Outdoor stocking density in free-range laying hens: radio-frequency identification of impacts on range use.

PubMed

Campbell, D L M; Hinch, G N; Dyall, T R; Warin, L; Little, B A; Lee, C

2017-01-01

The number and size of free-range laying hen (Gallus gallus domesticus) production systems are increasing within Australia in response to consumer demand for perceived improvement in hen welfare. However, variation in outdoor stocking density has generated consumer dissatisfaction leading to the development of a national information standard on free-range egg labelling by the Australian Consumer Affairs Ministers. The current Australian Model Code of Practice for Domestic Poultry states a guideline of 1500 hens/ha, but no maximum density is set. Radio-frequency identification (RFID) tracking technology was used to measure daily range usage by individual ISA Brown hens housed in six small flocks (150 hens/flock - 50% of hens tagged), each with access to one of three outdoor stocking density treatments (two replicates per treatment: 2000, 10 000, 20 000 hens/ha), from 22 to 26, 27 to 31 and 32 to 36 weeks of age. There was some variation in range usage across the sampling periods and by weeks 32 to 36 individual hens from the lowest stocking density on average used the range for longer each day (P<0.001), with fewer visits and longer maximum durations per visit (P<0.001). Individual hens within all stocking densities varied in the percentage of days they accessed the range with 2% of tagged hens in each treatment never venturing outdoors and a large proportion that accessed the range daily (2000 hens/ha: 80.5%; 10 000 hens/ha: 66.5%; 20 000 hens/ha: 71.4%). On average, 38% to 48% of hens were seen on the range simultaneously and used all available areas of all ranges. These results of experimental-sized flocks have implications for determining optimal outdoor stocking densities for commercial free-range laying hens but further research would be needed to determine the effects of increased range usage on hen welfare.

Application of otolith shape analysis for stock discrimination and species identification of five goby species (Perciformes: Gobiidae) in the northern Chinese coastal waters

NASA Astrophysics Data System (ADS)

Yu, Xin; Cao, Liang; Liu, Jinhu; Zhao, Bo; Shan, Xiujuan; Dou, Shuozeng

2014-09-01

We tested the use of otolith shape analysis to discriminate between species and stocks of five goby species ( Ctenotrypauchen chinensis, Odontamblyopus lacepedii, Amblychaeturichthys hexanema, Chaeturichthys stigmatias, and Acanthogobius hasta) found in northern Chinese coastal waters. The five species were well differentiated with high overall classification success using shape indices (83.7%), elliptic Fourier coefficients (98.6%), or the combination of both methods (94.9%). However, shape analysis alone was only moderately successful at discriminating among the four stocks (Liaodong Bay, LD; Bohai Bay, BH; Huanghe (Yellow) River estuary HRE, and Jiaozhou Bay, JZ stocks) of A. hasta (50%-54%) and C. stigmatias (65.7%-75.8%). For these two species, shape analysis was moderately successful at discriminating the HRE or JZ stocks from other stocks, but failed to effectively identify the LD and BH stocks. A large number of otoliths were misclassified between the HRE and JZ stocks, which are geographically well separated. The classification success for stock discrimination was higher using elliptic Fourier coefficients alone (70.2%) or in combination with shape indices (75.8%) than using only shape indices (65.7%) in C. stigmatias whereas there was little difference among the three methods for A. hasta. Our results supported the common belief that otolith shape analysis is generally more effective for interspecific identification than intraspecific discrimination. Moreover, compared with shape indices analysis, Fourier analysis improves classification success during inter- and intra-species discrimination by otolith shape analysis, although this did not necessarily always occur in all fish species.

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

NASA Astrophysics Data System (ADS)

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

2017-07-01

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

Morphological evidence for discrete stocks of yellow perch in Lake Erie

USGS Publications Warehouse

Kocovsky, Patrick M.; Knight, Carey T.

2012-01-01

Identification and management of unique stocks of exploited fish species are high-priority management goals in the Laurentian Great Lakes. We analyzed whole-body morphometrics of 1430 yellow perch Perca flavescens captured during 2007–2009 from seven known spawning areas in Lake Erie to determine if morphometrics vary among sites and management units to assist in identification of spawning stocks of this heavily exploited species. Truss-based morphometrics (n = 21 measurements) were analyzed using principal component analysis followed by ANOVA of the first three principal components to determine whether yellow perch from the several sampling sites varied morphometrically. Duncan's multiple range test was used to determine which sites differed from one another to test whether morphometrics varied at scales finer than management unit. Morphometrics varied significantly among sites and annually, but differences among sites were much greater. Sites within the same management unit typically differed significantly from one another, indicating morphometric variation at a scale finer than management unit. These results are largely congruent with recently-published studies on genetic variation of yellow perch from many of the same sampling sites. Thus, our results provide additional evidence that there are discrete stocks of yellow perch in Lake Erie and that management units likely comprise multiple stocks.

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.

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.

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

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

PubMed

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

2014-08-02

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

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

PubMed Central

2014-01-01

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

An autocatalytic network model for stock markets

NASA Astrophysics Data System (ADS)

Caetano, Marco Antonio Leonel; Yoneyama, Takashi

2015-02-01

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

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

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.

Taking stock of agroforestry adoption studies

Treesearch

Subhrendu K. Pattanayak; D. Evan Mercer; Erin Sills; Jui-Chen Yang

2003-01-01

In light of the large number of empirical studies of agroforestry adoption published during the last decade, we believe it is time to take stock and identify general determinants of agroforestry adoption. In reviewing 120 articles on adoption of agricultural and forestry technology by small holders, we find five categories of factors that explain technology adoption...

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 15—The Hoskins Study, 1963-1998.

Treesearch

David D. Marshall; Robert O. Curtis

2001-01-01

The cooperative levels-of-growing-stock (LOGS) study in Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco) was begun to study the relations between growing stock, growth, cumulative wood production, and tree size in repeatedly thinned stands. This report summarizes results from the Hoskins installation through age 55. Growing stock has been allowed...

Trading network predicts stock price.

PubMed

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

2014-01-16

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

Trading Network Predicts Stock Price

PubMed Central

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

Clustering stock market companies via chaotic map synchronization

NASA Astrophysics Data System (ADS)

Basalto, N.; Bellotti, R.; De Carlo, F.; Facchi, P.; Pascazio, S.

2005-01-01

A pairwise clustering approach is applied to the analysis of the Dow Jones index companies, in order to identify similar temporal behavior of the traded stock prices. To this end, the chaotic map clustering algorithm is used, where a map is associated to each company and the correlation coefficients of the financial time series to the coupling strengths between maps. The simulation of a chaotic map dynamics gives rise to a natural partition of the data, as companies belonging to the same industrial branch are often grouped together. The identification of clusters of companies of a given stock market index can be exploited in the portfolio optimization strategies.

Evaluation of removal of the size effect using data scaling and elliptic Fourier descriptors in otolith shape analysis, exemplified by the discrimination of two yellow croaker stocks along the Chinese coast

NASA Astrophysics Data System (ADS)

Zhao, Bo; Liu, Jinhu; Song, Junjie; Cao, Liang; Dou, Shuozeng

2017-11-01

Removal of the length effect in otolith shape analysis for stock identification using length scaling is an important issue; however, few studies have attempted to investigate the effectiveness or weakness of this methodology in application. The aim of this study was to evaluate whether commonly used size scaling methods and normalized elliptic Fourier descriptors (NEFDs) could effectively remove the size effect of fish in stock discrimination. To achieve this goal, length groups from two known geographical stocks of yellow croaker, Larimichthys polyactis, along the Chinese coast (five groups from the Changjiang River estuary of the East China Sea and three groups from the Bohai Sea) were subjected to otolith shape analysis. The results indicated that the variation of otolith shape caused by intra-stock fish length might exceed that due to inter-stock geographical separation, even when otolith shape variables are standardized with length scaling methods. This variation could easily result in misleading stock discrimination through otolith shape analysis. Therefore, conclusions about fish stock structure should be carefully drawn from otolith shape analysis because the observed discrimination may primarily be due to length effects, rather than differences among stocks. The application of multiple methods, such as otoliths shape analysis combined with elemental fingering, tagging or genetic analysis, is recommended for sock identification.

Estimating of Gonystiluss Bancanus Growing Stock in Indonesia (Case study: Riau and Central Kalimantan)

NASA Astrophysics Data System (ADS)

Samsuri; Jaya, I. N. S.; Partomihardjo, T.

2017-03-01

Gonystylus bancanus is protected species because it is included in list of critically endangered plant species that is heading to be extinct. Export banned Gonystylus bancanus log trigger illegal logging caused ramin’s demand is high. This study aimed to estimate Gonystylus bancanus growing stock in Indonesia. Time series of satellite image was used to identify land use change. Spatial analysis by overlaying of land cover and peatland map found the potential habitat of Gonystylus bancanus. Cluster sampling method was applied to predict growing stock recently year. The study found that growing stock in peat swamp forest in Central Kalimantan (Sebangau National Park area) tend to be elevated. It is also occurred in production forest of peat swamp that is harvested, especially in concession area of Diamond Raya Timber Ltd that also tend to elevate. The most increasing of growing stock is caused by ingrowth). Growing of Gonystylus bancanus seedling is hardly occurred. It is caused by youngest seedling characteristics that are need a covering.. Gonystylus bancanus (growing stock is not be spread evenly overall growing stages. This study also found that Gonystylus bancanus growing stock ranging between 4.2 m3/ha to 15.2 m3/ha. The growing stock of Gonystylus bancanus is between 3.3% to 5.4% of all species in peat swamp forest. Average of Gonystylus bancanus increment about 0.63 m3/ha/year. Average growing stock of all species is 3.1 ∼ 20.5 m3/ha/year).

Compression stockings

MedlinePlus

... medical supply store or online. Wash Your Stockings Every Day Keep the stockings clean: Wash the stockings each ... can, have two pairs. Wear one pair each day. Wash and dry the other pair. Replace your stockings every 3 to 6 months so that they maintain ...

Geo-Referenced, Abundance Calibrated Ocean Distribution of Chinook Salmon (Oncorhynchus tshawytscha) Stocks across the West Coast of North America.

PubMed

Bellinger, M Renee; Banks, Michael A; Bates, Sarah J; Crandall, Eric D; Garza, John Carlos; Sylvia, Gil; Lawson, Peter W

2015-01-01

Understanding seasonal migration and localized persistence of populations is critical for effective species harvest and conservation management. Pacific salmon (genus Oncorhynchus) forecasting models predict stock composition, abundance, and distribution during annual assessments of proposed fisheries impacts. Most models, however, fail to account for the influence of biophysical factors on year-to-year fluctuations in migratory distributions and stock-specific survival. In this study, the ocean distribution and relative abundance of Chinook salmon (O. tshawytscha) stocks encountered in the California Current large marine ecosystem, U.S.A were inferred using catch-per-unit effort (CPUE) fisheries and genetic stock identification data. In contrast to stock distributions estimated through coded-wire-tag recoveries (typically limited to hatchery salmon), stock-specific CPUE provides information for both wild and hatchery fish. Furthermore, in contrast to stock composition results, the stock-specific CPUE metric is independent of other stocks and is easily interpreted over multiple temporal or spatial scales. Tests for correlations between stock-specific CPUE and stock composition estimates revealed these measures diverged once proportional contributions of locally rare stocks were excluded from data sets. A novel aspect of this study was collection of data both in areas closed to commercial fisheries and during normal, open commercial fisheries. Because fishing fleet efficiency influences catch rates, we tested whether CPUE differed between closed area (non-retention) and open area (retention) data sets. A weak effect was indicated for some, but not all, analyzed cases. Novel visualizations produced from stock-specific CPUE-based ocean abundance facilitates consideration of how highly refined, spatial and genetic information could be incorporated in ocean fisheries management systems and for investigations of biogeographic factors that influence migratory

Growth and contribution of stocked channel catfish, Ictalurus punctatus (Rafinesque, 1818): the importance of measuring post-stocking performance

USGS Publications Warehouse

Stewart, David R.; Long, James M.

2015-01-01

In this study it was sought to quantify post-stocking growth, survival, and contribution of advanced size (178 mm total length [TL]) channel catfish Ictalurus punctatus fingerlings, something rarely done. Channel catfish populations were evaluated before (May 2010) and after (May to August 2011 and 2012) stocking. Relative abundance, stocking contribution, and growth were different (P < 0.05) in the two study impoundments (lakes Lone Chimney and Greenleaf, Oklahoma). For fish stocked in Lake Lone Chimney, stocking contribution was lower (3–35%), and average length and weight of stocked fish by age-2 reached 230 mm TL and 85 g, whereas the stocking contribution (84–98%) and growth in length (340 mm TL) and weight (280 g) were higher by age-2 in Lake Greenleaf. Given these unambiguous differences of post-stocking performance, benchmark metrics that represent population-level information such as relative abundance and average length and weight of the sample masked these significant differences, highlighting the importance of marking hatchery-fish and then following them through time to determine the effectiveness of stocking. These results suggest that stock enhancement programmes would benefit from studies that quantify post-stocking performance of hatchery fish.

Green initiative impact on stock prices: A quantitative study of the clean energy industry

NASA Astrophysics Data System (ADS)

Jurisich, John M.

The purpose of this quantitative ex post facto research study was to explore the relationship between green initiative expense disclosures and stock prices of 46 NASDAQ listed Clean Edge Green Energy global companies from 2007 to 2010. The independent variables were sales and marketing, environmental, customer and supplier, community, and corporate governance practices that were correlated with the dependent variable in the study of stock prices. Expense disclosures were examined in an effort to measure the impact of green initiative programs and to expose the interrelationships between green initiative expense disclosures and fluctuations of stock prices. The data for the research was secondary data from existing annual reports. A statistically significant relationship was revealed between environmental practices and changes in stock prices. The study results also provided substantial evidence for leadership and managerial decision making to reduce or increase green initiative practices to maximize shareholder wealth of their respective organizations.

Geo-Referenced, Abundance Calibrated Ocean Distribution of Chinook Salmon (Oncorhynchus tshawytscha) Stocks across the West Coast of North America

PubMed Central

Bellinger, M. Renee; Banks, Michael A.; Bates, Sarah J.; Crandall, Eric D.; Garza, John Carlos; Sylvia, Gil; Lawson, Peter W.

2015-01-01

Understanding seasonal migration and localized persistence of populations is critical for effective species harvest and conservation management. Pacific salmon (genus Oncorhynchus) forecasting models predict stock composition, abundance, and distribution during annual assessments of proposed fisheries impacts. Most models, however, fail to account for the influence of biophysical factors on year-to-year fluctuations in migratory distributions and stock-specific survival. In this study, the ocean distribution and relative abundance of Chinook salmon (O. tshawytscha) stocks encountered in the California Current large marine ecosystem, U.S.A were inferred using catch-per-unit effort (CPUE) fisheries and genetic stock identification data. In contrast to stock distributions estimated through coded-wire-tag recoveries (typically limited to hatchery salmon), stock-specific CPUE provides information for both wild and hatchery fish. Furthermore, in contrast to stock composition results, the stock-specific CPUE metric is independent of other stocks and is easily interpreted over multiple temporal or spatial scales. Tests for correlations between stock-specific CPUE and stock composition estimates revealed these measures diverged once proportional contributions of locally rare stocks were excluded from data sets. A novel aspect of this study was collection of data both in areas closed to commercial fisheries and during normal, open commercial fisheries. Because fishing fleet efficiency influences catch rates, we tested whether CPUE differed between closed area (non-retention) and open area (retention) data sets. A weak effect was indicated for some, but not all, analyzed cases. Novel visualizations produced from stock-specific CPUE-based ocean abundance facilitates consideration of how highly refined, spatial and genetic information could be incorporated in ocean fisheries management systems and for investigations of biogeographic factors that influence migratory

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.

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

NASA Astrophysics Data System (ADS)

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

2018-02-01

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

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

NASA Astrophysics Data System (ADS)

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

2015-10-01

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

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

Characterization of the key aroma compounds in pork soup stock by using an aroma extract dilution analysis.

PubMed

Takakura, Yukiko; Osanai, Hiroki; Masuzawa, Takuya; Wakabayashi, Hidehiko; Nishimura, Toshihide

2014-01-01

The aroma extract dilution analysis of an extract prepared from pork stock and subsequent experiments led to the identification of 15 aroma-active compounds in the flavor dilution factor range of 64-2048. Omission experiments to select the most aroma-active compounds from the 15 odor compounds suggested acetol, octanoic acid, δ-decalactone, and decanoic acid as the main active compounds contributing to the aroma of pork stock. Aroma recombination, addition, and omission experiments of these four aroma compounds in taste-reconstituted pork stock showed that each compound had an individual aroma profile. A comparison of the overall aroma between this recombined mixture and pork stock showed strong similarity, suggesting that the key aroma compounds had been successfully identified.

Stock, recruitment and moderating processes in flatfish

NASA Astrophysics Data System (ADS)

Iles, T. C.; Beverton, R. J. H.

1998-03-01

A difficulty that frequently arises when stock-recruitment relationships are fitted to historical data of fish populations is the high degree of variation in recruitment so that the relationship is difficult to identify with any precision. The purpose of this paper is to describe refinements that can be made to the model by incorporating information on parallel environmental factors that also affect recruitment. The identification of the stock-recruitment relationship can be made with greater precision because of the reduction in the unexplained variability. Many investigations on the effects of environmental changes on recruitment have been published in the fisheries literature. It is, however, comparatively rare for the simultaneous effects on recruitment of environmental factors and stock size to be analysed. Here we describe the formulation of an appropriate mathematical relationship to describe these effects. The framework of this formulation is F.E.J. Fry's classification of environmental factors into one of five kinds: controlling, limiting, lethal, masking and directive, following the work of Neill et al. (1994) [Neill, W.H., Miller, J.M., Van der Veer, H.W, Winemuller, K.D., 1994. Ecophysiology of marine fish recruitment: a conceptual framework for understanding interannual variability. Neth. J. Sea Res. 32, 135-152.]. An examination of some of the theory underpinning stock-recruitment relationships indicates how independent experimental evidence on the effects of environmental factors on recruitment can be incorporated into the relationship in an appropriate mathematical form. A method is described for the graphical illustration of the relationship between, on the one hand, stock and recruitment allowing for the effects of environmental factors and, on the other hand, the relationship between environmental factors and recruitment allowing for changes in stock levels. The method is based on the idea of partial residuals (or adjusted variables) derived from

Analysis of portfolio optimization with lot of stocks amount constraint: case study index LQ45

NASA Astrophysics Data System (ADS)

Chin, Liem; Chendra, Erwinna; Sukmana, Agus

2018-01-01

To form an optimum portfolio (in the sense of minimizing risk and / or maximizing return), the commonly used model is the mean-variance model of Markowitz. However, there is no amount of lots of stocks constraint. And, retail investors in Indonesia cannot do short selling. So, in this study we will develop an existing model by adding an amount of lot of stocks and short-selling constraints to get the minimum risk of portfolio with and without any target return. We will analyse the stocks listed in the LQ45 index based on the stock market capitalization. To perform this analysis, we will use Solver that available in Microsoft Excel.

Otolith shape analysis for stock discrimination of two Collichthys genus croaker (Pieces: Sciaenidae,) from the northern Chinese coast

NASA Astrophysics Data System (ADS)

Zhao, Bo; Liu, Jinhu; Song, Junjie; Cao, Liang; Dou, Shuozeng

2017-08-01

The otolith morphology of two croaker species (Collichthys lucidus and Collichthys niveatus) from three areas (Liaodong Bay, LD; Huanghe (Yellow) River estuary, HRE; Jiaozhou Bay, JZ) along the northern Chinese coast were investigated for species identification and stock discrimination. The otolith contour shape described by elliptic Fourier coefficients (EFC) were analysed using principal components analysis (PCA) and stepwise canonical discriminant analysis (CDA) to identify species and stocks. The two species were well differentiated, with an overall classification success rate of 97.8%. And variations in the otolith shapes were significant enough to discriminate among the three geographical samples of C. lucidus (67.7%) or C. niveatus (65.2%). Relatively high mis-assignment occurred between the geographically adjacent LD and HRE samples, which implied that individual mixing may exist between the two samples. This study yielded information complementary to that derived from genetic studies and provided information for assessing the stock structure of C. lucidus and C. niveatus in the Bohai Sea and the Yellow Sea.

Allelic variability in species and stocks of Lake Superior ciscoes (Coregoninae)

USGS Publications Warehouse

Todd, Thomas N.

1981-01-01

Starch gel electrophoresis was used as a means of recognizing species and stocks in Lake Superior Coregonus. Allelic variability at isocitrate dehydrogenase and glycerol-3-phosphate dehydrogenase loci was recorded for samples of lake herring (Coregonus artedii), bloater (C. hoyi), kiyi (C. kiyi), and shortjaw cisco (C. zenithicus) from five Lake Superior localities. The observed frequencies of genotypes within each subsample did not differ significantly from those expected on the basis of random mating, and suggested that each subsample represented either a random sample from a larger randomly mating population or an independent and isolated subpopulation within which mating was random. Significant contingency X2 values for comparisons between both localities and species suggested that more than one randomly mating population occurred among the Lake Superior ciscoes, but did not reveal how many such populations there were. In contrast to the genetic results of this study, morphology seems to be a better descriptor of cisco stocks, and identification of cisco stocks and species will still have to be based on morphological criteria until more data are forthcoming. Where several species are sympatric, management should strive to preserve the least abundant. Failure to do so could result in the extinction or depletion of the rarer forms.

Levels-of-growing-stock cooperative study on Douglas-fir: report no. 02—The Hoskins Study, 1963-1970.

Treesearch

John F. Bell; Alan B. Berg

1972-01-01

Public and private agencies are cooperating in a study of eight thinning regimes in young Douglas-fir stands. Regimes differ in the amount of basal area allowed to accrue in growing stock at each successive thinning. All regimes start with a common level-of-growing-stock which is established by a conditioning thinning. Thinning interval is...

Comparison between global financial crisis and local stock disaster on top of Chinese stock network

NASA Astrophysics Data System (ADS)

Xia, Lisi; You, Daming; Jiang, Xin; Guo, Quantong

2018-01-01

The science of complex network theory can be usefully applied in many important fields, one of which is the finance. In these practical cases, a massive dataset can be represented as a very large network with certain attributes associated with its nodes and edges. As one of the most important components of financial market, stock market has been attracting more and more attention. In this paper, we propose a threshold model to build Chinese stock market networks and study the topological properties of these networks. To be specific, we compare the effects of different crises, namely the 2008 global crisis and the stock market disaster in 2015, on the threshold networks. Prices of the stocks belonging to the Shanghai and Shenzhen 300 index are considered for three periods: the global crisis, common period and the stock market disaster. We find the probability distribution of the cross-correlations of the stocks during the stock market disaster is fatter than that of others. Besides, the thresholds of cross-correlations are assigned to obtain the threshold networks and the power-law of degree distribution in these networks are observed in a certain range of threshold values. The networks during the stock market disaster also appear to have larger mean degree and modularity, which reveals the strong correlations among these stock prices. Our findings to some extent crosscheck the liquidity shortage reason which is believed to result in the outbreak of the stock market disaster. Moreover, we hope that this paper could give us a deeper understanding of the market's behavior and also lead to interesting future research about the problems of modern finance theory.

Outdoor stocking density in free-range laying hens: effects on behaviour and welfare.

PubMed

Campbell, D L M; Hinch, G N; Downing, J A; Lee, C

2017-06-01

Free-range laying hen systems are increasing within Australia and research is needed to determine optimal outdoor stocking densities. Six small (n=150 hens) experimental flocks of ISA Brown laying hens were housed with access to ranges simulating one of three outdoor stocking densities with two pen replicates per density: 2000 hens/ha, 10 000 hens/ha or 20 000 hens/ha. Birds were provided daily range access from 21 to 36 weeks of age and the range usage of 50% of hens was tracked using radio-frequency identification technology. Throughout the study, basic external health assessments following a modified version of the Welfare Quality® protocol showed most birds were in visibly good condition (although keel damage was increasingly present with age) with few differences between stocking densities. Toenail length at 36 weeks of age was negatively correlated with hours spent ranging for all pens of birds (all r⩾-0.23, P⩽0.04). At 23 weeks of age, there were no differences between outdoor stocking densities in albumen corticosterone concentrations (P=0.44). At 35 weeks of age, density effects were significant (P<0.001) where the eggs from hens in the highest outdoor stocking density showed the highest albumen corticosterone concentrations, although eggs from hens in the 10 000 hens/ha density showed the lowest concentrations (P<0.017). Behavioural observations of hens both on the range and indoors showed more dust bathing and foraging (scratching followed by ground-pecking) was performed outdoors, but more resting indoors (all P<0.001). Hens from the 2000 hens/ha densities showed the least foraging on the range but the most resting outdoors, with hens from the 20 000 hens/ha densities showing the least amount of resting outdoors (all P<0.017). Proportions of dust bathing outdoors tended to differ between the stocking densities (P=0.08). For each of the health and behavioural measures there were differences between pen replicates within stocking densities. These

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 12—The Iron Creek Study, 1966-89.

Treesearch

Robert O. Curtis; Gary W. Clendenen

1994-01-01

Results of the Iron Creek installation of the levels-of-growing-stock study in Douglasfir (Pseudotsuga menziesii (Mirb.) Franco) are summarized. To age 42 (planned completion of the experiment) volume growth in this site II Douglas-fir plantation has been strongly related to level of growing stock, partially offsetting the decrease in volume growth...

Reducing Stock-Outs of Life Saving Malaria Commodities Using Mobile Phone Text-Messaging: SMS for Life Study in Kenya

PubMed Central

Githinji, Sophie; Kigen, Samwel; Memusi, Dorothy; Nyandigisi, Andrew; Mbithi, Agneta M.; Wamari, Andrew; Muturi, Alex N.; Jagoe, George; Barrington, Jim; Snow, Robert W.; Zurovac, Dejan

2013-01-01

Background Health facility stock-outs of life saving malaria medicines are common across Africa. Innovative ways of addressing this problem are urgently required. We evaluated whether SMS based reporting of stocks of artemether-lumefantrine (AL) and rapid diagnostic tests (RDT) can result in reduction of stock-outs at peripheral facilities in Kenya. Methods/Findings All 87 public health facilities in five Kenyan districts were included in a 26 week project. Weekly facility stock counts of four AL packs and RDTs were sent via structured incentivized SMS communication process from health workers’ personal mobile phones to a web-based system accessed by district managers. The mean health facility response rate was 97% with a mean formatting error rate of 3%. Accuracy of stock count reports was 79% while accuracy of stock-out reports was 93%. District managers accessed the system 1,037 times at an average of eight times per week. The system was accessed in 82% of the study weeks. Comparing weeks 1 and 26, stock-out of one or more AL packs declined by 38 percentage-points. Total AL stock-out declined by 5 percentage-points and was eliminated by the end of the project. Stock-out declines of individual AL packs ranged from 14 to 32 percentage-points while decline in RDT stock-outs was 24 percentage-points. District managers responded to 44% of AL and 73% of RDT stock-out signals by redistributing commodities between facilities. In comparison with national trends, stock-out declines in study areas were greater, sharper and more sustained. Conclusions Use of simple SMS technology ensured high reporting rates of reasonably accurate, real-time facility stock data that were used by district managers to undertake corrective actions to reduce stock-outs. Future work on stock monitoring via SMS should focus on assessing response rates without use of incentives and demonstrating effectiveness of such interventions on a larger scale. PMID:23349786

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.

Stock or stroke? Stock market movement and stroke incidence in Taiwan.

PubMed

Chen, Chun-Chih; Chen, Chin-Shyan; Liu, Tsai-Ching; Lin, Ying-Tzu

2012-12-01

This paper investigates the impact of stock market movement on incidences of stroke utilizing population-based aggregate data in Taiwan. Using the daily data from the Taiwan Stock Exchange Capitalization Weighted Stock Index and from the National Health Insurance Research Database during 2001/1/1-2007/12/31, which consist of 2556 observations, we examine the effects of stock market on stroke incidence - the level effect and the daily change effects. In general, we find that both a low stock index level and a daily fall in the stock index are associated with greater incidences of stroke. We further partition the data on sex and age. The level effect is found to be significant for either gender, in the 45-64 and 65 ≥ age groups. In addition, two daily change effects are found to be significant for males and the elderly. Although stockholdings can increase wealth, they can also increase stroke incidence, thereby representing a cost to health. Copyright © 2012 Elsevier Ltd. All rights reserved.

Boosting Learning Algorithm for Stock Price Forecasting

NASA Astrophysics Data System (ADS)

Wang, Chengzhang; Bai, Xiaoming

2018-03-01

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

The dependence of Islamic and conventional stocks: A copula approach

NASA Astrophysics Data System (ADS)

Razak, Ruzanna Ab; Ismail, Noriszura

2015-09-01

Recent studies have found that Islamic stocks are dependent on conventional stocks and they appear to be more risky. In Asia, particularly in Islamic countries, research on dependence involving Islamic and non-Islamic stock markets is limited. The objective of this study is to investigate the dependence between financial times stock exchange Hijrah Shariah index and conventional stocks (EMAS and KLCI indices). Using the copula approach and a time series model for each marginal distribution function, the copula parameters were estimated. The Elliptical copula was selected to present the dependence structure of each pairing of the Islamic stock and conventional stock. Specifically, the Islamic versus conventional stocks (Shariah-EMAS and Shariah-KLCI) had lower dependence compared to conventional versus conventional stocks (EMAS-KLCI). These findings suggest that the occurrence of shocks in a conventional stock will not have strong impact on the Islamic stock.

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

DOE Office of Scientific and Technical Information (OSTI.GOV)

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.more » 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.« less

The synchronicity between the stock and the stock index via information in market

NASA Astrophysics Data System (ADS)

Gao, Hai-Ling; Li, Jiang-Cheng; Guo, Wei; Mei, Dong-Cheng

2018-02-01

The synchronicity between the stock and the stock-index in a market system is investigated. The results show that: (i) the synchronicity between the stock and the stock-index increases with the rising degree of market information capitalized into stock prices in certain range; (ii) the synchronicity decreases for large firm-specific information; (iii) the stock return synchronicity is small compared to the big noise trading, however the variance noise facilitates the synchronization within the tailored realms. These findings may be helpful in understanding the effect of market information on synchronicity, especially for the response of firm-specific information and noise trading to synchronicity.

