importance of using adaptive management principles to manage the direction of the Project. The 1994 FWP reiterated the

  10. Field Trip 5: HYDROGEOLOGY OF BEER AND WINE IN THE YAKIMA VALLEY

    Energy Technology Data Exchange (ETDEWEB)

    Last, George V.; Bachmann, Matthew P.; Bjornstad, Bruce N.

    2011-05-05

    The climate and geology of eastern Washington are ideally suited to the production of hops and wine grapes. Nearly all of Washington’s hop and wine-grape production is located in the lower Yakima River Basin , which is one of the most intensively irrigated areas in the United States. Most of this irrigation water has been supplied by surface water reservoirs and canal systems drawing from the Yakima River. However, increasing demands for water has spurred the increased use of groundwater resources. This field trip guide explores many aspects of the geology and hydrogeology in the lower Yakima River Basin, particularly as they relate to water resources that support the local beer and wine industries.

  11. Yakima/Klickitat Fisheries Project; Washington Department of Fish and Wildlife Policy/Technical Involvement and Planning, 2001-2002 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Easterbrooks, John A.; Pearsons, Todd N. (Washington Department of Fish and Wildlife, Olympia, WA)

    2003-03-01

    The Yakima/Klickitat Fisheries Project (YKFP) is a supplementation project sponsored by the Northwest Power Planning Council (Columbia River Basin Fish and Wildlife Program 1994, Measure 7.4K). The objectives of the YKFP are: (1) to test the hypothesis that new supplementation techniques can be used in the Yakima River Basin to increase natural production and to improve harvest opportunities while maintaining the long-term genetic fitness of the wild and native salmonid populations and keeping adverse ecological interactions within acceptable limits (Yakima Fisheries Project Final Environment Impact Statement, 1996); (2) provide knowledge about the use of supplementation, so that it may be used to mitigate effects on anadromous fisheries throughout the Columbia River Basin; (3) to maintain and improve the quantity and productivity of salmon and steelhead habitat, including those areas made accessible by habitat improvements; (4) to ensure that Project implementation remains consistent with the Council's Fish and Wildlife Program; and (5) to implement the Project in a prudent and environmentally sound manner. Current YKFP operations have been designed to test the principles of supplementation (Busack et al. 1997). The Project's experimental design has focused on the following critical uncertainties affecting supplementation: (1) The survival and reproductive success of hatchery fish after release from the hatchery; (2) The impacts of hatchery fish as they interact with non-target species and stocks; and, (3) The effects of supplementation on the long-term genetic fitness of fish stocks. The YKFP endorses an adaptive management policy applied through a project management framework as described in the Yakima/Klickitat Fisheries Project Planning Status Report (1995), Fast and Craig (1997), Clune and Dauble 1991. The project is managed by a Policy Group consisting of a representative of the Yakama Nation (YN, lead agency) and a representative of the Washington

  12. Yakima/Klickitat Fisheries Project; Washington Department of Fish and Wildlife Policy/Technical Involvement and Planning, 2002-2003 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Pearsons, Todd N.; Easterbrooks, John A. (Washington Department of Fish and Wildlife, Olympia, WA)

    2003-09-01

    Wildlife Program; and (5) to implement the Project in a prudent and environmentally sound manner. Current YKFP operations have been designed to test the principles of supplementation (Busack et al. 1997). The Project's experimental design has focused on the following critical uncertainties affecting supplementation: (1) The survival and reproductive success of hatchery fish after release from the hatchery; (2) The impacts of hatchery fish as they interact with non-target species and stocks; and, (3) The effects of supplementation on the long-term genetic fitness of fish stocks. The YKFP endorses an adaptive management policy applied through a project management framework as described in the Yakima/Klickitat Fisheries Project Planning Status Report (1995), Fast and Craig (1997), and Clune and Dauble 1991. The project is managed by a Policy Group consisting of a representative of the Yakama Nation (YN, lead agency) and a representative of the Washington Department of Fish and Wildlife (WDFW). The functions of the parties are described in an MOU between the YN and the WDFW. A Scientific and Technical Advisory Committee (STAC) consisting of one representative from each management entity reports to the Policy Group and provides technical input on policy and other issues. Additional committee's, such as the Monitoring Implementation and Planning Team (MIPT), serve at the discretion of STAC. The Policy Group and STAC meet periodically (usually monthly) to conduct the business of the YKFP. Although the YKFP is an all stocks initiative (BPA 1996), most effort to date has been directed at spring chinook salmon and coho salmon. This report is a compilation of the year's activities between August 1, 2002 and July 31, 2003. The Yakama Nation's portion of the YKFP is presented in another report. All findings should be considered preliminary until data collection is completed or the information is published in a peer-reviewed journal. Pearsons and Easterbrooks (2003

  13. Particle tracking for selected groundwater wells in the lower Yakima River Basin, Washington

    Science.gov (United States)

    Bachmann, Matthew P.

    2015-10-21

    The Yakima River Basin in south-central Washington has a long history of irrigated agriculture and a more recent history of large-scale livestock operations, both of which may contribute nutrients to the groundwater system. Nitrate concentrations in water samples from shallow groundwater wells in the lower Yakima River Basin exceeded the U.S. Environmental Protection Agency drinking-water standard, generating concerns that current applications of fertilizer and animal waste may be exceeding the rate at which plants can uptake nutrients, and thus contributing to groundwater contamination.

  14. Compression stockings

    Science.gov (United States)

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

  15. 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....

  16. Concentrations of nitrate in drinking water in the lower Yakima River Basin, Groundwater Management Area, Yakima County, Washington, 2017

    Science.gov (United States)

    Huffman, Raegan L.

    2018-05-29

    The U.S. Geological Survey, in cooperation with the lower Yakima River Basin Groundwater Management Area (GWMA) group, conducted an intensive groundwater sampling collection effort of collecting nitrate concentration data in drinking water to provide a baseline for future nitrate assessments within the GWMA. About every 6 weeks from April through December 2017, a total of 1,059 samples were collected from 156 wells and 24 surface-water drains. The domestic wells were selected based on known location, completion depth, ability to collect a sample prior to treatment on filtration, and distribution across the GWMA. The drains were pre-selected by the GWMA group, and further assessed based on ability to access sites and obtain a representative sample. More than 20 percent of samples from the domestic wells and 12.8 percent of drain samples had nitrate concentrations that exceeded the maximum contaminant level (MCL) of 10 milligrams per liter established by the U.S. Environmental Protection Agency. At least one nitrate concentration above the MCL was detected in 26 percent of wells and 33 percent of drains sampled. Nitrate was not detected in 13 percent of all samples collected.

  17. Bathymetry and Near-River Topography of the Naches and Yakima Rivers at Union Gap and Selah Gap, Yakima County, Washington, August 2008

    Science.gov (United States)

    Mastin, M.C.; Fosness, R.L.

    2009-01-01

    Yakima County is collaborating with the Bureau of Reclamation on a study of the hydraulics and sediment-transport in the lower Naches River and in the Yakima River between Union Gap and Selah Gap in Washington. River bathymetry and topographic data of the river channels are needed for the study to construct hydraulic models. River survey data were available for most of the study area, but river bathymetry and near-river topography were not available for Selah Gap, near the confluence of the Naches and Yakima Rivers, and for Union Gap. In August 2008, the U.S. Geological Survey surveyed the areas where data were not available. If possible, the surveys were made with a boat-mounted, single-beam echo sounder attached to a survey-grade Real-Time Kinematic (RTK) global positioning system (GPS). An RTK GPS rover was used on a walking survey of the river banks, shallow river areas, and river bed areas that were impenetrable to the echo sounder because of high densities of macrophytes. After the data were edited, 95,654 bathymetric points from the boat survey with the echo sounder and 1,069 points from the walking survey with the GPS rover were used in the study. The points covered 4.6 kilometers on the Yakima River and 0.6 kilometers on the Naches River. GPS-surveyed points checked within 0.014 to 0.047 meters in the horizontal direction and -0.036 to 0.078 meters in the vertical direction compared to previously established survey control points

  18. Development of an Index to Bird Predation of Juvenile Salmonids within the Yakima River, 1999 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Gassley, James M.; Grue, Christian E. (University of Washington, School of Aquatic and Fishery Sciences, Seattle, WA)

    2001-10-01

    Avian predation of fish is suspected to contribute to the loss of juvenile spring chinook salmon in the Yakima Basin, potentially constraining natural production. In 1997 and 1998, the Yakama/Klickitat Fisheries Project (YKFP) and the Washington Department of Fish and Wildlife (WDFW)--whose goal is to increase natural production historically present within the Yakima River--initiated investigations to assess the feasibility of developing an index to avian predation of juvenile salmon within the river. This research--conducted by Dr. Steve Mathews and David Phinney of the University of Washington--confirmed that Ring-billed Gulls and Common Mergansers were the primary avian predators of juvenile salmon, and that under certain conditions could significantly impact migrating smolt populations. Beginning in 1999, the Washington Cooperative Fish and Wildlife Research Unit was asked by the YKFP and the WDFW to continue development of avian consumption indices. Monitoring methods developed by Mathews and Phinney were adopted (with modifications) and monitoring of impacts to juvenile salmon along river reaches and at areas of high predator/prey concentrations (colloquially referred to as ''hotspots'') continued. New efforts initiated in 1999 included piscivorous bird surveys at smolt acclimation sites operated by the Yakama Nation, monitoring of the North Fork Teanaway River for changes in avian piscivore abundance associated with the installation of the Jack Creek acclimation facility, and aerial surveys seeking to identify avian piscivores along the length of the Yakima River. In 1999, piscivorous birds were counted from river banks at hotspots and from a raft or drift boat along river reaches. Consumption by gulls was based on direct observations of foraging success and modeled abundance; consumption by Common Mergansers (which forage underwater) was estimated using published dietary requirements and modeled abundance. A second-order polynomial

  19. Solving the Upper Valley's housing needs: how a coalition of public and private organizations joined forces to develop housing in a region with inadequate stock and prohibitive prices

    OpenAIRE

    Dan French

    2004-01-01

    Like many communities, New Hampshire and Vermont's Upper Valley region is facing a serious housing shortage. Dan French reveals how an innovative housing coalition is working to find solutions that provide housing and protect the area's quality of life.

  20. Numerical simulation of groundwater flow for the Yakima River basin aquifer system, Washington

    Science.gov (United States)

    Ely, D.M.; Bachmann, M.P.; Vaccaro, J.J.

    2011-01-01

    A regional, three-dimensional, transient numerical model of groundwater flow was constructed for the Yakima River basin aquifer system to better understand the groundwater-flow system and its relation to surface-water resources. The model described in this report can be used as a tool by water-management agencies and other stakeholders to quantitatively evaluate proposed alternative management strategies that consider the interrelation between groundwater availability and surface-water resources.

  1. Development of an Index to Bird Predation of Juvenile Salmonids within the Yakima River, 2000 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Grassley, James M.; Grue, Christian E.; Major, III, Walter (University of Washington, School of Aquatic and Fishery Science, Seattle, WA)

    2002-01-01

    Avian predation of fish is suspected to contribute to the loss of juvenile spring chinook salmon in the Yakima Basin, potentially constraining natural production. In 1997 and 1998, the Yakama/Klickitat Fisheries Project (YKFP) and the Washington Department of Fish and Wildlife (WDFW)--whose goal is to increase natural production historically present within the Yakima River--initiated investigations to assess the feasibility of developing an index to avian predation of juvenile salmon within the river. This research--conducted by Dr. Steve Mathews and David Phinney of the University of Washington--confirmed that Ring-billed Gulls and Common Mergansers were the primary avian predators of juvenile salmon, and that under certain conditions could impact migrating smolt populations. Beginning in 1999, the Washington Cooperative Fish and Wildlife Research Unit (WACFWRU) was asked by the YKFP and the WDFW to continue development of avian consumption indices. Monitoring methods developed by Phinney et al. (1998) were adopted (with modifications) and monitoring of impacts to juvenile salmon along river reaches and at areas of high predator/prey concentrations (colloquially referred to as ''hotspots'') continued through 2000. In 2000, piscivorous birds were counted from river banks at hotspots and from a raft or drift boat along river reaches. Consumption by gulls at Hotspots was based on direct observations of foraging success and modeled abundance; consumption by all other piscivorous birds was estimated using published dietary requirements and modeled abundance. Further development of the avian consumption index model provided an estimation of smolt consumption for the 2000 survey season. Seasonal patterns of avian piscivore abundance were identified, diurnal patterns of gull abundance at hotspots were identified, predation indices were calculated for hotspots and spring and summer river reaches, and the efficacy of aerial surveys for estimating bird

  2. Reproductive Ecology of Yakima River Hatchery and Wild Spring Chinook; Yakima/Klickitat Fisheries Project Monitoring and Evaluation, 2005-2006 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Knedsen, Curtis M. (Oncorh Consulting, Olympia, WA); Schroder, Steven L. (Washington Department of Fish and Wildlife, Olympia, WA); Johnston, Mark V. (Yakama Nation, Toppenish, WA)

    2006-05-01

    This report covers three of many topics under the Yakima/Klickitat Fisheries Project's Monitoring and Evaluation Program (YKFPME) and was completed by Oncorh Consulting as a contract deliverable to the Yakama Nation and Washington Department of Fish and Wildlife. The YKFPME (Project Number 1995-063-25) is funded under two BPA contracts, one for the Yakama Nation (Contract No. 00022449) and the other for the Washington Department of Fish and Wildlife (Contract No. 22370). A comprehensive summary report for all of the monitoring and evaluation topics will be submitted after all of the topical reports are completed. This approach to reporting enhances the ability of people to get the information they want, enhances timely reporting of results, and provides a condensed synthesis of the whole YKFPME.

  3. Spring Chinook Supplementation Monitoring; Yakima Fisheries Project Management Plan, 1996 Technical Report.

    Energy Technology Data Exchange (ETDEWEB)

    Busack, Craig A. (Washington Department of Fish and Wildlife, Olympia, WA); Watson, Bruce; Johnston, Mark (Confederated Tribes and Bands of the Yakama Nation, Fisheries Resource Management, Toppenish, WA)

    1997-08-01

    The Yakima Fisheries Project (YFP), a key element in the Northwest Power Planning Council's Fish and Wildlife Program, has been in planning for more than ten years. It was initially conceived as, and is still intended to be, a multipurpose project. Besides increasing fish production in the Yakima basin, it is also intended to yield information about supplementation that will be of value to the entire Columbia basin, and hopefully the entire region. Because of this expectation of increased knowledge resulting from the project, a large and comprehensive monitoring program has always been seen as an integral part of the project. Despite the importance of monitoring to the project, monitoring planning has been slow to develop. The only general written statement of monitoring planning for the project is Chapter 9 of the current Project Status Report (PSR), written in 1993. That document is a reasonably good overview, and presents some important basic principles of monitoring, but is decidedly lacking in specifics. Throughout 1996 the Monitoring Implementation and Planning Team (MIPT), an interdisciplinary group of biologists who have worked on the project for several years, worked to develop a comprehensive spring chinook monitoring plan for the project. The result is the present document.

  4. 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

  5. Lower Yakima Valley Wetlands and Riparian Restoration Project. Final environmental assessment

    International Nuclear Information System (INIS)

    1994-01-01

    Bonneville Power Administration (BPA) proposes to fund that portion of the Washington Wildlife Mitigation Agreement pertaining to the Lower Yakima Valley Wetlands and Riparian Restoration Project (Project) in a cooperative effort with the Yakama Indian Nation and the Bureau of Indian Affairs (BIA). The proposed action would allow the sponsors to secure property and conduct wildlife management activities for the Project within the boundaries of the Yakama Indian Reservation. This Environmental Assessment examines the potential environmental effects of acquiring and managing property for wildlife and wildlife habitat within a large 20, 340 hectare (50, 308 acre) project area. As individual properties are secured for the Project, three site-specific activities (habitat enhancement, operation and maintenance, and monitoring and evaluation) may be subject to further site-specific environmental review. All required Federal/Tribal coordination, permits and/or approvals would be obtained prior to ground disturbing activities

  6. 32P and acute leukemia: development of leukemia in a patient with hemoglobin Yakima

    International Nuclear Information System (INIS)

    Bagby, G.C. Jr.; Richert-Boe, K.; Koler, R.D.

