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Sample records for individual stock trading

  1. Stock portfolio structure of individual investors infers future trading behavior.

    PubMed

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics. PMID:25068302

  2. Stock Portfolio Structure of Individual Investors Infers Future Trading Behavior

    PubMed Central

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics. PMID:25068302

  3. Trading Network Predicts Stock Price

    NASA Astrophysics Data System (ADS)

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

    2014-01-01

    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. Trading network predicts stock price.

    PubMed

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

    2014-01-01

    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. PMID:24429767

  5. Distinguishing manipulated stocks via trading network analysis

    NASA Astrophysics Data System (ADS)

    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.

  6. Complex stock trading network among investors

    NASA Astrophysics Data System (ADS)

    Jiang, Zhi-Qiang; Zhou, Wei-Xing

    2010-11-01

    We provide an empirical investigation aimed at uncovering the statistical properties of intricate stock trading networks based on the order flow data of a highly liquid stock (Shenzhen Development Bank) listed on Shenzhen Stock Exchange during the whole year of 2003. By reconstructing the limit order book, we can extract detailed information of each executed order for each trading day and demonstrate that the trade size distributions for different trading days exhibit power-law tails and that most of the estimated power-law exponents are well within the Lévy stable regime. Based on the records of order matching among investors, we can construct a stock trading network for each trading day, in which the investors are mapped into nodes and each transaction is translated as a direct edge from the seller to the buyer with the trade size as its weight. We find that all the trading networks comprise a giant component and have power-law degree distributions and disassortative architectures. In particular, the degrees are correlated with order sizes by a power-law function. By regarding the size of executed order as its fitness, the fitness model can reproduce the empirical power-law degree distribution.

  7. What distinguishes individual stocks from the index?

    NASA Astrophysics Data System (ADS)

    Wagner, F.; Milaković, M.; Alfarano, S.

    2010-01-01

    Stochastic volatility models decompose the time series of financial returns into the product of a volatility factor and an iid noise factor. Assuming a slow dynamic for the volatility factor, we show via nonparametric tests that both the index as well as its individual stocks share a common volatility factor. While the noise component is Gaussian for the index, individual stock returns turn out to require a leptokurtic noise. Thus we propose a two-component model for stocks, given by the sum of Gaussian noise, which reflects market-wide fluctuations, and Laplacian noise, which incorporates firm-specific factors such as firm profitability or growth performance, both of which are known to be Laplacian distributed. In the case of purely Gaussian noise, the chi-squared probability for the density of individual stock returns is typically on the order of 10-20, while it increases to values of O(1) by adding the Laplace component.

  8. Stroke: a Hidden Danger of Margin Trading in Stock Markets.

    PubMed

    Lin, Shu-Hui; Wang, Chien-Ho; Liu, Tsai-Ching; Chen, Chin-Shyan

    2015-10-01

    Using 10-year population data from 2000 through 2009 in Taiwan, this is the first paper to analyze the relationship between margin trading in stock markets and stroke hospitalizations. The results show that 3 and 6 days after an increase of margin trading in the Taiwan stock markets are associated with greater stoke hospitalizations. In general, a 1 % increase in total margin trading positions is associated with an increment of 2.5 in the total number of stroke hospitalizations, where the mean number of hospital admissions is 233 cases a day. We further examine the effects of margin trading by gender and age groups and find that the effects of margin trading are significant for males and those who are 45-74 years old only. In summary, buying stocks with money you do not have is quite risky, especially if the prices of those stocks fall past a certain level or if there is a sudden and severe drop in the stock market. There is also a hidden danger to one's health from margin trading. A person should be cautious before conducting margin trading, because while it can be quite profitable, danger always lurks just around the corner. PMID:26014381

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

    PubMed

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones. PMID:26435898

  10. Cross-response in correlated financial markets: individual stocks

    NASA Astrophysics Data System (ADS)

    Wang, Shanshan; Schäfer, Rudi; Guhr, Thomas

    2016-04-01

    Previous studies of the stock price response to trades focused on the dynamics of single stocks, i.e. they addressed the self-response. We empirically investigate the price response of one stock to the trades of other stocks in a correlated market, i.e. the cross-responses. How large is the impact of one stock on others and vice versa? - This impact of trades on the price change across stocks appears to be transient instead of permanent as we discuss from the viewpoint of market efficiency. Furthermore, we compare the self-responses on different scales and the self- and cross-responses on the same scale. We also find that the cross-correlation of the trade signs turns out to be a short-memory process.

  11. Fluctuations of trading volume in a stock market

    NASA Astrophysics Data System (ADS)

    Hong, Byoung Hee; Lee, Kyoung Eun; Hwang, Jun Kyung; Lee, Jae Woo

    2009-03-01

    We consider the probability distribution function of the trading volume and the volume changes in the Korean stock market. The probability distribution function of the trading volume shows double peaks and follows a power law, P(V/)∼( at the tail part of the distribution with α=4.15(4) for the KOSPI (Korea composite Stock Price Index) and α=4.22(2) for the KOSDAQ (Korea Securities Dealers Automated Quotations), where V is the trading volume and is the monthly average value of the trading volume. The second peaks originate from the increasing trends of the average volume. The probability distribution function of the volume changes also follows a power law, P(Vr)∼Vr-β, where Vr=V(t)-V(t-T) and T is a time lag. The exponents β depend on the time lag T. We observe that the exponents β for the KOSDAQ are larger than those for the KOSPI.

  12. Stock trading using RSPOP: a novel rough set-based neuro-fuzzy approach.

    PubMed

    Ang, Kai Keng; Quek, Chai

    2006-09-01

    This paper investigates the method of forecasting stock price difference on artificially generated price series data using neuro-fuzzy systems and neural networks. As trading profits is more important to an investor than statistical performance, this paper proposes a novel rough set-based neuro-fuzzy stock trading decision model called stock trading using rough set-based pseudo outer-product (RSPOP) which synergizes the price difference forecast method with a forecast bottleneck free trading decision model. The proposed stock trading with forecast model uses the pseudo outer-product based fuzzy neural network using the compositional rule of inference [POPFNN-CRI(S)] with fuzzy rules identified using the RSPOP algorithm as the underlying predictor model and simple moving average trading rules in the stock trading decision model. Experimental results using the proposed stock trading with RSPOP forecast model on real world stock market data are presented. Trading profits in terms of portfolio end values obtained are benchmarked against stock trading with dynamic evolving neural-fuzzy inference system (DENFIS) forecast model, the stock trading without forecast model and the stock trading with ideal forecast model. Experimental results showed that the proposed model identified rules with greater interpretability and yielded significantly higher profits than the stock trading with DENFIS forecast model and the stock trading without forecast model. PMID:17001989

  13. Can we still beat "buy-and-hold" for individual stocks?

    NASA Astrophysics Data System (ADS)

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

    2014-09-01

    Many investors seek for a trading strategy to beat the "buy-and-hold" strategy. In light of this, Hui and Yam (2014) and Hui et al. (2014) derived a trading strategy from the Shiryaev-Zhou index, and found that the resulting strategy outperformed the "buy-and-hold" strategy for western and Asian securitized real estate indices respectively. However, whether the trading strategy works on individual stocks or not is still unknown. This is the first study to test whether the trading strategy can beat the "buy-and-hold" strategy on individual stocks. We construct two trading strategies and compare the resulting profits with the profits arising from the "buy-and-hold" strategy on Hang Seng Index (HSI), Hang Seng Property (HSP) Index and 12 constituent stocks of HSI during the period December 29, 1995-December 31, 2013. The second strategy (Strategy 2) is a new strategy which incorporates short-selling, and has the effect of multiplying the profit. The results show that our trading strategies are less effective on individual stocks than on stock indices, and are more effective on property stocks than on non-property stocks. Moreover, our strategies outperform "buy-and-hold" by a larger extent on stocks of which the Shiryaev-Zhou indices fluctuate less frequently. Furthermore, by tracking the resulting profits of the three strategies at different times along the whole period of observation, our strategies work better during "bad times" than during "good times". This reflects that our trading strategies are especially useful in protecting investors from substantial loss during market downturns.

  14. Preferred numbers and the distributions of trade sizes and trading volumes in the Chinese stock market

    NASA Astrophysics Data System (ADS)

    Mu, G.-H.; Chen, W.; Kertész, J.; Zhou, W.-X.

    2009-03-01

    The distributions of trade sizes and trading volumes are investigated based on the limit order book data of 22 liquid Chinese stocks listed on the Shenzhen Stock Exchange in the whole year 2003. We observe that the size distribution of trades for individualstocks exhibits jumps, which is caused by the number preference of traders when placing orders. We analyze the applicability of the “q-Gamma” function for fitting the distribution by the Cramér-von Mises criterion. The empirical PDFs of tradingvolumes at different timescales Δt ranging from 1 min to 240 min can be well modeled. The applicability of the q-Gamma functions for multiple trades is restricted to the transaction numbers Δn≤ 8. We find that all the PDFs have power-law tails for large volumes. Using careful estimation of the average tail exponents α of the distributions of trade sizes and trading volumes, we get α> 2, well outside the Lévy regime.

  15. Memory effects in stock price dynamics: evidences of technical trading

    PubMed Central

    Garzarelli, Federico; Cristelli, Matthieu; Pompa, Gabriele; Zaccaria, Andrea; Pietronero, Luciano

    2014-01-01

    Technical trading represents a class of investment strategies for Financial Markets based on the analysis of trends and recurrent patterns in price time series. According standard economical theories these strategies should not be used because they cannot be profitable. On the contrary, it is well-known that technical traders exist and operate on different time scales. In this paper we investigate if technical trading produces detectable signals in price time series and if some kind of memory effects are introduced in the price dynamics. In particular, we focus on a specific figure called supports and resistances. We first develop a criterion to detect the potential values of supports and resistances. Then we show that memory effects in the price dynamics are associated to these selected values. In fact we show that prices more likely re-bounce than cross these values. Such an effect is a quantitative evidence of the so-called self-fulfilling prophecy, that is the self-reinforcement of agents' belief and sentiment about future stock prices' behavior. PMID:24671011

  16. Memory effects in stock price dynamics: evidences of technical trading

    NASA Astrophysics Data System (ADS)

    Garzarelli, Federico; Cristelli, Matthieu; Pompa, Gabriele; Zaccaria, Andrea; Pietronero, Luciano

    2014-03-01

    Technical trading represents a class of investment strategies for Financial Markets based on the analysis of trends and recurrent patterns in price time series. According standard economical theories these strategies should not be used because they cannot be profitable. On the contrary, it is well-known that technical traders exist and operate on different time scales. In this paper we investigate if technical trading produces detectable signals in price time series and if some kind of memory effects are introduced in the price dynamics. In particular, we focus on a specific figure called supports and resistances. We first develop a criterion to detect the potential values of supports and resistances. Then we show that memory effects in the price dynamics are associated to these selected values. In fact we show that prices more likely re-bounce than cross these values. Such an effect is a quantitative evidence of the so-called self-fulfilling prophecy, that is the self-reinforcement of agents' belief and sentiment about future stock prices' behavior.

  17. Memory effects in stock price dynamics: evidences of technical trading.

    PubMed

    Garzarelli, Federico; Cristelli, Matthieu; Pompa, Gabriele; Zaccaria, Andrea; Pietronero, Luciano

    2014-01-01

    Technical trading represents a class of investment strategies for Financial Markets based on the analysis of trends and recurrent patterns in price time series. According standard economical theories these strategies should not be used because they cannot be profitable. On the contrary, it is well-known that technical traders exist and operate on different time scales. In this paper we investigate if technical trading produces detectable signals in price time series and if some kind of memory effects are introduced in the price dynamics. In particular, we focus on a specific figure called supports and resistances. We first develop a criterion to detect the potential values of supports and resistances. Then we show that memory effects in the price dynamics are associated to these selected values. In fact we show that prices more likely re-bounce than cross these values. Such an effect is a quantitative evidence of the so-called self-fulfilling prophecy, that is the self-reinforcement of agents' belief and sentiment about future stock prices' behavior. PMID:24671011

  18. Detrended cross-correlations between returns, volatility, trading activity, and volume traded for the stock market companies

    NASA Astrophysics Data System (ADS)

    Rak, Rafał; Drożdż, Stanisław; Kwapień, Jarosław; Oświȩcimka, Paweł

    2015-11-01

    We consider a few quantities that characterize trading on a stock market in a fixed time interval: logarithmic returns, volatility, trading activity (i.e., the number of transactions), and volume traded. We search for the power-law cross-correlations among these quantities aggregated over different time units from 1 min to 10 min. Our study is based on empirical data from the American stock market consisting of tick-by-tick recordings of 31 stocks listed in Dow Jones Industrial Average during the years 2008-2011. Since all the considered quantities except the returns show strong daily patterns related to the variable trading activity in different parts of a day, which are the most evident in the autocorrelation function, we remove these patterns by detrending before we proceed further with our study. We apply the multifractal detrended cross-correlation analysis with sign preserving (MFCCA) and show that the strongest power-law cross-correlations exist between trading activity and volume traded, while the weakest ones exist (or even do not exist) between the returns and the remaining quantities. We also show that the strongest cross-correlations are carried by those parts of the signals that are characterized by large and medium variance. Our observation that the most convincing power-law cross-correlations occur between trading activity and volume traded reveals the existence of strong fractal-like coupling between these quantities.

  19. Self-similarity and non-Markovian behavior in traded stock volumes

    NASA Astrophysics Data System (ADS)

    Brown, Frank R.; Pravica, David; Bier, Martin

    2015-11-01

    The volume traded daily for 17 stocks is followed over a period of about half a century. We look at the volume of stocks traded in a certain time interval (day, week, month) and analyze how long that traded volume keeps monotonically increasing or decreasing. On all three times scales we find that the sequence of traded volumes behaves neither like a sequence of independent and identically distributed variables, nor like a Markov sequence. A compressed exponential survival function with the same parameters at all timescales is firmly established. A day with an increase (decrease) of traded volume is most likely followed by a day with a decrease (increase) of traded volume. We show how the apparent self-similarity results because the small day-to-day anticorrelation carries over when larger time intervals are considered. The observed small anticorrelation can be explained as a consequence of market forces and trader reactions.

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

    ERIC Educational Resources Information Center

    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…

  1. Statistical properties of short-selling and margin-trading activities and their impacts on returns in the Chinese stock markets

    NASA Astrophysics Data System (ADS)

    Gao, Yan; Gao, Yao

    2015-11-01

    We investigate the collective behaviors of short-selling and margin-trading between Chinese stocks and their impacts on the co-movements of stock returns by cross-correlation and partial correlation analyses. We find that the collective behaviors of margin-trading are largely attributed to the index cohesive force, while those of short-selling are mainly due to some direct interactions between stocks. Interestingly, the dominant role the finance industry plays in the collective behaviors of short-selling could make it more important in affecting the co-movement structure of stock returns by strengthening its relationship with the market index. By detecting the volume-return and volume-volatility relationships, we find that the investors of the two leverage activities are positively triggered by individual stock volatility first, and next, at the return level, margin-buyers show trend-following properties, while short-sellers are probably informative traders who trade on the information impulse of specific firms. However, the return predictability of the two leverage trading activities and their impacts on stock volatility are not significant. Moreover, both tails of the cumulative distributions of the two leverage trading activities are found following the stretched exponential law better than the power-law.

  2. Network interdependency between social media and stock trading activities: Evidence from China

    NASA Astrophysics Data System (ADS)

    Lin, Shen; Ren, Da; Zhang, Wei; Zhang, Yongjie; Shen, Dehua

    2016-06-01

    The emergence of social media accelerates the research on information dissemination and its corresponding influence on trading tendency. Based on empirical study of the dynamic relationship between the ratio of re-post microblog and original microblog (RRO) and average volume per transaction (VPT), we find the following results: (1) In microblog network, stocks with high RRO are often accompanied with low statistical VPT; (2) When the discussion about one stock is quite lively in microblog network (such as the blog postings reach a summit), it does not statistically cause the fluctuations of VPT of the stock; (3) Overall speaking, RRO plays a significant role in inverting u-shaped relationship with VPT.

  3. Profitability of simple technical trading rules of Chinese stock exchange indexes

    NASA Astrophysics Data System (ADS)

    Zhu, Hong; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing

    2015-12-01

    Although technical trading rules have been widely used by practitioners in financial markets, their profitability still remains controversial. We here investigate the profitability of moving average (MA) and trading range break (TRB) rules by using the Shanghai Stock Exchange Composite Index (SHCI) from May 21, 1992 through December 31, 2013 and Shenzhen Stock Exchange Component Index (SZCI) from April 3, 1991 through December 31, 2013. The t-test is adopted to check whether the mean returns which are conditioned on the trading signals are significantly different from unconditioned returns and whether the mean returns conditioned on the buy signals are significantly different from the mean returns conditioned on the sell signals. We find that TRB rules outperform MA rules and short-term variable moving average (VMA) rules outperform long-term VMA rules. By applying White's Reality Check test and accounting for the data snooping effects, we find that the best trading rule outperforms the buy-and-hold strategy when transaction costs are not taken into consideration. Once transaction costs are included, trading profits will be eliminated completely. Our analysis suggests that simple trading rules like MA and TRB cannot beat the standard buy-and-hold strategy for the Chinese stock exchange indexes.

  4. Correlations and clustering in the trading of members of the London Stock Exchange

    NASA Astrophysics Data System (ADS)

    Zovko, Ilija I.; Farmer, J. Doyne

    2007-12-01

    This paper analyzes correlations in patterns of trading of different members of the London Stock Exchange. The collection of strategies associated with a member institution is defined by the sequence of signs of net volume traded by that institution in hour intervals. Using several methods we show that there are significant and persistent correlations between institutions. In addition, the correlations are structured into correlated and anti-correlated groups. Clustering techniques using the correlations as a distance metric reveal a meaningful clustering structure with two groups of institutions trading in opposite directions.

  5. Short-term market reaction after trading halts in Chinese stock market

    NASA Astrophysics Data System (ADS)

    Xu, Hai-Chuan; Zhang, Wei; Liu, Yi-Fang

    2014-05-01

    In this paper, we study the dynamics of absolute return, trading volume and bid-ask spread after the trading halts using high-frequency data from the Shanghai Stock Exchange. We deal with all three types of trading halts, namely intraday halts, one-day halts and inter-day halts, of 203 stocks in Shanghai Stock Exchange from August 2009 to 2011. We find that absolute return, trading volume, and in case of bid-ask spread around intraday halts share the same pattern with a sharp peak and a power law relaxation after that. While for different types of trading halts, the peaks’ height and the relaxation exponents are different. From the perspective of halt reasons or halt durations, the relaxation exponents of absolute return after inter-day halts are larger than those after intraday halts and one-day halts, which implies that inter-day halts are most effective. From the perspective of price trends, the relaxation exponents of excess absolute return and excess volume for positive events are larger than those for negative events in case of intraday halts and one-day halts, implying that positive events are more effective than negative events for intraday halts and one-day halts. In contrast, negative events are more effective than positive events for inter-day halts.

  6. Market impact and trading profile of hidden orders in stock markets.

    PubMed

    Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

    2009-12-01

    We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order. PMID:20365226

  7. Information-driven trade and price-volume relationship in artificial stock markets

    NASA Astrophysics Data System (ADS)

    Liu, Xinghua; Liu, Xin; Liang, Xiaobei

    2015-07-01

    The positive relation between stock price changes and trading volume (price-volume relationship) as a stylized fact has attracted significant interest among finance researchers and investment practitioners. However, until now, consensus has not been reached regarding the causes of the relationship based on real market data because extracting valuable variables (such as information-driven trade volume) from real data is difficult. This lack of general consensus motivates us to develop a simple agent-based computational artificial stock market where extracting the necessary variables is easy. Based on this model and its artificial data, our tests have found that the aggressive trading style of informed agents can produce a price-volume relationship. Therefore, the information spreading process is not a necessary condition for producing price-volume relationship.

  8. 75 FR 28839 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... individual stock trading pause, Nasdaq will pause trading in that security until trading has resumed on the... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of a Proposed Rule Change To Establish a Trading Pause for Individual Stocks Contained in the Standard & Poor's 500...

  9. Financial factor influence on scaling and memory of trading volume in stock market

    NASA Astrophysics Data System (ADS)

    Li, Wei; Wang, Fengzhong; Havlin, Shlomo; Stanley, H. Eugene

    2011-10-01

    We study the daily trading volume volatility of 17 197 stocks in the US stock markets during the period 1989-2008 and analyze the time return intervals τ between volume volatilities above a given threshold q. For different thresholds q, the probability density function Pq(τ) scales with mean interval <τ> as Pq(τ)=<τ>-1f(τ/<τ>), and the tails of the scaling function can be well approximated by a power law f(x)˜x-γ. We also study the relation between the form of the distribution function Pq(τ) and several financial factors: stock lifetime, market capitalization, volume, and trading value. We find a systematic tendency of Pq(τ) associated with these factors, suggesting a multiscaling feature in the volume return intervals. We analyze the conditional probability Pq(τ|τ0) for τ following a certain interval τ0, and find that Pq(τ|τ0) depends on τ0 such that immediately following a short (long) return interval a second short (long) return interval tends to occur. We also find indications that there is a long-term correlation in the daily volume volatility. We compare our results to those found earlier for price volatility.

  10. Financial factor influence on scaling and memory of trading volume in stock market.

    PubMed

    Li, Wei; Wang, Fengzhong; Havlin, Shlomo; Stanley, H Eugene

    2011-10-01

    We study the daily trading volume volatility of 17,197 stocks in the US stock markets during the period 1989-2008 and analyze the time return intervals τ between volume volatilities above a given threshold q. For different thresholds q, the probability density function P(q)(τ) scales with mean interval 〈τ〉 as P(q)(τ)=〈τ〉(-1)f(τ/〈τ〉), and the tails of the scaling function can be well approximated by a power law f(x)∼x(-γ). We also study the relation between the form of the distribution function P(q)(τ) and several financial factors: stock lifetime, market capitalization, volume, and trading value. We find a systematic tendency of P(q)(τ) associated with these factors, suggesting a multiscaling feature in the volume return intervals. We analyze the conditional probability P(q)(τ|τ(0)) for τ following a certain interval τ(0), and find that P(q)(τ|τ(0)) depends on τ(0) such that immediately following a short (long) return interval a second short (long) return interval tends to occur. We also find indications that there is a long-term correlation in the daily volume volatility. We compare our results to those found earlier for price volatility. PMID:22181232

  11. The price impact asymmetry of institutional trading in the Chinese stock market

    NASA Astrophysics Data System (ADS)

    Ren, Fei; Zhong, Li-Xin

    2012-04-01

    The asymmetric price impact between the institutional purchases and sales of 32 liquid stocks in the Chinese stock market in 2003 is carefully studied. We analyze the price impact in both drawup and drawdown trends with consecutive positive and negative daily price changes, and test the dependence of the price impact asymmetry on the market condition. For most of the stocks, institutional sales have a larger price impact than institutional purchases, and a larger impact of institutional purchases exists only in a few stocks with primarily increasing tendencies. We further study the mean return of trades surrounding institutional transactions, and find that the asymmetric behavior also exists before and after institutional transactions. A new variable is proposed to investigate the order book structure, and it can partially explain the price impact of institutional transactions. A linear regression for the price impact of institutional transactions further confirms our finding that institutional sales primarily have a larger price impact than institutional purchases in the bearish year 2003.

  12. Network analysis of returns and volume trading in stock markets: The Euro Stoxx case

    NASA Astrophysics Data System (ADS)

    Brida, Juan Gabriel; Matesanz, David; Seijas, Maria Nela

    2016-02-01

    This study applies network analysis to analyze the structure of the Euro Stoxx market during the long period from 2002 up to 2014. The paper generalizes previous research on stock market networks by including asset returns and volume trading as the main variables to study the financial market. A multidimensional generalization of the minimal spanning tree (MST) concept is introduced, by adding the role of trading volume to the traditional approach which only includes price returns. Additionally, we use symbolization methods to the raw data to study the behavior of the market structure in different, normal and critical, situations. The hierarchical organization of the network is derived, and the MST for different sub-periods of 2002-2014 is created to illustrate how the structure of the market evolves over time. From the structural topologies of these trees, different clusters of companies are identified and analyzed according to their geographical and economic links. Two important results are achieved. Firstly, as other studies have highlighted, at the time of the financial crisis after 2008 the network becomes a more centralized one. Secondly and most important, during our second period of analysis, 2008-2014, we observe that hierarchy becomes more country-specific where different sub-clusters of stocks belonging to France, Germany, Spain or Italy are found apart from their business sector group. This result may suggest that during this period of time financial investors seem to be worried most about country specific economic circumstances.

  13. Unveiling correlations between financial variables and topological metrics of trading networks: Evidence from a stock and its warrant

    NASA Astrophysics Data System (ADS)

    Li, Ming-Xia; Jiang, Zhi-Qiang; Xie, Wen-Jie; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-02-01

    Traders develop and adopt different trading strategies attempting to maximize their profits in financial markets. These trading strategies not only result in specific topological structures in trading networks, which connect the traders with the pairwise buy-sell relationships, but also have potential impacts on market dynamics. Here, we present a detailed analysis on how the market behaviors are correlated with the structures of traders in trading networks based on audit trail data for the Baosteel stock and its warrant at the transaction level from 22 August 2005 to 23 August 2006. In our investigation, we divide each trade day into 48 rolling time windows with a length of 5 min, construct a trading network within each window, and obtain a time series of over 11,600 trading networks. We find that there are strongly simultaneous correlations between the topological metrics (including network centralization, assortative index, and average path length) of trading networks that characterize the patterns of order execution and the financial variables (including return, volatility, intertrade duration, and trading volume) for the stock and its warrant. Our analysis may shed new lights on how the microscopic interactions between elements within complex system affect the system's performance.

  14. Effect of trading momentum and price resistance on stock market dynamics: a Glauber Monte Carlo simulation

    NASA Astrophysics Data System (ADS)

    Castiglione, F.; Pandey, R. B.; Stauffer, D.

    2001-01-01

    A Monte Carlo computer simulation model is presented to study the evolution of stock price and the distribution of price fluctuation. The resistance is described by an elastic energy Ee= e· x2 resulting from the price deviation x from an initial value and the momentum trading by the potential energy Ep=- b· y in a price gradient y field. The distribution of price fluctuation ( P( y)) is symmetric and shows a long time tail compatible over some range with a power-law, P( y)∼ y- μ with μ≃4 at e=1.0, b=5 . The volatility auto-correlation function ( c( τ)) is positive for several iterations.

  15. 75 FR 78302 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-12-15

    ... individual stock trading pause, Nasdaq will pause trading in that security until trading has resumed on the... Stock Exchange, Inc. (collectively, the ``Exchanges''), to pause trading during periods of extraordinary... Exchange Traded Products.\\5\\ \\3\\ Securities Exchange Act Release No. 62252 (June 10, 2010), 75 FR...

  16. The Illogicality of Stock-Brokers: Psychological Experiments on the Effects of Prior Knowledge and Belief Biases on Logical Reasoning in Stock Trading

    PubMed Central

    Knauff, Markus; Budeck, Claudia; Wolf, Ann G.; Hamburger, Kai

    2010-01-01

    Background Explanations for the current worldwide financial crisis are primarily provided by economists and politicians. However, in the present work we focus on the psychological-cognitive factors that most likely affect the thinking of people on the economic stage and thus might also have had an effect on the progression of the crises. One of these factors might be the effect of prior beliefs on reasoning and decision-making. So far, this question has been explored only to a limited extent. Methods We report two experiments on logical reasoning competences of nineteen stock-brokers with long-lasting vocational experiences at the stock market. The premises of reasoning problems concerned stock trading and the experiments varied whether or not their conclusions—a proposition which is reached after considering the premises—agreed with the brokers' prior beliefs. Half of the problems had a conclusion that was highly plausible for stock-brokers while the other half had a highly implausible conclusion. Results The data show a strong belief bias. Stock-brokers were strongly biased by their prior knowledge. Lowest performance was found for inferences in which the problems caused a conflict between logical validity and the experts' belief. In these cases, the stock-brokers tended to make logically invalid inferences rather than give up their existing beliefs. Conclusions Our findings support the thesis that cognitive factors have an effect on the decision-making on the financial market. In the present study, stock-brokers were guided more by past experience and existing beliefs than by logical thinking and rational decision-making. They had difficulties to disengage themselves from vastly anchored thinking patterns. However, we believe, that it is wrong to accuse the brokers for their “malfunctions”, because such hard-wired cognitive principles are difficult to suppress even if the person is aware of them. PMID:20976157

  17. Do physicians/researchers trade stock based on privileged information? A closer look at trading patterns surrounding the annual ASCO conference.

    PubMed

    Donath, Elie; Eisenberg, Mark J

    2012-01-01

    The goal of this paper was to assess whether, given the opportunity, physicians/researchers would try to profit (by trading stocks) from information that only they were made privy to. The Annual ASCO (American Society of Clinical Oncology) Conference, the largest annual oncology conference, provided the perfect venue to fully explore this question. Up until 2008, ASCO abstracts were released exclusively to ASCO members (i.e., physicians, oncologists) two weeks prior to the conference, and many speculated about unusual trading patterns during these two weeks. In 2008, in response to concerns about such illicit activities, ASCO changed this policy (by distributing these abstracts instead to the general public). We decided to take a closer look at these trading patterns to determine the true impact of ASCO's 2008 decision and whether the differences prior to and following 2008 reveal something about the likelihood of physicians/researchers to profit from "privileged information." PMID:22789054

  18. Relations of imagery, creativity, and socioeconomic status with performance on a stock-market E-trading game.

    PubMed

    Roberts, D S; MacDonald, B E

    2001-06-01

    The purpose of the present investigation was to examine how measures of imagery, creativity, and socioeconomic status relate to performance in a stock-market trading game. The 368 participants were students enrolled in an administration studies curriculum. A multiple regression analysis showed imaging scores to be a predictor of stock-trading performance as were creativity and socioeconomic status to a lesser extent. High imagers and high scorers on creativity and socioeconomic status made several times more profit with their portfolios. Results are discussed in terms of imagery having multiple repercussions on learning, e.g., memory and problem-solving. It is concluded that scores on imagery, creativity, and socioeconomic status, being weakly correlated, are interdependent and likely associated with personality traits shaped within a stimulating home or social environment. PMID:11508012

  19. 76 FR 50779 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-16

    ... individual stock trading pause, Nasdaq will pause trading in that security until trading has resumed on the... Arca''), and National Stock Exchange, Inc. (collectively, the ``Exchanges''), to pause trading during...), 75 FR 34186 (June 16, 2010) (SR-NASDAQ-2010-061). \\4\\ The term ``Listing Markets''...

  20. The Dynamics of Avian Influenza: Individual-Based Model with Intervention Strategies in Traditional Trade Networks in Phitsanulok Province, Thailand.

    PubMed

    Wilasang, Chaiwat; Wiratsudakul, Anuwat; Chadsuthi, Sudarat

    2016-01-01

    Avian influenza virus subtype H5N1 is endemic to Southeast Asia. In Thailand, avian influenza viruses continue to cause large poultry stock losses. The spread of the disease has a serious impact on poultry production especially among rural households with backyard chickens. The movements and activities of chicken traders result in the spread of the disease through traditional trade networks. In this study, we investigate the dynamics of avian influenza in the traditional trade network in Phitsanulok Province, Thailand. We also propose an individual-based model with intervention strategies to control the spread of the disease. We found that the dynamics of the disease mainly depend on the transmission probability and the virus inactivation period. This study also illustrates the appropriate virus disinfection period and the target for intervention strategies on traditional trade network. The results suggest that good hygiene and cleanliness among household traders and trader of trader areas and ensuring that any equipment used is clean can lead to a decrease in transmission and final epidemic size. These results may be useful to epidemiologists, researchers, and relevant authorities in understanding the spread of avian influenza through traditional trade networks. PMID:27110273

  1. The Dynamics of Avian Influenza: Individual-Based Model with Intervention Strategies in Traditional Trade Networks in Phitsanulok Province, Thailand

    PubMed Central

    Wilasang, Chaiwat; Wiratsudakul, Anuwat; Chadsuthi, Sudarat

    2016-01-01

    Avian influenza virus subtype H5N1 is endemic to Southeast Asia. In Thailand, avian influenza viruses continue to cause large poultry stock losses. The spread of the disease has a serious impact on poultry production especially among rural households with backyard chickens. The movements and activities of chicken traders result in the spread of the disease through traditional trade networks. In this study, we investigate the dynamics of avian influenza in the traditional trade network in Phitsanulok Province, Thailand. We also propose an individual-based model with intervention strategies to control the spread of the disease. We found that the dynamics of the disease mainly depend on the transmission probability and the virus inactivation period. This study also illustrates the appropriate virus disinfection period and the target for intervention strategies on traditional trade network. The results suggest that good hygiene and cleanliness among household traders and trader of trader areas and ensuring that any equipment used is clean can lead to a decrease in transmission and final epidemic size. These results may be useful to epidemiologists, researchers, and relevant authorities in understanding the spread of avian influenza through traditional trade networks. PMID:27110273

  2. Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions.

    PubMed

    Rappaport, A; Sirower, M L

    1999-01-01

    In 1988, less than 2% of large deals were paid for entirely in stock; by 1998, that number had risen to 50%. The shift has profound ramifications for shareholders of both the acquiring and acquired companies. In this article, the authors provide a framework and two simple tools to guide boards of both companies through the issues they need to consider when making decisions about how to pay for--and whether to accept--a deal. First an acquirer has to decide whether to finance the deal using stock or pay cash. Second, if the acquirer decides to issue stock, it then must decide whether to offer a fixed value of shares or a fixed number of them. Offering cash places all the potential risks and rewards with the acquirer--and sends a strong signal to the markets that it has confidence in the value not only of the deal but in its own stock. By issuing shares, however, an acquirer in essence offers to share the newly merged company with the stockholders of the acquired company--a signal the market often interprets as a lack of confidence in the value of the acquirer's stock. Offering a fixed number of shares reinforces that impression because it requires the selling stockholders to share the risk that the value of the acquirer's stock will decline before the deal goes through. Offering a fixed value of shares sends a more confident signal to the markets, as the acquirer assumes all of that risk. The choice between cash and stock should never be made without full and careful consideration of the potential consequences. The all-too-frequent disappointing returns from stock transactions underscore how important the method of payment truly is. PMID:10662003

  3. [Development and validation of a questionnaire about the main variables affecting the individual investor's behavior in the Stock Exchange].

    PubMed

    Pascual-Ezama, David; San Martín Castellanos, Rafael; Gil-Gómez de Liaño, Beatriz; Scandroglio, Bárbara

    2010-11-01

    Development and validation of a questionnaire about the main variables affecting the individual investor's behavior in the Stock Exchange. There is a considerable lack of information about the methodology usually used in most of the studies about individual investor's behavior. The studies reviewed do not show the method used in the selection of the items or the psychometric properties of the questionnaires. Because of the importance of investment in the Stock Exchange nowadays, it seems relevant to obtain a reliable instrument to understand individual investor's behavior in the Stock Exchange. Therefore, the goal of the present work is to validate a questionnaire about the main variables involved in individual investors' behavior in the Stock Exchange. Based on previous studies, we elaborated a questionnaire using the Delphi methodology with a group of experts. The internal consistency (Cronbach alpha=.934) and validity evidence of the questionnaire show that it may be an effective instrument and can be applied with some assurance. PMID:21044546

  4. 78 FR 62782 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-10-22

    ... proposes to remove certain references to individual stock trading pauses contained in Rule 11.19(c)(4) and... Erroneous Executions and to remove references to individual stock trading pauses described in Rule 11.19(c... 8, 2014. \\4\\ See Securities Exchange Act Release No. 68803 (February 1, 2013); 78 FR 9078...

  5. Welder's Helper. Coordinator's Guide. Individualized Study Guide. General Metal Trades.

    ERIC Educational Resources Information Center

    Dean, James W.

    This guide provides information to enable coordinators to direct learning activities for students using an individualized study guide on being a welder's helper. The study material is designed for students enrolled in cooperative part-time training and employed, or desiring to be employed, as welders' helpers. Contents include a sample progress

  6. Welder's Helper. Coordinator's Guide. Individualized Study Guide. General Metal Trades.

    ERIC Educational Resources Information Center

    Dean, James W.

    This guide provides information to enable coordinators to direct learning activities for students using an individualized study guide on being a welder's helper. The study material is designed for students enrolled in cooperative part-time training and employed, or desiring to be employed, as welders' helpers. Contents include a sample progress…

  7. Trading carbon for food: Global comparison of carbon stocks vs. crop yields on agricultural land

    PubMed Central

    West, Paul C.; Gibbs, Holly K.; Monfreda, Chad; Wagner, John; Barford, Carol C.; Carpenter, Stephen R.; Foley, Jonathan A.

    2010-01-01

    Expanding croplands to meet the needs of a growing population, changing diets, and biofuel production comes at the cost of reduced carbon stocks in natural vegetation and soils. Here, we present a spatially explicit global analysis of tradeoffs between carbon stocks and current crop yields. The difference among regions is striking. For example, for each unit of land cleared, the tropics lose nearly two times as much carbon (?120 tonsha?1 vs. ?63 tonsha?1) and produce less than one-half the annual crop yield compared with temperate regions (1.71 tonsha?1y?1 vs. 3.84 tonsha?1y?1). Therefore, newly cleared land in the tropics releases nearly 3 tons of carbon for every 1 ton of annual crop yield compared with a similar area cleared in the temperate zone. By factoring crop yield into the analysis, we specify the tradeoff between carbon stocks and crops for all areas where crops are currently grown and thereby, substantially enhance the spatial resolution relative to previous regional estimates. Particularly in the tropics, emphasis should be placed on increasing yields on existing croplands rather than clearing new lands. Our high-resolution approach can be used to determine the net effect of local land use decisions. PMID:21041633

  8. The use of copula functions for modeling the risk of investment in shares traded on the Warsaw Stock Exchange

    NASA Astrophysics Data System (ADS)

    Domino, Krzysztof; Błachowicz, Tomasz

    2014-11-01

    In our work copula functions and the Hurst exponent calculated using the local Detrended Fluctuation Analysis (DFA) were used to investigate the risk of investment made in shares traded on the Warsaw Stock Exchange. The combination of copula functions and the Hurst exponent calculated using local DFA is a new approach. For copula function analysis bivariate variables composed of shares prices of the PEKAO bank (a big bank with high capitalization) and other banks (PKOBP, BZ WBK, MBANK and HANDLOWY in decreasing capitalization order) and companies from other branches (KGHM-mining industry, PKNORLEN-petrol industry as well as ASSECO-software industry) were used. Hurst exponents were calculated for daily shares prices and used to predict high drops of those prices. It appeared to be a valuable indicator in the copula selection procedure, since Hurst exponent’s low values were pointing on heavily tailed copulas e.g. the Clayton one.