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 14—Stampede Creek, 30-year results.

Treesearch

Robert O. Curtis; David D. Marshall

2002-01-01

Results of the Stampede Creek installation of the levels-of-growing-stock (LOGS) study in Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco) are summarized. To age 63 (planned completion of 60 feet of height growth), volume growth on the site III natural stand has been strongly related to level of growing stock, but basal area growth-growing stock...

26 CFR 1.367(b)-5 - Distributions of stock described in section 355.

Code of Federal Regulations, 2010 CFR

2010-04-01

... identification principles of § 1.367(e)-1(d) (including the reporting procedures in § 1.367(e)-1(d)(2) and (3... distributee's basis in such stock immediately after the distribution (determined under the normal principles of section 358) shall be reduced by the amount of the difference. However, the distributee's basis in...

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.

C-Lines of Stocking for Southern Bottomland Hardwoods: A Guide to Identifying Insuffiecient Stocking

Treesearch

J.C.G. Goelz

1997-01-01

A B-line on a stocking chart represents suggested residual stocking after thinning, or minimum full stocking. A stand at the C-line on a stocking chart will achieve the B-line after a period of growth usually specified as 10 years. Four C-lines that reflect insufficient stocking of southern bottomland hardwoods are presented. These C-lines represent 10,15,20, and 25...

Identification, movement, growth, mortality, and exploitation of walleye stocks in Lake St. Clair and the western basin of Lake Erie

USGS Publications Warehouse

Haas, Robert C.; Fabrizio, Mary C.; Todd, Thomas N.

1988-01-01

The harvest of walleye by sport and commercial fisheries in lakes St. Clair and Erie is under a cooperative management program involving several states and two countries. In this report we present the results of a long-term tag-recapture study as well as corroborative evidence of stock discreteness fromstudies of population characteristics such as growth and allelic frequencies of walleye in these waters. Walleye were tagged in the spring from 1975-87 in lakes St. Clair and Erie. Tag-recapture data indicate a general tendency for walleye to move northward after tagging. Walleye tagged in Lake St. Clair had higher recovery rates and lower survival rates than walleye tagged in Lake Erie. A reward-tag study in Lake St. Clair provided an estimate of a non-reporting rate of approximately 33% which is comparable to rates in the literature for other species. Data from the Ontario commercial (gill-net) fishery, Michigan Department of Natural Resources trap-net surveys, and sport fisheries from western Lake Erie and Lake St. Clair were analyzed with a catch-at-age model which permitted estimation of population abundance (12.2 to 34.5 million fish), fishing mortality rate (0.19 to 0.37), and annual survival rate (0.57 to 0.68). It appears that exploitation rates for the sport fishery in the western basin exceeded those of the commercial fishery from 1978-82. In recent years (1983-87), exploitation rates were comparable. Average abundance and catch of walleye in the western basin were 12.2 million and 3.4 million fish in 1978-82; average abundance and catch in 1983-87 were 34.5 and 5.2 million fish. We found good agreement between the estimate of the harvest from creel surveys and that from the catch-at-age model for Lake Erie. Walleye abundance and harvest in Lake St. Clair were 10% of the values for the western basin of Lake Erie. Two discrete stocks were delineated be analysis of allelic frequencies of samples from Lake St. Clair and Lake Erie spawning populations. These

Market Confidence Predicts Stock Price: Beyond Supply and Demand

PubMed Central

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

2016-01-01

Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price. PMID:27391816

Market Confidence Predicts Stock Price: Beyond Supply and Demand.

PubMed

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

2016-01-01

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

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…

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.

Model for non-Gaussian intraday stock returns

NASA Astrophysics Data System (ADS)

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.

Fractal patterns in Stock Intertrading Times

NASA Astrophysics Data System (ADS)

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

2003-03-01

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

Reliably Discriminating Stock Structure with Genetic Markers:Mixture Models with Robust and Fast Computation.

PubMed

Foster, Scott D; Feutry, Pierre; Grewe, Peter M; Berry, Oliver; Hui, Francis K C; Davies, Campbell R

2018-06-26

Delineating naturally occurring and self-sustaining sub-populations (stocks) of a species is an important task, especially for species harvested from the wild. Despite its central importance to natural resource management, analytical methods used to delineate stocks are often, and increasingly, borrowed from superficially similar analytical tasks in human genetics even though models specifically for stock identification have been previously developed. Unfortunately, the analytical tasks in resource management and human genetics are not identical { questions about humans are typically aimed at inferring ancestry (often referred to as 'admixture') rather than breeding stocks. In this article, we argue, and show through simulation experiments and an analysis of yellowfin tuna data, that ancestral analysis methods are not always appropriate for stock delineation. In this work, we advocate a variant of a previouslyintroduced and simpler model that identifies stocks directly. We also highlight that the computational aspects of the analysis, irrespective of the model, are difficult. We introduce some alternative computational methods and quantitatively compare these methods to each other and to established methods. We also present a method for quantifying uncertainty in model parameters and in assignment probabilities. In doing so, we demonstrate that point estimates can be misleading. One of the computational strategies presented here, based on an expectation-maximisation algorithm with judiciously chosen starting values, is robust and has a modest computational cost. This article is protected by copyright. All rights reserved. This article is protected by copyright. All rights reserved.

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.

Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange

NASA Astrophysics Data System (ADS)

Lahmiri, Salim

In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.

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

NASA Astrophysics Data System (ADS)

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

2018-01-01

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

Identification of Neosho Smallmouth Bass (Micropterus dolomieu velox) stocks for possible introduction into Grand Lake, Oklahoma

USGS Publications Warehouse

Taylor, Andrew T.; Long, James M.; Schwemm, Michael R.; Tringali, Michael D.; Brewer, Shannon K.

2016-01-01

Stocking black basses (Micropterus spp.) is a common practice used to increase angling opportunities in impoundments; however, when non-native black basses are introduced they often invade riverine habitats where they threaten the persistence of other fishes, including native black basses. Neosho Smallmouth Bass (M. dolomieu velox) is endemic to portions of the Ozark Highlands and Boston Mountains ecoregions and is threatened by introductions of non-native Smallmouth Bass (“SMB”) forms. Because of recent interest in stocking SMB into Grand Lake o’ the Cherokees, we assessed the suitability of local Neosho SMB populations as potential broodstock sources by assessing introgression with non-native SMB forms, as well as characterizing population structure and genetic diversity. The majority of Neosho SMB populations contained low, but non-negligible, genomic proportions of two genetically distinct non-native SMB forms. Introgression was highest in the Illinois River upstream of Lake Tenkiller, where Tennessee ‘lake strain’ SMB were stocked in the early 1990’s. We recovered three genetically distinct clusters of Neosho SMB at the uppermost hierarchical level of population structure: a distinct Illinois River cluster and two Grand River clusters that appear to naturally mix at some sites. Genetic diversity measures generally increased with stream size, and smaller populations with low diversity measures may benefit from immigration of novel genetic material. Overall, introgression with non-native SMB forms appears to pose a prominent threat to Neosho SMB; however, relatively intact populations of Neosho SMB exist in some Grand Lake o’ the Cherokees tributaries. Results could be used in developing a stocking program that promotes and sustains existing genetic diversity within and among Neosho SMB populations.

Rule Based System for Medicine Inventory Control Using Radio Frequency Identification (RFID)

NASA Astrophysics Data System (ADS)

Nugraha, Joanna Ardhyanti Mita; Suryono; Suseno, dan Jatmiko Endro

2018-02-01

Rule based system is very efficient to ensure stock of drug to remain available by utilizing Radio Frequency Identification (RFID) as input means automatically. This method can ensure the stock of drugs to remain available by analyzing the needs of drug users. The research data was the amount of drug usage in hospital for 1 year. The data was processed by using ABC classification to determine the drug with fast, medium and slow movement. In each classification result, rule based algorithm was given for determination of safety stock and Reorder Point (ROP). This research yielded safety stock and ROP values that vary depending on the class of each drug. Validation is done by comparing the calculation of safety stock and reorder point both manually and by system, then, it was found that the mean deviation value at safety stock was 0,03 and and ROP was 0,08.

Recurrence quantification analysis of global stock markets

NASA Astrophysics Data System (ADS)

Bastos, João A.; Caiado, Jorge

2011-04-01

This study investigates the presence of deterministic dependencies in international stock markets using recurrence plots and recurrence quantification analysis (RQA). The results are based on a large set of free float-adjusted market capitalization stock indices, covering a period of 15 years. The statistical tests suggest that the dynamics of stock prices in emerging markets is characterized by higher values of RQA measures when compared to their developed counterparts. The behavior of stock markets during critical financial events, such as the burst of the technology bubble, the Asian currency crisis, and the recent subprime mortgage crisis, is analyzed by performing RQA in sliding windows. It is shown that during these events stock markets exhibit a distinctive behavior that is characterized by temporary decreases in the fraction of recurrence points contained in diagonal and vertical structures.

Investigating the Influence Relationship Models for Stocks in Indian Equity Market: A Weighted Network Modelling Study

PubMed Central

Acharjee, Animesh

2016-01-01

The socio-economic systems today possess high levels of both interconnectedness and interdependencies, and such system-level relationships behave very dynamically. In such situations, it is all around perceived that influence is a perplexing power that has an overseeing part in affecting the dynamics and behaviours of involved ones. As a result of the force & direction of influence, the transformative change of one entity has a cogent aftereffect on the other entities in the system. The current study employs directed weighted networks for investigating the influential relationship patterns existent in a typical equity market as an outcome of inter-stock interactions happening at the market level, the sectorial level and the industrial level. The study dataset is derived from 335 constituent stocks of ‘Standard & Poor Bombay Stock Exchange 500 index’ and study period is 1st June 2005 to 30th June 2015. The study identifies the set of most dynamically influential stocks & their respective temporal pattern at three hierarchical levels: the complete equity market, different sectors, and constituting industry segments of those sectors. A detailed influence relationship analysis is performed for the sectorial level network of the construction sector, and it was found that stocks belonging to the cement industry possessed high influence within this sector. Also, the detailed network analysis of construction sector revealed that it follows scale-free characteristics and power law distribution. In the industry specific influence relationship analysis for cement industry, methods based on threshold filtering and minimum spanning tree were employed to derive a set of sub-graphs having temporally stable high-correlation structure over this ten years period. PMID:27846251

Investigating the Influence Relationship Models for Stocks in Indian Equity Market: A Weighted Network Modelling Study.

PubMed

Bhattacharjee, Biplab; Shafi, Muhammad; Acharjee, Animesh

2016-01-01

The socio-economic systems today possess high levels of both interconnectedness and interdependencies, and such system-level relationships behave very dynamically. In such situations, it is all around perceived that influence is a perplexing power that has an overseeing part in affecting the dynamics and behaviours of involved ones. As a result of the force & direction of influence, the transformative change of one entity has a cogent aftereffect on the other entities in the system. The current study employs directed weighted networks for investigating the influential relationship patterns existent in a typical equity market as an outcome of inter-stock interactions happening at the market level, the sectorial level and the industrial level. The study dataset is derived from 335 constituent stocks of 'Standard & Poor Bombay Stock Exchange 500 index' and study period is 1st June 2005 to 30th June 2015. The study identifies the set of most dynamically influential stocks & their respective temporal pattern at three hierarchical levels: the complete equity market, different sectors, and constituting industry segments of those sectors. A detailed influence relationship analysis is performed for the sectorial level network of the construction sector, and it was found that stocks belonging to the cement industry possessed high influence within this sector. Also, the detailed network analysis of construction sector revealed that it follows scale-free characteristics and power law distribution. In the industry specific influence relationship analysis for cement industry, methods based on threshold filtering and minimum spanning tree were employed to derive a set of sub-graphs having temporally stable high-correlation structure over this ten years period.

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

NASA Astrophysics Data System (ADS)

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

2015-11-01

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

Distribution characteristics of stock market liquidity

NASA Astrophysics Data System (ADS)

Luo, Jiawen; Chen, Langnan; Liu, Hao

2013-12-01

We examine the distribution characteristics of stock market liquidity by employing the generalized additive models for location, scale and shape (GAMLSS) model and three-minute frequency data from Chinese stock markets. We find that the BCPE distribution within the GAMLSS framework fits the distributions of stock market liquidity well with the diagnosis test. We also find that the stock market index exhibits a significant impact on the distributions of stock market liquidity. The stock market liquidity usually exhibits a positive skewness, but a normal distribution at a low level of stock market index and a high-peak and fat-tail shape at a high level of stock market index.

Quantum Brownian motion model for the stock market

NASA Astrophysics Data System (ADS)

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

2016-06-01

It is believed by the majority today that the efficient market hypothesis is imperfect because of market irrationality. Using the physical concepts and mathematical structures of quantum mechanics, we construct an econophysical framework for the stock market, based on which we analogously map massive numbers of single stocks into a reservoir consisting of many quantum harmonic oscillators and their stock index into a typical quantum open system-a quantum Brownian particle. In particular, the irrationality of stock transactions is quantitatively considered as the Planck constant within Heisenberg's uncertainty relationship of quantum mechanics in an analogous manner. We analyze real stock data of Shanghai Stock Exchange of China and investigate fat-tail phenomena and non-Markovian behaviors of the stock index with the assistance of the quantum Brownian motion model, thereby interpreting and studying the limitations of the classical Brownian motion model for the efficient market hypothesis from a new perspective of quantum open system dynamics.

The Interactive Influence of Perceived Ownership and Perceived Choosership of Stocks on Brain Response to Stock Outcomes

PubMed Central

Shang, Zhe; Wang, Lei; Wu, Han

2017-01-01

The present research examined the influence of perceived ownership (self/other) and perceived chooser (self/other) of stocks on brain activity, and investigated whether differential brain responses to stock outcomes as a result of perceived differences in ownership of stock would be modulated by perceived chooser of stock. We used a 2 (stock chooser: self, other) × 2 (stock owner: self, other) within-subject design to represent four types of chooser-owner relationships. Brain potentials were recorded while participants observed increasing and decreasing stock prices. Results showed that observations of stock outcomes among four types of chooser-owner relationships elicited differentiated feedback-related negativity (d-FRN: differences in FRN waves between losses and gains, reflecting violations of expectancy to stock outcomes): (1) Self-chosen-other-owned stocks evoked significantly larger d-FRN discrepancies than self-chosen-self-owned stocks, indicating a greater expectancy violation to others' losses than to one's own, demonstrating a reversed ownership effect. Moreover, people high in conscientiousness showed an increase in this trend, suggesting a stronger other-consideration; (2) Self-chosen-self-owned stocks and other-chosen-self-owned stocks revealed no significant d-FRN discrepancy, showing no choosership effect beyond the ownership effect; (3) Other-chosen-self-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, demonstrating an ownership effect; (4) Self-chosen-other-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, revealing a choosership effect. These findings suggest that the ownership effect could be reversed by conscientiousness induced by perceived choosership in the agency relationship, while the choosership effect is attenuated and even disappears under the influence of perceived ownership. PMID:28194118

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

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF... § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange, without the...

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…

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 09—Some comparisons of DFSIM estimates with growth in the levels-of-growing-stock study.

Treesearch

Robert O. Curtis

1987-01-01

Initial stand statistics for the levels-of-growing-stock study installations were projected by the Douglas-fir stand simulation program (DFSIM) over the available periods of observation. Estimates were compared with observed volume and basal area growth, diameter change, and mortality. Overall agreement was reasonably good, although results indicate some biases and a...

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... BANKS Stock Requirements § 925.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase... outstanding advances. (b) Timing of minimum stock purchase. (1) Within 60 calendar days after an institution...

Asymmetric conditional volatility in international stock markets

NASA Astrophysics Data System (ADS)

Ferreira, Nuno B.; Menezes, Rui; Mendes, Diana A.

2007-08-01

Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the SP 500, FTSE 100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of changes in macroeconomic variables, we find no significant evidence of asymmetric behaviour of the stock market returns. There are some signs that the Portuguese Stock Market tends to show somewhat less market efficiency than other markets since the effect of the shocks appear to take a longer time to dissipate.

Increasing market efficiency in the stock markets

NASA Astrophysics Data System (ADS)

Yang, Jae-Suk; Kwak, Wooseop; Kaizoji, Taisei; Kim, In-Mook

2008-01-01

We study the temporal evolutions of three stock markets; Standard and Poor's 500 index, Nikkei 225 Stock Average, and the Korea Composite Stock Price Index. We observe that the probability density function of the log-return has a fat tail but the tail index has been increasing continuously in recent years. We have also found that the variance of the autocorrelation function, the scaling exponent of the standard deviation, and the statistical complexity decrease, but that the entropy density increases as time goes over time. We introduce a modified microscopic spin model and simulate the model to confirm such increasing and decreasing tendencies in statistical quantities. These findings indicate that these three stock markets are becoming more efficient.

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

NASA Astrophysics Data System (ADS)

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

2016-02-01

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

12 CFR 925.23 - Excess stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... the form of additional shares of Bank stock or otherwise issue any excess stock. A Bank shall not issue excess stock, as a dividend or otherwise, if after the issuance, the outstanding excess stock at...

Converting partially-stocked aspen stands to fully-stocked stands in the Lake States: an economic analysis.

Treesearch

Jeffrey T. Olson; Allen L. Lundgren

1978-01-01

The 1968 Wisconsin Forest Survey showed large areas of aspen type that are not considered fully stocked. The economic feasibility of converting partially-stocked stands to full stocking is examined, and a rule presented for determining when a partially-stocked stand should be harvested to maximize its present value.

Weibo sentiments and stock return: A time-frequency view

PubMed Central

Liu, Zhixin; Zhao, Jichang; Su, Chiwei

2017-01-01

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

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

PubMed

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

2017-01-01

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

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.

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.

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.

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

Forecasting the realized volatility of the Chinese stock market: Do the G7 stock markets help?

NASA Astrophysics Data System (ADS)

Peng, Huan; Chen, Ruoxun; Mei, Dexiang; Diao, Xiaohua

2018-07-01

In this paper, we use a comprehensive look to investigate whether the G7 stock markets can contain predictive information to help in forecasting the Chinese stock market volatility. Our out-of-sample empirical results indicate the kitchen sink (HAR-RV-SK) model is able to attain better performance than the benchmark model (HAR-RV) and other models, implying that the G7 stock markets can help in predicting the one-day volatility of the Chinese stock market. Moreover, the kitchen sink strategy can beat the strategy of the simple combination forecasts. Finally, the G7 stock markets can indeed contain useful information, which can increase the accuracy forecasts of the Chinese stock market.

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

PubMed

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

2015-01-01

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

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

PubMed Central

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

2015-01-01

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

17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 17 Commodity and Securities Exchanges 3 2013-04-01 2013-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 4 2014-04-01 2014-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 17 Commodity and Securities Exchanges 3 2012-04-01 2012-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

Land use change and carbon stock dynamics in Sub-Saharan Africa - Case study of Western Africa - Ghana

NASA Astrophysics Data System (ADS)

Grieco, E.; Chiti, T.; Valentini, R.

2012-04-01

Among different regions of the world, Africa and particularly sub-Saharan Africa (SSA) has contributed less than any other to the greenhouse gas emissions, but it is also the region most vulnerable and the least well equipped to the consequences. In SSA the role of land use change in controlling CO2 emissions may be more critical than in any other regions and perhaps the most uncertain component of the global carbon cycle. The most typical example of incomplete estimates will arise from the lack of reliable data for carbon pools. Three factors account for much of the rest of the uncertainty: (1) initial stocks of carbon in ecosystems affected by land-use change, (2) per hectare changes in carbon stocks in response to different types of land-use change, and (3) legacy effects; that is, the time it takes for carbon stocks to equilibrate following a change in land use. Considering the source of uncertainty and the lack of field data for SSA, the study has been located in Ghana (Jomoro district, Western Region) where forest is the only source of wood for domestic uses and deforestation annual rate was 2.2% for the period 2005-2010. This study analyze the above mentioned gaps by assessing: 1) initial carbon stocks (tropical rain forest), 2) per hectare changes in carbon stocks as consequence of deforestation followed by six different main land uses [tree plantations (rubber, coconut, cocoa, oil palm, mixed plantations) and a secondary forest], 3) dynamics of soil carbon stocks through the time considering chronosequences. When accounting changes in carbon stocks in the UNFCCC framework, it is required to consider 5 carbon pools that are: aboveground biomass, belowground biomass, litter, dead wood and soil. Within REDD+ mechanism it is clear that only aboveground pool has to be always considered, belowground biomass is recommended and the others are facultative. Evidence from official UNFCCC reports suggests that only a very small fraction of developing countries

Modeling stock prices in a portfolio using multidimensional geometric brownian motion

NASA Astrophysics Data System (ADS)

Maruddani, Di Asih I.; Trimono

2018-05-01

Modeling and forecasting stock prices of public corporates are important studies in financial analysis, due to their stock price characteristics. Stocks investments give a wide variety of risks. Taking a portfolio of several stocks is one way to minimize risk. Stochastic process of single stock price movements model can be formulated in Geometric Brownian Motion (GBM) model. But for a portfolio that consist more than one corporate stock, we need an expansion of GBM Model. In this paper, we use multidimensional Geometric Brownian Motion model. This paper aims to model and forecast two stock prices in a portfolio. These are PT. Matahari Department Store Tbk and PT. Telekomunikasi Indonesia Tbk on period January 4, 2016 until April 21, 2017. The goodness of stock price forecast value is based on Mean Absolute Percentage Error (MAPE). As the results, we conclude that forecast two stock prices in a portfolio using multidimensional GBM give less MAPE than using GBM for single stock price respectively. We conclude that multidimensional GBM is more appropriate for modeling stock prices, because the price of each stock affects each other.

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

USGS Publications Warehouse

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

2012-01-01

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

Spillovers among regional and international stock markets

NASA Astrophysics Data System (ADS)

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

2014-07-01

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

Can investor sentiment be used to predict the stock price? Dynamic analysis based on China stock market

NASA Astrophysics Data System (ADS)

Guo, Kun; Sun, Yi; Qian, Xin

2017-03-01

With the development of the social network, the interaction between investors in stock market became more fast and convenient. Thus, investor sentiment which can influence their investment decisions may be quickly spread and magnified through the network, and to a certain extent the stock market can be affected. This paper collected the user comments data from a popular professional social networking site of China stock market called Xueqiu, then the investor sentiment data can be obtained through semantic analysis. The dynamic analysis on relationship between investor sentiment and stock market is proposed based on Thermal Optimal Path (TOP) method. The results show that the sentiment data was not always leading over stock market price, and it can be used to predict the stock price only when the stock has high investor attention.

12 CFR 225.103 - Bank holding company acquiring stock by dividends, stock splits or exercise of rights.

Code of Federal Regulations, 2011 CFR

2011-01-01

... dividends, stock splits or exercise of rights. 225.103 Section 225.103 Banks and Banking FEDERAL RESERVE... holding company acquiring stock by dividends, stock splits or exercise of rights. (a) The Board of... bank stock splits without the Board's prior approval, and whether such a company may exercise, without...

12 CFR 225.103 - Bank holding company acquiring stock by dividends, stock splits or exercise of rights.

Code of Federal Regulations, 2012 CFR

2012-01-01

... dividends, stock splits or exercise of rights. 225.103 Section 225.103 Banks and Banking FEDERAL RESERVE... holding company acquiring stock by dividends, stock splits or exercise of rights. (a) The Board of... bank stock splits without the Board's prior approval, and whether such a company may exercise, without...

12 CFR 225.103 - Bank holding company acquiring stock by dividends, stock splits or exercise of rights.

Code of Federal Regulations, 2010 CFR

2010-01-01

... dividends, stock splits or exercise of rights. 225.103 Section 225.103 Banks and Banking FEDERAL RESERVE... holding company acquiring stock by dividends, stock splits or exercise of rights. (a) The Board of... bank stock splits without the Board's prior approval, and whether such a company may exercise, without...

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. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.

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

PubMed

Chen, Wei-Qiang; Graedel, T E

2015-05-19

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

In-use product stocks link manufactured capital to natural capital

PubMed Central

Chen, Wei-Qiang; Graedel, T. E.

2015-01-01

In-use stock of a product is the amount of the product in active use. In-use product stocks provide various functions or services on which we rely in our daily work and lives, and the concept of in-use product stock for industrial ecologists is similar to the concept of net manufactured capital stock for economists. This study estimates historical physical in-use stocks of 91 products and 9 product groups and uses monetary data on net capital stocks of 56 products to either approximate or compare with in-use stocks of the corresponding products in the United States. Findings include the following: (i) The development of new products and the buildup of their in-use stocks result in the increase in variety of in-use product stocks and of manufactured capital; (ii) substitution among products providing similar or identical functions reflects the improvement in quality of in-use product stocks and of manufactured capital; and (iii) the historical evolution of stocks of the 156 products or product groups in absolute, per capita, or per-household terms shows that stocks of most products have reached or are approaching an upper limit. Because the buildup, renewal, renovation, maintenance, and operation of in-use product stocks drive the anthropogenic cycles of materials that are used to produce products and that originate from natural capital, the determination of in-use product stocks together with modeling of anthropogenic material cycles provides an analytic perspective on the material linkage between manufactured capital and natural capital. PMID:25733904

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.

Does Stock Market Performance Influence Retirement Intentions?

ERIC Educational Resources Information Center

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

2012-01-01

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

41 CFR 109-27.5003 - Stock control.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 41 Public Contracts and Property Management 3 2013-07-01 2013-07-01 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. ...

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. ...

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. ...

41 CFR 109-27.5003 - Stock control.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 41 Public Contracts and Property Management 3 2012-01-01 2012-01-01 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. ...

12 CFR 225.103 - Bank holding company acquiring stock by dividends, stock splits or exercise of rights.

Code of Federal Regulations, 2014 CFR

2014-01-01

... dividends, stock splits or exercise of rights. 225.103 Section 225.103 Banks and Banking FEDERAL RESERVE... § 225.103 Bank holding company acquiring stock by dividends, stock splits or exercise of rights. (a) The... participate in bank stock splits without the Board's prior approval, and whether such a company may exercise...

12 CFR 225.103 - Bank holding company acquiring stock by dividends, stock splits or exercise of rights.

Code of Federal Regulations, 2013 CFR

2013-01-01

... dividends, stock splits or exercise of rights. 225.103 Section 225.103 Banks and Banking FEDERAL RESERVE... § 225.103 Bank holding company acquiring stock by dividends, stock splits or exercise of rights. (a) The... participate in bank stock splits without the Board's prior approval, and whether such a company may exercise...

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.

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 § 221.121...

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.

12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...

Code of Federal Regulations, 2010 CFR

2010-01-01

... experience that in some nonqualified plans, particularly stock purchase plans, the credit arrangement is... financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code... PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations § 221.119 Applicability of plan-lender...

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

NASA Astrophysics Data System (ADS)

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

2017-09-01

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

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

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.

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

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-19

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

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

Portfolio optimization for index tracking modelling in Malaysia stock market

NASA Astrophysics Data System (ADS)

Siew, Lam Weng; Jaaman, Saiful Hafizah; Ismail, Hamizun

2016-06-01

Index tracking is an investment strategy in portfolio management which aims to construct an optimal portfolio to generate similar mean return with the stock market index mean return without purchasing all of the stocks that make up the index. The objective of this paper is to construct an optimal portfolio using the optimization model which adopts regression approach in tracking the benchmark stock market index return. In this study, the data consists of weekly price of stocks in Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index from January 2010 until December 2013. The results of this study show that the optimal portfolio is able to track FBMKLCI Index at minimum tracking error of 1.0027% with 0.0290% excess mean return over the mean return of FBMKLCI Index. The significance of this study is to construct the optimal portfolio using optimization model which adopts regression approach in tracking the stock market index without purchasing all index components.

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.

Geography and distance effect on financial dynamics in the Chinese stock market

NASA Astrophysics Data System (ADS)

Li, Xing; Qiu, Tian; Chen, Guang; Zhong, Li-Xin; Jiang, Xiong-Fei

2016-09-01

Geography effect is investigated for the Chinese stock market including the Shanghai and Shenzhen stock markets, based on the daily data of individual stocks. The stocks in the Shanghai city and the Guangdong province are found to greatly contribute to the Shanghai and Shenzhen markets in the geographical sector, respectively. By investigating a geographical correlation on a geographical parameter, the stock location is found to have an impact on the financial dynamics, except for the financial crisis time of the Shenzhen market. Stock distance effect is further studied, with the probability of the short distance observed to be much greater than that of the long distance. The distance is found to only affect the stock correlation of the Shanghai stock market, but has no effect on the Shenzhen stock market.

Genetic Stock Identification Of Production Colonies Of Russian Honey Bees

USDA-ARS?s Scientific Manuscript database

The prevalence of Nosema ceranae in managed honey bee colonies has increased dramatically in the past 10 – 20 years worldwide. A variety of genetic testing methods for species identification and prevalence are now available. However sample size and preservation method of samples prior to testing hav...

Study on Market Stability and Price Limit of Chinese Stock Index Futures Market: An Agent-Based Modeling Perspective.

PubMed

Xiong, Xiong; Nan, Ding; Yang, Yang; Yongjie, Zhang

2015-01-01

This paper explores a method of managing the risk of the stock index futures market and the cross-market through analyzing the effectiveness of price limits on the Chinese Stock Index 300 futures market. We adopt a cross-market artificial financial market (include the stock market and the stock index futures market) as a platform on which to simulate the operation of the CSI 300 futures market by changing the settings of price limits. After comparing the market stability under different price limits by appropriate liquidity and volatility indicators, we find that enhancing price limits or removing price limits both play a negative impact on market stability. In contrast, a positive impact exists on market stability if the existing price limit is maintained (increase of limit by10%, down by 10%) or it is broadened to a proper extent. Our study provides reasonable advice for a price limit setting and risk management for CSI 300 futures.