    1978-01-01

    In 1954 a then 31-yr-old male was found to have erythrocytosis. Over the ensuing decade he received 72 mCi 32 P. In 1964 his daughters were found to have erythrocytosis. Further investigation led to the discovery of hemoglobin Yakima, a variant with high oxygen affinity. He received no further therapy and was well until 1975, when he developed the preleukemic syndrome. Within 12 mo he developed acute nonlymphocytic leukemia accompanied by fetal erythropoiesis. Because the initial discovery of this type of hemoglobinopathy came 27 yr after the introduction of 32 P for use in the treatment of polycythemia vera, and because there are now known to be more than 39 different high-oxygen-affinity hemoglobins, we anticipate that more patients such as ours have been exposed to 32 P. The exposed population should be closely followed, since this will likely permit assessment of the risk of 32 P-induced leukemia in a nonneoplastic condition

  7. Lower Yakima Valley Wetlands and Riparian Restoration Project. Final Environmental Assessment.

    Energy Technology Data Exchange (ETDEWEB)

    United States. Bonneville Power Administration

    1994-10-01

    Bonneville Power Administration (BPA) proposes to fund that portion of the Washington Wildlife Mitigation Agreement pertaining to the Lower Yakima Valley Wetlands and Riparian Restoration Project (Project) in a cooperative effort with the Yakama Indian Nation and the Bureau of Indian Affairs (BIA). The proposed action would allow the sponsors to secure property and conduct wildlife management activities for the Project within the boundaries of the Yakama Indian Reservation. This Environmental Assessment examines the potential environmental effects of acquiring and managing property for wildlife and wildlife habitat within a large 20, 340 hectare (50, 308 acre) project area. As individual properties are secured for the Project, three site-specific activities (habitat enhancement, operation and maintenance, and monitoring and evaluation) may be subject to further site-specific environmental review. All required Federal/Tribal coordination, permits and/or approvals would be obtained prior to ground disturbing activities.

  8. Paleomagnetism of the Grande Ronde (lower Yakima) basalt exposed at Sentinel Gap: potential use for stratigraphic correlation

    International Nuclear Information System (INIS)

    Coe, R.S.; Bogue, S.; Myers, C.W.

    1978-01-01

    Directions of natural remanent magnetization were measured in each of the twelve superposed Grande Ronde (lower Yakima) Basalt flows exposed at Sentinel Gap, Washington. The sequence of changes in the natural remanent magnetism direction in these flows is sufficiently distinct that identification and correlation at other surface- and subsurface-sampling sites should be possible. Preliminary tests made on the feasibility of measuring variations in the ancient field intensity in these flows indicate they are not suitable for intensity measurements

  9. Contemporary deformation in the Yakima fold and thrust belt estimated with GPS

    Science.gov (United States)

    McCaffrey, Robert; King, Robert W.; Wells, Ray; Lancaster, Matthew; Miller, M. Meghan

    2016-01-01

    Geodetic, geologic and palaeomagnetic data reveal that Oregon (western USA) rotates clockwise at 0.3 to 1.0° Ma−1 (relative to North America) about an axis near the Idaho–Oregon–Washington border, while northeast Washington is relatively fixed. This rotation has been going on for at least 15 Ma. The Yakima fold and thrust belt (YFTB) forms the boundary between northern Oregon and central Washington where convergence of the clockwise-rotating Oregon block is apparently accommodated. North–south shortening across the YFTB has been thought to occur in a fan-like manner, increasing in rate to the west. We obtained high-accuracy, high-density geodetic GPS measurements in 2012–2014 that are used with earlier GPS measurements from the 1990s to characterize YFTB kinematics. The new results show that the deformation associated with the YFTB starts at the Blue Mountains Anticline in northern Oregon and extends north beyond the Frenchman Hills in Washington, past the epicentre of the 1872 Mw 7.0 Entiat earthquake to 49°N. The north–south strain rate across the region is 2 to 3 × 10−9 yr−1 between the volcanic arc and the eastern edge of the YFTB (241.0°E); east of there it drops to about 10−9 yr−1. At the eastern boundary of the YFTB, faults and earthquake activity are truncated by a north-trending, narrow zone of deformation that runs along the Pasco Basin and Moses Lake regions near 240.9°E. This zone, abutting the Department of Energy Hanford Nuclear Reservation, accommodates about 0.5 mm yr−1 of east to northeast shortening. A similar zone of N-trending transpression is seen along 239.9°E where there is a change in the strike of the Yakima folds. The modern deformation of the YFTB is about 600 km wide from south to north and internally may be controlled by pre-existing crustal structure.

  10. Factors Affecting the Occurrence and Distribution of Pesticides in the Yakima River Basin, Washington, 2000

    Science.gov (United States)

    Johnson, Henry M.

    2007-01-01

    The Yakima River Basin is a major center of agricultural production. With a cultivated area of about 450,000 ha (hectares), the region is an important producer of tree fruit, grapes, hops, and dairy products as well as a variety of smaller production crops. To control pest insects, weeds, and fungal infections, about 146 pesticide active ingredients were applied in various formulations during the 2000 growing season. Forty-six streams or drains in the Yakima River Basin were sampled for pesticides in July and October of 2000. Water samples also were collected from 11 irrigation canals in July. The samples were analyzed for 75 of the pesticide active ingredients applied during the 2000 growing season - 63 percent of the pesticides were detected. An additional 14 pesticide degradates were detected, including widespread occurrence of 2 degradates of DDT. The most frequently detected herbicide was 2,4-D, which was used on a variety of crops and along rights-of-way. It was detected in 82 percent of the samples collected in July. The most frequently detected insecticide was azinphos-methyl, which was used primarily on tree fruit. It was detected in 37 percent of the samples collected in July. All occurrences of azinphos-methyl exceeded the Environmental Protection Agency recommended chronic concentration for the protection of aquatic organisms. More than 90 percent of the July samples and 79 percent of the October samples contained two or more pesticides, with a median of nine in July and five in October. The most frequently occurring herbicides in mixtures were atrazine, 2,4-D, and the degradate deethylatrazine. The most frequently occurring insecticides in mixtures were azinphos-methyl, carbaryl, and p,p'-DDE (a degradate of DDT). A greater number of pesticides and higher concentrations were found in July than in October, reflecting greater usage and water availability for transport during the summer growing and irrigation season. Most of the samples collected in

  11. Irrigation Depletions 1928-1989 : 1990 Level of Irrigation, Snake Yakima and Deschutes River Basins.

    Energy Technology Data Exchange (ETDEWEB)

    United States. Bonneville Power Administation; A.G. Crook Company

    1993-07-01

    The vast amount of irrigation in relation to the available water and extensive system of reservoirs located in the Snake River Basin above Brownlee reservoir precludes this area from using methods such as Blaney-Criddle for estimating irrigation depletions. Also the hydrology, irrigation growth patterns, and water supply problems are unique and complex. Therefore regulation studies were utilized to reflect the net effect on streamflow of the changes in irrigated acreage in terms of corresponding changes in storage regulation and in the amount of water depleted and diverted from and returned to the river system. The regulation study for 1990 conditions was conducted by the Idaho Department of Water Resources. The end product of the basin simulation is 61 years of regulated flows at various points in the river system that are based on 1990 conditions. Data used by the Idaho Department of Water Resources is presented in this section and includes natural gains to the river system and diversions from the river system based on a 1990 level of development and operation criteria. Additional information can be obtained for an Idaho Department of Water Resources Open-File Report ``Stream Flows in the Snake River Basin 1989 Conditions of Use and Management`` dated June 1991. Similar considerations apply to the Yakima and Deschutes river basins.

  12. Long-billed curlews on the Yakima Training Center: Information for base realignment

    Energy Technology Data Exchange (ETDEWEB)

    Hand, K.D.; Cadwell, L.L.; Eberhardt, L.E.

    1994-02-01

    This report summarizes and discusses the results obtained during 1992 from the study of long-billed curlews on the Yakima Training Center (YTC), which Pacific Northwest Laboratory conducted for the US Department of the Army. This study was initiated to provide basic ecological information on YTC long-billed curlews (Numenius americanus). The long-billed curlew is a relatively common spring and summer resident on the YTC. However, other than casual observations, very little is known about the distribution, density, reproductive success, and habitat requirements for this species on the YTC. Until recently the long-billed curlew was a US Fish and Wildlife Service candidate for listing as threatened or endangered; however, on November 21, 1991 it was down-listed to Class IIIc. The Washington Department of Wildlife lists the long-billed curlew as a ``species of special concern.`` Specific objectives of this study were to (1) locate nesting areas, (2) locate brood-rearing areas, (3) evaluate habitat requirements, (4) determine diet, (5) evaluate response to troop activities, (6) evaluate the impact of livestock grazing, (7) estimate the population size, and (8) estimate recruitment rates. Six curlews (four females and two males) were captured and fitted with radio transmitters. These birds were relocated to obtain nesting, habitat use, and feeding information. Road surveys conducted over most of the YTC provided information on the bird`s general distribution, habitat requirements, and nesting and brood-rearing areas.

  13. Hydrogeology along the southern boundary of the Hanford Site between the Yakima and Columbia Rivers, Washington

    International Nuclear Information System (INIS)

    Liikala, T.L.

    1994-09-01

    US Department of Energy (DOE) operations at the Hanford Site, located in southeastern Washington, have generated large volumes of hazardous and radioactive wastes since 1944. Some of the hazardous wastes were discharged to the ground in the 1100 and 3000 Areas, near the city of Richland. The specific waste types and quantities are unknown; however, they probably include battery acid, antifreeze, hydraulic fluids, waste oils, solvents, degreasers, paints, and paint thinners. Between the Yakima and Columbia rivers in support of future hazardous waste site investigations and ground-water and land-use management. The specific objectives were to collect and review existing hydrogeologic data for the study area and establish a water-level monitoring network; describe the regional and study area hydrogeology; develop a hydrogeologic conceptual model of the unconfined ground-water flow system beneath the study area, based on available data; describe the flow characteristics of the unconfined aquifer based on the spatial and temporal distribution of hydraulic head within the aquifer; use the results of this study to delineate additional data needs in support of future Remedial Investigation/Feasibility Studies (RI/FS), Fate and Transport modeling, Baseline Risk Assessments (BRA), and ground-water and land-use management

  14. Ecological baseline study of the Yakima Firing Center proposed land acquisition: A status report

    Energy Technology Data Exchange (ETDEWEB)

    Rogers, L.E.; Beedlow, P.A.; Eberhardt, L.E.; Dauble, D.D.; Fitzner, R.E.

    1989-01-01

    This report provides baseline environmental information for the property identified for possible expansion of the Yakima Firing Center. Results from this work provide general descriptions of the animals and major plant communities present. A vegetation map derived from a combination of on-site surveillance and remotely sensed imagery is provided as part of this report. Twenty-seven wildlife species of special interest (protected, sensitive, furbearer, game animal, etc.), and waterfowl, were observed on the proposed expansion area. Bird censuses revealed 13 raptorial species (including four of special interest: bald eagle, golden eagle, osprey, and prairie falcon); five upland game bird species (sage grouse, California quail, chukar, gray partridge, and ring-necked pheasant); common loons (a species proposed for state listing as threatened); and five other species of special interest (sage thrasher, loggerhead shrike, mourning dove, sage sparrow, and long-billed curlew). Estimates of waterfowl abundance are included for the Priest Rapids Pool of the Columbia River. Six small mammal species were captured during this study; one, the sagebrush vole, is a species of special interest. Two large animal species, mule deer and elk, were noted on the site. Five species of furbearing animals were observed (coyote, beaver, raccoon, mink, and striped skunk). Four species of reptiles and one amphibian were noted. Fisheries surveys were conducted to document the presence of gamefish, and sensitive-classified fish and aquatic invertebrates. Rainbow trout were the only fish collected within the boundaries of the proposed northern expansion area. 22 refs., 10 figs., 4 tabs.

  15. 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…

  16. 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.

  17. Evaluation of stream flow effects on smolt survival in the Yakima River Basin, Washington, 2012-2014

    Science.gov (United States)

    Courter, Ian; Garrison, Tommy; Kock, Tobias J.; Perry, Russell W.

    2015-01-01

    The influence of stream flow on survival of emigrating juvenile (smolts) Pacific salmon Oncorhynchus spp. and steelhead trout O. mykiss is of key management interest. However, few studies have quantified flow effects on smolt migration survival, and available information does not indicate a consistent flow-survival relationship within the typical range of flows under management control. It is hypothesized that smolt migration and dam passage survival are positively correlated with stream flow because higher flows increase migration rates, potentially reducing exposure to predation, and reduce delays in reservoirs. However, available empirical data are somewhat equivocal concerning the influence of flow on smolt survival and the underlying mechanisms driving this relationship. Stream flow effects on survival of emigrating anadromous salmonids in the Yakima Basin have concerned water users and fisheries managers for over 20 years, and previous studies do not provide sufficient information at the resolution necessary to inform water operations, which typically occur on a small spatiotemporal scale. Using a series of controlled flow releases from 2012-2014, combined with radio telemetry, we quantified the relationship between flow and smolt survival from Roza Dam 208 km downstream to the Yakima River mouth, as well as for specific routes of passage at Roza Dam. A novel multistate mark-recapture model accounted for weekly variation in flow conditions experienced by radio-tagged fish. Groups of fish were captured and radio-tagged at Roza Dam and released at two locations, upstream at the Big Pines Campground (river kilometer [rkm] 211) and downstream in the Roza Dam tailrace (rkm 208). A total of 904 hatchery-origin yearling Chinook salmon O. tshawytscha were captured in the Roza Dam fish bypass, radio-tagged and released upstream of Roza Dam. Two hundred thirty seven fish were released in the tailrace of Roza Dam. Fish released in the tailrace of Roza Dam were tagged

  18. 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...

  19. Potential social, institutional, and environmental impacts of selected energy-conservation measures in two Washington communities. [Seattle and Yakima

    Energy Technology Data Exchange (ETDEWEB)

    Edelson, E.; Olsen, M.

    1980-03-01

    The likely environmental, social, and institutional impacts of selected energy-conservation measures in two communities in Washington state are reported. The five conservation measures investigated in this study were: (1) retrofitting existing buildings; (2) district heating and Integrated Community Energy Systems (ICES); (3) small automobiles and vehicle redesign; (4) land-use and housing modifications; and (5) electric-utility rate reform. Twenty potential impact areas were selected for analysis. These areas were divided into five categories of environmental impacts, economic impacts, community impacts, personal impacts, and overall quality of life in the community. The research was conducted in Seattle and Yakima, Washington. In each location, about two dozen public officials and business, labor, and community leaders were interviewed. Their diverse views are summarized. The Seattle respondents saw energy conservation as a highly desirable policy with a number of temporary, transitional problems arising as energy-conservation measures were implemented. Yakima respondents, in contrast, did not expect to encounter many serious energy problems in the foreseeable future and consequently viewed energy conservation as a relatively minor community concern. Moreover, they anticipated that many conservation measures, if implemented by the government, would encounter either apathy or resistance in their community. Two broad generalizations can bedrawn from these interviews: (1) energy conservation will basically be beneficial for the natural environment and our society; and (2) if energy conservation does become a dominant thrust in our society, it could stimulate and reinforce a much broader process of fundamental social change. (LCL)

  20. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

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

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

    Science.gov (United States)

    2010-08-04

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

  2. DLA Forward Stocking

    National Research Council Canada - National Science Library

    Flory, John

    2007-01-01

    .... This study evaluates the feasibility of forward stocking in terms of DoD savings. The performance of DLA's criteria is evaluated and a new criteria using a cost and demand threshold is proposed...

  3. Trading network predicts stock price.

    Science.gov (United States)

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

    2014-01-16

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

  4. How accurately can soil organic carbon stocks and stock changes be quantified by soil inventories?

    Directory of Open Access Journals (Sweden)

    M. Schrumpf

    2011-05-01

    Full Text Available Precise determination of changes in organic carbon (OC stocks is prerequisite to understand the role of soils in the global cycling of carbon and to verify changes in stocks due to management. A large dataset was collected to form base to repeated soil inventories at 12 CarboEurope sites under different climate and land-use, and with different soil types. Concentration of OC, bulk density (BD, and fine earth fraction were determined to 60 cm depth at 100 sampling points per site. We investigated (1 time needed to detect changes in soil OC, assuming future re-sampling of 100 cores; (2 the contribution of different sources of uncertainties to OC stocks; (3 the effect of OC stock calculation on mass rather than volume base for change detection; and (4 the potential use of pedotransfer functions (PTF for estimating BD in repeated inventories.