  9. How Stock of Origin Affects Performance of Individuals across a Meta-Ecosystem: An Example from Sockeye Salmon

    PubMed Central

    Griffiths, Jennifer R.; Schindler, Daniel E.; Seeb, Lisa W.

    2013-01-01

    Connectivity among diverse habitats can buffer populations from adverse environmental conditions, influence the functioning of meta-ecosystems, and ultimately affect the reliability of ecosystem services. This stabilizing effect on populations is proposed to derive from complementarity in growth and survival conditions experienced by individuals in the different habitats that comprise meta-ecosystems. Here we use the fine scale differentiation of salmon populations between diverse lake habitats to assess how rearing habitat and stock of origin affect the body condition of juvenile sockeye salmon. We use genetic markers (single nucleotide polymorphisms) to assign individuals of unknown origin to stock group and in turn characterize ecologically relevant attributes across habitats and stocks. Our analyses show that the body condition of juvenile salmon is related to the productivity of alternative habitats across the watershed, irrespective of their stock of origin. Emigrants and residents with genetic origins in the high productivity lake were also differentiated by their body condition, poor and high respectively. These emigrants represented a substantial proportion of juvenile sockeye salmon rearing in the lower productivity lake habitat. Despite emigrants originating from the more productive lake, they did not differ in body condition from the individuals spawned in the lower productivity, recipient habitat. Genetic tools allowed us to assess the performance of different stocks groups across the diverse habitats comprising their meta-ecosystem. The ability to characterize the ecological consequences of meta-ecosystem connectivity can help develop strategies to protect and restore ecosystems and the services they provide to humans. PMID:23505539

  10. How stock of origin affects performance of individuals across a meta-ecosystem: an example from sockeye salmon.

    PubMed

    Griffiths, Jennifer R; Schindler, Daniel E; Seeb, Lisa W

    2013-01-01

    Connectivity among diverse habitats can buffer populations from adverse environmental conditions, influence the functioning of meta-ecosystems, and ultimately affect the reliability of ecosystem services. This stabilizing effect on populations is proposed to derive from complementarity in growth and survival conditions experienced by individuals in the different habitats that comprise meta-ecosystems. Here we use the fine scale differentiation of salmon populations between diverse lake habitats to assess how rearing habitat and stock of origin affect the body condition of juvenile sockeye salmon. We use genetic markers (single nucleotide polymorphisms) to assign individuals of unknown origin to stock group and in turn characterize ecologically relevant attributes across habitats and stocks. Our analyses show that the body condition of juvenile salmon is related to the productivity of alternative habitats across the watershed, irrespective of their stock of origin. Emigrants and residents with genetic origins in the high productivity lake were also differentiated by their body condition, poor and high respectively. These emigrants represented a substantial proportion of juvenile sockeye salmon rearing in the lower productivity lake habitat. Despite emigrants originating from the more productive lake, they did not differ in body condition from the individuals spawned in the lower productivity, recipient habitat. Genetic tools allowed us to assess the performance of different stocks groups across the diverse habitats comprising their meta-ecosystem. The ability to characterize the ecological consequences of meta-ecosystem connectivity can help develop strategies to protect and restore ecosystems and the services they provide to humans. PMID:23505539

  11. Impact of information cost and switching of trading strategies in an artificial stock market

    NASA Astrophysics Data System (ADS)

    Liu, Yi-Fang; Zhang, Wei; Xu, Chao; Vitting Andersen, Jørgen; Xu, Hai-Chuan

    2014-08-01

    This paper studies the switching of trading strategies and its effect on the market volatility in a continuous double auction market. We describe the behavior when some uninformed agents, who we call switchers, decide whether or not to pay for information before they trade. By paying for the information they behave as informed traders. First we verify that our model is able to reproduce some of the stylized facts in real financial markets. Next we consider the relationship between switching and the market volatility under different structures of investors. We find that there exists a positive relationship between the market volatility and the percentage of switchers. We therefore conclude that the switchers are a destabilizing factor in the market. However, for a given fixed percentage of switchers, the proportion of switchers that decide to buy information at a given moment of time is negatively related to the current market volatility. In other words, if more agents pay for information to know the fundamental value at some time, the market volatility will be lower. This is because the market price is closer to the fundamental value due to information diffusion between switchers.

  12. 77 FR 46543 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-08-03

    ... Exchange Act of 1934. If a primary listing market issues an individual stock trading pause, Nasdaq will... Arca''), and National Stock Exchange, Inc. (collectively, the ``Exchanges''), to pause trading during... Act Release No. 62252 (June 10, 2010), 75 FR 34186 (June 16, 2010) (SR-NASDAQ-2010-061). \\4\\ The...

  13. Simulating tropical carbon stocks and fluxes in a changing world using an individual-based forest model.

    NASA Astrophysics Data System (ADS)

    Fischer, Rico; Huth, Andreas

    2014-05-01

    Large areas of tropical forests are disturbed due to climate change and human influence. Experts estimate that the last remaining rainforests could be destroyed in less than 100 years with strong consequences for both developing and industrial countries. Using a modelling approach we analyse how disturbances modify carbon stocks and carbon fluxes of African rainforests. In this study we use the process-based, individual-oriented forest model FORMIND. The main processes of this model are tree growth, mortality, regeneration and competition. The study regions are tropical rainforests in the Kilimanjaro region and Madagascar. Modelling above and below ground carbon stocks, we analyze the impact of disturbances and climate change on forest dynamics and forest carbon stocks. Droughts and fire events change the structure of tropical rainforests. Human influence like logging intensify this effect. With the presented results we could establish new allometric relationships between forest variables and above ground carbon stocks in tropical regions. Using remote sensing techniques, these relationships would offer the possibility for a global monitoring of the above ground carbon stored in the vegetation.

  14. Does individual quality mask the detection of performance trade-offs? A test using analyses of human physical performance.

    PubMed

    Wilson, Robbie S; Niehaus, Amanda C; David, Gwendolyn; Hunter, Andrew; Smith, Michelle

    2014-02-15

    Why are performance trade-offs so rarely detected in animals when their underlying physiological basis seems so intuitive? One possibility is that individual variation in health, fitness, nutrition, development or genetics, or 'individual quality', makes some individuals better or worse performers across all motor tasks. If this is the case, then correcting for individual quality should reveal functional trade-offs that might otherwise be overlooked. We tested this idea by exploring trade-offs in maximum physical performance and motor skill function in semi-professional soccer players. We assessed individual performance across five maximum 'athletic' tasks providing independent measures of power, stamina and speed, as well as five soccer-specific 'motor skill' tasks providing independent measures of foot control. We expected to find functional trade-offs between pairs of traits (e.g. endurance versus power/speed tasks or specialist-generalist performance) - but only after correcting for individual quality. Analyses of standardised raw data found positive associations among several pairs of traits, but no evidence of performance trade-offs. Indeed, peak performance across a single athletic task (degree of specialisation) was positively associated with performance averaged across all other athletic tasks (generalist). However, after accounting for an individual's overall quality, several functional trade-offs became evident. Within our quality-corrected data, 1500 m-speed (endurance) was negatively associated with squat time (power), jump distance (power) and agility speed - reflecting the expected speed-endurance trade-off; and degree of specialisation was negatively associated with average performance across tasks. Taken together, our data support the idea that individual variation in general quality can mask the detection of performance trade-offs at the whole-animal level. These results highlight the possibility that studies may spuriously conclude certain functional trade-offs are unimportant or non-existent when analyses that account for variation in general quality may reveal their cryptic presence. PMID:24523500

  15. 76 FR 19819 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-08

    ... market issues an individual stock trading pause, Nasdaq will pause trading in that security until trading...\\ \\3\\ Securities Exchange Act Release No. 62252 (June 10, 2010), 75 FR 34186 (June 16, 2010) (SR-NASDAQ... Exchange. \\5\\ Securities Exchange Act Release No. 62884 (September 10, 2010), 75 FR 56618 (September...

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

    NASA Astrophysics Data System (ADS)

    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.

  17. Alternation of different fluctuation regimes in the stock market dynamics

    NASA Astrophysics Data System (ADS)

    Kwapie?, J.; Dro?d?, S.; Speth, J.

    2003-12-01

    Based on the tick-by-tick stock prices from the German and American stock markets, we study the statistical properties of the distribution of the individual stocks and the index returns in highly collective and noisy intervals of trading, separately. We show that periods characterized by the strong inter-stock couplings can be associated with the distributions of index fluctuations which reveal more pronounced tails than in the case of weaker couplings in the market. During periods of strong correlations in the German market these distributions can even reveal an apparent Lvy-stable component.

  18. Emotion and attention interaction: a trade-off between stimuli relevance, motivation and individual differences

    PubMed Central

    Oliveira, Leticia; Mocaiber, Izabela; David, Isabel A.; Erthal, Fátima; Volchan, Eliane; Pereira, Mirtes G.

    2013-01-01

    Mounting evidence suggests that the neural processing of emotional stimuli is prioritized. However, whether the processing of emotional stimuli is dependent on attention remains debatable. Several studies have investigated this issue by testing the capacity of emotional distracters to divert processing resources from an attentional main task. The attentional load theory postulates that the perceptual load of the main task determines the selective processing of the distracter. Although we agree with this theory, we also suggest that other factors could be important in determining the association between the load of the main task and distracter processing, namely, (1) the relevance of the to-be ignored stimuli and (2) the engagement in the main task due to motivation. We postulate that these factors function as opposite forces to influence distracter processing. In addition, we propose that this trade-off is modulated by individual differences. In summary, we suggest that the relationship between emotion and attention is flexible rather than rigid and depends on several factors. Considering this perspective may help us to understand the divergence in the results described by several studies in this field. PMID:23874284

  19. An Assessment of Future Employment Opportunities for Individuals Trained in the Automotive Trades. Working Paper.

    ERIC Educational Resources Information Center

    California State Dept. of Employment Development, Sacramento.

    The California Youth Authority (CYA) planned to offer a training program covering all aspects of the automotive trades to wards during their incarceration. Through analysis, it showed future job opportunities exist, due to increased job numbers and high turnover rate, for persons trained in the automotive trades in California over a 10-year period…

  20. Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.

    PubMed

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716

  1. Statistical Properties and Pre-Hit Dynamics of Price Limit Hits in the Chinese Stock Markets

    PubMed Central

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716

  2. Simulating Carbon Stocks and Fluxes of an African Tropical Montane Forest with an Individual-Based Forest Model

    PubMed Central

    Fischer, Rico; Ensslin, Andreas; Rutten, Gemma; Fischer, Markus; Schellenberger Costa, David; Kleyer, Michael; Hemp, Andreas; Paulick, Sebastian; Huth, Andreas

    2015-01-01

    Tropical forests are carbon-dense and highly productive ecosystems. Consequently, they play an important role in the global carbon cycle. In the present study we used an individual-based forest model (FORMIND) to analyze the carbon balances of a tropical forest. The main processes of this model are tree growth, mortality, regeneration, and competition. Model parameters were calibrated using forest inventory data from a tropical forest at Mt. Kilimanjaro. The simulation results showed that the model successfully reproduces important characteristics of tropical forests (aboveground biomass, stem size distribution and leaf area index). The estimated aboveground biomass (385 t/ha) is comparable to biomass values in the Amazon and other tropical forests in Africa. The simulated forest reveals a gross primary production of 24 tcha-1yr-1. Modeling above- and belowground carbon stocks, we analyzed the carbon balance of the investigated tropical forest. The simulated carbon balance of this old-growth forest is zero on average. This study provides an example of how forest models can be used in combination with forest inventory data to investigate forest structure and local carbon balances. PMID:25915854

  3. Simulating carbon stocks and fluxes of an African tropical montane forest with an individual-based forest model.

    PubMed

    Fischer, Rico; Ensslin, Andreas; Rutten, Gemma; Fischer, Markus; Schellenberger Costa, David; Kleyer, Michael; Hemp, Andreas; Paulick, Sebastian; Huth, Andreas

    2015-01-01

    Tropical forests are carbon-dense and highly productive ecosystems. Consequently, they play an important role in the global carbon cycle. In the present study we used an individual-based forest model (FORMIND) to analyze the carbon balances of a tropical forest. The main processes of this model are tree growth, mortality, regeneration, and competition. Model parameters were calibrated using forest inventory data from a tropical forest at Mt. Kilimanjaro. The simulation results showed that the model successfully reproduces important characteristics of tropical forests (aboveground biomass, stem size distribution and leaf area index). The estimated aboveground biomass (385 t/ha) is comparable to biomass values in the Amazon and other tropical forests in Africa. The simulated forest reveals a gross primary production of 24 tcha(-1) yr(-1). Modeling above- and belowground carbon stocks, we analyzed the carbon balance of the investigated tropical forest. The simulated carbon balance of this old-growth forest is zero on average. This study provides an example of how forest models can be used in combination with forest inventory data to investigate forest structure and local carbon balances. PMID:25915854

  4. Metal Trades Modules. Vocational Behavioral Objectives: A Guide for Individualizing Instruction.

    ERIC Educational Resources Information Center

    Westinghouse Learning Corp., New York, NY.

    The curriculum guide focuses on the metal trades area at the secondary level of vocational education and industrial arts. It addresses the subject in behavioral terms, as prominent components of the career education concept. Presenting two skill modules, sheetmetal working and welding, the objectives presented are designed to be compatible with…

  5. Building Trades Modules. Vocational Behavioral Objectives: A Guide for Individualizing Instruction.

    ERIC Educational Resources Information Center

    Westinghouse Learning Corp., New York, NY.

    The curriculum guide focuses on the building trades at the secondary level of education and industrial arts. It addresses the subject in behavioral terms, as prominent components of the career education concept. Presenting five skill modules, painting, carpentry, brick/stonemasonry, electrical, and plumbing/pipefitting, the objectives presented…

  6. Physicians and Insider Trading.

    PubMed

    Kesselheim, Aaron S; Sinha, Michael S; Joffe, Steven

    2015-12-01

    Although insider trading is illegal, recent high-profile cases have involved physicians and scientists who are part of corporate governance or who have access to information about clinical trials of investigational products. Insider trading occurs when a person in possession of information that might affect the share price of a company's stock uses that information to buy or sell securities--or supplies that information to others who buy or sell--when the person is expected to keep such information confidential. The input that physicians and scientists provide to business leaders can serve legitimate social functions, but insider trading threatens to undermine any positive outcomes of these relationships. We review insider-trading rules and consider approaches to securities fraud in the health care field. Given the magnitude of the potential financial rewards, the ease of concealing illegal conduct, and the absence of identifiable victims, the temptation for physicians and scientists to engage in insider trading will always be present. Minimizing the occurrence of insider trading will require robust education, strictly enforced contractual provisions, and selective prohibitions against high-risk conduct, such as participation in expert consulting networks and online physician forums, by those individuals with access to valuable inside information. PMID:26457747

  7. Scaling behavior in ranking mobility of Chinese stock market

    NASA Astrophysics Data System (ADS)

    Wu, Ke; Xiong, Wanting; Weng, Xin; Wang, Yougui

    2014-08-01

    As an aggregate measure of the variations in individuals, the analysis of mobility provides a substantial and comprehensive perspective into the complexity of socio-economic systems. In this paper, we introduced the ranking mobility index to measure the ranking variations of the stocks in Chinese stock market over time. Using the daily data of 837 constituent stocks of the Shanghai A-Stock Composite Index from January 1, 2002 to December 31, 2012, we examined respectively the dependence of ranking mobility with respect to the absolute return, trading volume and turnover ratio on the sampling time interval. The scaling property is observed in all three relations. The fact of long relaxation times gives evidence of long memory property in the stock ranking orders.

  8. Random matrix approach to the dynamics of stock inventory variations

    NASA Astrophysics Data System (ADS)

    Zhou, Wei-Xing; Mu, Guo-Hua; Kertész, János

    2012-09-01

    It is well accepted that investors can be classified into groups owing to distinct trading strategies, which forms the basic assumption of many agent-based models for financial markets when agents are not zero-intelligent. However, empirical tests of these assumptions are still very rare due to the lack of order flow data. Here we adopt the order flow data of Chinese stocks to tackle this problem by investigating the dynamics of inventory variations for individual and institutional investors that contain rich information about the trading behavior of investors and have a crucial influence on price fluctuations. We find that the distributions of cross-correlation coefficient Cij have power-law forms in the bulk that are followed by exponential tails, and there are more positive coefficients than negative ones. In addition, it is more likely that two individuals or two institutions have a stronger inventory variation correlation than one individual and one institution. We find that the largest and the second largest eigenvalues (λ1 and λ2) of the correlation matrix cannot be explained by random matrix theory and the projections of investors' inventory variations on the first eigenvector u(λ1) are linearly correlated with stock returns, where individual investors play a dominating role. The investors are classified into three categories based on the cross-correlation coefficients CV R between inventory variations and stock returns. A strong Granger causality is unveiled from stock returns to inventory variations, which means that a large proportion of individuals hold the reversing trading strategy and a small part of individuals hold the trending strategy. Our empirical findings have scientific significance in the understanding of investors' trading behavior and in the construction of agent-based models for emerging stock markets.

  9. Problem-solving and learning in Carib grackles: individuals show a consistent speed-accuracy trade-off.

    PubMed

    Ducatez, S; Audet, J N; Lefebvre, L

    2015-03-01

    The generation and maintenance of within-population variation in cognitive abilities remain poorly understood. Recent theories propose that this variation might reflect the existence of consistent cognitive strategies distributed along a slow-fast continuum influenced by shyness. The slow-fast continuum might be reflected in the well-known speed-accuracy trade-off, where animals cannot simultaneously maximise the speed and the accuracy with which they perform a task. We test this idea on 49 wild-caught Carib grackles (Quiscalus lugubris), a tame opportunistic generalist Icterid bird in Barbados. Grackles that are fast at solving novel problems involving obstacle removal to reach visible food perform consistently over two different tasks, spend more time per trial attending to both tasks, and are those that show more shyness in a pretest. However, they are also the individuals that make more errors in a colour discrimination task requiring no new motor act. Our data reconcile some of the mixed positive and negative correlations reported in the comparative literature on cognitive tasks, suggesting that a speed-accuracy trade-off could lead to negative correlations between tasks favouring speed and tasks favouring accuracy, but still reveal consistent strategies based on stable individual differences. PMID:25381576

  10. Comparable stocks, boundedly rational stock markets and IPO entry rates.

    PubMed

    Chok, Jay; Qian, Jifeng

    2013-01-01

    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. PMID:23690924

  11. Comparable Stocks, Boundedly Rational Stock Markets and IPO Entry Rates

    PubMed Central

    Chok, Jay; Qian, Jifeng

    2013-01-01

    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. PMID:23690924

  12. Trade-off in the sound localization abilities of early blind individuals between the horizontal and vertical planes.

    PubMed

    Voss, Patrice; Tabry, Vanessa; Zatorre, Robert J

    2015-04-15

    There is substantial evidence that sensory deprivation leads to important cross-modal brain reorganization that is paralleled by enhanced perceptual abilities. However, it remains unclear how widespread these enhancements are, and whether they are intercorrelated or arise at the expense of other perceptual abilities. One specific area where such a trade-off might arise is that of spatial hearing, where blind individuals have been shown to possess superior monaural localization abilities in the horizontal plane, but inferior localization abilities in the vertical plane. While both of these tasks likely involve the use of monaural cues due to the absence of any relevant binaural signal, there is currently no proper explanation for this discrepancy, nor has any study investigated both sets of abilities in the same sample of blind individuals. Here, we assess whether the enhancements observed in the horizontal plane are related to the deficits observed in the vertical plane by testing sound localization in both planes in groups of blind and sighted persons. Our results show that the blind individuals who displayed the highest accuracy at localizing sounds monaurally in the horizontal plane are also the ones who exhibited the greater deficit when localizing in the vertical plane. These findings appear to argue against the idea of generalized perceptual enhancements in the early blind, and instead suggest the possibility of a trade-off in the localization proficiency between the two auditory spatial planes, such that learning to use monaural cues for the horizontal plane comes at the expense of using those cues to localize in the vertical plane. PMID:25878278

  13. Drill Press Operator. Coordinator's Guide. Individualized Study Guide. General Metal Trades.

    ERIC Educational Resources Information Center

    Dean, James W.

    This guide provides information to enable coordinators to direct learning activities for students using an individualized study guide on operating a drill press. The study material is designed for students enrolled in cooperative part-time training and employed, or desiring to be employed, as drill press operators. Contents include a sample…

  14. Milling Machine Operator. Coordinator's Guide. Individualized Study Guide. General Metal Trades.

    ERIC Educational Resources Information Center

    Dean, James W.

    This guide provides information to enable coordinators to direct learning activities for students using an individualized study guide on operating a milling machine. The study material is designed for students enrolled in cooperative part-time training and employed, or desiring to be employed, as milling machine operators. Contents include a

  15. Milling Machine Operator. Coordinator's Guide. Individualized Study Guide. General Metal Trades.

    ERIC Educational Resources Information Center

    Dean, James W.

    This guide provides information to enable coordinators to direct learning activities for students using an individualized study guide on operating a milling machine. The study material is designed for students enrolled in cooperative part-time training and employed, or desiring to be employed, as milling machine operators. Contents include a…

  16. Stock Price Change Rate Prediction by Utilizing Social Network Activities

    PubMed Central

    Mitsubuchi, Takashi; Sakurai, Akito

    2014-01-01

    Predicting stock price change rates for providing valuable information to investors is a challenging task. Individual participants may express their opinions in social network service (SNS) before or after their transactions in the market; we hypothesize that stock price change rate is better predicted by a function of social network service activities and technical indicators than by a function of just stock market activities. The hypothesis is tested by accuracy of predictions as well as performance of simulated trading because success or failure of prediction is better measured by profits or losses the investors gain or suffer. In this paper, we propose a hybrid model that combines multiple kernel learning (MKL) and genetic algorithm (GA). MKL is adopted to optimize the stock price change rate prediction models that are expressed in a multiple kernel linear function of different types of features extracted from different sources. GA is used to optimize the trading rules used in the simulated trading by fusing the return predictions and values of three well-known overbought and oversold technical indicators. Accumulated return and Sharpe ratio were used to test the goodness of performance of the simulated trading. Experimental results show that our proposed model performed better than other models including ones using state of the art techniques. PMID:24790586

  17. Stock price change rate prediction by utilizing social network activities.

    PubMed

    Deng, Shangkun; Mitsubuchi, Takashi; Sakurai, Akito

    2014-01-01

    Predicting stock price change rates for providing valuable information to investors is a challenging task. Individual participants may express their opinions in social network service (SNS) before or after their transactions in the market; we hypothesize that stock price change rate is better predicted by a function of social network service activities and technical indicators than by a function of just stock market activities. The hypothesis is tested by accuracy of predictions as well as performance of simulated trading because success or failure of prediction is better measured by profits or losses the investors gain or suffer. In this paper, we propose a hybrid model that combines multiple kernel learning (MKL) and genetic algorithm (GA). MKL is adopted to optimize the stock price change rate prediction models that are expressed in a multiple kernel linear function of different types of features extracted from different sources. GA is used to optimize the trading rules used in the simulated trading by fusing the return predictions and values of three well-known overbought and oversold technical indicators. Accumulated return and Sharpe ratio were used to test the goodness of performance of the simulated trading. Experimental results show that our proposed model performed better than other models including ones using state of the art techniques. PMID:24790586

  18. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... exchanged for voting stock. It is not limited to an exchange between two individual stockholders; it... 26 Internal Revenue 11 2012-04-01 2012-04-01 false Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock...

  19. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... exchanged for voting stock. It is not limited to an exchange between two individual stockholders; it... 26 Internal Revenue 11 2014-04-01 2014-04-01 false Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock...

  20. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... exchanged for voting stock. It is not limited to an exchange between two individual stockholders; it... 26 Internal Revenue 11 2013-04-01 2013-04-01 false Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock...

  1. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... exchanged for voting stock. It is not limited to an exchange between two individual stockholders; it... 26 Internal Revenue 11 2011-04-01 2011-04-01 false Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock...

  2. 26 CFR 1.6050H-1T - Information reporting of mortgage interest received in a trade or business from individuals after...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Information reporting of mortgage interest... interest received in a trade or business from individuals after 1985 and before 1988 (temporary). The following questions and answers relate to the requirement of reporting mortgage interest under section...

  3. Scaling and Predictability in Stock Markets: A Comparative Study

    PubMed Central

    Zhang, Huishu; Wei, Jianrong; Huang, Jiping

    2014-01-01

    Most people who invest in stock markets want to be rich, thus, many technical methods have been created to beat the market. If one knows the predictability of the price series in different markets, it would be easier for him/her to make the technical analysis, at least to some extent. Here we use one of the most basic sold-and-bought trading strategies to establish the profit landscape, and then calculate the parameters to characterize the strength of predictability. According to the analysis of scaling of the profit landscape, we find that the Chinese individual stocks are harder to predict than US ones, and the individual stocks are harder to predict than indexes in both Chinese stock market and US stock market. Since the Chinese (US) stock market is a representative of emerging (developed) markets, our comparative study on the markets of these two countries is of potential value not only for conducting technical analysis, but also for understanding physical mechanisms of different kinds of markets in terms of scaling. PMID:24632944

  4. Scaling and predictability in stock markets: a comparative study.

    PubMed

    Zhang, Huishu; Wei, Jianrong; Huang, Jiping

    2014-01-01

    Most people who invest in stock markets want to be rich, thus, many technical methods have been created to beat the market. If one knows the predictability of the price series in different markets, it would be easier for him/her to make the technical analysis, at least to some extent. Here we use one of the most basic sold-and-bought trading strategies to establish the profit landscape, and then calculate the parameters to characterize the strength of predictability. According to the analysis of scaling of the profit landscape, we find that the Chinese individual stocks are harder to predict than US ones, and the individual stocks are harder to predict than indexes in both Chinese stock market and US stock market. Since the Chinese (US) stock market is a representative of emerging (developed) markets, our comparative study on the markets of these two countries is of potential value not only for conducting technical analysis, but also for understanding physical mechanisms of different kinds of markets in terms of scaling. PMID:24632944

  5. Can we predict crashes? The case of the Brazilian stock market

    NASA Astrophysics Data System (ADS)

    Cajueiro, Daniel O.; Tabak, Benjamin M.; Werneck, Filipe K.

    2009-04-01

    In this study we analyze Brazilian stock prices to detect the development of bubbles and crashes in individual stocks using a log-periodic equation. We implement a genetic algorithm to calibrate the parameters of the model and we test the methodology for the most liquid stocks traded on the Brazilian Stock Market (Bovespa). In order to evaluate whether this approach is useful we employ nonparametric statistics and test whether returns after the predicted crash are negative and lower than returns before the crash. Empirical results are consistent with the prediction hypothesis, e.g., the method applied can be used to forecast the end of asset bubbles or large corrections in stock prices.

  6. The stock of invasive insect species and its economic determinants.

    PubMed

    Hlasny, Vladimir

    2011-06-01

    Invasions of nonindigenous organisms have long been linked to trade, but the contribution of individual trade pathways remains poorly understood, because species are not observed immediately upon arrival and the number of species arriving annually is unknown. Species interception records may count both new arrivals and species long introduced. Furthermore, the stock of invasive insect species already present is unknown. In this study, a state-space model is used to infer the stock of detected as well as undetected invasive insect species established in the United States. A system of equations is estimated jointly to distinguish the patterns of introduction, identification, and eradication. Introductions of invasive species are modeled as dependent on the volume of trade and arrival of people. Identifications depend on the public efforts at invasive species research, as well as on the established stock of invasive species that remain undetected. Eradications of both detected and undetected invasive species depend on containment and quarantine efforts, as well as on the stock of all established invasive species. These patterns are estimated by fitting the predicted number of invasive species detections to the observed record in the North American Non-Indigenous Arthropod Database. The results indicate that agricultural imports are the most important pathway of introduction, followed by immigration of people. Expenditures by the U.S. Department of Agriculture and the Agricultural Research Service are found to explain the species identification record well. Between three and 38 invasive insect species are estimated to be established in the United States undetected. PMID:21735892

  7. Identification of clusters of investors from their real trading activity in a financial market

    NASA Astrophysics Data System (ADS)

    Tumminello, Michele; Lillo, Fabrizio; Piilo, Jyrki; Mantegna, Rosario N.

    2012-01-01

    We use statistically validated networks, a recently introduced method of validating links in a bipartite system, to identify clusters of investors trading in a financial market. Specifically, we investigate a special database allowing us to track the trading activity of individual investors of Nokia stock. We find that many statistically detected clusters of investors show a very high degree of synchronization in time when they decide to trade and in the trading action taken. We investigate the composition of these clusters and find that several of them show an over-expression of specific categories of investors.

  8. 75 FR 77034 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-12-10

    ... Effectiveness of Proposed Rule Change To Clarify Market Maker Quote Management Procedures December 6, 2010... change to clarify market maker quote management procedures. The text of the proposed rule change is below...-quarter the applicable percentage necessary to trigger an individual stock trading pause as described...

  9. 78 FR 11923 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-02-20

    ... Act of 1934. If a primary listing market issues an individual stock trading pause, Nasdaq will pause... (June 10, 2010), 75 FR 34186 (June 16, 2010) (SR-NASDAQ-2010-061). \\4\\ The term ``Listing Markets... No. 62884 (September 10, 2010), 75 FR 56618 (September 16, 2010) (SR-NASDAQ-2010-079). \\6\\...

  10. 78 FR 60977 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-10-02

    ... also proposes to remove certain references to individual stock trading pauses contained in Rule 11890(a...\\ Securities Exchange Act Release No. 62886 (September 10, 2010), 75 FR 56613 (September 16, 2010). \\4\\ Securities Exchange Act Release No. 68819 (February 1, 2013), 78 FR 9438 (February 8, 2013)...

  11. 76 FR 52028 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-19

    ... individual stock trading pause pursuant to the Pause Pilot on the primary listing market and those... pursuant to NYSE Rule 80C(b). \\6\\ See Securities Exchange Act Release Nos. 62252 (June 10, 2010), 75 FR...-2010-10; SR-NSX-2010-05; and SR-CBOE-2010-047) and 62251 (June 10, 2010), 75 FR 34183 (June 16,...

  12. 75 FR 28842 - Self-Regulatory Organizations; Proposed Rule Change by Chicago Stock Exchange, Inc.; Notice of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... amend Article 20, Rule 2 to amend its rules to create circuit breakers regarding the trading of... individual stock circuit breakers to a broader group of securities. To the extent that it appears that the... substantially similar to the submissions of other U.S. equities exchanges concerning circuit breaker...

  13. Common scaling patterns in intertrade times of U. S. stocks.

    PubMed

    Ivanov, Plamen Ch; Yuen, Ainslie; Podobnik, Boris; Lee, Youngki

    2004-05-01

    We analyze the sequence of time intervals between consecutive stock trades of thirty companies representing eight sectors of the U.S. economy over a period of 4 yrs. For all companies we find that: (i) the probability density function of intertrade times may be fit by a Weibull distribution, (ii) when appropriately rescaled the probability densities of all companies collapse onto a single curve implying a universal functional form, (iii) the intertrade times exhibit power-law correlated behavior within a trading day and a consistently greater degree of correlation over larger time scales, in agreement with the correlation behavior of the absolute price returns for the corresponding company, and (iv) the magnitude series of intertrade time increments is characterized by long-range power-law correlations suggesting the presence of nonlinear features in the trading dynamics, while the sign series is anticorrelated at small scales. Our results suggest that independent of industry sector, market capitalization and average level of trading activity, the series of intertrade times exhibit possibly universal scaling patterns, which may relate to a common mechanism underlying the trading dynamics of diverse companies. Further, our observation of long-range power-law correlations and a parallel with the crossover in the scaling of absolute price returns for each individual stock, support the hypothesis that the dynamics of transaction times may play a role in the process of price formation. PMID:15244883

  14. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... corporation. (a) Section 1036 permits the exchange, without the recognition of gain or loss, of common stock... voting stock. It is not limited to an exchange between two individual stockholders; it includes a... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Stock for stock of the same corporation....

  15. Soil organic carbon stocks quantification in Mediterranean natural areas, a trade-off between entire soil profiles and soil control sections

    NASA Astrophysics Data System (ADS)

    Parras-Alcántara, Luis; Lozano-García, Beatriz; Brevik, Eric. C.; Cerdá, Artemi

    2015-04-01

    Soil organic carbon (SOC) is extremely important in the global carbon (C) cycle; also, SOC is a soil property subject to changes, inasmuch as SOC is highly variable in space and time. The scientific community is researching the fate of the organic carbon in the ecosystems and this is why there is a blooming interest on this topic (Oliveira et al., 2014; Kukal et al., 2015). Soil organic matter play a key role in the Soil System (Fernández-Romero et al., 2014; Parras-Alcántara and Lozano García, 2014; Lozano-García and Parras-Alcántara; Parras-Alcántara et al., 2015).Globally it is known that soil C sequestration is a strategy to mitigate climate change. Over time, some researchers have analyzed entire soil profiles (ESP) by pedogenetic horizons and other researchers have analyzed soil control sections (SCS) (edaphic controls to different thickness), and in each case the benefits of the methodology established was justified. However, very few studies compare both methods (ESP versus SCS). This research sought to analyze the SOC stock (SOCS) variability using both methods (ESP and SCS) in The Despeñaperros Natural Park, a nature reserve that consists of a 76.8 km2 forested area in southern Spain. The park is in a Mediterranean environment and is a natural area (free of human disturbance). Thirty-four sampling points were selected in the study zone. Each sampling point was analyzed in two different ways, as ESP (by horizons) and as SCS with different depth increments (0-25, 25-50, 50-75 and 75-100 cm). The major goal of this research was to study the SOCS variability at regional scale. The studied soils were classified as Phaeozems, Cambisols, Regosols and Leptosols. The total SOCS in the Despeñaperros Natural Park was over 28.2% greater when SCS were used compared to ESP, ranging from 0.8144 Tg C to 0.6353 Tg C respectively (1 Tg = 10E12 g). However, when the top soil (surface horizon and superficial section control) was analyzed, this difference increased to 59.8% in SCS compared to ESP. This research is a preliminary assessment for modeling SOCS at the regional level in Mediterranean natural areas. References Fernández-Romero, M.L., Lozano-García, B., Parras-Alcántara, L., Collins, C.D., and Clark, J.M.: Effects of land management on different forms of soil carbon in olive groves in mediterranean areas, Land Degrad. Develop., in press, available online: in Wiley Online Library (wileyonlinelibrary.com), doi:10.1002/ldr.2327, 2014. Kukal, S.S., Saha, D., Sharma, P., and Sharma, B.D.: Profile distribution of carbon fractions under long-term rice-wheat and maize-wheat production in Alfisol and inceptisols of northwest India, Land Degrad. Develop., in press, available online: in Wiley Online Library (wileyonlinelibrary.com), doi:10.1002/ldr.2299, 2015. Lozano-García, B., and Parras-Alcántara, L.: Variation in soil organic carbon and nitrogen stocks along a toposequence in a traditional mediterranean olive grove, Land Degrad. Develop., 25, 297-304 (2014). http://dx.doi.org/10.1002/ldr.2284 Oliveira, S.P., Lacerda, N.B., Blum, S.C., Escobar, M.E.O., and Oliveira, T.S.: Organic carbon and nitrogen stocks in soils of northeastern Brazil converted to irrigated agriculture, Land Degrad. Develop., in press, available online: in Wiley Online Library (wileyonlinelibrary.com), doi:10.1002/ldr.2264, 2014. Parras-Alcántara, L., and Lozano-García, B.: Conventional tillage versus organic farming in relation to soil organic carbon stock in olive groves in Mediterranean rangelands (southern Spain). Solid Earth, 5, 299-311 (2014). http://dx.doi.org/10.5194/se-5-299-2014. Parras-Alcántara, L., Díaz-Jaimes, L., and Lozano-García, B.: Management effects on soil organic carbon stock in Mediterranean open rangelands -- treeless grasslands, Land Degrad. Develop., in press, available online: in Wiley Online Library (wileyonlinelibrary.com), http://dx.doi.org/10.1002/ldr.2269, 2015.

  16. Can stock enhancement enhance stocks?

    NASA Astrophysics Data System (ADS)

    Stttrup, J. G.; Sparrevohn, C. R.

    2007-02-01

    Successful stock enhancement or restocking requires a thorough understanding of the ecological processes that provide a potential for stocking within different ecosystems, i.e. determine which factors define the potential for stocking, such as population dynamics, economic cost-benefits, fisheries management and socio-economic impacts. Stocking is not simply a question of aquaculture logistics (i.e. the ability to produce a sufficient number of fry relative to the magnitude of the natural recruitment within the system), nor should it be a new outlet for aquaculture production. Quantitative targets should be set and the expected performance of the stocking tested. Potential loopholes, such as post-release mortality and habitat requirements related to the release, should be examined and resolved. If properly managed, stocking may lead to an increase in population, contribute to the local fishery and/or lead to an increase in the spawning stock biomass. The criteria for stocking are discussed in this paper using examples from flatfish and cod stocking programmes within specific ecosystems.

  17. Stock Exchange

    ERIC Educational Resources Information Center

    Silverman, Jerry Stuart

    1974-01-01

    Using play money, students buy and sell six types of stock certificates at prices determined periodically by tossing three dice; all students participate as investors, brokers, or banker. In addition to gaining practice on computational skills in a motivational game, students study the real stock market concurrently. (SD)

  18. Do Earthquakes Shake Stock Markets?

    PubMed Central

    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. PMID:26197482

  19. Using the Stock Market Game to Teach Economics.

    ERIC Educational Resources Information Center

    Lopus, Jane Schaerges

    1985-01-01

    The Stock Market Game is a computerized simulation that involves high school students in trading eligible New York Stock Exchange stocks in an effort to make capital gains. Time required is ten weeks. The game is described; economic concepts that can be taught using the game are listed. (RM)

  20. Impact of Stock Market Structure on Intertrade Time and Price Dynamics

    NASA Astrophysics Data System (ADS)

    Yuen, Ainslie; Ivanov, Plamen Ch.