Study on Market Stability and Price Limit of Chinese Stock Index Futures Market: An Agent-Based Modeling Perspective

PubMed Central

2015-01-01

This paper explores a method of managing the risk of the stock index futures market and the cross-market through analyzing the effectiveness of price limits on the Chinese Stock Index 300 futures market. We adopt a cross-market artificial financial market (include the stock market and the stock index futures market) as a platform on which to simulate the operation of the CSI 300 futures market by changing the settings of price limits. After comparing the market stability under different price limits by appropriate liquidity and volatility indicators, we find that enhancing price limits or removing price limits both play a negative impact on market stability. In contrast, a positive impact exists on market stability if the existing price limit is maintained (increase of limit by10%, down by 10%) or it is broadened to a proper extent. Our study provides reasonable advice for a price limit setting and risk management for CSI 300 futures. PMID:26571135

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

Confidence and self-attribution bias in an artificial stock market

PubMed Central

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

2017-01-01

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

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

PubMed

Bertella, Mario A; Pires, Felipe R; Rego, Henio H A; Silva, Jonathas N; Vodenska, Irena; Stanley, H Eugene

2017-01-01

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

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.

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

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.

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

PubMed

Guo, Xue; Zhang, Hu; Tian, Tianhai

2018-01-01

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

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

PubMed Central

Guo, Xue; Zhang, Hu

2018-01-01

Stock correlation networks use stock price data to explore the relationship between different stocks listed in the stock market. Currently this relationship is dominantly measured by the Pearson correlation coefficient. However, financial data suggest that nonlinear relationships may exist in the stock prices of different shares. To address this issue, this work uses mutual information to characterize the nonlinear relationship between stocks. Using 280 stocks traded at the Shanghai Stocks Exchange in China during the period of 2014-2016, we first compare the effectiveness of the correlation coefficient and mutual information for measuring stock relationships. Based on these two measures, we then develop two stock networks using the Minimum Spanning Tree method and study the topological properties of these networks, including degree, path length and the power-law distribution. The relationship network based on mutual information has a better distribution of the degree and larger value of the power-law distribution than those using the correlation coefficient. Numerical results show that mutual information is a more effective approach than the correlation coefficient to measure the stock relationship in a stock market that may undergo large fluctuations of stock prices. PMID:29668715

12 CFR 950.11 - Capital stock requirements; unilateral redemption of excess stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Capital stock requirements; unilateral redemption of excess stock. 950.11 Section 950.11 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL... affairs of the Bank shall be administered fairly and impartially and without discrimination in favor of or...

Is there any overtrading in stock markets? The moderating role of big five personality traits and gender in a unilateral trend stock market.

PubMed

Zhang, Jian; Wang, Haocheng; Wang, Limin; Liu, Shuyi

2014-01-01

Overtrading is a common anomaly among stock investors. This study examines the relationship between overtrading and investment returns and the impact of the Big Five traits and gender on overtrading in a unilateral trend stock market using a simulated stock investment system. The data were derived from a sample of undergraduates from six universities who performed in a simulated stock investment situation and had their personality traits measured by the Big Five Personality Questionnaire. The results indicate that: (1) Overtrading was significant in rising stock markets, but not significant in falling markets. (2) The degree of female investors who overtraded was significant in rising markets. (3) The degree of overtrading investors who were high in extroversion or agreeableness was significant in rising markets. The implications of these results for more effective investment strategies are discussed.

Use of hardwood dimension stock by the southern furniture industry

Treesearch

R. Bruce Anderson; Paul E. Sendak; Paul E. Sendak

1972-01-01

To help the manufacturer of dimension stock supply this market effectively and profitably, we have made a study of the southern furniture industry. We concluded that the independent manufacturer of dimension stock may find it hard to increase his share of this market in the future, because most furniture plants are now making much of their own dimension stock.

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

USGS Publications Warehouse

Stewart, David R.; Long, James M.

2015-01-01

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

Volume growth trends in a Douglas-fir levels-of-growing-stock study.

Treesearch

Robert O. Curtis

2006-01-01

Mean curves of increment and yield in gross total cubic volume and net merchantable cubic volume were derived from seven installations of the regional cooperative Levels-of-Growing-Stock Study (LOGS) in Douglas-fir. The technique used reduces the seven curves for each treatment for each variable of interest to a single set of readily interpretable mean curves. To a top...

A Study of the Cold Resistance of Pipe Coiled Stock Produced at Foundry-Rolling Works. Part 2

NASA Astrophysics Data System (ADS)

Bagmet, O. A.; Naumenko, V. V.; Smetanin, K. S.

2018-03-01

Results of a study of coiled stock from low-carbon steels alloyed with manganese and silicon and different additives of niobium and titanium are presented. The coiled stock is produced at foundry-rolling works by the method of direct rolling of thin slabs right after their continuous casting. The microdeformation of the crystal lattice and the crystallographic texture are determined. The conditions of formation of the most favorable structure and texture in the steels are specified.

The Index cohesive effect on stock market correlations

NASA Astrophysics Data System (ADS)

Shapira, Y.; Kenett, D. Y.; Ben-Jacob, E.

2009-12-01

We present empirical examination and reassessment of the functional role of the market Index, using datasets of stock returns for eight years, by analyzing and comparing the results for two very different markets: 1) the New York Stock Exchange (NYSE), representing a large, mature market, and 2) the Tel Aviv Stock Exchange (TASE), representing a small, young market. Our method includes special collective (holographic) analysis of stock-Index correlations, of nested stock correlations (including the Index as an additional ghost stock) and of bare stock correlations (after subtraction of the Index return from the stocks returns). Our findings verify and strongly substantiate the assumed functional role of the index in the financial system as a cohesive force between stocks, i.e., the correlations between stocks are largely due to the strong correlation between each stock and the Index (the adhesive effect), rather than inter-stock dependencies. The Index adhesive and cohesive effects on the market correlations in the two markets are presented and compared in a reduced 3-D principal component space of the correlation matrices (holographic presentation). The results provide new insights into the interplay between an index and its constituent stocks in TASE-like versus NYSE-like markets.

Financial liberalization and stock market cross-correlation: MF-DCCA analysis based on Shanghai-Hong Kong Stock Connect

NASA Astrophysics Data System (ADS)

Ruan, Qingsong; Zhang, Shuhua; Lv, Dayong; Lu, Xinsheng

2018-02-01

Based on the implementation of Shanghai-Hong Kong Stock Connect in China, this paper examines the effects of financial liberalization on stock market comovement using both multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) methods. Results based on MF-DFA confirm the multifractality of Shanghai and Hong Kong stock markets, and the market efficiency of Shanghai stock market increased after the implementation of this connect program. Besides, analysis based on MF-DCCA has verified the existence of persistent cross-correlation between Shanghai and Hong Kong stock markets, and the cross-correlation gets stronger after the launch of this liberalization program. Finally, we find that fat-tail distribution is the main source of multifractality in the cross-correlations before the stock connect program, while long-range correlation contributes to the multifractality after this program.

Black-Litterman model on non-normal stock return (Case study four banks at LQ-45 stock index)

NASA Astrophysics Data System (ADS)

Mahrivandi, Rizki; Noviyanti, Lienda; Setyanto, Gatot Riwi

2017-03-01

The formation of the optimal portfolio is a method that can help investors to minimize risks and optimize profitability. One model for the optimal portfolio is a Black-Litterman (BL) model. BL model can incorporate an element of historical data and the views of investors to form a new prediction about the return of the portfolio as a basis for preparing the asset weighting models. BL model has two fundamental problems, the assumption of normality and estimation parameters on the market Bayesian prior framework that does not from a normal distribution. This study provides an alternative solution where the modelling of the BL model stock returns and investor views from non-normal distribution.

Soil Carbon Cycling - More than Changes in Soil Organic Carbon Stocks

NASA Astrophysics Data System (ADS)

Lorenz, K.

2015-12-01

Discussions about soil carbon (C) sequestration generally focus on changes in soil organic carbon (SOC) stocks. Global SOC mass in the top 1 m was estimated at about 1325 Pg C, and at about 3000 Pg C when deeper soil layers were included. However, both inorganically and organically bound carbon forms are found in soil but estimates on global soil inorganic carbon (SIC) mass are even more uncertain than those for SOC. Globally, about 947 Pg SIC may be stored in the top 1 m, and especially in arid and semi-arid regions SIC stocks can be many times great than SOC stocks. Both SIC and SOC stocks are vulnerable to management practices, and stocks may be enhanced, for example, by optimizing net primary production (NPP) by fertilization and irrigation (especially optimizing belowground NPP for enhancing SOC stocks), adding organic matter (including black C for enhancing SOC stocks), and reducing soil disturbance. Thus, studies on soil C stocks, fluxes, and vulnerability must look at both SIC and SOC stocks in soil profiles to address large scale soil C cycling.

Analysis of Realized Volatility for Nikkei Stock Average on the Tokyo Stock Exchange

NASA Astrophysics Data System (ADS)

Takaishi, Tetsuya; Watanabe, Toshiaki

2016-04-01

We calculate realized volatility of the Nikkei Stock Average (Nikkei225) Index on the Tokyo Stock Exchange and investigate the return dynamics. To avoid the bias on the realized volatility from the non-trading hours issue we calculate realized volatility separately in the two trading sessions, i.e. morning and afternoon, of the Tokyo Stock Exchange and find that the microstructure noise decreases the realized volatility at small sampling frequency. Using realized volatility as a proxy of the integrated volatility we standardize returns in the morning and afternoon sessions and investigate the normality of the standardized returns by calculating variance, kurtosis and 6th moment. We find that variance, kurtosis and 6th moment are consistent with those of the standard normal distribution, which indicates that the return dynamics of the Nikkei Stock Average are well described by a Gaussian random process with time-varying volatility.

Evaluation of offshore stocking of Lake Trout in Lake Ontario

USGS Publications Warehouse

Lantry, B.F.; O'Gorman, R.; Strang, T.G.; Lantry, J.R.; Connerton, M.J.; Schanger, T.

2011-01-01

Restoration stocking of hatchery-reared lake trout Salvelinus namaycush has occurred in Lake Ontario since 1973. In U.S. waters, fish stocked through 1990 survived well and built a large adult population. Survival of yearlings stocked from shore declined during 1990–1995, and adult numbers fell during 1998–2005. Offshore stocking of lake trout was initiated in the late 1990s in response to its successful mitigation of predation losses to double-crested cormorants Phalacrocorax auritus and the results of earlier studies that suggested it would enhance survival in some cases. The current study was designed to test the relative effectiveness of three stocking methods at a time when poststocking survival for lake trout was quite low and losses due to fish predators was a suspected factor. The stocking methods tested during 2000–2002 included May offshore, May onshore, and June onshore. Visual observations during nearshore stockings and hydroacoustic observations of offshore stockings indicated that release methods were not a direct cause of fish mortality. Experimental stockings were replicated for 3 years at one site in the southwest and for 2 years at one site in the southeast. Offshore releases used a landing craft to transport hatchery trucks from 3 to 6 km offshore out to 55–60-m-deep water. For the southwest site, offshore stocking significantly enhanced poststocking survival. Among the three methods, survival ratios were 1.74 : 1.00 : 1.02 (May offshore : May onshore : June onshore). Although not statistically significant owing to the small samples, the trends were similar for the southeast site, with survival ratios of 1.67 : 1.00 : 0.72. Consistent trends across years and sites indicated that offshore stocking of yearling lake trout during 2000–2002 provided nearly a twofold enhancement in survival; however, this increase does not appear to be great enough to achieve the 12-fold enhancement necessary to return population abundance to restoration

Value at Risk on Composite Price Share Index Stock Data

NASA Astrophysics Data System (ADS)

Oktaviarina, A.

2018-01-01

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

Random matrix theory and portfolio optimization in Moroccan stock exchange

NASA Astrophysics Data System (ADS)

El Alaoui, Marwane

2015-09-01

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

Hybrid machine learning technique for forecasting Dhaka stock market timing decisions.

PubMed

Banik, Shipra; Khodadad Khan, A F M; Anwer, Mohammad

2014-01-01

Forecasting stock market has been a difficult job for applied researchers owing to nature of facts which is very noisy and time varying. However, this hypothesis has been featured by several empirical experiential studies and a number of researchers have efficiently applied machine learning techniques to forecast stock market. This paper studied stock prediction for the use of investors. It is always true that investors typically obtain loss because of uncertain investment purposes and unsighted assets. This paper proposes a rough set model, a neural network model, and a hybrid neural network and rough set model to find optimal buy and sell of a share on Dhaka stock exchange. Investigational findings demonstrate that our proposed hybrid model has higher precision than the single rough set model and the neural network model. We believe this paper findings will help stock investors to decide about optimal buy and/or sell time on Dhaka stock exchange.

Hybrid Machine Learning Technique for Forecasting Dhaka Stock Market Timing Decisions

PubMed Central

Banik, Shipra; Khodadad Khan, A. F. M.; Anwer, Mohammad

2014-01-01

Forecasting stock market has been a difficult job for applied researchers owing to nature of facts which is very noisy and time varying. However, this hypothesis has been featured by several empirical experiential studies and a number of researchers have efficiently applied machine learning techniques to forecast stock market. This paper studied stock prediction for the use of investors. It is always true that investors typically obtain loss because of uncertain investment purposes and unsighted assets. This paper proposes a rough set model, a neural network model, and a hybrid neural network and rough set model to find optimal buy and sell of a share on Dhaka stock exchange. Investigational findings demonstrate that our proposed hybrid model has higher precision than the single rough set model and the neural network model. We believe this paper findings will help stock investors to decide about optimal buy and/or sell time on Dhaka stock exchange. PMID:24701205

A complex network for studying the transmission mechanisms in stock market

NASA Astrophysics Data System (ADS)

Long, Wen; Guan, Lijing; Shen, Jiangjian; Song, Linqiu; Cui, Lingxiao

2017-10-01

This paper introduces a new complex network to describe the volatility transmission mechanisms in stock market. The network can not only endogenize stock market's volatility but also figure out the direction of volatility spillover. In this model, we first use BEKK-GARCH to estimate the volatility spillover effects among Chinese 18 industry sectors. Then, based on the ARCH coefficients and GARCH coefficients, the directional shock networks and variance networks in different stages are constructed separately. We find that the spillover effects and network structures changes in different stages. The results of the topological stability test demonstrate that the connectivity of networks becomes more fragile to selective attacks than stochastic attacks.

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.

Is There Any Overtrading in Stock Markets? The Moderating Role of Big Five Personality Traits and Gender in a Unilateral Trend Stock Market

PubMed Central

Zhang, Jian; Wang, Haocheng; Wang, Limin; Liu, Shuyi

2014-01-01

Overtrading is a common anomaly among stock investors. This study examines the relationship between overtrading and investment returns and the impact of the Big Five traits and gender on overtrading in a unilateral trend stock market using a simulated stock investment system. The data were derived from a sample of undergraduates from six universities who performed in a simulated stock investment situation and had their personality traits measured by the Big Five Personality Questionnaire. The results indicate that: (1) Overtrading was significant in rising stock markets, but not significant in falling markets. (2) The degree of female investors who overtraded was significant in rising markets. (3) The degree of overtrading investors who were high in extroversion or agreeableness was significant in rising markets. The implications of these results for more effective investment strategies are discussed. PMID:24475235

Quantifying the effect of investors' attention on stock market.

PubMed

Yang, Zhen-Hua; Liu, Jian-Guo; Yu, Chang-Rui; Han, Jing-Ti

2017-01-01

The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI), we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS) from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100) show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

Quantifying the effect of investors’ attention on stock market

PubMed Central

Yang, Zhen-Hua; Liu, Jian-Guo; Yu, Chang-Rui; Han, Jing-Ti

2017-01-01

The investors’ attention has been extensively used to predict the stock market. Different from existing proxies of the investors’ attention, such as the Google trends, Baidu index (BI), we argue the collective attention from the stock trading platforms could reflect the investors’ attention more closely. By calculated the increments of the attention volume for each stock (IAVS) from the stock trading platforms, we investigate the effect of investors’ attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100) show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors’ attention. PMID:28542216

In search of optimal compression therapy for venous leg ulcers: a meta-analysis of studies comparing diverse [corrected] bandages with specifically designed stockings.

PubMed

Amsler, Felix; Willenberg, Torsten; Blättler, Werner

2009-09-01

In search of an optimal compression therapy for venous leg ulcers, a systematic review and meta-analysis was performed of randomized controlled trials (RCT) comparing compression systems based on stockings (MCS) with divers bandages. RCT were retrieved from six sources and reviewed independently. The primary endpoint, completion of healing within a defined time frame, and the secondary endpoints, time to healing, and pain were entered into a meta-analysis using the tools of the Cochrane Collaboration. Additional subjective endpoints were summarized. Eight RCT (published 1985-2008) fulfilled the predefined criteria. Data presentation was adequate and showed moderate heterogeneity. The studies included 692 patients (21-178/study, mean age 61 years, 56% women). Analyzed were 688 ulcerated legs, present for 1 week to 9 years, sizing 1 to 210 cm(2). The observation period ranged from 12 to 78 weeks. Patient and ulcer characteristics were evenly distributed in three studies, favored the stocking groups in four, and the bandage group in one. Data on the pressure exerted by stockings and bandages were reported in seven and two studies, amounting to 31-56 and 27-49 mm Hg, respectively. The proportion of ulcers healed was greater with stockings than with bandages (62.7% vs 46.6%; P < .00001). The average time to healing (seven studies, 535 patients) was 3 weeks shorter with stockings (P = .0002). In no study performed bandages better than MCS. Pain was assessed in three studies (219 patients) revealing an important advantage of stockings (P < .0001). Other subjective parameters and issues of nursing revealed an advantage of MCS as well. Leg compression with stockings is clearly better than compression with bandages, has a positive impact on pain, and is easier to use.

The west-wide ponderosa pine levels-of-growing-stock study at age 40

Treesearch

William W. Oliver

2005-01-01

In the 1960s a series of levels-of-growing-stock studies was established in young, even-aged stands throughout the range of ponderosa pine in the western United States. Using a common study plan, installations were begun in the Black Hills of South Dakota, eastern and central Oregon, the Coconino Plateau of Arizona and the west slope of the Sierra Nevada in California...

Environmental migratory patterns and stock identification of Mugil cephalus in the Spanish Mediterranean Sea, by means of otolith microchemistry

NASA Astrophysics Data System (ADS)

Callicó Fortunato, Roberta; Reguera Galán, Aida; García Alonso, Ignacio; Volpedo, Alejandra; Benedito Durà, Vicent

2017-03-01

The Flathead grey mullet, Mugil cephalus is the most globally-distributed Mugilidae species and its migrations and movement patterns have been studied globally but not in-depth in the Mediterranean region. Thus, the present study aimed: (1) to identify migratory patterns throughout the life-history of the Mugil cephalus in different Spanish Mediterranean wetlands, and (2) to study the presence of potential fish stocks of the species in the region, by means of otolith microchemistry. Specimens (n = 43) were obtained in three wetlands: Parque Natural Delta del Ebro (DE), a stratified estuary; Parque Natural de l'Albufera de Valencia (AV), a Mediterranean lake; and Parque Natural Salinas de Santa Pola (SP), a coastal salt marsh. Otolith microchemistry was studied using LA-ICP-MS (chronological variation of Sr:Ca and Ba:Ca ratios). The analysis of lifetime profiles revealed four behavioral patterns: Type I: most frequent use of estuarine environments (estuarine resident); Type II: freshwater behaviour during early life history, moving though estuarine to marine waters at the end of their profile (freshwater migrant); Type III: estuarine water use in early life stages moving then towards sea waters (estuarine migrant); and Type IV: sea/high salinity water habitat use during their entire lifetime (seawater resident). A Canonical Discriminant Analysis, using Sr:Ca and Ba:Ca ratios from core and edge as variables, assigned individuals to the detected patterns with high accuracy (Type I > 95%; Type II and Type III > 83%; and Type IV > 88%). Moreover, two potential fish stocks were identified by the analysis of Sr:Ca otoliths-edge ratios: one in the Valencian Gulf, DE-AV areas presented similar ratios, and the other in the southern location, SP (higher Sr:Ca values). Mugil cephalus presented diverse life patterns on the Valencian Community Mediterranean coast. Different strategies could be identified by the used methodology: some particular to an area (Type IV-SP); others

State-Space Estimation of Soil Organic Carbon Stock

NASA Astrophysics Data System (ADS)

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

2014-04-01

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

Identification of Clinical Isolates of Mycobacteria with Gas-Liquid Chromatography Alone

PubMed Central

Tisdall, Philip A.; Roberts, Glenn D.; Anhalt, John P.

1979-01-01

Identification of 18 mycobacterial species was performed by analysis of profiles obtained by using gas-liquid chromatography. Organisms were saponified in methanolic NaOH, and the reaction mixture was treated with BF3 in methanol and extracted with a hexane-chloroform mixture. An identification scheme was developed from 128 stock strains and tested against a collection of 79 clinical isolates. By using gas-liquid chromatographic profiles alone, 58% of specimens were correctly identified to species level, and an additional 41% were correctly identified to a group of two or three organisms. Use in a clinical laboratory over a 2-month period proved chromatography to be as accurate as and more rapid than concurrent biochemical testing. Of 81 isolates tested, 64% were identified to species level by chromatography alone. An additional 35% were differentiated to the same groups of two or three organisms as found in our analysis of stock strains. These groups consisted of: Mycobacterium tuberculosis, M. bovis, and M. xenopi; M. avium complex, M. gastri, and M. scrofulaceum; or M. fortuitum and M. chelonei. Identification to species level from these groups could usually be done by colonial morphology alone and could always be done by the addition of one selected biochemical test. This study demonstrated the practical application of gas-liquid chromatography in the identification of mycobacteria in a clinical laboratory. In particular, all strains of M. gordonae and M. kansasii were identified to species level. M. tuberculosis was definitively identified in 85% of cases. When it could not be definitely identified, the only alternatives were M. bovis and M. xenopi, both of which are rare causes of infection. PMID:118984

Obituary: Jürgen Stock 1923-2004

NASA Astrophysics Data System (ADS)

Lorenzen, D. H.

2004-09-01

On April 19, 2004 Jürgen Stock passed away at the age of 80. Jürgen Stock was never on the payroll of ESO, but he had tremendous impact on the early years of the organisation. In 1951 Stock did his PhD in Hamburg - his supervisor was Otto Heckmann, who later became the first Director General of ESO. After some years in Cleveland - and with a one year interval at Boyden Observatory, South Africa - Stock was asked by Gerard Kuiper to do a site test in Chile. The University of Chicago looked for a mountain in the Santiago area to put up a 1.5-m-telescope in the southern hemisphere. Stock accepted and took off for Chile within days. The trip, that was supposed to last a few weeks, lasted more than three years. "As a result, the world's largest collection of astronomical instruments is now in Chile", recalled Jürgen Stock four decades later.

Case study: dairies utilizing ultra-high stocking density grazing in Pennsylvania and New York

USDA-ARS?s Scientific Manuscript database

Ultra-high stocking density (UHSD) grazing has gained interest in the forage industry. Proponents of UHSD emphasize increased forage use efficiency and soil improvement by grazing mature forage with stocking densities up to 560,425 kg ha**-1 of beef cattle on small paddocks with rest periods of up t...

Case study: dairies using ultra-high stocking density grazing in the Northeastern U.S.

USDA-ARS?s Scientific Manuscript database

Proponents of ultra-high stocking density (UHSD) grazing emphasize increased forage use efficiency and soil improvement by grazing mature forage with stocking densities up to 500,000 lb per acre of beef cattle on small paddocks with rest periods up to 180 days. However, it is unclear if this managem...

Stock price prediction using geometric Brownian motion

NASA Astrophysics Data System (ADS)

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

2018-03-01

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

The Influence of Compression Stocking on Jumping Performance of Athlete

NASA Astrophysics Data System (ADS)

Salleh, M. N.; Lazim, H. M.; Lamsali, H.; Salleh, A. F.

2018-05-01

Evidence of compression stocking effectiveness are mixed, with some researchers suggests that the stocking can enhance performance while others dispute the finding. One of the factors that are thought to cause the mixed results is level of pressure used in their studies. This research had organized a test on fourteen athletes. Their body was scanned and a customized compression stocking which can exert pressure correspond to the intended one was developed. An experiment was conducted to measure the effect of wearing compression stocking on jumping performance. The results show mixed outcomes. For the female athlete, there is a significant difference between wearing and not wearing compression stocking (p<0.05) on knee power. However, there is no significant difference for male athletes whether wearing or not.

26 CFR 1.305-1 - Stock dividends.

Code of Federal Regulations, 2010 CFR

2010-04-01

... exchange for its convertible preferred class B stock. Under the terms of the class B stock, its conversion... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Stock dividends. 1.305-1 Section 1.305-1...) INCOME TAXES Effects on Recipients § 1.305-1 Stock dividends. (a) In general. Under section 305, a...

Based on BP Neural Network Stock Prediction

ERIC Educational Resources Information Center

Liu, Xiangwei; Ma, Xin

2012-01-01

The stock market has a high profit and high risk features, on the stock market analysis and prediction research has been paid attention to by people. Stock price trend is a complex nonlinear function, so the price has certain predictability. This article mainly with improved BP neural network (BPNN) to set up the stock market prediction model, and…

12 CFR 725.5 - Capital stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital stock. 725.5 Section 725.5 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided...

To stock or not to stock? Assessing restoration potential of a remnant American shad spawning run with hatchery supplementation

USGS Publications Warehouse

Bailey, Michael M.; Zydlewski, Joseph D.

2013-01-01

Hatchery supplementation has been widely used as a restoration technique for American Shad Alosa sapidissima on the East Coast of the USA, but results have been equivocal. In the Penobscot River, Maine, dam removals and other improvements to fish passage will likely reestablish access to the majority of this species’ historic spawning habitat. Additional efforts being considered include the stocking of larval American Shad. The decision about whether to stock a river system undergoing restoration should be made after evaluating the probability of natural recolonization and examining the costs and benefits of potentially accelerating recovery using a stocking program. However, appropriate evaluation can be confounded by a dearth of information about the starting population size and age structure of the remnant American Shad spawning run in the river. We used the Penobscot River as a case study to assess the theoretical sensitivity of recovery time to either scenario (stocking or not) by building a deterministic model of an American Shad population. This model is based on the best available estimates of size at age, fecundity, rate of iteroparity, and recruitment. Density dependence was imposed, such that the population reached a plateau at an arbitrary recovery goal of 633,000 spawning adults. Stocking had a strong accelerating effect on the time to modeled recovery (as measured by the time to reach 50% of the recovery goal) in the base model, but stocking had diminishing effects with larger population sizes. There is a diminishing return to stocking when the starting population is modestly increased. With a low starting population (a spawning run of 1,000), supplementation with 12 million larvae annually accelerated modeled recovery by 12 years. Only a 2-year acceleration was observed if the starting population was 15,000. Such a heuristic model may aid managers in assessing the costs and benefits of stocking by incorporating a structured decision framework.

The alarming decline of Mediterranean fish stocks.

PubMed

Vasilakopoulos, Paraskevas; Maravelias, Christos D; Tserpes, George

2014-07-21

In recent years, fisheries management has succeeded in stabilizing and even improving the state of many global fisheries resources [1-5]. This is particularly evident in areas where stocks are exploited in compliance with scientific advice and strong institutional structures are in place [1, 5]. In Europe, the well-managed northeast (NE) Atlantic fish stocks have been recovering in response to decreasing fishing pressure over the past decade [3-6], albeit with a long way to go for a universal stock rebuild [3, 7]. Meanwhile, little is known about the temporal development of the European Mediterranean stocks, whose management relies on input controls that are often poorly enforced. Here, we perform a meta-analysis of 42 European Mediterranean stocks of nine species in 1990-2010, showing that exploitation rate has been steadily increasing, selectivity (proportional exploitation of juveniles) has been deteriorating, and stocks have been shrinking. We implement species-specific simulation models to quantify changes in exploitation rate and selectivity that would maximize long-term yields and halt stock depletion. We show that stocks would be more resilient to fishing and produce higher long-term yields if harvested a few years after maturation because current selectivity is far from optimal, especially for demersal stocks. The European Common Fisheries Policy that has assisted in improving the state of NE Atlantic fish stocks in the past 10 years has failed to deliver similar results for Mediterranean stocks managed under the same policy. Limiting juvenile exploitation, advancing management plans, and strengthening compliance, control, and enforcement could promote fisheries sustainability in the Mediterranean. Copyright © 2014 Elsevier Ltd. All rights reserved.

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

NASA Astrophysics Data System (ADS)

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

2017-03-01

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

Analysing News for Stock Market Prediction

NASA Astrophysics Data System (ADS)

Ramalingam, V. V.; Pandian, A.; Dwivedi, shivam; Bhatt, Jigar P.

2018-04-01

Stock market means the aggregation of all sellers and buyers of stocks representing their ownership claims on the business. To be completely absolute about the investment on these stocks, proper knowledge about them as well as their pricing, for both present and future is very essential. Large amount of data is collected and parsed to obtain this essential information regarding the fluctuations in the stock market. This data can be any news or public opinions in general. Recently, many methods have been used, especially big unstructured data methods to predict the stock market values. We introduce another method of focusing on deriving the best statistical learning model for predicting the future values. The data set used is very large unstructured data collected from an online social platform, commonly known as Quindl. The data from this platform is then linked to a csv fie and cleaned to obtain the essential information for stock market prediction. The method consists of carrying out the NLP (Natural Language Processing) of the data and then making it easier for the system to understand, finds and identifies the correlation in between this data and the stock market fluctuations. The model is implemented using Python Programming Language throughout the entire project to obtain flexibility and convenience of the system.