    The period of time needed for soil OC stocks to change strongly enough to be detectable depends on the spatial variability of soil properties, the depth increment considered, and the rate of change. Cropland sites, having small spatial variability, had lower minimum detectable differences (MDD with 100 sampling points (105 ± 28 gC m−2 for the upper 10 cm of the soil than grassland and forest sites (206 ± 64 and 246 ± 64 gC m−2 for 0–10 cm, respectively. Expected general trends in soil OC indicate that changes could be detectable after 2–15 yr with 100 samples if changes occurred in the upper 10 cm of stone-poor soils. Error propagation analyses showed that in undisturbed soils with low stone contents, OC concentrations contributed most to OC stock variability while BD and fine earth fraction were more important in upper soil layers of croplands and in stone rich soils. Though the calculation of OC stocks based on equivalent soil masses slightly decreases the chance to detect changes with time at most sites except for the croplands, it is still recommended to

  5. Abundance, Distribution and Estimated Consumption (kg fish) of Piscivorous Birds Along the Yakima River, Washington State; Implications for Fisheries Management, 2002 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Major, III, Walter; Grassley, James M.; Ryding, Kristen E. (University of Washington, Quantitive Ecology Program, Seattle, WA)

    2003-05-01

    This report is divided into two chapters. The abstract for chapter one is--Understanding of the abundance and spatial and temporal distributions of piscivorous birds and their potential consumption of fish is an increasingly important aspect of fisheries management. During 1999-2002, we determined the abundance and distribution and estimated the maximum consumption (kg biomass) of fish-eating birds along the length of the Yakima River in Washington State. Sixteen different species were observed during the 4-yr study, but only half of those were observed during all years. Abundance and estimated consumption of fish within the upper and middle sections of the river were dominated by common mergansers (Mergus merganser) which are known to breed in those reaches. Common mergansers accounted for 78 to 94% of the estimated total fish take for the upper river or approximately 28,383 {+-} 1,041 kg over the 4 yrs. A greater diversity of avian piscivores occurred in the lower river and potential impacts to fish populations was more evenly distributed among the species. In 1999-2000, great blue herons potentially accounted for 29 and 36% of the fish consumed, whereas in 2001-2002 American white pelicans accounted for 53 and 55%. We estimated that approximately 75,878 {+-} 6,616 kg of fish were consumed by piscivorous birds in the lower sections of the river during the study. Bird assemblages differed spatially along the river with a greater abundance of colonial nesting species within the lower sections of the river, especially during spring and the nesting season. The abundance of avian piscivores and consumption estimates are discussed within the context of salmonid supplementation efforts on the river and juvenile out-migration. The abstract for chapter two is--Consumption of fish by piscivorous birds may be a significant constraint on efforts to enhance salmonid populations within tributaries to the Columbia River in Washington State. During 1999-2002, we determined the

  6. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

    Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

  7. 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.

  8. Estimates of ground-water pumpage from the Yakima River Basin aquifer system, Washington, 1960-2000

    Science.gov (United States)

    Vaccaro, J.J.; Sumioka, S.S.

    2006-01-01

    Ground-water pumpage in the Yakima River Basin, Washington, was estimated for eight categories of use for 1960-2000 as part of an investigation to assess groundwater availability in the basin. Methods used, pumpage estimates, reliability of the estimates, and a comparison with appropriated quantities are described. The eight categories of pumpage were public water supply, self-supplied domestic (exempt wells), irrigation, frost protection, livestock and dairy operations, industrial and commercial, fish and wildlife propagation, and ground-water claims. Pumpage estimates were based on methods that varied by the category and primarily represent pumpage for groundwater rights. Washington State Department of Ecology’s digital database has 2,874 active ground-water rights in the basin that can withdraw an annual quantity of about 529,231 acre-feet during dry years. Irrigation rights are for irrigation of about 129,570 acres. All but 220 of the rights were associated with well drillers’ logs, allowing for a spatial representation of the pumpage. Five-hundred and sixty of the irrigation rights were estimated to be standby/reserve rights. During this study, another 30 rights were identified that were not in the digital database. These rights can withdraw an annual quantity of about 20,969 acre-feet; about 6,700 acre-feet of these rights are near but outside the basin. In 1960, total annual pumpage in the basin, excluding standby/reserve pumpage, was about 115,776 acre-feet. By 2000, total annual pumpage was estimated to be 395,096 acre-feet, and excluding the standby/reserve rights, the total was 312,284 acre-feet. Irrigation accounts for about 60 percent of the pumpage, followed by public water supply at about 12 percent. The smallest category of pumpage was for livestock use with pumpage estimated to be 6,726 acre-feet. Total annual pumpage in 2000 was about 430 cubic feet per second, which is about 11 percent of the surface-water demand. Maximum pumpage is in July

  9. Stock Assessment Supplementary Information (SASINF)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — In the interest of efficiency, clarity and standardization of stock assessment materials, the stock assessment reports for the 2015 Groundfish update have been...

  10. 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)

  11. Rainy Day Stocks

    DEFF Research Database (Denmark)

    Gormsen, Niels Joachim; Greenwood, Robin

    We study the good- and bad-times performance of equity portfolios formed on characteristics. Many characteristics associated with good performance during bad times—value, profitability, small size, safety, and total volatility—also perform well during good times. Stocks with characteristics signi...

  12. Optimizing Plutonium stock management

    International Nuclear Information System (INIS)

    Niquil, Y.; Guillot, J.

    1997-01-01

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

  13. Stock Market Savvy.

    Science.gov (United States)

    Okula, Susan

    2003-01-01

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

  14. Stock Selection, Style Rotation

    NARCIS (Netherlands)

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

    2002-01-01

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

  15. 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.

  16. 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 ...

  17. 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.

  18. Black swans in the brazilian stock market

    OpenAIRE

    Lovisolo,Hugo Jacob; Leal,Ricardo Pereira Câmara

    2013-01-01

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

  19. Stock Returns and Risk: Evidence from Quantile

    Directory of Open Access Journals (Sweden)

    Thomas C. Chiang

    2012-12-01

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

  20. Identifying stakeholder-relevant climate change impacts: a case study in the Yakima River Basin, Washington, USA

    Science.gov (United States)

    Jenni, K.; Graves, D.; Hardiman, Jill M.; Hatten, James R.; Mastin, Mark C.; Mesa, Matthew G.; Montag, J.; Nieman, Timothy; Voss, Frank D.; Maule, Alec G.

    2014-01-01

    Designing climate-related research so that study results will be useful to natural resource managers is a unique challenge. While decision makers increasingly recognize the need to consider climate change in their resource management plans, and climate scientists recognize the importance of providing locally-relevant climate data and projections, there often remains a gap between management needs and the information that is available or is being collected. We used decision analysis concepts to bring decision-maker and stakeholder perspectives into the applied research planning process. In 2009 we initiated a series of studies on the impacts of climate change in the Yakima River Basin (YRB) with a four-day stakeholder workshop, bringing together managers, stakeholders, and scientists to develop an integrated conceptual model of climate change and climate change impacts in the YRB. The conceptual model development highlighted areas of uncertainty that limit the understanding of the potential impacts of climate change and decision alternatives by those who will be most directly affected by those changes, and pointed to areas where additional study and engagement of stakeholders would be beneficial. The workshop and resulting conceptual model highlighted the importance of numerous different outcomes to stakeholders in the basin, including social and economic outcomes that go beyond the physical and biological outcomes typically reported in climate impacts studies. Subsequent studies addressed several of those areas of uncertainty, including changes in water temperatures, habitat quality, and bioenergetics of salmonid populations.

  1. A Summary of Coupled, Uncoupled, and Hybrid Tectonic Models for the Yakima Fold Belt--Topical Report

    Energy Technology Data Exchange (ETDEWEB)

    Chamness, Michele A.; Winsor, Kelsey; Unwin, Stephen D.

    2012-08-01

    This document is one in a series of topical reports compiled by the Pacific Northwest National Laboratory to summarize technical information on selected topics important to the performance of a probabilistic seismic hazard analysis of the Hanford Site. The purpose of this report is to summarize the range of opinions and supporting information expressed by the expert community regarding whether a coupled or uncoupled model, or a combination of both, best represents structures in the Yakima Fold Belt. This issue was assessed to have a high level of contention with up to moderate potential for impact on the hazard estimate. This report defines the alternative conceptual models relevant to this technical issue and the arguments and data that support those models. It provides a brief description of the technical issue and principal uncertainties; a general overview on the nature of the technical issue, along with alternative conceptual models, supporting arguments and information, and uncertainties; and finally, suggests some possible approaches for reducing uncertainties regarding this issue.

  2. A Summary of Information on the Behavior of the Yakima Fold Belt as a Structural Entity -- Topical Report

    Energy Technology Data Exchange (ETDEWEB)

    Last, George V.; Winsor, Kelsey; Unwin, Stephen D.

    2012-08-01

    This document is one in a series of topical reports compiled by the Pacific Northwest National Laboratory to summarize technical information on selected topics important to the performance of a probabilistic seismic hazard analysis (PSHA) of the Hanford Site. The purpose of this report is to summarize available data and analyses relevant to the Yakima Fold Belt (YFB) that may bear on the question of whether or not the YFB behaves as a single seismotectonic province in which activity along one fold structure is representative of behavior along all other fold structures. This topic has met with a fairly high level of contention in the expert community and has the potential to result in significant impacts on an evaluation of seismic hazard at the Hanford Site. This report defines the relevant alternative conceptual models relevant to this technical issue and the arguments and data that support those models. It provides a brief description of the technical issue and principal uncertainties; a general overview on the nature of the technical issue, along with alternative conceptual models, supporting arguments and information, and uncertainties; and finally, it suggests some possible approaches for reducing uncertainties regarding this issue.

  3. Outlook '98 - Stock markets

    International Nuclear Information System (INIS)

    Vankka, D.

    1998-01-01

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

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

    Science.gov (United States)

    Chen, Wei-Qiang; Graedel, T E

    2015-05-19

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

  5. Evaluating evapotranspiration for six sites in Benton, Spokane, and Yakima counties, Washington, May 1990 to September 1992

    Science.gov (United States)

    Tomlinson, S.A.

    1996-01-01

    This report evaluates evapotranspiration for six sites in Benton, Spokane, and Yakima Counties, Washington. Three sites were located on the Arid Lands Ecology Reserve in Benton County: one at a full-canopy grassland in Snively Basin (Snively Basin site), one at a sparse-canopy grassland adjacent to two weighing lysimeters (grass lysimeter site), and one at a sagebrush grassland adjacent to two weighing lysimeters (sage lysimeter site). Two sites were located on the Turnbull National Wildlife Refuge in Spokane County: one at a full-canopy grassland in a meadow (Turnbull meadow site), the other a full-canopy grassland near a marsh (Turnbull marsh site). The last site was located in a sagebrush grassland in the Black Rock Valley in Yakima County (Black Rock Valley site). The periods of study at the six sites varied, ranging from 5 months at the Black Rock Valley site to more than 2 years at the Snively Basin, grass lysimeter, and sage lysimeter sites. The periods of study were May 1990 to September 1992 for the Snively Basin, grass lysimeter, and sage lysimeter sites; May 1991 to September 1992 for the Turnbull meadow site; May 1991 to April 1992 for the Turnbull marsh site; and March to September 1992 for the Black Rock Valley site. Evapotranspiration and energy-budget fluxes were estimated for the Snively Basin site, the Turnbull meadow site, and the Black Rock Valley site using the Bowen-ratio and Penman-Monteith methods. Daily evapotranspiration for the Snively Basin site was also estimated using a deep-percolation model for the Columbia Basin. The Bowen-ratio method and weighing lysimeters were used at the grass and sage lysimeter sites. The Penman-Monteith method was used at the Turnbull marsh site. Daily evapotranspiration at the sites ranged from under 0.2 millimeter during very dry or cold periods to over 4\\x11millimeters after heavy rainfall or during periods of peak transpiration. At all sites, peak evapotranspiration occurred in spring, coinciding with

  6. Washington Phase II Fish Diversion Screen Evaluations in the Yakima River Basin, 2004-2005 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Vucelick, Jessica; McMichael, Geoffrey; Chamness, Mickie [Pacific Northwest National Laboratory

    2006-02-01

    In 2004, the Pacific Northwest National Laboratory (PNNL) evaluated 25 Phase II fish screen sites in the Yakima River Basin as part of a multi-year project for the Bonneville Power Administration on the effectiveness of fish screening devices. PNNL collected data to determine whether velocities in front of the screens and in the bypasses met the National Oceanic and Atmospheric Administration Fisheries (NOAA Fisheries, formerly the National Marine Fisheries Service (NMFS)) criteria to promote safe and timely fish passage. In addition, PNNL conducted underwater video surveys to evaluate the environmental and operational conditions of the screen sites with respect to fish passage. Based on evaluations in 2004, PNNL concluded that: (1) In general, water velocity conditions at the screen sites met fish passage criteria set by NOAA Fisheries. (2) Conditions at most facilities would be expected to provide for safe juvenile fish passage. (3) Automated cleaning brushes generally functioned properly; chains and other moving parts were typically well-greased and operative. (4) Removal of sediment buildup and accumulated leafy and woody debris could be improved at some sites. (5) Conditions at some facilities indicate that operation and/or maintenance should be modified to improve passage conditions for juvenile fish. For example, Taylor has had problems meeting bypass flow and submergence operating criteria since the main river channel shifted away from the site 2 years ago, and Fruitvale consistently has had problems meeting bypass flow criteria when the water is low. (6) Continued problems at Gleed point to design flaws. This site should be considered for redesign or replacement.

  7. Assessing climate-change risks to cultural and natural resources in the Yakima River Basin, Washington, USA

    Science.gov (United States)

    Hatten, James R.; Waste, Stephen M.; Maule, Alec G.

    2014-01-01

    We provide an overview of an interdisciplinary special issue that examines the influence of climate change on people and fish in the Yakima River Basin, USA. Jenni et al. (2013) addresses stakeholder-relevant climate change issues, such as water availability and uncertainty, with decision analysis tools. Montag et al. (2014) explores Yakama Tribal cultural values and well-being and their incorporation into the decision-making process. Graves and Maule (2012) simulates effects of climate change on stream temperatures under baseline conditions (1981–2005) and two future climate scenarios (increased air temperature of 1 °C and 2 °C). Hardiman and Mesa (2013) looks at the effects of increased stream temperatures on juvenile steelhead growth with a bioenergetics model. Finally, Hatten et al. (2013) examines how changes in stream flow will affect salmonids with a rule-based fish habitat model. Our simulations indicate that future summer will be a very challenging season for salmonids when low flows and high water temperatures can restrict movement, inhibit or alter growth, and decrease habitat. While some of our simulations indicate salmonids may benefit from warmer water temperatures and increased winter flows, the majority of simulations produced less habitat. The floodplain and tributary habitats we sampled are representative of the larger landscape, so it is likely that climate change will reduce salmonid habitat potential throughout particular areas of the basin. Management strategies are needed to minimize potential salmonid habitat bottlenecks that may result from climate change, such as keeping streams cool through riparian protection, stream restoration, and the reduction of water diversions. An investment in decision analysis and support technologies can help managers understand tradeoffs under different climate scenarios and possibly improve water and fish conservation over the next century.

  8. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

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

  9. Capital Structure and Stock Returns

    OpenAIRE

    Ivo Welch

    2002-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1986-08-01

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

  11. A stakeholder project to model water temperature under future climate scenarios in the Satus and Toppenish watersheds of the Yakima River Basinin Washington, USA

    Science.gov (United States)

    Graves, D.; Maule, A.

    2014-01-01

    The goal of this study was to support an assessment of the potential effects of climate change on select natural, social, and economic resources in the Yakima River Basin. A workshop with local stakeholders highlighted the usefulness of projecting climate change impacts on anadromous steelhead (Oncorhynchus mykiss), a fish species of importance to local tribes, fisherman, and conservationists. Stream temperature is an important environmental variable for the freshwater stages of steelhead. For this study, we developed water temperature models for the Satus and Toppenish watersheds, two of the key stronghold areas for steelhead in the Yakima River Basin. We constructed the models with the Stream Network Temperature Model (SNTEMP), a mechanistic approach to simulate water temperature in a stream network. The models were calibrated over the April 15, 2008 to September 30, 2008 period and validated over the April 15, 2009 to September 30, 2009 period using historic measurements of stream temperature and discharge provided by the Yakama Nation Fisheries Resource Management Program. Once validated, the models were run to simulate conditions during the spring and summer seasons over a baseline period (1981–2005) and two future climate scenarios with increased air temperature of 1°C and 2°C. The models simulated daily mean and maximum water temperatures at sites throughout the two watersheds under the baseline and future climate scenarios.

  12. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  13. 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...

  14. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

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

  15. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

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

  16. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

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

  17. 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.

  18. 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.

  19. 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.

  20. 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...

  1. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

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

  2. 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…

  3. Soil and geologic controls on recharge and groundwater flow response to climate perturbation: A case study of the Yakima River Basin

    Science.gov (United States)

    Nguyen, T. T.; Pham, H. V.; Bachmann, M.; Tague, C.; Adam, J. C.