    2005-08-01

    The NYSE and NASDAQ stock markets have very different structures and there is continuing controversy over whether differences in stock price behaviour are due to market structure or company characteristics. As the influence of market structure on stock prices may be obscured by exogenous factors such as demand and supply, we hypothesize that modulation of the flow of transactions due to market operations may carry a stronger imprint of the internal market mechanism. We analyse times between consecutive transactions (ITT) for NYSE and NASDAQ stocks, and we relate the dynamical properties of the ITT with those of the corresponding price fluctuations. We find a robust scale-invariant temporal organisation in the ITT of stocks which is independent of individual company characteristics and industry sector, but which depends on market structure. We find that stocks registered on the NASDAQ exhibit stronger correlations in their transaction timing within a trading day, compared with NYSE stocks. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing within a trading day, after the move, suggesting influences of market structure. Surprisingly, we also observe that stronger power-law correlations in the ITT are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of ITT and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ, we demonstrate that the higher correlations we find in ITT for NASDAQ stocks are matched by higher correlations in absolute price returns and by higher volatility, suggesting that market structure may affect price behaviour through information contained in transaction timing.

  1. Algorithmic Trading with Developmental and Linear Genetic Programming

    NASA Astrophysics Data System (ADS)

    Wilson, Garnett; Banzhaf, Wolfgang

    A developmental co-evolutionary genetic programming approach (PAM DGP) and a standard linear genetic programming (LGP) stock trading systemare applied to a number of stocks across market sectors. Both GP techniques were found to be robust to market fluctuations and reactive to opportunities associated with stock price rise and fall, with PAMDGP generating notably greater profit in some stock trend scenarios. Both algorithms were very accurate at buying to achieve profit and selling to protect assets, while exhibiting bothmoderate trading activity and the ability to maximize or minimize investment as appropriate. The content of the trading rules produced by both algorithms are also examined in relation to stock price trend scenarios.

  2. Single stock dynamics on high-frequency data: from a compressed coding perspective.

    PubMed

    Fushing, Hsieh; Chen, Shu-Chun; Hwang, Chii-Ruey

    2014-01-01

    High-frequency return, trading volume and transaction number are digitally coded via a nonparametric computing algorithm, called hierarchical factor segmentation (HFS), and then are coupled together to reveal a single stock dynamics without global state-space structural assumptions. The base-8 digital coding sequence, which is capable of revealing contrasting aggregation against sparsity of extreme events, is further compressed into a shortened sequence of state transitions. This compressed digital code sequence vividly demonstrates that the aggregation of large absolute returns is the primary driving force for stimulating both the aggregations of large trading volumes and transaction numbers. The state of system-wise synchrony is manifested with very frequent recurrence in the stock dynamics. And this data-driven dynamic mechanism is seen to correspondingly vary as the global market transiting in and out of contraction-expansion cycles. These results not only elaborate the stock dynamics of interest to a fuller extent, but also contradict some classical theories in finance. Overall this version of stock dynamics is potentially more coherent and realistic, especially when the current financial market is increasingly powered by high-frequency trading via computer algorithms, rather than by individual investors. PMID:24586235

  3. 26 CFR 1.1244(d)-3 - Stock dividend, recapitalizations, changes in name, etc.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... receipt of a stock dividend; (2) the exchange of stock for stock pursuant to a reorganization described in section 368(a)(1)(E); and (3) the exchange of stock for stock pursuant to a reorganization described in... corporation is received by an individual or partnership in exchange for stock of such corporation meeting...

  4. 26 CFR 1.1244(d)-3 - Stock dividend, recapitalizations, changes in name, etc.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... receipt of a stock dividend; (2) the exchange of stock for stock pursuant to a reorganization described in section 368(a)(1)(E); and (3) the exchange of stock for stock pursuant to a reorganization described in... corporation is received by an individual or partnership in exchange for stock of such corporation meeting...

  5. 26 CFR 1.1244(d)-3 - Stock dividend, recapitalizations, changes in name, etc.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... receipt of a stock dividend; (2) the exchange of stock for stock pursuant to a reorganization described in section 368(a)(1)(E); and (3) the exchange of stock for stock pursuant to a reorganization described in... corporation is received by an individual or partnership in exchange for stock of such corporation meeting...

  6. A quantum mechanical model for the relationship between stock price and stock ownership

    SciTech Connect

    Cotfas, Liviu-Adrian

    2012-11-01

    The trade of a fixed stock can be regarded as the basic process that measures its momentary price. The stock price is exactly known only at the time of sale when the stock is between traders, that is, only in the case when the owner is unknown. We show that the stock price can be better described by a function indicating at any moment of time the probabilities for the possible values of price if a transaction takes place. This more general description contains partial information on the stock price, but it also contains partial information on the stock owner. By following the analogy with quantum mechanics, we assume that the time evolution of the function describing the stock price can be described by a Schroedinger type equation.

  7. A quantum mechanical model for the relationship between stock price and stock ownership

    NASA Astrophysics Data System (ADS)

    Cotfas, Liviu-Adrian

    2012-11-01

    The trade of a fixed stock can be regarded as the basic process that measures its momentary price. The stock price is exactly known only at the time of sale when the stock is between traders, that is, only in the case when the owner is unknown. We show that the stock price can be better described by a function indicating at any moment of time the probabilities for the possible values of price if a transaction takes place. This more general description contains partial information on the stock price, but it also contains partial information on the stock owner. By following the analogy with quantum mechanics, we assume that the time evolution of the function describing the stock price can be described by a Schrödinger type equation.

  8. 26 CFR 1.422-1 - Incentive stock options; general rules.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 5 2011-04-01 2011-04-01 false Incentive stock options; general rules. 1.422-1... TAX (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-1 Incentive stock options... share of stock to an individual pursuant to the individual's exercise of an incentive stock option...

  9. 26 CFR 1.422-1 - Incentive stock options; general rules.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 26 Internal Revenue 5 2012-04-01 2011-04-01 true Incentive stock options; general rules. 1.422-1... TAX (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-1 Incentive stock options... share of stock to an individual pursuant to the individual's exercise of an incentive stock option...

  10. 26 CFR 1.422-1 - Incentive stock options; general rules.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 26 Internal Revenue 5 2013-04-01 2013-04-01 false Incentive stock options; general rules. 1.422-1... TAX (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-1 Incentive stock options... share of stock to an individual pursuant to the individual's exercise of an incentive stock option...

  11. 26 CFR 1.422-1 - Incentive stock options; general rules.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 26 Internal Revenue 5 2014-04-01 2014-04-01 false Incentive stock options; general rules. 1.422-1... TAX (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-1 Incentive stock options... share of stock to an individual pursuant to the individual's exercise of an incentive stock option...

  12. 26 CFR 1.422-1 - Incentive stock options; general rules.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Incentive stock options; general rules. 1.422-1... TAX (CONTINUED) INCOME TAXES Certain Stock Options § 1.422-1 Incentive stock options; general rules... stock to an individual pursuant to the individual's exercise of an incentive stock option if...

  13. Pupil Diameter Tracks the Exploration-Exploitation Trade-off during Analogical Reasoning and Explains Individual Differences in Fluid Intelligence.

    PubMed

    Hayes, Taylor R; Petrov, Alexander A

    2016-02-01

    The ability to adaptively shift between exploration and exploitation control states is critical for optimizing behavioral performance. Converging evidence from primate electrophysiology and computational neural modeling has suggested that this ability may be mediated by the broad norepinephrine projections emanating from the locus coeruleus (LC) [Aston-Jones, G., & Cohen, J. D. An integrative theory of locus coeruleus-norepinephrine function: Adaptive gain and optimal performance. Annual Review of Neuroscience, 28, 403-450, 2005]. There is also evidence that pupil diameter covaries systematically with LC activity. Although imperfect and indirect, this link makes pupillometry a useful tool for studying the locus coeruleus norepinephrine system in humans and in high-level tasks. Here, we present a novel paradigm that examines how the pupillary response during exploration and exploitation covaries with individual differences in fluid intelligence during analogical reasoning on Raven's Advanced Progressive Matrices. Pupillometry was used as a noninvasive proxy for LC activity, and concurrent think-aloud verbal protocols were used to identify exploratory and exploitative solution periods. This novel combination of pupillometry and verbal protocols from 40 participants revealed a decrease in pupil diameter during exploitation and an increase during exploration. The temporal dynamics of the pupillary response was characterized by a steep increase during the transition to exploratory periods, sustained dilation for many seconds afterward, and followed by gradual return to baseline. Moreover, the individual differences in the relative magnitude of pupillary dilation accounted for 16% of the variance in Advanced Progressive Matrices scores. Assuming that pupil diameter is a valid index of LC activity, these results establish promising preliminary connections between the literature on locus coeruleus norepinephrine-mediated cognitive control and the literature on analogical reasoning and fluid intelligence. PMID:26488587

  14. The past and future of food stocks

    NASA Astrophysics Data System (ADS)

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

    2016-03-01

    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.

  15. Price-volume multifractal analysis and its application in Chinese stock markets

    NASA Astrophysics Data System (ADS)

    Yuan, Ying; Zhuang, Xin-tian; Liu, Zhi-ying

    2012-06-01

    An empirical research on Chinese stock markets is conducted using statistical tools. First, the multifractality of stock price return series, ri(ri=ln(Pt+1)-ln(Pt)) and trading volume variation series, vi(vi=ln(Vt+1)-ln(Vt)) is confirmed using multifractal detrended fluctuation analysis. Furthermore, a multifractal detrended cross-correlation analysis between stock price return and trading volume variation in Chinese stock markets is also conducted. It is shown that the cross relationship between them is also found to be multifractal. Second, the cross-correlation between stock price Pi and trading volume Vi is empirically studied using cross-correlation function and detrended cross-correlation analysis. It is found that both Shanghai stock market and Shenzhen stock market show pronounced long-range cross-correlations between stock price and trading volume. Third, a composite index R based on price and trading volume is introduced. Compared with stock price return series ri and trading volume variation series vi, R variation series not only remain the characteristics of original series but also demonstrate the relative correlation between stock price and trading volume. Finally, we analyze the multifractal characteristics of R variation series before and after three financial events in China (namely, Price Limits, Reform of Non-tradable Shares and financial crisis in 2008) in the whole period of sample to study the changes of stock market fluctuation and financial risk. It is found that the empirical results verified the validity of R.

  16. A controllable laboratory stock market for modeling real stock markets

    NASA Astrophysics Data System (ADS)

    An, Kenan; Li, Xiaohui; Yang, Guang; Huang, Jiping

    2013-10-01

    Based on the different research approaches, econophysics can be divided into three directions: empirical econophysics, computational econophysics, and experimental econophysics. Because empirical econophysics lacks controllability that is needed to study the impacts of different external conditions and computational econophysics has to adopt artificial decision-making processes that are often deviated from those of real humans, experimental econophysics tends to overcome these problems by offering controllability and using real humans in laboratory experiments. However, to our knowledge, the existing laboratory experiments have not convincingly reappeared the stylized facts (say, scaling) that have been revealed for real economic/financial markets by econophysicists. A most important reason is that in these experiments, discrete trading time makes these laboratory markets deviated from real markets where trading time is naturally continuous. Here we attempt to overcome this problem by designing a continuous double-auction stock-trading market and conducting several human experiments in laboratory. As an initial work, the present artificial financial market can reproduce some stylized facts related to clustering and scaling. Also, it predicts some other scaling in human behavior dynamics that is hard to achieve in real markets due to the difficulty in getting the data. Thus, it becomes possible to study real stock markets by conducting controlled experiments on such laboratory stock markets producing high frequency data.

  17. Behaviorly realistic simulations of stock market traders with a soul

    NASA Astrophysics Data System (ADS)

    Solomon, Sorin

    1999-09-01

    The price fluctuations of the stocks in the financial markets are the result of the individual operations by many individual investors. However for many decades the financial theory did not use directly this “microscopic representation” of the markets. The main difficulties preventing this approach were solved recently with the advent of modern computer technology: - massive detailed data on the individual market operations became available; - “microscopic simulations” of the stock markets in terms of their individual participating agents allow very realistic treatment of the problem. By taking advantage of the modern computer processing and simulation techniques, we are now able to confront real market data with the results of simulating “microscopic” realistic models of the markets. These models have the potential to include and study the effects on the market of any desired feature in the investors behavior: departures from rationality, herding effects, heterogeneous investor-specific trading strategies. We propose to use the comparison of computer simulations of microscopic models with the actual market data in order to validate and enhance the knowledge on the financial behavior of individuals. Moreover we hope to explain, understand (and may be predict and control) macroscopic market dynamical features (e.g., cycles of booms and crashes, investors wealth distribution, market returns probability distribution etc.) based on realistic models using this knowledge.

  18. White noise effects of U.S. crude oil spot prices on stock prices of a publicly traded company: A case study cross-correlation analysis based on green energy management theory

    NASA Astrophysics Data System (ADS)

    Roberts, Peter M.

    The purpose of this study was to examine white noise effects of U.S. crude oil spot prices on the stock prices of a green energy company. Epistemological, Phenomenological, Axiological and Ontological assumptions of Green Energy Management (GEM) Theory were utilized for selecting Air Products and Chemicals Inc. (APD) as the case study. Exxon Mobil (XOM) was used as a control for triangulation purposes. The period of time examined was between January of 1999 and December of 2008. Monthly stock prices for APD and XOM for the ten year period of time were collected from the New York Stock Exchange. Monthly U.S. crude oil spot prices for the ten year period of time were collected from the US Energy Information Administration. The data was entered into SPSS 17.0 software in order to conduct cross-correlation analysis. The six cross-correlation assumptions were satisfied in order to conduct a Cross-correlation Mirror Test (CCMT). The CCMT established the lag time direction and verified that U.S. crude oil spot prices serve as white noise for stock prices of APD and XOM. The Theory of Relative Weakness was employed in order to analyze the results. A 2 year period of time between December, 2006 and December, 2008 was examined. The correlation coefficient r = - .155 indicates that U.S. crude oil spot prices lead APD stock prices by 4 months. During the same 2 year period of time, U.S. crude oil spot prices lead XOM stock prices by 4 months at r = -.283. XOM stock prices and APD stock prices were positively correlated with 0 lag in time with a positive r = .566. The 4 month cycle was an exact match between APD stock prices, XOM stock prices and U.S. crude oil spot prices. The 4 month cycle was due to the random price fluctuation of U.S. crude oil spot prices that obscured the true stock prices of APD and XOM for the 2 year period of time.

  19. 26 CFR 1.883-2 - Treatment of publicly-traded corporations.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... exchange does not have adequate listing, financial disclosure, or trading requirements (or does not... such shares traded as reported by the International Federation of Stock Exchanges located in Paris, or... international operation of ships. X has one class of stock, which is primarily traded on an...

  20. 76 FR 20433 - MaxLife Fund Corp.; Order of Suspension of Trading

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-12

    ... COMMISSION MaxLife Fund Corp.; Order of Suspension of Trading April 8, 2011. It appears to the Securities and... MaxLife Fund Corp. (``MaxLife'') because of questions that have arisen concerning representations made by MaxLife, the control of its stock, its market price, and trading in the stock. MaxLife trades...

  1. Visualization of a stock market correlation matrix

    NASA Astrophysics Data System (ADS)

    Rea, Alethea; Rea, William

    2014-04-01

    This paper presents a novel application of Neighbor-Net, a clustering algorithm developed for constructing a phylogenetic network in the field of evolutionary biology, to visualizing a correlation matrix. We apply Neighbor-Net as implemented in the SplitsTree software package to 48 stocks listed on the New Zealand Stock Exchange. We show that by visualizing the correlation matrix using a Neighbor-Net splits graph and its associated circular ordering of the stocks that some of the problems associated with understanding the large number of correlations between the individual stocks can be overcome. We compare the visualization of Neighbor-Net with that provided by hierarchical clustering trees and minimum spanning trees. The use of Neighbor-Net networks, or splits graphs, yields greater insight into how closely individual stocks are related to each other in terms of their correlations and suggests new avenues of research into how to construct small diversified stock portfolios.

  2. Empirical study of recent Chinese stock market

    NASA Astrophysics Data System (ADS)

    Jiang, J.; Li, W.; Cai, X.; Wang, Qiuping A.

    2009-05-01

    We investigate the statistical properties of the empirical data taken from the Chinese stock market during the time period from January, 2006 to July, 2007. By using the methods of detrended fluctuation analysis (DFA) and calculating correlation coefficients, we acquire the evidence of strong correlations among different stock types, stock index, stock volume turnover, A share (B share) seat number, and GDP per capita. In addition, we study the behavior of “volatility”, which is now defined as the difference between the new account numbers for two consecutive days. It is shown that the empirical power-law of the number of aftershock events exceeding the selected threshold is analogous to the Omori law originally observed in geophysics. Furthermore, we find that the cumulative distributions of stock return, trade volume and trade number are all exponential-like, which does not belong to the universality class of such distributions found by Xavier Gabaix et al. [Xavier Gabaix, Parameswaran Gopikrishnan, Vasiliki Plerou, H. Eugene Stanley, Nature, 423 (2003)] for major western markets. Through the comparison, we draw a conclusion that regardless of developed stock markets or emerging ones, “cubic law of returns” is valid only in the long-term absolute return, and in the short-term one, the distributions are exponential-like. Specifically, the distributions of both trade volume and trade number display distinct decaying behaviors in two separate regimes. Lastly, the scaling behavior of the relation is analyzed between dispersion and the mean monthly trade value for each administrative area in China.

  3. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Stocking, rotation, and pricing service. 6.99 Section 6.99 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS âTIED-HOUSEâ Exceptions § 6.99 Stocking, rotation, and pricing service. (a) General. Industry...

  4. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2011-04-01 2011-04-01 false Stocking, rotation, and pricing service. 6.99 Section 6.99 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS âTIED-HOUSEâ Exceptions § 6.99 Stocking, rotation, and pricing service. (a) General. Industry...

  5. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2014-04-01 2014-04-01 false Stocking, rotation, and pricing service. 6.99 Section 6.99 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY ALCOHOL âTIED-HOUSEâ Exceptions § 6.99 Stocking, rotation, and pricing service. (a) General. Industry...

  6. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2013-04-01 2013-04-01 false Stocking, rotation, and pricing service. 6.99 Section 6.99 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY ALCOHOL âTIED-HOUSEâ Exceptions § 6.99 Stocking, rotation, and pricing service. (a) General. Industry...

  7. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2012-04-01 2012-04-01 false Stocking, rotation, and pricing service. 6.99 Section 6.99 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS âTIED-HOUSEâ Exceptions § 6.99 Stocking, rotation, and pricing service. (a) General. Industry...

  8. 27 CFR 21.3 - Stocks of discontinued formulas.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... formulas. 21.3 Section 21.3 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS FORMULAS FOR DENATURED ALCOHOL AND RUM General Provisions § 21.3 Stocks of discontinued formulas. Denaturers, or specially denatured spirits dealers or users, having on hand stocks...

  9. 12 CFR 220.11 - Requirements for the list of marginable OTC stocks and the list of foreign margin stocks.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... stocks and the list of foreign margin stocks. 220.11 Section 220.11 Banks and Banking FEDERAL RESERVE... facilities of a foreign securities exchange or a recognized foreign securities market and has been trading on... sale prices for the security provided by the foreign securities exchange or foreign securities...

  10. 12 CFR 220.11 - Requirements for the list of marginable OTC stocks and the list of foreign margin stocks.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... stocks and the list of foreign margin stocks. 220.11 Section 220.11 Banks and Banking FEDERAL RESERVE... facilities of a foreign securities exchange or a recognized foreign securities market and has been trading on... sale prices for the security provided by the foreign securities exchange or foreign securities...

  11. 12 CFR 220.11 - Requirements for the list of marginable OTC stocks and the list of foreign margin stocks.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... stocks and the list of foreign margin stocks. 220.11 Section 220.11 Banks and Banking FEDERAL RESERVE... facilities of a foreign securities exchange or a recognized foreign securities market and has been trading on... sale prices for the security provided by the foreign securities exchange or foreign securities...

  12. 12 CFR 220.11 - Requirements for the list of marginable OTC stocks and the list of foreign margin stocks.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... stocks and the list of foreign margin stocks. 220.11 Section 220.11 Banks and Banking FEDERAL RESERVE... facilities of a foreign securities exchange or a recognized foreign securities market and has been trading on... sale prices for the security provided by the foreign securities exchange or foreign securities...

  13. Value-at-Risk forecasts by a spatiotemporal model in Chinese stock market

    NASA Astrophysics Data System (ADS)

    Gong, Pu; Weng, Yingliang

    2016-01-01

    This paper generalizes a recently proposed spatial autoregressive model and introduces a spatiotemporal model for forecasting stock returns. We support the view that stock returns are affected not only by the absolute values of factors such as firm size, book-to-market ratio and momentum but also by the relative values of factors like trading volume ranking and market capitalization ranking in each period. This article studies a new method for constructing stocks' reference groups; the method is called quartile method. Applying the method empirically to the Shanghai Stock Exchange 50 Index, we compare the daily volatility forecasting performance and the out-of-sample forecasting performance of Value-at-Risk (VaR) estimated by different models. The empirical results show that the spatiotemporal model performs surprisingly well in terms of capturing spatial dependences among individual stocks, and it produces more accurate VaR forecasts than the other three models introduced in the previous literature. Moreover, the findings indicate that both allowing for serial correlation in the disturbances and using time-varying spatial weight matrices can greatly improve the predictive accuracy of a spatial autoregressive model.

  14. Tick size and stock returns

    NASA Astrophysics Data System (ADS)

    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.

  15. MANAGING STOCKING DENSITY IN REAL-TIME

    Technology Transfer Automated Retrieval System (TEKTRAN)

    Individual prescription animal management will soon be possible by combining electronics and animal behavior. Once a proper stocking rate has been established, controlling stocking density and ultimately forage utilization is a manager¿s second biggest challenge. Of the multifaceted tools and tech...

  16. A Tale of Two Stock Markets

    ERIC Educational Resources Information Center

    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…

  17. A Tale of Two Stock Markets

    ERIC Educational Resources Information Center

    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. From Buttonwood to Silicon--A Bicentennial Look at the New York Stock Exchange.

    ERIC Educational Resources Information Center

    Pahl, Ronald H.

    1992-01-01

    Introduces a journal issue devoted to the New York Stock Exchange. Describes the formation and development of the stock exchange and Wall Street. Discusses the connection between politics and finance and the economic changes in formerly socialist nations. Suggests that the New York Stock Exchange may have to convert to a computer trading system.…

  19. Degree-Strength Correlation Reveals Anomalous Trading Behavior

    PubMed Central

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

    2012-01-01

    Manipulation is an important issue for both developed and emerging stock markets. Many efforts have been made to detect manipulation in stock markets. However, it is still an open problem to identify the fraudulent traders, especially when they collude with each other. In this paper, we focus on the problem of identifying the anomalous traders using the transaction data of eight manipulated stocks and forty-four non-manipulated stocks during a one-year period. By analyzing the trading networks of stocks, we find that the trading networks of manipulated stocks exhibit significantly higher degree-strength correlation than the trading networks of non-manipulated stocks and the randomized trading networks. We further propose a method to detect anomalous traders of manipulated stocks based on statistical significance analysis of degree-strength correlation. Experimental results demonstrate that our method is effective at distinguishing the manipulated stocks from non-manipulated ones. Our method outperforms the traditional weight-threshold method at identifying the anomalous traders in manipulated stocks. More importantly, our method is difficult to be fooled by colluded traders. PMID:23082114

  20. Degree-strength correlation reveals anomalous trading behavior.

    PubMed

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

    2012-01-01

    Manipulation is an important issue for both developed and emerging stock markets. Many efforts have been made to detect manipulation in stock markets. However, it is still an open problem to identify the fraudulent traders, especially when they collude with each other. In this paper, we focus on the problem of identifying the anomalous traders using the transaction data of eight manipulated stocks and forty-four non-manipulated stocks during a one-year period. By analyzing the trading networks of stocks, we find that the trading networks of manipulated stocks exhibit significantly higher degree-strength correlation than the trading networks of non-manipulated stocks and the randomized trading networks. We further propose a method to detect anomalous traders of manipulated stocks based on statistical significance analysis of degree-strength correlation. Experimental results demonstrate that our method is effective at distinguishing the manipulated stocks from non-manipulated ones. Our method outperforms the traditional weight-threshold method at identifying the anomalous traders in manipulated stocks. More importantly, our method is difficult to be fooled by colluded traders. PMID:23082114

  1. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... trading volume, listing, financial disclosure, surveillance, and other requirements designed to prevent... financial statements of the foreign corporation that include balance sheets (statements of assets... calendar year in which a corporation initiates a public offering of a class of stock for trading on one...

  2. Reductions in circulating endocannabinoid levels in individuals with post-traumatic stress disorder following exposure to the World Trade Center attacks.

    PubMed

    Hill, Matthew N; Bierer, Linda M; Makotkine, Iouri; Golier, Julia A; Galea, Sandro; McEwen, Bruce S; Hillard, Cecilia J; Yehuda, Rachel

    2013-12-01

    Endocannabinoid (eCB) signaling has been identified as a modulator of adaptation to stress, and is integral to basal and stress-induced glucocorticoid regulation. Furthermore, interactions between eCBs and glucocorticoids have been shown to be necessary for the regulation of emotional memories, suggesting that eCB function may relate to the development of post-traumatic stress disorder (PTSD). To examine this, plasma eCBs were measured in a sample (n=46) drawn from a population-based cohort selected for physical proximity to the World Trade Center (WTC) at the time of the 9/11 attacks. Participants received a structured diagnostic interview and were grouped according to whether they met diagnostic criteria for PTSD (no PTSD, n=22; lifetime diagnosis of PTSD=24). eCB content (2-arachidonoylglycerol (2-AG) and anandamide (AEA)) and cortisol were measured from 8 a.m. plasma samples. Circulating 2-AG content was significantly reduced among individuals meeting diagnostic criteria for PTSD. The effect of reduced 2-AG content in PTSD remained significant after controlling for the stress of exposure to the WTC collapse, gender, depression and alcohol abuse. There were no significant group differences for AEA or cortisol levels; however, across the whole sample AEA levels positively correlated with circulating cortisol, and AEA levels exhibited a negative relationship with the degree of intrusive symptoms within the PTSD sample. This report shows that PTSD is associated with a reduction in circulating levels of the eCB 2-AG. Given the role of 2-AG in the regulation of the stress response, these data support the hypothesis that deficient eCB signaling may be a component of the glucocorticoid dysregulation associated with PTSD. The negative association between AEA levels and intrusive symptoms is consistent with animal data indicating that reductions in AEA promote retention of aversive emotional memories. Future work will aim to replicate these findings and extend their relevance to clinical pathophysiology, as well as to neuroendocrine and molecular markers of PTSD. PMID:24035186

  3. Reductions in Circulating Endocannabinoid Levels in Individuals with Post-Traumatic Stress Disorder Following Exposure to the World Trade Center Attacks

    PubMed Central

    Hill, Matthew N.; Bierer, Linda M.; Makotkine, Iouri; Golier, Julia A.; Galea, Sandro; McEwen, Bruce S.; Hillard, Cecilia J.; Yehuda, Rachel

    2013-01-01

    Endocannabinoid (eCB) signaling has been identified as a modulator of adaptation to stress, and is integral to basal and stress-induced glucocorticoid regulation. Furthermore, interactions between eCBs and glucocorticoids have been shown to be necessary for the regulation of emotional memories, suggesting that eCB function may relate to the development of post-traumatic stress disorder (PTSD). To examine this, plasma eCBs were measured in a sample (n=46) drawn from a population-based cohort selected for physical proximity to the World Trade Center (WTC) at the time of the 9/11 attacks. Participants received a structured diagnostic interview and were grouped according to whether they met diagnostic criteria for PTSD (no PTSD, n=22; lifetime diagnosis of PTSD = 24). eCB content (2-arachidonoylglycerol (2-AG) and anandamide (AEA)) and cortisol were measured from 8 a.m. plasma samples. Circulating 2-AG content was significantly reduced among individuals meeting diagnostic criteria for PTSD. The effect of reduced 2-AG content in PTSD remained significant after controlling for the stress of exposure to the WTC collapse, gender, depression and alcohol abuse. There were no significant group differences for AEA or cortisol levels; however, across the whole sample AEA levels positively correlated with circulating cortisol, and AEA levels exhibited a negative relationship with the degree of intrusive symptoms within the PTSD sample. This report shows that PTSD is associated with a reduction in circulating levels of the eCB 2-AG. Given the role of 2-AG in the regulation of the stress response, these data support the hypothesis that deficient eCB signaling may be a component of the glucocorticoid dysregulation associated with PTSD. The negative association between AEA levels and intrusive symptoms is consistent with animal data indicating that reductions in AEA promote retention of aversive emotional memories. Future work will aim to replicate these findings and extend their relevance to clinical pathophysiology, as well as to neuroendocrine and molecular markers of PTSD. PMID:24035186

  4. Empirical distributions of Chinese stock returns at different microscopic timescales

    NASA Astrophysics Data System (ADS)

    Gu, Gao-Feng; Chen, Wei; Zhou, Wei-Xing

    2008-01-01

    We study the distributions of event-time returns and clock-time returns at different microscopic timescales using ultra-high-frequency data extracted from the limit-order books of 23 stocks traded in the Chinese stock market in 2003. We find that the returns at the one-trade timescale obey the inverse cubic law. For larger timescales (2-32 trades and 1-5 min), the returns follow the Student distribution with power-law tails. With the decrease in timescale, the tail becomes fatter, which is consistent with the variational theory in Turbulence.

  5. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ...) acquires money or other property (as defined in § 1.1032-1) in exchange, in whole or in part, for stock of... stock of the issuing corporation in the exchange specified in paragraph (c)(2) of this section from the... with C, an individual, to acquire a truck from C in exchange for 10 shares of X stock with a...

  6. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ...) acquires money or other property (as defined in § 1.1032-1) in exchange, in whole or in part, for stock of... stock of the issuing corporation in the exchange specified in paragraph (c)(2) of this section from the... with C, an individual, to acquire a truck from C in exchange for 10 shares of X stock with a...

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

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ...) acquires money or other property (as defined in § 1.1032-1) in exchange, in whole or in part, for stock of... stock of the issuing corporation in the exchange specified in paragraph (c)(2) of this section from the... with C, an individual, to acquire a truck from C in exchange for 10 shares of X stock with a...

  8. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ...) acquires money or other property (as defined in § 1.1032-1) in exchange, in whole or in part, for stock of... stock of the issuing corporation in the exchange specified in paragraph (c)(2) of this section from the... with C, an individual, to acquire a truck from C in exchange for 10 shares of X stock with a...

  9. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... or other property (as defined in § 1.1032-1) in exchange, in whole or in part, for stock of a... stock of the issuing corporation in the exchange specified in paragraph (c)(2) of this section from the... with C, an individual, to acquire a truck from C in exchange for 10 shares of X stock with a...

  10. 26 CFR 1.6050H-1T - Information reporting of mortgage interest received in a trade or business from individuals after...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... an information return must be made by any person who is engaged in a trade or business and who, in... is received for a calendar year. Information Included on Return Q-17: What information must an... magnetic media fails to do so, the penalty under section 6652 (failure to file an information...

  11. 26 CFR 1.6050H-1T - Information reporting of mortgage interest received in a trade or business from individuals after...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... an information return must be made by any person who is engaged in a trade or business and who, in... is received for a calendar year. Information Included on Return Q-17: What information must an... magnetic media fails to do so, the penalty under section 6652 (failure to file an information...

  12. 26 CFR 1.6050H-1T - Information reporting of mortgage interest received in a trade or business from individuals after...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... an information return must be made by any person who is engaged in a trade or business and who, in... is received for a calendar year. Information Included on Return Q-17: What information must an... magnetic media fails to do so, the penalty under section 6652 (failure to file an information...

  13. 26 CFR 1.6050H-1T - Information reporting of mortgage interest received in a trade or business from individuals after...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... an information return must be made by any person who is engaged in a trade or business and who, in... is received for a calendar year. Information Included on Return Q-17: What information must an... magnetic media fails to do so, the penalty under section 6652 (failure to file an information...

  14. 26 CFR 1.6050H-1 - Information reporting of mortgage interest received in a trade or business from an individual.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Information reporting of mortgage interest... Returns § 1.6050H-1 Information reporting of mortgage interest received in a trade or business from an... section 6050H, this section, and § 1.6050H-2 apply to an interest recipient who receives at least $600...

  15. Examining the dynamic interactions on volatilities of paired stock markets

    NASA Astrophysics Data System (ADS)

    Lee, Jun Shean; Sek, Siok Kun

    2015-02-01

    We conduct empirical analyses to investigate the interaction between volatilities of paired stock markets. The main objective of this study is to reveal possibility of spillover effects among stock markets which can determine the performances of stock returns and trade volumes of stocks. In particular, we seek to investigate if there exist two-way causal relationships on the volatilities in two stock markets in two groups of countries, i.e. between emerging markets of ASEAN-5 and between emerging and advanced countries. Our study is focused in Malaysia stock market and the paired relationship with its neighbouring countries (ASEAN5) and advanced countries (Japan and U.S.) respectively. The multivariate GARCH(1,1) model is applied in studying the interactions on the volatilities of paired stock markets. The results are compared between neighbouring countries and with that of advanced countries. The results are expected to reveal linkages between volatilities of stock markets and the dynamic relationships across markets. The results provide useful information in studying the performances of stock markets and predicting the stock movements by incorporating the external impacts from foreign stock markets.

  16. 27 CFR 46.206 - Articles in a foreign trade zone.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... trade zone. If articles subject to floor stocks tax are stored in a foreign trade zone established under the Foreign Trade Zone Act (the Act of June 18, 1934, 48 Stat. 998, 19 U.S.C. 81a et seq.), the dealer..., with respect to the articles pursuant to the first proviso of section 3(a) of the Foreign Trade...

  17. 27 CFR 46.206 - Articles in a foreign trade zone.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... trade zone. If articles subject to floor stocks tax are stored in a foreign trade zone established under the Foreign Trade Zone Act (the Act of June 18, 1934, 48 Stat. 998, 19 U.S.C. 81a et seq.), the dealer..., with respect to the articles pursuant to the first proviso of section 3(a) of the Foreign Trade...

  18. 27 CFR 46.206 - Articles in a foreign trade zone.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... trade zone. If articles subject to floor stocks tax are stored in a foreign trade zone established under the Foreign Trade Zone Act (the Act of June 18, 1934, 48 Stat. 998, 19 U.S.C. 81a et seq.), the dealer..., with respect to the articles pursuant to the first proviso of section 3(a) of the Foreign Trade...

  19. 27 CFR 46.206 - Articles in a foreign trade zone.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... trade zone. If articles subject to floor stocks tax are stored in a foreign trade zone established under the Foreign Trade Zone Act (the Act of June 18, 1934, 48 Stat. 998, 19 U.S.C. 81a et seq.), the dealer..., with respect to the articles pursuant to the first proviso of section 3(a) of the Foreign Trade...

  20. Model for non-Gaussian intraday stock returns.

    PubMed

    Gerig, Austin; Vicente, Javier; Fuentes, Miguel A

    2009-12-01

    Stock prices are known to exhibit non-Gaussian dynamics, and there is much interest in understanding the origin of this behavior. Here, we present a model that explains the shape and scaling of the distribution of intraday stock price fluctuations (called intraday returns) and verify the model using a large database for several stocks traded on the London Stock Exchange. We provide evidence that the return distribution for these stocks is non-Gaussian and similar in shape and that the distribution appears stable over intraday time scales. We explain these results by assuming the volatility of returns is constant intraday but varies over longer periods such that its inverse square follows a gamma distribution. This produces returns that are Student distributed for intraday time scales. The predicted results show excellent agreement with the data for all stocks in our study and over all regions of the return distribution. PMID:20365214

  1. Scaling of the distribution of price fluctuations of individual companies

    NASA Astrophysics Data System (ADS)

    Plerou, Vasiliki; Gopikrishnan, Parameswaran; Nunes Amaral, Luís A.; Meyer, Martin; Stanley, H. Eugene

    1999-12-01

    We present a phenomenological study of stock price fluctuations of individual companies. We systematically analyze two different databases covering securities from the three major U.S. stock markets: (a) the New York Stock Exchange, (b) the American Stock Exchange, and (c) the National Association of Securities Dealers Automated Quotation stock market. Specifically, we consider (i) the trades and quotes database, for which we analyze 40 million records for 1000 U.S. companies for the 2-yr period 1994-95 and (ii) the Center for Research and Security Prices database, for which we analyze 35 million daily records for approximately 16 000 companies in the 35-yr period 1962-96. We study the probability distribution of returns over varying time scales Δt, where Δt varies by a factor of ~105, from 5 min up to ~4 yr. For time scales from 5 min up to approximately 16 days, we find that the tails of the distributions can be well described by a power-law decay, characterized by an exponent 2.5<~<4, well outside the stable Lévy regime 0<α<2. For time scales Δt>>(Δt)×~16 days, we observe results consistent with a slow convergence to Gaussian behavior. We also analyze the role of cross correlations between the returns of different companies and relate these correlations to the distribution of returns for market indices.

  2. 15 CFR 230.6 - Standard Reference Materials out of stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 15 Commerce and Foreign Trade 1 2012-01-01 2012-01-01 false Standard Reference Materials out of stock. 230.6 Section 230.6 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY, DEPARTMENT OF COMMERCE STANDARD REFERENCE MATERIALS STANDARD REFERENCE MATERIALS Purchase...

  3. 15 CFR 230.6 - Standard Reference Materials out of stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 15 Commerce and Foreign Trade 1 2014-01-01 2014-01-01 false Standard Reference Materials out of stock. 230.6 Section 230.6 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY, DEPARTMENT OF COMMERCE STANDARD REFERENCE MATERIALS STANDARD REFERENCE MATERIALS Purchase...