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

25 CFR 700.717 - Stocking rate.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 25 Indians 2 2012-04-01 2012-04-01 false Stocking rate. 700.717 Section 700.717 Indians THE OFFICE... Grazing § 700.717 Stocking rate. The Commissioner will determine livestock carrying capacity for each range unit and set the stocking rate and adjust that rate as conditions warrant. The Commissioner may...

25 CFR 700.717 - Stocking rate.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 2 2013-04-01 2013-04-01 false Stocking rate. 700.717 Section 700.717 Indians THE OFFICE... Grazing § 700.717 Stocking rate. The Commissioner will determine livestock carrying capacity for each range unit and set the stocking rate and adjust that rate as conditions warrant. The Commissioner may...

25 CFR 700.717 - Stocking rate.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 2 2011-04-01 2011-04-01 false Stocking rate. 700.717 Section 700.717 Indians THE OFFICE... Grazing § 700.717 Stocking rate. The Commissioner will determine livestock carrying capacity for each range unit and set the stocking rate and adjust that rate as conditions warrant. The Commissioner may...

25 CFR 700.717 - Stocking rate.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 2 2010-04-01 2010-04-01 false Stocking rate. 700.717 Section 700.717 Indians THE OFFICE... Grazing § 700.717 Stocking rate. The Commissioner will determine livestock carrying capacity for each range unit and set the stocking rate and adjust that rate as conditions warrant. The Commissioner may...

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 water...

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.

Prediction of stock market characteristics using neural networks

NASA Astrophysics Data System (ADS)

Pandya, Abhijit S.; Kondo, Tadashi; Shah, Trupti U.; Gandhi, Viraf R.

1999-03-01

International stocks trading, currency and derivative contracts play an increasingly important role for many investors. Neural network is playing a dominant role in predicting the trends in stock markets and in currency speculation. In most economic applications, the success rate using neural networks is limited to 70 - 80%. By means of the new approach of GMDH (Group Method of Data Handling) neural network predictions can be improved further by 10 - 15%. It was observed in our study, that using GMDH for short, noisy or inaccurate data sample resulted in the best-simplified model. In the GMDH model accuracy of prediction is higher and the structure is simpler than that of the usual full physical model. As an example, prediction of the activity on the stock exchange in New York was considered. On the basis of observations in the period of Jan '95 to July '98, several variables of the stock market (S&P 500, Small Cap, Dow Jones, etc.) were predicted. A model portfolio using various stocks (Amgen, Merck, Office Depot, etc.) was built and its performance was evaluated based on neural network forecasting of the closing prices. Comparison of results was made with various neural network models such as Multilayer Perceptrons with Back Propagation, and the GMDH neural network. Variations of GMDH were studied and analysis of their performance is reported in the paper.

Stocking chart for upland central hardwoods

Treesearch

Martin E. Dale; Donald E. Hilt

1989-01-01

The upland hardwoods stocking chart, introduced by Gingrich in 1967, has become one of the forest manager's most useful tools. The chart allows you to determine the condition of the present stand in relation to a stocking standard. The stocking of a stand is extremely helpful in prescribing various silvicultural treatments such as intermediate thinnings,...

Panic, slash, or crash-Do black swans flap in stock markets?

NASA Astrophysics Data System (ADS)

Chen, Dar-Hsin; Huang, Han-Lin

2018-02-01

Stock transaction data typically present a time series that exhibits a somewhat confusing trend, making it difficult to issue any form of crisis warning. This study employs Fourier spectrum analysis to clearly show manic and irrational investors chasing prices. When clustering generates an enormous amount of unstable power, the result is a stock market collapsing into a danger area that can be taken as a warning signal. We thus take the Dow Jones Index as a typical stock market and employ daily data from 1994-2015. This study finds the investors' purchasing power through certain thresholds, analyses the performance characteristics of the spectrum, and denotes when a stock market is in a most serious crisis stage and in a second most serious correction stage. The result of our study indicates that the warning signal accurately measures a stock market crash that can be applicable to the Dow Jones Index, Nasdaq Index, and Germany ADX Index and to the emerging markets of Bovespa Index (Brazil) and Shanghai Index (China). Furthermore, this study provides a quantitative reference concerning the depth of market crashes.

Horizontal/Vertical Stock Fund Cost Comparison

DTIC Science & Technology

1974-08-01

units. Installation Supply Division account and other instal- lation operated activities: Self -Service Supply Store, Clothing Initial...installation supply operations are the Self -Service Supply Center, Clothing Sales Store, Central Issue Facility, and Clothing Initial Issue Point. Stock- age...stocks, stocks for installation operated supply activities such as the Self Service Supply Store, Clothing Sales Store and

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 11—Stampede Creek, a 20-year progress report.

Treesearch

Robert O. Curtis

1992-01-01

Results of the first 20 years of the Stampede Creek levels-of-growing-stock study in southwest Oregon are summarized. To age 53, growth in this site III Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco) stand has been strongly related to level of growing stock. Marked differences in volume distribution by tree sizes are developing as a result of...

Research on energy stock market associated network structure based on financial indicators

NASA Astrophysics Data System (ADS)

Xi, Xian; An, Haizhong

2018-01-01

A financial market is a complex system consisting of many interacting units. In general, due to the various types of information exchange within the industry, there is a relationship between the stocks that can reveal their clear structural characteristics. Complex network methods are powerful tools for studying the internal structure and function of the stock market, which allows us to better understand the stock market. Applying complex network methodology, a stock associated network model based on financial indicators is created. Accordingly, we set threshold value and use modularity to detect the community network, and we analyze the network structure and community cluster characteristics of different threshold situations. The study finds that the threshold value of 0.7 is the abrupt change point of the network. At the same time, as the threshold value increases, the independence of the community strengthens. This study provides a method of researching stock market based on the financial indicators, exploring the structural similarity of financial indicators of stocks. Also, it provides guidance for investment and corporate financial management.

Multilayer Stock Forecasting Model Using Fuzzy Time Series

PubMed Central

Javedani Sadaei, Hossein; Lee, Muhammad Hisyam

2014-01-01

After reviewing the vast body of literature on using FTS in stock market forecasting, certain deficiencies are distinguished in the hybridization of findings. In addition, the lack of constructive systematic framework, which can be helpful to indicate direction of growth in entire FTS forecasting systems, is outstanding. In this study, we propose a multilayer model for stock market forecasting including five logical significant layers. Every single layer has its detailed concern to assist forecast development by reconciling certain problems exclusively. To verify the model, a set of huge data containing Taiwan Stock Index (TAIEX), National Association of Securities Dealers Automated Quotations (NASDAQ), Dow Jones Industrial Average (DJI), and S&P 500 have been chosen as experimental datasets. The results indicate that the proposed methodology has the potential to be accepted as a framework for model development in stock market forecasts using FTS. PMID:24605058

Stock Issues in Aristotle's Rhetoric

ERIC Educational Resources Information Center

Harpine, Bill

1977-01-01

Defines "stock issue" by the manner in which they function in Aristotle's theory, reviews examples of modern theories of stock issues, examines previous investigations of the "Rhetoric," and analyzes Aristotle's approach to this aspect of argumentation. (MH)

Estimating Soil Organic Carbon stocks and uncertainties for the National inventory Report - a study case in Southern Belgium

NASA Astrophysics Data System (ADS)

Chartin, Caroline; Stevens, Antoine; Kruger, Inken; Esther, Goidts; Carnol, Monique; van Wesemael, Bas

2016-04-01

As many other countries, Belgium complies with Annex I of the United Nations Framework Convention on Climate Change (UNFCCC). Belgium thus reports its annual greenhouse gas emissions in its national inventory report (NIR), with a distinction between emissions/sequestration in cropland and grassland (EU decision 529/2013). The CO2 fluxes are then based on changes in SOC stocks computed for each of these two types of landuse. These stocks are specified for each of the agricultural regions which correspond to areas with similar agricultural practices (rotations and/or livestock) and yield potentials. For Southern Belgium (Wallonia) consisting of ten agricultural regions, the Soil Monitoring Network (SMN) 'CARBOSOL' has been developed this last decade to survey the state of agricultural soils by quantifying SOC stocks and their evolution in a reasonable number of locations complying with the time and funds allocated. Unfortunately, the 592 points of the CARBOSOL network do not allow a representative and a sound estimation of SOC stocks and its uncertainties for the 20 possible combinations of land use/agricultural regions. Moreover, the SMN CARBIOSOL is based on a legacy database following a convenience scheme sampling strategy rather than a statistical scheme defined by design-based or model-based strategies. Here, we aim to both quantify SOC budgets (i.e., How much?) and spatialize SOC stocks (i.e., Where?) at regional scale (Southern Belgium) based on data from the SMN described above. To this end, we developed a computation procedure based on Digital Soil Mapping techniques and stochastic simulations (Monte-Carlo) allowing the estimation of multiple (10,000) independent spatialized datasets. This procedure accounts for the uncertainties associated to estimations of both i) SOC stock at the pixelscale and ii) parameters of the models. Based on these 10,000 individual realizations of the spatial model, mean SOC stocks and confidence intervals can be then computed at

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 08—The LOGS Study, 20-year results.

Treesearch

Robert O. Curtis; David D. Marshall

1986-01-01

This progress report reviews the history and status of the cooperative levels-of-growing-stock study in coast Douglas-fir, begun in 1961, in Oregon, Washington, and British Columbia. It presents new analyses, including comparisons among some installations. Data now available are primarily from the site II installations, which are approaching completion of the study....

Estimating Soil Organic Carbon stocks and uncertainties at the regional scale following a legacy sampling strategy - a case study from southern Belgium

NASA Astrophysics Data System (ADS)

Chartin, Caroline; Krüger, Inken; Goidts, Esther; Carnol, Monique; van Wesemael, Bas

2017-04-01

The quantification and the spatialisation of reliable SOC stocks (Mg C ha-1) and total stock (Tg C) baselines and associated uncertainties are fundamental to detect the gains or losses in SOC, and to locate sensitive areas with low SOC levels. Here, we aim to both quantify and spatialize SOC stocks at regional scale (southern Belgium) based on data from one non-design-based nor model-based sampling scheme. To this end, we developed a computation procedure based on Digital Soil Mapping techniques and stochastic simulations (Monte-Carlo) allowing the estimation of multiple (here, 10,000) independent spatialized datasets. The computation of the prediction uncertainty accounts for the errors associated to the both estimations of i) SOC stock at the pixel-related area scale and ii) parameters of the spatial model. Based on these 10,000 individuals, median SOC stocks and 90% prediction intervals were computed for each pixel, as well as total SOC stocks and their 90% prediction intervals for selected sub-areas and for the entire study area. Hence, a Generalised Additive Model (GAM) explaining 69.3 % of the SOC stock variance was calibrated and then validated (R2 = 0.64). The model overestimated low SOC stock (below 50 Mg C ha-1) and underestimated high SOC stock (especially those above 100 Mg C kg-1). A positive gradient of SOC stock occurred from the northwest to the center of Wallonia with a slight decrease on the southernmost part, correlating to the evolution of precipitation and temperature (along with elevation) and dominant land use. At the catchment scale higher SOC stocks were predicted on valley bottoms, especially for poorly drained soils under grassland. Mean predicted SOC stocks for cropland and grassland in Wallonia were of 26.58 Tg C (SD 1.52) and 43.30 Tg C (2.93), respectively. The procedure developed here allowed to predict realistic spatial patterns of SOC stocks all over agricultural lands of southern Belgium and to produce reliable statistics of total

Healthcare stocks expected to remain strong.

PubMed

Pallarito, K

1991-05-27

While healthcare stocks are likely to remain at the top of Wall Street's list of favorites, healthcare analysts and money managers say they don't expect to see the same quality of healthcare companies issuing stock the rest of the year. They say that in the coming months, more companies of lesser quality will sell stock at inflated prices, compared with their earnings.

Base stock system for patient vs impatient customers with varying demand distribution

NASA Astrophysics Data System (ADS)

Fathima, Dowlath; Uduman, P. Sheik

2013-09-01

An optimal Base-Stock inventory policy for Patient and Impatient Customers using finite-horizon models is examined. The Base stock system for Patient and Impatient customers is a different type of inventory policy. In case of the model I, Base stock for Patient customer case is evaluated using the Truncated Exponential Distribution. The model II involves the study of Base-stock inventory policies for Impatient customer. A study on these systems reveals that the Customers wait until the arrival of the next order or the customers leaves the system which leads to lost sale. In both the models demand during the period [0, t] is taken to be a random variable. In this paper, Truncated Exponential Distribution satisfies the Base stock policy for the patient customer as a continuous model. So far the Base stock for Impatient Customers leaded to a discrete case but, in this paper we have modeled this condition into a continuous case. We justify this approach mathematically and also numerically.

Results after 20 years from a western larch levels-of-growing-stock study.

Treesearch

K.W. Seidel

1987-01-01

The 20-year growth response from a levels-of-growing-stock study in an even-aged western larch stand in eastern Oregon, first thinned at age 33, showed that trees growing at low stand densities grew more rapidly in diameter than trees in high-density plots. Height growth was relatively uniform among density levels. Both basal-area and total cubic-volume increment...

A quantum anharmonic oscillator model for the stock market

NASA Astrophysics Data System (ADS)

Gao, Tingting; Chen, Yu

2017-02-01

A financially interpretable quantum model is proposed to study the probability distributions of the stock price return. The dynamics of a quantum particle is considered an analog of the motion of stock price. Then the probability distributions of price return can be computed from the wave functions that evolve according to Schrodinger equation. Instead of a harmonic oscillator in previous studies, a quantum anharmonic oscillator is applied to the stock in liquid market. The leptokurtic distributions of price return can be reproduced by our quantum model with the introduction of mixed-state and multi-potential. The trend following dominant market, in which the price return follows a bimodal distribution, is discussed as a specific case of the illiquid market.

Effects of multiple interacting disturbances and salvage logging on forest carbon stocks

Treesearch

John B. Bradford; Shawn Fraver; Amy M. Milo; Anthony W. D' Amato; Brian J. Palik

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...

Stock markets are not what we think they are: the key roles of cross-ownership and corporate treasury stock

NASA Astrophysics Data System (ADS)

Roehner, Bertrand M.

2005-03-01

We describe, document and statistically test three mechanisms by which corporations can influence or even control stock prices: (i) Parent and holding companies wield control over other publicly traded companies. (ii) Through clever management of treasury stock based on buyback programs and stock issuance, stock price fluctuations can be amplified or curbed. The shock of September 11, 2001 is used to test this effect. (iii) Finally, historical evidence shows that there is a close interdependence between the level of stock prices on the one hand and merger and acquisition activity on the other hand: on average, a 10% increase in the number of mergers brings about a 3% increase in the overall level of stock prices. If one adds up buybacks, initial public offerings and takeover transactions, all of which depend upon strategic decisions taken by corporate management, they represent on average 7.2% of the trade on the New York Stock Exchange over the period 1987-2003 (as much as 12% in specific years such as 1988). This perspective, in which the Boards of Directors of major companies “shepherd” the market, offers a natural interpretation of the so-called “herd behavior” observed in stock markets. The traditional view holds that, by driving profit expectations, corporations have an indirect role in shaping the market. In this paper, we suggest that over the last decades they became more and more the direct moving force of stock markets.

Clustering stocks using partial correlation coefficients

NASA Astrophysics Data System (ADS)

Jung, Sean S.; Chang, Woojin

2016-11-01

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

Relation of snowpack Accumulation to Red Pine Stocking

Treesearch

Edward A. Hansen

1969-01-01

A snow accumulation study was conducted in a 33-year-old red pine plantation thinned to different stocking levels. Snowpack water content increased an average of 2 percent for each 10 square feet of basal area reduction, within the range of 60 to 180 square feet of basal area. Reducing plantation stocking from 180 to 60 square feet of basal area per acre would result...

Impaired fertility in T-stock female mice after superovulation

DOE Office of Scientific and Technical Information (OSTI.GOV)

Wyrobek, A J; Bishop, J B; Marchetti, F

2003-12-05

Superovulation of female mice with exogenous gonadotrophins is routinely used for increasing the number of eggs ovulated by each female in reproductive and developmental studies. We report an unusual effect of superovulation on fertilization in mice. In vivo matings of superovulated T-stock females with B6C3F1 males resulted in a 2-fold reduction (P<0.001) in the frequencies of fertilized eggs compared to control B6C3F1 matings. In addition, {approx}22 hr after mating only 15% of fertilized eggs recovered in T-stock females had reached the metaphase stage of the first cleavage division versus 87% in B6C3F1 females (P < 0.0001). Matings with T-stock malesmore » did not improve the reproductive performance of T-stock females. To investigate the possible cause(s) for the impaired fertilization and zygotic development, the experiments were repeated using in vitro fertilization. Under these conditions, the frequencies of fertilized eggs were not different in superovulated T-stock and B6C3F1 females (51.7% {+-} 6.0 and 64.5% {+-}3.8, P=0.10). There was a 7-fold increase in the frequencies of fertilized T-stock eggs that completed the first cell cycle of development after in vitro versus in vivo fertilization. These results rule out an intrinsic deficiency of the T-stock oocyte as the main reason for the impaired fertility after in vivo matings and suggest that superovulation of T-stock females induces a hostile oviductal and uterine environment with dramatic effects on fertilization and zygotic development.« less

A stocking guide for eastern white pine

Treesearch

James S. Philbrook; James P. Barrett; William B. Leak

1973-01-01

A stocking chart for eastern white pine is presented and described. The chart shows basal areas and numbers of trees by mean stand diameter, representing the upper limit in stocking for practical management (A curve) and minimum stocking for full site utilization (B curve).

Stock price analysis of sustainable foreign investment companies in Indonesia

NASA Astrophysics Data System (ADS)

Fachrudin, Khaira Amalia

2018-03-01

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

26 CFR 1.422-2 - Incentive stock options defined.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 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 stock option defined—(1) In general. The term incentive stock option means an option that meets the...

The volatility of stock market prices.

PubMed

Shiller, R J

1987-01-02

If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.

12 CFR 7.2023 - Reverse stock splits.

Code of Federal Regulations, 2010 CFR

2010-01-01

... Corporate Practices § 7.2023 Reverse stock splits. (a) Authority to engage in reverse stock splits. A national bank may engage in a reverse stock split if the transaction serves a legitimate corporate purpose and provides adequate dissenting shareholders' rights. (b) Legitimate corporate purpose. Examples of...

Modeling Long-term Behavior of Stock Market Prices Using Differential Equations

NASA Astrophysics Data System (ADS)

Yang, Xiaoxiang; Zhao, Conan; Mazilu, Irina

2015-03-01

Due to incomplete information available in the market and uncertainties associated with the price determination process, the stock prices fluctuate randomly during a short period of time. In the long run, however, certain economic factors, such as the interest rate, the inflation rate, and the company's revenue growth rate, will cause a gradual shift in the stock price. Thus, in this paper, a differential equation model has been constructed in order to study the effects of these factors on the stock prices. The model obtained accurately describes the general trends in the AAPL and XOM stock price changes over the last ten years.

Genetic contribution of hatchery fish to walleye stocks in Saginaw Bay, Michigan

USGS Publications Warehouse

Todd, Thomas N.; Haas, Robert C.; Schramm, Harold L.; Piper, Robert G.

1995-01-01

Stocks of walleye (Stizostedion vitreum) were severely depressed in Saginaw Bay in the 1970s. In 1979, the Michigan Department of Natural Resources began intensive stocking of walleye fingerlings to bolster fish populations. Subsequent to stocking, the walleye fishery has recovered. The study objective was to determine if recovery was due to the stocking program or natural reproduction. Inherent genetic differences between hatchery fish and endemic walleyes were used to determine the effect and contribution of hatchery fish to Saginaw Bay.

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 13—The Francis Study, 1963-90.

Treesearch

Gerald E. Hoyer; Norman A. Andersen; David Marshall

1996-01-01

Results of the Francis installation of the levels-of-growing-stock study in Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco), begun at stand age 15, are summarized together with results from additional first-thinning treatments started at age 25. To age 42 (5 years beyond the last planned thinning), total cubic-foot volume growth on this mid-site...

Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

NASA Astrophysics Data System (ADS)

Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

2016-08-01

We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

Improved alternatives for estimating in-use material stocks.

PubMed

Chen, Wei-Qiang; Graedel, T E

2015-03-03

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.

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.

Evolutions of fluctuation modes and inner structures of global stock markets

NASA Astrophysics Data System (ADS)

Yan, Yan; Wang, Lei; Liu, Maoxin; Chen, Xiaosong

2016-09-01

The paper uses empirical data, including 42 globally main stock indices in the period 1996-2014, to systematically study the evolution of fluctuation modes and inner structures of global stock markets. The data are large in scale considering both time and space. A covariance matrix-based principle fluctuation mode analysis (PFMA) is used to explore the properties of the global stock markets. It has been ignored by previous studies that covariance matrix is more suitable than the correlation matrix to be the basis of PFMA. It is found that the principle fluctuation modes of global stock markets are in the same directions, and global stock markets are divided into three clusters, which are found to be closely related to the countries’ locations with exceptions of China, Russia and Czech Republic. A time-stable correlation network constructing method is proposed to solve the problem of high-level statistical uncertainty when the estimated periods are very short, and the complex dynamic network (CDN) is constructed to investigate the evolution of inner structures. The results show when the clusters emerge and how long the clusters exist. When the 2008 financial crisis broke out, the indices form one cluster. After these crises, only the European cluster still exists. These findings complement the previous studies, and can help investors and regulators to understand the global stock markets.

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

NASA Astrophysics Data System (ADS)

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

2012-09-01

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

Impact of disguise on identification decisions and confidence with simultaneous and sequential lineups.

PubMed

Mansour, Jamal K; Beaudry, Jennifer L; Bertrand, Michelle I; Kalmet, Natalie; Melsom, Elisabeth I; Lindsay, Roderick C L

2012-12-01

Prior research indicates that disguise negatively affects lineup identifications, but the mechanisms by which disguise works have not been explored, and different disguises have not been compared. In two experiments (Ns = 87 and 91) we manipulated degree of coverage by two different types of disguise: a stocking mask or sunglasses and toque (i.e., knitted hat). Participants viewed mock-crime videos followed by simultaneous or sequential lineups. Disguise and lineup type did not interact. In support of the view that disguise prevents encoding, identification accuracy generally decreased with degree of disguise. For the stocking disguise, however, full and 2/3 coverage led to approximately the same rate of correct identifications--which suggests that disrupting encoding of specific features may be as detrimental as disrupting a whole face. Accuracy was most affected by sunglasses and we discuss the role metacognitions may have played. Lineup selections decreased more slowly than accuracy as coverage by disguise increased, indicating witnesses are insensitive to the effect of encoding conditions on accuracy. We also explored the impact of disguise and lineup type on witnesses' confidence in their lineup decisions, though the results were not straightforward.

Another Look at the Volatility of Stock Prices

ERIC Educational Resources Information Center

Maruszewski, Richard F., Jr.

2007-01-01

Investors are interested in the volatility of a stock for various reasons. One investor may desire to purchase a low volatility stock for peace of mind. Another may be interested in a high volatility stock in order to have the opportunity to buy low and sell high as the price of the stock oscillates. This author had the fortunate timing of reading…

Wild-derived mouse stocks: an underappreciated tool for aging research

PubMed Central

2008-01-01

Virtually all biomedical research makes use of a relatively small pool of laboratory-adapted, inbred, isogenic stocks of mice. Although the advantages of these models are many, there are a number of disadvantages as well. When studying a multifaceted process such as aging, the problems associated with using laboratory stocks are greatly inflated. On the other hand, wild-derived mouse stocks, loosely defined here as either wild-caught individuals or the recent progeny of wild-caught individuals, have much to offer to biogerontology research. Hence, the aims of this review are threefold: (1) to (re)acquaint readers with the pros and cons of using a typical inbred laboratory mouse model for aging research; (2) to reintroduce the notion of using wild-derived mouse stocks in aging research as championed by Austad, Miller and others for more than a decade, and (3) to provide an overview of recent advances in biogerontology using wild-derived mouse stocks. PMID:19424863

Emerging interdependence between stock values during financial crashes.

PubMed

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

2017-01-01

To identify emerging interdependencies between traded stocks we investigate the behavior of the stocks of FTSE 100 companies in the period 2000-2015, by looking at daily stock values. Exploiting the power of information theoretical measures to extract direct influences between multiple time series, we compute the information flow across stock values to identify several different regimes. While small information flows is detected in most of the period, a dramatically different situation occurs in the proximity of global financial crises, where stock values exhibit strong and substantial interdependence for a prolonged period. This behavior is consistent with what one would generally expect from a complex system near criticality in physical systems, showing the long lasting effects of crashes on stock markets.

Emerging interdependence between stock values during financial crashes

PubMed Central

Tsui, Enoch Yan Lok; Saad, David

2017-01-01

To identify emerging interdependencies between traded stocks we investigate the behavior of the stocks of FTSE 100 companies in the period 2000-2015, by looking at daily stock values. Exploiting the power of information theoretical measures to extract direct influences between multiple time series, we compute the information flow across stock values to identify several different regimes. While small information flows is detected in most of the period, a dramatically different situation occurs in the proximity of global financial crises, where stock values exhibit strong and substantial interdependence for a prolonged period. This behavior is consistent with what one would generally expect from a complex system near criticality in physical systems, showing the long lasting effects of crashes on stock markets. PMID:28542278

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

PubMed

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

2015-01-01

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

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

PubMed Central

Bauters, Marijn; Hufkens, Koen; Lisingo, Janvier; Baert, Geert; Verbeeck, Hans; Boeckx, Pascal

2015-01-01

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

A multi-assets artificial stock market with zero-intelligence traders

NASA Astrophysics Data System (ADS)

Ponta, L.; Raberto, M.; Cincotti, S.

2011-01-01

In this paper, a multi-assets artificial financial market populated by zero-intelligence traders with finite financial resources is presented. The market is characterized by different types of stocks representing firms operating in different sectors of the economy. Zero-intelligence traders follow a random allocation strategy which is constrained by finite resources, past market volatility and allocation universe. Within this framework, stock price processes exhibit volatility clustering, fat-tailed distribution of returns and reversion to the mean. Moreover, the cross-correlations between returns of different stocks are studied using methods of random matrix theory. The probability distribution of eigenvalues of the cross-correlation matrix shows the presence of outliers, similar to those recently observed on real data for business sectors. It is worth noting that business sectors have been recovered in our framework without dividends as only consequence of random restrictions on the allocation universe of zero-intelligence traders. Furthermore, in the presence of dividend-paying stocks and in the case of cash inflow added to the market, the artificial stock market points out the same structural results obtained in the simulation without dividends. These results suggest a significative structural influence on statistical properties of multi-assets stock market.

The trading time risks of stock investment in stock price drop

NASA Astrophysics Data System (ADS)

Li, Jiang-Cheng; Tang, Nian-Sheng; Mei, Dong-Cheng; Li, Yun-Xian; Zhang, Wan

2016-11-01

This article investigates the trading time risk (TTR) of stock investment in the case of stock price drop of Dow Jones Industrial Average (ˆDJI) and Hushen300 data (CSI300), respectively. The escape time of stock price from the maximum to minimum in a data window length (DWL) is employed to measure the absolute TTR, the ratio of the escape time to data window length is defined as the relative TTR. Empirical probability density functions of the absolute and relative TTRs for the ˆDJI and CSI300 data evidence that (i) whenever the DWL increases, the absolute TTR increases, the relative TTR decreases otherwise; (ii) there is the monotonicity (or non-monotonicity) for the stability of the absolute (or relative) TTR; (iii) there is a peak distribution for shorter trading days and a two-peak distribution for longer trading days for the PDF of ratio; (iv) the trading days play an opposite role on the absolute (or relative) TTR and its stability between ˆDJI and CSI300 data.

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)

Mapping the Sensitivity of the Public Emotion to the Movement of STOCK Market Value: a Case Study of Manhattan

NASA Astrophysics Data System (ADS)

Kang, Y.; Wang, J.; Wang, Y.; Angsuesser, S.; Fei, T.

2017-09-01

We examined whether emotion expressed by users in social media can be influenced by stock market index or can predict the fluctuation of the stock market index. We collected the emotion data by using face detection technology and emotion cognition services for photos uploaded to Flickr. Each face's emotion was described in 8 dimensions the location was also recorded. An emotion score index was defined based on the combination of all 8 dimensions of emotion calculated by principal component analysis. The correlation coefficients between the stock market values and emotion scores are significant (R > 0.59 with p < 0.01). Using Granger Causality analysis for cause and effect detection, we found that users' emotion is influenced by stock market value change. A multiple linear regression model was established (R-square = 0.76) to explore the potential factors that influence the emotion score. Finally, a sensitivity map was created to show sensitive areas where human emotion is easily affected by the stock market changes. We concluded that in Manhattan region: (1) there is an obvious relationship between human emotion and stock market fluctuation; (2) emotion change follows the movements of the stock market; (3) the Times Square and Broadway Theatre are the most sensitive regions in terms of public emotional reaction to the economy represented by stock value.

Statistical properties of trading activity in Chinese stock market

NASA Astrophysics Data System (ADS)

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

2010-08-01

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

Inverted edge effects on carbon stocks in human-dominated landscapes

NASA Astrophysics Data System (ADS)

Romitelli, I.; Keller, M.; Vieira, S. A.; Metzger, J. P.; Reverberi Tambosi, L.

2017-12-01

Although the importance of tropical forests to regulate greenhouse gases is well documented, little is known about what factors affect the ability of these forests to store carbon in human-dominated landscapes. Among those factors, the landscape structure, particularly the amount of forest cover, the type of matrix and edge effects, can have important roles. We tested how carbon stock is influenced by a combination of factors of landscape composition (pasture and forest cover), landscape configuration (edge effect) and relief factors (slope, elevation and aspect). To test those relationships, we performed a robust carbon stock estimation with inventory and LiDAR data in human-dominated landscapes from the Brazilian Atlantic forest region. The study area showed carbon stock mean 45.49 ± 9.34 Mg ha-1. The interaction between forest cover, edge effect and slope was the best combination explanatory of carbon stock. We observed an inverted edge effect pattern where carbon stock is higher close to the edges of the studied secondary forests. This inverted edge effect observed contradicts the usual pattern reported in the literature for mature forests. We suppose this pattern is related with a positive effect that edge conditions can have stimulating forest regeneration, but the underlying processes to explain the observed pattern should still be tested. Those results suggest that Carbon stocks in human-dominated and fragmented landscapes can be highly affected by the landscape structure, and particularly that edges conditions can favor carbon sequestration in regenerating tropical forests.