    2017-12-01

    The Yakima River Basin (YRB) is one of the most important agricultural basins in Washington State with annual revenues in excess of $3.2 billion. This intensively irrigated basin is, however, one of the state's most climatically sensitive water resources system as it heavily relies on winter snowpack and limited reservoir storage. Water shortages and drought are expected to be more frequent with climate change, population growth and increasing agricultural demand. This could result in significant impacts on the groundwater system and subsequently the Yakima River. The goal of this study is to assess how soil and geologic characteristics affect catchment recharge and groundwater flow across three catchments within the YRB using a coupled framework including a physically based hydro-ecological model, the Regional Hydro-Ecologic Simulation System (RHESSys) and a groundwater model, MODFLOW. Soil and geologic-related parameters were randomly sampled to use within the Distributed Evaluation of Local Sensitivity Analysis (DELSA) framework to explore their roles in governing catchment recharge and groundwater flow to climate perturbation. Preliminarily results show that catchment recharge is most sensitive to variation in soil transmissivity in two catchments. However, in the other catchment, recharge is more influenced by soil field capacity and bypass recharge. Recharge is also more sensitive to geologic related parameters in catchments where a portion of its flow comes from deep groundwater. When including the effect of climate perturbations, the sensitivity of recharge responses to soil and geologic characteristics varies with temperature and precipitation change. On the other hand, horizontal hydraulic conductivity is the dominant factor that controls groundwater flow responses in catchments with low permeability soil; alternatively, specific storage (and, to some extent, vertical anisotropy) are important in catchments with more conductive soil. The modeling

  4. A synthesis of ethnohistorical materials concerning the administration of Federal Indian policy among the Yakima, Umatilla, and Nez Perce Indian people: Working draft

    International Nuclear Information System (INIS)

    Liebow, E.B.; Younger, C.A.; Broyles, J.A.

    1987-11-01

    For the purposes of the Nuclear Waste Policy Act, the Confederated Tribes and Bands of the Yakima Indian Nation, the Confederated Tribes of the Umatilla Indian Reservation, and the Nez Perce Tribe have been accorded the status of ''Affected Indian Tribe'' and have become party to the proceedings to determine a suitable location for the nation's first commercial waste repository. Each of the Tribes has expressed concerns about the suitability of the Hanford Site in eastern Washington. These concerns, in general, address the proposed repository's effects on traditional spiritual beliefs and cultural practices, on tribal sovereignty and the Tribes' right to self-government, on the natural resources under tribal management jurisdiction, and on the health and socioeconomic characteristics of the Tribes' reservation communities. The Yakima, Umatilla, and Nez Perce have distinctive cultural traditions that may be adversely affected by activities related to the Basalt Waste Isolation Project (BWIP). Further, the Tribes enjoy a unique relationship with the federal government. Because of their distinctive cultures and governmental status, particular attention will be paid to expressed interests of the Tribes, and to ways in which these interests may be affected by the repository program. Monitoring is needed to describe current conditions among the Affected Tribes' populations, to describe BWIP site characterization activities affecting the Tribes, and to measure any changes in these conditions that may occur as a direct result of site characterization. This paper reports our first efforts at gathering historical information. It summarizes materials contained in two sources: the reports of field agents to the Commissioner of Indian Affairs (1854-1936), and the dockets of the Indian Claims Commission. 24 refs., 3 figs

  5. Two Case Studies to Quantify Resilience across Food-Energy-Water Systems: the Columbia River Treaty and Adaptation in Yakima River Basin Irrigation Systems

    Science.gov (United States)

    Malek, K.; Adam, J. C.; Richey, A.; Rushi, B. R.; Stockle, C.; Yoder, J.; Barik, M.; Lee, S. Y.; Rajagopalan, K.; Brady, M.; Barber, M. E.; Boll, J.; Padowski, J.

    2017-12-01

    The U.S. Pacific Northwest (PNW) plays a significant role in meeting agricultural and hydroelectric demands nationwide. Climatic and anthropogenic stressors, however, potentially threaten the productivity, resilience, and environmental health of the region. Our objective is to understand how resilience of each Food-Energy-Water (FEW) sector, and the combined Nexus, respond to exogenous perturbations and the extent to which technological and institutional advances can buffer these perturbations. In the process of taking information from complex integrated models and assessing resilience across FEW sectors, we start with two case studies: 1) Columbia River Treaty (CRT) with Canada that determines how multiple reservoirs in the Columbia River basin (CRB) are operated, and 2) climate change adaptation actions in the Yakima River basin (YRB). We discuss these case studies in terms of the similarities and contrasts related to FEW sectors and management complexities. Both the CRB and YBP systems are highly sensitive to climate change (they are both snowmelt-dominant) and already experience water conflict. The CRT is currently undergoing renegotiation; a new CRT will need to consider a much more comprehensive approach, e.g., treating environmental flows explicitly. The YRB also already experiences significant water conflict and thus the comprehensive Yakima Basin Integrated Plan (YBIP) is being pursued. We apply a new modeling framework that mechanistically captures the interactions between the FEW sectors to quantify the impacts of CRT and YBIP planning (as well as adaptation decisions taken by individuals, e.g., irrigators) on resilience in each sector. Proposed modification to the CRT may relieve impacts to multiple sectors. However, in the YRB, irrigators' actions to adapt to climate change (through investing in more efficient irrigation technology) could reduce downstream water availability for other users. Developing a process to quantify resilience to perturbations

  6. 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.

  7. 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

  8. 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

  9. 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.

  10. 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.

  11. Summary Report for Bureau of Fisheries Stream Habitat Surveys : Yakima River Basin, 1934-1942, Final Report.

    Energy Technology Data Exchange (ETDEWEB)

    McIntosh, Bruce A.; Clark, Sharon E.; Sedell, James R.

    1996-01-01

    This document contains summary reports of stream habitat surveys, conducted in the Yakima River basin, by the Bureau of Fisheries (BOF, now National Marine Fisheries Service) from 1934-1942. These surveys were part of a larger project to survey streams in the Columbia River basin that provided, or had provided, spawning and rearing habitat for salmon and steelhead (Rich, 1948). The purpose of the survey was, as described by Rich, 'to determine the present condition of the various tributaries with respect to their availability and usefulness for the migration, breeding, and rearing of migratory fishes'. Current estimates of the loss of anadromous fish habitat in the Columbia River Basin are based on a series of reports published from 1949-1952 by the U.S. Fish and Wildlife Service. The reports were brief, qualitative accounts of over 5000 miles of stream surveys conducted by the BOF from 1934-1946 (Bryant, 1949; Bryant and Parkhurst, 1950; Parkhurst, 1950a-c; Parkhurst et al., 1950). Despite their brevity, these BOF reports have formed the basis for estimating fish habitat losses and conditions in the Columbia River Basin (Fulton, 1968, 1970; Thompson, 1976; NPPC, 1986). Recently, the field notebooks from the BOF surveys were discovered. The data is now archived and stored in the Forest Science DataBank at Oregon State University (Stafford et al., 1984; 1988). These records are the earliest and most comprehensive documentation available of the condition and extent of anadromous fish habitat before hydropower development in the Columbia River Basin. They provide the baseline data for quantifying changes and setting a benchmark for future restoration of anadromous fish habitat throughout the Basin. The summaries in this book are exact replicates of the originals. Due to discrepancies between the field data and the summaries, the database should be used to assess pool and substrate conditions. This data is available from the Bonneville Power Administration

  12. Lake Roosevelt Fisheries Evaluation Program; Meadow Creek vs. Lake Whatcom Stock Kokanee Salmon Investigations in Lake Roosevelt, Annual Report 2002.

    Energy Technology Data Exchange (ETDEWEB)

    McLellan, Holly

    2003-03-01

    Lake Whatcom, Washington kokanee have been stocked in Lake Roosevelt since 1987 with the primary objective of creating a self-sustaining fishery. Success has been limited by low recruitment to the fishery, low adult returns to hatcheries, and a skewed sex ratio. It was hypothesized that a stock native to the upper Columbia River might perform better than the coastal Lake Whatcom stock. Kokanee from Meadow Creek, a tributary of Kootenay Lake, British Columbia were selected as an alternative stock. Post smolts from each stock were released from Sherman Creek Hatchery in late June 2000 and repeated in 2001. Stock performance was evaluated using three measures; (1) number of returns to Sherman Creek, the primary egg collection facility, (2) the number of returns to 86 tributaries sampled and, (3) the number of returns to the creel. In two repeated experiments, neither Meadow Creek or Lake Whatcom kokanee appeared to be capable of providing a run of three-year old spawners to sustain stocking efforts. Less than 10 three-years olds from either stock were collected during the study period. Chi-square analysis indicated age two Meadow Creek kokanee returned to Sherman Creek and to other tributaries in significantly higher numbers when compared to the Lake Whatcom stock in both 2000 and 2001. However, preliminary data from the Spokane Tribe of Indians indicated that a large number of both stocks were precocial before they were stocked. The small number of hatchery three-year olds collected indicated that the current hatchery rearing and stocking methods will continue to produce a limited jacking run largely composed of precocious males and a small number of three-year olds. No kokanee from the study were collected during standard lake wide creel surveys. Supplemental creel data, including fishing derbies, test fisheries, and angler diaries, indicated anglers harvested two-year-old hatchery kokanee a month after release. The majority of the two-year old kokanee harvested

  13. GENERAL METHOD OF STOCKS AUDIT

    Directory of Open Access Journals (Sweden)

    Iryna Galushchak

    2017-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Liem Pei Fun

    2012-01-01

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

  15. Do Earthquakes Shake Stock Markets?

    Science.gov (United States)

    Ferreira, Susana; Karali, Berna

    2015-01-01

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

  16. Stock price prediction using geometric Brownian motion

    Science.gov (United States)

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

    2018-03-01

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

  17. Are Price Limits Effective? An Examination of an Artificial Stock Market.

    Science.gov (United States)

    Zhang, Xiaotao; Ping, Jing; Zhu, Tao; Li, Yuelei; Xiong, Xiong

    2016-01-01

    We investigated the inter-day effects of price limits policies that are employed in agent-based simulations. To isolate the impact of price limits from the impact of other factors, we built an artificial stock market with higher frequency price limits hitting. The trading mechanisms in this market are the same as the trading mechanisms in China's stock market. Then, we designed a series of simulations with and without price limits policy. The results of these simulations demonstrate that both upper and lower price limits can cause a volatility spillover effect and a trading interference effect. The process of price discovery will be delayed if upper price limits are imposed on a stock market; however, this phenomenon does not occur when lower price limits are imposed.

  18. 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.

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

    African Journals Online (AJOL)

    Helet Lambrechts

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

  20. 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

  1. Behavioral heterogeneity in stock prices

    NARCIS (Netherlands)

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

    2007-01-01

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

  2. 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...

  3. 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

  4. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

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

  5. 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.

  6. Development of a database-driven system for simulating water temperature in the lower Yakima River main stem, Washington, for various climate scenarios

    Science.gov (United States)

    Voss, Frank; Maule, Alec

    2013-01-01

    A model for simulating daily maximum and mean water temperatures was developed by linking two existing models: one developed by the U.S. Geological Survey and one developed by the Bureau of Reclamation. The study area included the lower Yakima River main stem between the Roza Dam and West Richland, Washington. To automate execution of the labor-intensive models, a database-driven model automation program was developed to decrease operation costs, to reduce user error, and to provide the capability to perform simulations quickly for multiple management and climate change scenarios. Microsoft© SQL Server 2008 R2 Integration Services packages were developed to (1) integrate climate, flow, and stream geometry data from diverse sources (such as weather stations, a hydrologic model, and field measurements) into a single relational database; (2) programmatically generate heavily formatted model input files; (3) iteratively run water temperature simulations; (4) process simulation results for export to other models; and (5) create a database-driven infrastructure that facilitated experimentation with a variety of scenarios, node permutations, weather data, and hydrologic conditions while minimizing costs of running the model with various model configurations. As a proof-of-concept exercise, water temperatures were simulated for a "Current Conditions" scenario, where local weather data from 1980 through 2005 were used as input, and for "Plus 1" and "Plus 2" climate warming scenarios, where the average annual air temperatures used in the Current Conditions scenario were increased by 1degree Celsius (°C) and by 2°C, respectively. Average monthly mean daily water temperatures simulated for the Current Conditions scenario were compared to measured values at the Bureau of Reclamation Hydromet gage at Kiona, Washington, for 2002-05. Differences ranged between 1.9° and 1.1°C for February, March, May, and June, and were less than 0.8°C for the remaining months of the year

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

    NARCIS (Netherlands)

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

    2010-01-01

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

  9. 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)

  10. Stochastic GARCH dynamics describing correlations between stocks

    Science.gov (United States)

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

    2014-09-01

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

  11. 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

  12. 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

  13. 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

  14. Stock market dynamics created by interacting agents

    Directory of Open Access Journals (Sweden)

    Mohamed Riad Remita

    2006-01-01

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

  15. 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

  16. 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...

  17. 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,...

  18. 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.

  19. 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

  20. Stock Market Manipulation on the Hong Kong Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dionigi Gerace

    2014-10-01

    Full Text Available This study is the first to empirically examine stock market manipulation on the Hong Kong Stock Exchange. The dataset contains 40 cases of market manipulation from 1996 to 2009 that were successfully prosecuted by the Hong Kong Securities & Futures Commission. Manipulation is found to negatively impact market efficiency measures such as the bid-ask spread and volatility. Markets appear incapable of efficiently responding to the presence of manipulators and are characterised by information asymmetry. Manipulators were successfully able to raise prices and exit the market. This finding contradicts views that trade-based manipulation is entirely unprofitable and self-deterring. The victimisation of information-seeking investors and the market as a whole provides a strong rationale for all jurisdictions, including Australia, to have effective laws that prohibit manipulation and for robust enforcement of those laws to further deter market manipulation.

  1. 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.

  2. Upper Gastrointestinal (GI) Series

    Science.gov (United States)

    ... standard barium upper GI series, which uses only barium a double-contrast upper GI series, which uses both air and ... evenly coat your upper GI tract with the barium. If you are having a double-contrast study, you will swallow gas-forming crystals that ...

  3. Does Employee Stock Ownership Work?

    DEFF Research Database (Denmark)

    Kato, Takao; Miyajima, Hideaki; Owan, Hideo

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

  4. 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....

  5. Is the stock market efficient?

    Science.gov (United States)

    Malkiel, B G

    1989-03-10

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

  6. Tick size and stock returns

    Science.gov (United States)

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

    2009-02-01

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

  7. 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)

  8. 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

  9. 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.

  10. 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...

  11. 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.

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

    OpenAIRE

    Grobys, Klaus

    2011-01-01

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

  13. Long Memory in the Greek Stock Market

    OpenAIRE

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

    1996-01-01

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

  14. Looking Back on the Stock Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

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

  15. 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....

  16. Stock returns and foreign investment in Brazil

    OpenAIRE

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

    2008-01-01

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

  17. Macroeconomic Forces and Stock Returns in Vietnam

    OpenAIRE

    Phan, Van Hang

    2008-01-01

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

  18. 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...

  19. 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.

  20. 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.

  1. Energy and Environment. Electric power stock exchange

    International Nuclear Information System (INIS)

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

    2000-01-01

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

  2. 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.

  3. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

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

  4. 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.

  5. 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...

  6. Comprehensive Characterization of Droughts to Assess the Effectiveness of a Basin-Wide Integrated Water Management in the Yakima River Basin

    Science.gov (United States)

    Demissie, Y.; Mortuza, M. R.; Li, H. Y.

    2017-12-01

    Better characterization and understanding of droughts and their potential links to climate and hydrologic factors are essential for water resources planning and management in drought-sensitive but agriculturally productive regions like the Yakima River Basin (YKB) in Washington State. The basin is semi-arid and heavily relies on a fully appropriated irrigation water for fruit and crop productions that worth more than 3 billion annually. The basin experienced three major droughts since 2000 with estimated 670 million losses in farm revenue. In response to these and expected worsening drought conditions in the future, there is an ongoing multi-agency effort to adopt a basin-wide integrated water management to ensure water security during severe droughts. In this study, the effectiveness of the proposed water management plan to reduce the frequency and severity of droughts was assessed using a new drought index developed based on the seasonal variations of precipitation, temperature, snow accumulation, streamflow, and reservoir storages. In order to uncover the underlying causes of the various types of droughts observed during the 1961-2016, explanatory data analysis using deep learning was conducted for the local climate and hydrologic data including total water supply available, as well as global climatic phenomenon (El Niño/Southern Oscillation, Pacific Decadal Oscillation and North Atlantic Oscillation). The preliminary results showed that besides shortage in annual precipitation, various combinations of climate and hydrologic factors are responsible for the different drought conditions in the basin. Particularly, the winter snowpack, which provides about 2/3 of the surface water in the basin along with the carryover storage from the reservoirs play an important role during both single- and multiple-year drought events. Besides providing the much-needed insights about characteristics of droughts and their contributing factors, the outcome of the study is expected

  7. 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. ...

  8. 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…

  9. 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

  10. 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...

  11. 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.

  12. 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.