  4. 15 CFR 230.6 - Standard Reference Materials out of stock.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standard Reference Materials out of stock. 230.6 Section 230.6 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY, DEPARTMENT OF COMMERCE STANDARD REFERENCE MATERIALS STANDARD REFERENCE MATERIALS Purchase...

  5. 15 CFR 230.6 - Standard Reference Materials out of stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 15 Commerce and Foreign Trade 1 2011-01-01 2011-01-01 false Standard Reference Materials out of stock. 230.6 Section 230.6 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY, DEPARTMENT OF COMMERCE STANDARD REFERENCE MATERIALS STANDARD REFERENCE MATERIALS Purchase...

  6. 15 CFR 230.6 - Standard Reference Materials out of stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 15 Commerce and Foreign Trade 1 2013-01-01 2013-01-01 false Standard Reference Materials out of stock. 230.6 Section 230.6 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY, DEPARTMENT OF COMMERCE STANDARD REFERENCE MATERIALS STANDARD REFERENCE MATERIALS Purchase...

  7. Defining trade-offs among conservation, profitability, and food security in the California current bottom-trawl fishery.

    PubMed

    Hilborn, Ray; Stewart, Ian J; Branch, Trevor A; Jensen, Olaf P

    2012-04-01

    Although it is recognized that marine wild-capture fisheries are an important source of food for much of the world, the cost of sustainable capture fisheries to species diversity is uncertain, and it is often questioned whether industrial fisheries can be managed sustainably. We evaluated the trade-off among sustainable food production, profitability, and conservation objectives in the groundfish bottom-trawl fishery off the U.S. West Coast, where depletion (i.e., reduction in abundance) of six rockfish species (Sebastes) is of particular concern. Trade-offs are inherent in this multispecies fishery because there is limited capacity to target species individually. From population models and catch of 34 stocks of bottom fish, we calculated the relation between harvest rate, long-term yield (i.e., total weight of fish caught), profit, and depletion of each species. In our models, annual ecosystem-wide yield from all 34 stocks was maximized with an overall 5.4% harvest rate, but profit was maximized at a 2.8% harvest rate. When we reduced harvest rates to the level (2.2% harvest rate) at which no stocks collapsed (<10% of unfished levels), biomass harvested was 76% of the maximum sustainable yield and profit 89% of maximum. A harvest rate under which no stocks fell below the biomass that produced maximum sustainable yield (1% harvest rate), resulted in 45% of potential yield and 67% of potential profit. Major reductions in catch in the late 1990s led to increase in the biomass of the most depleted stocks, but this rebuilding resulted in the loss of >30% of total sustainable yield, whereas yield lost from stock depletion was 3% of total sustainable yield. There are clear conservation benefits to lower harvest rates, but avoiding overfishing of all stocks in a multispecies fishery carries a substantial cost in terms of lost yield and profit. PMID:22443131

  8. Stock Market Project.

    ERIC Educational Resources Information Center

    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

  9. Statistical analysis of bankrupting and non-bankrupting stocks

    NASA Astrophysics Data System (ADS)

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

    2012-04-01

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

  10. 17 CFR 240.11a-1 - Regulation of floor trading.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... Commission finding that the floor trading plan of the New York Stock Exchange filed on May 25, 1964 is... amendments to the Floor Trading Plan of the American Stock Exchange (33 FR 1073, Jan. 27, 1968) is as follows..., particularly sections 11(a) and 23(a) thereof, and Rule 11a-1 (17 CFR 240.11a-1) under the Act, deeming...

  11. 17 CFR 240.11a-1 - Regulation of floor trading.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... Commission finding that the floor trading plan of the New York Stock Exchange filed on May 25, 1964 is... amendments to the Floor Trading Plan of the American Stock Exchange (33 FR 1073, Jan. 27, 1968) is as follows..., particularly sections 11(a) and 23(a) thereof, and Rule 11a-1 (17 CFR 240.11a-1) under the Act, deeming...

  12. 17 CFR 240.11a-1 - Regulation of floor trading.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... Commission finding that the floor trading plan of the New York Stock Exchange filed on May 25, 1964 is... amendments to the Floor Trading Plan of the American Stock Exchange (33 FR 1073, Jan. 27, 1968) is as follows..., particularly sections 11(a) and 23(a) thereof, and Rule 11a-1 (17 CFR 240.11a-1) under the Act, deeming...

  13. 17 CFR 240.11a-1 - Regulation of floor trading.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... Commission finding that the floor trading plan of the New York Stock Exchange filed on May 25, 1964 is... amendments to the Floor Trading Plan of the American Stock Exchange (33 FR 1073, Jan. 27, 1968) is as follows..., particularly sections 11(a) and 23(a) thereof, and Rule 11a-1 (17 CFR 240.11a-1) under the Act, deeming...

  14. Dominating Clasp of the Financial Sector Revealed by Partial Correlation Analysis of the Stock Market

    PubMed Central

    Kenett, Dror Y.; Tumminello, Michele; Madi, Asaf; Gur-Gershgoren, Gitit; Mantegna, Rosario N.; Ben-Jacob, Eshel

    2010-01-01

    What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question—the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stock influence, which is then used to construct partial correlation networks. The empirical part of this study is performed on a specific financial system, namely the set of 300 highly capitalized stocks traded at the New York Stock Exchange, in the time period 2001–2003. By constructing the partial correlation network, unlike the case of standard correlation based networks, we find that stocks belonging to the financial sector and, in particular, to the investment services sub-sector, are the most influential stocks affecting the correlation profile of the system. Using a moving window analysis, we find that the strong influence of the financial stocks is conserved across time for the investigated trading period. Our findings shed a new light on the underlying mechanisms and driving forces controlling the correlation profile observed in a financial market. PMID:21188140

  15. Dominating clasp of the financial sector revealed by partial correlation analysis of the stock market.

    PubMed

    Kenett, Dror Y; Tumminello, Michele; Madi, Asaf; Gur-Gershgoren, Gitit; Mantegna, Rosario N; Ben-Jacob, Eshel

    2010-01-01

    What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question--the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stock influence, which is then used to construct partial correlation networks. The empirical part of this study is performed on a specific financial system, namely the set of 300 highly capitalized stocks traded at the New York Stock Exchange, in the time period 2001-2003. By constructing the partial correlation network, unlike the case of standard correlation based networks, we find that stocks belonging to the financial sector and, in particular, to the investment services sub-sector, are the most influential stocks affecting the correlation profile of the system. Using a moving window analysis, we find that the strong influence of the financial stocks is conserved across time for the investigated trading period. Our findings shed a new light on the underlying mechanisms and driving forces controlling the correlation profile observed in a financial market. PMID:21188140

  16. 76 FR 6646 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-02-07

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that on January 19, 2011, The NASDAQ Stock Market... (``NOM''), the options trading facility of The NASDAQ Stock Market LLC, has been fully operational...

  17. 76 FR 14111 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-03-15

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate..., 2011, The NASDAQ Stock Market LLC (``NASDAQ''), filed with the Securities and Exchange Commission... (``NOM''), the options trading facility of The NASDAQ Stock Market LLC, has been fully operational...

  18. Heterogeneous information-based artificial stock market

    NASA Astrophysics Data System (ADS)

    Pastore, S.; Ponta, L.; Cincotti, S.

    2010-05-01

    In this paper, an information-based artificial stock market is considered. The market is populated by heterogeneous agents that are seen as nodes of a sparsely connected graph. Agents trade a risky asset in exchange for cash. Besides the amount of cash and assets owned, each agent is characterized by a sentiment. Moreover, agents share their sentiments by means of interactions that are identified by the graph. Interactions are unidirectional and are supplied with heterogeneous weights. The agent's trading decision is based on sentiment and, consequently, the stock price process depends on the propagation of information among the interacting agents, on budget constraints and on market feedback. A central market maker (clearing house mechanism) determines the price process at the intersection of the demand and supply curves. Both closed- and open-market conditions are considered. The results point out the validity of the proposed model of information exchange among agents and are helpful for understanding the role of information in real markets. Under closed market conditions, the interaction among agents' sentiments yields a price process that reproduces the main stylized facts of real markets, e.g. the fat tails of the returns distributions and the clustering of volatility. Within open-market conditions, i.e. with an external cash inflow that results in asset price inflation, also the unitary root stylized fact is reproduced by the artificial stock market. Finally, the effects of model parameters on the properties of the artificial stock market are also addressed.

  19. Quantum spatial-periodic harmonic model for daily price-limited stock markets

    NASA Astrophysics Data System (ADS)

    Meng, Xiangyi; Zhang, Jian-Wei; Xu, Jingjing; Guo, Hong

    2015-11-01

    We investigate the behaviors of stocks in daily price-limited stock markets by purposing a quantum spatial-periodic harmonic model. The stock price is considered to be oscillating and damping in a quantum spatial-periodic harmonic oscillator potential well. A complicated non-linear relation including inter-band positive correlation and intra-band negative correlation between the volatility and trading volume of a stock is numerically derived with the energy band structure of the model concerned. The effectiveness of price limit is re-examined, with some observed characteristics of price-limited stock markets in China studied by applying our quantum model.

  20. Statistics of extreme events in Chinese stock markets

    NASA Astrophysics Data System (ADS)

    Wu, Gan-Hua; Qiu, Lu; Mutua, Stephen; Li, Xin-Li; Yang, Yue; Yang, Hui-Jie; Jiang, Yan

    2014-12-01

    We investigate the impact of financial factors on daily volume recurrent time intervals in the developing Chinese stock markets. The tails of probability distribution functions (PDFs) of volume recurrent intervals behave as a power-law, and the scaling exponent decreases with the increase of stock lifetime, which are similar to those in the US stock markets, and they are typical representatives of developed markets. The difference is that the power-law exponent values remain almost the same with the changes of market capitalization, mean volume, and mean trading value, respectively. These findings enrich the results for event statistics for financial markets.

  1. Predicting short-term stock fluctuations by using processing fluency

    PubMed Central

    Alter, Adam L.; Oppenheimer, Daniel M.

    2006-01-01

    Three studies investigated the impact of the psychological principle of fluency (that people tend to prefer easily processed information) on short-term share price movements. In both a laboratory study and two analyses of naturalistic real-world stock market data, fluently named stocks robustly outperformed stocks with disfluent names in the short term. For example, in one study, an initial investment of $1,000 yielded a profit of $112 more after 1 day of trading for a basket of fluently named shares than for a basket of disfluently named shares. These results imply that simple, cognitive approaches to modeling human behavior sometimes outperform more typical, complex alternatives. PMID:16754871

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

    PubMed Central

    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. PMID:26900948

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

    PubMed

    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. PMID:26900948

  4. Using the Stock Market to Teach Physics

    NASA Astrophysics Data System (ADS)

    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.

  5. 77 FR 56533 - Property Traded on an Established Market

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-09-13

    ... announcement date), the yield of the additional debt instruments (based on their fair market value or cash... traded, the issue price of the debt instrument is the fair market value of the stock, securities, or... Internal Revenue Service 26 CFR Parts 1 and 602 RIN 1545-BJ71 Property Traded on an Established...

  6. A quantum-like approach to the stock market

    NASA Astrophysics Data System (ADS)

    Aerts, Diederik; D'Hooghe, Bart; Sozzo, Sandro

    2012-03-01

    Modern approaches to stock pricing in quantitative finance are typically founded on the Black-Scholes model and the underlying random walk hypothesis. Empirical data indicate that this hypothesis works well in stable situations but, in abrupt transitions such as during an economical crisis, the random walk model fails and alternative descriptions are needed. For this reason, several proposals have been recently forwarded which are based on the formalism of quantum mechanics. In this paper we apply the SCoP formalism, elaborated to provide an operational foundation of quantum mechanics, to the stock market. We argue that a stock market is an intrinsically contextual system where agents' decisions globally influence the market system and stocks prices, determining a nonclassical behavior. More specifically, we maintain that a given stock does not generally have a definite value, e.g., a price, but its value is actualized as a consequence of the contextual interactions in the trading process. This contextual influence is responsible of the non-Kolmogorovian quantumlike behavior of the market at a statistical level. Then, we propose a sphere model within our hidden measurement formalism that describes a buying/selling process of a stock and shows that it is intuitively reasonable to assume that the stock has not a definite price until it is traded. This result is relevant in our opinion since it provides a theoretical support to the use of quantum models in finance.

  7. Trade policy and public health.

    PubMed

    Friel, Sharon; Hattersley, Libby; Townsend, Ruth

    2015-03-18

    Twenty-first-century trade policy is complex and affects society and population health in direct and indirect ways. Without doubt, trade policy influences the distribution of power, money, and resources between and within countries, which in turn affects the natural environment; people's daily living conditions; and the local availability, quality, affordability, and desirability of products (e.g., food, tobacco, alcohol, and health care); it also affects individuals' enjoyment of the highest attainable standard of health. In this article, we provide an overview of the modern global trade environment, illustrate the pathways between trade and health, and explore the emerging twenty-first-century trade policy landscape and its implications for health and health equity. We conclude with a call for more interdisciplinary research that embraces complexity theory and systems science as well as the political economy of health and that includes monitoring and evaluation of the impact of trade agreements on health. PMID:25494052

  8. Trade policy and public goods.

    PubMed

    Loos, Gregory P

    2003-01-01

    The World Trade Organization (WTO) was formed in 1994 as the first multilateral trade organization with enforcement authority over national governments. A country's domestic standards cannot be more restrictive than international standards for trade. WTO seeks to "harmonize" individual domestic policies into uniform global standards and encompasses trade-related aspects of health, public safety, and environmental protection. These issues are transnational and pose enormous challenges to traditional governance structures. Most governments are not equipped to manage problems that transcend their borders. Moreover, international governance in social issues--with the possible exception of public health--is still in its infancy. Many groups are concerned that local public interests will be subjugated to global corporate interests. The article looks at the social ramifications of world trade policy and concludes that world trade must be balanced with sustainable environments and human health. PMID:17208712

  9. Financial prediction and trading strategies using neurofuzzy approaches.

    PubMed

    Pantazopoulos, K N; Tsoukalas, L H; Bourbakis, N G; Brun, M J; Houstis, E N

    1998-01-01

    Neurofuzzy approaches for predicting financial time series are investigated and shown to perform well in the context of various trading strategies involving stocks and options. The horizon of prediction is typically a few days and trading strategies are examined using historical data. Two methodologies are presented wherein neural predictors are used to anticipate the general behavior of financial indexes (moving up, down, or staying constant) in the context of stocks and options trading. The methodologies are tested with actual financial data and show considerable promise as a decision making and planning tool. PMID:18255971

  10. 26 CFR 1.423-2 - Employee stock purchase plan defined.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... purchase plan, the offering will not meet the requirements of paragraph (e) of this section. Accordingly... F, a publicly traded corporation. On January 1, 2010, E adopts an employee stock purchase plan under... employee stock purchase plan, the offering will not meet the requirements of paragraph (e) of this...

  11. 26 CFR 1.423-2 - Employee stock purchase plan defined.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... purchase plan, the offering will not meet the requirements of paragraph (e) of this section. Accordingly... F, a publicly traded corporation. On January 1, 2010, E adopts an employee stock purchase plan under... employee stock purchase plan, the offering will not meet the requirements of paragraph (e) of this...

  12. 26 CFR 1.423-2 - Employee stock purchase plan defined.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... purchase plan, the offering will not meet the requirements of paragraph (e) of this section. Accordingly... F, a publicly traded corporation. On January 1, 2010, E adopts an employee stock purchase plan under... employee stock purchase plan, the offering will not meet the requirements of paragraph (e) of this...

  13. 26 CFR 1.423-2 - Employee stock purchase plan defined.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... purchase plan, the offering will not meet the requirements of paragraph (e) of this section. Accordingly... F, a publicly traded corporation. On January 1, 2010, E adopts an employee stock purchase plan under... employee stock purchase plan, the offering will not meet the requirements of paragraph (e) of this...

  14. A Stock Market Project.

    ERIC Educational Resources Information Center

    Anderson, Christine; Cook, Stan

    1990-01-01

    Offers a field-tested stock market unit designed to develop mathematical skills involving fractions and decimals, basic understanding of the stock market, and hypothesis testing skills in real world situations. Includes tables displaying questions, tally sheets, and instructions, as well as a list of related activities. (MDH)

  15. Herd behaviour experimental testing in laboratory artificial stock market settings. Behavioural foundations of stylised facts of financial returns

    NASA Astrophysics Data System (ADS)

    Manahov, Viktor; Hudson, Robert

    2013-10-01

    Many scholars express concerns that herding behaviour causes excess volatility, destabilises financial markets, and increases the likelihood of systemic risk. We use a special form of the Strongly Typed Genetic Programming (STGP) technique to evolve a stock market divided into two groups-a small subset of artificial agents called ‘Best Agents’ and a main cohort of agents named ‘All Agents’. The ‘Best Agents’ perform best in term of the trailing return of a wealth moving average. We then investigate whether herding behaviour can arise when agents trade Dow Jones, General Electric, and IBM financial instruments in four different artificial stock markets. This paper uses real historical quotes of the three financial instruments to analyse the behavioural foundations of stylised facts such as leptokurtosis, non-IIDness, and volatility clustering. We found evidence of more herding in a group of stocks than in individual stocks, but the magnitude of herding does not contribute to the mispricing of assets in the long run. Our findings suggest that the price formation process caused by the collective behaviour of the entire market exhibit less herding and is more efficient than the segmented market populated by a small subset of agents. Hence, greater genetic diversity leads to greater consistency with fundamental values and market efficiency.

  16. 27 CFR 46.206 - Articles in a foreign trade zone.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2012-04-01 2011-04-01 true Articles in a foreign trade... Cigarette Tubes Held for Sale on April 1, 2009 Inventories § 46.206 Articles in a foreign trade zone. If articles subject to floor stocks tax are stored in a foreign trade zone established under the Foreign...

  17. 26 CFR 1.883-2 - Treatment of publicly-traded corporations.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... located, and has an annual value of shares traded on the exchange exceeding $1 billion during each of the... dollar value of stock traded. For purposes of paragraph (b)(1)(i) of this section, the value in U.S. dollars of shares traded during a calendar year shall be determined on the basis of the dollar value...

  18. 26 CFR 1.883-2 - Treatment of publicly-traded corporations.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... located, and has an annual value of shares traded on the exchange exceeding $1 billion during each of the... dollar value of stock traded. For purposes of paragraph (b)(1)(i) of this section, the value in U.S. dollars of shares traded during a calendar year shall be determined on the basis of the dollar value...

  19. 26 CFR 1.883-2 - Treatment of publicly-traded corporations.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... located, and has an annual value of shares traded on the exchange exceeding $1 billion during each of the... dollar value of stock traded. For purposes of paragraph (b)(1)(i) of this section, the value in U.S. dollars of shares traded during a calendar year shall be determined on the basis of the dollar value...

  20. Foraging under conditions of short-term exploitative competition: the case of stock traders.

    PubMed

    Saavedra, Serguei; Malmgren, R Dean; Switanek, Nicholas; Uzzi, Brian

    2013-03-22

    Theory purports that animal foraging choices evolve to maximize returns, such as net energy intake. Empirical research in both human and non-human animals reveals that individuals often attend to the foraging choices of their competitors while making their own foraging choices. Owing to the complications of gathering field data or constructing experiments, however, broad facts relating theoretically optimal and empirically realized foraging choices are only now emerging. Here, we analyse foraging choices of a cohort of professional day traders who must choose between trading the same stock multiple times in a row--patch exploitation--or switching to a different stock--patch exploration--with potentially higher returns. We measure the difference between a trader's resource intake and the competitors' expected intake within a short period of time--a difference we call short-term comparative returns. We find that traders' choices can be explained by foraging heuristics that maximize their daily short-term comparative returns. However, we find no one-best relationship between different trading choices and net income intake. This suggests that traders' choices can be short-term win oriented and, paradoxically, maybe maladaptive for absolute market returns. PMID:23363635

  1. Individualizing Medicare.

    PubMed

    Chollet, D J

    1999-05-01

    Despite the enactment of significant changes to the Medicare program in 1997, Medicare's Hospital Insurance trust fund is projected to be exhausted just as the baby boom enters retirement. To address Medicare's financial difficulties, a number of reform proposals have been offered, including several to individualize Medicare financing and benefits. These proposals would attempt to increase Medicare revenues and reduce Medicare expenditures by having individuals bear risk--investment market risk before retirement and insurance market risk after retirement. Many fundamental aspects of these proposals have yet to be worked out, including how to guarantee a baseline level of saving for health insurance after retirement, how retirees might finance unanticipated health insurance price increases after retirement, the potential implications for Medicaid of inadequate individual saving, and whether the administrative cost of making the system fair and adequate ultimately would eliminate any rate-of-return advantages from allowing workers to invest their Medicare contributions in corporate stocks and bonds. PMID:10915458

  2. Optimizing the trade-off between spatial and genetic sampling efforts in patchy populations: towards a better assessment of functional connectivity using an individual-based sampling scheme.

    PubMed

    Prunier, J G; Kaufmann, B; Fenet, S; Picard, D; Pompanon, F; Joly, P; Lena, J P

    2013-11-01

    Genetic data are increasingly used in landscape ecology for the indirect assessment of functional connectivity, that is, the permeability of landscape to movements of organisms. Among available tools, matrix correlation analyses (e.g. Mantel tests or mixed models) are commonly used to test for the relationship between pairwise genetic distances and movement costs incurred by dispersing individuals. When organisms are spatially clustered, a population-based sampling scheme (PSS) is usually performed, so that a large number of genotypes can be used to compute pairwise genetic distances on the basis of allelic frequencies. Because of financial constraints, this kind of sampling scheme implies a drastic reduction in the number of sampled aggregates, thereby reducing sampling coverage at the landscape level. We used matrix correlation analyses on simulated and empirical genetic data sets to investigate the efficiency of an individual-based sampling scheme (ISS) in detecting isolation-by-distance and isolation-by-barrier patterns. Provided that pseudo-replication issues are taken into account (e.g. through restricted permutations in Mantel tests), we showed that the use of interindividual measures of genotypic dissimilarity may efficiently replace interpopulation measures of genetic differentiation: the sampling of only three or four individuals per aggregate may be sufficient to efficiently detect specific genetic patterns in most situations. The ISS proved to be a promising methodological alternative to the more conventional PSS, offering much flexibility in the spatial design of sampling schemes and ensuring an optimal representativeness of landscape heterogeneity in data, with few aggregates left unsampled. Each strategy offering specific advantages, a combined use of both sampling schemes is discussed. PMID:24118539

  3. The Political Trade-offs of Trade.

    ERIC Educational Resources Information Center

    Bosshardt, William

    1996-01-01

    Examines important trade issues and explains why the debate on trade policy will continue as a major political topic. Discusses the efficacy of recent trade agreements and the use of trade sanctions to encourage political change in other countries. Reviews several models of trade theory. (MJP)

  4. Building Trades.

    ERIC Educational Resources Information Center

    Gudzak, Raymond

    This curriculum guide provides materials for a competency-based course in building trades at the secondary level. The curriculum design uses the curriculum infused model for the teaching of basic skills as part of vocational education and demonstrates the relationship of vocationally related skills to communication, mathematics, and science…

  5. Marine Trades.

    ERIC Educational Resources Information Center

    Abbott, Alan

    This curriculum guide provides materials for a competency-based course in marine trades at the secondary level. The curriculum design uses the curriculum infused model for the teaching of basic skills as part of vocational education and demonstrates the relationship of vocationally related skills to communication, mathematics, and science

  6. Marine Trades.

    ERIC Educational Resources Information Center

    Abbott, Alan

    This curriculum guide provides materials for a competency-based course in marine trades at the secondary level. The curriculum design uses the curriculum infused model for the teaching of basic skills as part of vocational education and demonstrates the relationship of vocationally related skills to communication, mathematics, and science…

  7. Fractal profit landscape of the stock market.

    PubMed

    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. PMID:22558079

  8. Targeted stock identification using multilocus genotype 'familyprinting'

    USGS Publications Warehouse

    Letcher, B.H.; King, T.L.

    1999-01-01

    We present an approach to stock identification of small, targeted populations that uses multilocus microsatellite genotypes of individual mating adults to uniquely identify first- and second-generation offspring in a mixture. We call the approach 'familyprinting'; unlike DNA fingerprinting where tissue samples of individuals are matched, offspring from various families are assigned to pairs of parents or sets of four grandparents with known genotypes. The basic unit of identification is the family, but families can be nested within a variety of stock units ranging from naturally reproducing groups of fish in a small tributary or pond from which mating adults can be sampled to large or small collections of families produced in hatcheries and stocked in specific locations. We show that, with as few as seven alleles per locus using four loci without error, first-generation offspring can be uniquely assigned to the correct family. For second-generation applications in a hatchery more alleles per locus (10) and loci (10) are required for correct assignment of all offspring to the correct set of grandparents. Using microsatellite DNA variation from an Atlantic salmon (Salmo solar) restoration river (Connecticut River, USA), we also show that this population contains sufficient genetic diversity in sea-run returns for 100% correct first, generation assignment and 97% correct second-generation assignment using 14 loci. We are currently using first- and second-generation familyprinting in this population with the ultimate goal of identifying stocking tributary. In addition to within-river familyprinting, there also appears to be sufficient genetic diversity within and between Atlantic salmon populations for identification of 'familyprinted' fish in a mixture of multiple populations. We also suggest that second-generation familyprinting with multiple populations may also provide a tool for examining stock structure. Familyprinting with microsatellite DNA markers is a viable method for identification of offspring of randomly mating adults from small, targeted stocks and should provide a useful addition to current mixed stock analyses with genetic markers.

  9. Corruption and stock market development: A quantitative approach

    NASA Astrophysics Data System (ADS)

    Bolgorian, Meysam

    2011-11-01

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

  10. The Stock Market: Risk vs. Uncertainty.

    ERIC Educational Resources Information Center

    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…

  11. Stocking Walleye Fish

    USGS Multimedia Gallery

    An FWS employee stocks walleye in a lined pond at Garrison Dam National Fish Hatchery, the Service's largest walleye production hatchery. Related to the R6PC — Replace 9 Clay Pond Liners — Garrison Dam NFH project....

  12. The overnight effect on the Taiwan stock market

    NASA Astrophysics Data System (ADS)

    Tsai, Kuo-Ting; Lih, Jiann-Shing; Ko, Jing-Yuan

    2012-12-01

    This study examines statistical regularities among three components of stocks and indices: daytime (trading hour) return, overnight (off-hour session) return, and total (close-to-close) return. Owing to the fact that the Taiwan Stock Exchange (TWSE) has the longest non-trading periods among major markets, the TWSE is selected to explore the correlation among the three components and compare it with major markets such as the New York Stock Exchange (NYSE) and the National Association of Securities Dealers Automated Quotation (NASDAQ). Analysis results indicate a negative cross correlation between the sign of daytime return and the sign of overnight return; possibly explaining why most stocks feature a negative cross correlation between daytime return and overnight return [F. Wang, S.-J. Shieh, S. Havlin, H.E. Stanley, Statistical analysis of the overnight and daytime return, Phys. Rev. E 79 (2009) 056109]. Additionally, the cross correlation between the magnitude of returns is analyzed. According to those results, a larger magnitude of overnight return implies a higher probability that the sign of the following daytime return is the opposite of the sign of overnight return. Namely, the predictability of daytime return might be improved when a stock undergoes a large magnitude of overnight return. Furthermore, the cross correlations of 29 indices of worldwide markets are discussed.

  13. 17 CFR 242.302 - Recordkeeping requirements for alternative trading systems.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... index arbitrage trade as defined in New York Stock Exchange Rule 80A; (5) The designation of the order... EXCHANGE COMMISSION (CONTINUED) REGULATIONS M, SHO, ATS, AC, AND NMS AND CUSTOMER MARGIN REQUIREMENTS...

  14. 17 CFR 242.302 - Recordkeeping requirements for alternative trading systems.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... index arbitrage trade as defined in New York Stock Exchange Rule 80A; (5) The designation of the order... EXCHANGE COMMISSION (CONTINUED) REGULATIONS M, SHO, ATS, AC, AND NMS AND CUSTOMER MARGIN REQUIREMENTS...

  15. 17 CFR 242.302 - Recordkeeping requirements for alternative trading systems.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... index arbitrage trade as defined in New York Stock Exchange Rule 80A; (5) The designation of the order... EXCHANGE COMMISSION (CONTINUED) REGULATIONS M, SHO, ATS, AC, AND NMS AND CUSTOMER MARGIN REQUIREMENTS...

  16. Quantifying Wikipedia Usage Patterns Before Stock Market Moves

    NASA Astrophysics Data System (ADS)

    Moat, Helen Susannah; Curme, Chester; Avakian, Adam; Kenett, Dror Y.; Stanley, H. Eugene; Preis, Tobias

    2013-05-01

    Financial crises result from a catastrophic combination of actions. Vast stock market datasets offer us a window into some of the actions that have led to these crises. Here, we investigate whether data generated through Internet usage contain traces of attempts to gather information before trading decisions were taken. We present evidence in line with the intriguing suggestion that data on changes in how often financially related Wikipedia pages were viewed may have contained early signs of stock market moves. Our results suggest that online data may allow us to gain new insight into early information gathering stages of decision making.

  17. 76 FR 44076 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-22

    ... (November 3, 2010), 75 FR 69792 (November 15, 2010). In order to comply with the Market Access Rule, NES and... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NASDAQ Stock Market Equities Trading Rules 4757 and 4758...

  18. 77 FR 27105 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-05-08

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate... given that on April 30, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange'') filed with... processing that NASDAQ provides to members that trade on the NASDAQ Market Center. Currently, Rule...

  19. 75 FR 16221 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-03-31

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change To Establish Strike Price Intervals and Trading Hours for Options on Index-Linked Securities March... Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and Exchange...

  20. 76 FR 32248 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-06-03

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting Approval of Proposed Rule Change To Modify the Initial Trading Market Value for Debt Securities I. Introduction On April 1, 2011, the New York Stock Exchange LLC...

  1. Vateritic sagitta in wild and stocked lake trout: Applicability to stock origin

    USGS Publications Warehouse

    Bowen, Charles A., II; Bronte, Charles R.; Argyle, Ray L.; Adams, Jean V.; Johnson, James E.

    1999-01-01

    Aragonite is the normal form of calcium carbonate found in teleost otoliths, but it is sometimes replaced by vaterite, an alternate crystalline structure. We investigated the assumption that sagittal otoliths with vaterite replacement were unique to stocked lake trout Salvelinus namaycush in the Laurentian Great Lakes. Earlier studies had attributed these abnormalities to stocking stress, and proposed that the presence of vaterite could separate individual unmarked stocked lake trout from their wild counterparts. We examined and described the frequency of vateritic sagittae in two wild and three stocked populations of lake trout from the Great Lakes and a wild population from a remote inland lake in northern Canada. Among lake trout caught 2–12 years after being stocked, prevalence of vateritic sagittae was 66% for Lake Superior fish, 75% for Lake Huron fish, and 86% for Lake Ontario fish. Among wild fish caught, vateritic sagittae were present in 37% of Lake Superior fish, 22% of Lake Huron fish, and 49% of northern Canada fish. We also compared year-to-year differences in prevalence in four year-classes of fingerling lake trout reared in two U.S. national lake trout hatcheries. Prior to release, between 53 and 84% of the hatchery fish had at least one vateritic sagitta, and prevalence increased with handling associated with hatchery practices. Vateritic sagittae in wild fish might also indicate stress in nature. The presence of vateritic sagittae in both wild and stocked fish compromises the use of this characteristic as an unequivocal indicator of a particular fish's origin. Among-population differences in both the prevalence and the extent of vaterite replacement, however, may provide a means of differentiating between stocks of sympatric unmarked wild and stocked lake trout.

  2. Managing dynamic epidemiological risks through trade

    PubMed Central

    Horan, Richard D.; Fenichel, Eli P.; Finnoff, David; Wolf, Christopher A.

    2015-01-01

    There is growing concern that trade, by connecting geographically isolated regions, unintentionally facilitates the spread of invasive pathogens and pests – forms of biological pollution that pose significant risks to ecosystem and human health. We use a bioeconomic framework to examine whether trade always increases private risks, focusing specifically on pathogen risks from live animal trade. When the pathogens have already established and traders bear some private risk, we find two results that run counter to the conventional wisdom on trade. First, uncertainty about the disease status of individual animals held in inventory may increase the incentives to trade relative to the disease-free case. Second, trade may facilitate reduced long-run disease prevalence among buyers. These results arise because disease risks are endogenous due to dynamic feedback processes involving valuable inventories, and markets facilitate the management of private risks that producers face with or without trade. PMID:25914431

  3. Recurrence interval analysis of trading volumes.

    PubMed

    Ren, Fei; Zhou, Wei-Xing

    2010-06-01

    We study the statistical properties of the recurrence intervals τ between successive trading volumes exceeding a certain threshold q. The recurrence interval analysis is carried out for the 20 liquid Chinese stocks covering a period from January 2000 to May 2009, and two Chinese indices from January 2003 to April 2009. Similar to the recurrence interval distribution of the price returns, the tail of the recurrence interval distribution of the trading volumes follows a power-law scaling, and the results are verified by the goodness-of-fit tests using the Kolmogorov-Smirnov (KS) statistic, the weighted KS statistic and the Cramér-von Mises criterion. The measurements of the conditional probability distribution and the detrended fluctuation function show that both short-term and long-term memory effects exist in the recurrence intervals between trading volumes. We further study the relationship between trading volumes and price returns based on the recurrence interval analysis method. It is found that large trading volumes are more likely to occur following large price returns, and the comovement between trading volumes and price returns is more pronounced for large trading volumes. PMID:20866478

  4. Association between Stock Market Gains and Losses and Google Searches

    PubMed Central

    Arditi, Eli; Yechiam, Eldad; Zahavi, Gal

    2015-01-01

    Experimental studies in the area of Psychology and Behavioral Economics have suggested that people change their search pattern in response to positive and negative events. Using Internet search data provided by Google, we investigated the relationship between stock-specific events and related Google searches. We studied daily data from 13 stocks from the Dow-Jones and NASDAQ100 indices, over a period of 4 trading years. Focusing on periods in which stocks were extensively searched (Intensive Search Periods), we found a correlation between the magnitude of stock returns at the beginning of the period and the volume, peak, and duration of search generated during the period. This relation between magnitudes of stock returns and subsequent searches was considerably magnified in periods following negative stock returns. Yet, we did not find that intensive search periods following losses were associated with more Google searches than periods following gains. Thus, rather than increasing search, losses improved the fit between people’s search behavior and the extent of real-world events triggering the search. The findings demonstrate the robustness of the attentional effect of losses. PMID:26513371

  5. Cluster fusion-fission dynamics in the Singapore stock exchange

    NASA Astrophysics Data System (ADS)

    Teh, Boon Kin; Cheong, Siew Ann

    2015-10-01

    In this paper, we investigate how the cross-correlations between stocks in the Singapore stock exchange (SGX) evolve over 2008 and 2009 within overlapping one-month time windows. In particular, we examine how these cross-correlations change before, during, and after the Sep-Oct 2008 Lehman Brothers Crisis. To do this, we extend the complete-linkage hierarchical clustering algorithm, to obtain robust clusters of stocks with stronger intracluster correlations, and weaker intercluster correlations. After we identify the robust clusters in all time windows, we visualize how these change in the form of a fusion-fission diagram. Such a diagram depicts graphically how the cluster sizes evolve, the exchange of stocks between clusters, as well as how strongly the clusters mix. From the fusion-fission diagram, we see a giant cluster growing and disintegrating in the SGX, up till the Lehman Brothers Crisis in September 2008 and the market crashes of October 2008. After the Lehman Brothers Crisis, clusters in the SGX remain small for few months before giant clusters emerge once again. In the aftermath of the crisis, we also find strong mixing of component stocks between clusters. As a result, the correlation between initially strongly-correlated pairs of stocks decay exponentially with average life time of about a month. These observations impact strongly how portfolios and trading strategies should be formulated.

  6. Association between Stock Market Gains and Losses and Google Searches.

    PubMed

    Arditi, Eli; Yechiam, Eldad; Zahavi, Gal

    2015-01-01

    Experimental studies in the area of Psychology and Behavioral Economics have suggested that people change their search pattern in response to positive and negative events. Using Internet search data provided by Google, we investigated the relationship between stock-specific events and related Google searches. We studied daily data from 13 stocks from the Dow-Jones and NASDAQ100 indices, over a period of 4 trading years. Focusing on periods in which stocks were extensively searched (Intensive Search Periods), we found a correlation between the magnitude of stock returns at the beginning of the period and the volume, peak, and duration of search generated during the period. This relation between magnitudes of stock returns and subsequent searches was considerably magnified in periods following negative stock returns. Yet, we did not find that intensive search periods following losses were associated with more Google searches than periods following gains. Thus, rather than increasing search, losses improved the fit between people's search behavior and the extent of real-world events triggering the search. The findings demonstrate the robustness of the attentional effect of losses. PMID:26513371

  7. The economics of parallel trade.

    PubMed

    Danzon, P M

    1998-03-01

    The potential for parallel trade in the European Union (EU) has grown with the accession of low price countries and the harmonisation of registration requirements. Parallel trade implies a conflict between the principle of autonomy of member states to set their own pharmaceutical prices, the principle of free trade and the industrial policy goal of promoting innovative research and development (R&D). Parallel trade in pharmaceuticals does not yield the normal efficiency gains from trade because countries achieve low pharmaceutical prices by aggressive regulation, not through superior efficiency. In fact, parallel trade reduces economic welfare by undermining price differentials between markets. Pharmaceutical R&D is a global joint cost of serving all consumers worldwide; it accounts for roughly 30% of total costs. Optimal (welfare maximising) pricing to cover joint costs (Ramsey pricing) requires setting different prices in different markets, based on inverse demand elasticities. By contrast, parallel trade and regulation based on international price comparisons tend to force price convergence across markets. In response, manufacturers attempt to set a uniform 'euro' price. The primary losers from 'euro' pricing will be consumers in low income countries who will face higher prices or loss of access to new drugs. In the long run, even higher income countries are likely to be worse off with uniform prices, because fewer drugs will be developed. One policy option to preserve price differentials is to exempt on-patent products from parallel trade. An alternative is confidential contracting between individual manufacturers and governments to provide country-specific ex post discounts from the single 'euro' wholesale price, similar to rebates used by managed care in the US. This would preserve differentials in transactions prices even if parallel trade forces convergence of wholesale prices. PMID:10178655

  8. Stock Market Savvy.

    ERIC Educational Resources Information Center

    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 financial…

  9. Medicago truncatula Stock Center

    Technology Transfer Automated Retrieval System (TEKTRAN)

    As outlined in this chapter a number of genetic stock collections carry out activities that curate and supply a subset of the genetic and genomic resources in M. truncatula. While the activities of these centres are invaluable, they are not integrated and do not provide the full extent of resources ...