How Random is the Walk: Efficiency of Indian Stock and Futures Markets

NASA Astrophysics Data System (ADS)

Basu, Udayan Kumar

Time series of prices of stock and its rates of return has been one of the major areas of study in Econophysics. The price of a stock depends on a number of factors as well as information related thereto, and how quickly and effectively the price of a stock assimilates all such information decides the efficiency of the stock market. Instead of individual stocks, people often study the behaviour of stock indices to get a feel of the market as a whole, and the outcomes of such studies for the Dow Jones Industrial Average (DJIA), the Nasdaq Index and the S & P 500 Index have been listed in a number of articles. In this context, it has also been argued that for a market to be considered sufficiently liquid, correlation between successive price movements and rates of return should be insignificant, because any significant correlation would lead to an arbitrage opportunity that is expected to be rapidly exploited and thus washed out. The residual correlations are those little enough not to be profitable for strategies due to imperfect market conditions. Unless transaction costs or slippages or any other impediment exists, leading to some transactional inefficiency, arbitrages would take place to bring back the markets to a stage of insignifficant correlations [1, 2].

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

PubMed

Santos, Daniel M C; Estrada, Gustavo C D; Fernandez, Viviane; Estevam, Marciel R M; Souza, Brunna T DE; Soares, Mário L G

2017-01-01

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

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.

Universal Behavior of Extreme Price Movements in Stock Markets

PubMed Central

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

2009-01-01

Many studies assume stock prices follow a random process known as geometric Brownian motion. Although approximately correct, this model fails to explain the frequent occurrence of extreme price movements, such as stock market crashes. Using a large collection of data from three different stock markets, we present evidence that a modification to the random model—adding a slow, but significant, fluctuation to the standard deviation of the process—accurately explains the probability of different-sized price changes, including the relative high frequency of extreme movements. Furthermore, we show that this process is similar across stocks so that their price fluctuations can be characterized by a single curve. Because the behavior of price fluctuations is rooted in the characteristics of volatility, we expect our results to bring increased interest to stochastic volatility models, and especially to those that can produce the properties of volatility reported here. PMID:20041178

A network analysis of the Chinese stock market

NASA Astrophysics Data System (ADS)

Huang, Wei-Qiang; Zhuang, Xin-Tian; Yao, Shuang

2009-07-01

In many practical important cases, a massive dataset can be represented as a very large network with certain attributes associated with its vertices and edges. Stock markets generate huge amounts of data, which can be use for constructing the network reflecting the market’s behavior. In this paper, we use a threshold method to construct China’s stock correlation network and then study the network’s structural properties and topological stability. We conduct a statistical analysis of this network and show that it follows a power-law model. We also detect components, cliques and independent sets in this network. These analyses allows one to apply a new data mining technique of classifying financial instruments based on stock price data, which provides a deeper insight into the internal structure of the stock market. Moreover, we test the topological stability of this network and find that it displays a topological robustness against random vertex failures, but it is also fragile to intentional attacks. Such a network stability property would be also useful for portfolio investment and risk management.

Semi-analytic valuation of stock loans with finite maturity

NASA Astrophysics Data System (ADS)

Lu, Xiaoping; Putri, Endah R. M.

2015-10-01

In this paper we study stock loans of finite maturity with different dividend distributions semi-analytically using the analytical approximation method in Zhu (2006). Stock loan partial differential equations (PDEs) are established under Black-Scholes framework. Laplace transform method is used to solve the PDEs. Optimal exit price and stock loan value are obtained in Laplace space. Values in the original time space are recovered by numerical Laplace inversion. To demonstrate the efficiency and accuracy of our semi-analytic method several examples are presented, the results are compared with those calculated using existing methods. We also present a calculation of fair service fee charged by the lender for different loan parameters.

Stock volatility and stroke mortality in a Chinese population.

PubMed

Zhang, Yuhao; Wang, Xin; Xu, Xiaohui; Chen, Renjie; Kan, Haidong

2013-09-01

This work was done to study the relationship between stock volatility and stroke mortality in Shanghai, China. Daily stroke death numbers and stock performance data from 1 January 2006 to 31 December 2008 in Shanghai were collected from the Shanghai Center for Disease Control and Prevention and Shanghai Stock Exchange (SSE), respectively. Data were analysed with overdispersed generalized linear Poisson models, controlling for long-term and seasonal trends of stroke mortality and weather conditions with natural smooth functions, as well as Index closing value, air pollution levels and day of the week. We observed a U-shaped relationship between the Index change and stroke deaths: both rising and falling of the Index were associated with more deaths, and the fewest deaths coincided with little or no change of the Index. We also examined the absolute daily change of the Index in relation to stroke deaths: each 100-point Index change corresponded to 3.22% [95% confidence interval (CI) 0.45-5.49] increase of stroke deaths. We found that stroke deaths fluctuated with daily stock changes in Shanghai, suggesting that stock volatility may adversely affect cerebrovascular health.

Stock structure of sea otters (Enhydra lutris kenyoni) in Alaska

USGS Publications Warehouse

Gorbics, C.S.; Bodkin, James L.

2001-01-01

Sea otters in Alaska are recognized as a single subspecies (Enhydra lutris kenyoni) and currently managed as a single, interbreeding population. However, geographic and behavioral mechanisms undoubtably constrain sea otter movements on much smaller scales. This paper applies the phylogeographic method (Dizon et al. 1992) and considers distribution, population response, phenotype and genotype data to identify stocks of sea otters within Alaska. The evidence for separate stock identity is genotypic (all stocks), phenotypic (Southcentral and Southwest stocks), and geographic distribution (Southeast stock), whereas population response data are equivocal (all stocks). Differences in genotype frequencies and the presence of unique genotypes among areas indicate restricted gene flow. Genetic exchange may be limited by little or no movement across proposed stock boundaries and discontinuities in distribution at proposed stock boundaries. Skull size differences (phenotypic) between Southwest and Southcentral Alaska populations further support stock separation. Population response information was equivocal in either supporting or refuting stock identity. On the basis of this review, we suggest the following: (1) a Southeast stock extending from Dixon Entrance to Cape Yakataga; (2) a Southcentral stock extending from Cape Yakataga to Cape Douglas including Prince William Sound and Kenai peninsula coast; and (3) a Southwest stock including Alaska Peninsula coast, the Aleutians to Attu Island, Barren, Kodiak, Pribilof Islands, and Bristol Bay.

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

... issuing corporation's stock from the issuing corporation for fair market value with cash contributed to... difference between the fair market value of the issuing corporation stock and the amount of money or the fair... market value of $100. To effectuate Y's agreement with C, X transfers to Y the X stock in a transaction...

26 CFR 1.1042-1T - Questions and answers relating to the sales of stock to employee stock ownership plans or certain...

Code of Federal Regulations, 2010 CFR

2010-04-01

... stock to employee stock ownership plans or certain cooperatives (temporary). 1.1042-1T Section 1.1042-1T...) INCOME TAXES Common Nontaxable Exchanges § 1.1042-1T Questions and answers relating to the sales of stock to employee stock ownership plans or certain cooperatives (temporary). Q-1: What does section 1042...

Development of a remote sensing technique to study the hydrology of earth stock tanks on a semiarid watershed

NASA Technical Reports Server (NTRS)

Cluff, C. B.; Lovely, C. J.

1974-01-01

The stock tanks considered are relatively small earthen reservoirs, built in tributary stream channels and drainageways. A remote sensing technique is developed for obtaining quantitative data on water levels and water losses from stock tanks. Details of the used approaches are discussed along with some difficulties which would have to be overcome in order to determine the effects of the stock tanks on stream flow.

Density variations and their influence on carbon stocks: case-study on two Biosphere Reserves in the Democratic Republic of Congo

NASA Astrophysics Data System (ADS)

De Ridder, Maaike; De Haulleville, Thalès; Kearsley, Elizabeth; Van den Bulcke, Jan; Van Acker, Joris; Beeckman, Hans

2014-05-01

It is commonly acknowledged that allometric equations for aboveground biomass and carbon stock estimates are improved significantly if density is included as a variable. However, not much attention is given to this variable in terms of exact, measured values and density profiles from pith to bark. Most published case-studies obtain density values from literature sources or databases, this way using large ranges of density values and possible causing significant errors in carbon stock estimates. The use of one single fixed value for density is also not recommended if carbon stock increments are estimated. Therefore, our objective is to measure and analyze a large number of tree species occurring in two Biosphere Reserves (Luki and Yangambi). Nevertheless, the diversity of tree species in these tropical forests is too high to perform this kind of detailed analysis on all tree species (> 200/ha). Therefore, we focus on the most frequently encountered tree species with high abundance (trees/ha) and dominance (basal area/ha) for this study. Increment cores were scanned with a helical X-ray protocol to obtain density profiles from pith to bark. This way, we aim at dividing the tree species with a distinct type of density profile into separate groups. If, e.g., slopes in density values from pith to bark remain stable over larger samples of one tree species, this slope could also be used to correct for errors in carbon (increment) estimates, caused by density values from simplified density measurements or density values from literature. In summary, this is most likely the first study in the Congo Basin that focuses on density patterns in order to check their influence on carbon stocks and differences in carbon stocking based on species composition (density profiles ~ temperament of tree species).

Survival of hatchery-reared lake trout stocked near shore and off shore in Lake Ontario

USGS Publications Warehouse

Elrod, Joseph H.

1997-01-01

Establishing a stock of mature, hatchery-reared fish is necessary to restore a self-sustaining population of lake trout Salvelinus namaycush in Lake Ontario. Stocking fish off shore rather than near shore to reduce predation on these fish by large lake trout or piscivorous birds may enhance survival of hatchery-reared fish and accelerate establishment of a population of adults. Results of an earlier study did not support routinely stocking fish off shore by helicopter in Lake Ontario, but stresses associated with helicopter stocking suggested another method of transporting fish off shore might enhance survival. I conducted this study to determine whether stocking lake trout off shore by barge would enhance first-year survival. Two lots of yearling lake trout were stocked at each of four locations in Lake Ontario in May 1992. One lot was stocked from shore, and an identical lot was transported by barge 3.4–10.4 km off shore of nearshore locations and stocked in water 46–52 m deep. Fish were recovered during trawl, gillnet, and creel surveys in 1992–1996. First-year survival of lake trout stocked off shore tended to be better than that of fish stocked near shore. Predation by double-crested cormorantsPhalacrocorax auritus likely affected survival of fish stocked near shore at two locations, 7 and 37 km, respectively, from a nesting colony of 5,443 pairs of double-crested cormorants. Predation by large lake trout remains a viable hypothesis, which explains, at least partially, lower survival of lake trout stocked near shore at two other locations. Stocking lake trout off shore of traditional nearshore stocking sites likely will enhance first-year survival of hatchery-reared fish and promote accumulation of an adult population, especially for those occassions where nearshore stocking locations are near nesting colonies of double-crested cormorants.

Correlation and volatility in an Indian stock market: A random matrix approach

NASA Astrophysics Data System (ADS)

Kulkarni, Varsha; Deo, Nivedita

2007-11-01

We examine the volatility of an Indian stock market in terms of correlation of stocks and quantify the volatility using the random matrix approach. First we discuss trends observed in the pattern of stock prices in the Bombay Stock Exchange for the three-year period 2000 2002. Random matrix analysis is then applied to study the relationship between the coupling of stocks and volatility. The study uses daily returns of 70 stocks for successive time windows of length 85 days for the year 2001. We compare the properties of matrix C of correlations between price fluctuations in time regimes characterized by different volatilities. Our analyses reveal that (i) the largest (deviating) eigenvalue of C correlates highly with the volatility of the index, (ii) there is a shift in the distribution of the components of the eigenvector corresponding to the largest eigenvalue across regimes of different volatilities, (iii) the inverse participation ratio for this eigenvector anti-correlates significantly with the market fluctuations and finally, (iv) this eigenvector of C can be used to set up a Correlation Index, CI whose temporal evolution is significantly correlated with the volatility of the overall market index.

Stocking Density Optimization for Enhanced Bioconversion of Fly Ash Enriched Vermicompost.

PubMed

Mupambwa, Hupenyu A; Mnkeni, Pearson N S

2016-05-01

Although it is widely agreed that stocking density critically affects the rate of vermicomposting, there is no established stocking density for mixtures of fly ash and other waste materials. This study sought to optimize (Savigny, 1826) stocking density for effective biodegradation and nutrient release in a fly ash-cow dung-waste paper (FCP) mixture. Four stocking densities of 0, 12.5, 25, and 37.5 g worms kg were evaluated. Although the 12.5, 25, and 37.5 g worms kg treatments all resulted in a mature vermicompost, stocking densities of 25 and 37.5 g worms kg resulted in faster maturity, higher humification parameters, and a significantly lower final C/N ratio (range 11.1-10.4). The activity of β-glucosidase and fluorescein diacetate hydrolysis enzymes showed faster stabilization at stocking densities of 25 and 37.5 g worms kg, indicating compost stability and maturity. Similarly, a stocking density of 25 g worms kg resulted in the highest release of Olsen-extractable P and (NO + NO)-N contents. The 0-, 12.5-, 25-, and 37.5-g treatments resulted in net Olsen P increases of 16.3, 38.9, 61.0, and 53.0%, respectively, after 10 wk. Although compost maturity could be attained at stocking densities of 12.5 g worms kg, for faster production of humified and nutrient-rich FCP vermicompost, a stocking density of 25 g worms kg seems most appropriate. Copyright © by the American Society of Agronomy, Crop Science Society of America, and Soil Science Society of America, Inc.

Cross-sectional test of the Fama-French three-factor model: Evidence from Bangladesh stock market

NASA Astrophysics Data System (ADS)

Hasan, Md. Zobaer; Kamil, Anton Abdulbasah

2014-09-01

Stock market is an important part of a country's economy. It supports the country's economic development and progress by encouraging the efficiency and profitability of firms. This research was designed to examine the risk-return association of companies in the Dhaka Stock Exchange (DSE) market of Bangladesh by using the Fama-French three-factor model structure. The model is based on three factors, which are stock beta, SMB (difference in returns of the portfolio with small market capitalisation minus that with big market capitalisation) and HML (difference in returns of the portfolio with high book-to-market ratio minus that with low book-to-market ratio). This study focused on the DSE market as it is one of the frontier emerging stock markets of South Asia. For this study, monthly stock returns from 71 non-financial companies were used for the period of January 2002 to December 2011. DSI Index was used as a proxy for the market portfolio and Bangladesh government 3-Month T-bill rate was used as the proxy for the risk-free asset. It was found that large capital stocks outperform small capital stocks and stocks with lower book-to-market ratios outperform stocks with higher book-to-market ratios in the context of Bangladesh stock market.

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

PubMed

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

2015-09-01

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

Stocking, growth, and yield of oak stands

Treesearch

Samuel F. Gingrich

1971-01-01

An appraisal of stocking in even-aged upland oak stands is a prerequisite for determining the cultural needs of a given stand. Most oak stands have sufficient stocking to utilize the site, but are deficient in high-quality trees. Thinning such stands offers a good opportunity to upgrade the relative quality of the growing stock and enhance the growth and yield...

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.

From berries to blocks: carbon stock quantification of a California vineyard.

PubMed

Morandé, Jorge Andres; Stockert, Christine M; Liles, Garrett C; Williams, John N; Smart, David R; Viers, Joshua H

2017-12-01

Quantifying terrestrial carbon (C) stocks in vineyards represents an important opportunity for estimating C sequestration in perennial cropping systems. Considering 7.2 M ha are dedicated to winegrape production globally, the potential for annual C capture and storage in this crop is of interest to mitigate greenhouse gas emissions. In this study, we used destructive sampling to measure C stocks in the woody biomass of 15-year-old Cabernet Sauvignon vines from a vineyard in California's northern San Joaquin Valley. We characterize C stocks in terms of allometric variation between biomass fractions of roots, aboveground wood, canes, leaves and fruits, and then test correlations between easy-to-measure variables such as trunk diameter, pruning weights and harvest weight to vine biomass fractions. Carbon stocks at the vineyard block scale were validated from biomass mounds generated during vineyard removal. Total vine C was estimated at 12.3 Mg C ha -1 , of which 8.9 Mg C ha -1 came from perennial vine biomass. Annual biomass was estimated at 1.7 Mg C ha -1 from leaves and canes and 1.7 Mg C ha -1 from fruit. Strong, positive correlations were found between the diameter of the trunk and overall woody C stocks (R 2  = 0.85), pruning weights and leaf and fruit C stocks (R 2  = 0.93), and between fruit weight and annual C stocks (R 2  = 0.96). Vineyard C partitioning obtained in this study provides detailed C storage estimations in order to understand the spatial and temporal distribution of winegrape C. Allometric equations based on simple and practical biomass and biometric measurements could enable winegrape growers to more easily estimate existing and future C stocks by scaling up from berries and vines to vineyard blocks.

The illogicality of stock-brokers: psychological experiments on the effects of prior knowledge and belief biases on logical reasoning in stock trading.

PubMed

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

2010-10-18

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. 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. 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. 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.

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…

Can Network Linkage Effects Determine Return? Evidence from Chinese Stock Market.

PubMed

Qiao, Haishu; Xia, Yue; Li, Ying

2016-01-01

This study used the dynamic conditional correlations (DCC) method to identify the linkage effects of Chinese stock market, and further detected the influence of network linkage effects on magnitude of security returns across different industries. Applying two physics-derived techniques, the minimum spanning tree and the hierarchical tree, we analyzed the stock interdependence within the network of the China Securities Index (CSI) industry index basket. We observed that that obvious linkage effects existed among stock networks. CII and CCE, CAG and ITH as well as COU, CHA and REI were confirmed as the core nodes in the three different networks respectively. We also investigated the stability of linkage effects by estimating the mean correlations and mean distances, as well as the normalized tree length of these indices. In addition, using the GMM model approach, we found inter-node influence within the stock network had a pronounced effect on stock returns. Our results generally suggested that there appeared to be greater clustering effect among the indexes belonging to related industrial sectors than those of diverse sectors, and network comovement was significantly affected by impactive financial events in the reality. Besides, stocks that were more central within the network of stock market usually had higher returns for compensation because they endured greater exposure to correlation risk.

High-frequency stock linkage and multi-dimensional stationary processes

NASA Astrophysics Data System (ADS)

Wang, Xi; Bao, Si; Chen, Jingchao

2017-02-01

In recent years, China's stock market has experienced dramatic fluctuations; in particular, in the second half of 2014 and 2015, the market rose sharply and fell quickly. Many classical financial phenomena, such as stock plate linkage, appeared repeatedly during this period. In general, these phenomena have usually been studied using daily-level data or minute-level data. Our paper focuses on the linkage phenomenon in Chinese stock 5-second-level data during this extremely volatile period. The method used to select the linkage points and the arbitrage strategy are both based on multi-dimensional stationary processes. A new program method for testing the multi-dimensional stationary process is proposed in our paper, and the detailed program is presented in the paper's appendix. Because of the existence of the stationary process, the strategy's logarithmic cumulative average return will converge under the condition of the strong ergodic theorem, and this ensures the effectiveness of the stocks' linkage points and the more stable statistical arbitrage strategy.

A self-similar hierarchy of the Korean stock market

NASA Astrophysics Data System (ADS)

Lim, Gyuchang; Min, Seungsik; Yoo, Kun-Woo

2013-01-01

A scaling analysis is performed on market values of stocks listed on Korean stock exchanges such as the KOSPI and the KOSDAQ. Different from previous studies on price fluctuations, market capitalizations are dealt with in this work. First, we show that the sum of the two stock exchanges shows a clear rank-size distribution, i.e., the Zipf's law, just as each separate one does. Second, by abstracting Zipf's law as a γ-sequence, we define a self-similar hierarchy consisting of many levels, with the numbers of firms at each level forming a geometric sequence. We also use two exponential functions to describe the hierarchy and derive a scaling law from them. Lastly, we propose a self-similar hierarchical process and perform an empirical analysis on our data set. Based on our findings, we argue that all money invested in the stock market is distributed in a hierarchical way and that a slight difference exists between the two exchanges.

Resources for Functional Genomics Studies in Drosophila melanogaster

PubMed Central

Mohr, Stephanie E.; Hu, Yanhui; Kim, Kevin; Housden, Benjamin E.; Perrimon, Norbert

2014-01-01

Drosophila melanogaster has become a system of choice for functional genomic studies. Many resources, including online databases and software tools, are now available to support design or identification of relevant fly stocks and reagents or analysis and mining of existing functional genomic, transcriptomic, proteomic, etc. datasets. These include large community collections of fly stocks and plasmid clones, “meta” information sites like FlyBase and FlyMine, and an increasing number of more specialized reagents, databases, and online tools. Here, we introduce key resources useful to plan large-scale functional genomics studies in Drosophila and to analyze, integrate, and mine the results of those studies in ways that facilitate identification of highest-confidence results and generation of new hypotheses. We also discuss ways in which existing resources can be used and might be improved and suggest a few areas of future development that would further support large- and small-scale studies in Drosophila and facilitate use of Drosophila information by the research community more generally. PMID:24653003

24 CFR 1000.314 - What is formula current assisted stock?

Code of Federal Regulations, 2010 CFR

2010-04-01

... recipient and are under management as indicated in the Formula Response Form. Formula current assisted stock... stock? 1000.314 Section 1000.314 Housing and Urban Development Regulations Relating to Housing and Urban... current assisted stock? Formula current assisted stock is current assisted stock as described in § 1000...

Scaling and volatility of breakouts and breakdowns in stock price dynamics.

PubMed

Liu, Lu; Wei, Jianrong; Huang, Jiping

2013-01-01

Because the movement of stock prices is not only ubiquitous in financial markets but also crucial for investors, extensive studies have been done to understand the law behind it. In particular, since the financial crisis in 2008, researchers have a more interest in investigating large market volatilities in order to grasp changing market trends. In this work, we analyze the breakouts and breakdowns of both the Standard & Poor's 500 Index in the US stock market and the Shanghai Composite Index in the Chinese stock market. The breakout usually represents an ongoing upward trend in technical analysis while the breakdown represents an ongoing downward trend. Based on the renormalization method, we introduce two parameters to quantize breakouts and breakdowns, respectively. We discover scaling behavior, characterized by power-law distributions for both the breakouts and breakdowns in the two financial markets with different power-law exponents, which reflect different market volatilities. In detail, the market volatility for breakdowns is usually larger than that for breakouts. Moreover, as an emerging market, the Chinese stock market has larger market volatilities for both the breakouts and breakdowns than the US stock market (a mature market). Further, the short-term volatilities show similar features for both the US stock market and the Chinese stock market. However, the medium-term volatilities in the US stock market are almost symmetrical for the breakouts and breakdowns, whereas those in the Chinese stock market appear to be asymmetrical for the breakouts and breakdowns. The methodology presented here provides a way to understand scaling and hence volatilities of breakouts and breakdowns in stock price dynamics. Our findings not only reveal the features of market volatilities but also make a comparison between mature and emerging financial markets.

Scaling and Volatility of Breakouts and Breakdowns in Stock Price Dynamics

PubMed Central

Liu, Lu; Wei, Jianrong; Huang, Jiping

2013-01-01

Background Because the movement of stock prices is not only ubiquitous in financial markets but also crucial for investors, extensive studies have been done to understand the law behind it. In particular, since the financial crisis in 2008, researchers have a more interest in investigating large market volatilities in order to grasp changing market trends. Methodology/Principal Findings In this work, we analyze the breakouts and breakdowns of both the Standard & Poor’s 500 Index in the US stock market and the Shanghai Composite Index in the Chinese stock market. The breakout usually represents an ongoing upward trend in technical analysis while the breakdown represents an ongoing downward trend. Based on the renormalization method, we introduce two parameters to quantize breakouts and breakdowns, respectively. We discover scaling behavior, characterized by power-law distributions for both the breakouts and breakdowns in the two financial markets with different power-law exponents, which reflect different market volatilities. In detail, the market volatility for breakdowns is usually larger than that for breakouts. Moreover, as an emerging market, the Chinese stock market has larger market volatilities for both the breakouts and breakdowns than the US stock market (a mature market). Further, the short-term volatilities show similar features for both the US stock market and the Chinese stock market. However, the medium-term volatilities in the US stock market are almost symmetrical for the breakouts and breakdowns, whereas those in the Chinese stock market appear to be asymmetrical for the breakouts and breakdowns. Conclusions/Signicance The methodology presented here provides a way to understand scaling and hence volatilities of breakouts and breakdowns in stock price dynamics. Our findings not only reveal the features of market volatilities but also make a comparison between mature and emerging financial markets. PMID:24376577

The molecular karyotype of the megabase chromosomes of Trypanosoma brucei stock 427.

PubMed

Melville, S E; Leech, V; Navarro, M; Cross, G A

2000-12-01

We present the molecular karyotype of the megabase chromosomes of Trypanosoma brucei stock 427, clone 221a. This cloned stock is most commonly used in research laboratories in genetic manipulation experiments and in studies of antigenic variation. Using 116 previously characterised chromosome-specific markers, we identify 11 diploid pairs of megabase chromosomes and detect no loss of synteny in EST and gene marker distribution between this stock and the genome project reference stock TREU 927/4. Nevertheless, the chromosomes of 427 are all larger than their homologues in 927, except chromosomes IIa and IXa. The greatest size variation is seen in chromosome I, the smallest of which is 1.1 Mb (927-Ia) and the largest 3.6 Mb (427-Ib). The total nuclear DNA content of both stocks has been estimated by comparison of the mobility of T. brucei and yeast chromosomes. Trypanosomes of stock 427 contain approximately 16.5 Mb more megabase chromosomal DNA than those of stock 927. We have detected the presence of bloodstream-form expression-site-associated sequences on eight or more megabase chromosomes. These sequences are not found on the same chromosomes in each stock. We have determined the chromosomal band location of nine characterised variant surface glycoprotein genes, including the currently expressed VSG 221. Our results demonstrate both the stability of the T. brucei genome, as illustrated by the conservation of syntenic groups of genes in the two stocks, and the polymorphic nature of the genomic regions involved in antigenic variation. We propose that the chromosomes of stock 427 be numbered to correspond to their homologues in the genome project reference stock TREU 927/4.

Dynamics of organic carbon stock of Estonian arable and grassland peat soils

NASA Astrophysics Data System (ADS)

Kauer, Karin; Tammik, Kerttu; Penu, Priit

2016-04-01

Peat soils represent globally a major reserve of soil organic carbon (SOC). Estimation of changes in SOC stocks is important for understanding soil carbon sequestration and dynamics of greenhouse gas emissions. The aim of this study was to estimate the SOC stock of Estonian agricultural peat soils and SOC stock change depending on land use type (arable land and long-term grasslands (over 5 years)). The soils were classified as Histosols according to WRB classification. Generally the arable land was used for growing cereals, oilseed rape, legumes and used as ley in crop rotation. The main technique of soil cultivation was ploughing. During 2002-2015 the soil samples of 0-20 cm soil layer (one average soil sample per 1-5 ha) were collected. The SOC content was measured by NIRS method. The SOC stock was calculated by assuming that soil mean bulk density is 0.3 g cm-3. The SOC stock change in arable land was estimated during 3-13 years (N=91) and in grassland 4-13 year (N=163). The average SOC content of peat soils varied from 150.6 to 549.0 mg g-1. The initial SOC stock of arable land was 271.3 t ha-1 and of grassland 269.3 t ha-1. The SOC stock declined in arable peat soils faster (-2.57 t ha-1 y-1) compared to the changes in grassland peat soils (-0.67 t ha-1 y-1). According to the length of the study period the SOC stock change per year varied from -5.14 to 6.64 t ha-1 y-1 in grasslands and from -14.78 to 0.83 t ha-1 y-1 in arable land, although there was no clear relationship between the SOC stock change and the length of the study period. More detailed information about the properties of agricultural land and land use history is needed to analyse the causes of the SOC stock changes in agricultural peat soils. However, from the current research we can conclude that the SOC stock of arable and grassland peat soils is declining during the cultivation. These decreases are important to specify when considering the role of peat soils in atmospheric greenhouse gas

Exploring life history characteristics of naturalized versus stocked chinook

USGS Publications Warehouse

Rogers, Mark W.; Kerns, Janice A; Bunnell, David B.; Claramunt, Randall M.; Collingsworth, Paris D.

2011-01-01

Naturalization of stocked populations can result in divergence of life-history traits from domestic stocks. Lake Michigan supports popular Chinook (Oncorhynchus tshawytscha) Salmon fisheries that have been sustained by stocking since the late 1960s. Natural recruitment of Chinook Salmon in Lake Michigan has increased in the last few decades and currently contributes over 50% of Chinook Salmon recruits. Samples collected as part of a lakewide mass-marking of Lake Michigan Chinook Salmon, starting with the 2006 year class, indicated hatchery fish average 30-mm longer and 130 grams heavier than naturalized fish at age-1. We hypothesized that selective forces differ for naturalized and hatchery populations resulting in divergent life-history characteristics with implications for Chinook Salmon population production and the Lake Michigan fishery. Specific life-history metrics of interest include: age- and size- at maturity, spawning run timing, fecundity, and sex ratio. Objectives: We evaluated life history characteristics between naturally recruited and stocked Chinook Salmon in Lake Michigan to help discern potential changes resulting from naturalization and implications for fisheries. A. Conduct an analysis of historical data to determine if life-history parameters changed through time as the Chinook Salmon population became increasingly naturalized. B. Conduct a two-year field study of naturalized and hatchery stocked Chinook Salmon spawning populations to quantify differences in life-history metrics of adults. C. Determine if reproductive potential differs between naturalized and hatchery stocked Chinook salmon by measuring egg thiamine levels.