  13. Nonvariceal upper gastrointestinal bleeding

    International Nuclear Information System (INIS)

    Burke, Stephen J.; Weldon, Derik; Sun, Shiliang; Golzarian, Jafar

    2007-01-01

    Nonvariceal upper gastrointestinal bleeding (NUGB) remains a major medical problem even after advances in medical therapy with gastric acid suppression and cyclooxygenase (COX-2) inhibitors. Although the incidence of upper gastrointestinal bleeding presenting to the emergency room has slightly decreased, similar decreases in overall mortality and rebleeding rate have not been experienced over the last few decades. Many causes of upper gastrointestinal bleeding have been identified and will be reviewed. Endoscopic, radiographic and angiographic modalities continue to form the basis of the diagnosis of upper gastrointestinal bleeding with new research in the field of CT angiography to diagnose gastrointestinal bleeding. Endoscopic and angiographic treatment modalities will be highlighted, emphasizing a multi-modality treatment plan for upper gastrointestinal bleeding. (orig.)

  14. Nonvariceal upper gastrointestinal bleeding

    Energy Technology Data Exchange (ETDEWEB)

    Burke, Stephen J.; Weldon, Derik; Sun, Shiliang [University of Iowa, Department of Radiology, Iowa, IA (United States); Golzarian, Jafar [University of Iowa, Department of Radiology, Iowa, IA (United States); University of Iowa, Department of Radiology, Carver College of Medicine, Iowa, IA (United States)

    2007-07-15

    Nonvariceal upper gastrointestinal bleeding (NUGB) remains a major medical problem even after advances in medical therapy with gastric acid suppression and cyclooxygenase (COX-2) inhibitors. Although the incidence of upper gastrointestinal bleeding presenting to the emergency room has slightly decreased, similar decreases in overall mortality and rebleeding rate have not been experienced over the last few decades. Many causes of upper gastrointestinal bleeding have been identified and will be reviewed. Endoscopic, radiographic and angiographic modalities continue to form the basis of the diagnosis of upper gastrointestinal bleeding with new research in the field of CT angiography to diagnose gastrointestinal bleeding. Endoscopic and angiographic treatment modalities will be highlighted, emphasizing a multi-modality treatment plan for upper gastrointestinal bleeding. (orig.)

  15. 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.

  16. 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.

  17. A Tale of Two Stock Markets

    Science.gov (United States)

    Armstrong, Michelle Hine; Piercey, Victor I.; Greene-Hunley, Stephanie

    2015-01-01

    This article describes two different projects using the stock market as a context for learning. For both projects, students "bought" shares in individual companies, tracked stock prices for a period of time, and then "sold" their shares at a gain or loss. The projects are adaptable for students in late elementary school through…

  18. Does Stock Market Performance Influence Retirement Intentions?

    Science.gov (United States)

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

    2012-01-01

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

  19. 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

  20. Legal institutions, strategic default, and stock returns

    NARCIS (Netherlands)

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

    2008-01-01

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

  1. 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.

  2. Mandatory IFRS Reporting and Stock Price Informativeness

    NARCIS (Netherlands)

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

    2010-01-01

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

  3. Recent market behavior of utility stocks

    International Nuclear Information System (INIS)

    Studness, C.M.

    1990-01-01

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

  4. SETS, arbitrage activity and stock price dynamics

    NARCIS (Netherlands)

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

    2000-01-01

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

  5. Jump Detection in the Danish Stock Market

    DEFF Research Database (Denmark)

    Høg, Esben

    2002-01-01

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

  6. 27 CFR 24.217 - Vinegar stock.

    Science.gov (United States)

    2010-04-01

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

  7. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2006-01-01

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

  8. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2002-01-01

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

  9. 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.

  10. Modeling Chaotic Behavior of Chittagong Stock Indices

    Directory of Open Access Journals (Sweden)

    Shipra Banik

    2012-01-01

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

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

    Science.gov (United States)

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

    2017-10-10

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

  12. 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.

  13. Upper respiratory tract (image)

    Science.gov (United States)

    The major passages and structures of the upper respiratory tract include the nose or nostrils, nasal cavity, mouth, throat (pharynx), and voice box (larynx). The respiratory system is lined with a mucous membrane that ...

  14. ACA Federal Upper Limits

    Data.gov (United States)

    U.S. Department of Health & Human Services — Affordable Care Act Federal Upper Limits (FUL) based on the weighted average of the most recently reported monthly average manufacturer price (AMP) for...

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. Upper gastrointestinal bleeding.

    Science.gov (United States)

    Feinman, Marcie; Haut, Elliott R

    2014-02-01

    Upper gastrointestinal (GI) bleeding remains a commonly encountered diagnosis for acute care surgeons. Initial stabilization and resuscitation of patients is imperative. Stable patients can have initiation of medical therapy and localization of the bleeding, whereas persistently unstable patients require emergent endoscopic or operative intervention. Minimally invasive techniques have surpassed surgery as the treatment of choice for most upper GI bleeding. Copyright © 2014 Elsevier Inc. All rights reserved.

  20. 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.

  1. Impact of mooring activities on carbon stocks in seagrass meadows

    KAUST Repository

    Serrano, O.; Ruhon, R.; Lavery, P. S.; Kendrick, G. A.; Hickey, S.; Masqué , P.; Arias-Ortiz, A.; Steven, A.; Duarte, Carlos M.

    2016-01-01

    Boating activities are one of the causes that threaten seagrass meadows and the ecosystem services they provide. Mechanical destruction of seagrass habitats may also trigger the erosion of sedimentary organic carbon (Corg) stocks, which may contribute to increasing atmospheric CO2. This study presents the first estimates of loss of Corg stocks in seagrass meadows due to mooring activities in Rottnest Island, Western Australia. Sediment cores were sampled from seagrass meadows and from bare but previously vegetated sediments underneath moorings. The Corg stores have been compromised by the mooring deployment from 1930s onwards, which involved both the erosion of existing sedimentary Corg stores and the lack of further accumulation of Corg. On average, undisturbed meadows had accumulated ~6.4 Kg Corg m−2 in the upper 50 cm-thick deposits at a rate of 34 g Corg m−2 yr−1. The comparison of Corg stores between meadows and mooring scars allows us to estimate a loss of 4.8 kg Corg m−2 in the 50 cm-thick deposits accumulated over ca. 200 yr as a result of mooring deployments. These results provide key data for the implementation of Corg storage credit offset policies to avoid the conversion of seagrass ecosystems and contribute to their preservation.

  2. Impact of mooring activities on carbon stocks in seagrass meadows

    KAUST Repository

    Serrano, O.

    2016-03-16

    Boating activities are one of the causes that threaten seagrass meadows and the ecosystem services they provide. Mechanical destruction of seagrass habitats may also trigger the erosion of sedimentary organic carbon (Corg) stocks, which may contribute to increasing atmospheric CO2. This study presents the first estimates of loss of Corg stocks in seagrass meadows due to mooring activities in Rottnest Island, Western Australia. Sediment cores were sampled from seagrass meadows and from bare but previously vegetated sediments underneath moorings. The Corg stores have been compromised by the mooring deployment from 1930s onwards, which involved both the erosion of existing sedimentary Corg stores and the lack of further accumulation of Corg. On average, undisturbed meadows had accumulated ~6.4 Kg Corg m−2 in the upper 50 cm-thick deposits at a rate of 34 g Corg m−2 yr−1. The comparison of Corg stores between meadows and mooring scars allows us to estimate a loss of 4.8 kg Corg m−2 in the 50 cm-thick deposits accumulated over ca. 200 yr as a result of mooring deployments. These results provide key data for the implementation of Corg storage credit offset policies to avoid the conversion of seagrass ecosystems and contribute to their preservation.

  3. Carbon stocks and fluxes in managed peatlands in northern Borneo

    Science.gov (United States)

    Arn Teh, Yit; Manning, Frances; Cook, Sarah; Zin Zawawi, Norliyana; Sii, Longwin; Hill, Timothy; Page, Susan; Whelan, Mick; Evans, Chris; Gauci, Vincent; Chocholek, Melanie; Khoon Kho, Lip

    2017-04-01

    -1 yr-1, with 26 % accounted for by root-rhizosphere respiration and 74 % from heterotrophic soil respiration. This translates to a peat mineralization rate of 10 to 17 Mg C ha-1 yr-1 in the upper 35 cm soil depth above the water table. Fluvial C fluxes were 1.9 Mg C ha-1yr-1, or roughly three times the flux from secondary forest. Findings from the partitioned soil respiration and fluvial flux measurements indicate that peat mineralization may be occurring. However, it is unclear if this represents a net loss of C from the ecosystem, due to the apparent increase in soil C stocks following land conversion, rather than an expected net reduction in soil C. This unexpected finding implies that other processes may be offsetting C losses from heterotrophic decay and fluvial exchange.

  4. Financing R & D with Knowledge Stock Rentals

    OpenAIRE

    John M. Hartwick

    1993-01-01

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

  5. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

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

  6. UNDERGROUND ECONOMY, GDP AND STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Caus Vasile Aurel

    2012-07-01

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

  7. Danish building typologies and building stock analyses

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper

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

  8. Twitter as driver of stock price

    OpenAIRE

    Jubbega, Annika

    2012-01-01

    The goal of this research is to examine the dynamic relationship of Twitter and stock price, by examining the effects for the ten most valuable brands according Interbrand (2010): Coca-Cola, IBM, Microsoft, Google, McDonald’s, Intel, Nokia, Disney, Toyota and Cisco. A VAR modelling approach captures the short and long term effects of Twitter to stock price and stock price to Twitter. Effects were found for 5 of the 10 brand. For Coca-Cola and Toyota, the number of brand sentiment tweets dri...

  9. Fish stocking density impacts tank hydrodynamics

    DEFF Research Database (Denmark)

    Rasmussen, Michael R.; Lunger, Angela; Laursen, Jesper

    2006-01-01

    The effect of stocking density upon the hydrodynamics of a circular tank, configured in a recirculation system, was investigated. Red drums Sciaenops ocellatus of approximately 140 g wet weight, were stocked at five rates varying from 0 to 12 kg m-3. The impact of the presence of fish upon tank...... hydrodynamics was established using in-tank-based Rhodamine WT fluorometry at a flow rate of 0.23 l s-1 (tank exchange rate of 1.9 h-1). With increasing numbers of animals, curvilinear relationships were observed for dispersion coefficients and tank mixing times. Stocking densities of 3, 6, 9 and 12 kg m-3...

  10. Upper GI Bleeding in Children

    Science.gov (United States)

    Upper GI Bleeding in Children What is upper GI Bleeding? Irritation and ulcers of the lining of the esophagus, stomach or duodenum can result in upper GI bleeding. When this occurs the child may vomit blood ...

  11. 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 ...

  12. 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.

  13. 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...

  14. 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 ...

  15. 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...

  16. Boosting Learning Algorithm for Stock Price Forecasting

    Science.gov (United States)

    Wang, Chengzhang; Bai, Xiaoming

    2018-03-01

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

  17. Community monitoring of carbon stocks for REDD+

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  18. SIS - Species and Stock Administrative Data Set

    Data.gov (United States)

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

  19. Sustainment Stocks for the Korean Theater

    National Research Council Canada - National Science Library

    St

    1998-01-01

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

  20. 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.

  1. The price momentum of stock in distribution

    Science.gov (United States)

    Liu, Haijun; Wang, Longfei

    2018-02-01

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

  2. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

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

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

  3. Decision Support for the Rolling Stock Dispatcher

    DEFF Research Database (Denmark)

    Groth, Julie Jespersen

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

  4. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

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

  5. 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....

  6. Privatization, political risk and stock market development

    NARCIS (Netherlands)

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

    1999-01-01

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

  7. Religion and stock price crash risk: Evidence

    Directory of Open Access Journals (Sweden)

    Wenfei Li

    2016-09-01

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

  8. 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...

  9. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

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

  10. 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.

  11. Optimal capital stock and financing constraints

    OpenAIRE

    Saltari, Enrico; Giuseppe, Travaglini

    2011-01-01

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

  12. Stock Markets Indices in Artificial Insymmetrization Patterns

    International Nuclear Information System (INIS)

    Makowiec, D.

    2002-01-01

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

  13. stockées Ephestia kuehniella (Lepidoptera)

    African Journals Online (AJOL)

    PR BOKO

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

  14. Essays on Stock Exchange Competition and Pricing

    OpenAIRE

    Andersen, Atso

    2005-01-01

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

  15. Stock Option Compensation and Managerial Turnover

    OpenAIRE

    Raluca Georgiana NASTASESCU

    2009-01-01

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

  16. Long - Memory Persistence in African Stock Markets

    Directory of Open Access Journals (Sweden)

    Emmanuel Numapau Gyamfi

    2016-05-01

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

  17. 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.

  18. Stock Price Synchronicity and Material Sustainability Information

    OpenAIRE

    Grewal, Jody; Hauptmann, Clarissa; Serafeim, Georgios

    2017-01-01

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

  19. Managerial Incentives and Stock Price Manipulation

    OpenAIRE

    Peng, Lin; Röell, Ailsa A

    2009-01-01

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

  20. Econometric Studies of Stock Market Behaviour

    DEFF Research Database (Denmark)

    Rasmussen, Anne-Sofie Reng

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

  1. Mutual Fund Competition and Stock Market Liquidity

    OpenAIRE

    Massa, Massimo

    2004-01-01

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

  2. Is there stock market efficiency in Malaysia?

    OpenAIRE

    Sui Suyin, Crystal

    2007-01-01

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

  3. Right upper quadrant pain

    International Nuclear Information System (INIS)

    Ralls, P.W.; Colletti, P.M.; Boswell, W.D. Jr.; Halls, J.M.

    1984-01-01

    Historically, assessment of acute right upper quadrant abdominal pain has been a considerable clinical challenge. While clinical findings and laboratory data frequently narrow the differential diagnosis, symptom overlap generally precludes definitive diagnosis among the various diseases causing acute right upper quadrant pain. Fortunately, the advent of newer diagnostic imaging modalities has greatly improved the rapidity and reliability of diagnosis in these patients. An additional challenge to the physician, with increased awareness of the importance of cost effectiveness in medicine, is to select appropriate diagnostic schema that rapidly establish accurate diagnoses in the most economical fashion possible. The dual goals of this discussion are to assess not only the accuracy of techniques used to evaluate patients with acute right upper quadrant pain, but also to seek out cost-effective, coordinated imaging techniques to achieve this goal

  4. Genetic integrity of European grayling (Thymallus thymallus L. 1758 within the Vienne River drainage basin after five decades of stockings

    Directory of Open Access Journals (Sweden)

    Henri Persat

    2015-11-01

    Full Text Available European grayling of the upper Vienne River drainage basin represent the westernmost populations inside the natural distribution of the species. Since the 19th century, their extension across this sub-basin has been dramatically reduced by the harnessing of the river network for dams, initially serving mills but then hydroelectric power generation. Since the 1960s, local fishing authorities have attempted to compensate for these declines with stocking programs, but the efficiency of these efforts have never been accurately monitored. We aim to evaluate the genetic imprints of these stocking programs and thus provide an indirect measure of the long-term survival of stocked fish. Three target populations were analyzed at both mtDNA (Control Region and nDNA levels (12 µSats, and compared to populations representative of surrounding drainage basins or fish farm facilities. Among 37 "wild" fish sequenced, only three control region haplotypes were identified, all belonging to the highly divergent Loire basin lineage. Two were specific to the Upper Vienne area, and one was observed in some individuals of the most downstream location, but previously described from the upper Allier sub-drainage. Microsatellite analysis of 87 "wild" fish also demonstrated a rather low diversity within each population (but typical for the Loire drainage with all Upper Vienne individuals belonging to a single diagnosable unit. This genetic cluster was clearly distinct from all other samples including hatchery strains, which strongly supports its native origin. The only piece of evidence of a possible stocking contribution was the occurrence of the Allier haplotype, but it cannot be excluded that this haplotype was also native to this reach of river. The total lack of genetic impact of five decades of stocking deeply questions the efficacy of this management approach, at least in a regional context.

  5. Distribution, stock composition and timing, and tagging response of wild Chinook Salmon returning to a large, free-flowing river basin

    Science.gov (United States)

    Eiler, John H.; Masuda, Michele; Spencer, Ted R.; Driscoll, Richard J.; Schreck, Carl B.