  10. Stockings for the Artists

    ERIC Educational Resources Information Center

    Goebel, Kim

    2009-01-01

    During each of the holiday seasons, the author tries to come up with a lesson that will incorporate art history and have a holiday theme. One recent winter-holiday season, the author was thumbing through a catalog and saw a picture of note cards that had famous artists' stockings hanging on a mantel. This triggered an idea for the author's…

  11. Focus on Compression Stockings

    MedlinePLUS

    ... soap. Do not use Woolite™ detergent. Use warm water and wash by hand or in the gentle cycle in the washing machine. After rinsing the compression stocking completely, remove excess water by rolling it in a ... the dryer on the deli- cate cycle at a cool temperature. It may be convenient ...

  12. Stock Market Savvy.

    ERIC Educational Resources Information Center

    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 financial

  13. Stocking Rates for Horse Pastures

    Technology Transfer Automated Retrieval System (TEKTRAN)

    Decision on which stocking rate to graze a horse pasture is critical, particularly if the forage is expected to meet the nutrient needs of the horses. Challenges and management for targeting the optimum stocking rate, defined as the stocking rate that allows forage consumption to approximately equ...

  14. Anticipating Stock Market Movements with Google and Wikipedia

    NASA Astrophysics Data System (ADS)

    Moat, Helen Susannah; Curme, Chester; Stanley, H. Eugene; Preis, Tobias

    Many of the trading decisions that have led to financial crises are captured by vast, detailed stock market datasets. Here, we summarize two of our recent studies which investigate whether Internet usage data contain traces of attempts to gather information before such trading decisions were taken. By analyzing changes in how often Internet users searched for financially related information on Google (Preis et al., Sci Rep 3:1684, 2013) and Wikipedia (Moat et al., Sci Rep 3:1801, 2013), patterns are found that may be interpreted as "early warning signs" of stock market moves. Our results suggest that online data may allow us to gain new insight into early information gathering stages of economic decision making.

  15. Stock origins of Dolly Varden collected from Beaufort Sea coastal sites of Arctic Alaska and Canada

    USGS Publications Warehouse

    Krueger, C.C.; Wilmot, R.L.; Everett, R.J.

    1999-01-01

    Anadromous northern Dolly Varden Salvelinus malma support a summer subsistence fishery in Beaufort Sea coastal waters. These same waters coincide with areas of oil and gas exploration and development. The purpose of this study was to assess variation in stock origins of Dolly Varden collected from sites along 400 km of Beaufort Sea coast. Mixed-stock analyses (MSA) of allozyme data were used to compare collections from four sites (Endicolt near Prudhoe Bay, Mikkelsen Bay, and Kaktovik in Alaska and Phillips Bay in Canada) and to assess variation in stock contributions among summer months and between 1987 and 1988. The MSA estimates for individual stocks were summed into estimates for three stock groups: western stocks from the area near Sagavarnirktok River and Prudhoe Bay (SAG), Arctic National Wildlife Refuge stocks (Arctic Refuge), and Canadian stocks. The MSA of Endicott samples taken in 1987 and 1988 did not differ among months in terms of contributions from local SAG stocks (range, 71-95%). Contributions from nonlocal (>100 km distant) Canadian and Arctic Refuge stocks were not different from zero in 1987, but contributions from Canadian stocks were so in July (17%) and August (20%) but not in September of 1988. Thus, stock contributions to Endicott collections were different between 1987 and 1988. Samples from the Kaktovik area in 1988 were different between months in terms of contributions from nonlocal SAG stocks (July, 7%; August, 27%). Significant contributions to these samples were made both months by Canadian (25% and 17%) and local Arctic Refuge stocks (68% and 56%). Among the four coastal sites, local stocks typically contributed most to collections; however, every site had collections that contained significant contributions from nonlocal stocks. The MSA estimates clearly revealed the movement of Dolly Varden between U.S. and Canada coastal waters. If local stocks are affected by oil and gas development activities, distant subsistence fisheries along the coast could also be affected. ?? Copyright by the American Fisheries Society 1999.

  16. Dependence structure of the Korean stock market in high frequency data

    NASA Astrophysics Data System (ADS)

    Kim, Min Jae; Kwak, Young Bin; Kim, Soo Yong

    2011-03-01

    This paper analyzes the evolution of the dependence structure for various time window intervals, known as Epps effect, using the Trade and Quote data of 663 actively traded stocks in Korean stock market. It is found that the random matrix theory analysis could not represent the dependence structure of the stock market in the microstructure regime. The Cook-Johnson copula is introduced as a parsimonious alternative method to handle this problem, and the existence of the Epps effect is confirmed for the 663 stocks using high frequency data. It was also found that large capitalization companies tend to have a stronger dependence structure, except for the largest capitalization group, since the phenomenon of price level resistance leads to the weak dependence structure in the largest capitalization group. In addition, grouping the industry as a sub-portfolio is an appropriate approach for hour interval traders, whereas this approach is not a strategy recommended for high frequency traders.

  17. Empirical regularities of order placement in the Chinese stock market

    NASA Astrophysics Data System (ADS)

    Gu, Gao-Feng; Chen, Wei; Zhou, Wei-Xing

    2008-05-01

    Using ultra-high-frequency data extracted from the order flows of 23 stocks traded on the Shenzhen Stock Exchange, we study the empirical regularities of order placement in the opening call auction, cool period and continuous auction. The distributions of relative logarithmic prices against reference prices in the three time periods are qualitatively the same with quantitative discrepancies. The order placement behavior is asymmetric between buyers and sellers and between the inside-the-book orders and outside-the-book orders. In addition, the conditional distributions of relative prices in the continuous auction are independent of the bid-ask spread and volatility. These findings are crucial to build an empirical behavioral microscopic model based on order flows for Chinese stocks.

  18. Granger causality stock market networks: Temporal proximity and preferential attachment

    NASA Astrophysics Data System (ADS)

    Výrost, Tomáš; Lyócsa, Štefan; Baumöhl, Eduard

    2015-06-01

    The structure of return spillovers is examined by constructing Granger causality networks using daily closing prices of 20 developed markets from 2nd January 2006 to 31st December 2013. The data is properly aligned to take into account non-synchronous trading effects. The study of the resulting networks of over 94 sub-samples revealed three significant findings. First, after the recent financial crisis the impact of the US stock market has declined. Second, spatial probit models confirmed the role of the temporal proximity between market closing times for return spillovers, i.e. the time distance between national stock markets matters. Third, a preferential attachment between stock markets exists, i.e. the probability of the presence of spillover effects between any given two markets increases with their degree of connectedness to others.

  19. Predicting short-term stock fluctuations by using processing fluency.

    PubMed

    Alter, Adam L; Oppenheimer, Daniel M

    2006-06-13

    Three studies investigated the impact of the psychological principle of fluency (that people tend to prefer easily processed information) on short-term share price movements. In both a laboratory study and two analyses of naturalistic real-world stock market data, fluently named stocks robustly outperformed stocks with disfluent names in the short term. For example, in one study, an initial investment of 1,000 US dollars yielded a profit of 112 US dollars more after 1 day of trading for a basket of fluently named shares than for a basket of disfluently named shares. These results imply that simple, cognitive approaches to modeling human behavior sometimes outperform more typical, complex alternatives. PMID:16754871

  20. Modeling Philippine Stock Exchange Composite Index Using Time Series Analysis

    NASA Astrophysics Data System (ADS)

    Gayo, W. S.; Urrutia, J. D.; Temple, J. M. F.; Sandoval, J. R. D.; Sanglay, J. E. A.

    2015-06-01

    This study was conducted to develop a time series model of the Philippine Stock Exchange Composite Index and its volatility using the finite mixture of ARIMA model with conditional variance equations such as ARCH, GARCH, EG ARCH, TARCH and PARCH models. Also, the study aimed to find out the reason behind the behaviorof PSEi, that is, which of the economic variables - Consumer Price Index, crude oil price, foreign exchange rate, gold price, interest rate, money supply, price-earnings ratio, Producers’ Price Index and terms of trade - can be used in projecting future values of PSEi and this was examined using Granger Causality Test. The findings showed that the best time series model for Philippine Stock Exchange Composite index is ARIMA(1,1,5) - ARCH(1). Also, Consumer Price Index, crude oil price and foreign exchange rate are factors concluded to Granger cause Philippine Stock Exchange Composite Index.

  1. 78 FR 68482 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-11-14

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed Rule Change To List and Trade Shares of the First Trust High Income Fund of First Trust Exchange-Traded Fund VI November 7, 2013. I....

  2. 78 FR 68490 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-11-14

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed Rule Change To List and Trade Shares of the First Trust Low Beta Income Fund of First Trust Exchange-Traded Fund VI November 7, 2013....

  3. Stock and option portfolio using fuzzy logic approach

    NASA Astrophysics Data System (ADS)

    Sumarti, Novriana; Wahyudi, Nanang

    2014-03-01

    Fuzzy Logic in decision-making process has been widely implemented in various problems in industries. It is the theory of imprecision and uncertainty that was not based on probability theory. Fuzzy Logic adds values of degree between absolute true and absolute false. It starts with and builds on a set of human language rules supplied by the user. The fuzzy systems convert these rules to their mathematical equivalents. This could simplify the job of the system designer and the computer, and results in much more accurate representations of the way systems behave in the real world. In this paper we examine the decision making process of stock and option trading by the usage of MACD (Moving Average Convergence Divergence) technical analysis and Option Pricing with Fuzzy Logic approach. MACD technical analysis is for the prediction of the trends of underlying stock prices, such as bearish (going downward), bullish (going upward), and sideways. By using Fuzzy C-Means technique and Mamdani Fuzzy Inference System, we define the decision output where the value of MACD is high then decision is "Strong Sell", and the value of MACD is Low then the decision is "Strong Buy". We also implement the fuzzification of the Black-Scholes option-pricing formula. The stock and options methods are implemented on a portfolio of one stock and its options. Even though the values of input data, such as interest rates, stock price and its volatility, cannot be obtain accurately, these fuzzy methods can give a belief degree of the calculated the Black-Scholes formula so we can make the decision on option trading. The results show the good capability of the methods in the prediction of stock price trends. The performance of the simulated portfolio for a particular period of time also shows good return.

  4. 17 CFR 240.15g-6 - Account statements for penny stock customers.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar... stock customers. 240.15g-6 Section 240.15g-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... determined at the close of business in accordance with the provisions of 17 CFR 240.3a51-1(d)(1). (d)...

  5. 17 CFR 240.15g-6 - Account statements for penny stock customers.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar... stock customers. 240.15g-6 Section 240.15g-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... determined at the close of business in accordance with the provisions of 17 CFR 240.3a51-1(d)(1). (d)...

  6. 17 CFR 240.15g-6 - Account statements for penny stock customers.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar... stock customers. 240.15g-6 Section 240.15g-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... determined at the close of business in accordance with the provisions of 17 CFR 240.3a51-1(d)(1). (d)...

  7. 17 CFR 240.15g-6 - Account statements for penny stock customers.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar... stock customers. 240.15g-6 Section 240.15g-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... determined at the close of business in accordance with the provisions of 17 CFR 240.3a51-1(d)(1). (d)...

  8. 78 FR 69516 - In The Matter of: Sovereign Lithium, Inc.; Order of Suspension of Trading

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-11-19

    ... COMMISSION In The Matter of: Sovereign Lithium, Inc.; Order of Suspension of Trading November 15, 2013. It... require a suspension of trading in the securities of Sovereign Lithium, Inc. (``Sovereign Lithium... manipulative transactions in Sovereign Lithium's common stock. Sovereign Lithium is a Delaware...

  9. 78 FR 74216 - Guar Global Ltd.; Order of Suspension of Trading

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-12-10

    ... Global's common stock. Guar Global is a Nevada corporation based in McKinney, Texas. It is quoted on OTC.... Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in... COMMISSION Guar Global Ltd.; Order of Suspension of Trading December 6, 2013. It appears to the...

  10. 26 CFR 1.414(c)-1 - Commonly controlled trades or businesses.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Commonly controlled trades or businesses. 1.414(c)-1 Section 1.414(c)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Pension, Profit-Sharing, Stock Bonus Plans, Etc. § 1.414(c)-1 Commonly controlled trades or businesses....

  11. Status Report on Publicly Traded Child Care Companies--An Interview with John McLaughlin.

    ERIC Educational Resources Information Center

    Neugebauer, Roger

    1997-01-01

    Interview with editor of "Education Industry Report" reveals why child care companies choose to go public on stock exchanges and how publicly traded child care companies are faring. Discusses potential for growth in the industry, advantages of private placement, and recommended steps for going public. Describes nine publicly traded companies. (KB)

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

    PubMed

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

    2013-01-01

    Carbon offset projects through forestation are employed within the emissions trading framework to store carbon. Yet, information about the potential of landscapes to stock carbon, essential to the design of offset projects, is often lacking. Here, based on data on vegetation carbon, climate and soil, we quantify the potential for carbon storage in woody vegetation across tropical Africa. The ability of offset projects to produce co-benefits for ecosystems and people is then quantified. When co-benefits such as biodiversity conservation are considered, the top-ranked sites are sometimes different to sites selected purely for their carbon-stocking potential, although they still possess up to 92% of the latter carbon-stocking potential. This work provides the first continental-scale assessment of which areas may provide the greatest direct and indirect benefits from carbon storage reforestation projects at the smallest costs and risks, providing crucial information for prioritization of investments in carbon storage projects. PMID:24352139

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

    NASA Astrophysics Data System (ADS)

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

    2013-12-01

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

  14. On the nature of the stock market: Simulations and experiments

    NASA Astrophysics Data System (ADS)

    Blok, Hendrik J.

    Over the last few years there has been a surge of activity within the physics community in the emerging field of Econophysics-the study of economic systems from a physicist's perspective. Physicists tend to take a different view than economists and other social scientists, being interested in such topics as phase transitions and fluctuations. In this dissertation two simple models of stock exchange are developed and simulated numerically. The first is characterized by centralized trading with a market maker. Fluctuations are driven by a stochastic component in the agents' forecasts. As the scale of the fluctuations is varied a critical phase transition is discovered. Unfortunately, this model is unable to generate realistic market dynamics. The second model discards the requirement of centralized trading. In this case the stochastic driving force is Gaussian-distributed ``news events'' which are public knowledge. Under variation of the control parameter the model exhibits two phase transitions: both a first- and a second-order (critical). The decentralized model is able to capture many of the interesting properties observed in empirical markets such as fat tails in the distribution of returns, a brief memory in the return series, and long-range correlations in volatility. Significantly, these properties only emerge when the parameters are tuned such that the model spans the critical point. This suggests that real markets may operate at or near a critical point, but is unable to explain why this should be. This remains an interesting open question worth further investigation. One of the main points of the thesis is that these empirical phenomena are not present in the stochastic driving force, but emerge endogenously from interactions between agents. Further, they emerge despite the simplicity of the modeled agents; suggesting complex market dynamics do not arise from the complexity of individual investors but simply from interactions between (even simple) investors. Although the emphasis of this thesis is on the extent to which multi-agent models can produce complex dynamics, some attempt is also made to relate this work with empirical data. Firstly, the trading strategy applied by the agents in the second model is demonstrated to be adequate, if not optimal, and to have some surprising consequences. Secondly, the claim put forth by Sornette et al. [1] that large financial crashes may be heralded by accelerating precursory oscillations is also tested. It is shown that there is weak evidence for the existence of log-periodic precursors but the signal is probably too indistinct to allow for reliable predictions.

  15. 78 FR 64556 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-10-29

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that on October 11, 2013, The NASDAQ Stock Market... market conditions, additional series of individual stock options may be added in the discretion of...

  16. Trading Zones in Early Modern Europe.

    PubMed

    Long, Pamela O

    2015-12-01

    This essay adopts the concept of trading zones first developed for the history of science by Peter Galison and redefines it for the early modern period. The term "trading zones" is used to mean arenas in which substantive and reciprocal communication occurred between individuals who were artisanally trained and learned (university-trained) individuals. Such trading zones proliferated in the sixteenth century. They tended to arise in certain kinds of places and not in others, but their existence must be determined empirically. The author's work on trading zones differs from the ideas of Edgar Zilsel, who emphasized the influence of artisans on the scientific revolution. In contrast, in this essay, the mutual influence of artisans and the learned on each other is stressed, and translation is used as a modality that was important to communication within trading zones. PMID:27024940

  17. International Trade and Protectionism.

    ERIC Educational Resources Information Center

    Stanford Univ., CA. Stanford Program on International and Cross Cultural Education.

    This unit is designed to investigate the reasons for international trade and the issue of trade protectionism by focusing on the case study of the U.S. trade relationship with Taiwan. The unit begins with a simulation that highlights the concepts of global interdependence, the need for international trade, and the distribution of the world's…

  18. Understanding Canada's International Trade Policy. "Understanding Economics" Series No. 4.

    ERIC Educational Resources Information Center

    Cornell, Peter M.

    Written for secondary school Canadian students, the document examines Canada's international trade policy. It is arranged in three sections. Part I discusses the affect of Canada's trade policy on the individual citizen. Tariffs and non-tariff barriers to trade such as import licenses, preferential purchasing agreements, health and safety

  19. Understanding Canada's International Trade Policy. "Understanding Economics" Series No. 4.

    ERIC Educational Resources Information Center

    Cornell, Peter M.

    Written for secondary school Canadian students, the document examines Canada's international trade policy. It is arranged in three sections. Part I discusses the affect of Canada's trade policy on the individual citizen. Tariffs and non-tariff barriers to trade such as import licenses, preferential purchasing agreements, health and safety…

  20. STOCK Market Differences in Correlation-Based Weighted Network

    NASA Astrophysics Data System (ADS)

    Youn, Janghyuk; Lee, Junghoon; Chang, Woojin

    We examined the sector dynamics of Korean stock market in relation to the market volatility. The daily price data of 360 stocks for 5019 trading days (from January, 1990 to August, 2008) in Korean stock market are used. We performed the weighted network analysis and employed four measures: the average, the variance, the intensity, and the coherence of network weights (absolute values of stock return correlations) to investigate the network structure of Korean stock market. We performed regression analysis using the four measures in the seven major industry sectors and the market (seven sectors combined). We found that the average, the intensity, and the coherence of sector (subnetwork) weights increase as market becomes volatile. Except for the "Financials" sector, the variance of sector weights also grows as market volatility increases. Based on the four measures, we can categorize "Financials," "Information Technology" and "Industrials" sectors into one group, and "Materials" and "Consumer Discretionary" sectors into another group. We investigated the distributions of intrasector and intersector weights for each sector and found the differences in "Financials" sector are most distinct.

  1. Predicting outcomes: Sports and stocks.

    PubMed

    Wood, G

    1992-06-01

    Many gamblers and most fans, players, and coaches offer causal explanations for long runs of good or bad performance in sports and financial analysts are quick to offer explanations for the daily performance of the stock market. The records of professional basketball and baseball teams and the Dow Jones daily closing average for a ten year period were evaluated for trends (streaks). The records of teams were also evaluated to assess whether the record against opponents, the home court or home field advantage, and-for baseball teams-the record of the winning and losing pitcher (excluding the current game) predicted the outcome of individual games. Recent performance is, at best, a very weak predictor of current performance and the three best predictors for baseball (pitching, home field, and record against opponent) together accounted for only 1.7% of the variance in the outcomes of individual games. We overestimate our ability to predict. This overconfidence is likely to play a role in maintaining gambling behaviors. PMID:24241784

  2. Trade and health: an agenda for action.

    PubMed

    Smith, Richard D; Lee, Kelley; Drager, Nick

    2009-02-28

    The processes of contemporary globalisation are creating ever-closer ties between individuals and populations across different countries. The health of a population, and the systems in place to deliver health care, are affected increasingly by factors beyond the population and health system. The Lancet's Series on trade and health has provided an overview of these links between international trade, trade liberalisation, and health, and raised the key issues that face the health community. In this final paper in the Series, we call for a substantial and sustained effort by those within the health profession to engage with issues of trade, to strengthen institutional capacity in this area, and to place health higher on the agenda of trade negotiations. The rapid rise of trade agreements and treaties, as well as trade that occurs beyond these institutional boundaries, means that further action is required by a range of actors, including WHO, the World Bank, the World Trade Organization (WTO), regional agencies, foundations, national governments, civil society, non-governmental organisations, and academics. The stewardship of a domestic health system in the 21st century requires a sophisticated understanding of how trade affects, and will affect, a country's health system and policy, to optimise opportunities to benefit health and health care while minimising the risks posed though the assertion of health goals in trade policy. To acheive this will place a premium on all those engaged in health to understand the importance of trade and to engage with their counterparts involved in trade and trade policy. We hope that this Series has prompted the reader to become involved in these efforts. PMID:19167056

  3. Trade and health: an agenda for action

    PubMed Central

    Smith, Richard D; Lee, Kelley; Drager, Nick

    2009-01-01

    The processes of contemporary globalisation are creating ever-closer ties between individuals and populations across different countries. The health of a population, and the systems in place to deliver health care, are affected increasingly by factors beyond the population and health system. The Lancet’s Series on trade and health has provided an overview of these links between international trade, trade liberalisation, and health, and raised the key issues that face the health community. In this final paper in the Series, we call for a substantial and sustained effort by those within the health profession to engage with issues of trade, to strengthen institutional capacity in this area, and to place health higher on the agenda of trade negotiations. The rapid rise of trade agreements and treaties, as well as trade that occurs beyond these institutional boundaries, means that further action is required by a range of actors, including WHO, the World Bank, the World Trade Organization (WTO), regional agencies, foundations, national governments, civil society, non-governmental organisations, and academics. The stewardship of a domestic health system in the 21st century requires a sophisticated understanding of how trade affects, and will affect, a country’s health system and policy, to optimise opportunities to benefit health and health care while minimising the risks posed though the assertion of health goals in trade policy. To acheive this will place a premium on all those engaged in health to understand the importance of trade and to engage with their counterparts involved in trade and trade policy. We hope that this Series has prompted the reader to become involved in these efforts. PMID:19167056

  4. Foraging under conditions of short-term exploitative competition: the case of stock traders

    PubMed Central

    Saavedra, Serguei; Malmgren, R. Dean; Switanek, Nicholas; Uzzi, Brian

    2013-01-01

    Theory purports that animal foraging choices evolve to maximize returns, such as net energy intake. Empirical research in both human and non-human animals reveals that individuals often attend to the foraging choices of their competitors while making their own foraging choices. Owing to the complications of gathering field data or constructing experiments, however, broad facts relating theoretically optimal and empirically realized foraging choices are only now emerging. Here, we analyse foraging choices of a cohort of professional day traders who must choose between trading the same stock multiple times in a row—patch exploitation—or switching to a different stock—patch exploration—with potentially higher returns. We measure the difference between a trader's resource intake and the competitors' expected intake within a short period of time—a difference we call short-term comparative returns. We find that traders' choices can be explained by foraging heuristics that maximize their daily short-term comparative returns. However, we find no one-best relationship between different trading choices and net income intake. This suggests that traders' choices can be short-term win oriented and, paradoxically, maybe maladaptive for absolute market returns. PMID:23363635

  5. Evolutionary model of stock markets

    NASA Astrophysics Data System (ADS)

    Kaldasch, Joachim

    2014-12-01

    The paper presents an evolutionary economic model for the price evolution of stocks. Treating a stock market as a self-organized system governed by a fast purchase process and slow variations of demand and supply the model suggests that the short term price distribution has the form a logistic (Laplace) distribution. The long term return can be described by Laplace-Gaussian mixture distributions. The long term mean price evolution is governed by a Walrus equation, which can be transformed into a replicator equation. This allows quantifying the evolutionary price competition between stocks. The theory suggests that stock prices scaled by the price over all stocks can be used to investigate long-term trends in a Fisher-Pry plot. The price competition that follows from the model is illustrated by examining the empirical long-term price trends of two stocks.

  6. Mapping the global journey of anthropogenic aluminum: a trade-linked multilevel material flow analysis.

    PubMed

    Liu, Gang; Müller, Daniel B

    2013-10-15

    Material cycles have become increasingly coupled and interconnected in a globalizing era. While material flow analysis (MFA) has been widely used to characterize stocks and flows along technological life cycle within a specific geographical area, trade networks among individual cycles have remained largely unexplored. Here we developed a trade-linked multilevel MFA model to map the contemporary global journey of anthropogenic aluminum. We demonstrate that the anthropogenic aluminum cycle depends substantially on international trade of aluminum in all forms and becomes highly interconnected in nature. While the Southern hemisphere is the main primary resource supplier, aluminum production and consumption concentrate in the Northern hemisphere, where we also find the largest potential for recycling. The more developed countries tend to have a substantial and increasing presence throughout the stages after bauxite refining and possess highly consumption-based cycles, thus maintaining advantages both economically and environmentally. A small group of countries plays a key role in the global redistribution of aluminum and in the connectivity of the network, which may render some countries vulnerable to supply disruption. The model provides potential insights to inform government and industry policies in resource criticality, supply chain security, value chain management, and cross-boundary environmental impacts mitigation. PMID:24025046

  7. How High Frequency Trading Affects a Market Index

    PubMed Central

    Kenett, Dror Y.; Ben-Jacob, Eshel; Stanley, H. Eugene; gur-Gershgoren, Gitit

    2013-01-01

    The relationship between a market index and its constituent stocks is complicated. While an index is a weighted average of its constituent stocks, when the investigated time scale is one day or longer the index has been found to have a stronger effect on the stocks than vice versa. We explore how this interaction changes in short time scales using high frequency data. Using a correlation-based analysis approach, we find that in short time scales stocks have a stronger influence on the index. These findings have implications for high frequency trading and suggest that the price of an index should be published on shorter time scales, as close as possible to those of the actual transaction time scale. PMID:23817553

  8. Optimal investment horizons for stocks and markets

    NASA Astrophysics Data System (ADS)

    Johansen, A.; Simonsen, I.; Jensen, M. H.

    2006-10-01

    The inverse statistics is the distribution of waiting times needed to achieve a predefined level of return obtained from (detrended) historic asset prices [I. Simonsen, M.H. Jensen, A. Johansen, Eur. Phys. J. 27 (2002) 583; M.H. Jensen, A. Johansen, I. Simonsen, Physica A 234 (2003) 338]. Such a distribution typically goes through a maximum at a time coined the optimal investment horizon, ??*, which defines the most likely waiting time for obtaining a given return ?. By considering equal positive and negative levels of return, we reported in [M.H. Jensen, A. Johansen, I. Simonsen, Physica A 234 (2003) 338] on a quantitative gain/loss asymmetry most pronounced for short horizons. In the present paper, the inverse statistics for {2}/{3} of the individual stocks presently in the DJIA is investigated. We show that this gain/loss asymmetry established for the DJIA surprisingly is not present in the time series of the individual stocks nor their average. This observation points towards some kind of collective movement of the stocks of the index (synchronization).

  9. Effect of Trader Composition on Stock Market

    NASA Astrophysics Data System (ADS)

    Wang, Mo-Gei; Wang, Xing-Yuan; Liu, Zhen-Zhen

    2011-05-01

    In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.

  10. Greed, fear and stock market dynamics

    NASA Astrophysics Data System (ADS)

    Westerhoff, Frank H.

    2004-11-01

    We present a behavioral stock market model in which traders are driven by greed and fear. In general, the agents optimistically believe in rising markets and thus buy stocks. But if stock prices change too abruptly, they panic and sell stocks. Our model mimics some stylized facts of stock market dynamics: (1) stock prices increase over time, (2) stock markets sometimes crash, (3) stock prices show little pair correlation between successive daily changes, and (4) periods of low volatility alternate with periods of high volatility. A strong feature of the model is that stock prices completely evolve according to a deterministic low-dimensional nonlinear law of motion.

  11. 12 CFR 1263.20 - Stock purchase.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 10 2014-01-01 2014-01-01 false Stock purchase. 1263.20 Section 1263.20 Banks... Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the Bank... Act) shall purchase stock in the Bank in an amount equal to the greater of: (1) $500; (2) 1 percent...

  12. 12 CFR 1263.20 - Stock purchase.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 9 2013-01-01 2013-01-01 false Stock purchase. 1263.20 Section 1263.20 Banks... Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the Bank... Act) shall purchase stock in the Bank in an amount equal to the greater of: (1) $500; (2) 1 percent...

  13. 12 CFR 1263.20 - Stock purchase.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 9 2012-01-01 2012-01-01 false Stock purchase. 1263.20 Section 1263.20 Banks... Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the Bank... Act) shall purchase stock in the Bank in an amount equal to the greater of: (1) $500; (2) 1 percent...

  14. An empirical comparison of stock identification techniques applied to striped bass

    USGS Publications Warehouse

    Waldman, John R.; Richards, R. Anne; Schill, W. Bane; Wirgin, Isaac; Fabrizio, Mary C.

    1997-01-01

    Managers of migratory striped bass stocks that mix along the Atlantic coast of the USA require periodic estimates of the relative contributions of the individual stocks to coastal mixed- stock fisheries; however, to date, a standard approach has not been adopted. We compared the performances of alternative stock identification approaches, using samples taken from the same sets of fish. Reference (known) samples were collected from three Atlantic coast spawning systems: the Hudson River, Chesapeake Bay, and the Roanoke River. Striped bass of mixed-stock origin were collected from eastern Long Island, New York, and were used as test (unknown) samples. The approaches applied were discriminant analysis of morphometric data and of meristic data, logistic regression analysis of combined meristic and morphometric data, discriminant analysis of scale-shape features, discriminant analysis of immunoassay data, and mixed-stock analysis of mitochondrial DNA (mtDNA) data. Overall correct classification rates of reference samples ranged from 94% to 66% when just the Hudson and Chesapeake stocks were considered and were comparable when the Chesapeake and Roanoke stocks were grouped as the ''southern'' stock. When all three stocks were treated independently, correct classification rates ranged from 82% to 49%. Despite the moderate range in correct classification rates, bias due to misallocation was relatively low for all methods, suggesting that resulting stock composition estimates should be fairly accurate. However, relative contribution estimates for the mixed-stock sample varied widely (e.g., from 81% to 47% for the Hudson River stock, when only the Hudson River and Chesapeake Bay stocks were considered). Discrepancies may be related to the reliance by all of these approaches (except mtDNA) on phenotypic features. Our results support future use of either a morphometrics-based approach (among the phenotypic methods) or a genotypic approach based on mtDNA analysis. We further recommend a conservative strategy of reliance on a single approach in tracking changes in relative contributions of striped bass stocks to coastal fisheries.

  15. Fair trade international surrogacy.

    PubMed

    Humbyrd, Casey

    2009-12-01

    Since the development of assisted reproductive technologies, infertile individuals have crossed borders to obtain treatments unavailable or unaffordable in their own country. Recent media coverage has focused on the outsourcing of surrogacy to developing countries, where the cost for surrogacy is significantly less than the equivalent cost in a more developed country. This paper discusses the ethical arguments against international surrogacy. The major opposition viewpoints can be broadly divided into arguments about welfare, commodification and exploitation. It is argued that the only valid objection to international surrogacy is that surrogate mothers may be exploited by being given too little compensation. However, the possibility of exploitation is a weak argument for prohibition, as employment alternatives for potential surrogate mothers may be more exploitative or more harmful than surrogacy. It is concluded that international surrogacy must be regulated, and the proposed regulatory mechanism is termed Fair Trade Surrogacy. The guidelines of Fair Trade Surrogacy focus on minimizing potential harms to all parties and ensuring fair compensation for surrogate mothers. PMID:19508290

  16. Variable diffusion in stock market fluctuations

    NASA Astrophysics Data System (ADS)

    Hua, Jia-Chen; Chen, Lijian; Falcon, Liberty; McCauley, Joseph L.; Gunaratne, Gemunu H.

    2015-02-01

    We analyze intraday fluctuations in several stock indices to investigate the underlying stochastic processes using techniques appropriate for processes with nonstationary increments. The five most actively traded stocks each contains two time intervals during the day where the variance of increments can be fit by power law scaling in time. The fluctuations in return within these intervals follow asymptotic bi-exponential distributions. The autocorrelation function for increments vanishes rapidly, but decays slowly for absolute and squared increments. Based on these results, we propose an intraday stochastic model with linear variable diffusion coefficient as a lowest order approximation to the real dynamics of financial markets, and to test the effects of time averaging techniques typically used for financial time series analysis. We find that our model replicates major stylized facts associated with empirical financial time series. We also find that ensemble averaging techniques can be used to identify the underlying dynamics correctly, whereas time averages fail in this task. Our work indicates that ensemble average approaches will yield new insight into the study of financial markets' dynamics. Our proposed model also provides new insight into the modeling of financial markets dynamics in microscopic time scales.

  17. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a...

  18. 26 CFR 1.1248-4 - Limitation on tax applicable to individuals.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    .... Under section 1248(b), if during a taxable year an individual sells or exchanges stock in a foreign corporation, then in respect of the stock the increase in the individual's income tax liability for such...: (i) The excess, computed under paragraph (c) of this section in respect of the stock of the...

  19. Capital Structure and Stock Returns

    ERIC Educational Resources Information Center

    Welch, Ivo

    2004-01-01

    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…

  20. "Stocking Up" on Mathematics Skills.

    ERIC Educational Resources Information Center

    Bitner, Joe; Partridge, M. Elizabeth

    1991-01-01

    Described is a "stock market" game in which students can strengthen many mathematical concepts and skills while learning more about economics and world events. Background information on the stock market, directions for playing the game, a worksheet, and ways to integrate other curriculum areas are included. (KR)

  1. Scaling analysis of stock markets.

    PubMed

    Bu, Luping; Shang, Pengjian

    2014-06-01

    In this paper, we apply the detrended fluctuation analysis (DFA), local scaling detrended fluctuation analysis (LSDFA), and detrended cross-correlation analysis (DCCA) to investigate correlations of several stock markets. DFA method is for the detection of long-range correlations used in time series. LSDFA method is to show more local properties by using local scale exponents. DCCA method is a developed method to quantify the cross-correlation of two non-stationary time series. We report the results of auto-correlation and cross-correlation behaviors in three western countries and three Chinese stock markets in periods 2004-2006 (before the global financial crisis), 2007-2009 (during the global financial crisis), and 2010-2012 (after the global financial crisis) by using DFA, LSDFA, and DCCA method. The findings are that correlations of stocks are influenced by the economic systems of different countries and the financial crisis. The results indicate that there are stronger auto-correlations in Chinese stocks than western stocks in any period and stronger auto-correlations after the global financial crisis for every stock except Shen Cheng; The LSDFA shows more comprehensive and detailed features than traditional DFA method and the integration of China and the world in economy after the global financial crisis; When it turns to cross-correlations, it shows different properties for six stock markets, while for three Chinese stocks, it reaches the weakest cross-correlations during the global financial crisis. PMID:24985421

  2. Scaling analysis of stock markets

    NASA Astrophysics Data System (ADS)

    Bu, Luping; Shang, Pengjian

    2014-06-01

    In this paper, we apply the detrended fluctuation analysis (DFA), local scaling detrended fluctuation analysis (LSDFA), and detrended cross-correlation analysis (DCCA) to investigate correlations of several stock markets. DFA method is for the detection of long-range correlations used in time series. LSDFA method is to show more local properties by using local scale exponents. DCCA method is a developed method to quantify the cross-correlation of two non-stationary time series. We report the results of auto-correlation and cross-correlation behaviors in three western countries and three Chinese stock markets in periods 2004-2006 (before the global financial crisis), 2007-2009 (during the global financial crisis), and 2010-2012 (after the global financial crisis) by using DFA, LSDFA, and DCCA method. The findings are that correlations of stocks are influenced by the economic systems of different countries and the financial crisis. The results indicate that there are stronger auto-correlations in Chinese stocks than western stocks in any period and stronger auto-correlations after the global financial crisis for every stock except Shen Cheng; The LSDFA shows more comprehensive and detailed features than traditional DFA method and the integration of China and the world in economy after the global financial crisis; When it turns to cross-correlations, it shows different properties for six stock markets, while for three Chinese stocks, it reaches the weakest cross-correlations during the global financial crisis.

  3. Impact of stock market structure on intertrade time and price dynamics.

    PubMed

    Ivanov, Plamen Ch; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization-a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing patterns in price prediction and risk management optimization on different stock markets. PMID:24699376

  4. Impact of Stock Market Structure on Intertrade Time and Price Dynamics

    PubMed Central

    Ivanov, Plamen Ch.; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization–a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing patterns in price prediction and risk management optimization on different stock markets. PMID:24699376

  5. Metal stocks and sustainability

    PubMed Central

    Gordon, R. B.; Bertram, M.; Graedel, T. E.

    2006-01-01

    The relative proportions of metal residing in ore in the lithosphere, in use in products providing services, and in waste deposits measure our progress from exclusive use of virgin ore toward full dependence on sustained use of recycled metal. In the U.S. at present, the copper contents of these three repositories are roughly equivalent, but metal in service continues to increase. Providing today's developed-country level of services for copper worldwide (as well as for zinc and, perhaps, platinum) would appear to require conversion of essentially all of the ore in the lithosphere to stock-in-use plus near-complete recycling of the metals from that point forward. PMID:16432205

  6. Metal stocks and sustainability.

    PubMed

    Gordon, R B; Bertram, M; Graedel, T E

    2006-01-31

    The relative proportions of metal residing in ore in the lithosphere, in use in products providing services, and in waste deposits measure our progress from exclusive use of virgin ore toward full dependence on sustained use of recycled metal. In the U.S. at present, the copper contents of these three repositories are roughly equivalent, but metal in service continues to increase. Providing today's developed-country level of services for copper worldwide (as well as for zinc and, perhaps, platinum) would appear to require conversion of essentially all of the ore in the lithosphere to stock-in-use plus near-complete recycling of the metals from that point forward. PMID:16432205

  7. 75 FR 16540 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-04-01

    ... COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Rules on Self Trade Prevention Order Modifiers March 25, 2010... No. 60266 (July 9, 2009), 74 FR 34380 (July 9, 2009) (SR-BATS-2009-022) (approving on an...