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 19—The Iron Creek study, 1966–2006.

Treesearch

Robert O. Curtis; David D. Marshall

2009-01-01

This report documents the history and results of the Iron Creek installation of the cooperative Levels-of-Growing-Stock (LOGS) study in Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco), over the period 1966–2006 (ages 19 to 59). This is a 1949 plantation on an excellent site, and is one of nine installations in the study. Results are generally...

26 CFR 1.1296-2 - Definition of marketable stock.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Definition of marketable stock. 1.1296-2 Section... Definition of marketable stock. (a) General rule. For purposes of section 1296, the term marketable stock means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as defined in...

76 FR 35084 - Mutual to Stock Conversion Application

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-15

... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Mutual to Stock Conversion Application... invite comments on the following information collection. Title of Proposal: Mutual to Stock Conversion... and soundness of the proposed stock conversion. The purpose of the information collection is to...

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.

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

Persistence Probability Analyzed on the Taiwan STOCK Market

NASA Astrophysics Data System (ADS)

Chen, I.-Chun; Chen, Hung-Jung; Tseng, Hsen-Che

We report a numerical study of the Taiwan stock market, in which we used three data sources: the daily Taiwan stock exchange index (TAIEX) from January 1983 to May 2006, the daily OTC index from January 1995 to May 2006, and the one-min intraday data from February 2000 to December 2003. Our study is based on numerical estimates of persistence exponent θp, Hurst exponent H2, and fluctuation exponent h2. We also discuss the results concerning persistence probability P(t), qth-order price-price correlation function Gq(t), and qth-order normalized fluctuation function fq(t) among these indices.

Predicting the Direction of Stock Market Index Movement Using an Optimized Artificial Neural Network Model.

PubMed

Qiu, Mingyue; Song, Yu

2016-01-01

In the business sector, it has always been a difficult task to predict the exact daily price of the stock market index; hence, there is a great deal of research being conducted regarding the prediction of the direction of stock price index movement. Many factors such as political events, general economic conditions, and traders' expectations may have an influence on the stock market index. There are numerous research studies that use similar indicators to forecast the direction of the stock market index. In this study, we compare two basic types of input variables to predict the direction of the daily stock market index. The main contribution of this study is the ability to predict the direction of the next day's price of the Japanese stock market index by using an optimized artificial neural network (ANN) model. To improve the prediction accuracy of the trend of the stock market index in the future, we optimize the ANN model using genetic algorithms (GA). We demonstrate and verify the predictability of stock price direction by using the hybrid GA-ANN model and then compare the performance with prior studies. Empirical results show that the Type 2 input variables can generate a higher forecast accuracy and that it is possible to enhance the performance of the optimized ANN model by selecting input variables appropriately.

Predicting the Direction of Stock Market Index Movement Using an Optimized Artificial Neural Network Model

PubMed Central

Qiu, Mingyue; Song, Yu

2016-01-01

In the business sector, it has always been a difficult task to predict the exact daily price of the stock market index; hence, there is a great deal of research being conducted regarding the prediction of the direction of stock price index movement. Many factors such as political events, general economic conditions, and traders’ expectations may have an influence on the stock market index. There are numerous research studies that use similar indicators to forecast the direction of the stock market index. In this study, we compare two basic types of input variables to predict the direction of the daily stock market index. The main contribution of this study is the ability to predict the direction of the next day’s price of the Japanese stock market index by using an optimized artificial neural network (ANN) model. To improve the prediction accuracy of the trend of the stock market index in the future, we optimize the ANN model using genetic algorithms (GA). We demonstrate and verify the predictability of stock price direction by using the hybrid GA-ANN model and then compare the performance with prior studies. Empirical results show that the Type 2 input variables can generate a higher forecast accuracy and that it is possible to enhance the performance of the optimized ANN model by selecting input variables appropriately. PMID:27196055

Enhancing Nursing Staffing Forecasting With Safety Stock Over Lead Time Modeling.

PubMed

McNair, Douglas S

2015-01-01

In balancing competing priorities, it is essential that nursing staffing provide enough nurses to safely and effectively care for the patients. Mathematical models to predict optimal "safety stocks" have been routine in supply chain management for many years but have up to now not been applied in nursing workforce management. There are various aspects that exhibit similarities between the 2 disciplines, such as an evolving demand forecast according to acuity and the fact that provisioning "stock" to meet demand in a future period has nonzero variable lead time. Under assumptions about the forecasts (eg, the demand process is well fit as an autoregressive process) and about the labor supply process (≥1 shifts' lead time), we show that safety stock over lead time for such systems is effectively equivalent to the corresponding well-studied problem for systems with stationary demand bounds and base stock policies. Hence, we can apply existing models from supply chain analytics to find the optimal safety levels of nurse staffing. We use a case study with real data to demonstrate that there are significant benefits from the inclusion of the forecast process when determining the optimal safety stocks.

Analysis of the efficiency-integration nexus of Japanese stock market

NASA Astrophysics Data System (ADS)

Rizvi, Syed Aun R.; Arshad, Shaista

2017-03-01

This paper attempts a novel approach in analysing the Japanese economy through a dual-dimension analysis of its stock market, examining the efficiency and market integration. Taking a period of 24 years, this study employs MFDFA and MGARCH to understand how the efficiency and integration of the stock market faired during different business cycle phases of the Japanese economy. The results showed improving efficiency over the time period. For the case of market integration, our findings conform to recent literature on business cycles and stock market integration that every succeeding recession creates a break into integration levels resulting in a decrease.

76 FR 20459 - Mutual to Stock Conversion Application

Federal Register 2010, 2011, 2012, 2013, 2014

2011-04-12

... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Mutual to Stock Conversion Application... collection. Title of Proposal: Mutual to Stock Conversion Application. OMB Number: 1550-0014. Form Numbers... furnished in the application in order to determine the safety and soundness of the proposed stock conversion...

The risks and returns of stock investment in a financial market

NASA Astrophysics Data System (ADS)

Li, Jiang-Cheng; Mei, Dong-Cheng

2013-03-01

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

Network topology analysis approach on China's QFII stock investment behavior

NASA Astrophysics Data System (ADS)

Zhang, Yongjie; Cao, Xing; He, Feng; Zhang, Wei

2017-05-01

In this paper, the investment behavior of QFII in China stock market from 2004 to 2015 is studied with the network topology method. Based on the nodes topological characteristics, stock holding fluctuations correlation is studied from the micro network level. We conclude that the QFII mutual stock holding network have both scale free and small world properties, which presented mainly small world characteristics from 2005 to 2011, and scale free characteristics from 2012 to 2015. Moreover, fluctuations correlation is different with different nodes topological characteristics. In different economic periods, QFII represented different connection patterns and they reacted to the market crash spontaneously. Thus, this paper provides the first evidence of complex network research on QFII' investment behavior in China as an emerging market.

Is hardwood nursery stock available?

Treesearch

Herschel G. Abbott; Frank E. Cunningham

1957-01-01

The amount of hardwood planting stock used in forest tree plantations in the United States is very small indeed. The great bulk of planting stock used is softwood. Wallihan (4) points out that there are several good reasons for this. First of all is the greater demand for softwood forest products. Another is the fact, often demonstrated in the past, that softwoods are...

26 CFR 1.306-3 - Section 306 stock defined.

Code of Federal Regulations, 2012 CFR

2012-04-01

... stock, if a distribution of money by the distributing corporation in lieu of such stock would have been... distribution of money by the distributing corporation in lieu of such stock would have been a dividend, the... distribution would have been a dividend if money had been distributed in lieu of the rights. When stock is...

26 CFR 1.306-3 - Section 306 stock defined.

Code of Federal Regulations, 2013 CFR

2013-04-01

... stock, if a distribution of money by the distributing corporation in lieu of such stock would have been... distribution of money by the distributing corporation in lieu of such stock would have been a dividend, the... distribution would have been a dividend if money had been distributed in lieu of the rights. When stock is...

Spatial distribution of soil organic carbon stock in Moso bamboo forests in subtropical China.

PubMed

Tang, Xiaolu; Xia, Mingpeng; Pérez-Cruzado, César; Guan, Fengying; Fan, Shaohui

2017-02-14

Moso bamboo (Phyllostachys heterocycla (Carr.) Mitford cv. Pubescens) is an important timber substitute in China. Site specific stand management requires an accurate estimate of soil organic carbon (SOC) stock for maintaining stand productivity and understanding global carbon cycling. This study compared ordinary kriging (OK) and inverse distance weighting (IDW) approaches to study the spatial distribution of SOC stock within 0-60 cm using 111 soil samples in Moso bamboo forests in subtropical China. Similar spatial patterns but different spatial distribution ranges of SOC stock from OK and IDW highlighted the necessity to apply different approaches to obtain accurate and consistent results of SOC stock distribution. Different spatial patterns of SOC stock suggested the use of different fertilization treatments in Moso bamboo forests across the study area. SOC pool within 0-60 cm was 6.46 and 6.22 Tg for OK and IDW; results which were lower than that of conventional approach (CA, 7.41 Tg). CA is not recommended unless coordinates of the sampling locations are missing and the spatial patterns of SOC stock are not required. OK is recommended for the uneven distribution of sampling locations. Our results can improve methodology selection for investigating spatial distribution of SOC stock in Moso bamboo forests.

Spatial distribution of soil organic carbon stock in Moso bamboo forests in subtropical China

PubMed Central

Tang, Xiaolu; Xia, Mingpeng; Pérez-Cruzado, César; Guan, Fengying; Fan, Shaohui

2017-01-01

Moso bamboo (Phyllostachys heterocycla (Carr.) Mitford cv. Pubescens) is an important timber substitute in China. Site specific stand management requires an accurate estimate of soil organic carbon (SOC) stock for maintaining stand productivity and understanding global carbon cycling. This study compared ordinary kriging (OK) and inverse distance weighting (IDW) approaches to study the spatial distribution of SOC stock within 0–60 cm using 111 soil samples in Moso bamboo forests in subtropical China. Similar spatial patterns but different spatial distribution ranges of SOC stock from OK and IDW highlighted the necessity to apply different approaches to obtain accurate and consistent results of SOC stock distribution. Different spatial patterns of SOC stock suggested the use of different fertilization treatments in Moso bamboo forests across the study area. SOC pool within 0–60 cm was 6.46 and 6.22 Tg for OK and IDW; results which were lower than that of conventional approach (CA, 7.41 Tg). CA is not recommended unless coordinates of the sampling locations are missing and the spatial patterns of SOC stock are not required. OK is recommended for the uneven distribution of sampling locations. Our results can improve methodology selection for investigating spatial distribution of SOC stock in Moso bamboo forests. PMID:28195207

Levels-of-growing-stock cooperative study in Douglas-fir: report no. 18--Rocky Brook, 1963-2006.

Treesearch

Robert O. Curtis; David D. Marshall

2009-01-01

This report documents the history and results of the Rocky Brook installation of the cooperative levels-of-growing-stock (LOGS) study in Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco), over the 41-year period 1965 to 2006. This 1938 plantation is one of the two site-IV installations among the nine installations in the study. Much public...

Do Earthquakes Shake Stock Markets?

PubMed

Ferreira, Susana; Karali, Berna

2015-01-01

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

On the Feed-back Mechanism of Chinese Stock Markets

NASA Astrophysics Data System (ADS)

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

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

Environmental analyse of soil organic carbon stock changes in Slovakia

NASA Astrophysics Data System (ADS)

Koco, Š.; Barančíková, G.; Skalský, R.; Tarasovičová, Z.; Gutteková, M.; Halas, J.; Makovníková, J.; Novákova, M.

2012-04-01

The content and quality of soil organic matter is one of the basic soil parameters on which soil production functioning depends as well as it is active in non production soil functions like an ecological one especially. Morphologic segmentation of Slovakia has significant influence of structure in using agricultural soil in specific areas of our territory. Also social changes of early 90´s of 20´th century made their impact on change of using of agricultural soil (transformation from large farms to smaller ones, decreasing the number of livestock). This research is studying changes of development of soil organic carbon stock (SOC) in agricultural soil of Slovakia as results of climatic as well as social and political changes which influenced agricultury since last 40 years. The main goal of this research is an analysis of soil organic carbon stock since 1970 until now at specific agroclimatic regions of Slovakia and statistic analysis of relation between modelled data of SOC stock and soil quality index value. Changes of SOC stock were evaluated on the basis SOC content modeling using RothC-26.3 model. From modeling of SOC stock results the outcome is that in that time the soil organic carbon stock was growing until middle 90´s years of 20´th century with the highest value in 1994. Since that year until new millennium SOC stock is slightly decreasing. After 2000 has slightly increased SOC stock so far. According to soil management SOC stock development on arable land is similar to overall evolution. In case of grasslands after slight growth of SOC stock since 1990 the stock is in decline. This development is result of transformational changes after 1989 which were specific at decreasing amount of organic carbon input from organic manure at grassland areas especially. At warmer agroclimatic regions where mollic fluvisols and chernozems are present and where are soils with good quality and steady soil organic matter (SOM) the amount of SOC in monitored time is

Spatially-Resolved Influence of Temperature and Salinity on Stock and Recruitment Variability of Commercially Important Fishes in the North Sea

PubMed Central

Akimova, Anna; Núñez-Riboni, Ismael; Kempf, Alexander; Taylor, Marc H.

2016-01-01

Understanding of the processes affecting recruitment of commercially important fish species is one of the major challenges in fisheries science. Towards this aim, we investigated the relation between North Sea hydrography (temperature and salinity) and fish stock variables (recruitment, spawning stock biomass and pre-recruitment survival index) for 9 commercially important fishes using spatially-resolved cross-correlation analysis. We used high-resolution (0.2° × 0.2°) hydrographic data fields matching the maximal temporal extent of the fish population assessments (1948–2013). Our approach allowed for the identification of regions in the North Sea where environmental variables seem to be more influential on the fish stocks, as well as the regions of a lesser or nil influence. Our results confirmed previously demonstrated negative correlations between temperature and recruitment of cod and plaice and identified regions of the strongest correlations (German Bight for plaice and north-western North Sea for cod). We also revealed a positive correlation between herring spawning stock biomass and temperature in the Orkney-Shetland area, as well as a negative correlation between sole pre-recruitment survival index and temperature in the German Bight. A strong positive correlation between sprat stock variables and salinity in the central North Sea was also found. To our knowledge the results concerning correlations between North Sea hydrography and stocks’ dynamics of herring, sole and sprat are novel. The new information about spatial distribution of the correlation provides an additional help to identify mechanisms underlying these correlations. As an illustration of the utility of these results for fishery management, an example is provided that incorporates the identified environmental covariates in stock-recruitment models. PMID:27584155

47 CFR 32.4530 - Treasury stock.

Code of Federal Regulations, 2010 CFR

2010-10-01

... 47 Telecommunication 2 2010-10-01 2010-10-01 false Treasury stock. 32.4530 Section 32.4530 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock...

47 CFR 32.4510 - Capital stock.

Code of Federal Regulations, 2010 CFR

2010-10-01

... 47 Telecommunication 2 2010-10-01 2010-10-01 false Capital stock. 32.4510 Section 32.4510 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a...

Predation on stocked Atlantic salmon (Salmo salar) fry

USGS Publications Warehouse

Henderson, J.N.; Letcher, B.H.

2003-01-01

We studied predator-prey interactions between juvenile Atlantic salmon (Salmo salar) and trout in three Massachusetts, U.S.A., streams and in artificial streams. We sampled stomach contents of age-1+ and older salmon and trout (Salvelinus fontinalis, Salmo trutta) following salmon fry stocking in the spring of 1997 and 1998. Between 4.3 and 48.6% of the stocked fry were consumed within the first 2 days after stocking, and total fry mortality from predation varied from 4.3 to 60.7%. No significant differences were found between stomach weights of predators (without fry weight) that consumed fry and those that did not. Artificial stream experiments testing effects of habitat complexity and predator species on predator consumption rates revealed that consumption rates were not different between brook (S. fontinalis) and brown (S. trutta) trout (p = 0.59). Predation rate tended to decrease as the percentage of riffle habitat increased but the decrease was not significant (p = 0.22). Our results indicate that predation on stocked Atlantic salmon fry can be substantial (up to 60%), appears to be short lived (2 days), and is not related in a simple way to abiotic and biotic factors.

12 CFR 925.21 - Issuance and form of stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance and form of stock. 925.21 Section 925... ASSOCIATES MEMBERS OF THE BANKS Stock Requirements § 925.21 Issuance and form of stock. (a) A Bank shall... stock shall be issued in installments with the appropriate number of shares issued after each payment is...

Coupling detrended fluctuation analysis of Asian stock markets

NASA Astrophysics Data System (ADS)

Wang, Qizhen; Zhu, Yingming; Yang, Liansheng; Mul, Remco A. H.

2017-04-01

This paper uses the coupling detrended fluctuation analysis (CDFA) method to investigate the multifractal characteristics of four Asian stock markets using three stock indices: stock price returns, trading volumes and the composite index. The results show that coupled correlations exist among the four stock markets and the coupled correlations have multifractal characteristics. We then use the chi square (χ2) test to identify the sources of multifractality. For the different stock indices, the contributions of a single series to multifractality are different. In other words, the contributions of each country to coupled correlations are different. The comparative analysis shows that the research on the combine effect of stock price returns and trading volumes may be more comprehensive than on an individual index. By comparing the strength of multifractality for original data with the residual errors of the vector autoregression (VAR) model, we find that the VAR model could not be used to describe the dynamics of the coupled correlations among four financial time series.

Multifractal analysis of Moroccan family business stock returns

NASA Astrophysics Data System (ADS)

Lahmiri, Salim

2017-11-01

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

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

PubMed

Chao, Youcong; Liu, Xiaoqun; Guo, Shijun

2017-01-01

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

17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934...

The impact of derivatives on Malaysian stock market

NASA Astrophysics Data System (ADS)

Malim, M. R.; Halim, F. A.; Murad, A.; Maad, H. A.; Annuar, N. F. M.

2017-09-01

The essential of derivatives has been discovered by researchers over recent decade. However, the conclusions made regarding the impact of derivatives on stock market volatility remains debatable. The main objective of this study is to examine the impact of derivatives on Malaysian stock market volatility by exploring FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures (BMD FKLI) using FBM KLCI as the underlying asset. Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1, 1) model was employed to realize the objective. The results have shown that the introduction of futures trading has decreased the volatility of Malaysian stock market. The volatility increased vigorously during the Asian financial crisis compared to the Global financial crisis. However, the role of futures as a risk transfer is agreed as it could improve the market by decreasing the volatility in the spot market.

Complexity in the Chinese stock market and its relationships with monetary policy intensity

NASA Astrophysics Data System (ADS)

Ying, Shangjun; Fan, Ying

2014-01-01

This paper introduces how to formulate the CSI300 evolving stock index using the Paasche compiling technique of weighed indexes after giving the GCA model. It studies dynamics characteristics of the Chinese stock market and its relationships with monetary policy intensity, based on the evolving stock index. It concludes by saying that it is possible to construct a dynamics equation of the Chinese stock market using three variables, and that it is useless to regular market-complexity according to changing intensity of external factors from a chaos point of view.

Population sub-structuring among Trypanosoma evansi stocks.

PubMed

Njiru, Z K; Constantine, C C

2007-10-01

To investigate the population genetic structure of Trypanosoma evansi from domesticated animals, we have analysed 112 stocks from camels, buffaloes, cattle and horses using the tandemly repeated coding sequence (MORF2) and minisatellite markers 292 and cysteine-rich acidic integral membrane protein (CRAM). We recorded a total of six alleles at the MORF2 locus, seven at 292 and 12 at the CRAM loci. Nei's genetic distance showed reduced allelic diversity between buffaloes and cattle stocks (1.2) as compared to the diversity between camels and buffaloes (3.75) and camels and cattle stock (1.69). The mean index of association (IA=0.92) significantly deviated from zero, and the average number of multilocus genotypes (G/N ratio) was 0.21. Twenty-four multilocus genotypes were defined from the combination of alleles at the three loci. The Kenyan sub-populations showed Fst=0.28 and analysis of molecular variance showed significant divergence (22.7%) between the Laikipia, Kulal and Galana regions. The regional and host distribution of multi-locus genotypes significant population differentiation and high Nei's genetic distances suggest existence of genetic sub-structuring within T. evansi stocks while the few multi-locus genotypes and deviation of association index from zero indicate the lack of recombination. In conclusion, this study reveals that some genetic sub-structuring does occur within T. evansi, which has a clonal population structure.

Can Network Linkage Effects Determine Return? Evidence from Chinese Stock Market

PubMed Central

Qiao, Haishu; Xia, Yue; Li, Ying

2016-01-01

This study used the dynamic conditional correlations (DCC) method to identify the linkage effects of Chinese stock market, and further detected the influence of network linkage effects on magnitude of security returns across different industries. Applying two physics-derived techniques, the minimum spanning tree and the hierarchical tree, we analyzed the stock interdependence within the network of the China Securities Index (CSI) industry index basket. We observed that that obvious linkage effects existed among stock networks. CII and CCE, CAG and ITH as well as COU, CHA and REI were confirmed as the core nodes in the three different networks respectively. We also investigated the stability of linkage effects by estimating the mean correlations and mean distances, as well as the normalized tree length of these indices. In addition, using the GMM model approach, we found inter-node influence within the stock network had a pronounced effect on stock returns. Our results generally suggested that there appeared to be greater clustering effect among the indexes belonging to related industrial sectors than those of diverse sectors, and network comovement was significantly affected by impactive financial events in the reality. Besides, stocks that were more central within the network of stock market usually had higher returns for compensation because they endured greater exposure to correlation risk. PMID:27257816

26 CFR 1.552-3 - Stock ownership requirement.

Code of Federal Regulations, 2014 CFR

2014-04-01

... more than 50 percent in value of the outstanding stock of the foreign corporation be owned, directly or... with respect to stock ownership are present at any time during the taxable year. (c) In determining whether the statutory conditions with respect to stock ownership are present at any time during the...

26 CFR 1.552-3 - Stock ownership requirement.

Code of Federal Regulations, 2012 CFR

2012-04-01

... more than 50 percent in value of the outstanding stock of the foreign corporation be owned, directly or... with respect to stock ownership are present at any time during the taxable year. (c) In determining whether the statutory conditions with respect to stock ownership are present at any time during the...

26 CFR 1.552-3 - Stock ownership requirement.

Code of Federal Regulations, 2013 CFR

2013-04-01

... more than 50 percent in value of the outstanding stock of the foreign corporation be owned, directly or... with respect to stock ownership are present at any time during the taxable year. (c) In determining whether the statutory conditions with respect to stock ownership are present at any time during the...

The utilization of patin fish head for instant stock paste

NASA Astrophysics Data System (ADS)

Hartanto, Gabriela Mawi; Rahmawati, Della; Puteri, Maria Gunawan

2017-01-01

Patin fish is a developing industries that produce 67% of waste which 33% is the head. High protein content in patin fish head (PFH) open an opportunity to produce something that has higher economic value and can be used as human consumption, which is stock. In this study, PFH hydrolysis with acid, enzyme and heat were observed for their yield of protein, in correlation to taste & national standard for stock. Enzyme hydrolysis is chosen as the selected method with the highest protein and soluble amino acid which is 18.78 ± 7.50 mg BSA equivalent / ml and 0.854 ± 4.35 mg Tyrosine eq / ml. The hydrolysate was made into stock by mixing with other ingredient by the help of Design Expert to create selected formula. The formula composition is fish hydrolysate 27.29%, salt 19.17%, caramel 18.52%, garlic 6%, pepper 3.104%, oil 18.52% and water 7.47%. This formula receive 7.13 value from hedonic scale 1-9, which means the formula like moderately based on overall acceptance. For 4 gram stock, 150 ml of water was chosen as the preferable dilution volume for the stock with ranking test. Total nitrogen of the instant stock paste with selected hydrolysis method and formula fulfill National Standard according to SNI No. 01-4218 with 0.077% nitrogen amount.

A study of correlations in the stock market

NASA Astrophysics Data System (ADS)

Sharma, Chandradew; Banerjee, Kinjal

2015-08-01

We study the various sectors of the Bombay Stock Exchange (BSE) for a period of 8 years from April 2006 to March 2014. Using the data of daily returns of a period of eight years we make a direct model free analysis of the pattern of the sectorial indices movement and the correlations among them. Our analysis shows significant auto correlation among the individual sectors and also strong cross-correlation among sectors. We also find that auto correlations in some of the sectors persist in time. This is a very significant result and has not been reported so far in Indian context. These findings will be very useful in model building for prediction of price movement of equities, derivatives and portfolio management. We show that the Random Walk Hypothesis is not applicable in modeling the Indian market and mean-variance-skewness-kurtosis based portfolio optimization might be required. We also find that almost all sectors are highly correlated during large fluctuation periods and have only moderate correlation during normal periods.

The mean time-limited crash rate of stock price

NASA Astrophysics Data System (ADS)

Li, Yun-Xian; Li, Jiang-Cheng; Yang, Ai-Jun; Tang, Nian-Sheng

2017-05-01

In this article we investigate the occurrence of stock market crash in an economy cycle. Bayesian approach, Heston model and statistical-physical method are considered. Specifically, Heston model and an effective potential are employed to address the dynamic changes of stock price. Bayesian approach has been utilized to estimate the Heston model's unknown parameters. Statistical physical method is used to investigate the occurrence of stock market crash by calculating the mean time-limited crash rate. The real financial data from the Shanghai Composite Index is analyzed with the proposed methods. The mean time-limited crash rate of stock price is used to describe the occurrence of stock market crash in an economy cycle. The monotonous and nonmonotonous behaviors are observed in the behavior of the mean time-limited crash rate versus volatility of stock for various cross correlation coefficient between volatility and price. Also a minimum occurrence of stock market crash matching an optimal volatility is discovered.

Analysis of stock investment selection based on CAPM using covariance and genetic algorithm approach

NASA Astrophysics Data System (ADS)

Sukono; Susanti, D.; Najmia, M.; Lesmana, E.; Napitupulu, H.; Supian, S.; Putra, A. S.

2018-03-01

Investment is one of the economic growth factors of countries, especially in Indonesia. Stocks is a form of investment, which is liquid. In determining the stock investment decisions which need to be considered by investors is to choose stocks that can generate maximum returns with a minimum risk level. Therefore, we need to know how to allocate the capital which may give the optimal benefit. This study discusses the issue of stock investment based on CAPM which is estimated using covariance and Genetic Algorithm approach. It is assumed that the stocks analyzed follow the CAPM model. To do the estimation of beta parameter on CAPM equation is done by two approach, first is to be represented by covariance approach, and second with genetic algorithm optimization. As a numerical illustration, in this paper analyzed ten stocks traded on the capital market in Indonesia. The results of the analysis show that estimation of beta parameters using covariance and genetic algorithm approach, give the same decision, that is, six underpriced stocks with buying decision, and four overpriced stocks with a sales decision. Based on the analysis, it can be concluded that the results can be used as a consideration for investors buying six under-priced stocks, and selling four overpriced stocks.

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

Investigation of multifractality in the Brazilian stock market

NASA Astrophysics Data System (ADS)

Maganini, Natália Diniz; Da Silva Filho, Antônio Carlos; Lima, Fabiano Guasti

2018-05-01

Many studies point to a possible new stylized fact for financial time series: the multifractality. Several authors have already detected this characteristic in multiple time series in several countries. With that in mind and based on Multifractal Detrended Fluctuation Analysis (MFDFA) method, this paper analyzes the multifractality in the Brazilian market. This analysis is performed with daily data from IBOVESPA index (Brazilian stock exchange's main index) and other four highly marketable stocks in the Brazilian market (VALE5, ITUB4, BBDC4 and CIEL3), which represent more than 25% of the index composition, making up 1961 observations for each asset in the period from June 26 2009 to May 31 2017. We found that the studied stock prices and Brazilian index are multifractal, but that the multifractality degree is not the same for all the assets. The use of shuffled and surrogated series indicates that for the period and the actions considered the long-range correlations do not strongly influence the multifractality, but the distribution (fat tails) exerts a possible influence on IBOVESPA and CIEL3.

An exotic long-term pattern in stock price dynamics.

PubMed

Wei, Jianrong; Huang, Jiping

2012-01-01

To accurately predict the movement of stock prices is always of both academic importance and practical value. So far, a lot of research has been reported to help understand the behavior of stock prices. However, some of the existing theories tend to render us the belief that the time series of stock prices are unpredictable on a long-term timescale. The question arises whether the long-term predictability exists in stock price dynamics. In this work, we analyze the price reversals in the US stock market and the Chinese stock market on the basis of a renormalization method. The price reversals are divided into two types: retracements (the downward trends after upward trends) and rebounds (the upward trends after downward trends), of which the intensities are described by dimensionless quantities, R(t) and R(b), respectively. We reveal that for both mature and emerging markets, the distribution of either retracements R(t) or rebounds R(b) shows two characteristic values, 0.335 and 0.665, both of which are robust over the long term. The methodology presented here provides a way to quantify the stock price reversals. Our findings strongly support the existence of the long-term predictability in stock price dynamics, and may offer a hint on how to predict the long-term movement of stock prices.

12 CFR 931.1 - Classes of capital stock.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Classes of capital stock. 931.1 Section 931.1 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital...

Chapter 29. Production and use of planting stock

Treesearch

Nancy L. Shaw

2004-01-01

Vegetation can be rapidly established on disturbed sites by planting stock alone or in combination with direct seedings. Types of planting stock commonly used range from bareroot or containerized seedlings to pads of native vegetation. Inclusion of planting stock in rehabilitation or restoration projects requires careful scheduling, selection of adapted plant species,...

12 CFR 931.1 - Classes of capital stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Classes of capital stock. 931.1 Section 931.1 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital...