    2014-01-01

    Chinook Salmon Oncorhynchus tshawytscha returns to the Yukon River basin have declined dramatically since the late 1990s, and detailed information on the spawning distribution, stock structure, and stock timing is needed to better manage the run and facilitate conservation efforts. A total of 2,860 fish were radio-tagged in the lower basin during 2002–2004 and tracked upriver. Fish traveled to spawning areas throughout the basin, ranging from several hundred to over 3,000 km from the tagging site. Similar distribution patterns were observed across years, suggesting that the major components of the run were identified. Daily and seasonal composition estimates were calculated for the component stocks. The run was dominated by two regional components comprising over 70% of the return. Substantially fewer fish returned to other areas, ranging from 2% to 9% of the return, but their collective contribution was appreciable. Most regional components consisted of several principal stocks and a number of small, spatially isolated populations. Regional and stock composition estimates were similar across years even though differences in run abundance were reported, suggesting that the differences in abundance were not related to regional or stock-specific variability. Run timing was relatively compressed compared with that in rivers in the southern portion of the species’ range. Most stocks passed through the lower river over a 6-week period, ranging in duration from 16 to 38 d. Run timing was similar for middle- and upper-basin stocks, limiting the use of timing information for management. The lower-basin stocks were primarily later-run fish. Although differences were observed, there was general agreement between our composition and timing estimates and those from other assessment projects within the basin, suggesting that the telemetry-based estimates provided a plausible approximation of the return. However, the short duration of the run, complex stock structure, and

  6. 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...

  7. 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...

  8. 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.

  9. Soil organic carbon pools and stocks in permafrost-affected soils on the tibetan plateau.

    Directory of Open Access Journals (Sweden)

    Corina Dörfer

    Full Text Available The Tibetan Plateau reacts particularly sensitively to possible effects of climate change. Approximately two thirds of the total area is affected by permafrost. To get a better understanding of the role of permafrost on soil organic carbon pools and stocks, investigations were carried out including both discontinuous (site Huashixia, HUA and continuous permafrost (site Wudaoliang, WUD. Three organic carbon fractions were isolated using density separation combined with ultrasonic dispersion: the light fractions (1.6 g cm(-3 of mineral associated organic matter (MOM. The fractions were analyzed for C, N, and their portion of organic C. FPOM contained an average SOC content of 252 g kg(-1. Higher SOC contents (320 g kg(-1 were found in OPOM while MOM had the lowest SOC contents (29 g kg(-1. Due to their lower density the easily decomposable fractions FPOM and OPOM contribute 27% (HUA and 22% (WUD to the total SOC stocks. In HUA mean SOC stocks (0-30 cm depth account for 10.4 kg m(-2, compared to 3.4 kg m(-2 in WUD. 53% of the SOC is stored in the upper 10 cm in WUD, in HUA only 39%. Highest POM values of 36% occurred in profiles with high soil moisture content. SOC stocks, soil moisture and active layer thickness correlated strongly in discontinuous permafrost while no correlation between SOC stocks and active layer thickness and only a weak relation between soil moisture and SOC stocks could be found in continuous permafrost. Consequently, permafrost-affected soils in discontinuous permafrost environments are susceptible to soil moisture changes due to alterations in quantity and seasonal distribution of precipitation, increasing temperature and therefore evaporation.

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

    OpenAIRE

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

    2017-01-01

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

  11. Stock-based Compensation Plans and Employee Incentives

    OpenAIRE

    Jan Zabojnik

    2014-01-01

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

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

    OpenAIRE

    Zhao, Feng

    2013-01-01

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

  13. Which stocks are profitable? A network method to investigate the effects of network structure on stock returns

    Science.gov (United States)

    Chen, Kun; Luo, Peng; Sun, Bianxia; Wang, Huaiqing

    2015-10-01

    According to asset pricing theory, a stock's expected returns are determined by its exposure to systematic risk. In this paper, we propose a new method for analyzing the interaction effects among industries and stocks on stock returns. We construct a complex network based on correlations of abnormal stock returns and use centrality and modularity, two popular measures in social science, to determine the effect of interconnections on industry and stock returns. Supported by previous studies, our findings indicate that a relationship exists between inter-industry closeness and industry returns and between stock centrality and stock returns. The theoretical and practical contributions of these findings are discussed.

  14. Upper airway evaluation

    International Nuclear Information System (INIS)

    Hoffman, E.A.; Gefter, W.B.; Schnall, M.; Nordberg, J.; Listerud, J.; Lenkinski, R.E.

    1988-01-01

    The authors are evaluating upper-airway sleep disorders with magnetic resonance (MR) imaging and x-ray cine computed tomography (CT). Fixed structural anatomy is visualized with multisection spin-echo MR imaging, the dynamic component with cine CT. Unique aspects of the study are described in this paper

  15. 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

  16. 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...

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

    Directory of Open Access Journals (Sweden)

    Aura Dudas

    2011-01-01

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

  18. Remedial measures for improving the quality of raw stock for leather processing

    International Nuclear Information System (INIS)

    Khan, M.S.; Ahmed, N.; Hasny, S.I.

    2007-01-01

    Leather is an important international commodity of commerce. It plays a vital the country. The raw stock, namely cow, buffalo, goat and sheep skins, are important sources for producing varieties of leather articles, such as shoe uppers, leather garments, bag leather articles, such as, shoe uppers, leather garments, bag leather, sole leather, gloves, belts, upholstery. The quality of raw stock is good in Pakistan but it is damaged due to mishandling during slaughtering and in the later stages, which is actually a heavy economic loss. The main complaint of the tanning industry is that locally available hides are full of butcher cuts. They also leave too much fleshy tissues. The flesh can be removed later, but the cuts, particularly the deep cuts because of holes as a result of improper flaying are irrepairable and permanent. A number of pre and post-mortem defects (during animal life and after slaughter) are visible on hides and skins. These defects, particularly on grain side, reduce the value of the leather. Aniline leather cannot be produced from such raw stock. (author)

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. Fractal patterns in Stock Intertrading Times

    Science.gov (United States)

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

    2003-03-01

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

  4. Changing recruitment capacity in global fish stocks.

    Science.gov (United States)

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

    2016-01-05

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

  5. Spillovers among regional and international stock markets

    Science.gov (United States)

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

    2014-07-01

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

  6. Using the Stock Market to Teach Physics

    Science.gov (United States)

    Faux, David A.; Hearn, Stephen

    2004-11-01

    Students are interested in money. Personal finance is an important issue for most students, especially as they move into university education and take a greater control of their own finances. Many are also interested in stock markets and their ability to allow someone to make, and lose, large sums of money, with their interest fueled by the boom in technology-based stocks of 2000/2001 followed by their subsequent dramatic collapse and the publicizing of so-called "rogue-traders." There is also a much greater ownership of stocks by families following public offerings, stock-based savings products, and the ability to trade stocks online. Consequently, there has been a steady growth of finance and finance-related courses available within degree programs in response to the student demand, with many students motivated by the huge salaries commanded by those with a successful career in the financial sector. We report here details of a joint project between Charterhouse School and the University of Surrey designed to exploit the excitement of finance to teach elements of the high school (age 16-18) curriculum through modeling and simulation.

  7. Linkage between company scores and stock returns

    Directory of Open Access Journals (Sweden)

    Saban Celik

    2017-12-01

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

  8. Long memory in the Croatian and Hungarian stock market returns

    Directory of Open Access Journals (Sweden)

    Silvo Dajčman

    2012-06-01

    Full Text Available The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak-form of stock market efficiency. The starting working hypothesis that there is no long memory in the Croatian and Hungarian stock market returns is tested by applying the Kwiatkowski-Phillips-Schmidt-Shin (KPSS (1992 test, Lo’s (1991 modified rescaled range (R/S test, and the wavelet ordinary least squares (WOLS estimator of Jensen (1999. The research showed that the WOLS estimator may lead to different conclusions regarding long memory presence in the stock returns from the KPSS and unit root tests or Lo’s R/S test. Furthermore, it proved that the fractal structure of individual stock returns may be masked in aggregated stock market returns (i.e. in returns of stock index. The main finding of the paper is that both the Croatian stock index Crobex and individual stocks in this index exhibit long memory. Long memory is identified for some stocks in the Hungarian stock market as well, but not for the stock market index BUX. Based on the results of the long memory tests, it can be concluded that while the Hungarian stock market is weakform efficient, the Croatian stock market is not.

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

    OpenAIRE

    Iulia-Oana Stefan

    2015-01-01

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

  10. 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

  11. Upper urinary tract tumors

    DEFF Research Database (Denmark)

    Gandrup, Karen L; Nordling, Jørgen; Balslev, Ingegerd

    2014-01-01

    BACKGROUND: Computed tomography urography (CTU) is used widely in the work-up of patients with symptoms of urinary tract lesions. Preoperative knowledge of whether a tumor is invasive or non-invasive is important for the choice of surgery. So far there are no studies about the distinction...... of invasive and non-invasive tumors in ureter and renal pelvis based on the enhancement measured with Hounsfield Units. PURPOSE: To examine the value of CTU using split-bolus technique to distinguish non-invasive from invasive urothelial carcinomas in the upper urinary tract. MATERIAL AND METHODS: Patients...... obtained at CTU could distinguish between invasive and non-invasive lesions. No patients had a CTU within the last year before the examination that resulted in surgery. CONCLUSION: A split-bolus CTU cannot distinguish between invasive and non-invasive urothelial tumors in the upper urinary tract...

  12. THE STEEL EUROPEAN STOCK MARKET EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Viorica CHIRILA

    2015-12-01

    Full Text Available Testing the hypothesis of informational efficiency is a permanent preoccupation of researchers because the theories and the models of modern finance are based on it. This paper presents the results obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of the companies that belong to the economic steel sub-sector. Following the use of both linear and non-linear tests of autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sector is inefficient from an informational point of view and the investors in these stocks may obtain better results than those of the European market in general.

  13. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

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

  14. An Intelligent Model for Stock Market Prediction

    Directory of Open Access Journals (Sweden)

    IbrahimM. Hamed

    2012-08-01

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

  15. Quantifying Stock Return Distributions in Financial Markets.

    Science.gov (United States)

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

    2015-01-01

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

  16. The Geometric Phase of Stock Trading.

    Science.gov (United States)

    Altafini, Claudio

    2016-01-01

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

  17. Lists of semi-dwarf cereal stocks

    International Nuclear Information System (INIS)

    1984-01-01

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

  18. Clustering stocks using partial correlation coefficients

    Science.gov (United States)

    Jung, Sean S.; Chang, Woojin

    2016-11-01

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

  19. Stocks of organic carbon in Estonian soils

    Directory of Open Access Journals (Sweden)

    Kõlli, Raimo

    2009-06-01

    Full Text Available The soil organic carbon (SOC stocks (Mg ha–1 ofautomorphic mineral (9 soil groups, hydromorphic mineral (7, and lowland organic soils (4 are given for the soil cover or solum layer as a whole and also for its epipedon (topsoil layer. The SOC stocks for forest, arable lands, and grasslands and for the entire Estonian soil cover were calculated on the basis of the mean SOC stock and distribution area of the respective soil type. In the Estonian soil cover (42 400 km2, a total of 593.8 ± 36.9 Tg of SOC is retained, with 64.9% (385.3 ± 27.5 Tg in the epipedon layer (O, H, and A horizons and 35.1% in the subsoil (B and E horizons. The pedo-ecological regularities of SOC retention in soils are analysed against the background of the Estonian soil ordination net.

  20. Energy savings in Danish residential building stock

    DEFF Research Database (Denmark)

    Tommerup, Henrik M.; Svendsen, Svend

    2006-01-01

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

  1. Statistical properties of trading activity in Chinese stock market

    Science.gov (United States)

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

    2010-08-01

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

  2. Stock Performance of Socially Responsible Companies

    Directory of Open Access Journals (Sweden)

    Huang Tzu-Man

    2016-12-01

    Full Text Available Every year Corporate Responsibility Magazine selects and ranks 100 companies on the basis of their corporate social responsibility. This study investigates the stock performance of socially responsible companies in the U.S. The monthly stock returns for these companies are analyzed and compared with the market performance, with the S&P 500 index designated as a proxy for the market. The empirical evidence suggests that these 100 companies outperform the market in their monthly stock returns. We also narrow down the number of companies selected to the top 75, 50, 25, and 10 firms. As we narrow down the companies selected, the difference between their returns and the market returns also narrows. In other words, a portfolio that includes all top 100 companies provides the best stock performance. We extend the analysis to long-term annual stock performance. We find that these socially responsible companies′ annual returns are higher than the market returns for up to seven years after they are listed. We also conduct the same analysis on the top 75, 50, 25, and 10 firms, respectively. Similarly, the larger the number of these top 100 companies, the greater the tendency to generate higher annual returns. We suspect that because the difference between the socially responsible companies′ average returns and the market returns is not dramatic, with a bigger population and thus a larger sample size, the difference becomes more significant. However, in practice, transaction costs must be considered. This study is limited in that it does not consider transaction costs. Nevertheless, we hope to shed some light on the issue of socially responsible companies′ stock performance to encourage companies to start thinking about the importance of corporate social responsibility.

  3. Genetic stock identification of Russian honey bees.

    Science.gov (United States)

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

    2010-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Mohammed Syedul Islam

    2015-01-01

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

  5. Stock vs. Bond Yields, and Demographic Fluctuations

    DEFF Research Database (Denmark)

    Gozluklu, Arie; Morin, Annaïg

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

  6. Stock market index prediction using neural networks

    Science.gov (United States)

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

    1994-03-01

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

  7. Integration Versus Segmentation: The Istanbul Stock Exchange

    OpenAIRE

    Suleyman Gokçen; Ahu Ozturkmen

    1997-01-01

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

  8. Statistical aspects of fish stock assessment

    DEFF Research Database (Denmark)

    Berg, Casper Willestofte

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

  9. TRADING RULES ON A SMALL STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Stefán B. Gunnlaugsson

    2018-03-01

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

  10. Mandatory IFRS Reporting and Stock Price Informativeness

    OpenAIRE

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

    2010-01-01

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

  11. ACCOUNTING TREATMENTS USED IN STOCKS VALUATION

    Directory of Open Access Journals (Sweden)

    Suciu Gheorghe

    2012-12-01

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

  12. Participation Constraints in the Stock Market

    DEFF Research Database (Denmark)

    Andersen, Steffen; Meisner Nielsen, Kasper

    2011-01-01

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

  13. Mean reversion in the US stock market

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Rosenberg, Aryeh Adam

    2009-01-01

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

  14. Mean reversion in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-05-30

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

  15. Do Hedge Funds Manipulate Stock Prices?

    OpenAIRE

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

    2011-01-01

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

  16. HYDROLOGY, yakima County, WA, USA

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — Hydrology data include spatial datasets and data tables necessary for documenting the hydrologic procedures for estimating flood discharges for a flood insurance...

  17. 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.

  18. 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.

  19. 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...

  20. 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...

  1. 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...

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

    Directory of Open Access Journals (Sweden)

    Kenneth Weiher

    2000-01-01

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

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

    Data.gov (United States)

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

  4. Risk-Adjusted Returns and Stock Market Games.

    Science.gov (United States)

    Kagan, Gary; And Others

    1995-01-01

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

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

    African Journals Online (AJOL)

    SIPHAMBE, H.K. (PROF.)

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

  6. in upper gastrointestinal endoscopy

    Directory of Open Access Journals (Sweden)

    Sinan Uzman

    2016-07-01

    Full Text Available Introduction : There is increasing interest in sedation for upper gastrointestinal endoscopy (UGE. Prospective randomized studies comparing sedation properties and complications of propofol and midazolam/meperidine in upper gastrointestinal endoscopy (UGE are few. Aim: To compare propofol and midazolam/meperidine sedation for UGE in terms of cardiopulmonary side effects, patient and endoscopist satisfaction and procedure-related times. Material and methods: This was a prospective, randomized, double-blind study of propofol versus midazolam and meperidine in 100 patients scheduled for diagnostic upper gastrointestinal endoscopy. The patients were divided into propofol and midazolam/meperidine groups. Randomization was generated by a computer. Cardiopulmonary side effects (hypotension, bradycardia, hypoxemia, procedure-related times (endoscopy time, awake time, time to hospital discharge, and patient and endoscopist satisfaction were compared between groups. Results: There was no significant difference between the groups with respect to the cost, endoscopy time, or demographic and clinical characteristics of the patients. Awake time and time to hospital discharge were significantly shorter in the propofol group (6.58 ±4.72 vs. 9.32 ±4.26 min, p = 0.030 and 27.60 ±7.88 vs. 32.00 ±10.54 min, p = 0.019. Hypotension incidence was significantly higher in the propofol group (12% vs. 0%, p = 0.027. The patient and endoscopist satisfaction was better with propofol. Conclusions : Propofol may be preferred to midazolam/meperidine sedation, with a shorter awake and hospital discharge time and better patient and endoscopist satisfaction. However, hypotension risk should be considered with propofol, and careful evaluation is needed, particularly in cardiopulmonary disorders.

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

    African Journals Online (AJOL)

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

  8. Are Economists More Likely to Hold Stocks?

    DEFF Research Database (Denmark)

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

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

  9. Connecting VIX and Stock Index ETF

    NARCIS (Netherlands)

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

    2017-01-01

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

  10. Fractal profit landscape of the stock market.

    Science.gov (United States)

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

    2012-01-01

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

  11. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

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

  12. Ecosystem carbon stocks in Pinus palustris forests

    Science.gov (United States)

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

    2014-01-01

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

  13. ResStock Analysis Tool | Buildings | NREL

    Science.gov (United States)

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

  14. Stock keeping unit fill rate specification

    NARCIS (Netherlands)

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

    2017-01-01

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

  15. Currency Hedging for International Stock Portfolios

    NARCIS (Netherlands)

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

    2000-01-01

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

  16. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

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

  17. 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

  18. 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

  19. The performance of Libyan stock market

    Directory of Open Access Journals (Sweden)

    Atiya Aljbiri

    2012-01-01

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

  20. The Stock Market: Risk vs. Uncertainty.

    Science.gov (United States)

    Griffitts, Dawn

    2002-01-01

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

  1. The Reed Elsevier stock price gap

    NARCIS (Netherlands)

    Kamp, B.

    1995-01-01

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

  2. A cointegration analysis of wine stock indexes

    Directory of Open Access Journals (Sweden)

    Sabina Introvigne

    2017-12-01

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

  3. Probability weighting and employee stock options

    NARCIS (Netherlands)

    Spalt, O.G.

    2013-01-01

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

  4. Editorial The Jan H. Stock Valedictory Issue

    NARCIS (Netherlands)

    NN,

    1990-01-01

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

  5. Ecosystem carbon stocks of micronesian mangrove forests

    Science.gov (United States)

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

    2011-01-01

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

  6. Upper extremity golf injuries.

    Science.gov (United States)

    Cohn, Michael A; Lee, Steven K; Strauss, Eric J

    2013-01-01

    Golf is a global sport enjoyed by an estimated 60 million people around the world. Despite the common misconception that the risk of injury during the play of golf is minimal, golfers are subject to a myriad of potential pathologies. While the majority of injuries in golf are attributable to overuse, acute traumatic injuries can also occur. As the body's direct link to the golf club, the upper extremities are especially prone to injury. A thorough appreciation of the risk factors and patterns of injury will afford accurate diagnosis, treatment, and prevention of further injury.

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

    OpenAIRE

    Meulbroek, Lisa

    2005-01-01

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

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

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Yuhua Xu

    2018-01-01

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

  10. 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...

  11. 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...

  12. Facebook drives behavior of passive households in stock markets

    OpenAIRE

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

    2017-01-01

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

  13. Emerging interdependence between stock values during financial crashes

    OpenAIRE

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

    2016-01-01

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

  14. The reaction of stock market returns to anticipated unemployment

    OpenAIRE

    Taamouti, Abderrahim; Gonzalo Muñoz, Jesús

    2012-01-01

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

  15. 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...

  16. 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.

  17. 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.

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

    Data.gov (United States)

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

  19. 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.

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

    Science.gov (United States)

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

    2014-08-01

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

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

    OpenAIRE

    Thuy Linh, Doan

    2009-01-01

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

  2. 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 ...

  3. 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...

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

    Directory of Open Access Journals (Sweden)

    Juan Carlos Ames Santillán

    2012-06-01

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

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

    OpenAIRE

    Ames Santillán, Juan Carlos

    2012-01-01

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

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

    OpenAIRE

    Juan Carlos Ames Santillán

    2012-01-01

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

  7. 7 CFR 1610.9 - Class B stock.

    Science.gov (United States)

    2010-01-01

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

  8. 26 CFR 1.552-3 - Stock ownership requirement.

    Science.gov (United States)

    2010-04-01

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

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

    NARCIS (Netherlands)

    Laeven, L.; Tong, H.

    2012-01-01

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

  10. 12 CFR 615.5250 - Disclosure requirements for borrower stock.

    Science.gov (United States)

    2010-01-01

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

  11. Maintenance in Railway Rolling Stock Rescheduling for Passenger Railways

    NARCIS (Netherlands)

    J.C. Wagenaar (Joris); L.G. Kroon (Leo)

    2015-01-01

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

  12. 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...

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

    OpenAIRE

    Mehdi Elhaei Sahar; Seyed Ali Vaez

    2013-01-01

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

  14. 26 CFR 1.1296-2 - Definition of marketable stock.

    Science.gov (United States)

    2010-04-01

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

  15. The zero inflation of standing dead tree carbon stocks

    Science.gov (United States)

    Christopher W. Woodall; David W. MacFarlane

    2012-01-01

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

  16. 12 CFR 931.6 - Transfer of capital stock.

    Science.gov (United States)

    2010-01-01

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

  17. Stocking equations for regeneration in mixed oak stands

    Science.gov (United States)

    Songlin Fei; Kim C. Steiner; James C. Finley

    2007-01-01

    Regeneration stocking equations for mixed-oak stands were developed based on data collected from nearly 14,000 plots in the central Appalachians. Maximum stand density was identified by plotting aggregate height against number of seedlings per plot, and was used as the reference level of the average maximum stand density (100 percent stocking or A-level stocking)....

  18. 12 CFR 575.8 - Contents of Stock Issuance Plans.

    Science.gov (United States)

    2010-01-01

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

  19. 26 CFR 1.338-8 - Asset and stock consistency.

    Science.gov (United States)

    2010-04-01

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

  20. 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.

  1. 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.

  2. 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...

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. Survival of juvenile chinook salmon and coho salmon in the Roza Dam fish bypass and in downstream reaches of the Yakima River, Washington, 2016

    Science.gov (United States)

    Kock, Tobias J.; Perry, Russell W.; Hansen, Amy C.

    2016-12-22

    Estimates of juvenile salmon survival are important data for fishery managers in the Yakima River Basin. Radiotelemetry studies during 2012–14 showed that tagged juvenile Chinook salmon (Oncorhynchus tshawytscha) that passed through the fish bypass at Roza Dam had lower survival than fish that passed through other routes at the dam. That study also identified flow-survival relationships in the reaches between the Roza Dam tailrace and Sunnyside Dam. During 2012–14, survival also was estimated through reaches downstream of Sunnyside Dam, but generally, sample sizes were low and the estimates were imprecise. In 2016, we conducted an evaluation using acoustic cameras and acoustic telemetry to build on information collected during the previous study. The goal of the 2016 research was to identify areas where mortality occurs in the fish bypass at Roza Dam, and to estimate reach-specific survival in reaches downstream of the dam. The 2016 study included juvenile Chinook salmon and coho salmon (O. kisutch).Three acoustic cameras were used to observe fish behavior (1) near the entrances to the fish bypass, (2) at a midway point in the fish bypass (convergence vault), and (3) at the bypass outfall. In total, 504 hours of acoustic camera footage was collected at these locations. We determined that smolt-sized fish (95–170 millimeters [mm]) were present in the highest proportions at each location, but predator-sized fish (greater than 250 mm) also were present at each site. Fish presence generally peaked during nighttime hours and crepuscular periods, and was low during daytime hours. In the convergence vault, smolt-sized fish exhibited holding behavior patterns, which may explain why some fish delayed while passing through the bypass.Some of the acoustic-tagged fish were delayed in the fish bypass following release, but there was no evidence to suggest that they experienced higher mortality than fish that were released at the bypass outfall or downstream of the dam

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. Good news for conservation: mitochondrial and microsatellite DNA data detect limited genetic signatures of inter-basin fish transfer in Thymallus thymallus (Salmonidae from the Upper Drava River

    Directory of Open Access Journals (Sweden)

    Meraner A.

    2013-06-01

    Full Text Available In the last few decades, numerous populations of European grayling, Thymallus thymallus, have been suffering from stocking-induced genetic admixture of foreign strains into wild populations. Concordantly, genetic introgression was also reportedfor grayling stocks inhabiting the Upper Drava River, but all published genetic data based on specimens caught at least a decade ago, when stocking load was strong. Here, we applied mitochondrial control region sequencing and nuclear microsatellite genotyping to Upper Drava grayling fry collections and reference samples to update patterns and extent of human-mediated introgression. In contrast to previous data, we highlighted an almost genetic integrity of Drava grayling, evidencing limited genetic signatures of trans-basin stocking for grayling of Northern Alpine Danubian origin. Recent hybridisation was detected only twice among sixty-nine samples, while several cases of later-generation hybrids were disclosed by linking mitochondrial sequence to nuclear genetic data. The observed past, but very limited recent genetic introgression in grayling from Upper Drava seems to reflect shifting stocking trends, changing from massive introduction of trans-basin fish to more conservation-oriented strategies during the last 27 years. In a conservation context, we encourage pursuing the use of local wild grayling for supportive- and captive-breeding, but underline the need for genetic approaches in brood-stock selection programs. Finally, our integrated results from sibship reconstruction validate our strictly fry-based sampling scheme, thus offering a reasonable alternative also for other rheophilic fish species with similar life-history characteristics.

  13. Massive carbon addition to an organic-rich Andosol increased the subsoil but not the topsoil carbon stock

    Science.gov (United States)

    Zieger, Antonia; Kaiser, Klaus; Ríos Guayasamín, Pedro; Kaupenjohann, Martin

    2018-05-01

    Andosols are among the most carbon-rich soils, with an average of 254 Mg ha-1 organic carbon (OC) in the upper 100 cm. A current theory proposes an upper limit for OC stocks independent of increasing carbon input, because of finite binding capacities of the soil mineral phase. We tested the possible limits in OC stocks for Andosols with already large OC concentrations and stocks (212 g kg-1 in the first horizon, 301 Mg ha-1 in the upper 100 cm). The soils received large inputs of 1800 Mg OC ha-1 as sawdust within a time period of 20 years. Adjacent soils without sawdust application served as controls. We determined total OC stocks as well as the storage forms of organic matter (OM) of five horizons down to 100 cm depth. Storage forms considered were pyrogenic carbon, OM of 2.0 g cm-3. The two fractions > 1.6 g cm-3 were also analysed for aluminium-organic matter complexes (Al-OM complexes) and imogolite-type phases using ammonium-oxalate-oxalic-acid extraction and X-ray diffraction (XRD). Pyrogenic organic carbon represented only up to 5 wt % of OC, and thus contributed little to soil OM. In the two topsoil horizons, the fraction between 1.6 and 2.0 g cm-3 had 65-86 wt % of bulk soil OC and was dominated by Al-OM complexes. In deeper horizons, the fraction > 2.0 g cm-3 contained 80-97 wt % of the bulk soil's total OC and was characterized by a mixture of Al-OM complexes and imogolite-type phases, with proportions of imogolite-type phases increasing with depth. In response to the sawdust application, only the OC stock at 25-50 cm depth increased significantly (α = 0.05, 1 - β = 0.8). The increase was entirely due to increased OC in the two fractions > 1.6 g cm-3. However, there was no significant increase in the total OC stocks within the upper 100 cm. The results suggest that long-term large OC inputs cannot be taken up by the obviously OC-saturated topsoil but induce downward migration and gradually increasing storage of OC in subsurface soil layers. The small

  14. Oriental upper blepharoplasty.

    Science.gov (United States)

    Weng, Chau-Jin

    2009-02-01

    Aesthetic surgery of the upper eyelids is a very common procedure performed in cosmetic practices around the world. The word blepharoplasty, however, has a different meaning in Asia than it does elsewhere. Orientals have different periorbital anatomic characteristics, their motivations for seeking eyelid treatment are different, and operative techniques have been adapted consequently. There are also many eyelid shapes among Orientals, mostly with regard to the presence and location of the supratarsal fold and/or presence of an epicanthal fold. The surgeon must therefore master a range of surgical procedures to treat these variations adequately. It is critical to know the indications for each blepharoplasty technique as well as their complications to select the right surgery and avoid unfavorable results. Epicanthoplasty performed on the right patient can greatly improve aesthetic results while retaining ethnic characteristics. This article will discuss Oriental eyelid characteristics, preoperative patient assessment, commonly used corrective techniques for the "double-eyelid" creation, and complications and how to avoid them.

  15. 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.

  16. 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

  17. 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.

  18. 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....

  19. An autocatalytic network model for stock markets

    Science.gov (United States)

    Caetano, Marco Antonio Leonel; Yoneyama, Takashi

    2015-02-01

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

  20. Taxation, Transfer Income and Stock Market Participation

    DEFF Research Database (Denmark)

    Fischer, Marcel; Astrup Jensen, Bjarne

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

  1. Hybridization threatens shoal bass populations in the Upper Chattahoochee River Basin: Chapter 37

    Science.gov (United States)

    Dakin, Elizabeth E; Porter, Brady A.; Freeman, Byron J.; Long, James M.; Tringali, Michael D.; Long, James M.; Birdsong, Timothy W.; Allen, Micheal S.

    2015-01-01

    Shoal bass are native only to the Apalachicola-Chattahoochee-Flint river system of Georgia, Alabama, and Florida, and are vulnerable to extinction as a result of population fragmentation and introduction of non-native species. We assessed the genetic integrity of isolated populations of shoal bass in the upper Chattahoochee River basin (above Lake Lanier, Big Creek, and below Morgan Falls Dam) and sought to identify rates of hybridization with non-native, illegally stocked smallmouth bass and spotted bass.

  2. 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.

  3. Motor vehicle stocks, scrappage, and sales

    OpenAIRE

    Alan Greenspan; Darrel Cohen

    1996-01-01

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

  4. Stock Return Prediction with Hidden Order Mapping

    OpenAIRE

    Mamidi, Varsha

    2016-01-01

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

  5. Stock Market Interdependence: Evidence from Australia

    OpenAIRE

    Michael E. Drew; Leonard Chong

    2002-01-01

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

  6. Networks of volatility spillovers among stock markets

    Czech Academy of Sciences Publication Activity Database

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

    2018-01-01

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

  7. A heuristic forecasting model for stock decision

    OpenAIRE

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

    2005-01-01

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

  8. An operatorial approach to stock markets

    International Nuclear Information System (INIS)

    Bagarello, F

    2006-01-01

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

  9. Stock market volatiltity around national elections

    OpenAIRE

    Bialkowski, Jedrzej; Gottschalk, Katrin; Wisniewski, Tomasz

    2006-01-01

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

  10. Stock Market Volatility around National Elections

    OpenAIRE

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

    2006-01-01

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

  11. Corporate tax minimization and stock price reactions

    OpenAIRE

    Blaufus, Kay; Möhlmann, Axel; Schwäbe, Alexander

    2016-01-01

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

  12. Leverage and growth: effect of stock options

    OpenAIRE

    Francis, Bill; Hasan , Iftekhar; Sharma, Zenu

    2011-01-01

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

  13. 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"...

  14. A Global Stock and Bond Model

    OpenAIRE

    Connor, Gregory

    1996-01-01

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

  15. Merger negotiations with stock market feedback

    OpenAIRE

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

    2011-01-01

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

  16. An Analysis of Theories on Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-03-01

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

  17. The Weekly Structure of US Stock Prices

    OpenAIRE

    Guglielmo Maria Caporale; Luis A. Gil-Alana

    2010-01-01

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

  18. Price jumps on European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, Evžen; Novotný, Jan

    2014-01-01

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

  19. Style popularity and the comovement of stocks

    OpenAIRE

    Wouters, T.; Plantinga, A.

    2006-01-01

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

  20. ECONOMIC MODELING STOCKS CONTROL SYSTEM: SIMULATION MODEL

    OpenAIRE

    Климак, М.С.; Войтко, С.В.

    2016-01-01

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

  1. Organic carbon stocks in Mediterranean soil types under different land uses (Southern Spain)

    Energy Technology Data Exchange (ETDEWEB)

    Munoz-Rojas, M. [CSIC Spin-off, Instituto de Recursos Naturales y Agrobiologia de Sevilla (CSIC), Seville (Spain). Evenor-Tech; Sevilla Univ. (Spain). MED Soil Research Group; Jordan, A.; Zavala, L.M. [Sevilla Univ. (Spain). MED Soil Research Group; Rosa, D. de la [Instituto de Recursos Naturales y Agrobiologia de Sevilla (CSIC), Seville (Spain); Abd-Elmabod, S.K. [Instituto de Recursos Naturales y Agrobiologia de Sevilla (CSIC), Seville (Spain); National Research Centre, Cairo (Egypt). Dept. of Soil and Water Use; Anaya-Romero, M. [CSIC Spin-off, Instituto de Recursos Naturales y Agrobiologia de Sevilla (CSIC), Seville (Spain). Evenor-Tech

    2012-07-01

    Soil C sequestration through changes in land use and management is one of the sustainable and long-term strategies to mitigate climate change. This research explores and quantifies the role of soil and land use as determinants of the ability of soils to store C along Mediterranean systems. Detailed studies of soil organic C (SOC) dynamics are necessary in order to identify factors determining fluctuations and intensity of changes. In this study, SOC contents from different soil and land use types have been investigated in Andalusia (Southern Spain). We have used soil information from different databases, as well as land use digital maps, climate databases and digital elevation models. The average SOC content for each soil control section (0-25, 25-50 and 50-75 cm) was determined and SOC stocks were calculated for each combination of soil and land use type, using soil and land cover maps. The total organic C stocks in soils of Andalusia is 415 Tg for the upper 75 cm, with average values ranging from 15.9 MgC ha{sup -1} (Solonchaks under ''arable land'') to 107.6 MgC ha{sup -1} (Fluvisols from ''wetlands''). Up to 55% of SOC accumulates in the top 25 cm of soil (229.7 Tg). This research constitutes a preliminary assessment for modelling SOC stock under scenarios of land use and climate change. (orig.)

  2. THE SPECIFIC ACCOUNTING TREATMENTS REGARDING STOCKS

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2014-10-01

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

  3. Immediate causality network of stock markets

    Science.gov (United States)

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

    2018-02-01

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

  4. Inventory Optimization through Safety Stock Schemata

    Directory of Open Access Journals (Sweden)

    Abdul Aleem

    2013-04-01

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

  5. Japanese quail performance under different stocking densities

    International Nuclear Information System (INIS)

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

    2004-01-01

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

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. Seasonal Trends in Lithuanian Stock Market

    Directory of Open Access Journals (Sweden)

    Žaneta Simanavičienė

    2013-11-01

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

  11. Upper airway resistance syndrome.

    Science.gov (United States)

    Montserrat, J M; Badia, J R

    1999-03-01

    This article reviews the clinical picture, diagnosis and management of the upper airway resistance syndrome (UARS). Presently, there is not enough data on key points like the frequency of UARS and the morbidity associated with this condition. Furthermore, the existence of LIARS as an independent sleep disorder and its relation with snoring and obstructive events is in debate. The diagnosis of UARS is still a controversial issue. The technical limitations of the classic approach to monitor airflow with thermistors and inductance plethysmography, as well as the lack of a precise definition of hypopnea, may have led to a misinterpretation of UARS as an independent diagnosis from the sleep apnea/hypopnea syndrome. The diagnosis of this syndrome can be missed using a conventional polysomnographic setting unless appropriate techniques are applied. The use of an esophageal balloon to monitor inspiratory effort is currently the gold standard. However, other sensitive methods such as the use of a pneumotachograph and, more recently, nasal cannula/pressure transducer systems or on-line monitoring of respiratory impedance with the forced oscillation technique may provide other interesting possibilities. Recognition and characterization of this subgroup of patients within sleep breathing disorders is important because they are symptomatic and may benefit from treatment. Management options to treat UARS comprise all those currently available for sleep apnea/hypopnea syndrome (SAHS). However, the subset of patients classically identified as LIARS that exhibit skeletal craneo-facial abnormalities might possibly obtain further benefit from maxillofacial surgery.

  12. Upper Illinois River basin

    Science.gov (United States)

    Friedel, Michael J.

    1998-01-01

    During the past 25 years, industry and government made large financial investments that resulted in better water quality across the Nation; however, many water-quality concerns remain. Following a 1986 pilot project, the U.S. Geological Survey began implementation of the National Water-Quality Assessment (NAWQA) Program in 1991. This program differs from other national water-quality assessment studies in that the NAWQA integrates monitoring of surface- and ground-water quality with the study of aquatic ecosystems. The goals of the NAWQA Program are to (1) describe current water-quality conditions for a large part of the Nation's freshwater streams and aquifers (water-bearing sediments and rocks), (2) describe how water quality is changing over time, and (3) improve our understanding of the primary natural and human factors affecting water quality.The Upper Illinois River Basin National Water- Quality Assessment (NAWQA) study will increase the scientific understanding of surface- and ground-water quality and the factors that affect water quality in the basin. The study also will provide information needed by water-resource managers to implement effective water-quality management actions and evaluate long-term changes in water quality.

  13. 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.

  14. 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.

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

    Science.gov (United States)

    Xu, Yingying; Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Yingying Xu

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

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

    Science.gov (United States)

    Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

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

  18. 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.

  19. 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.

  20. 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.

  1. 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.

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

    Science.gov (United States)

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

    2018-01-01

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

  3. 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.

  4. Soil and vegetation carbon stocks in Brazilian Western Amazonia: relationships and ecological implications for natural landscapes.

    Science.gov (United States)

    Schaefer, C E G R; do Amaral, E F; de Mendonça, B A F; Oliveira, H; Lani, J L; Costa, L M; Fernandes Filho, E I

    2008-05-01

    The relationships between soils attributes, soil carbon stocks and vegetation carbon stocks are poorly know in Amazonia, even at regional scale. In this paper, we used the large and reliable soil database from Western Amazonia obtained from the RADAMBRASIL project and recent estimates of vegetation biomass to investigate some environmental relationships, quantifying C stocks of intact ecosystem in Western Amazonia. The results allowed separating the western Amazonia into 6 sectors, called pedo-zones: Roraima, Rio Negro Basin, Tertiary Plateaux of the Amazon, Javari-Juruá-Purus lowland, Acre Basin and Rondonia uplands. The highest C stock for the whole soil is observed in the Acre and in the Rio Negro sectors. In the former, this is due to the high nutrient status and high clay activity, whereas in the latter, it is attributed to a downward carbon movement attributed to widespread podzolization and arenization, forming spodic horizons. The youthful nature of shallow soils of the Javari-Juruá-Purus lowlands, associated with high Al, results in a high phytomass C/soil C ratio. A similar trend was observed for the shallow soils from the Roraima and Rondonia highlands. A consistent east-west decline in biomass carbon in the Rio Negro Basin sector is associated with increasing rainfall and higher sand amounts. It is related to lesser C protection and greater C loss of sandy soils, subjected to active chemical leaching and widespread podzolization. Also, these soils possess lower cation exchangeable capacity and lower water retention capacity. Zones where deeply weathered Latosols dominate have a overall pattern of high C sequestration, and greater than the shallower soils from the upper Amazon, west of Madeira and Negro rivers. This was attributed to deeper incorporation of carbon in these clayey and highly pedo-bioturbated soils. The results highlight the urgent need for refining soil data at an appropriate scale for C stocks calculations purposes in Amazonia. There

  5. Fundmental Analysis for Stock Price Valuation by Using Price Earnings Ratio Method (Study at Mining Companies Listed on Indonesian Stock Exchange Year 2011-2013)

    OpenAIRE

    Wahyuningtyas, Rovi; Suhadak,; Hidayat, Raden Rustam

    2015-01-01

    The research was conducted based on the misprice on the investment of stock. The misprice of investment on stock can be reduced with evaluate the reasonable of stock price by using fundamental analysis. The fundamental analysis that used in this research is Price Earnings Ratio (PER) method. The PER method aim to know the reasonableness of stock price with compare the intrinsic value of stock and the stock market price. The research is descriptive quantitative method. The research takes the s...

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

    International Nuclear Information System (INIS)

    Herault, L.; Privault, C.

    1997-01-01

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

  7. Effects of adjacent land-use types on the distribution of soil organic carbon stocks in the montane area of central Taiwan.

    Science.gov (United States)

    Chen, Chiou-Pin; Juang, Kai-Wei; Cheng, Chih-Hsin; Pai, Chuang-Wen

    2016-12-01

    Soil organic carbon (SOC) stocks can be altered through reforestation and cropping. We estimated the effects of land use on SOC stocks after natural deciduous forests replaced by crops and coniferous plantations by examining the vertical distribution of SOC stocks at different depth intervals in an adjacent Oolong tea (Camellia sinensis L.) plantation, Moso bamboo (Phyllostachys pubescens) forest, Japanese cedar (Cryptomeria japonica) forest, and Taiwania (Taiwania cryptomerioides) forest in central Taiwan. The main soil characteristics, soil nitrogen (N) content, and soil carbon to nitrogen (C/N) ratio were also determined. Different land uses resulted in significantly higher bulk density, lower cation exchange capacity, SOC, soil N, soil C/N ratio, and SOC stocks in croplands compared to forestlands. Due to the long-term application of chemical fertilizers, a significantly lower soil pH was found in the tea plantation. Croplands had a lower soil C/N ratio because of less C input into the soil and a higher mineralization rate of organic carbon during cultivation. Similar SOC stocks were found in Taiwania and Japanese cedar forests (148.5 and 151.8 Mg C ha -1 , respectively), while the tea plantation had comparable SOC stocks to the bamboo forest (101.8 and 100.5 Mg C ha -1 , respectively). Over 40% of SOC stocks was stored in croplands and over 56% was stored in forestland within the upper 10 cm of soil. Coniferous plantations can contribute to a higher SOC stock than croplands, and a significant difference can be found in the top 0-5 cm of soil.

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

    Science.gov (United States)

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

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

  9. 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.

  10. 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.

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

    Science.gov (United States)

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

    2004-02-01

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

  12. MACROECONOMIC VARIABLES AND STOCK PRICE VOLATILITY IN NIGERIA

    Directory of Open Access Journals (Sweden)

    OSAZEE GODWIN OMOROKUNWA

    2014-10-01

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

  13. Multifractal analysis of Moroccan family business stock returns

    Science.gov (United States)

    Lahmiri, Salim

    2017-11-01

    In this paper, long-range temporal correlations at different scales in Moroccan family business stock returns are investigated. For comparison purpose, presence of multifractality is also investigated in Casablanca Stock Exchange (CSE) major indices: MASI which is the all shares index and MADEX which is the index of most liquid shares. It is found that return series of both family business companies and major stock market indices show strong evidence of multifractality. In particular, empirical results reveal that short (long) fluctuations in family business stock returns are less (more) persistent (anti-persistent) than short fluctuations in market indices. In addition, both serial correlation and distribution characteristics significantly influence the strength of the multifractal spectrums of CSE and family business stocks returns. Furthermore, results from multifractal spectrum analysis suggest that family business stocks are less risky. Thus, such differences in price dynamics could be exploited by investors and forecasters in active portfolio management.

  14. 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....

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

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

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

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

    OpenAIRE

    Ankita Mishra; Vinod Mishra; Russell Smyth

    2014-01-01

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

  17. Investor behavior heterogeneity in the French stock market

    OpenAIRE

    Rania Guirat

    2011-01-01

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

  18. STOCK MANAGEMENT IN A MANUFACTURING AND TRADING COMPANY

    OpenAIRE

    Ewa Kempa

    2009-01-01

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

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

    OpenAIRE

    Madalina Gabriela ANGHEL

    2014-01-01

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

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

    OpenAIRE

    Che, Limei

    2011-01-01

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

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

    OpenAIRE

    Siniša Bogdan; Suzana Bareša; Saša Ivanović

    2012-01-01

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

  2. Stock market and macroeconomic variables : evidences from Lithuania

    OpenAIRE

    Pilinkus, Donatas

    2009-01-01

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

  3. Asymmetry Effects of shocks in Chinese Stock Markets Volatility

    DEFF Research Database (Denmark)

    Hou, Ai Jun

    2013-01-01

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

  4. Geon deal triggers bloodbath in Goodrich stock

    International Nuclear Information System (INIS)

    Plishner, E.S.

    1993-01-01

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

  5. Multinational Corporations and Stock Price Crash Risk

    Directory of Open Access Journals (Sweden)

    Anthony May

    2016-10-01

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

  6. Enterprises from NewConnect Stock Market

    Directory of Open Access Journals (Sweden)

    Grzegorz Gołębiowski

    2009-12-01

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

  7. Climate change mitigation by carbon stocking

    DEFF Research Database (Denmark)

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

    2009-01-01

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

  8. Simplified stock markets described by number operators

    Science.gov (United States)

    Bagarello, F.

    2009-06-01

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

  9. Stock-car racing makes intuitive physicists

    Science.gov (United States)

    Gwynne, Peter

    2008-03-01

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

  10. Foreign Delisting and Domestic Stock Value

    DEFF Research Database (Denmark)

    Uderche-Rangau, Loredana; Carugati, Andrea

    2008-01-01

    of the delisting decision on the domestic stock price by observing the link between the pure value impact and the reasons for delisting. Our results show that, contrary to previous results, firms delisting from Tokyo can gain value depending on the reaction of the market operators to the content of the information...... provided in the delisting announcements. i.e. delisting can be presented either as the result of the not fulfilment of the benefits of cross-listing or as a part of a more general strategy of the company. Highlighting significant clusters, content analysis provides a valuable addition to traditional event...

  11. A cointegration analysis of wine stock indexes

    OpenAIRE

    Sabina Introvigne; Emanuele Bacchiocchi; Daniela Vandone

    2017-01-01

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

  12. Money growth and aggregate stock returns

    OpenAIRE

    Böing, Tobias; Stadtmann, Georg

    2016-01-01

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

  13. 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.

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

    Science.gov (United States)

    El Alaoui, Marwane

    2015-09-01

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

  15. Exploring Market State and Stock Interactions on the Minute Timescale.

    Directory of Open Access Journals (Sweden)

    Lei Tan

    Full Text Available A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

  16. Exploring Market State and Stock Interactions on the Minute Timescale.

    Science.gov (United States)

    Tan, Lei; Chen, Jun-Jie; Zheng, Bo; Ouyang, Fang-Yan

    2016-01-01

    A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

  17. Has microblogging changed stock market behavior? Evidence from China

    Science.gov (United States)

    Jin, Xi; Shen, Dehua; Zhang, Wei

    2016-06-01

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

  18. 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...

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

    International Nuclear Information System (INIS)

    Klein, R.

    1991-01-01

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

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

    OpenAIRE

    Barry Gordon; Libby Rittenberg

    1995-01-01

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

  1. Politics and the Stock Market ; Evidence from Germany

    OpenAIRE

    Jörg Döpke; Christian Pierdzioch

    2004-01-01

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

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

    Science.gov (United States)

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

    2010-04-01

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

  3. Applying Moving Objects Patterns towards Estimating Future Stocks Direction

    Directory of Open Access Journals (Sweden)

    Galal Dahab

    2016-01-01

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

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

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

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

  5. Facebook Drives Behavior of Passive Households in Stock Markets

    DEFF Research Database (Denmark)

    Siikanen, Milla; Baltakys, Kęstutis; Kanniainen, Juho

    2018-01-01

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

  6. 78 FR 17053 - Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or Securities...

    Science.gov (United States)

    2013-03-19

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

  7. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Science.gov (United States)

    2010-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Ismet ATES

    2009-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Udani Chathurika Edirisinghe

    2015-02-01

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

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

    Science.gov (United States)

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

    2007-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Mobeen Ur Rehman

    2013-05-01

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

  12. 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.

  13. 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.

  14. 12 CFR 221.7 - Supplement: Maximum loan value of margin stock and other collateral.

    Science.gov (United States)

    2010-01-01

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

  15. 26 CFR 1.165-4 - Decline in value of stock.

    Science.gov (United States)

    2010-04-01

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

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

    OpenAIRE

    Wang Kuan-Min; Lai Hung-Cheng

    2013-01-01

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

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

    OpenAIRE

    Dzanic, Enis; Omerbegovic, Sead

    2014-01-01

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

  18. Dynamic structure of stock communities: a comparative study between stock returns and turnover rates

    Science.gov (United States)

    Su, Li-Ling; Jiang, Xiong-Fei; Li, Sai-Ping; Zhong, Li-Xin; Ren, Fei

    2017-07-01

    The detection of community structure in stock market is of theoretical and practical significance for the study of financial dynamics and portfolio risk estimation. We here study the community structures in Chinese stock markets from the aspects of both price returns and turnover rates, by using a combination of the PMFG and infomap methods based on a distance matrix. An empirical study using the overall data set shows that for both returns and turnover rates the largest communities are composed of specific industrial or conceptional sectors and the correlation inside a sector is generally larger than the correlation between different sectors. However, the community structure for turnover rates is more complex than that for returns, which indicates that the interactions between stocks revealed by turnover rates may contain more information. This conclusion is further confirmed by the analysis of the changes in the dynamics of community structures over five sub-periods. Sectors like banks, real estate, health care and New Shanghai take turns to comprise a few of the largest communities in different sub-periods, and more interestingly several specific sectors appear in the communities with different rank orders for returns and turnover rates even in the same sub-period. To better understand their differences, a comparison between the evolution of the returns and turnover rates of the stocks from these sectors is conducted. We find that stock prices only had large changes around important events while turnover rates surged after each of these events relevant to specific sectors, which shows strong evidence that the turnover rates are more susceptible to exogenous shocks than returns and its measurement for community detection may contain more useful information about market structure.

  19. Statistical pairwise interaction model of stock market

    Science.gov (United States)

    Bury, Thomas

    2013-03-01

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

  20. Predicting economic growth with stock networks

    Science.gov (United States)

    Heiberger, Raphael H.

    2018-01-01

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