  8. 75 FR 1596 - Grant of Authority for Subzone Status, Reynolds Packaging LLC (Aluminum Foil Liner Stock...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-01-12

    ... Register (74 FR 14956, 4-2-2009) and the application has been processed pursuant to the FTZ Act and the... (Aluminum Foil Liner Stock), Louisville, Kentucky Pursuant to its authority under the Foreign-Trade Zones... to the Board for authority to establish a special-purpose subzone at the aluminum foil liner...

  9. Case study: dairies utilizing ultra-high stock density grazing in the northeast

    Technology Transfer Automated Retrieval System (TEKTRAN)

    Ultra-high stock density (UHSD) grazing (also loosely referred to as ‘mob grazing’) has attracted a lot of attention and press in the forage industry. Numerous anecdotal articles can be found in trade magazines that promote the perceived benefits of UHSD grazing. However, there is little credible re...

  10. 77 FR 50191 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Instituting Proceedings To...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-08-20

    ..., that of other market participants, the integrity of trading on the securities markets, or the stability... other order information common to all order types, such as buy/sell side, shares and price.\\6\\ \\5\\ See... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Instituting Proceedings...

  11. 27 CFR 19.638 - Disposition of stocks of liquor bottles.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS DISTILLED SPIRITS PLANTS Liquor Bottle and Label Requirements Liquor Bottle Requirements § 19.638 Disposition of stocks of liquor bottles. When a proprietor discontinues operations, or permanently discontinues the use of a particular size or type of liquor bottle,...

  12. Metal Trades Technology Curriculum.

    ERIC Educational Resources Information Center

    EASTCONN Regional Educational Services Center, North Windham, CT.

    This curriculum guide provides materials for a metal trades technology course of study at the high school level. Its stated purpose is to help students acquire the trade knowledge necessary to function effectively in the shipfitting, welding, and piping trades. Contents include: a course description, a list of general objectives; lists of…

  13. Metal Trades Technology Curriculum.

    ERIC Educational Resources Information Center

    EASTCONN Regional Educational Services Center, North Windham, CT.

    This curriculum guide provides materials for a metal trades technology course of study at the high school level. Its stated purpose is to help students acquire the trade knowledge necessary to function effectively in the shipfitting, welding, and piping trades. Contents include: a course description, a list of general objectives; lists of

  14. Profitability of Contrarian Strategies in the Chinese Stock Market.

    PubMed

    Shi, Huai-Long; Jiang, Zhi-Qiang; Zhou, Wei-Xing

    2015-01-01

    This paper reexamines the profitability of loser, winner and contrarian portfolios in the Chinese stock market using monthly data of all stocks traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange covering the period from January 1997 to December 2012. We find evidence of short-term and long-term contrarian profitability in the whole sample period when the estimation and holding horizons are 1 month or longer than 12 months and the annualized return of contrarian portfolios increases with the estimation and holding horizons. We perform subperiod analysis and find that the long-term contrarian effect is significant in both bullish and bearish states, while the short-term contrarian effect disappears in bullish states. We compare the performance of contrarian portfolios based on different grouping manners in the estimation period and unveil that decile grouping outperforms quintile grouping and tertile grouping, which is more evident and robust in the long run. Generally, loser portfolios and winner portfolios have positive returns and loser portfolios perform much better than winner portfolios. Both loser and winner portfolios in bullish states perform better than those in the whole sample period. In contrast, loser and winner portfolios have smaller returns in bearish states, in which loser portfolio returns are significant only in the long term and winner portfolio returns become insignificant. These results are robust to the one-month skipping between the estimation and holding periods and for the two stock exchanges. Our findings show that the Chinese stock market is not efficient in the weak form. These findings also have obvious practical implications for financial practitioners. PMID:26368537

  15. Profitability of Contrarian Strategies in the Chinese Stock Market

    PubMed Central

    Shi, Huai-Long; Jiang, Zhi-Qiang; Zhou, Wei-Xing

    2015-01-01

    This paper reexamines the profitability of loser, winner and contrarian portfolios in the Chinese stock market using monthly data of all stocks traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange covering the period from January 1997 to December 2012. We find evidence of short-term and long-term contrarian profitability in the whole sample period when the estimation and holding horizons are 1 month or longer than 12 months and the annualized return of contrarian portfolios increases with the estimation and holding horizons. We perform subperiod analysis and find that the long-term contrarian effect is significant in both bullish and bearish states, while the short-term contrarian effect disappears in bullish states. We compare the performance of contrarian portfolios based on different grouping manners in the estimation period and unveil that decile grouping outperforms quintile grouping and tertile grouping, which is more evident and robust in the long run. Generally, loser portfolios and winner portfolios have positive returns and loser portfolios perform much better than winner portfolios. Both loser and winner portfolios in bullish states perform better than those in the whole sample period. In contrast, loser and winner portfolios have smaller returns in bearish states, in which loser portfolio returns are significant only in the long term and winner portfolio returns become insignificant. These results are robust to the one-month skipping between the estimation and holding periods and for the two stock exchanges. Our findings show that the Chinese stock market is not efficient in the weak form. These findings also have obvious practical implications for financial practitioners. PMID:26368537

  16. Mood and the Market: Can Press Reports of Investors' Mood Predict Stock Prices?

    PubMed Central

    Scherbaum, Charles A.; Kammeyer-Mueller, John D.

    2013-01-01

    We examined whether press reports on the collective mood of investors can predict changes in stock prices. We collected data on the use of emotion words in newspaper reports on traders' affect, coded these emotion words according to their location on an affective circumplex in terms of pleasantness and activation level, and created indices of collective mood for each trading day. Then, by using time series analyses, we examined whether these mood indices, depicting investors' emotion on a given trading day, could predict the next day's opening price of the stock market. The strongest findings showed that activated pleasant mood predicted increases in NASDAQ prices, while activated unpleasant mood predicted decreases in NASDAQ prices. We conclude that both valence and activation levels of collective mood are important in predicting trend continuation in stock prices. PMID:24015202

  17. Mood and the market: can press reports of investors' mood predict stock prices?

    PubMed

    Cohen-Charash, Yochi; Scherbaum, Charles A; Kammeyer-Mueller, John D; Staw, Barry M

    2013-01-01

    We examined whether press reports on the collective mood of investors can predict changes in stock prices. We collected data on the use of emotion words in newspaper reports on traders' affect, coded these emotion words according to their location on an affective circumplex in terms of pleasantness and activation level, and created indices of collective mood for each trading day. Then, by using time series analyses, we examined whether these mood indices, depicting investors' emotion on a given trading day, could predict the next day's opening price of the stock market. The strongest findings showed that activated pleasant mood predicted increases in NASDAQ prices, while activated unpleasant mood predicted decreases in NASDAQ prices. We conclude that both valence and activation levels of collective mood are important in predicting trend continuation in stock prices. PMID:24015202

  18. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

    ... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS FOR STATE IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a)...

  19. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2012 CFR

    2012-07-01

    ... 40 Protection of Environment 22 2012-07-01 2012-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS FOR STATE IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a)...

  20. 40 CFR 97.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2011 CFR

    2011-07-01

    ... 40 Protection of Environment 21 2011-07-01 2011-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) FEDERAL NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS Individual Unit Opt-ins. § 97.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal....

  1. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2011 CFR

    2011-07-01

    ... 40 Protection of Environment 21 2011-07-01 2011-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS FOR STATE IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a)...

  2. 40 CFR 97.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2012 CFR

    2012-07-01

    ... 40 Protection of Environment 22 2012-07-01 2012-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) FEDERAL NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS Individual Unit Opt-ins § 97.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal. To...

  3. 40 CFR 97.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2014 CFR

    2014-07-01

    ... 40 Protection of Environment 21 2014-07-01 2014-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) FEDERAL NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS Individual Unit Opt-ins § 97.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal. To...

  4. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2014 CFR

    2014-07-01

    ... 40 Protection of Environment 21 2014-07-01 2014-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS FOR STATE IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a)...

  5. 40 CFR 97.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

    ... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) FEDERAL NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS Individual Unit Opt-ins. § 97.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal....

  6. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2013 CFR

    2013-07-01

    ... 40 Protection of Environment 22 2013-07-01 2013-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO 2 TRADING PROGRAMS FOR STATE IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a)...

  7. 40 CFR 97.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2013 CFR

    2013-07-01

    ... 40 Protection of Environment 22 2013-07-01 2013-07-01 false Withdrawal from NOX Budget Trading... PROGRAMS (CONTINUED) FEDERAL NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS Individual Unit Opt-ins § 97.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal. To...

  8. 26 CFR 1.883-4T - Qualified shareholder stock ownership test (temporary).

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Qualified shareholder stock ownership test... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Foreign Corporations § 1.883-4T Qualified shareholder stock...) If the individual directly owns an interest in a corporation, partnership, trust, estate, or...

  9. 26 CFR 1.1563-3 - Rules for determining stock ownership.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... any portion of a trust of which a person is considered the owner under Subpart E, Part I, Subchapter J.... Example 3. Unrelated individuals A and B each own 49 percent of all the outstanding stock of corporation R... percent of the stock of corporation R. Under the attribution rule of paragraph (b)(4) of this section...

  10. Life insurance investment and stock market participation in Europe.

    PubMed

    Cavapozzi, Danilo; Trevisan, Elisabetta; Weber, Guglielmo

    2013-03-01

    In most European countries life insurance has played a key role in household portfolios, to the extent that it has often been the first asset ever purchased. In this paper we use life history data from a host of European countries to investigate the role of life insurance investment in shaping individuals' attitudes towards participation in stocks and mutual funds. We show that individuals who purchased a life insurance policy are more likely to invest in stocks and mutual funds later. On the one hand, these findings support the notion that life insurance policies play an educational role in financial investment. On the other hand, they are also consistent with behavioural models where economic agents are first concerned with avoiding unacceptable adverse scenarios by purchasing low risk investments, such as life insurance policies, and then invest in riskier assets, such as stocks and mutual funds, to obtain higher economic returns. PMID:24797469

  11. Simulation of the effects of time and size at stocking on PCB accumulation in lake trout

    USGS Publications Warehouse

    Madenjian, Charles P.; Carpenter, Stephen R.

    1993-01-01

    Manipulations of size at stocking and timing of stocking have already been used to improve survival of stocked salmonines in the Great Lakes. It should be possible to stock salmonines into the Great Lakes in a way that reduces the rate of polychlorinated biphenyl (PCB) accumulation in these fishes. An individual-based model (IBM) was used to investigate the effects of size at stocking and timing of stocking on PCB accumulation by lake trout Salvelinus namaycush in Lake Michigan. The individual-based feature of the model allowed lake trout individuals to encounter prey fish individuals and then consume sufficiently small prey fish. The IBM accurately accounted for the variation in PCB concentrations observed within the Lake Michigan lake trout population. Results of the IBM simulations revealed that increasing the average size at stocking from 110 to 160 mm total length led to an increase in the average PCB concentration in the stocked cohort at age 5, after the fish had spent 4 years in the lake, from 2.33 to 2.65 mg/kg; the percentage of lake trout in the cohort at the end of the simulated time period with PCB concentration of 2 mg/kg or more increased from 62% to 79%. Thus, PCB contamination was reduced when the simulated size at stocking was smallest. An overall stocking strategy for lake trout into Lake Michigan should weigh this advantage regarding PCB contamination against the poor survival of lake trout that may occur if the trout are stocked at too small a size.

  12. Quantifying stock-price response to demand fluctuations.

    PubMed

    Plerou, Vasiliki; Gopikrishnan, Parameswaran; Gabaix, Xavier; Stanley, H Eugene

    2002-08-01

    We empirically address the question of how stock prices respond to changes in demand. We quantify the relations between price change G over a time interval Deltat and two different measures of demand fluctuations: (a) Phi, defined as the difference between the number of buyer-initiated and seller-initiated trades, and (b) Omega, defined as the difference in number of shares traded in buyer- and seller-initiated trades. We find that the conditional expectation functions of price change for a given Phi or Omega, (Phi) and (Omega) ("market impact function"), display concave functional forms that seem universal for all stocks. For small Omega, we find a power-law behavior (Omega) approximately Omega(1/8) with delta depending on Deltat (delta approximately 3 for Deltat=5 min, delta approximately 3/2 for Deltat=15 min and delta approximately 1 for large Deltat). We find that large price fluctuations occur when demand is very small-a fact that is reminiscent of large fluctuations that occur at critical points in spin systems, where the divergent nature of the response function leads to large fluctuations. PMID:12241320

  13. A Glauber Monte Carlo Approach to Stock Market Dynamics

    NASA Astrophysics Data System (ADS)

    Castiglione, Filippo; Stauffer, Dietrich; Pandey, Ras

    2001-03-01

    A computer simulation model is used to study the evolution of stock price and the distribution of price fluctuation. Effects of trading momentum and price resistance are considered by a Glauber Monte Carlo approach. The price resistance is described by an elastic energy Ee = e \\cdot x \\cdot |x| while the momentum bias Ep = - b \\cdot y, where, x = (p(t) - p(0))/x_m, y = (p(t+1) - p(t))/ym with the stock price at time t, p(t), and xm and ym are the maximum absolute values up to the current time step. e and b are elastic and momentum bias coefficients. Trades are executed via the herding percolation model with the number (n_s) of trading groups depend on the size of the group, i.e., ns = N/s^τ where N is the size of the market and τ = 2.5. Probability to buy (a/2) and sell (a/2) or remain inactive (1-a) depends on the activity a with the execution probability to buy Wb = e^-E/ [1 + e^-E] and sell with 1-W_b. The distribution of price fluctuation (P(y)) shows a long time tail with a power-law, P(y) ~ y^-μ, μ ~= 4 at e = 1.0, b = 5. The volatility auto-correlation function (c(τ)) shows a reasonable behavior (positive) over several iterations.

  14. Quantifying stock-price response to demand fluctuations

    NASA Astrophysics Data System (ADS)

    Plerou, Vasiliki; Gopikrishnan, Parameswaran; Gabaix, Xavier; Stanley, H. Eugene

    2002-08-01

    We empirically address the question of how stock prices respond to changes in demand. We quantify the relations between price change G over a time interval Δt and two different measures of demand fluctuations: (a) Φ, defined as the difference between the number of buyer-initiated and seller-initiated trades, and (b) Ω, defined as the difference in number of shares traded in buyer- and seller-initiated trades. We find that the conditional expectation functions of price change for a given Φ or Ω, Φ and Ω (``market impact function''), display concave functional forms that seem universal for all stocks. For small Ω, we find a power-law behavior Ω~Ω1/8 with δ depending on Δt (δ~3 for Δt=5 min, δ~3/2 for Δt=15 min and δ~1 for large Δt). We find that large price fluctuations occur when demand is very small-a fact that is reminiscent of large fluctuations that occur at critical points in spin systems, where the divergent nature of the response function leads to large fluctuations.

  15. Genetic Network Programming with Reconstructed Individuals

    NASA Astrophysics Data System (ADS)

    Ye, Fengming; Mabu, Shingo; Wang, Lutao; Eto, Shinji; Hirasawa, Kotaro

    A lot of research on evolutionary computation has been done and some significant classical methods such as Genetic Algorithm (GA), Genetic Programming (GP), Evolutionary Programming (EP), and Evolution Strategies (ES) have been studied. Recently, a new approach named Genetic Network Programming (GNP) has been proposed. GNP can evolve itself and find the optimal solution. It is based on the idea of Genetic Algorithm and uses the data structure of directed graphs. Many papers have demonstrated that GNP can deal with complex problems in the dynamic environments very efficiently and effectively. As a result, recently, GNP is getting more and more attentions and is used in many different areas such as data mining, extracting trading rules of stock markets, elevator supervised control systems, etc., and GNP has obtained some outstanding results. Focusing on the GNP's distinguished expression ability of the graph structure, this paper proposes a method named Genetic Network Programming with Reconstructed Individuals (GNP-RI). The aim of GNP-RI is to balance the exploitation and exploration of GNP, that is, to strengthen the exploitation ability by using the exploited information extensively during the evolution process of GNP and finally obtain better performances than that of GNP. In the proposed method, the worse individuals are reconstructed and enhanced by the elite information before undergoing genetic operations (mutation and crossover). The enhancement of worse individuals mimics the maturing phenomenon in nature, where bad individuals can become smarter after receiving a good education. In this paper, GNP-RI is applied to the tile-world problem which is an excellent bench mark for evaluating the proposed architecture. The performance of GNP-RI is compared with that of the conventional GNP. The simulation results show some advantages of GNP-RI demonstrating its superiority over the conventional GNPs.

  16. Multivariate Comparative Analysis of Stock Exchanges: The European Perspective

    NASA Astrophysics Data System (ADS)

    Koralun-Bereźnicka, Julia

    The aim of the research is to perform a multivariate comparative analysis of 20 European stock exchanges in order to identify the main similarities between the objects. Due to the convergence process of capital markets in Europe the similarities between stock exchanges could be expected to increase over time. The research is meant to show whether and how these similarities change. Consequently, the distances between clusters of similar stock exchanges should become less significant, which the analysis also aims at verifying. The basis of comparison is a set of 48 monthly variables from the period January, 2003 to December, 2006. The variables are classified into three categories: size of the market, equity trading and bonds. The paper aims at identifying the clusters of alike stock exchanges and at finding the characteristic features of each of the distinguished groups. The obtained categorization to some extent corresponds with the division of the European Union into “new” and “old” member countries. Clustering method, performed for each quarter separately, also reveals that the classification is fairly stable in time. The factor analysis, which was carried out to reduce the number of variables, reveals three major factors behind the data, which are related with the earlier mentioned categories of variables.

  17. Scale-dependent price fluctuations for the Indian stock market

    NASA Astrophysics Data System (ADS)

    Matia, K.; Pal, M.; Salunkay, H.; Stanley, H. E.

    2004-06-01

    Classic studies of the probability density of price fluctuations g for stocks and foreign exchanges of several highly developed economies have been interpreted using a power law probability density function P(g) ~ g-(α + 1) with exponent values α > 2. To test the ubiquity of this relationship we analyze daily returns for the period November 1994 June 2002 for the 49 largest stocks of the National Stock Exchange which has the highest trade volume in India. We find the surprising result that P(g) decays as an exponential function P(g) ~ exp [ - βg] with a characteristic decay scale β = 1.51 ± 0.05 for the negative tail and β = 1.34 ± 0.04 for the positive tail. The exponential function is significantly different from the power law function observed for highly developed economies. Thus, we conclude that the stock market of the less highly developed economy of India belongs to a different class from that of highly developed countries.

  18. Agent-Based Model with Asymmetric Trading and Herding for Complex Financial Systems

    PubMed Central

    Chen, Jun-Jie; Zheng, Bo; Tan, Lei

    2013-01-01

    Background For complex financial systems, the negative and positive return-volatility correlations, i.e., the so-called leverage and anti-leverage effects, are particularly important for the understanding of the price dynamics. However, the microscopic origination of the leverage and anti-leverage effects is still not understood, and how to produce these effects in agent-based modeling remains open. On the other hand, in constructing microscopic models, it is a promising conception to determine model parameters from empirical data rather than from statistical fitting of the results. Methods To study the microscopic origination of the return-volatility correlation in financial systems, we take into account the individual and collective behaviors of investors in real markets, and construct an agent-based model. The agents are linked with each other and trade in groups, and particularly, two novel microscopic mechanisms, i.e., investors’ asymmetric trading and herding in bull and bear markets, are introduced. Further, we propose effective methods to determine the key parameters in our model from historical market data. Results With the model parameters determined for six representative stock-market indices in the world, respectively, we obtain the corresponding leverage or anti-leverage effect from the simulation, and the effect is in agreement with the empirical one on amplitude and duration. At the same time, our model produces other features of the real markets, such as the fat-tail distribution of returns and the long-term correlation of volatilities. Conclusions We reveal that for the leverage and anti-leverage effects, both the investors’ asymmetric trading and herding are essential generation mechanisms. Among the six markets, however, the investors’ trading is approximately symmetric for the five markets which exhibit the leverage effect, thus contributing very little. These two microscopic mechanisms and the methods for the determination of the key parameters can be applied to other complex systems with similar asymmetries. PMID:24278146

  19. The use of environmental DNA in invasive species surveillance of the Great Lakes commercial bait trade.

    PubMed

    Nathan, Lucas R; Jerde, Christopher L; Budny, Michelle L; Mahon, Andrew R

    2015-04-01

    Over 180 non-native species have been introduced in the Laurentian Great Lakes region, many posing threats to native species and ecosystem functioning. One potential pathway for introductions is the commercial bait trade; unknowing or unconcerned anglers commonly release unused bait into aquatic systems. Previous surveillance efforts of this pathway relied on visual inspection of bait stocks in retail shops, which can be time and cost prohibitive and requires a trained individual that can rapidly and accurately identify cryptic species. Environmental DNA (eDNA) surveillance, a molecular tool that has been used for surveillance in aquatic environments, can be used to efficiently detect species at low abundances. We collected and analyzed 576 eDNA samples from 525 retail bait shops throughout the Laurentian Great Lake states. We used eDNA techniques to screen samples for multiple aquatic invasive species (AIS) that could be transported in the bait trade, including bighead (Hypophthalmichthys nobilis) and silver carp (H. molitrix), round goby (Neogobius melanostomus), tubenose goby (Proterorhinus marmoratus), Eurasian rudd (Scardinius erythrophthalmus), and goldfish (Carassius auratus). Twenty-seven samples were positive for at least one target species (4.7% of samples), and all target species were found at least once, except bighead carp. Despite current regulations, the bait trade remains a potential pathway for invasive species introductions in the Great Lakes region. Alterations to existing management strategies regarding the collection, transportation, and use of live bait are warranted, including new and updated regulations, to prevent future introductions of invasive species in the Great Lakes via the bait trade. PMID:25169113

  20. Temporal evolution into a more efficient stock market

    NASA Astrophysics Data System (ADS)

    Yang, Jae-Suk; Kaizoji, Taisei; Kwak, Wooseop

    2011-06-01

    Using the price change and the log return of 10 stock market indices, we examine the temporal evolution of the time scale. The 10 stock markets had similar properties. Their log-return time series had patterns and long-range correlations until the mid-1990s. In the 2000s, however, the long-range correlations for most markets shortened, and the patterns weakened. These phenomena were due to advances in communication infrastructure such as the Internet and internet-based trading systems, which increased the speed of information dissemination. We examined the temporal evolution of the time scale in the markets by comparing the probability density function of log returns for the 2000s with that in the 1990s and by using the minimum entropy density method.

  1. Who wins? Study of long-run trader survival in an artificial stock market

    NASA Astrophysics Data System (ADS)

    Cincotti, Silvano; M. Focardi, Sergio; Marchesi, Michele; Raberto, Marco

    2003-06-01

    We introduce a multi-asset artificial financial market with finite amount of cash and number of stocks. The background trading is characterized by a random trading strategy constrained by the finiteness of resources and by market volatility. Stock price processes exhibit volatility clustering, fat-tailed distribution of returns and reversion to the mean. Three active trading strategies have been introduced and studied in two different market conditions: steady market and growing market with asset inflation. We show that the profitability of each strategy depends both on the periodicity of portfolio reallocation and on the market condition. The best performing strategy is the one that exploits the mean reversion characteristic of asset price processes.

  2. Possible causes of long-range dependence in the Brazilian stock market

    NASA Astrophysics Data System (ADS)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2005-01-01

    While the presence of long-range dependence in the asset returns seems to be a stylized fact, the issue of arguing the possible causes of this phenomena is totally obscure. Trying to shed light in this problem, we investigate the possible sources of the long-range dependence phenomena in the Brazilian Stock Market. For this purpose, we employ a sample which comprises stocks traded in the Brazilian financial market (BOVESPA Index). The Hurst exponent here is considered as our measure of long-range dependence and it is evaluated by six different methods. We have found evidence of statistically significant rank correlation between specific variables of the Brazilian firms which subscribe stocks and the long-range dependence phenomena present in these stocks.

  3. Convergence of fundamentalists and chartists’ expectations: An alarm for stock market crash

    NASA Astrophysics Data System (ADS)

    Bolgorian, Meysam; Raei, Reza

    2010-09-01

    We construct a network of the Tehran stock market based on the cross-correlation of trading volume of stocks both for fundamentalists and chartists. In order to investigate the dynamics of expectations of fundamentalists and chartists over time we introduced a homogeneity coefficient. Our results show that in the Tehran Stock Exchange (TSE) which is an emerging market, chartists in comparison with fundamentalists more strongly believe the stocks’ co-movements. We also found that in a bull market (booming period), the optimism of fundamentalists and chartists about the similarity of stocks’ performance diverge from each other while in a bear market (recession period) both groups of traders have approximately same level of pessimism about the simultaneous collapse of stock prices.

  4. Building the Stock of College-Educated Labor Revisited

    ERIC Educational Resources Information Center

    Sjoquist, David L.; Winters, John V.

    2012-01-01

    In a recent paper in the "Journal of Human Resources," Dynarski (2008) used data from the 1 percent 2000 Census Public Use Microdata Sample (PUMS) files to demonstrate that merit scholarship programs in Georgia and Arkansas increased the stock of college-educated individuals in those states. This paper replicates the results in Dynarski (2008) but…

  5. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 6 2011-01-01 2011-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§...

  6. [Allergy to dyes in stockings].

    PubMed

    Hausen, B M; Schulz, K H

    1984-09-28

    Skin allergies caused by the wearing of stockings and hose have received little attention. Findings in patients of an allergy department, enquiries at stocking counters of stores and recent publications indicate, however, that probably many more persons have an allergy to stocking dyes than is generally thought. Skin tests with isolated stocking dyes indicate that azo dye dispersion yellow 3, dispersion orange 3 and dispersion red 1 are the most important contact allergens. They were demonstrated in 18-21 of the 23 hose examined. In textile materials, azo dye dispersion blue 124 is predominant among allergens. Cross-reactions may occur to other dispersion azo dyes, used in cosmetics, textiles, toiletries and hygenic articles, permitted food additives and hair dyes. It is suggested that in persons who have dye allergy or intolerance, decolouration followed by colouring with natural colours be undertaken. PMID:6479046

  7. Stock Market Index Computer Programs.

    ERIC Educational Resources Information Center

    Rowley, Eric

    1986-01-01

    Provides two computer programs, written in BASIC, to calculate average stock market price levels. The programs allow students to work directly from the raw price data that appear daily in the financial news. Teaching suggestions are provided. (JDH)

  8. Stocks low, marketers confident

    SciTech Connect

    Mantho, M.

    1997-01-01

    This has been a nerve wracking season as we looked at inadequate inventory spurring prices ever upward. We have watched the American Petroleum Association`s figures on refiner stocks with considerable dismay as they consistantly fell behind year ago inventory. The anxiety extended to how much oil was in marketers` bulkplants and finally in customer tanks. And so, we asked our reporting panel to help us get a fix on how much oil was available for our customers. We asked the questions in early November and so all our figures are for that month. First we asked the capacity of their bulk tanks. And then how many gallons they had on hand November 1, 1996 and the same date of 1995. From these figures, we were able to get estimates of oil inventories. Marketers bulk tanks were 47.5% filled on November 1 which meant that there was on hand at this level, 36 gallons of heating oil for each customer. At that point in the season, customer tanks were 58% filled which translated into 218 gallons.

  9. Web Search Queries Can Predict Stock Market Volumes

    PubMed Central

    Bordino, Ilaria; Battiston, Stefano; Caldarelli, Guido; Cristelli, Matthieu; Ukkonen, Antti; Weber, Ingmar

    2012-01-01

    We live in a computerized and networked society where many of our actions leave a digital trace and affect other people’s actions. This has lead to the emergence of a new data-driven research field: mathematical methods of computer science, statistical physics and sociometry provide insights on a wide range of disciplines ranging from social science to human mobility. A recent important discovery is that search engine traffic (i.e., the number of requests submitted by users to search engines on the www) can be used to track and, in some cases, to anticipate the dynamics of social phenomena. Successful examples include unemployment levels, car and home sales, and epidemics spreading. Few recent works applied this approach to stock prices and market sentiment. However, it remains unclear if trends in financial markets can be anticipated by the collective wisdom of on-line users on the web. Here we show that daily trading volumes of stocks traded in NASDAQ-100 are correlated with daily volumes of queries related to the same stocks. In particular, query volumes anticipate in many cases peaks of trading by one day or more. Our analysis is carried out on a unique dataset of queries, submitted to an important web search engine, which enable us to investigate also the user behavior. We show that the query volume dynamics emerges from the collective but seemingly uncoordinated activity of many users. These findings contribute to the debate on the identification of early warnings of financial systemic risk, based on the activity of users of the www. PMID:22829871

  10. Web search queries can predict stock market volumes.

    PubMed

    Bordino, Ilaria; Battiston, Stefano; Caldarelli, Guido; Cristelli, Matthieu; Ukkonen, Antti; Weber, Ingmar

    2012-01-01

    We live in a computerized and networked society where many of our actions leave a digital trace and affect other people's actions. This has lead to the emergence of a new data-driven research field: mathematical methods of computer science, statistical physics and sociometry provide insights on a wide range of disciplines ranging from social science to human mobility. A recent important discovery is that search engine traffic (i.e., the number of requests submitted by users to search engines on the www) can be used to track and, in some cases, to anticipate the dynamics of social phenomena. Successful examples include unemployment levels, car and home sales, and epidemics spreading. Few recent works applied this approach to stock prices and market sentiment. However, it remains unclear if trends in financial markets can be anticipated by the collective wisdom of on-line users on the web. Here we show that daily trading volumes of stocks traded in NASDAQ-100 are correlated with daily volumes of queries related to the same stocks. In particular, query volumes anticipate in many cases peaks of trading by one day or more. Our analysis is carried out on a unique dataset of queries, submitted to an important web search engine, which enable us to investigate also the user behavior. We show that the query volume dynamics emerges from the collective but seemingly uncoordinated activity of many users. These findings contribute to the debate on the identification of early warnings of financial systemic risk, based on the activity of users of the www. PMID:22829871

  11. Regional-Scale Declines in Productivity of Pink and Chum Salmon Stocks in Western North America.

    PubMed

    Malick, Michael J; Cox, Sean P

    2016-01-01

    Sockeye salmon (Oncorhynchus nerka) stocks throughout the southern part of their North American range have experienced declines in productivity over the past two decades. In this study, we tested the hypothesis that pink (O. gorbuscha) and chum (O. keta) salmon stocks have also experienced recent declines in productivity by investigating temporal and spatial trends in productivity of 99 wild North American pink and chum salmon stocks. We used a combination of population dynamics and time series models to quantify individual stock trends as well as common temporal trends in pink and chum salmon productivity across local, regional, and continental spatial scales. Our results indicated widespread declines in productivity of wild chum salmon stocks throughout Washington (WA) and British Columbia (BC) with 81% of stocks showing recent declines in productivity, although the exact form of the trends varied among regions. For pink salmon, the majority of stocks in WA and BC (65%) did not have strong temporal trends in productivity; however, all stocks that did have trends in productivity showed declining productivity since at least brood year 1996. We found weaker evidence of widespread declines in productivity for Alaska pink and chum salmon, with some regions and stocks showing declines in productivity (e.g., Kodiak chum salmon stocks) and others showing increases (e.g., Alaska Peninsula pink salmon stocks). We also found strong positive covariation between stock productivity series at the regional spatial scale for both pink and chum salmon, along with evidence that this regional-scale positive covariation has become stronger since the early 1990s in WA and BC. In general, our results suggest that common processes operating at the regional or multi-regional spatial scales drive productivity of pink and chum salmon stocks in western North America and that the effects of these process on productivity may change over time. PMID:26760510

  12. Regional-Scale Declines in Productivity of Pink and Chum Salmon Stocks in Western North America

    PubMed Central

    Malick, Michael J.; Cox, Sean P.

    2016-01-01

    Sockeye salmon (Oncorhynchus nerka) stocks throughout the southern part of their North American range have experienced declines in productivity over the past two decades. In this study, we tested the hypothesis that pink (O. gorbuscha) and chum (O. keta) salmon stocks have also experienced recent declines in productivity by investigating temporal and spatial trends in productivity of 99 wild North American pink and chum salmon stocks. We used a combination of population dynamics and time series models to quantify individual stock trends as well as common temporal trends in pink and chum salmon productivity across local, regional, and continental spatial scales. Our results indicated widespread declines in productivity of wild chum salmon stocks throughout Washington (WA) and British Columbia (BC) with 81% of stocks showing recent declines in productivity, although the exact form of the trends varied among regions. For pink salmon, the majority of stocks in WA and BC (65%) did not have strong temporal trends in productivity; however, all stocks that did have trends in productivity showed declining productivity since at least brood year 1996. We found weaker evidence of widespread declines in productivity for Alaska pink and chum salmon, with some regions and stocks showing declines in productivity (e.g., Kodiak chum salmon stocks) and others showing increases (e.g., Alaska Peninsula pink salmon stocks). We also found strong positive covariation between stock productivity series at the regional spatial scale for both pink and chum salmon, along with evidence that this regional-scale positive covariation has become stronger since the early 1990s in WA and BC. In general, our results suggest that common processes operating at the regional or multi-regional spatial scales drive productivity of pink and chum salmon stocks in western North America and that the effects of these process on productivity may change over time. PMID:26760510

  13. Persistent collective trend in stock markets

    NASA Astrophysics Data System (ADS)

    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.

  14. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange, without the.... An exchange is not within the provisions of section 1081 (a) unless the stock or securities... stock or securities. Also the exchange may be made by a holder of stock or securities with an...

  15. 75 FR 64710 - Public Roundtable on Individual Customer Collateral Protection

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-10-20

    ... From the Federal Register Online via the Government Publishing Office COMMODITY FUTURES TRADING COMMISSION Public Roundtable on Individual Customer Collateral Protection AGENCY: Commodity Futures Trading... appropriate treatment of customer collateral by clearinghouses in the event of a default by a...

  16. 12 CFR 925.20 - Stock purchase.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Stock purchase. 925.20 Section 925.20 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK MEMBERS AND HOUSING ASSOCIATES MEMBERS OF THE BANKS Stock Requirements § 925.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the Bank in which it is...

  17. Empirical properties of inter-cancellation durations in the Chinese stock market

    NASA Astrophysics Data System (ADS)

    Gu, Gao-Feng; Xiong, Xiong; Zhang, Wei; Zhang, Yong-Jie; Zhou, Wei-Xing

    2014-03-01

    Order cancellation process plays a crucial role in the dynamics of price formation in order-driven stock markets and is important in the construction and validation of computational finance models. Based on the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in 2003, we investigate the empirical statistical properties of inter-cancellation durations in units of events defined as the waiting times between two consecutive cancellations. The inter-cancellation durations for both buy and sell orders of all the stocks favor a q-exponential distribution when the maximum likelihood estimation method is adopted; In contrast, both cancelled buy orders of 9 stocks and cancelled sell orders of 4 stocks prefer Weibull distribution when the nonlinear least-square estimation is used. Applying detrended fluctuation analysis (DFA), centered detrending moving average (CDMA) and multifractal detrended fluctuation analysis (MF-DFA) methods, we unveil that the inter-cancellation duration time series process long memory and multifractal nature for both buy and sell cancellations of all the stocks. Our findings show that order cancellation processes exhibit long-range correlated bursty behaviors and are thus not Poissonian.

  18. Successful technical trading agents using genetic programming.

    SciTech Connect

    Othling, Andrew S.; Kelly, John A.; Pryor, Richard J.; Farnsworth, Grant V.

    2004-10-01

    Genetic programming (GP) has proved to be a highly versatile and useful tool for identifying relationships in data for which a more precise theoretical construct is unavailable. In this project, we use a GP search to develop trading strategies for agent based economic models. These strategies use stock prices and technical indicators, such as the moving average convergence/divergence and various exponentially weighted moving averages, to generate buy and sell signals. We analyze the effect of complexity constraints on the strategies as well as the relative performance of various indicators. We also present innovations in the classical genetic programming algorithm that appear to improve convergence for this problem. Technical strategies developed by our GP algorithm can be used to control the behavior of agents in economic simulation packages, such as ASPEN-D, adding variety to the current market fundamentals approach. The exploitation of arbitrage opportunities by technical analysts may help increase the efficiency of the simulated stock market, as it does in the real world. By improving the behavior of simulated stock markets, we can better estimate the effects of shocks to the economy due to terrorism or natural disasters.

  19. A sectional stock tray system for making impressions.

    PubMed

    Ohkubo, Chikahiro; Ohkubo, Chika; Hosoi, Toshio; Kurtz, Kenneth S

    2003-08-01

    This article describes a sectional stock tray system developed by the authors for making preliminary impressions. It may be used not only for individual dental arches but also for patients with microstomia or constricted oral openings. This system allows many combinations of right and left tray sizes and forms to be assembled into a well-fitted anatomically-conforming tray in spite of individual anatomic discrepancies. PMID:12886215

  20. On the nature of the stock market: Simulations and experiments

    NASA Astrophysics Data System (ADS)

    Blok, Hendrik J.

    2000-10-01

    In this dissertation two simple models of stock exchange are developed and simulated numerically. The first is characterized by centralized trading with a market maker. Unfortunately, this model is unable to generate realistic market dynamics. The second model discards the requirement of centralized trading. Under variation of the control parameter the model exhibits two phase transitions: both a first- and a second-order (critical). The decentralized model is able to capture many of the interesting properties observed in empirical markets. Significantly, these properties only emerge when the parameters are tuned such that the model spans the critical point. This suggests that real markets may operate at or near a critical point, but is unable to explain why this should be. One of the main points of the thesis is that these empirical phenomena are not present in the stochastic driving force, but emerge endogenously from interactions between agents.

  1. [Status of swine flu in livestock trading law].