Multifractal structures for the Russian stock market

NASA Astrophysics Data System (ADS)

Ikeda, Taro

2018-02-01

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

The price momentum of stock in distribution

NASA Astrophysics Data System (ADS)

Liu, Haijun; Wang, Longfei

2018-02-01

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

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.

Physicochemical Characterization of a Heat Treated Calcium Alginate Dry Film Prepared with Chicken Stock.

PubMed

Báez, Germán D; Piccirilli, Gisela N; Ballerini, Griselda A; Frattini, Agustín; Busti, Pablo A; Verdini, Roxana A; Delorenzi, Néstor J

2017-04-01

Solid sodium alginate was dissolved into chicken stock in order to give a final alginate concentration of 0.9 percent (w/v). Calcium ions present in chicken stock were enough to induce ionic gelation. After drying, Fourier transform infrared spectroscopy, thickness and mechanical properties of films obtained were determined. Calcium alginate-chicken stock films were heated at 130 °C for different times between 0 and 15 min. Mechanical and optical studies, differential scanning calorimetry, visual aspect and scanning electron microscopy were carried out to describe physicochemical properties of heat treated films. Heating developed a maroon ochre color and increased the brittleness (crispness) of the films related to the intensity of the treatment. Differential scanning thermometry and study on appearance of the films suggested that Maillard reactions may be responsible for the observed changes. Maillard reactions mainly occurred between reducing sugar monomers and free amino groups of gelatin peptides present in the chicken stock, and between alginate and gelatin peptides to a lesser extent. In addition, the plasticizing effect of fat added with chicken stock was also studied. These studies suggest a potential use of heat treated chicken stock films as a substitute of roasted chicken skin. © 2017 Institute of Food Technologists®.

Graded Compression Stockings Prevent Post-spaceflight Orthostatic Hypotension

NASA Technical Reports Server (NTRS)

Platts, S. H.; Brown, A. K.; Locke, J.; Stenger, M. B.

2008-01-01

Post-spaceflight orthostatic intolerance is characterized by hypotension and presyncope in 20-30% of returning astronauts. Previous data from our laboratory suggests that this is largely a result of decreased venous return. Currently, NASA astronauts wear an anti-gravity suit (AGS) which consists of inflatable air bladders over the calves, thighs and abdomen, which are typically pressurized from 0.5 to 1.5 PSI (27 to 78 mmHg). ISS crew members sometimes wear Russian Kentavr suits which consist of laced compression shorts and gaiters, providing 30 mmHg nominally. While these garments are effective during reentry, there are a number of drawbacks that make them impractical for postflight use. We studied the ability of commercially available, custom fit, graded compression stockings (Jobst, 55 mmHg at ankle to 6 mmHg at top of thigh, 25 mmHg mean compression) to prevent postflight orthostatic intolerance, hypothesizing that these garments would prevent orthostatic intolerance following short duration space flight. Crew members from a single Space Shuttle flight were tilted to 80 degrees for 10 min while wearing the stockings (n=5 males) upon arrival at the clinic (2 hrs after landing). Hemodynamic data were compared to data from all crewmembers tilted (without countermeasures) since return to flight (n=9). Two-way, repeated measures ANOVA, using the entire tilt time curve (0-10 min) show that systolic blood pressure (SBP, group effect p=0.008), stroke volume (SV, group effect p=0.003), and cardiac output (CO, group effect p=0.004) were higher in crewmembers who wore the Jobst stockings. A one-way ANOVA comparing the last minute standing also showed that SV (p=0.001) and CO (p less than 0.001) were higher and SBP tended to be higher (p=0.06) in Jobst subjects compared to controls. Control subjects had a higher rate of presyncope than Jobst subjects (3/9 vs 0/5) during the tilt on landing day. Orthostatic hypotension continues to present following spaceflight, despite

Comparison of advanced genetic loblolly pine planting stock

Treesearch

R.J. Rousseau; S.D. Roberts; B.L. Herrin

2012-01-01

Forest landowners have several options when it comes to selecting planting stock for loblolly pine plantations. The majority of plantations established over the past two decades have been planted with 2nd-Generation open-pollinated (2nd-Gen) seedling stock. Today, landowners can increase their yields using more sophisticated planting stock such as Mass Control...

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

PubMed Central

Chao, Youcong; Liu, Xiaoqun; Guo, Shijun

2017-01-01

Using 5-minute high frequency data from the Chinese stock market, we employ a non-parametric method to estimate Fama-French portfolio realized jumps and investigate whether the estimated positive, negative and sign realized jumps could forecast or explain the cross-sectional stock returns. The Fama-MacBeth regression results show that not only have the realized jump components and the continuous volatility been compensated with risk premium, but also that the negative jump risk, the positive jump risk and the sign jump risk, to some extent, could explain the return of the stock portfolios. Therefore, we should pay high attention to the downside tail risk and the upside tail risk. PMID:28771514

47 CFR 32.4510 - Capital stock.

Code of Federal Regulations, 2011 CFR

2011-10-01

... 47 Telecommunication 2 2011-10-01 2011-10-01 false Capital stock. 32.4510 Section 32.4510 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS...) This account shall include the par value, stated amount, or in the case of no-par stock, the amount...

47 CFR 32.4510 - Capital stock.

Code of Federal Regulations, 2013 CFR

2013-10-01

... 47 Telecommunication 2 2013-10-01 2013-10-01 false Capital stock. 32.4510 Section 32.4510 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS...) This account shall include the par value, stated amount, or in the case of no-par stock, the amount...

47 CFR 32.4510 - Capital stock.

Code of Federal Regulations, 2012 CFR

2012-10-01

... 47 Telecommunication 2 2012-10-01 2012-10-01 false Capital stock. 32.4510 Section 32.4510 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS...) This account shall include the par value, stated amount, or in the case of no-par stock, the amount...

47 CFR 32.4510 - Capital stock.

Code of Federal Regulations, 2014 CFR

2014-10-01

... 47 Telecommunication 2 2014-10-01 2014-10-01 false Capital stock. 32.4510 Section 32.4510 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS...) This account shall include the par value, stated amount, or in the case of no-par stock, the amount...

Root Pruning of Mahogany Nursery Stock

Treesearch

R. W. Nobles; C. B. Briscoe

1966-01-01

Root pruning had no effect on growth or survival of either young or held-over mahogany nursery stock. Potted mahogany seedlings may be held in the nursery an extra year or more without reducing-either growth or survival following outplanting. Growth may be slightly better for the older stock.

Blue carbon stocks in Baltic Sea eelgrass (Zostera marina) meadows

NASA Astrophysics Data System (ADS)

Röhr, Maria Emilia; Boström, Christoffer; Canal-Vergés, Paula; Holmer, Marianne

2016-11-01

Although seagrasses cover only a minor fraction of the ocean seafloor, their carbon sink capacity accounts for nearly one-fifth of the total oceanic carbon burial and thus play a critical structural and functional role in many coastal ecosystems. We sampled 10 eelgrass (Zostera marina) meadows in Finland and 10 in Denmark to explore seagrass carbon stocks (Corg stock) and carbon accumulation rates (Corg accumulation) in the Baltic Sea area. The study sites represent a gradient from sheltered to exposed locations in both regions to reflect expected minimum and maximum stocks and accumulation. The Corg stock integrated over the top 25 cm of the sediment averaged 627 g C m-2 in Finland, while in Denmark the average Corg stock was over 6 times higher (4324 g C m-2). A conservative estimate of the total organic carbon pool in the regions ranged between 6.98 and 44.9 t C ha-1. Our results suggest that the Finnish eelgrass meadows are minor carbon sinks compared to the Danish meadows, and that majority of the Corg produced in the Finnish meadows is exported. Our analysis further showed that > 40 % of the variation in the Corg stocks was explained by sediment characteristics, i.e. dry density, porosity and silt content. In addition, our analysis show that the root : shoot ratio of Z. marina explained > 12 % and the contribution of Z. marina detritus to the sediment surface Corg pool explained > 10 % of the variation in the Corg stocks. The mean monetary value for the present carbon storage and carbon sink capacity of eelgrass meadows in Finland and Denmark, were 281 and 1809 EUR ha-1, respectively. For a more comprehensive picture of seagrass carbon storage capacity, we conclude that future blue carbon studies should, in a more integrative way, investigate the interactions between sediment biogeochemistry, seascape structure, plant species architecture and the hydrodynamic regime.

Geographical distributions of lake trout strains stocked in Lake Ontario

USGS Publications Warehouse

Elrod, Joseph H.; O'Gorman, Robert; Schneider, Clifford P.; Schaner, Ted

1996-01-01

Geographical distributions of lake trout (Salvelinus namaycush) stocked at seven locations in U.S. waters and at four locations in Canadian waters of Lake Ontario were determined from fish caught with gill nets in September in 17 areas of U.S. waters and at 10 fixed locations in Canadian waters in 1986-95. For fish of a given strain stocked at a given location, geographical distributions were not different for immature males and immature females or for mature males and mature females. The proportion of total catch at the three locations nearest the stocking location was higher for mature fish than for immature fish in all 24 available comparisons (sexes combined) and was greater for fish stocked as yearlings than for those stocked as fingerlings in all eight comparisons. Mature fish were relatively widely dispersed from stocking locations indicating that their tendency to return to stocking locations for spawning was weak, and there was no appreciable difference in this tendency among strains. Mature lake trout were uniformly distributed among sampling locations, and the strain composition at stocking locations generally reflected the stocking history 5 to 6 years earlier. Few lake trout moved across Lake Ontario between the north and south shores or between the eastern outlet basin and the main lake basin. Limited dispersal from stocking sites supports the concept of stocking different genetic strains in various parts of the lake with the attributes of each strain selected to match environmental conditions in the portion of the lake where it is stocked.

Growth of Ponderosa pine poles thinned to different stocking levels in central Oregon.

Treesearch

James W. Barrett

1983-01-01

This paper presents 15-year results of one installation of a west-wide study of growing-stock levels in even-aged ponderosa pine. Growth was related to growing-stock level in a 65-year-old pole stand on an above average site. Periodic growth is presented for 10 years after the initial thinning and for 5 years after a second thinning to six assigned growing-stock levels...

Measuring multifractality of stock price fluctuation using multifractal detrended fluctuation analysis

NASA Astrophysics Data System (ADS)

Yuan, Ying; Zhuang, Xin-tian; Jin, Xiu

2009-06-01

Analyzing the Shanghai stock price index daily returns using MF-DFA method, it is found that there are two different types of sources for multifractality in time series, namely, fat-tailed probability distributions and non-linear temporal correlations. Based on that, a sliding window of 240 frequency data in 5 trading days was used to study stock price index fluctuation. It is found that when the stock price index fluctuates sharply, a strong variability is clearly characterized by the generalized Hurst exponents h(q). Therefore, two measures, Δh and σ, based on generalized Hurst exponents were proposed to compare financial risks before and after Price Limits and Reform of Non-tradable Shares. The empirical results verify the validity of the measures, and this has led to a better understanding of complex stock markets.

Production and assessment of red alder planting stock.

Treesearch

M.A. Radwan; Y. Tanaka; A. Dobkowskl; W. Fangen

1992-01-01

A series of experiments was conducted over 4 years to test and develop methods to produce acceptable red alder planting stock and to assess quality and outplanting performance of resulting stock. Results indicated that red alder planting stock can be produced as containerized seedlings (plugs) or as bare-root nontransplant and transplant trees. In general, bare-root...

12 CFR 931.6 - Transfer of capital stock.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Transfer of capital stock. 931.6 Section 931.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.6 Transfer of capital stock. A Bank in its capital plan...

12 CFR 931.2 - Issuance of capital stock.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Issuance of capital stock. 931.2 Section 931.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank may...

Stocking equations for regeneration in mixed oak stands

Treesearch

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

2007-01-01

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

12 CFR 931.2 - Issuance of capital stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance of capital stock. 931.2 Section 931.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank may...

12 CFR 931.6 - Transfer of capital stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

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

The association between attempted suicide and stock price movements: Evidence from Taiwan.

PubMed

Lin, Chung-Liang; Liu, Tsai-Ching; Chen, Chin-Shyan

2017-08-01

This study is the first comprehensive analysis to investigate the potential association between stock market fluctuations and attempted suicide events as measured by self-inflicted injuries treated in hospitalization. Using nationwide, 15-year population-based data from 1998 through 2012, we observe that the occurrences for the hospitalizations of attempted suicides are apparently predicted by stock price movements. A low stock price index, a daily fall in the stock index, and consecutive daily falls in the stock index have been shown to be associated with increased risk of hospitalization in patients with attempted suicide. More specifically, stock price index is found to be significant impact on attempted suicide in the 45-54 age groups of both genders, whilst daily change is significant for both genders in the 25-34 and 55-64 age groups and accumulated change is only significant in female aged 25-44 and above 65. On the basis of the results, relevant organizations should consider the suicidal factors that relate prime-working-age and near-retirement-age people to better carry out specific suicide prevention measures, and, meanwhile, encourage those people to pay less attention towards daily stock price movements. Copyright © 2017 Elsevier Ireland Ltd. All rights reserved.

A viability analysis for a stock/price model

NASA Astrophysics Data System (ADS)

Jerry, Chakib; Raissi, Nadia

2012-09-01

We examine the conditions for the sustainability of a stock/price system based on the use of a marine renewable resource. Instead of studying the environmental and economic interactions in terms of optimal control, we focus on the viability of the system. These viability/crisis situations are defined by a set of economic state constraints. This constraints combine a guaranteed consumption and a minimum income for fishermen. Using the mathematical concept of viability kernel, we reveal that with only economics constraints we guarantee a perennial stock/price system.

Outlook of the world steel cycle based on the stock and flow dynamics.

PubMed

Hatayama, Hiroki; Daigo, Ichiro; Matsuno, Yasunari; Adachi, Yoshihiro

2010-08-15

We present a comprehensive analysis of steel use in the future compiled using dynamic material flow analysis (MFA). A dynamic MFA for 42 countries depicted the global in-use stock and flow up to the end of 2005. On the basis of the transition of steel stock for 2005, the growth of future steel stock was then estimated considering the economic growth for every country. Future steel demand was estimated using dynamic analysis under the new concept of "stocks drive flows". The significant results follow. World steel stock reached 12.7 billion t in 2005, and has doubled in the last 25 years. The world stock in 2005 mainly consisted of construction (60%) and vehicles (10%). Stock in these end uses will reach 55 billion t in 2050, driven by a 10-fold increase in Asia. Steel demand will reach 1.8 billion t in 2025, then slightly decrease, and rise again by replacement of buildings. The forecast of demand clearly represents the industrial shift; at first the increase is dominated by construction, and then, after 2025, demand for construction decreases and demand for vehicles increases instead. This study thus provides the dynamic mechanism of steel stock and flow toward the future, which contributes to the design of sustainable steel use.

Impact of fishing and stocking practices on Coregonid diversity

USGS Publications Warehouse

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

2015-01-01

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

Relative contribution of stocked walleyes in Tennessee reservoirs

USGS Publications Warehouse

Vandergoot, C.S.; Bettoli, P.W.

2003-01-01

Since the mid-1950s, fisheries biologists with the Tennessee Wildlife Resources Agency have stocked walleyes Stizostedion vitreum in several tributary reservoirs of the Cumberland and Tennessee rivers to augment declining native stocks; however, the efficacy of these management actions has never been formally evaluated. The contribution of stocked walleyes in four Tennessee reservoirs was evaluated during 1999 and 2000 by marking fry and fingerlings through oxytetracycline (OTC) immersion. Stocking densities were 13-48 fingerlings/ha, and marking efficacy was high for fish marked as fry (mean = 98%; SE = 1.7%) and fingerlings (mean = 99%; SE = 0.6%). Nearly all (94-100%; N = 509) of the age-1 and age-2 walleyes collected in the four reservoirs were OTC-marked. Based on these findings, fingerling walleyes must be stocked annually to sustain the walleye populations in these tributary impoundments.

78 FR 66681 - Draft 2013 Marine Mammal Stock Assessment Reports

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-06

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

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…

Conventional tree height-diameter relationships significantly overestimate aboveground carbon stocks in the Central Congo Basin.

PubMed

Kearsley, Elizabeth; de Haulleville, Thales; Hufkens, Koen; Kidimbu, Alidé; Toirambe, Benjamin; Baert, Geert; Huygens, Dries; Kebede, Yodit; Defourny, Pierre; Bogaert, Jan; Beeckman, Hans; Steppe, Kathy; Boeckx, Pascal; Verbeeck, Hans

2013-01-01

Policies to reduce emissions from deforestation and forest degradation largely depend on accurate estimates of tropical forest carbon stocks. Here we present the first field-based carbon stock data for the Central Congo Basin in Yangambi, Democratic Republic of Congo. We find an average aboveground carbon stock of 162 ± 20  Mg  C  ha(-1) for intact old-growth forest, which is significantly lower than stocks recorded in the outer regions of the Congo Basin. The best available tree height-diameter relationships derived for Central Africa do not render accurate canopy height estimates for our study area. Aboveground carbon stocks would be overestimated by 24% if these inaccurate relationships were used. The studied forests have a lower stature compared with forests in the outer regions of the basin, which confirms remotely sensed patterns. Additionally, we find an average soil carbon stock of 111 ± 24  Mg  C  ha(-1), slightly influenced by the current land-use change.

Analysis of stock prices of mining business

NASA Astrophysics Data System (ADS)

Ahn, Sanghyun; Lim, G. C.; Kim, S. H.; Kim, Soo Yong; Yoon, Kwon Youb; Stanfield, Joseph Lee; Kim, Kyungsik

2011-06-01

Stock exchanges have a diversity of so-called business groups and much evidence has been presented by covariance matrix analysis (Laloux et al. (1999) [6], Plerou et al. (2002) [7], Plerou et al. (1999) [8], Mantegna (1999) [9], Utsugi et al. (2004) [21] and Lim et al. (2009) [26]). A market-wide effect plays a crucial role in shifting the correlation structure from random to non-random. In this work, we study the structural properties of stocks related to the mining industry, especially rare earth minerals, listed on two exchanges, namely the TSX (Toronto stock exchange) and the TSX-V (Toronto stock exchange-ventures). In general, raw-material businesses are sensitively affected by the global economy while each firm has its own cycle. We prove that the global crisis during 2006-2009 affected the mineral market considerably. These two aspects compete to control price fluctuations. We show that the internal cycle overwhelms the global economic environment in terms of random matrix theory and overlapping matrices. However, during the period of 2006-2009, the effect of the global economic environment emerges. This result is well explained by the recent global financial/economic crisis. For comparison, we analyze the time stability of business clusters of the KOSPI, that is, the electric/electronic business, using an overlapping matrix. A clear difference in behavior is confirmed. Consequently, rare earth minerals in the raw-material business should be classified not by standard business classifications but by the internal cycle of business.

Analysis of network clustering behavior of the Chinese stock market

NASA Astrophysics Data System (ADS)

Chen, Huan; Mai, Yong; Li, Sai-Ping

2014-11-01

Random Matrix Theory (RMT) and the decomposition of correlation matrix method are employed to analyze spatial structure of stocks interactions and collective behavior in the Shanghai and Shenzhen stock markets in China. The result shows that there exists prominent sector structures, with subsectors including the Real Estate (RE), Commercial Banks (CB), Pharmaceuticals (PH), Distillers&Vintners (DV) and Steel (ST) industries. Furthermore, the RE and CB subsectors are mostly anti-correlated. We further study the temporal behavior of the dataset and find that while the sector structures are relatively stable from 2007 through 2013, the correlation between the real estate and commercial bank stocks shows large variations. By employing the ensemble empirical mode decomposition (EEMD) method, we show that this anti-correlation behavior is closely related to the monetary and austerity policies of the Chinese government during the period of study.

27 CFR 24.217 - Vinegar stock.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 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 water to wine or by the direct fermentation of the juice of grapes or other fruit with added water. (Sec...

27 CFR 24.217 - Vinegar stock.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 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 water to wine or by the direct fermentation of the juice of grapes or other fruit with added water. (Sec...

27 CFR 24.217 - Vinegar stock.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 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 water to wine or by the direct fermentation of the juice of grapes or other fruit with added water. (Sec...

27 CFR 24.217 - Vinegar stock.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 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 water to wine or by the direct fermentation of the juice of grapes or other fruit with added water. (Sec...

Atlantic salmon brood stock management and breeding handbook

USGS Publications Warehouse

Kincaid, Harold L.; Stanley, Jon G.

1989-01-01

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

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

PubMed

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

2017-06-09

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

Stock market returns and clinical trial results of investigational compounds: an event study analysis of large biopharmaceutical companies.

PubMed

Hwang, Thomas J

2013-01-01

For biopharmaceutical companies, investments in research and development are risky, and the results from clinical trials are key inflection points in the process. Few studies have explored how and to what extent the public equity market values clinical trial results. Our study dataset matched announcements of clinical trial results for investigational compounds from January 2011 to May 2013 with daily stock market returns of large United States-listed pharmaceutical and biotechnology companies. Event study methodology was used to examine the relationship between clinical research events and changes in stock returns. We identified public announcements for clinical trials of 24 investigational compounds, including 16 (67%) positive and 8 (33%) negative events. The majority of announcements were for Phase 3 clinical trials (N = 13, 54%), and for oncologic (N = 7, 29%) and neurologic (N = 6, 24%) indications. The median cumulative abnormal returns on the day of the announcement were 0.8% (95% confidence interval [CI]: -2.3, 13.4%; P = 0.02) for positive events and -2.0% (95% CI: -9.1, 0.7%; P = 0.04) for negative events, with statistically significant differences from zero. In the day immediately following the announcement, firms with positive events were associated with stock price corrections, with median cumulative abnormal returns falling to 0.4% (95% CI: -3.8, 12.3%; P = 0.33). For firms with negative announcements, the median cumulative abnormal returns were -1.7% (95% CI: -9.5, 1.0%; P = 0.03), and remained significantly negative over the two day event window. The magnitude of abnormal returns did not differ statistically by indication, by trial phase, or between biotechnology and pharmaceutical firms. The release of clinical trial results is an economically significant event and has meaningful effects on market value for large biopharmaceutical companies. Stock return underperformance due to negative events is greater in magnitude and persists longer than

Stock Market Returns and Clinical Trial Results of Investigational Compounds: An Event Study Analysis of Large Biopharmaceutical Companies

PubMed Central

Hwang, Thomas J.

2013-01-01

Background For biopharmaceutical companies, investments in research and development are risky, and the results from clinical trials are key inflection points in the process. Few studies have explored how and to what extent the public equity market values clinical trial results. Methods Our study dataset matched announcements of clinical trial results for investigational compounds from January 2011 to May 2013 with daily stock market returns of large United States-listed pharmaceutical and biotechnology companies. Event study methodology was used to examine the relationship between clinical research events and changes in stock returns. Results We identified public announcements for clinical trials of 24 investigational compounds, including 16 (67%) positive and 8 (33%) negative events. The majority of announcements were for Phase 3 clinical trials (N = 13, 54%), and for oncologic (N = 7, 29%) and neurologic (N = 6, 24%) indications. The median cumulative abnormal returns on the day of the announcement were 0.8% (95% confidence interval [CI]: –2.3, 13.4%; P = 0.02) for positive events and –2.0% (95% CI: –9.1, 0.7%; P = 0.04) for negative events, with statistically significant differences from zero. In the day immediately following the announcement, firms with positive events were associated with stock price corrections, with median cumulative abnormal returns falling to 0.4% (95% CI: –3.8, 12.3%; P = 0.33). For firms with negative announcements, the median cumulative abnormal returns were –1.7% (95% CI: –9.5, 1.0%; P = 0.03), and remained significantly negative over the two day event window. The magnitude of abnormal returns did not differ statistically by indication, by trial phase, or between biotechnology and pharmaceutical firms. Conclusions The release of clinical trial results is an economically significant event and has meaningful effects on market value for large biopharmaceutical companies. Stock return

Econometric testing on linear and nonlinear dynamic relation between stock prices and macroeconomy in China

NASA Astrophysics Data System (ADS)

Borjigin, Sumuya; Yang, Yating; Yang, Xiaoguang; Sun, Leilei

2018-03-01

Many researchers have realized that there is a strong correlation between stock prices and macroeconomy. In order to make this relationship clear, a lot of studies have been done. However, the causal relationship between stock prices and macroeconomy has still not been well explained. A key point is that, most of the existing research adopts linear and stable models to investigate the correlation of stock prices and macroeconomy, while the real causality of that may be nonlinear and dynamic. To fill this research gap, we investigate the nonlinear and dynamic causal relationships between stock prices and macroeconomy. Based on the case of China's stock prices and acroeconomy measures from January 1992 to March 2017, we compare the linear Granger causality test models with nonlinear ones. Results demonstrate that the nonlinear dynamic Granger causality is much stronger than linear Granger causality. From the perspective of nonlinear dynamic Granger causality, China's stock prices can be viewed as "national economic barometer". On the one hand, this study will encourage researchers to take nonlinearity and dynamics into account when they investigate the correlation of stock prices and macroeconomy; on the other hand, our research can guide regulators and investors to make better decisions.

Immunological discrimination of Atlantic striped bass stocks

USGS Publications Warehouse

Schill, W.B.; Dorazio, R.M.

1990-01-01

Stocks of Atlantic striped bass Morone saxatilis that were assumed to be geographically isolated during spawning showed strong antigenic differences in blood serum albumin. A discriminant function was estimated from the immunologic responses of northern (Canadian and Hudson River) and southern (Chesapeake Bay and Roanoke River) stocks to two reference antisera. The function correctly classified 92% of the northern and 95% of the southern fish in the training set. Cross-validation revealed similar percentages of correct classification for fish that were of known origin but not used to estimate the discriminant function. Monte Carlo experiments were used to evaluate the ability of the discriminant function to predict the relative contribution of northern fish in samples of various size and stock composition. Averages of predicted proportions of northern fish in the samples agreed well with actual proportions. Coefficients of variation (100 × SD/mean) in the predicted proportions ranged from 1.5 to 36% for samples of 50–400 fish that contained at least 10% northern stock. In samples that contained only 2% northern stock, however, at least 1,600 fish were required to achieve similar levels of precision.

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.

Revised white pine stocking guide for managed stands

Treesearch

William B. Leak; Neil I. Lamson

1999-01-01

Stocking guides are basic tools for forest managers. They provide estimates of the range in acceptable stocking for full occupancy of the site. The first stocking guide for white pine was developed by Philbrook et al (1973). It was of conventional format: showing trees and basal area per acre (in the main crown canopy) by mean stand dbh (the tree of average basal area...

Emergence and temporal structure of Lead-Lag correlations in collective stock dynamics

NASA Astrophysics Data System (ADS)

Xia, Lisi; You, Daming; Jiang, Xin; Chen, Wei

2018-07-01

Understanding the correlations among stock returns is crucial for reducing the risk of investment in stock markets. As an important stylized correlation, lead-lag effect plays a major role in analyzing market volatility and deriving trading strategies. Here, we explore historical lead-lag relationships among stocks in the Chinese stock market. Strongly positive lagged correlations can be empirically observed. We demonstrate this lead-lag phenomenon is not constant but temporally emerges during certain periods. By introducing moving time window method, we transform the lead-lag dynamics into a series of asymmetric lagged correlation matrices. Dynamic lead-lag structures are uncovered in the form of temporal network structures. We find that the size of lead-lag group experienced a rapid drop during the year 2012, which signaled a re-balance of the stock market. On the daily timescale, we find the lead-lag structure exhibits several persistent patterns, which can be characterized by the Jaccard matrix. We show significant market events can be distinguished in the Jaccard matrix diagram. Taken together, we study an integration of all the temporal networks and identify several leading stock sectors, which are in accordance with the common Chinese economic fundamentals.

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

USGS Publications Warehouse

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

2015-01-01

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

Effects of stocking density, light and perches on broiler growth.

PubMed

Velo, Ramón; Ceular, Angel

2017-02-01

The aim of this study was to determine the effect of stocking density, light intensity and light color on broiler growth. The experiment consisted of four 35-day phases during each of which 320 chickens were surveyed. The research was performed at stocking densities of four and six birds/m 2 . Illuminances of 15 and 30 lx were obtained through commercial lamps with 4000 K and 6000 K color temperatures. Lighting was used 17 h a day, between 06.00 and 23.00 hours (17 L:7 D). The results showed a decrease in body, carcass, breast and thighs weight (P < 0.05) with the increase in stocking density. Body weight decreased by 10.5% and carcass weight decreased by 9.4% at six birds/m 2 stocking density. Contrastingly, no differences were found for the tested light colors. Increasing illuminance from 15 to 30 lx caused a 1.9% decrease in body weight. The analysis of the effect of perches revealed that using perches significantly increased body (2.5%) and breast weight (11.8%). The interactions between light intensity or color and stocking density and between light intensity and light color were analyzed. © 2016 Japanese Society of Animal Science.

12 CFR 925.19 - Par value and price of stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Par value and price of stock. 925.19 Section... ASSOCIATES MEMBERS OF THE BANKS Stock Requirements § 925.19 Par value and price of stock. The capital stock of each Bank shall be sold at par, unless the Board has fixed a higher price. ...

Collective behavior of stock price movements in an emerging market

NASA Astrophysics Data System (ADS)

Pan, Raj Kumar; Sinha, Sitabhra

2007-10-01

To investigate the universality of the structure of interactions in different markets, we analyze the cross-correlation matrix C of stock price fluctuations in the National Stock Exchange (NSE) of India. We find that this emerging market exhibits strong correlations in the movement of stock prices compared to developed markets, such as the New York Stock Exchange (NYSE). This is shown to be due to the dominant influence of a common market mode on the stock prices. By comparison, interactions between related stocks, e.g., those belonging to the same business sector, are much weaker. This lack of distinct sector identity in emerging markets is explicitly shown by reconstructing the network of mutually interacting stocks. Spectral analysis of C for NSE reveals that, the few largest eigenvalues deviate from the bulk of the spectrum predicted by random matrix theory, but they are far fewer in number compared to, e.g., NYSE. We show this to be due to the relative weakness of intrasector interactions between stocks, compared to the market mode, by modeling stock price dynamics with a two-factor model. Our results suggest that the emergence of an internal structure comprising multiple groups of strongly coupled components is a signature of market development.

Risk-Adjusted Returns and Stock Market Games.

ERIC Educational Resources Information Center

Kagan, Gary; And Others

1995-01-01

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

26 CFR 1.305-4 - Distributions of common and preferred stock.

Code of Federal Regulations, 2011 CFR

2011-04-01

... of common stock, class A and class B. Dividends may be paid in stock or in cash on either class of stock without regard to the medium of payment of dividends on the other class. A dividend is declared on the class A stock payable in additional shares of class A stock and a dividend is declared on class B...

Multidimensional stock network analysis: An Escoufier's RV coefficient approach

NASA Astrophysics Data System (ADS)

Lee, Gan Siew; Djauhari, Maman A.

2013-09-01

The current practice of stocks network analysis is based on the assumption that the time series of closed stock price could represent the behaviour of the each stock. This assumption leads to consider minimal spanning tree (MST) and sub-dominant ultrametric (SDU) as an indispensible tool to filter the economic information contained in the network. Recently, there is an attempt where researchers represent stock not only as a univariate time series of closed price but as a bivariate time series of closed price and volume. In this case, they developed the so-called multidimensional MST to filter the important economic information. However, in this paper, we show that their approach is only applicable for that bivariate time series only. This leads us to introduce a new methodology to construct MST where each stock is represented by a multivariate time series. An example of Malaysian stock exchange will be presented and discussed to illustrate the advantages of the method.

Stock market index prediction using neural networks

NASA Astrophysics Data System (ADS)

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

1994-03-01

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

12 CFR 552.3 - Charters for Federal stock associations.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Charters for Federal stock associations. 552.3 Section 552.3 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND CONVERSION § 552.3 Charters for Federal stock associations. The...

Dynamical Analysis of Stock Market Instability by Cross-correlation Matrix

NASA Astrophysics Data System (ADS)

Takaishi, Tetsuya

2016-08-01

We study stock market instability by using cross-correlations constructed from the return time series of 366 stocks traded on the Tokyo Stock Exchange from January 5, 1998 to December 30, 2013. To investigate the dynamical evolution of the cross-correlations, crosscorrelation matrices are calculated with a rolling window of 400 days. To quantify the volatile market stages where the potential risk is high, we apply the principal components analysis and measure the cumulative risk fraction (CRF), which is the system variance associated with the first few principal components. From the CRF, we detected three volatile market stages corresponding to the bankruptcy of Lehman Brothers, the 2011 Tohoku Region Pacific Coast Earthquake, and the FRB QE3 reduction observation in the study period. We further apply the random matrix theory for the risk analysis and find that the first eigenvector is more equally de-localized when the market is volatile.

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.

Research on the fractal structure in the Chinese stock market

NASA Astrophysics Data System (ADS)

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

2004-02-01

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

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.

Market impact and structure dynamics of the Chinese stock market based on partial correlation analysis

NASA Astrophysics Data System (ADS)

Li, Xing; Qiu, Tian; Chen, Guang; Zhong, Li-Xin; Wu, Xiao-Run

2017-04-01

Partial correlation analysis is employed to study the market impact on the Chinese stock market from both the native and external markets. Whereas the native market index is observed to have a great impact on the market correlations for both the Shanghai and Shenzhen stock markets, some external stock indices of the United States, European and Asian stock markets show a slight influence on the Chinese market. The individual stock can be affected by different economic sectors, but the dominant influence is from the sector the stock itself belongs to or closely related to, and the finance and insurance sector shows a weaker correlation with other economic sectors. Moreover, the market structure similarity exhibits a negative correlation with the price return in most time, and the structure similarity decays with the time interval.

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

PubMed

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

2015-02-01

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

The Role of Composition, Invasives, and Maintenance Emissions on Urban Forest Carbon Stocks

NASA Astrophysics Data System (ADS)

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

2015-02-01

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

Case study: dairies utilizing ultra-high stock density grazing in the Northeast

USDA-ARS?s Scientific Manuscript database

Ultra-high stock density (UHSD) grazing has gained interest in the forage industry. However, little credible research exists to support anecdotal claims that forage and soil improvement occur through trampling high proportions (75+%) of mature forage into the soil by grazing dense groups of cattle o...

The mutual causality analysis between the stock and futures markets

NASA Astrophysics Data System (ADS)

Yao, Can-Zhong; Lin, Qing-Wen

2017-07-01

In this paper we employ the conditional Granger causality model to estimate the information flow, and find that the improved model outperforms the Granger causality model in revealing the asymmetric correlation between stocks and futures in the Chinese market. First, we find that information flows estimated by Granger causality tests from futures to stocks are greater than those from stocks to futures. Additionally, average correlation coefficients capture some important characteristics between stock prices and information flows over time. Further, we find that direct information flows estimated by conditional Granger causality tests from stocks to futures are greater than those from futures to stocks. Besides, the substantial increases of information flows and direct information flows exhibit a certain degree of synchronism with the occurrences of important events. Finally, the comparative analysis with the asymmetric ratio and the bootstrap technique demonstrates the slight asymmetry of information flows and the significant asymmetry of direct information flows. It reveals that the information flows from futures to stocks are slightly greater than those in the reverse direction, while the direct information flows from stocks to futures are significantly greater than those in the reverse direction.

Machine learning in sentiment reconstruction of the simulated stock market

NASA Astrophysics Data System (ADS)

Goykhman, Mikhail; Teimouri, Ali

2018-02-01

In this paper we continue the study of the simulated stock market framework defined by the driving sentiment processes. We focus on the market environment driven by the buy/sell trading sentiment process of the Markov chain type. We apply the methodology of the Hidden Markov Models and the Recurrent Neural Networks to reconstruct the transition probabilities matrix of the Markov sentiment process and recover the underlying sentiment states from the observed stock price behavior. We demonstrate that the Hidden Markov Model can successfully recover the transition probabilities matrix for the hidden sentiment process of the Markov Chain type. We also demonstrate that the Recurrent Neural Network can successfully recover the hidden sentiment states from the observed simulated stock price time series.

Linking plant functional traits and forest carbon stocks in the Congo Basin

NASA Astrophysics Data System (ADS)

Kearsley, Elizabeth; Verbeeck, Hans; Hufkens, Koen; Lewis, Simon; Huygens, Dries; Beeckman, Hans; Steppe, Kathy; Boeckx, Pascal

2013-04-01

Accurate estimates of the amount of carbon stored in tropical forests represent crucial baseline data for recent climate change mitigation policies. Such data are needed to quantify possible emissions due to deforestation and forest degradation, and to evaluate the potential of these forests to act as carbon sinks. Currently, only rough estimates of the carbon stocks for Central African tropical forests are available due to a lack of field data, and little is known about the response of these stocks to climate change. We present the first ground-based carbon stock data for the central Congo Basin in Yangambi, D. R. Congo, based on data of 20 inventory plots of 1 ha covering different forest types. We found an average aboveground carbon stock of 163 ± 19 Mg C ha-1 for intact old-growth forest, which is significantly lower than the stocks recorded in the outer regions of the Congo Basin. Commonly studied drivers for variations of carbon stocks include climatic and edaphic factors, but detailed trait-based studies are lacking. We identified a significant difference in height-diameter relations across the Congo Basin as a driver for spatial differences in carbon stocks. The study of a more detailed interaction of the environment and the available tree species pool as drivers for differences in carbon storage could have large implications. The effect of the species pool on carbon storage can be large since species differ in their ability to sequester carbon, and the collective functional characteristics of plant communities could be a major driver of carbon accumulation. The use of a trait-based approach shows high potential for identifying and quantifying carbon stocks as an ecosystem service. We test for associations between functional trait values and carbon storage across multiple regrowth and old-growth forests types in the Yangambi study area, with soil properties and climate similar for all plots. A selection of traits associated with carbon dynamics is made

Stock market speculation: Spontaneous symmetry breaking of economic valuation

NASA Astrophysics Data System (ADS)

Sornette, Didier

2000-09-01

Firm foundation theory estimates a security's firm fundamental value based on four determinants: expected growth rate, expected dividend payout, the market interest rate and the degree of risk. In contrast, other views of decision-making in the stock market, using alternatives such as human psychology and behavior, bounded rationality, agent-based modeling and evolutionary game theory, expound that speculative and crowd behavior of investors may play a major role in shaping market prices. Here, we propose that the two views refer to two classes of companies connected through a "phase transition". Our theory is based on (1) the identification of the fundamental parity symmetry of prices (p→-p), which results from the relative direction of payment flux compared to commodity flux and (2) the observation that a company's risk-adjusted growth rate discounted by the market interest rate behaves as a control parameter for the observable price. We find a critical value of this control parameter at which a spontaneous symmetry-breaking of prices occurs, leading to a spontaneous valuation in absence of earnings, similarly to the emergence of a spontaneous magnetization in Ising models in absence of a magnetic field. The low growth rate phase is described by the firm foundation theory while the large growth rate phase is the regime of speculation and crowd behavior. In practice, while large "finite-time horizon" effects round off the predicted singularities, our symmetry-breaking speculation theory accounts for the apparent over-pricing and the high volatility of fast growing companies on the stock markets.

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

2010-12-20

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.

Rational GARCH model: An empirical test for stock returns

NASA Astrophysics Data System (ADS)

Takaishi, Tetsuya

2017-05-01

We propose a new ARCH-type model that uses a rational function to capture the asymmetric response of volatility to returns, known as the "leverage effect". Using 10 individual stocks on the Tokyo Stock Exchange and two stock indices, we compare the new model with several other asymmetric ARCH-type models. We find that according to the deviance information criterion, the new model ranks first for several stocks. Results show that the proposed new model can be used as an alternative asymmetric ARCH-type model in empirical applications.

7 CFR 1216.9 - Farmers stock peanuts.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 10 2011-01-01 2011-01-01 false Farmers stock peanuts. 1216.9 Section 1216.9... AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE PEANUT PROMOTION, RESEARCH, AND INFORMATION ORDER Peanut Promotion, Research, and Information Order Definitions § 1216.9 Farmers stock peanuts...

7 CFR 1216.9 - Farmers stock peanuts.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Farmers stock peanuts. 1216.9 Section 1216.9... AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE PEANUT PROMOTION, RESEARCH, AND INFORMATION ORDER Peanut Promotion, Research, and Information Order Definitions § 1216.9 Farmers stock peanuts...

12 CFR 615.5250 - Disclosure requirements for borrower stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

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

24 CFR 1000.312 - What is current assisted stock?

Code of Federal Regulations, 2010 CFR

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false What is current assisted stock... assisted stock? Current assisted stock consists of housing units owned or operated pursuant to an ACC. This includes all low rent, Mutual Help, and Turnkey III housing units under management as of September 30, 1997...

41 CFR 101-30.101-3 - National stock number.

Code of Federal Regulations, 2011 CFR

2011-07-01

... 41 Public Contracts and Property Management 2 2011-07-01 2007-07-01 true National stock number....1-General § 101-30.101-3 National stock number. The national stock number (NSN) is the identifying number assigned to each item of supply. The NSN consists of the 4-digit Federal Supply Classification...

Sampling protocol recommendations for measuring soil organic carbon stocks in the tropics

NASA Astrophysics Data System (ADS)

van Straaten, Oliver; Veldkamp, Edzo; Corre, Marife D.

2013-04-01

In the tropics, there is an urgent need for cost effective sampling approaches to quantify soil organic carbon (SOC) changes associated with land-use change given the lack of reliable data. The tropics are especially important considering the high deforestation rates, the huge belowground carbon pool and the fast soil carbon turnover rates. In the framework of a pan-tropic (Peru, Cameroon and Indonesia) land-use change study, some highly relevant recommendations on the SOC stocks sampling approaches have emerged. In this study, where we focused on deeply weathered mineral soils, we quantified changes in SOC stock following land-use change (deforestation and subsequent establishment of other land-uses). We used a space-for-time substitution sampling approach, measured SOC stocks in the top three meters of soil and compared recently converted land-uses with adjacent reference forest plots. In each respective region we investigated the most predominant land-use trajectories. In total 157 plots were established across the three countries, where soil samples were taken to a depth of three meters from a central soil pit and from the topsoil (to 0.5m) from 12 pooled composite samples. Finding 1 - soil depth: despite the fact that the majority of SOC stock from the three meter profile is found below one meter depth (50 to 60 percent of total SOC stock), the significant changes in SOC were only measured in the top meter of soil, while the subsoil carbon stock remained relatively unchanged by the land-use conversion. The only exception was for older (>50 yrs) cacao plantations in Cameroon where significant decreases were found below one meter. Finding 2 - pooled composite samples taken across the plot provided more spatially representative estimates of SOC stocks than samples taken from the central soil pit.

Changing recruitment capacity in global fish stocks.

PubMed

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

2016-01-05

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

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

NASA Astrophysics Data System (ADS)

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

2018-03-01

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

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

USDA-ARS?s Scientific Manuscript database

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...

Comparative study of stock trend prediction using time delay, recurrent and probabilistic neural networks.

PubMed

Saad, E W; Prokhorov, D V; Wunsch, D C

1998-01-01

Three networks are compared for low false alarm stock trend predictions. Short-term trends, particularly attractive for neural network analysis, can be used profitably in scenarios such as option trading, but only with significant risk. Therefore, we focus on limiting false alarms, which improves the risk/reward ratio by preventing losses. To predict stock trends, we exploit time delay, recurrent, and probabilistic neural networks (TDNN, RNN, and PNN, respectively), utilizing conjugate gradient and multistream extended Kalman filter training for TDNN and RNN. We also discuss different predictability analysis techniques and perform an analysis of predictability based on a history of daily closing price. Our results indicate that all the networks are feasible, the primary preference being one of convenience.

12 CFR 931.3 - Minimum investment in capital stock.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Minimum investment in capital stock. 931.3 Section 931.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A...

12 CFR 931.3 - Minimum investment in capital stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3 Section 931.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A...

Static and dynamic factors in an information-based multi-asset artificial stock market

NASA Astrophysics Data System (ADS)

Ponta, Linda; Pastore, Stefano; Cincotti, Silvano

2018-02-01

An information-based multi-asset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented. In the market, agents trade risky assets in exchange for cash. Beside the amount of cash and of stocks owned, each agent is characterized by sentiments and agents share their sentiments by means of interactions that are determined by sparsely connected networks. A central market maker (clearing house mechanism) determines the price processes for each stock at the intersection of the demand and the supply curves. Single stock price processes exhibit volatility clustering and fat-tailed distribution of returns whereas multivariate price process exhibits both static and dynamic stylized facts, i.e., the presence of static factors and common trends. Static factors are studied making reference to the cross-correlation of returns of different stocks. The common trends are investigated considering the variance-covariance matrix of prices. Results point out that the probability distribution of eigenvalues of the cross-correlation matrix of returns shows the presence of sectors, similar to those observed on real empirical data. As regarding the dynamic factors, the variance-covariance matrix of prices point out a limited number of assets prices series that are independent integrated processes, in close agreement with the empirical evidence of asset price time series of real stock markets. These results remarks the crucial dependence of statistical properties of multi-assets stock market on the agents' interaction structure.

High-order fuzzy time-series based on multi-period adaptation model for forecasting stock markets

NASA Astrophysics Data System (ADS)

Chen, Tai-Liang; Cheng, Ching-Hsue; Teoh, Hia-Jong

2008-02-01

Stock investors usually make their short-term investment decisions according to recent stock information such as the late market news, technical analysis reports, and price fluctuations. To reflect these short-term factors which impact stock price, this paper proposes a comprehensive fuzzy time-series, which factors linear relationships between recent periods of stock prices and fuzzy logical relationships (nonlinear relationships) mined from time-series into forecasting processes. In empirical analysis, the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) and HSI (Heng Seng Index) are employed as experimental datasets, and four recent fuzzy time-series models, Chen’s (1996), Yu’s (2005), Cheng’s (2006) and Chen’s (2007), are used as comparison models. Besides, to compare with conventional statistic method, the method of least squares is utilized to estimate the auto-regressive models of the testing periods within the databases. From analysis results, the performance comparisons indicate that the multi-period adaptation model, proposed in this paper, can effectively improve the forecasting performance of conventional fuzzy time-series models which only factor fuzzy logical relationships in forecasting processes. From the empirical study, the traditional statistic method and the proposed model both reveal that stock price patterns in the Taiwan stock and Hong Kong stock markets are short-term.

12 CFR 616.6700 - Stock purchase requirements.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Stock purchase requirements. 616.6700 Section 616.6700 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LEASING § 616.6700 Stock purchase requirements. (a) Each System institution, except the Farm Credit Leasing Services Corporation...

Factors associated with stocked cutthroat trout populations in high-mountain lakes

USGS Publications Warehouse

Bailey, Paul E.; Hubert, W.A.

2003-01-01

High-mountain lakes provide important fisheries in the Rocky Mountains; therefore we sought to gain an understanding of the relationships among environmental factors, accessibility to anglers, stocking rates, and features of stocks of cutthroat trout Oncorhynchus clarki in high-mountain lakes of the Bighorn Mountains, Wyoming. We sampled fish with experimental gill nets, measured lake habitat features, and calculated factors affecting angler access among 19 lakes that lacked sufficient natural reproduction to support salmonid fisheries and that were stocked at 1-, 2-, or 4-year intervals with fingerling cutthroat trout. We found that angler accessibility was probably the primary factor affecting stock structure, whereas stocking rates affected the densities of cutthroat trout among lakes. The maximum number of years survived after stocking appeared to have the greatest affect on biomass and population structure. Our findings suggest that control of harvest and manipulation of stocking densities can affect the density, biomass, and structure of cutthroat trout stocks in high-elevation lakes.

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

PubMed

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

2017-09-01

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

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.

Growth and yield of western larch: 15-year results of a levels-of-growing-stock study.

Treesearch

K.W. Seidel

1982-01-01

The 15-year growth response from a levels-of-growing-stock study in an even-aged western larch (Larix occidentalis Nutt.) stand in northeastern Oregon, first thinned at age 33, showed that trees growing at lower stand densities grew more rapidly in diameter but did not grow faster in height than trees in high density plots. Both basal area and...

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

NASA Astrophysics Data System (ADS)

Menezes, Rui; Oliveira, Álvaro

2015-04-01

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

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

The effect of stocking with 0+ year age-class Atlantic salmon Salmo salar fry: a case study from the River Bush, Northern Ireland.

PubMed

Kennedy, R J; Crozier, W W; Allen, M

2012-10-01

An enhancement programme based on stocking 0+ year age-class Atlantic salmon Salmo salar, conducted in the River Bush, Northern Ireland, U.K. over the period 1996-2005, was reviewed with reference to the performance and biological characteristics of wild fish. Wild ova to 0+ year fry (summer) survival was c. 8% with subsequent wild 0+ year fry-to-smolt survival c. 9%. Stocked unfed 0+ year juveniles gave c. 1% survival to smolt whilst fed 0+ year S. salar stocked in late summer exhibited survival at c. 5%. Stocking with unfed and fed fry contributed to increased smolt production and helped attain local management objectives between 2001 and 2005. Significant differences in biological characteristics were observed between wild and stocked-origin fish. Wild-smolt cohorts were dominated by 2+ year age-class fish on the River Bush whilst smolts originating from fed fry mostly comprised younger 1+ year individuals. The mean mass of 1+ year smolts derived from stocked fed fry was significantly lower than that of wild 1+ year smolts, although these differences were not evident between older age classes. Differences in run timing between wild smolts and smolts derived from stocked fry were also apparent with the stocked-origin fish tending to run earlier than wild fish. Although the stocking exercise was useful in terms of maximizing freshwater production, concerns over the quality of stocked-origin recruits and the long term consequences for productivity are highlighted. © 2012 The Authors. Journal of Fish Biology © 2012 The Fisheries Society of the British Isles.

Hierarchical structure of stock price fluctuations in financial markets

NASA Astrophysics Data System (ADS)

Gao, Ya-Chun; Cai, Shi-Min; Wang, Bing-Hong

2012-12-01

The financial market and turbulence have been broadly compared on account of the same quantitative methods and several common stylized facts they share. In this paper, the She-Leveque (SL) hierarchy, proposed to explain the anomalous scaling exponents deviating from Kolmogorov monofractal scaling of the velocity fluctuation in fluid turbulence, is applied to study and quantify the hierarchical structure of stock price fluctuations in financial markets. We therefore observed certain interesting results: (i) the hierarchical structure related to multifractal scaling generally presents in all the stock price fluctuations we investigated. (ii) The quantitatively statistical parameters that describe SL hierarchy are different between developed financial markets and emerging ones, distinctively. (iii) For the high-frequency stock price fluctuation, the hierarchical structure varies with different time periods. All these results provide a novel analogy in turbulence and financial market dynamics and an insight to deeply understand multifractality in financial markets.

Volatility-constrained multifractal detrended cross-correlation analysis: Cross-correlation among Mainland China, US, and Hong Kong stock markets

NASA Astrophysics Data System (ADS)

Cao, Guangxi; Zhang, Minjia; Li, Qingchen

2017-04-01

This study focuses on multifractal detrended cross-correlation analysis of the different volatility intervals of Mainland China, US, and Hong Kong stock markets. A volatility-constrained multifractal detrended cross-correlation analysis (VC-MF-DCCA) method is proposed to study the volatility conductivity of Mainland China, US, and Hong Kong stock markets. Empirical results indicate that fluctuation may be related to important activities in real markets. The Hang Seng Index (HSI) stock market is more influential than the Shanghai Composite Index (SCI) stock market. Furthermore, the SCI stock market is more influential than the Dow Jones Industrial Average stock market. The conductivity between the HSI and SCI stock markets is the strongest. HSI was the most influential market in the large fluctuation interval of 1991 to 2014. The autoregressive fractionally integrated moving average method is used to verify the validity of VC-MF-DCCA. Results show that VC-MF-DCCA is effective.

Stocking guidelines for the endemic Hawaiian hardwood, Acacia koa

Treesearch

P. J. Baker; P. G. Scowcroft

2005-01-01

Stocking relationships are an important tool for foresters because they provide a means for evaluating how effectively the trees in a stand use available growing space. While stocking guidelines are not available for many tropical tree species, readily obtained measurements of stem and crown diameters can be used to develop preliminary stocking guidelines for most tree...

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.

A causality between fund performance and stock market

NASA Astrophysics Data System (ADS)

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

2016-02-01

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

Phaseout of the Army Retail Stock Fund (CONUS)

DTIC Science & Technology

1976-04-01

financing in lieu of the Retail Stock Fund. Within CONUS, the study addresses the financial management and supply management personnel resources associated with current operations of one TRADOC and one FORSCOM installation.

Local variability in metazoan parasites of the pelagic fish species, Engraulis ringens: implications for fish stock assessment using parasites as biological tags.

PubMed

Chavez, Rosa A; Valdivia, Isabel M; Oliva, Marcelo E

2007-06-01

Parasites have been used successfully as biological tags in population studies, mainly in marine fishes, but also in marine mammals, crustaceans and molluscs. Almost all published information dealing with parasites as biological tags evaluates differences between localities. However, local variability in the component community has not been assessed. In this work, we examined whether local variation of the metazoan parasite fauna of Engraulis ringens, extracted from five independent samples from two nearby localities in northern Chile, can be a factor causing bias in stock identification. Our results show that local variability, as estimated by a single sample, may suffice to represent component community variability with no need for replicated data.

Artificial Neural Network versus Linear Models Forecasting Doha Stock Market

NASA Astrophysics Data System (ADS)

Yousif, Adil; Elfaki, Faiz

2017-12-01

The purpose of this study is to determine the instability of Doha stock market and develop forecasting models. Linear time series models are used and compared with a nonlinear Artificial Neural Network (ANN) namely Multilayer Perceptron (MLP) Technique. It aims to establish the best useful model based on daily and monthly data which are collected from Qatar exchange for the period starting from January 2007 to January 2015. Proposed models are for the general index of Qatar stock exchange and also for the usages in other several sectors. With the help of these models, Doha stock market index and other various sectors were predicted. The study was conducted by using various time series techniques to study and analyze data trend in producing appropriate results. After applying several models, such as: Quadratic trend model, double exponential smoothing model, and ARIMA, it was concluded that ARIMA (2,2) was the most suitable linear model for the daily general index. However, ANN model was found to be more accurate than time series models.

Accounting for escape mortality in fisheries: implications for stock productivity and optimal management.

PubMed

Baker, Matthew R; Schindler, Daniel E; Essington, Timothy E; Hilborn, Ray

2014-01-01

Few studies have considered the management implications of mortality to target fish stocks caused by non-retention in commercial harvest gear (escape mortality). We demonstrate the magnitude of this previously unquantified source of mortality and its implications for the population dynamics of exploited stocks, biological metrics, stock productivity, and optimal management. Non-retention in commercial gillnet fisheries for Pacific salmon (Oncorhynchus spp.) is common and often leads to delayed mortality in spawning populations. This represents losses, not only to fishery harvest, but also in future recruitment to exploited stocks. We estimated incidence of non-retention in Alaskan gillnet fisheries for sockeye salmon (O. nerka) and found disentanglement injuries to be extensive and highly variable between years. Injuries related to non-retention were noted in all spawning populations, and incidence of injury ranged from 6% to 44% of escaped salmon across nine river systems over five years. We also demonstrate that non-retention rates strongly correlate with fishing effort. We applied maximum likelihood and Bayesian approaches to stock-recruitment analyses, discounting estimates of spawning salmon to account for fishery-related mortality in escaped fish. Discounting spawning stock estimates as a function of annual fishing effort improved model fits to historical stock-recruitment data in most modeled systems. This suggests the productivity of exploited stocks has been systematically underestimated. It also suggests that indices of fishing effort may be used to predict escape mortality and correct for losses. Our results illustrate how explicitly accounting for collateral effects of fishery extraction may improve estimates of productivity and better inform management metrics derived from estimates of stock-recruitment analyses.

An Ensemble of Neural Networks for Stock Trading Decision Making

NASA Astrophysics Data System (ADS)

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

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

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.

Organic carbon stocks and sequestration rates of forest soils in Germany

PubMed Central

Grüneberg, Erik; Ziche, Daniel; Wellbrock, Nicole

2014-01-01

The National Forest Soil Inventory (NFSI) provides the Greenhouse Gas Reporting in Germany with a quantitative assessment of organic carbon (C) stocks and changes in forest soils. Carbon stocks of the organic layer and the mineral topsoil (30 cm) were estimated on the basis of ca. 1.800 plots sampled from 1987 to 1992 and resampled from 2006 to 2008 on a nationwide grid of 8 × 8 km. Organic layer C stock estimates were attributed to surveyed forest stands and CORINE land cover data. Mineral soil C stock estimates were linked with the distribution of dominant soil types according to the Soil Map of Germany (1 : 1 000 000) and subsequently related to the forest area. It appears that the C pool of the organic layer was largely depending on tree species and parent material, whereas the C pool of the mineral soil varied among soil groups. We identified the organic layer C pool as stable although C was significantly sequestered under coniferous forest at lowland sites. The mineral soils, however, sequestered 0.41 Mg C ha−1 yr−1. Carbon pool changes were supposed to depend on stand age and forest transformation as well as an enhanced biomass input. Carbon stock changes were clearly attributed to parent material and soil groups as sandy soils sequestered higher amounts of C, whereas clayey and calcareous soils showed small gains and in some cases even losses of soil C. We further showed that the largest part of the overall sample variance was not explained by fine-earth stock variances, rather by the C concentrations variance. The applied uncertainty analyses in this study link the variability of strata with measurement errors. In accordance to other studies for Central Europe, the results showed that the applied method enabled a reliable nationwide quantification of the soil C pool development for a certain period. PMID:24616061

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.

Dynamics relationship between stock prices and economic variables in Malaysia

NASA Astrophysics Data System (ADS)

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

2014-07-01

Knowledge on linkages between stock prices and macroeconomic variables are essential in the formulation of effective monetary policy. This study investigates the relationship between stock prices in Malaysia (KLCI) with four selected macroeconomic variables, namely industrial production index (IPI), quasi money supply (MS2), real exchange rate (REXR) and 3-month Treasury bill (TRB). The variables used in this study are monthly data from 1996 to 2012. Vector error correction (VEC) model and Kalman filter (KF) technique are utilized to assess the impact of macroeconomic variables on the stock prices. The results from the cointegration test revealed that the stock prices and macroeconomic variables are cointegrated. Different from the constant estimate from the static VEC model, the KF estimates noticeably exhibit time-varying attributes over the entire sample period. The varying estimates of the impact coefficients should be better reflect the changing economic environment. Surprisingly, IPI is negatively related to the KLCI with the estimates of the impact slowly increase and become positive in recent years. TRB is found to be generally negatively related to the KLCI with the impact fluctuating along the constant estimate of the VEC model. The KF estimates for REXR and MS2 show a mixture of positive and negative impact on the KLCI. The coefficients of error correction term (ECT) are negative in majority of the sample period, signifying the stock prices responded to stabilize any short term deviation in the economic system. The findings from the KF model indicate that any implication that is based on the usual static model may lead to authorities implementing less appropriate policies.

27 CFR 46.231 - Floor stocks tax return.

Code of Federal Regulations, 2012 CFR

2012-04-01

... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette....28T09, 2009 Floor Stocks Tax Return—Tobacco Products and Cigarette Papers and Tubes, is available for...

27 CFR 46.231 - Floor stocks tax return.

Code of Federal Regulations, 2011 CFR

2011-04-01

... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette....28T09, 2009 Floor Stocks Tax Return—Tobacco Products and Cigarette Papers and Tubes, is available for...

27 CFR 46.231 - Floor stocks tax return.

Code of Federal Regulations, 2014 CFR

2014-04-01

... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette....28T09, 2009 Floor Stocks Tax Return—Tobacco Products and Cigarette Papers and Tubes, is available for...

27 CFR 46.231 - Floor stocks tax return.