    PubMed

    Bollwahn, W

    2000-12-01

    In contrast to the opinion found in current textbooks, ferkelgrippe (also called enzootic pneumonia or mycoplasmal pneumonia) is to be considered part of the legal deficit known as "swine fever (including hog cholera)" in the Imperial Order of 1899. Modern diagnostic procedures make it possible to successfully rule out or confirm suspected cases of this legal deficit. The diagnostic certainly made possible by PCR and ELISA procedures could give new impetus to efforts to reform stock-trading law. PMID:11155523

  2. Canister storage building trade study. Final report

    SciTech Connect

    Swenson, C.E.

    1995-05-01

    This study was performed to evaluate the impact of several technical issues related to the usage of the Canister Storage Building (CSB) to safely stage and store N-Reactor spent fuel currently located at K-Basin 100KW and 100KE. Each technical issue formed the basis for an individual trade study used to develop the ROM cost and schedule estimates. The study used concept 2D from the Fluor prepared ``Staging and Storage Facility (SSF) Feasibility Report`` as the basis for development of the individual trade studies.

  3. Trade in health services.

    PubMed Central

    Chanda, Rupa

    2002-01-01

    In light of the increasing globalization of the health sector, this article examines ways in which health services can be traded, using the mode-wise characterization of trade defined in the General Agreement on Trade in Services. The trade modes include cross- border delivery of health services via physical and electronic means, and cross-border movement of consumers, professionals, and capital. An examination of the positive and negative implications of trade in health services for equity, efficiency, quality, and access to health care indicates that health services trade has brought mixed benefits and that there is a clear role for policy measures to mitigate the adverse consequences and facilitate the gains. Some policy measures and priority areas for action are outlined, including steps to address the "brain drain"; increasing investment in the health sector and prioritizing this investment better; and promoting linkages between private and public health care services to ensure equity. Data collection, measures, and studies on health services trade all need to be improved, to assess better the magnitude and potential implications of this trade. In this context, the potential costs and benefits of trade in health services are shaped by the underlying structural conditions and existing regulatory, policy, and infrastructure in the health sector. Thus, appropriate policies and safeguard measures are required to take advantage of globalization in health services. PMID:11953795

  4. Biological trade and markets.

    PubMed

    Hammerstein, Peter; Noë, Ronald

    2016-02-01

    Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other 'commodities'. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten 'terms of contract' that 'self-stabilize' trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models-often called 'Walrasian' markets-are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying 'principal-agent' problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need to be taken with caution. PMID:26729940

  5. Biological trade and markets

    PubMed Central

    2016-01-01

    Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other ‘commodities’. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten ‘terms of contract’ that ‘self-stabilize’ trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models—often called ‘Walrasian’ markets—are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying ‘principal–agent’ problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need to be taken with caution. PMID:26729940

  6. Evaluation of Four Methods for Predicting Carbon Stocks of Korean Pine Plantations in Heilongjiang Province, China

    PubMed Central

    Gao, Huilin; Dong, Lihu; Li, Fengri; Zhang, Lianjun

    2015-01-01

    A total of 89 trees of Korean pine (Pinus koraiensis) were destructively sampled from the plantations in Heilongjiang Province, P.R. China. The sample trees were measured and calculated for the biomass and carbon stocks of tree components (i.e., stem, branch, foliage and root). Both compatible biomass and carbon stock models were developed with the total biomass and total carbon stocks as the constraints, respectively. Four methods were used to evaluate the carbon stocks of tree components. The first method predicted carbon stocks directly by the compatible carbon stocks models (Method 1). The other three methods indirectly predicted the carbon stocks in two steps: (1) estimating the biomass by the compatible biomass models, and (2) multiplying the estimated biomass by three different carbon conversion factors (i.e., carbon conversion factor 0.5 (Method 2), average carbon concentration of the sample trees (Method 3), and average carbon concentration of each tree component (Method 4)). The prediction errors of estimating the carbon stocks were compared and tested for the differences between the four methods. The results showed that the compatible biomass and carbon models with tree diameter (D) as the sole independent variable performed well so that Method 1 was the best method for predicting the carbon stocks of tree components and total. There were significant differences among the four methods for the carbon stock of stem. Method 2 produced the largest error, especially for stem and total. Methods 3 and Method 4 were slightly worse than Method 1, but the differences were not statistically significant. In practice, the indirect method using the mean carbon concentration of individual trees was sufficient to obtain accurate carbon stocks estimation if carbon stocks models are not available. PMID:26659257

  7. Evaluation of Four Methods for Predicting Carbon Stocks of Korean Pine Plantations in Heilongjiang Province, China.

    PubMed

    Gao, Huilin; Dong, Lihu; Li, Fengri; Zhang, Lianjun

    2015-01-01

    A total of 89 trees of Korean pine (Pinus koraiensis) were destructively sampled from the plantations in Heilongjiang Province, P.R. China. The sample trees were measured and calculated for the biomass and carbon stocks of tree components (i.e., stem, branch, foliage and root). Both compatible biomass and carbon stock models were developed with the total biomass and total carbon stocks as the constraints, respectively. Four methods were used to evaluate the carbon stocks of tree components. The first method predicted carbon stocks directly by the compatible carbon stocks models (Method 1). The other three methods indirectly predicted the carbon stocks in two steps: (1) estimating the biomass by the compatible biomass models, and (2) multiplying the estimated biomass by three different carbon conversion factors (i.e., carbon conversion factor 0.5 (Method 2), average carbon concentration of the sample trees (Method 3), and average carbon concentration of each tree component (Method 4)). The prediction errors of estimating the carbon stocks were compared and tested for the differences between the four methods. The results showed that the compatible biomass and carbon models with tree diameter (D) as the sole independent variable performed well so that Method 1 was the best method for predicting the carbon stocks of tree components and total. There were significant differences among the four methods for the carbon stock of stem. Method 2 produced the largest error, especially for stem and total. Methods 3 and Method 4 were slightly worse than Method 1, but the differences were not statistically significant. In practice, the indirect method using the mean carbon concentration of individual trees was sufficient to obtain accurate carbon stocks estimation if carbon stocks models are not available. PMID:26659257

  8. Measuring Biomass and Carbon Stock in Resprouting Woody Plants

    PubMed Central

    Matula, Radim; Damborská, Lenka; Nečasová, Monika; Geršl, Milan; Šrámek, Martin

    2015-01-01

    Resprouting multi-stemmed woody plants form an important component of the woody vegetation in many ecosystems, but a clear methodology for reliable measurement of their size and quick, non-destructive estimation of their woody biomass and carbon stock is lacking. Our goal was to find a minimum number of sprouts, i.e., the most easily obtainable, and sprout parameters that should be measured for accurate sprout biomass and carbon stock estimates. Using data for 5 common temperate woody species, we modelled carbon stock and sprout biomass as a function of an increasing number of sprouts in an interaction with different sprout parameters. The mean basal diameter of only two to five of the thickest sprouts and the basal diameter and DBH of the thickest sprouts per stump proved to be accurate estimators for the total sprout biomass of the individual resprouters and the populations of resprouters, respectively. Carbon stock estimates were strongly correlated with biomass estimates, but relative carbon content varied among species. Our study demonstrated that the size of the resprouters can be easily measured, and their biomass and carbon stock estimated; therefore, resprouters can be simply incorporated into studies of woody vegetation. PMID:25719601

  9. Improved alternatives for estimating in-use material stocks.

    PubMed

    Chen, Wei-Qiang; Graedel, T E

    2015-03-01

    Determinations of in-use material stocks are useful for exploring past patterns and future scenarios of materials use, for estimating end-of-life flows of materials, and thereby for guiding policies on recycling and sustainable management of materials. This is especially true when those determinations are conducted for individual products or product groups such as "automobiles" rather than general (and sometimes nebulous) sectors such as "transportation". We propose four alternatives to the existing top-down and bottom-up methods for estimating in-use material stocks, with the choice depending on the focus of the study and on the available data. We illustrate with aluminum use in automobiles the robustness of and consistencies and differences among these four alternatives and demonstrate that a suitable combination of the four methods permits estimation of the in-use stock of a material contained in all products employing that material, or in-use stocks of different materials contained in a particular product. Therefore, we anticipate the estimation in the future of in-use stocks for many materials in many products or product groups, for many regions, and for longer time periods, by taking advantage of methodologies that fully employ the detailed data sets now becoming available. PMID:25636045

  10. Trading strategies in the overnight money market: Correlations and clustering on the e-MID trading platform

    NASA Astrophysics Data System (ADS)

    Fricke, Daniel

    2012-12-01

    We analyze the correlations in patterns of trading for members of the Italian interbank trading platform e-MID. The trading strategy of a particular member institution is defined as the sequence of (intra-) daily net trading volumes within a certain semester. Based on this definition, we show that there are significant and persistent bilateral correlations between institutions’ trading strategies. In most semesters we find two clusters, with positively (negatively) correlated trading strategies within (between) clusters. We show that the two clusters mostly contain continuous net buyers and net sellers of money, respectively, and that cluster memberships of individual banks are highly persistent. Additionally, we highlight some problems related to our definition of trading strategies. Our findings add further evidence on the fact that preferential lending relationships on the micro-level lead to community structure on the macro-level.

  11. 26 CFR 1.1402(c)-1 - Trade or business.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 26 Internal Revenue 12 2012-04-01 2012-04-01 false Trade or business. 1.1402(c)-1 Section 1.1402(c... (CONTINUED) INCOME TAXES (CONTINUED) Tax on Self-Employment Income § 1.1402(c)-1 Trade or business. In order for an individual to have net earnings from self-employment, he must carry on a trade or...

  12. 26 CFR 1.1402(c)-1 - Trade or business.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 26 Internal Revenue 12 2013-04-01 2013-04-01 false Trade or business. 1.1402(c)-1 Section 1.1402(c... (CONTINUED) INCOME TAXES (CONTINUED) Tax on Self-Employment Income § 1.1402(c)-1 Trade or business. In order for an individual to have net earnings from self-employment, he must carry on a trade or...

  13. 26 CFR 1.1402(c)-1 - Trade or business.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 12 2011-04-01 2011-04-01 false Trade or business. 1.1402(c)-1 Section 1.1402(c... (CONTINUED) INCOME TAXES (CONTINUED) Tax on Self-Employment Income § 1.1402(c)-1 Trade or business. In order for an individual to have net earnings from self-employment, he must carry on a trade or...

  14. 26 CFR 1.1402(c)-1 - Trade or business.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 12 2010-04-01 2010-04-01 false Trade or business. 1.1402(c)-1 Section 1.1402(c... (CONTINUED) INCOME TAXES Tax on Self-Employment Income § 1.1402(c)-1 Trade or business. In order for an individual to have net earnings from self-employment, he must carry on a trade or business, either as...

  15. Wheat: Science and Trade

    Technology Transfer Automated Retrieval System (TEKTRAN)

    This is for a book review of Wheat: science and trade, edited by B.F. Carver. The book provides an indepth review of wheat biology, production, breeding, processing, and trade and is organized in four sections. "Making of a Wheat Plant" reviews domestication, evolution, development, and molecular ...

  16. Free Trade: A Misnomer?

    ERIC Educational Resources Information Center

    McMillan, Robert R.

    1983-01-01

    Billions of dollars are lost each year in our balance of payments because U.S. multinationals have not entered foreign markets due to trade restrictions and restrictions on the remittance of profits and royalties. Formal and informal government obstructions to free trade are examined. (RM)

  17. Nitrogen Trading Tool (NTT)

    Technology Transfer Automated Retrieval System (TEKTRAN)

    The Natural Resources Conservation Service (NRCS) recently developed a prototype web-based nitrogen trading tool to facilitate water quality credit trading. The development team has worked closely with the Agriculture Research Service Soil Plant Nutrient Research Unit (ARS-SPNR) and the Environmenta...

  18. Introduction to International Trade.

    ERIC Educational Resources Information Center

    Intercom, 1986

    1986-01-01

    Focusing mainly on United States-Japan relations, this issue provides 11 lesson plans and student handouts dealing with international trade topics such as protective tariffs, currency exchange rates, unofficial trade barriers, causes of unemployment, the balance of payments and the internationalization of the automobile industry. (JDH)

  19. International trade. Multinational aspects.

    PubMed

    Ozawa, Y

    2000-01-01

    Of numerous regional economic agreements, the European Union (EU), the North American Free Trade Agreement (NAFTA), South American Common Market (MERCOSUR), the Association of Southeast Asian Nations (ASEAN), the South Asian Association for Regional Cooperation (SAARC) and the Australia-New Zealand Closer Economic Relations Agreement are examples that are actively pursuing regional integration for freer trade of animals and animal products. The World Trade Organization (WTO) believes that regional and multinational integration initiatives are complements rather than alternatives in the pursuit of more open trade. In the efforts to harmonize SPS standards among multilateral trading nations, it is recommended that national requirements meet the standards developed by the OIE and the FAO/WHO Codex Alimentarius Commission as the minimum requirements rather than adopting the standards of the lowest common denominator. Regional grouping may hinder multilateral or bilateral trade between the countries of a group and those of the other groups. How to eliminate such non-tariff barriers as traditional trade custom remains to be examined. Ongoing activities of VICH (Harmonisation of Technical Requirements for Registration of Veterinary Medical Products) may pave the way for more open trade in pharmaceutical products between multilateral regional groups. PMID:11193639

  20. Empirical regularities of opening call auction in Chinese stock market

    NASA Astrophysics Data System (ADS)

    Gu, Gao-Feng; Ren, Fei; Ni, Xiao-Hui; Chen, Wei; Zhou, Wei-Xing

    2010-01-01

    We study the statistical regularities of an opening call auction using the ultra-high-frequency data of 22 liquid stocks traded on the Shenzhen Stock Exchange in 2003. The distribution of the relative price, defined as the relative difference between the order price in the opening call auction and the closing price on the last trading day, is asymmetric and that the distribution displays a sharp peak at the zero relative price and a relatively wide peak at the negative relative price. The detrended fluctuation analysis (DFA) method is adopted to investigate the long-term memory of relative order prices. We further study the statistical regularities of order sizes in the opening call auction, and observe a phenomenon of number preference, known as order size clustering. The probability density function (PDF) of order sizes could be well fitted by a q-Gamma function, and the long-term memory also exists in order sizes. In addition, both the average volume and the average number of orders decrease exponentially with the price level away from the best bid or ask price level in the limit-order book (LOB) established immediately after the opening call auction, and a price clustering phenomenon is observed.

  1. A hybrid neurogenetic approach for stock forecasting.

    PubMed

    Kwon, Yung-Keun; Moon, Byung-Ro

    2007-05-01

    In this paper, we propose a hybrid neurogenetic system for stock trading. A recurrent neural network (NN) having one hidden layer is used for the prediction model. The input features are generated from a number of technical indicators being used by financial experts. The genetic algorithm (GA) optimizes the NN's weights under a 2-D encoding and crossover. We devised a context-based ensemble method of NNs which dynamically changes on the basis of the test day's context. To reduce the time in processing mass data, we parallelized the GA on a Linux cluster system using message passing interface. We tested the proposed method with 36 companies in NYSE and NASDAQ for 13 years from 1992 to 2004. The neurogenetic hybrid showed notable improvement on the average over the buy-and-hold strategy and the context-based ensemble further improved the results. We also observed that some companies were more predictable than others, which implies that the proposed neurogenetic hybrid can be used for financial portfolio construction. PMID:17526350

  2. Learning to trade via direct reinforcement.

    PubMed

    Moody, J; Saffell, M

    2001-01-01

    We present methods for optimizing portfolios, asset allocations, and trading systems based on direct reinforcement (DR). In this approach, investment decision-making is viewed as a stochastic control problem, and strategies are discovered directly. We present an adaptive algorithm called recurrent reinforcement learning (RRL) for discovering investment policies. The need to build forecasting models is eliminated, and better trading performance is obtained. The direct reinforcement approach differs from dynamic programming and reinforcement algorithms such as TD-learning and Q-learning, which attempt to estimate a value function for the control problem. We find that the RRL direct reinforcement framework enables a simpler problem representation, avoids Bellman's curse of dimensionality and offers compelling advantages in efficiency. We demonstrate how direct reinforcement can be used to optimize risk-adjusted investment returns (including the differential Sharpe ratio), while accounting for the effects of transaction costs. In extensive simulation work using real financial data, we find that our approach based on RRL produces better trading strategies than systems utilizing Q-learning (a value function method). Real-world applications include an intra-daily currency trader and a monthly asset allocation system for the S&P 500 Stock Index and T-Bills. PMID:18249919

  3. Virtual water trade and world water resources.

    PubMed

    Oki, T; Kanae, S

    2004-01-01

    Global virtual water trade was quantitatively estimated and evaluated. The basic idea of how to estimate unit requirement of water resources to produce each commodity is introduced and values for major agricultural and stock products are presented. The concept of virtual water and the quantitative estimates can help in assessing a more realistic water scarcity index in each country, projecting future water demand for food supply, increasing public awareness on water, and identifying the processes wasting water in the production. Really required water in exporting countries is generally smaller than virtually required water in importing countries, reflecting the comparative advantage of water use efficiency, and it is estimated to be 680 km3/y for 2000. On the contrary the virtually required water for the same year is estimated to be 1,130 km3/y, and the difference of 450 km3/y is virtually saved by global trade. However, solely virtual water should not be used for any decision making since the idea of virtual water implies only the usage and influence of water and no concerns on social, cultural, and environmental implications. Virtual water trade also does not consider other limiting factors than water. PMID:15195440

  4. Blue Collar & Beyond: Resumes for Skilled Trades & Services.

    ERIC Educational Resources Information Center

    Parker, Yana

    This book, which is designed for individuals in skilled trades and service occupations, contains 132 sample resumes for occupations in the following occupational categories: automotive and heavy equipment; construction and maintenance; customer service; hotel, restaurant, and food service; office; trades; warehouse, manufacturing, and electronics;…

  5. English for International Trade: China Enters the WTO.

    ERIC Educational Resources Information Center

    Pang, Jixian; Zhou, Xing; Fu, Zheng

    2002-01-01

    Reports on a survey into the impact of China's entry into the World Trade Organization (WTO) on business professionals and college English instruction. Individuals in business and trading companies from the five cities in Ahejiang province were polled on issues related to the learning and teaching of English with reference to China's entry into

  6. English for International Trade: China Enters the WTO.

    ERIC Educational Resources Information Center

    Pang, Jixian; Zhou, Xing; Fu, Zheng

    2002-01-01

    Reports on a survey into the impact of China's entry into the World Trade Organization (WTO) on business professionals and college English instruction. Individuals in business and trading companies from the five cities in Ahejiang province were polled on issues related to the learning and teaching of English with reference to China's entry into…

  7. Blue Collar & Beyond: Resumes for Skilled Trades & Services.

    ERIC Educational Resources Information Center

    Parker, Yana

    This book, which is designed for individuals in skilled trades and service occupations, contains 132 sample resumes for occupations in the following occupational categories: automotive and heavy equipment; construction and maintenance; customer service; hotel, restaurant, and food service; office; trades; warehouse, manufacturing, and electronics;

  8. Cluster Skill Development in Trade and Industrial Education

    ERIC Educational Resources Information Center

    Valentine, Ivan E; Larson, Milton E

    1974-01-01

    Trade and industrial educators are finding it necessary to provide individuals with a multiplicity of skills to meet the needs of the nation's scientific and technological complex. The cluster skill concept should be initiated in the pre-employment training program for trade and industrial education. (AG)

  9. STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS*

    PubMed Central

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

    2011-01-01

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

  10. STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS.

    PubMed

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

    2011-01-01

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

  11. Understanding the complex dynamics of stock markets through cellular automata.

    PubMed

    Qiu, G; Kandhai, D; Sloot, P M A

    2007-04-01

    We present a cellular automaton (CA) model for simulating the complex dynamics of stock markets. Within this model, a stock market is represented by a two-dimensional lattice, of which each vertex stands for a trader. According to typical trading behavior in real stock markets, agents of only two types are adopted: fundamentalists and imitators. Our CA model is based on local interactions, adopting simple rules for representing the behavior of traders and a simple rule for price updating. This model can reproduce, in a simple and robust manner, the main characteristics observed in empirical financial time series. Heavy-tailed return distributions due to large price variations can be generated through the imitating behavior of agents. In contrast to other microscopic simulation (MS) models, our results suggest that it is not necessary to assume a certain network topology in which agents group together, e.g., a random graph or a percolation network. That is, long-range interactions can emerge from local interactions. Volatility clustering, which also leads to heavy tails, seems to be related to the combined effect of a fast and a slow process: the evolution of the influence of news and the evolution of agents' activity, respectively. In a general sense, these causes of heavy tails and volatility clustering appear to be common among some notable MS models that can confirm the main characteristics of financial markets. PMID:17500970

  12. Applications of physics to economics and finance: Money, income, wealth, and the stock market

    NASA Astrophysics Data System (ADS)

    Dragulescu, Adrian Antoniu

    Several problems arising in Economics and Finance are analyzed using concepts and quantitative methods from Physics. The dissertation is organized as follows: In the first chapter it is argued that in a closed economic system, money is conserved. Thus, by analogy with energy, the equilibrium probability distribution of money must follow the exponential Boltzmann-Gibbs law characterized by an effective temperature equal to the average amount of money per economic agent. The emergence of Boltzmann-Gibbs distribution is demonstrated through computer simulations of economic models. A thermal machine which extracts a monetary profit can be constructed between two economic systems with different temperatures. The role of debt and models with broken time-reversal symmetry for which the Boltzmann-Gibbs law does not hold, are discussed. In the second chapter, using data from several sources, it is found that the distribution of income is described for the great majority of population by an exponential distribution, whereas the high-end tail follows a power law. From the individual income distribution, the probability distribution of income for families with two earners is derived and it is shown that it also agrees well with the data. Data on wealth is presented and it is found that the distribution of wealth has a structure similar to the distribution of income. The Lorenz curve and Gini coefficient were calculated and are shown to be in good agreement with both income and wealth data sets. In the third chapter, the stock-market fluctuations at different time scales are investigated. A model where stock-price dynamics is governed by a geometrical (multiplicative) Brownian motion with stochastic variance is proposed. The corresponding Fokker-Planck equation can be solved exactly. Integrating out the variance, an analytic formula for the time-dependent probability distribution of stock price changes (returns) is found. The formula is in excellent agreement with the Dow-Jones index for the time lags from 1 to 250 trading days. For time lags longer than the relaxation time of variance, the probability distribution can be expressed in a scaling form using a Bessel function. The Dow-Jones data follow the scaling function for seven orders of magnitude.

  13. Electrical Trades. Suggested Basic Course Outline.

    ERIC Educational Resources Information Center

    Texas A and M Univ., College Station. Vocational Instructional Services.

    This course outline is intended to assist vocational instructors in developing and teaching a course in the electrical trades. Addressed in the individual sections of the outline are the following topics: orientation (a course overview, job orientation, safety, first aid, and Vocational Industrial Clubs of America); basic skills (mathematics,…

  14. Electrical Trades. Suggested Basic Course Outline.

    ERIC Educational Resources Information Center

    Texas A and M Univ., College Station. Vocational Instructional Services.

    This course outline is intended to assist vocational instructors in developing and teaching a course in the electrical trades. Addressed in the individual sections of the outline are the following topics: orientation (a course overview, job orientation, safety, first aid, and Vocational Industrial Clubs of America); basic skills (mathematics,

  15. Electrical Trades. Occupational Competency Analysis Profile.

    ERIC Educational Resources Information Center

    Ohio State Univ., Columbus. Vocational Instructional Materials Lab.

    This Occupational Competency Analysis Profile (OCAP), which is one of a series of OCAPs developed to identify the skills that Ohio employers deem necessary to entering a given occupation/occupational area, lists the occupational, academic, and employability skills required of individuals entering the electrical trades. The introduction explains…

  16. Effect of stocking season and technique on survival of lake trout in Lake Ontario

    USGS Publications Warehouse

    Elrod, Joseph H.; Schneider, Clifford P.

    1992-01-01

    To identify the stocking season and technique that resulted in maximum contribution of hatchery-reared lake trout (Salvelinus namaycush) to the population in Lake Ontario, paired lots of yearlings were stocked near shore in March, near shore in May, and offshore by helicopter in May. All mortality associated with stocking season and technique apparently had occurred by age 2. Therefore, survival comparisons were based on combined recoveries of age-2 and older fish. We found statistically significant differences in survival ratios for 19 of 30 comparisons among individual paired lots, but results were not consistent. Variables other than stocking date and technique apparently had a major influence on survival of lake trout following stocking in Lake Ontario. Predation by large salmonids may have been the the dominant mechanism affecting survival.

  17. Stock Market Expectations of Dutch Households

    PubMed Central

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

    2013-01-01

    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. PMID:23997423

  18. Arbitrage and Volatility in Chinese Stock's Markets

    NASA Astrophysics Data System (ADS)

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

    From the point of view of no-arbitrage pricing, what matters is how much volatility the stock has, for volatility measures the amount of profit that can be made from shorting stocks and purchasing options. With the short-sales constraints or in the absence of options, however, high volatility is likely to mean arbitrage from stock market. As emerging stock markets for China, investors are increasingly concerned about volatilities of Chinese two stock markets. We estimate volatility's models for Chinese stock markets' indexes using Markov chain Monte Carlo (MCMC) method and GARCH. We find that estimated values of volatility parameters are very high for all data frequencies. It suggests that stock returns are extremely volatile even at long term intervals in Chinese markets. Furthermore, this result could be considered that there seems to be arbitrage opportunities in Chinese stock markets.

  19. Dynamic Evolution of Cross-Correlations in the Chinese Stock Market

    PubMed Central

    Ren, Fei; Zhou, Wei-Xing

    2014-01-01

    The analysis of cross-correlations is extensively applied for the understanding of interconnections in stock markets and the portfolio risk estimation. Current studies of correlations in Chinese market mainly focus on the static correlations between return series, and this calls for an urgent need to investigate their dynamic correlations. Our study aims to reveal the dynamic evolution of cross-correlations in the Chinese stock market, and offer an exact interpretation for the evolution behavior. The correlation matrices constructed from the return series of 367 A-share stocks traded on the Shanghai Stock Exchange from January 4, 1999 to December 30, 2011 are calculated over a moving window with a size of 400 days. The evolutions of the statistical properties of the correlation coefficients, eigenvalues, and eigenvectors of the correlation matrices are carefully analyzed. We find that the stock correlations are significantly increased in the periods of two market crashes in 2001 and 2008, during which only five eigenvalues significantly deviate from the random correlation matrix, and the systemic risk is higher in these volatile periods than calm periods. By investigating the significant contributors of the deviating eigenvectors in different time periods, we observe a dynamic evolution behavior in business sectors such as IT, electronics, and real estate, which lead the rise (drop) before (after) the crashes. Our results provide new perspectives for the understanding of the dynamic evolution of cross-correlations in the Chines stock markets, and the result of risk estimation is valuable for the application of risk management. PMID:24867071

  20. Dynamic evolution of cross-correlations in the Chinese stock market.

    PubMed

    Ren, Fei; Zhou, Wei-Xing

    2014-01-01

    The analysis of cross-correlations is extensively applied for the understanding of interconnections in stock markets and the portfolio risk estimation. Current studies of correlations in Chinese market mainly focus on the static correlations between return series, and this calls for an urgent need to investigate their dynamic correlations. Our study aims to reveal the dynamic evolution of cross-correlations in the Chinese stock market, and offer an exact interpretation for the evolution behavior. The correlation matrices constructed from the return series of 367 A-share stocks traded on the Shanghai Stock Exchange from January 4, 1999 to December 30, 2011 are calculated over a moving window with a size of 400 days. The evolutions of the statistical properties of the correlation coefficients, eigenvalues, and eigenvectors of the correlation matrices are carefully analyzed. We find that the stock correlations are significantly increased in the periods of two market crashes in 2001 and 2008, during which only five eigenvalues significantly deviate from the random correlation matrix, and the systemic risk is higher in these volatile periods than calm periods. By investigating the significant contributors of the deviating eigenvectors in different time periods, we observe a dynamic evolution behavior in business sectors such as IT, electronics, and real estate, which lead the rise (drop) before (after) the crashes. Our results provide new perspectives for the understanding of the dynamic evolution of cross-correlations in the Chines stock markets, and the result of risk estimation is valuable for the application of risk management. PMID:24867071

  1. An Economic Framework of Microbial Trade

    PubMed Central

    Mee, Michael T.

    2015-01-01

    A large fraction of microbial life on earth exists in complex communities where metabolic exchange is vital. Microbes trade essential resources to promote their own growth in an analogous way to countries that exchange goods in modern economic markets. Inspired by these similarities, we developed a framework based on general equilibrium theory (GET) from economics to predict the population dynamics of trading microbial communities. Our biotic GET (BGET) model provides an a priori theory of the growth benefits of microbial trade, yielding several novel insights relevant to understanding microbial ecology and engineering synthetic communities. We find that the economic concept of comparative advantage is a necessary condition for mutualistic trade. Our model suggests that microbial communities can grow faster when species are unable to produce essential resources that are obtained through trade, thereby promoting metabolic specialization and increased intercellular exchange. Furthermore, we find that species engaged in trade exhibit a fundamental tradeoff between growth rate and relative population abundance, and that different environments that put greater pressure on group selection versus individual selection will promote varying strategies along this growth-abundance spectrum. We experimentally tested this tradeoff using a synthetic consortium of Escherichia coli cells and found the results match the predictions of the model. This framework provides a foundation to study natural and engineered microbial communities through a new lens based on economic theories developed over the past century. PMID:26222307

  2. An Economic Framework of Microbial Trade.

    PubMed

    Tasoff, Joshua; Mee, Michael T; Wang, Harris H

    2015-01-01

    A large fraction of microbial life on earth exists in complex communities where metabolic exchange is vital. Microbes trade essential resources to promote their own growth in an analogous way to countries that exchange goods in modern economic markets. Inspired by these similarities, we developed a framework based on general equilibrium theory (GET) from economics to predict the population dynamics of trading microbial communities. Our biotic GET (BGET) model provides an a priori theory of the growth benefits of microbial trade, yielding several novel insights relevant to understanding microbial ecology and engineering synthetic communities. We find that the economic concept of comparative advantage is a necessary condition for mutualistic trade. Our model suggests that microbial communities can grow faster when species are unable to produce essential resources that are obtained through trade, thereby promoting metabolic specialization and increased intercellular exchange. Furthermore, we find that species engaged in trade exhibit a fundamental tradeoff between growth rate and relative population abundance, and that different environments that put greater pressure on group selection versus individual selection will promote varying strategies along this growth-abundance spectrum. We experimentally tested this tradeoff using a synthetic consortium of Escherichia coli cells and found the results match the predictions of the model. This framework provides a foundation to study natural and engineered microbial communities through a new lens based on economic theories developed over the past century. PMID:26222307

  3. An Intelligent Model for Pairs Trading Using Genetic Algorithms

    PubMed Central

    Huang, Chien-Feng; Hsu, Chi-Jen; Chen, Chi-Chung; Chang, Bao Rong; Li, Chen-An

    2015-01-01

    Pairs trading is an important and challenging research area in computational finance, in which pairs of stocks are bought and sold in pair combinations for arbitrage opportunities. Traditional methods that solve this set of problems mostly rely on statistical methods such as regression. In contrast to the statistical approaches, recent advances in computational intelligence (CI) are leading to promising opportunities for solving problems in the financial applications more effectively. In this paper, we present a novel methodology for pairs trading using genetic algorithms (GA). Our results showed that the GA-based models are able to significantly outperform the benchmark and our proposed method is capable of generating robust models to tackle the dynamic characteristics in the financial application studied. Based upon the promising results obtained, we expect this GA-based method to advance the research in computational intelligence for finance and provide an effective solution to pairs trading for investment in practice. PMID:26339236

  4. Taking Stock of Your Dollars.

    ERIC Educational Resources Information Center

    Archambault, Dennis R.

    1979-01-01

    Presented is the "University of Southern California Trojan Stores Inventory Procedures for Department Supervisors and Inventory Members." This manual includes four drawings of stocked merchandise to be used for discussion during staff training sessions, a practice inventory sheet, and the test used to measure employee comprehension of procedures.…

  5. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange... constitute nonexempt property. An exchange is not within the provisions of section 1081 (a) unless the stock... to stock or securities in the corporation from which they are received. An exchange within...

  6. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange... constitute nonexempt property. An exchange is not within the provisions of section 1081 (a) unless the stock... to stock or securities in the corporation from which they are received. An exchange within...

  7. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange... constitute nonexempt property. An exchange is not within the provisions of section 1081 (a) unless the stock... to stock or securities in the corporation from which they are received. An exchange within...

  8. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange... constitute nonexempt property. An exchange is not within the provisions of section 1081 (a) unless the stock... to stock or securities in the corporation from which they are received. An exchange within...

  9. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 6 2013-01-01 2012-01-01 true Conversion from stock form depository institution to Federal stock association. 552.2-6 Section 552.2-6 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND CONVERSION § 552.2-6 Conversion from stock form...

  10. 78 FR 57909 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-09-20

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Fees and Fee Waivers for Certain Exchange Traded Products September 16, 2013. Pursuant to Section...

  11. 78 FR 16006 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-03-13

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 2 Thereto, Relating to the Listing and Trading of the Shares of the First Trust Senior Loan Fund of First...

  12. 78 FR 62834 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-10-22

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed Rule Change Relating to the Listing and Trading of the Shares of the First Trust Global Tactical Commodity Strategy Fund of First...

  13. 76 FR 4959 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-01-27

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change To Create a Bond Trading License for Member Organizations and Establish Bonds Liquidity Providers as a New Market Class on NYSE Under a...

  14. 77 FR 42525 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Disapproving...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-07-19

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Disapproving Proposed Rule Changes To Codify Certain Traditional Trading Floor Functions That May Be Performed by Designated Market Makers and To...

  15. 77 FR 13379 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-06

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed Rule Change Relating to the Listing and Trading of Shares of the Emerging Markets Corporate Bond Fund... Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission...

  16. 76 FR 41551 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-14

    ... Exchange or NYSE Amex \\7\\ if: \\7\\ Securities listed on The NASDAQ Stock Market are traded on NYSE Amex... Approved Booth Premises in Certain OTC Bulletin Board and OTC Markets Securities July 8, 2011. I... premises in certain OTC Bulletin Board (``OTCBB'') and OTC Markets securities. The proposed rule change...

  17. 76 FR 30418 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-25

    ... NYSE Amex \\8\\ if: \\8\\ Securities listed on The NASDAQ Stock Market are traded on NYSE Amex pursuant to... Their Approved Booth Premises in Certain OTC Bulletin Board and OTC Markets Securities May 19, 2011... approved booth premises in certain OTC Bulletin Board (``OTCBB'') and OTC Markets \\4\\ securities. The...

  18. 77 FR 10586 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Instituting...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-02-22

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Instituting Proceedings To Determine Whether To Disapprove Proposed Rule Changes To Codify Certain Traditional Trading Floor Functions That May Be Performed...

  19. 78 FR 25118 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-29

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending NYSE Rule 104 To Codify Certain Traditional Trading Floor Functions That May Be Performed by Designated Market Makers, To...

  20. 77 FR 65237 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-25

    ...), 77 FR 54640 (``Notice''). II. Description of the Proposed Rule Change The Exchange proposes to list... Rule Change Relating to the Listing and Trading of Shares of the WisdomTree Global Corporate Bond Fund of the WisdomTree Trust October 19, 2012. I. Introduction On August 15, 2012, The NASDAQ Stock...

  1. 75 FR 39063 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-07-07

    ... price discovery for the ETF, the underlying stocks and other products? Are there other market-based... to allow secondary market trading in the ETF shares. ETFs are generally index-based products, in that... fees and expenses, generally correspond to the price and yield performance of the underlying...

  2. 76 FR 75924 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-12-05

    ... is provided by TradeInfo. The Exchange is proposing to offer QView at no cost to members at this time... given that on November 22, 2011, The NASDAQ Stock Market LLC (``Exchange''), filed with the Securities... From the Federal Register Online via the Government Publishing Office SECURITIES AND...

  3. 75 FR 5367 - Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by New York Stock...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-02-02

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by New York Stock Exchange LLC Amending the Rule Governing the Issuance of Trading Licenses January 26, 2010. Pursuant to Section 19(b)(1) \\1\\ of the Securities...

  4. 76 FR 23349 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-26

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...(b)(1). \\2\\ 17 CFR 240.19b-4. ] I. Self-Regulatory Organization's Statement of the Terms of the... Market (``NOM'') to amend Chapter VI, Trading Systems, Section 1, Definitions, and Section 6,...

  5. 78 FR 1278 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-01-08

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Bond Trading License and the Bond Liquidity Provider...

  6. 78 FR 70388 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-11-25

    ... applicable Trade-Through and Locked and Crossed Markets restrictions. \\8\\ See Securities Exchange Act Release... line. Paper Comments Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and...

  7. 76 FR 75593 - Self-Regulatory Organizations; The NASDAQ Stock Market, LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-12-02

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for a Direct Market Data Product, NASDAQ Options Trade Outline (``NOTO'') November 28,...

  8. 77 FR 69519 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-11-19

    ... orders that incur risk by setting the inside market or allowing NASDAQ to join another trading center... registered as market makers, they risk capital by offering immediately executable liquidity at the price most... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and...

  9. 78 FR 21464 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-10

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Certain Fees for the NYSE Trades and NYSE Realtime Reference Prices Market Data Products April...

  10. 78 FR 8666 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-02-06

    ... trading in all stocks due to extraordinary market volatility (``market-wide circuit breakers'').\\6\\ The Exchange, other equities, options, and futures markets, and FINRA amended the market-wide circuit breakers... the market-wide circuit breakers on a pilot basis for a period that corresponds to the pilot...

  11. 78 FR 8662 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-02-06

    ... approved the proposed changes to the market- wide circuit breakers on a pilot basis for a period scheduled... halt trading in all stocks due to extraordinary market volatility (``market-wide circuit breakers'').\\7... proposed changes to the market-wide circuit breakers on a pilot basis for a period that corresponds to...

  12. 78 FR 74206 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-12-10

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Acceptable Trade Range December 4, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange...

  13. 76 FR 61122 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-03

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving Proposed Rule Change To Establish an Acceptable Trade Range for Quotes and Orders Entered on The NASDAQ Options Market September 27, 2011. I. Introduction On August...

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

    USGS Publications Warehouse

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

    2014-01-01

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

  15. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2014-04-01 2014-04-01 false Vinegar stock. 24.217... OF THE TREASURY ALCOHOL WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  16. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2013-04-01 2013-04-01 false Vinegar stock. 24.217... OF THE TREASURY ALCOHOL WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  17. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Vinegar stock. 24.217... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  18. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2011-04-01 2011-04-01 false Vinegar stock. 24.217... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  19. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2012-04-01 2012-04-01 false Vinegar stock. 24.217... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  20. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 7 2012-01-01 2012-01-01 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 into nonvoting shares having a...

  1. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 7 2013-01-01 2013-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY 725.5 Capital stock. (a) The capital stock of the Facility is divided.... Shares are issued in book entry form upon receipt of payment for such shares, and cannot be...

  2. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 7 2014-01-01 2014-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY 725.5 Capital stock. (a) The capital stock of the Facility is divided.... Shares are issued in book entry form upon receipt of payment for such shares, and cannot be...

  3. Online Stock Market Games for High Schools.

    ERIC Educational Resources Information Center

    Lopus, Jane; Placone, Dennis

    2002-01-01

    Identifies a Web site providing information about stock market simulations for high school economics courses. Divides the information into two tables: (1) the structure of online stock market games; and (2) the determination of portfolio values of online stock market games. States that changes and updates are available at Web sites. (JEH)

  4. Students Invest in the Stock Market

    ERIC Educational Resources Information Center

    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)

  5. Stochastic GARCH dynamics describing correlations between stocks

    NASA Astrophysics Data System (ADS)

    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.

  6. 76 FR 17726 - In the Matter of Euro Solar Parks, Inc.; Order of Suspension of Trading

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-03-30

    ... COMMISSION In the Matter of Euro Solar Parks, Inc.; Order of Suspension of Trading March 28, 2011. It appears... concerning the securities of Euro Solar Parks, Inc. (``Euro Solar'') because of ] possible manipulative conduct occurring in the market for the company's stock. Euro Solar is quoted on the OTC Bulletin...

  7. 77 FR 61649 - Order of Suspension of Trading; In the Matter of Liberty Silver Corp.

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-10

    ... COMMISSION Order of Suspension of Trading; In the Matter of Liberty Silver Corp. October 5, 2012. It appears... concerning the securities of Liberty ] Silver Corp. (``Liberty Silver'') because of questions concerning publicly available information about Liberty Silver, the control of its stock, its market price,...

  8. 50 CFR 23.71 - How can I trade internationally in sturgeon caviar?

    Code of Federal Regulations, 2013 CFR

    2013-10-01

    ... ENDANGERED SPECIES OF WILD FAUNA AND FLORA (CITES) International Trade in Certain Specimens § 23.71 How can I... established annual export quotas for the shared stocks that were derived from catch quotas agreed among the... are not detrimental to the survival of the species in the wild. (2) The quotas have been...

  9. 50 CFR 23.71 - How can I trade internationally in sturgeon caviar?

    Code of Federal Regulations, 2010 CFR

    2010-10-01

    ... ENDANGERED SPECIES OF WILD FAUNA AND FLORA (CITES) International Trade in Certain Specimens § 23.71 How can I... established annual export quotas for the shared stocks that were derived from catch quotas agreed among the... are not detrimental to the survival of the species in the wild. (2) The quotas have been...

  10. 50 CFR 23.71 - How can I trade internationally in sturgeon caviar?

    Code of Federal Regulations, 2014 CFR

    2014-10-01

    ... ENDANGERED SPECIES OF WILD FAUNA AND FLORA (CITES) International Trade in Certain Specimens § 23.71 How can I... export quotas for the shared stocks that were derived from catch quotas agreed among the countries. The... detrimental to the survival of the species in the wild. (2) The quotas have been communicated to the...

  11. 50 CFR 23.71 - How can I trade internationally in sturgeon caviar?

    Code of Federal Regulations, 2012 CFR

    2012-10-01

    ... ENDANGERED SPECIES OF WILD FAUNA AND FLORA (CITES) International Trade in Certain Specimens § 23.71 How can I... established annual export quotas for the shared stocks that were derived from catch quotas agreed among the... are not detrimental to the survival of the species in the wild. (2) The quotas have been...

  12. Training European Trade Unionists.

    ERIC Educational Resources Information Center

    Miller, Doug; Stirling, John

    1998-01-01

    A study of trade union education in Germany, Italy, Sweden, and the United Kingdom finds training is being adapted to meet new political and economic conditions. Significant national differences appeared in terms of legislation, funding, training, and accreditation. (SK)

  13. A Good Trade.

    ERIC Educational Resources Information Center

    Thiers, Naomi

    1996-01-01

    Describes education and training needs, numbers employed, and salary scales for the following skilled trades: glaziers, painters/paperhangers, sheetmetal workers, insulation workers, bricklayers, stonemasons, carpenters, electricians, plumbers/pipefitters, and welders. (SK)

  14. Trading forest carbon - OSU

    EPA Science Inventory

    Issues associate with trading carbon sequestered in forests are discussed. Scientific uncertainties associated with carbon measurement are discussed with respect to proposed accounting procedures. Major issues include: (1) Establishing baselines. (2) Determining additivity from f...

  15. 26 CFR 1.306-3 - Section 306 stock defined.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... a stock dividend, or the stock is received in exchange for section 306 stock. If, in a transaction... applies. Common stock received in exchange for section 306 stock in a recapitalization shall not be... B which is controlled by him in exchange for common stock of Corporation B in a transaction to...

  16. 12 CFR 931.2 - Issuance of capital stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... stock in exchange for its existing stock, through a conversion of its existing stock, or through any... 12 Banks and Banking 8 2014-01-01 2014-01-01 false Issuance of capital stock. 931.2 Section 931.2... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank...

  17. 26 CFR 1.306-3 - Section 306 stock defined.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... a stock dividend, or the stock is received in exchange for section 306 stock. If, in a transaction... applies. Common stock received in exchange for section 306 stock in a recapitalization shall not be... B which is controlled by him in exchange for common stock of Corporation B in a transaction to...

  18. 12 CFR 931.2 - Issuance of capital stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... stock in exchange for its existing stock, through a conversion of its existing stock, or through any... 12 Banks and Banking 8 2013-01-01 2013-01-01 false Issuance of capital stock. 931.2 Section 931.2... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank...

  19. 12 CFR 931.2 - Issuance of capital stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... stock in exchange for its existing stock, through a conversion of its existing stock, or through any... 12 Banks and Banking 8 2012-01-01 2012-01-01 false Issuance of capital stock. 931.2 Section 931.2... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank...

  20. 26 CFR 1.306-3 - Section 306 stock defined.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... a stock dividend, or the stock is received in exchange for section 306 stock. If, in a transaction... applies. Common stock received in exchange for section 306 stock in a recapitalization shall not be... B which is controlled by him in exchange for common stock of Corporation B in a transaction to...

  1. 26 CFR 1.306-3 - Section 306 stock defined.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... a stock dividend, or the stock is received in exchange for section 306 stock. If, in a transaction... applies. Common stock received in exchange for section 306 stock in a recapitalization shall not be... B which is controlled by him in exchange for common stock of Corporation B in a transaction to...

  2. 26 CFR 1.306-3 - Section 306 stock defined.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... a stock dividend, or the stock is received in exchange for section 306 stock. If, in a transaction... applies. Common stock received in exchange for section 306 stock in a recapitalization shall not be... B which is controlled by him in exchange for common stock of Corporation B in a transaction to...

  3. Trading away what kind of jobs? Globalization, trade and tasks in the US economy

    PubMed Central

    Kemeny, Thomas; Rigby, David

    2015-01-01

    Economists and other social scientists are calling for a reassessment of the impact of international trade on labor markets in developed and developing countries. Classical models of globalization and trade, based upon the international exchange of finished goods, fail to capture the fragmentation of much commodity production and the geographical separation of individual production tasks. This fragmentation, captured in the growing volume of intra-industry trade, prompts investigation of the effects of trade within, rather than between, sectors of the economy. In this paper we examine the relationship between international trade and the task structure of US employment. We link disaggregate US trade data from 1972 to 2006, the NBER manufacturing database, the Decennial Census, and occupational and task data from the Dictionary of Occupational Titles. Within-industry shifts in task characteristics are linked to import competition and technological change. Our results suggest that trade has played a major role in the growth in relative demand for nonroutine tasks, particularly those requiring high levels of interpersonal interaction. PMID:26722134

  4. Trade, TRIPS, and pharmaceuticals.

    PubMed

    Smith, Richard D; Correa, Carlos; Oh, Cecilia

    2009-02-21

    The World Trade Organization's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) set global minimum standards for the protection of intellectual property, substantially increasing and expanding intellectual-property rights, and generated clear gains for the pharmaceutical industry and the developed world. The question of whether TRIPS generates gains for developing countries, in the form of increased exports, is addressed in this paper through consideration of the importance of pharmaceuticals in health-care trade, outlining the essential requirements, implications, and issues related to TRIPS, and TRIPS-plus, in which increased restrictions are imposed as part of bilateral free-trade agreements. TRIPS has not generated substantial gains for developing countries, but has further increased pharmaceutical trade in developed countries. The unequal trade between developed and developing countries (ie, exporting and importing high-value patented drugs, respectively) raises the issue of access to medicines, which is exacerbated by TRIPS-plus provisions, although many countries have not even enacted provision for TRIPS flexibilities. Therefore this paper focuses on options that are available to the health community for negotiation to their advantage under TRIPS, and within the presence of TRIPS-plus. PMID:19167054

  5. Cross-correlation asymmetries and causal relationships between stock and market risk.

    PubMed

    Borysov, Stanislav S; Balatsky, Alexander V

    2014-01-01

    We study historical correlations and lead-lag relationships between individual stock risk (volatility of daily stock returns) and market risk (volatility of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over all stocks, using 71 stock prices from the Standard & Poor's 500 index for 1994-2013. We focus on the behavior of the cross-correlations at the times of financial crises with significant jumps of market volatility. The observed historical dynamics showed that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when the volatility of an individual stock follows the market volatility and vice versa. PMID:25162697

  6. Cross-Correlation Asymmetries and Causal Relationships between Stock and Market Risk

    PubMed Central

    Borysov, Stanislav S.; Balatsky, Alexander V.

    2014-01-01

    We study historical correlations and lead-lag relationships between individual stock risk (volatility of daily stock returns) and market risk (volatility of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over all stocks, using 71 stock prices from the Standard & Poor's 500 index for 1994–2013. We focus on the behavior of the cross-correlations at the times of financial crises with significant jumps of market volatility. The observed historical dynamics showed that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when the volatility of an individual stock follows the market volatility and vice versa. PMID:25162697

  7. Lead-lag relationships between stock and market risk within linear response theory

    NASA Astrophysics Data System (ADS)

    Borysov, Stanislav; Balatsky, Alexander

    2015-03-01

    We study historical correlations and lead-lag relationships between individual stock risks (standard deviation of daily stock returns) and market risk (standard deviation of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over stocks, using historical stock prices from the Standard & Poor's 500 index for 1994-2013. The observed historical dynamics suggests that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when individual stock risks affect market risk and vice versa. This work was supported by VR 621-2012-2983.

  8. What Does Stock Ownership Breadth Measure?*

    PubMed Central

    Choi, James J.; Jin, Li; Yan, Hongjun

    2013-01-01

    Using holdings data on a representative sample of all Shanghai Stock Exchange investors, we show that increases in ownership breadth (the fraction of market participants who own a stock) predict low returns: highest change quintile stocks underperform lowest quintile stocks by 23% per year. Small retail investors drive this result. Retail ownership breadth increases appear to be correlated with overpricing. Among institutional investors, however, the opposite holds: Stocks in the top decile of wealth-weighted institutional breadth change outperform the bottom decile by 8% per year, consistent with prior work that interprets breadth as a measure of short-sales constraints. PMID:24764801

  9. What Does Stock Ownership Breadth Measure?

    PubMed

    Choi, James J; Jin, Li; Yan, Hongjun

    2013-07-01

    Using holdings data on a representative sample of all Shanghai Stock Exchange investors, we show that increases in ownership breadth (the fraction of market participants who own a stock) predict low returns: highest change quintile stocks underperform lowest quintile stocks by 23% per year. Small retail investors drive this result. Retail ownership breadth increases appear to be correlated with overpricing. Among institutional investors, however, the opposite holds: Stocks in the top decile of wealth-weighted institutional breadth change outperform the bottom decile by 8% per year, consistent with prior work that interprets breadth as a measure of short-sales constraints. PMID:24764801

  10. The Stock Performance of C. Everett Koop Award Winners Compared With the Standard & Poor's 500 Index

    PubMed Central

    Goetzel, Ron Z.; Fabius, Raymond; Fabius, Dan; Roemer, Enid C.; Thornton, Nicole; Kelly, Rebecca K.; Pelletier, Kenneth R.

    2016-01-01

    Objective: To explore the link between companies investing in the health and well-being programs of their employees and stock market performance. Methods: Stock performance of C. Everett Koop National Health Award winners (n = 26) was measured over time and compared with the average performance of companies comprising the Standard and Poor's (S&P) 500 Index. Results: The Koop Award portfolio outperformed the S&P 500 Index. In the 14-year period tracked (2000–2014), Koop Award winners’ stock values appreciated by 325% compared with the market average appreciation of 105%. Conclusions: This study supports prior and ongoing research demonstrating a higher market valuation—an affirmation of business success by Wall Street investors—of socially responsible companies that invest in the health and well-being of their workers when compared with other publicly traded firms. PMID:26716843

  11. The use of the Hurst exponent to predict changes in trends on the Warsaw Stock Exchange

    NASA Astrophysics Data System (ADS)

    Domino, Krzysztof

    2011-01-01

    The local properties of the time series of the evolution of share prices of 126 significant companies traded on the Warsaw Stock Exchange during the period between 1991-2008 have been investigated. The analysis was applied to daily financial returns. I have used the local DFA to obtain the Hurst exponent (diffusion coefficient) while searching for negative correlations by which changes of long-term trends would be effected. A certain evidence, proving that after the signature of anti-correlation-the drop in the Hurst exponent-the change in the trend and in the return rate of an investment is probable, was pointed out. Hence after further investigation this method may be useful as a part of an investment strategy. As the Warsaw Stock Exchange is relatively smaller and younger than other significant world Stock Exchanges-and as the developing market is less efficient-the generalization for others markets needs further investigation.

  12. Canonical Sectors and Evolution of Firms in the US Stock Markets

    NASA Astrophysics Data System (ADS)

    Hayden, Lorien; Chachra, Ricky; Alemi, Alexander; Ginsparg, Paul; Sethna, James

    2015-03-01

    In this work, we show how unsupervised machine learning can provide a more objective and comprehensive broad-level sector decomposition of stocks. Classification of companies into sectors of the economy is important for macroeconomic analysis, and for investments into the sector-specific financial indices and exchange traded funds (ETFs). Historically, these major industrial classification systems and financial indices have been based on expert opinion and developed manually. Our method, in contrast, produces an emergent low-dimensional structure in the space of historical stock price returns. This emergent structure automatically identifies ``canonical sectors'' in the market, and assigns every stock a participation weight into these sectors. Furthermore, by analyzing data from different periods, we show how these weights for listed firms have evolved over time. This work was partially supported by NSF Grants DMR 1312160, OCI 0926550 and DGE-1144153 (LXH).

  13. Reproduction-Immunity Trade-Offs in Insects.

    PubMed

    Schwenke, Robin A; Lazzaro, Brian P; Wolfner, Mariana F

    2016-03-11

    Immune defense and reproduction are physiologically and energetically demanding processes and have been observed to trade off in a diversity of female insects. Increased reproductive effort results in reduced immunity, and reciprocally, infection and activation of the immune system reduce reproductive output. This trade-off can manifest at the physiological level (within an individual) and at the evolutionary level (genetic distinction among individuals in a population). The resource allocation model posits that the trade-off arises because of competition for one or more limiting resources, and we hypothesize that pleiotropic signaling mechanisms regulate allocation of that resource between reproductive and immune processes. We examine the role of juvenile hormone, 20-hydroxyecdysone, and insulin/insulin-like growth factor-like signaling in regulating both oogenesis and immune system activity, and propose a signaling network that may mechanistically regulate the trade-off. Finally, we discuss implications of the trade-off in an ecological and evolutionary context. PMID:26667271

  14. Standardized Curriculum for Metal Trades.

    ERIC Educational Resources Information Center

    Mississippi State Dept. of Education, Jackson. Office of Vocational, Technical and Adult Education.

    This curriculum guide for the metal trades was developed by the state of Mississippi to standardize vocational education course titles and core contents. The objectives contained in this document are common to all metal trades programs in the state. The guide contains objectives for Metal Trades I and II courses. Units in Metal Trades I cover the…

  15. Valuation of Endowment-Insurance Equity-Linked Contracts for Stocks with Exotic Dynamics

    PubMed Central

    2014-01-01

    We consider the fair martingale prize of insurance contracts with benefit received either at the insurer's demise or at maturity. We show how to modify the dynamics of the underlying so as to incorporate the possibility that the traded stock has a strong support at some level. The resulting dynamics is integrated and the fair prize of several natural endowment-insurance contracts is obtained. PMID:24672305

  16. Do stock prices drive people crazy?

    PubMed

    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. PMID:24526705

  17. 78 FR 20893 - Legal Services Trade Mission to China, September 16-18, 2013

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-08

    ... International Trade Administration Legal Services Trade Mission to China, September 16-18, 2013 AGENCY... Counsel of the United States Department of Commerce will lead a Legal Services Trade Mission to China... China to the Chinese market, to market U.S. legal services to Chinese companies and individuals,...

  18. Cross-Correlations in Warsaw Stock Exchange

    NASA Astrophysics Data System (ADS)

    Rak, R.; Kwapień, J.; Oświęcimka, P.; Drożdż, S.

    2008-09-01

    We study the inter-stock correlations for the largest companies listed on Warsaw Stock Exchange and included in the WIG20 index. Our results from the correlation matrix analysis indicate that the Polish stock market can be well described by a one-factor model. We also show that the stock- stock correlations tend to increase with the timescale of returns and they approach a saturation level for the timescales of at least 200 min, i.e. an order of magnitude longer than in the case of some developed markets. We also show that the strength of correlations among the stocks crucially depends on their capitalization. These results combined with our earlier findings together suggest that now the Polish stock market situates itself somewhere between an emerging market phase and a mature market phase.

  19. Multifractality in the stock market: price increments versus waiting times

    NASA Astrophysics Data System (ADS)

    Oświeçimka, P.; Kwapień, J.; Drożdż, S.

    2005-03-01

    By applying the multifractal detrended fluctuation analysis to the high-frequency tick-by-tick data from Deutsche Börse both in the price and in the time domains, we investigate multifractal properties of the time series of logarithmic price increments and inter-trade intervals of time. We show that both quantities reveal multiscaling and that this result holds across different stocks. The origin of the multifractal character of the corresponding dynamics is, among others, the long-range correlations in price increments and in inter-trade time intervals as well as the non-Gaussian distributions of the fluctuations. Since the transaction-to-transaction price increments do not strongly depend on or are almost independent of the inter-trade waiting times, both can be sources of the observed multifractal behaviour of the fixed-delay returns and volatility. The results presented also allow one to evaluate the applicability of the Multifractal Model of Asset Returns in the case of tick-by-tick data.

  20. The position profiles of order cancellations in an emerging stock market

    NASA Astrophysics Data System (ADS)

    Gu, Gao-Feng; Xiong, Xiong; Ren, Fei; Zhou, Wei-Xing; Zhang, Wei

    2013-04-01

    Order submission and cancellation are two constituent actions of stock trading behaviors in order-driven markets. Order submission dynamics has been extensively studied for different markets, while order cancellation dynamics is less understood. There are two positions associated with a cancellation, that is, the price level in the limit-order book (LOB) and the position in the queue at each price level. We study the profiles of these two order cancellation positions through rebuilding the limit-order book using the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in the year 2003. We find that the profiles of relative price levels where cancellations occur obey a log-normal distribution. After normalizing the relative price level by removing the factor of order numbers stored at the price level, we find that the profiles exhibit a power-law scaling behavior on the right tails for both buy and sell orders. When focusing on the order cancellation positions in the queue at each price level, we find that the profiles increase rapidly in the front of the queue, and then fluctuate around a constant value till the end of the queue. These profiles are similar for different stocks. In addition, the profiles of cancellation positions can be fitted by an exponent function for both buy and sell orders. These two kinds of cancellation profiles seem universal for different stocks investigated and exhibit minor asymmetry between buy and sell orders. Our empirical findings shed new light on the order cancellation dynamics and pose constraints on the construction of order-driven stock market models.

  1. Dependence structure of the commodity and stock markets, and relevant multi-spread strategy

    NASA Astrophysics Data System (ADS)

    Kim, Min Jae; Kim, Sehyun; Jo, Yong Hwan; Kim, Soo Yong

    2011-10-01

    Understanding the dependence structure between the commodity and stock markets is a crucial issue in constructing a portfolio. It can also help us to discover new opportunities to implement spread trading using multiple assets classified in the two different markets. This study analyzed the dependence structure of the commodity and stock markets using the random matrix theory technique and network analysis. Our results show that the stock and commodity markets must be handled as completely separated asset classes except for the oil and gold markets, so the performance enhancement of the mean-variance portfolio is significant as expected. In light of the fact that WTI 1 month futures and four oil-related stocks are strongly correlated, they were selected as basic ingredients to complement the multi-spread convergence trading strategy using a machine learning technique called the AdaBoost algorithm. The performance of this strategy for non-myopic investors, who can endure short-term loss, can be enhanced significantly on a risk measurement basis.

  2. Black Monday on stock markets throughout the world - a new phenomenon of collective panic disorder? A psychiatric approach.

    PubMed

    Sperling, Wolfgang; Bleich, Stefan; Reulbach, Udo

    2008-12-01

    Drastic losses on the stock markets within short periods have been the subject of numerous investigations in view of the fact that they are often irrational. Stock exchanges around the world suffered dramatic losses on Monday 21 January 2008, and again recently on Monday 17 March 2008. Regardless of cultural affiliation, public reporting of the global collapse in stock prices on Monday was striking in its almost unified mood of panic, anxiety and general fear of further partially arbitrary trading losses. These partly irrational mechanisms of an international financial crisis seem to fulfil several criteria of typical panic disorders according to classification systems like ICD-10 or DSM-IV. The new phenomenon affects international stock markets in the sense of a global panic disorder (GPD). PMID:18701221

  3. Intention-Disguised Algorithmic Trading

    NASA Astrophysics Data System (ADS)

    Yuen, William; Syverson, Paul; Liu, Zhenming; Thorpe, Christopher

    Large market participants (LMPs) must often execute trades while keeping their intentions secret. Sometimes secrecy is required before trades are completed to prevent other traders from anticipating (and exploiting) the price impact of their trades. This is known as "front-running". In other cases, LMPs with proprietary trading strategies wish to keep their positions secret even after trading because their strategies and positions contain valuable information. LMPs include hedge funds, mutual funds, and other specialized market players.

  4. Is the stock market efficient?

    PubMed

    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. PMID:17808264

  5. Bandwidth Trading as Incentive

    NASA Astrophysics Data System (ADS)

    Eger, Kolja; Killat, Ulrich

    In P2P networks with multi-source download the file of interest is fragmented into pieces and peers exchange pieces with each other although they did not finish the download of the complete file. Peers can adopt different strategies to trade upload for download bandwidth. These trading schemes should give peers an incentive to contribute bandwidth to the P2P network. This chapter studies different trading schemes analytically and by simulations. A mathematical framework for bandwidth trading is introduced and two distributed algorithms, which are denoted as Resource Pricing and Reciprocal Rate Control, are derived. The algorithms are compared to the tit-for-tat principle in BitTorrent. Nash Equilibria and results from simulations of static and dynamic networks are presented. Additionally, we discuss how trading schemes can be combined with a piece selection algorithm to increase the availability of a full copy of the file. The chapter closes with an extension of the mathematical model which takes also the underlying IP network into account. This results in a TCP variant optimised for P2P content distribution.

  6. Social Individualism.

    ERIC Educational Resources Information Center

    Cornille, Thomas A.; Harrigan, John

    Relationships between individuals and society have often been presented from the perspective of the social institution. Social psychology has addressed the variables that affect the individual in relationships with larger groups. Social individualism is a conceptual framework that explores the relationship of the individual and society from the…

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

    USGS Publications Warehouse

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

    2015-01-01

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

  8. 26 CFR 1.1244(a)-1 - Loss on small business stock treated as ordinary loss.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ...) An individual sustaining the loss to whom the stock was issued by a small business corporation, or (2... loss sustained by the partnership. The ordinary loss deduction is limited to the lesser of the partner... the time the loss is sustained. In order to claim a deduction under section 1244 the individual,...

  9. Global trade and public health.

    PubMed

    Shaffer, Ellen R; Waitzkin, Howard; Brenner, Joseph; Jasso-Aguilar, Rebeca

    2005-01-01

    Global trade and international trade agreements have transformed the capacity of governments to monitor and to protect public health, to regulate occupational and environmental health conditions and food products, and to ensure affordable access to medications. Proposals under negotiation for the World Trade Organization's General Agreement on Trade in Services (GATS) and the regional Free Trade Area of the Americas (FTAA) agreement cover a wide range of health services, health facilities, clinician licensing, water and sanitation services, and tobacco and alcohol distribution services. Public health professionals and organizations rarely participate in trade negotiations or in resolution of trade disputes. The linkages among global trade, international trade agreements, and public health deserve more attention than they have received to date. PMID:15623854

  10. Global Trade and Public Health

    PubMed Central

    Shaffer, Ellen R.; Waitzkin, Howard; Brenner, Joseph; Jasso-Aguilar, Rebeca

    2005-01-01

    Global trade and international trade agreements have transformed the capacity of governments to monitor and to protect public health, to regulate occupational and environmental health conditions and food products, and to ensure affordable access to medications. Proposals under negotiation for the World Trade Organization’s General Agreement on Trade in Services (GATS) and the regional Free Trade Area of the Americas (FTAA) agreement cover a wide range of health services, health facilities, clinician licensing, water and sanitation services, and tobacco and alcohol distribution services. Public health professionals and organizations rarely participate in trade negotiations or in resolution of trade disputes. The linkages among global trade, international trade agreements, and public health deserve more attention than they have received to date. PMID:15623854

  11. The Tail Exponent for Stock Returns in Bursa Malaysia for 2003-2008

    NASA Astrophysics Data System (ADS)

    Rusli, N. H.; Gopir, G.; Usang, M. D.

    2010-07-01

    A developed discipline of econophysics that has been introduced is exhibiting the application of mathematical tools that are usually applied to the physical models for the study of financial models. In this study, an analysis of the time series behavior of several blue chip and penny stock companies in Main Market of Bursa Malaysia has been performed. Generally, the basic quantity being used is the relative price changes or is called the stock price returns, contains daily-sampled data from the beginning of 2003 until the end of 2008, containing 1555 trading days recorded. The aim of this paper is to investigate the tail exponent in tails of the distribution for blue chip stocks and penny stocks financial returns in six years period. By using a standard regression method, it is found that the distribution performed double scaling on the log-log plot of the cumulative probability of the normalized returns. Thus we calculate α for a small scale return as well as large scale return. Based on the result obtained, it is found that the power-law behavior for the probability density functions of the stock price absolute returns P(z)˜z-α with values lying inside and outside the Lévy stable regime with values α>2. All the results were discussed in detail.

  12. “Price-Quakes” Shaking the World's Stock Exchanges

    PubMed Central

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

    2011-01-01

    Background Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Methodology/Principal Findings Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events—pricequakes—in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. Conclusions/Significance We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network. PMID:22073168

  13. Learn a Trade

    ERIC Educational Resources Information Center

    Crawford, Matthew B.

    2015-01-01

    The author earned a physics degree in college and then failed to find a job in the aerospace industry. He writes of how he fell back on his training as an electrician for sustenance and from that extrapolates how the trades have become confused with work of the hands rather than of the mind. He uses the venerable debate between Booker T.…

  14. Introduction to International Trade.

    ERIC Educational Resources Information Center

    Crummett, Dan M.; Crummett, Jerrie

    This set of student and teacher guides is intended for use in a course to prepare students for entry-level employment in such occupational areas in international trade as business/finance, communications, logistics, and marketing. The following topics are covered in the course's five instructional units: introduction to careers in international…

  15. Trading forest carbon

    EPA Science Inventory

    The nature of carbon in forests is discussed from the perspective of carbon trading. Carbon inventories, specifically in the area of land use and forestry are reviewed for the Pacific Northwest. Carbon turnover in forests is discussed as it relates to carbon sequestration. Scient...

  16. Trade-Secret Dispute.

    ERIC Educational Resources Information Center

    Blumenstyk, Goldie

    1994-01-01

    A Michigan court has ruled that a Wayne State University (Michigan) chemistry professor appropriated a trade secret from a Massachusetts chemist for whom he was consulting and incorporated it into his own patent application, violating a written agreement. The university contends its pursuit of the patent was not improper. (MSE)

  17. Construction Trades Curriculum.

    ERIC Educational Resources Information Center

    Alaska State Dept. of Education, Juneau. Div. of Adult and Vocational Education.

    This competency-based curriculum is designed to be a handbook for the construction trades. It includes all competencies a student will acquire in the course of building a complete house. Based on a survey of Alaskan construction employers and employees, the handbook stresses both principles and skills. The 23 units are presented in the sequence…

  18. Maintenance Trades Guidelines

    ERIC Educational Resources Information Center

    Weidner, Theodore J.

    2008-01-01

    In 2002, APPA published "Maintenance Staffing Guidelines for Educational Facilities," the first building maintenance trades staffing guideline designed to assist educational facilities professionals with their staffing needs. addresses how facilities professionals can determine the appropriate size and mix of their organization. Contents include…

  19. Syllabus in Trade Welding.

    ERIC Educational Resources Information Center

    New York State Education Dept., Albany. Bureau of Secondary Curriculum Development.

    The syllabus outlines material for a course two academic years in length (minimum two and one-half hours daily experience) leading to entry-level occupational ability in several welding trade areas. Fourteen units covering are welding, gas welding, oxyacetylene welding, cutting, nonfusion processes, inert gas shielded-arc welding, welding cast…

  20. Recreational Vehicle Trades.

    ERIC Educational Resources Information Center

    Felice, Michael

    This curriculum guide provides materials for a competency-based course in recreational vehicle trades at the secondary level. The curriculum design uses the curriculum infused model for the teaching of basic skills as part of vocational education and demonstrates the relationship of vocationally related skills to communication, mathematics, and

  1. Trade Masonry Syllabus.

    ERIC Educational Resources Information Center

    New York State Education Dept., Albany. Bureau of Occupational Education Curriculum Development.

    Designed for a two-year course of study, this syllabus encompasses six areas of the masonry trade: concrete, block, brick, stone, tile, and plaster. For each area, the separate units of instruction contain course content outline, student behavioral objectives, and suggested teaching methods and audiovisuals. The six sections and their units are as

  2. Trade Masonry Syllabus.

    ERIC Educational Resources Information Center

    New York State Education Dept., Albany. Bureau of Occupational Education Curriculum Development.

    Designed for a two-year course of study, this syllabus encompasses six areas of the masonry trade: concrete, block, brick, stone, tile, and plaster. For each area, the separate units of instruction contain course content outline, student behavioral objectives, and suggested teaching methods and audiovisuals. The six sections and their units are as…

  3. Recreational Vehicle Trades.

    ERIC Educational Resources Information Center

    Felice, Michael

    This curriculum guide provides materials for a competency-based course in recreational vehicle trades at the secondary level. The curriculum design uses the curriculum infused model for the teaching of basic skills as part of vocational education and demonstrates the relationship of vocationally related skills to communication, mathematics, and…

  4. Learn a Trade

    ERIC Educational Resources Information Center

    Crawford, Matthew B.

    2015-01-01

    The author earned a physics degree in college and then failed to find a job in the aerospace industry. He writes of how he fell back on his training as an electrician for sustenance and from that extrapolates how the trades have become confused with work of the hands rather than of the mind. He uses the venerable debate between Booker T.

  5. Construction Trades Resources.

    ERIC Educational Resources Information Center

    Alaska State Dept. of Education, Juneau. Div. of Adult and Vocational Education.

    This guide was developed as a supplement to the Alaska Department of Education's Construction Trades Curriculum. The special topics included in it focus on competencies from the curriculum for which materials were not readily available to Alaskan teachers and provide information that is either required by Alaska's environmental conditions or is…

  6. Trade Union Rights.

    ERIC Educational Resources Information Center

    Maier, Heribert; And Others

    1994-01-01

    Excerpts addresses from an international symposium regarding workers' education, human rights, labor standards and law, socioeconomic factors, trade unions, workers' rights, professionalism, and globalization. Includes a background paper, "Participation of Workers and Their Organizations in the Field of International Labour Standards and the…

  7. Investors’ risk attitudes and stock price fluctuation asymmetry

    NASA Astrophysics Data System (ADS)

    Zhang, Yu; Li, Honggang

    2011-05-01

    Price rise/fall asymmetry, which indicates enduring but modest rises and sudden short-term falls, is a ubiquitous phenomenon in stock markets throughout the world. Instead of the widely used time series method, we adopt inverse statistics from turbulence to analyze this asymmetry. To explore its underlying mechanism, we build a multi-agent model with two kinds of investors, which are specifically referred to as fundamentalists and chartists. Inspired by Kahneman and Tversky’s claim regarding peoples’ asymmetric psychological responses to the equivalent levels of gains and losses, we assume that investors take different risk attitudes to gains and losses and adopt different trading strategies. The simulation results of the model developed herein are consistent with empirical work, which may support our conjecture that investors’ asymmetric risk attitudes might be one origin of rise/fall asymmetry.

  8. Material Stock Demographics: Cars in Great Britain.

    PubMed

    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. PMID:26871002

  9. Machine Trades Curriculum Guide. Michigan Trade and Industrial Education.

    ERIC Educational Resources Information Center

    Michigan State Univ., East Lansing. Coll. of Agriculture and Natural Resources Education Inst.

    This task-based curriculum guide is intended to help secondary teachers provide relevant training for an entry-level job in machine trades. Introductory materials include background information on trade and industrial education and program goals and safety information. Descriptions follow of the construction trades program, vocational cooperative

  10. Machine Trades Curriculum Guide. Michigan Trade and Industrial Education.

    ERIC Educational Resources Information Center

    Michigan State Univ., East Lansing. Coll. of Agriculture and Natural Resources Education Inst.

    This task-based curriculum guide is intended to help secondary teachers provide relevant training for an entry-level job in machine trades. Introductory materials include background information on trade and industrial education and program goals and safety information. Descriptions follow of the construction trades program, vocational cooperative…

  11. 75 FR 28847 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... Proposed Rule Change Related to Individual Stock Trading Pauses Due to Extraordinary Market Volatility May... proposing to amend trading procedures on a pilot basis for certain stocks traded on the CBOE Stock Exchange (``CBSX''), the CBOE's stock trading facility. The text of the proposed rule change is available on...

  12. 78 FR 66681 - Draft 2013 Marine Mammal Stock Assessment Reports

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-11-06

    ... seals and ringed seals as ``threatened'' under the Endangered Species Act (77 FR 76740). Because of the... phenology data. The Hawaii stock of melon-headed whales was split into two: The Kohala resident stock and... split into four (all non-strategic): The Oahu stock, the 4-Islands stock, the Hawaii Island stock,...

  13. 26 CFR 1.422-2 - Incentive stock options defined.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... of outstanding shares, such as a stock dividend or stock split), or change in the designation of the... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Incentive stock options defined. 1.422-2 Section... (CONTINUED) INCOME TAXES Certain Stock Options § 1.422-2 Incentive stock options defined. (a) Incentive...

  14. 26 CFR 1.305-5 - Distributions on preferred stock.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... corporation A at a fixed ratio subject to change solely to take account of stock dividends, stock splits, or... convertible preferred stock to take into account a stock dividend, stock split, or any similar event (such as... the 26 CFR part 1 edition revised April 1, 1995). Although the rules of paragraph (b) of this...

  15. 41 CFR 109-27.5003 - Stock control.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 41 Public Contracts and Property Management 3 2011-01-01 2011-01-01 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....

  16. 41 CFR 109-27.5003 - Stock control.

    Code of Federal Regulations, 2010 CFR

    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....

  17. Effects of multiple interacting disturbances and salvage logging on forest carbon stocks

    USGS Publications Warehouse

    Bradford, J.B.; Fraver, S.; Milo, A.M.; D'Amato, A.W.; Palik, B.; Shinneman, D.J.

    2012-01-01

    Climate change is anticipated to increase the frequency of disturbances, potentially impacting carbon stocks in terrestrial ecosystems. However, little is known about the implications of either multiple disturbances or post-disturbance forest management activities on ecosystem carbon stocks. This study quantified how forest carbon stocks responded to stand-replacing blowdown and wildfire, both individually and in combination with and without post-disturbance salvage operations, in a sub-boreal jack pine ecosystem. Individually, blowdown or fire caused similar decreases in live carbon and total ecosystem carbon. However, whereas blowdown increased carbon in down woody material and forest floor, fire increased carbon in standing snags, a difference that may have consequences for long-term carbon cycling patterns. Fire after the blowdown caused substantial additional reduction in ecosystem carbon stocks, suggesting that potential increases in multiple disturbance events may represent a challenge for sustaining ecosystem carbon stocks. Salvage logging, as examined here, decreased carbon stored in snags and down woody material but had no significant effect on total ecosystem carbon stocks.

  18. 12 CFR 221.121 - Extension of credit in certain stock option and stock purchase plans.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Extension of credit in certain stock option and stock purchase plans. 221.121 Section 221.121 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD... FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations §...

  19. 12 CFR 221.121 - Extension of credit in certain stock option and stock purchase plans.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... related to the market price of the stock, but in others, there may be no such relationship. In either of... 12 Banks and Banking 3 2014-01-01 2014-01-01 false Extension of credit in certain stock option and stock purchase plans. 221.121 Section 221.121 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED)...

  20. 12 CFR 221.121 - Extension of credit in certain stock option and stock purchase plans.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 3 2012-01-01 2012-01-01 false Extension of credit in certain stock option and stock purchase plans. 221.121 Section 221.121 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD... FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations §...