Science.gov

Sample records for abnormal stock returns

  1. 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…

  2. 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.

  3. 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.

  4. A wavelet based investigation of long memory in stock returns

    NASA Astrophysics Data System (ADS)

    Tan, Pei P.; Galagedera, Don U. A.; Maharaj, Elizabeth A.

    2012-04-01

    Using a wavelet-based maximum likelihood fractional integration estimator, we test long memory (return predictability) in the returns at the market, industry and firm level. In an analysis of emerging market daily returns over the full sample period, we find that long-memory is not present and in approximately twenty percent of 175 stocks there is evidence of long memory. The absence of long memory in the market returns may be a consequence of contemporaneous aggregation of stock returns. However, when the analysis is carried out with rolling windows evidence of long memory is observed in certain time frames. These results are largely consistent with that of detrended fluctuation analysis. A test of firm-level information in explaining stock return predictability using a logistic regression model reveal that returns of large firms are more likely to possess long memory feature than in the returns of small firms. There is no evidence to suggest that turnover, earnings per share, book-to-market ratio, systematic risk and abnormal return with respect to the market model is associated with return predictability. However, degree of long-range dependence appears to be associated positively with earnings per share, systematic risk and abnormal return and negatively with book-to-market ratio.

  5. The Effects of Twitter Sentiment on Stock Price Returns

    PubMed Central

    Ranco, Gabriele; Aleksovski, Darko; Caldarelli, Guido; Grčar, Miha; Mozetič, Igor

    2015-01-01

    Social media are increasingly reflecting and influencing behavior of other complex systems. In this paper we investigate the relations between a well-known micro-blogging platform Twitter and financial markets. In particular, we consider, in a period of 15 months, the Twitter volume and sentiment about the 30 stock companies that form the Dow Jones Industrial Average (DJIA) index. We find a relatively low Pearson correlation and Granger causality between the corresponding time series over the entire time period. However, we find a significant dependence between the Twitter sentiment and abnormal returns during the peaks of Twitter volume. This is valid not only for the expected Twitter volume peaks (e.g., quarterly announcements), but also for peaks corresponding to less obvious events. We formalize the procedure by adapting the well-known “event study” from economics and finance to the analysis of Twitter data. The procedure allows to automatically identify events as Twitter volume peaks, to compute the prevailing sentiment (positive or negative) expressed in tweets at these peaks, and finally to apply the “event study” methodology to relate them to stock returns. We show that sentiment polarity of Twitter peaks implies the direction of cumulative abnormal returns. The amount of cumulative abnormal returns is relatively low (about 1–2%), but the dependence is statistically significant for several days after the events. PMID:26390434

  6. The Effects of Twitter Sentiment on Stock Price Returns.

    PubMed

    Ranco, Gabriele; Aleksovski, Darko; Caldarelli, Guido; Grčar, Miha; Mozetič, Igor

    2015-01-01

    Social media are increasingly reflecting and influencing behavior of other complex systems. In this paper we investigate the relations between a well-known micro-blogging platform Twitter and financial markets. In particular, we consider, in a period of 15 months, the Twitter volume and sentiment about the 30 stock companies that form the Dow Jones Industrial Average (DJIA) index. We find a relatively low Pearson correlation and Granger causality between the corresponding time series over the entire time period. However, we find a significant dependence between the Twitter sentiment and abnormal returns during the peaks of Twitter volume. This is valid not only for the expected Twitter volume peaks (e.g., quarterly announcements), but also for peaks corresponding to less obvious events. We formalize the procedure by adapting the well-known "event study" from economics and finance to the analysis of Twitter data. The procedure allows to automatically identify events as Twitter volume peaks, to compute the prevailing sentiment (positive or negative) expressed in tweets at these peaks, and finally to apply the "event study" methodology to relate them to stock returns. We show that sentiment polarity of Twitter peaks implies the direction of cumulative abnormal returns. The amount of cumulative abnormal returns is relatively low (about 1-2%), but the dependence is statistically significant for several days after the events.

  7. Quantifying Stock Return Distributions in Financial Markets.

    PubMed

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

    2015-01-01

    Being able to quantify the probability of large price changes in stock markets is of crucial importance in understanding financial crises that affect the lives of people worldwide. Large changes in stock market prices can arise abruptly, within a matter of minutes, or develop across much longer time scales. Here, we analyze a dataset comprising the stocks forming the Dow Jones Industrial Average at a second by second resolution in the period from January 2008 to July 2010 in order to quantify the distribution of changes in market prices at a range of time scales. We find that the tails of the distributions of logarithmic price changes, or returns, exhibit power law decays for time scales ranging from 300 seconds to 3600 seconds. For larger time scales, we find that the distributions tails exhibit exponential decay. Our findings may inform the development of models of market behavior across varying time scales. PMID:26327593

  8. Quantifying Stock Return Distributions in Financial Markets

    PubMed Central

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

    2015-01-01

    Being able to quantify the probability of large price changes in stock markets is of crucial importance in understanding financial crises that affect the lives of people worldwide. Large changes in stock market prices can arise abruptly, within a matter of minutes, or develop across much longer time scales. Here, we analyze a dataset comprising the stocks forming the Dow Jones Industrial Average at a second by second resolution in the period from January 2008 to July 2010 in order to quantify the distribution of changes in market prices at a range of time scales. We find that the tails of the distributions of logarithmic price changes, or returns, exhibit power law decays for time scales ranging from 300 seconds to 3600 seconds. For larger time scales, we find that the distributions tails exhibit exponential decay. Our findings may inform the development of models of market behavior across varying time scales. PMID:26327593

  9. 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.

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

    NASA Astrophysics Data System (ADS)

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

    2008-01-01

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

  11. Daily happiness and stock returns: Some international evidence

    NASA Astrophysics Data System (ADS)

    Zhang, Wei; Li, Xiao; Shen, Dehua; Teglio, Andrea

    2016-10-01

    In this paper, we examine the relations between the daily happiness sentiment extracted from Twitter and the stock market performance in 11 international stock markets. By partitioning this happiness sentiment into quintiles from the least to the happiest days, we first show that the contemporary correlation coefficients between happiness sentiment and index return in the 4 and most-happiness subgroups are higher than that in least, 2 and 3-happiness subgroups. Secondly, the happiness sentiment can provide additional explanatory power for index return in the most-happiness subgroup. Thirdly, the daily happiness can granger-cause the changes in index return for the majority of stock markets. Fourthly, we find that the index return and the range-based volatility of the most-happiness subgroup are larger than those of other subgroups. These results highlight the important role of social media in stock market.

  12. 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.

  13. Abnormal statistical properties of stock indexes during a financial crash

    NASA Astrophysics Data System (ADS)

    Li, Wei-Shen; Liaw, Sy-Sang

    2015-03-01

    We investigate minute indexes of stock markets in 10 countries during financial crashes by dividing them into several stages according to their stock price tendencies: plunging stage (stage 1), fluctuating or rebounding stage (stage 2), and soaring stage (stage 3). The tail distributions of the returns satisfy a power law for developed markets but show a dual power-law structure for emerging markets. Prominent dual fractal structures are found during the plunging stage in developed markets, and after the plunging stage in emerging markets. The fractal analysis on the sign series of the returns yields similar dual fractal properties. The magnitude series of the returns provides surprising results during a crash. We find that developed markets have strong and weak long-range persistence in plunging and soaring stage respectively, while emerging markets behave oppositely. These results indicate that different types of markets are influenced strongly by the external shock of a crisis at different stages.

  14. What stock market returns to expect for the future?

    PubMed

    Diamond, P A

    2000-01-01

    In evaluating proposals for reforming Social Security that involve stock investments, the Office of the Chief Actuary (OCACT) has generally used a 7.0 percent real return for stocks. The 1994-96 Advisory Council specified that OCACT should use that return in making its 75-year projections of investment-based reform proposals. The assumed ultimate real return on Treasury bonds of 3.0 percent implies a long-run equity premium of 4.0 percent. There are two equity-premium concepts: the realized equity premium, which is measured by the actual rates of return; and the required equity premium, which investors expect to receive for being willing to hold available stocks and bonds. Over the past two centuries, the realized premium was 3.5 percent on average, but 5.2 percent for 1926 to 1998. Some critics argue that the 7.0 percent projected stock returns are too high. They base their arguments on recent developments in the capital market, the current high value of the stock market, and the expectation of slower economic growth. Increased use of mutual funds and the decline in their costs suggest a lower required premium, as does the rising fraction of the American public investing in stocks. The size of the decrease is limited, however, because the largest cost savings do not apply to the very wealthy and to large institutional investors, who hold a much larger share of the stock market's total value than do new investors. These trends suggest a lower equity premium for projections than the 5.2 percent of the past 75 years. Also, a declining required premium is likely to imply a temporary increase in the realized premium because a rising willingness to hold stocks tends to increase their price. Therefore, it would be a mistake during a transition period to extrapolate what may be a temporarily high realized return. In the standard (Solow) economic growth model, an assumption of slower long-run growth lowers the marginal product of capital if the savings rate is constant

  15. What stock market returns to expect for the future?

    PubMed

    Diamond, P A

    2000-01-01

    In evaluating proposals for reforming Social Security that involve stock investments, the Office of the Chief Actuary (OCACT) has generally used a 7.0 percent real return for stocks. The 1994-96 Advisory Council specified that OCACT should use that return in making its 75-year projections of investment-based reform proposals. The assumed ultimate real return on Treasury bonds of 3.0 percent implies a long-run equity premium of 4.0 percent. There are two equity-premium concepts: the realized equity premium, which is measured by the actual rates of return; and the required equity premium, which investors expect to receive for being willing to hold available stocks and bonds. Over the past two centuries, the realized premium was 3.5 percent on average, but 5.2 percent for 1926 to 1998. Some critics argue that the 7.0 percent projected stock returns are too high. They base their arguments on recent developments in the capital market, the current high value of the stock market, and the expectation of slower economic growth. Increased use of mutual funds and the decline in their costs suggest a lower required premium, as does the rising fraction of the American public investing in stocks. The size of the decrease is limited, however, because the largest cost savings do not apply to the very wealthy and to large institutional investors, who hold a much larger share of the stock market's total value than do new investors. These trends suggest a lower equity premium for projections than the 5.2 percent of the past 75 years. Also, a declining required premium is likely to imply a temporary increase in the realized premium because a rising willingness to hold stocks tends to increase their price. Therefore, it would be a mistake during a transition period to extrapolate what may be a temporarily high realized return. In the standard (Solow) economic growth model, an assumption of slower long-run growth lowers the marginal product of capital if the savings rate is constant

  16. Prediction of Stock Returns Based on Cross-Sectional Multivariable Model

    NASA Astrophysics Data System (ADS)

    Yamada, Shinya; Takahashi, Shinsuke; Funabashi, Motohisa

    A new prediction method of stock returns was constructed from a cross-sectional multivariable model where explanatory variables are current financial indexes and an explained variable is a future stock return. To achieve precise prediction, explanatory variables were appropriately selected over time based on various test statistics and optimization of a performance index of expected portfolio return. A long-short portfolio, in which stocks with high predicted return were bought and stocks with low predicted return were sold short, was constructed to evaluate the proposed method. The simulation test showed that the proposed prediction method was effective to achieve high portfolio performance.

  17. Sector Identification in a Set of Stock Return Time Series Traded at the London Stock Exchange

    NASA Astrophysics Data System (ADS)

    Coronnello, C.; Tumminello, M.; Lillo, F.; Micciche, S.; Mantegna, R. N.

    2005-09-01

    We compare some methods recently used in the literature to detect the existence of a certain degree of common behavior of stock returns belonging to the same economic sector. Specifically, we discuss methods based on random matrix theory and hierarchical clustering techniques. We apply these methods to a portfolio of stocks traded at the London Stock Exchange. The investigated time series are recorded both at a daily time horizon and at a 5-minute time horizon. The correlation coefficient matrix is very different at different time horizons confirming that more structured correlation coefficient matrices are observed for long time horizons. All the considered methods are able to detect economic information and the presence of clusters characterized by the economic sector of stocks. However, different methods present a different degree of sensitivity with respect to different sectors. Our comparative analysis suggests that the application of just a single method could not be able to extract all the economic information present in the correlation coefficient matrix of a stock portfolio.

  18. 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

  19. 27 CFR 46.231 - Floor stocks tax return.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 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...

  20. 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...

  1. 27 CFR 46.231 - Floor stocks tax return.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 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...

  2. 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...

  3. 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...

  4. Essays on the effects of oil price shocks on the U.S. stock returns

    NASA Astrophysics Data System (ADS)

    Alsalman, Zeina N.

    This research investigates the effect of changes in oil prices and oil price volatility on the U.S. stock returns. The first essay tests whether the sign and the size of oil price shocks matter for the U.S. stock returns. The results suggest a linear model provides a good approximation to the response of real stock returns to real oil price innovations. However, this is not the case when the model is specified in terms of the nominal price of crude oil. Using a modified structural VAR to accommodate GARCH-in-Mean errors, the second essay studies the direct effects of oil price uncertainty on the U.S. stock returns at the aggregate and sectoral levels. We also simulate the response of U.S. stock returns to positive and negative oil price shocks, to examine whether the responses to positive and negative shocks are symmetric. Estimation results suggest that there is no statistically significant effect of oil price volatility on the U.S. stock returns. Moreover, the impulse responses indicate that oil price increases and decreases have symmetric effects on the U.S. stock returns. Using high frequency data, the third essay addresses the issue of uncertainty in oil prices and its effect on U.S. stock returns, taking into account the day of the week effect. The results suggest that the-day-of-the-week effect is present in both the mean and volatility equations. The results also show that the U.S. stock market is sensitive to oil price variations not only at the aggregate level but also across some industries, such as chemicals, entertainment, and retail, where uncertainty in oil prices proves to have positive and statistically significant effect.

  5. The Tail Exponent for Stock Returns in Bursa Malaysia for 2003-2008

    NASA Astrophysics Data System (ADS)

    Rusli, N. H.; Gopir, G.; Usang, M. D.

    2010-07-01

    A developed discipline of econophysics that has been introduced is exhibiting the application of mathematical tools that are usually applied to the physical models for the study of financial models. In this study, an analysis of the time series behavior of several blue chip and penny stock companies in Main Market of Bursa Malaysia has been performed. Generally, the basic quantity being used is the relative price changes or is called the stock price returns, contains daily-sampled data from the beginning of 2003 until the end of 2008, containing 1555 trading days recorded. The aim of this paper is to investigate the tail exponent in tails of the distribution for blue chip stocks and penny stocks financial returns in six years period. By using a standard regression method, it is found that the distribution performed double scaling on the log-log plot of the cumulative probability of the normalized returns. Thus we calculate α for a small scale return as well as large scale return. Based on the result obtained, it is found that the power-law behavior for the probability density functions of the stock price absolute returns P(z)˜z-α with values lying inside and outside the Lévy stable regime with values α>2. All the results were discussed in detail.

  6. Tests of nonuniversality of the stock return distributions in an emerging market

    NASA Astrophysics Data System (ADS)

    Mu, Guo-Hua; Zhou, Wei-Xing

    2010-12-01

    There is convincing evidence showing that the probability distributions of stock returns in mature markets exhibit power-law tails and both the positive and negative tails conform to the inverse cubic law. It supports the possibility that the tail exponents are universal at least for mature markets in the sense that they do not depend on stock market, industry sector, and market capitalization. We investigate the distributions of intraday returns at different time scales ( Δt=1 , 5, 15, and 30 min) of all the A-share stocks traded in the Chinese stock market, which is the largest emerging market in the world. We find that the returns can be well fitted by the q -Gaussian distribution and the tails have power-law relaxations with the exponents increasing with Δt and being well outside the Lévy stable regime for individual stocks. We provide statistically significant evidence showing that, at small time scales Δt<15min , the exponents logarithmically decrease with the turnover rate and increase with the market capitalization. When Δt>15min , no conclusive evidence is found for a possible dependence of the tail exponent on the turnover rate or the market capitalization. Our findings indicate that the intraday return distributions at small time scales are not universal in emerging stock markets but might be universal at large time scales.

  7. 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. PMID:27257816

  8. 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.

  9. 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

  10. Stock market return distributions: From past to present

    NASA Astrophysics Data System (ADS)

    Drożdż, S.; Forczek, M.; Kwapień, J.; Oświeçimka, P.; Rak, R.

    2007-09-01

    We show that recent stock market fluctuations are characterized by the cumulative distributions whose tails on short, minute time scales exhibit power scaling with the scaling index α>3 and this index tends to increase quickly with decreasing sampling frequency. Our study is based on high-frequency recordings of the S&P500, DAX and WIG20 indices over the interval May 2004-May 2006. Our findings suggest that dynamics of the contemporary market may differ from the one observed in the past. This effect indicates a constantly increasing efficiency of world markets.

  11. Is Log Ratio a Good Value for Measuring Return in Stock Investments?

    NASA Astrophysics Data System (ADS)

    Ultsch, Alfred

    Measuring the rate of return is an important issue for theory and practice of investments in the stock market. A common measure for rate of return is the logarithm of the ratio of successive prices (LogRatio). In this paper it is shown that LogRatio as well as arithmetic return rate (Ratio) have several disadvantages. As an alternative relative differences (RelDiff) are proposed to measure return. The stability against numerical and rounding errors of RelDiff is much better than for LogRatios and Ratio). RelDiff values are identical to LogRatios and Return for small absolutes. The usage of RelDiff maps returns to a finite range. For most subsequent analyses this is a big advantage. The usefulness of the approach is demonstrated on daily return rates of a large set of actual stocks. It is shown that returns can be modeled with a very simple mixture of distributions in great precision using Relative differences.

  12. The dynamic correlation between policy uncertainty and stock market returns in China

    NASA Astrophysics Data System (ADS)

    Yang, Miao; Jiang, Zhi-Qiang

    2016-11-01

    The dynamic correlation is examined between government's policy uncertainty and Chinese stock market returns in the period from January 1995 to December 2014. We find that the stock market is significantly correlated to policy uncertainty based on the results of the Vector Auto Regression (VAR) and Structural Vector Auto Regression (SVAR) models. In contrast, the results of the Dynamic Conditional Correlation Generalized Multivariate Autoregressive Conditional Heteroscedasticity (DCC-MGARCH) model surprisingly show a low dynamic correlation coefficient between policy uncertainty and market returns, suggesting that the fluctuations of each variable are greatly influenced by their values in the preceding period. Our analysis highlights the understanding of the dynamical relationship between stock market and fiscal and monetary policy.

  13. Spectral and network methods in the analysis of correlation matrices of stock returns

    NASA Astrophysics Data System (ADS)

    Heimo, Tapio; Saramäki, Jari; Onnela, Jukka-Pekka; Kaski, Kimmo

    2007-09-01

    Correlation matrices inferred from stock return time series contain information on the behaviour of the market, especially on clusters of highly correlating stocks. Here we study a subset of New York Stock Exchange (NYSE) traded stocks and compare three different methods of analysis: (i) spectral analysis, i.e. investigation of the eigenvalue-eigenvector pairs of the correlation matrix, (ii) asset trees, obtained by constructing the maximal spanning tree of the correlation matrix, and (iii) asset graphs, which are networks in which the strongest correlations are depicted as edges. We illustrate and discuss the localisation of the most significant modes of fluctuation, i.e. eigenvectors corresponding to the largest eigenvalues, on the asset trees and graphs.

  14. 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.

  15. The returns and risks of investment portfolio in stock market crashes

    NASA Astrophysics Data System (ADS)

    Li, Jiang-Cheng; Long, Chao; Chen, Xiao-Dan

    2015-06-01

    The returns and risks of investment portfolio in stock market crashes are investigated by considering a theoretical model, based on a modified Heston model with a cubic nonlinearity, proposed by Spagnolo and Valenti. Through numerically simulating probability density function of returns and the mean escape time of the model, the results indicate that: (i) the maximum stability of returns is associated with the maximum dispersion of investment portfolio and an optimal stop-loss position; (ii) the maximum risks are related with a worst dispersion of investment portfolio and the risks of investment portfolio are enhanced by increasing stop-loss position. In addition, the good agreements between the theoretical result and real market data are found in the behaviors of the probability density function and the mean escape time.

  16. Weather effects on the returns and volatility of the Shanghai stock market

    NASA Astrophysics Data System (ADS)

    Kang, Sang Hoon; Jiang, Zhuhua; Lee, Yeonjeong; Yoon, Seong-Min

    2010-01-01

    This study investigates the weather effects on returns as well as volatility in the Shanghai stock market. In order to analyze the influence of the opening of B-share market to domestic investors, it is assumed that domestic investors are more sensitive to the Shanghai local weather than foreign investors. In doing so, extreme weather condition dummies are generated by using the 21-day and 31-day moving average and its standard deviation. Empirical analysis provides two key results regarding weather effects. First, the weather effect exists in the A-share returns, but does not exist in the B-share returns over the whole period. In addition, the post-opening period shows the strong weather effect on B-share returns only, indicating that the market openness to domestic investors results in the weather effect. Second, the weather effect has a strong influence on the volatility of both A- and B-share returns. Similar to the case of returns, the weather effect on volatility is explained by the openness of B-share market.

  17. Contemporaneous aggregation and long-memory property of returns and volatility in the Korean stock market

    NASA Astrophysics Data System (ADS)

    Kang, Sang Hoon; Cheong, Chongcheul; Yoon, Seong-Min

    2010-11-01

    The principal objective of this study is to determine whether the long-memory property is real or a spurious result caused by contemporaneous aggregation. In order to assess the presence of long memory in returns and volatility, two different long-memory detection techniques (modified R/S analysis and the GPH test) were applied to the KOSPI 50 index and its 50 constituent individual stock prices. According to the empirical evidence gleaned from the two long-memory tests, we conclude that there exists significant evidence for the long-memory property in volatility in both the market index and in a majority of individual stocks. These findings indicate that the observed evidence of the long-memory feature in volatility of index series is not spurious, and that we can reject the hypothesis that spurious long-memory evidence in the volatility of index series is the consequence of contemporaneous aggregation. However, this conclusion should be considered cautiously, given that a considerable number of the individual stock volatilities in square returns strongly show a short-memory property, as the level of significance in statistical decisions is lowered to the 1% level.

  18. Fractional Brownian Motion with Stochastic Variance:. Modeling Absolute Returns in STOCK Markets

    NASA Astrophysics Data System (ADS)

    Roman, H. E.; Porto, M.

    We discuss a model for simulating a long-time memory in time series characterized in addition by a stochastic variance. The model is based on a combination of fractional Brownian motion (FBM) concepts, for dealing with the long-time memory, with an autoregressive scheme with conditional heteroskedasticity (ARCH), responsible for the stochastic variance of the series, and is denoted as FBMARCH. Unlike well-known fractionally integrated autoregressive models, FBMARCH admits finite second moments. The resulting probability distribution functions have power-law tails with exponents similar to ARCH models. This idea is applied to the description of long-time autocorrelations of absolute returns ubiquitously observed in stock markets.

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

    NASA Astrophysics Data System (ADS)

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

    2016-02-01

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

  20. Illiquidity premium and expected stock returns in the UK: A new approach

    NASA Astrophysics Data System (ADS)

    Chen, Jiaqi; Sherif, Mohamed

    2016-09-01

    This study examines the relative importance of liquidity risk for the time-series and cross-section of stock returns in the UK. We propose a simple way to capture the multidimensionality of illiquidity. Our analysis indicates that existing illiquidity measures have considerable asset specific components, which justifies our new approach. Further, we use an alternative test of the Amihud (2002) measure and parametric and non-parametric methods to investigate whether liquidity risk is priced in the UK. We find that the inclusion of the illiquidity factor in the capital asset pricing model plays a significant role in explaining the cross-sectional variation in stock returns, in particular with the Fama-French three-factor model. Further, using Hansen-Jagannathan non-parametric bounds, we find that the illiquidity-augmented capital asset pricing models yield a small distance error, other non-liquidity based models fail to yield economically plausible distance values. Our findings have important implications for managing the liquidity risk of equity portfolios.

  1. Return volatility interval analysis of stock indexes during a financial crash

    NASA Astrophysics Data System (ADS)

    Li, Wei-Shen; Liaw, Sy-Sang

    2015-09-01

    We investigate the interval between return volatilities above a certain threshold q for 10 countries data sets during the 2008/2009 global financial crisis, and divide these data into several stages according to stock price tendencies: plunging stage (stage 1), fluctuating or rebounding stage (stage 2) and soaring stage (stage 3). For different thresholds q, the cumulative distribution function always satisfies a power law tail distribution. We find the absolute value of the power-law exponent is lowest in stage 1 for various types of markets, and increases monotonically from stage 1 to stage 3 in emerging markets. The fractal dimension properties of the return volatility interval series provide some surprising results. We find that developed markets have strong persistence and transform to weaker correlation in the plunging and soaring stages. In contrast, emerging markets fail to exhibit such a transformation, but rather show a constant-correlation behavior with the recurrence of extreme return volatility in corresponding stages during a crash. We believe this long-memory property found in recurrence-interval series, especially for developed markets, plays an important role in volatility clustering.

  2. Modeling Markov switching ARMA-GARCH neural networks models and an application to forecasting stock returns.

    PubMed

    Bildirici, Melike; Ersin, Özgür

    2014-01-01

    The study has two aims. The first aim is to propose a family of nonlinear GARCH models that incorporate fractional integration and asymmetric power properties to MS-GARCH processes. The second purpose of the study is to augment the MS-GARCH type models with artificial neural networks to benefit from the universal approximation properties to achieve improved forecasting accuracy. Therefore, the proposed Markov-switching MS-ARMA-FIGARCH, APGARCH, and FIAPGARCH processes are further augmented with MLP, Recurrent NN, and Hybrid NN type neural networks. The MS-ARMA-GARCH family and MS-ARMA-GARCH-NN family are utilized for modeling the daily stock returns in an emerging market, the Istanbul Stock Index (ISE100). Forecast accuracy is evaluated in terms of MAE, MSE, and RMSE error criteria and Diebold-Mariano equal forecast accuracy tests. The results suggest that the fractionally integrated and asymmetric power counterparts of Gray's MS-GARCH model provided promising results, while the best results are obtained for their neural network based counterparts. Further, among the models analyzed, the models based on the Hybrid-MLP and Recurrent-NN, the MS-ARMA-FIAPGARCH-HybridMLP, and MS-ARMA-FIAPGARCH-RNN provided the best forecast performances over the baseline single regime GARCH models and further, over the Gray's MS-GARCH model. Therefore, the models are promising for various economic applications.

  3. Modeling Markov Switching ARMA-GARCH Neural Networks Models and an Application to Forecasting Stock Returns

    PubMed Central

    Bildirici, Melike; Ersin, Özgür

    2014-01-01

    The study has two aims. The first aim is to propose a family of nonlinear GARCH models that incorporate fractional integration and asymmetric power properties to MS-GARCH processes. The second purpose of the study is to augment the MS-GARCH type models with artificial neural networks to benefit from the universal approximation properties to achieve improved forecasting accuracy. Therefore, the proposed Markov-switching MS-ARMA-FIGARCH, APGARCH, and FIAPGARCH processes are further augmented with MLP, Recurrent NN, and Hybrid NN type neural networks. The MS-ARMA-GARCH family and MS-ARMA-GARCH-NN family are utilized for modeling the daily stock returns in an emerging market, the Istanbul Stock Index (ISE100). Forecast accuracy is evaluated in terms of MAE, MSE, and RMSE error criteria and Diebold-Mariano equal forecast accuracy tests. The results suggest that the fractionally integrated and asymmetric power counterparts of Gray's MS-GARCH model provided promising results, while the best results are obtained for their neural network based counterparts. Further, among the models analyzed, the models based on the Hybrid-MLP and Recurrent-NN, the MS-ARMA-FIAPGARCH-HybridMLP, and MS-ARMA-FIAPGARCH-RNN provided the best forecast performances over the baseline single regime GARCH models and further, over the Gray's MS-GARCH model. Therefore, the models are promising for various economic applications. PMID:24977200

  4. Modeling Markov switching ARMA-GARCH neural networks models and an application to forecasting stock returns.

    PubMed

    Bildirici, Melike; Ersin, Özgür

    2014-01-01

    The study has two aims. The first aim is to propose a family of nonlinear GARCH models that incorporate fractional integration and asymmetric power properties to MS-GARCH processes. The second purpose of the study is to augment the MS-GARCH type models with artificial neural networks to benefit from the universal approximation properties to achieve improved forecasting accuracy. Therefore, the proposed Markov-switching MS-ARMA-FIGARCH, APGARCH, and FIAPGARCH processes are further augmented with MLP, Recurrent NN, and Hybrid NN type neural networks. The MS-ARMA-GARCH family and MS-ARMA-GARCH-NN family are utilized for modeling the daily stock returns in an emerging market, the Istanbul Stock Index (ISE100). Forecast accuracy is evaluated in terms of MAE, MSE, and RMSE error criteria and Diebold-Mariano equal forecast accuracy tests. The results suggest that the fractionally integrated and asymmetric power counterparts of Gray's MS-GARCH model provided promising results, while the best results are obtained for their neural network based counterparts. Further, among the models analyzed, the models based on the Hybrid-MLP and Recurrent-NN, the MS-ARMA-FIAPGARCH-HybridMLP, and MS-ARMA-FIAPGARCH-RNN provided the best forecast performances over the baseline single regime GARCH models and further, over the Gray's MS-GARCH model. Therefore, the models are promising for various economic applications. PMID:24977200

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

    NASA Astrophysics Data System (ADS)

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

    2015-11-01

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

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

    NASA Astrophysics Data System (ADS)

    Manahov, Viktor; Hudson, Robert

    2013-10-01

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

  7. 27 CFR 46.232 - Preparation of floor stocks tax return.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.232 Preparation...

  8. 27 CFR 46.232 - Preparation of floor stocks tax return.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.232 Preparation...

  9. 27 CFR 46.232 - Preparation of floor stocks tax return.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.232 Preparation...

  10. 27 CFR 46.232 - Preparation of floor stocks tax return.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.232 Preparation...

  11. 27 CFR 46.232 - Preparation of floor stocks tax return.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.232 Preparation...

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

    NASA Astrophysics Data System (ADS)

    Gao, Yan; Gao, Yao

    2015-11-01

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

  13. Effects of stocking and supplementation rates on cattle performance and return when grazing mixed-grass prairie in Northwest Oklahoma

    Technology Transfer Automated Retrieval System (TEKTRAN)

    Mixed grasslands with an over story of sand sagebrush (Artemisia filifolia) inhabits approximately 6 million ha of sandy soils along major rivers across the Southern and Central Plains. The objectives of this research were to determine the effects of stocking and supplementation rates on cattle perf...

  14. Market Reactions to Publicly Announced Privacy and Security Breaches Suffered by Companies Listed on the United States Stock Exchanges: A Comparative Empirical Investigation

    ERIC Educational Resources Information Center

    Coronado, Adolfo S.

    2012-01-01

    Using a sample of security and privacy breaches the present research examines the comparative announcement impact between the two types of events. The first part of the dissertation analyzes the impact of publicly announced security and privacy breaches on abnormal stock returns, the change in firm risk, and abnormal trading volume are measured.…

  15. How long is the memory of the US stock market?

    NASA Astrophysics Data System (ADS)

    Ferreira, Paulo; Dionísio, Andreia

    2016-06-01

    The Efficient Market Hypothesis (EMH), one of the most important hypothesis in financial economics, argues that return rates have no memory (correlation) which implies that agents cannot make abnormal profits in financial markets, due to the possibility of arbitrage operations. With return rates for the US stock market, we corroborate the fact that with a linear approach, return rates do not show evidence of correlation. However, linear approaches might not be complete or global, since return rates could suffer from nonlinearities. Using detrended cross-correlation analysis and its correlation coefficient, a methodology which analyzes long-range behavior between series, we show that the long-range correlation of return rates only ends in the 149th lag, which corresponds to about seven months. Does this result undermine the EMH?

  16. 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

  17. 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.

  18. Earnings Quality Measures and Excess Returns

    PubMed Central

    Perotti, Pietro; Wagenhofer, Alfred

    2014-01-01

    This paper examines how commonly used earnings quality measures fulfill a key objective of financial reporting, i.e., improving decision usefulness for investors. We propose a stock-price-based measure for assessing the quality of earnings quality measures. We predict that firms with higher earnings quality will be less mispriced than other firms. Mispricing is measured by the difference of the mean absolute excess returns of portfolios formed on high and low values of a measure. We examine persistence, predictability, two measures of smoothness, abnormal accruals, accruals quality, earnings response coefficient and value relevance. For a large sample of US non-financial firms over the period 1988–2007, we show that all measures except for smoothness are negatively associated with absolute excess returns, suggesting that smoothness is generally a favorable attribute of earnings. Accruals measures generate the largest spread in absolute excess returns, followed by smoothness and market-based measures. These results lend support to the widespread use of accruals measures as overall measures of earnings quality in the literature. PMID:26300582

  19. Return migration.

    PubMed

    Gmelch, G

    1980-01-01

    The author reviews the findings of the growing literature on return migration. Topics covered include typologies of return migrants, reasons for return, adaptation and readjustment of returnees, and the impact of return migration on the migrants' home societies. The focus of the study is on international return migration, migration to Northern Europe and northeastern North America, and return migration to the southern and eastern fringes of Europe and the Caribbean

  20. 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

  1. Can stock enhancement enhance stocks?

    NASA Astrophysics Data System (ADS)

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

    2007-02-01

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

  2. Stock Exchange

    ERIC Educational Resources Information Center

    Silverman, Jerry Stuart

    1974-01-01

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

  3. 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.

  4. 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.

  5. 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

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

    PubMed

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

    2010-04-01

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

  7. 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.

  8. 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.

  9. Meiotic abnormalities

    SciTech Connect

    1993-12-31

    Chapter 19, describes meiotic abnormalities. These include nondisjunction of autosomes and sex chromosomes, genetic and environmental causes of nondisjunction, misdivision of the centromere, chromosomally abnormal human sperm, male infertility, parental age, and origin of diploid gametes. 57 refs., 2 figs., 1 tab.

  10. 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.

  11. 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.

  12. 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.

  13. Craniofacial Abnormalities

    MedlinePlus

    ... of the skull and face. Craniofacial abnormalities are birth defects of the face or head. Some, like cleft ... palate, are among the most common of all birth defects. Others are very rare. Most of them affect ...

  14. Chromosome Abnormalities

    MedlinePlus

    ... decade, newer techniques have been developed that allow scientists and doctors to screen for chromosomal abnormalities without using a microscope. These newer methods compare the patient's DNA to a normal DNA ...

  15. Walking abnormalities

    MedlinePlus

    ... include: Arthritis of the leg or foot joints Conversion disorder (a psychological disorder) Foot problems (such as a ... injuries. For an abnormal gait that occurs with conversion disorder, counseling and support from family members are strongly ...

  16. Nail abnormalities

    MedlinePlus

    Beau's lines; Fingernail abnormalities; Spoon nails; Onycholysis; Leukonychia; Koilonychia; Brittle nails ... Just like the skin, the fingernails tell a lot about your health: ... the fingernail. These lines can occur after illness, injury to ...

  17. 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.

  18. Abnormal profitability and foreign investment based on the investigation of covered interest parity

    NASA Astrophysics Data System (ADS)

    Huang, Bor-Yi; Chiou, Jer-Shiou; Wu, Pei-Shan

    2007-10-01

    Most literature focuses on how foreign investment and the market returns are related. Instead, this study attempts to identify the origin of abnormal behavior by foreign investors, as well as the relationship among the error in covered interest parity (ECIP), foreign investment (INV), and stock returns (RS). This study finds that the behavior of ECIP can be accurately represented by the ARJI model, which is capable of describing sudden jumps in the economy. Consequently, CBP-ARJI thus provides an effective means of studying the interaction among underlying variables. Empirically, ECIP has a negative statistical significant influence on foreign investment. While RS and INV have no mutual volatility spillover effect, they have a close correlation in terms of jump intensity. The previous jump of INV had more impact on current INV, while RS had little impact. The early withdrawal of foreign investment causes stock indexes to fall, creating potential losses for general investors. Foreign investment thus observes abnormal ECIP behavior, while leading the market movements, are always better off.

  19. Taxonomy of stock market indices

    NASA Astrophysics Data System (ADS)

    Bonanno, Giovanni; Vandewalle, Nicolas; Mantegna, Rosario N.

    2000-12-01

    We investigate sets of financial nonredundant and nonsynchronously recorded time series. The sets are composed by a number of stock market indices located all over the world in five continents. By properly selecting the time horizon of returns and by using a reference currency we find a meaningful taxonomy. The detection of such a taxonomy proves that interpretable information can be stored in a set of nonsynchronously recorded time series.

  20. Dependence phenomenon analysis of the stock market

    NASA Astrophysics Data System (ADS)

    Cheng, Wuyang; Wang, Jun

    2013-04-01

    A random financial stock price model is developed by the interacting contact process, which is one of the statistical-physics systems. The contact process is a continuous-time Markov process, one interpretation of this process is as a model for the spread of an infection, where the epidemic spreading mimics the interplay of local infections and the recovery of individuals. We investigate and analyze the long-term memory, the nonlinear correlations and the multifractal phenomenon of normalized returns of the price model by statistical analysis methods, which include autocorrelation analysis, the Gaussian copula method and the multifractal analysis method. Moreover, we consider the daily returns of the Shanghai Stock Exchange Composite Index and the Shenzhen Stock Exchange Composite Index, and the comparisons of statistical behaviors of returns between the actual data and the simulation data are presented.

  1. 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.

  2. Effect of commercially available pantyhose on venous return in the lower extremity.

    PubMed

    Godin, M S; Rice, J C; Kerstein, M D

    1987-06-01

    Although compression stockings have long been recognized as a physiologically significant tool for the promotion of venous return from the lower extremity, the role of nonprescription, commercially available support hose has not been assessed in this regard. The present study involved 100 consecutive women with no known prior history of vascular disease, who responded to an advertisement for free evaluation of the venous status of their legs. The subjects, all of whom wore commercial support hose routinely, were screened for the presence of venous disease by means of Doppler ultrasonography, phleborheography, and a detailed history focusing on risk factors and unrecognized symptoms of venous disease. Photoplethysmography (PPG) was then used to evaluate the efficiency of venous return from the lower extremity with and without the support hose in place. Worsening of PPG results occurred in 43% of the women with commercial stockings in place, whereas 23% improved and 34% showed no change. Women 50 years of age and older had a somewhat higher tendency toward poorer PPG results while wearing the support hose. Furthermore, measurements in women who showed evidence of venous disease by an abnormality in one or more of the screening tests were significantly different from the overall group (p = 0.025): 61% exhibited worsening of PPG results when wearing stockings, only 14% showed improvement, and 25% were unchanged. These results suggest that the use of a commercial support hose may be particularly deleterious to older women and is contraindicated in those with evidence of venous disease in the lower extremity. PMID:3295307

  3. 26 CFR 1.1502-79A - Separate return years generally applicable for consolidated return years beginning before January...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ..., 1966. P filed a separate return for the calendar year 1966. On March 15, 1967, P formed corporation S. P and S filed a consolidated return for 1967. On January 1, 1968, P purchased all the stock of corporation T, which had been formed in 1967 and had filed a separate return for its taxable year...

  4. Price returns efficiency of the Shanghai A-Shares

    NASA Astrophysics Data System (ADS)

    Long, Wang Jiang; Jaaman, Saiful Hafizah; Samsudin, Humaida Banu

    2014-06-01

    Beta measured from the capital asset pricing model (CAPM) is the most widely used risk to estimate expected return. In this paper factors that influence Shanghai A-share stock return based on CAPM are explored and investigated. Price data of 312 companies listed on Shanghai Stock Exchange (SSE) from the year 2000 to 2011 are investigated. This study employed the Fama-MacBeth cross-sectional method to avoid weakness of traditional CAPM. In addition, this study improves the model by adjusting missing data. Findings of this study justifies that systematic risk can explain the portfolios' returns of China SSE stock market.

  5. Level crossing analysis of the stock markets

    NASA Astrophysics Data System (ADS)

    Jafari, G. R.; Movahed, M. S.; Fazeli, S. M.; Rahimi Tabar, M. Reza; Masoudi, S. F.

    2006-06-01

    We investigate the average frequency of positive slope να+ crossing for the returns of market prices. The method is based on stochastic processes in which no scaling feature is explicitly required. Using this method we define a new quantity to quantify the stage of development and activity of stock exchanges. We compare the Tehran and western stock markets and show that some, such as the Tehran (TEPIX) and New Zealand (NZX) stock exchanges, are emerging, and also that TEPIX is a non-active market and is financially motivated to absorb capital.

  6. 26 CFR 1.6031(a)-1 - Return of partnership income.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... disclosure of certain transactions, see § 1.6011-4T. (2) Content of return. The partnership return must.... partner marks to market his pro rata share of PFIC stock held by the foreign partnership pursuant to...

  7. Tatanka Returns.

    ERIC Educational Resources Information Center

    Simonelli, Richard

    1993-01-01

    Describes efforts of the InterTribal Bison Cooperative (Rapid City, SD) to reintroduce the buffalo for cultural purposes to American Indian reservations. Explains how the buffalo's return is contributing to community wellness. Discusses career opportunities for both Native and non-Native people in buffalo management. (LP)

  8. Fluctuation behaviors of financial return volatility duration

    NASA Astrophysics Data System (ADS)

    Niu, Hongli; Wang, Jun; Lu, Yunfan

    2016-04-01

    It is of significantly crucial to understand the return volatility of financial markets because it helps to quantify the investment risk, optimize the portfolio, and provide a key input of option pricing models. The characteristics of isolated high volatility events above certain threshold in price fluctuations and the distributions of return intervals between these events arouse great interest in financial research. In the present work, we introduce a new concept of daily return volatility duration, which is defined as the shortest passage time when the future volatility intensity is above or below the current volatility intensity (without predefining a threshold). The statistical properties of the daily return volatility durations for seven representative stock indices from the world financial markets are investigated. Some useful and interesting empirical results of these volatility duration series about the probability distributions, memory effects and multifractal properties are obtained. These results also show that the proposed stock volatility series analysis is a meaningful and beneficial trial.

  9. 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.

  10. 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.

  11. 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.

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

    NASA Astrophysics Data System (ADS)

    Kwapień, J.; Drożdż, S.; Speth, J.

    2003-12-01

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

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

    NASA Astrophysics Data System (ADS)

    Lee, Jun Shean; Sek, Siok Kun

    2015-02-01

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

  14. 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.

  15. Research on the evolution of stock correlation based on maximal spanning trees

    NASA Astrophysics Data System (ADS)

    Yang, Chunxia; Zhu, Xueshuai; Li, Qian; Chen, Yanhua; Deng, Qiangqiang

    2014-12-01

    In this study, we choose the daily closing price of 268 constituent stocks of the S&P 500 index, 221 stocks of London Stock Exchange, 148 constituent stocks of the Shanghai Composite index and 152 constituent stocks of the Hang Seng index as the research objects and select the sample of all the stock markets from 2 January, 2003, to 16 September, 2013. For each stock market, first, using a moving window to scan through every stock return series and mutual information to measure the statistical interdependence between stock returns, we construct a corresponding weighted network in every given window. Then we study the evolution of stock correlation by analyzing the average mutual information, mutual information distribution and topology structure’s variation of the maximal spanning tree extracting from every weighted network. All the obtained results indicate that for all the stock markets, both the average mutual information and the standard deviation of mutual information distribution first gradually increase and they reach a peak during the full-outbreak periods, and finally, they decrease again. In addition, the topology structure of the maximal spanning tree also changes from compact star-like to loose chain-like first and then turns to compact star-like once more. All the facts tell us that the crisis does change the stock correlation and the stock correlation is from weak to strong first, and then becomes weak again.

  16. 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.

  17. 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.

  18. A study on modeling the dynamics of statistically dependent returns

    NASA Astrophysics Data System (ADS)

    Davari-Ardakani, Hamed; Aminnayeri, Majid; Seifi, Abbas

    2014-07-01

    This paper develops a method to characterize the dynamic behavior of statistically dependent returns of assets via a scenario set. The proposed method uses heteroskedastic time series to model serial correlations of returns, as well as Cholesky decomposition to generate the set of scenarios such that the statistical dependence of different asset returns is preserved. In addition, this scenario generation method preserves marginal distributions of returns. To demonstrate the performance of the proposed method, a multi-period portfolio optimization model is presented. Then, the method is implemented through a number of stocks selected from New York Stock Exchange (NYSE). Computational results show a high performance of the proposed method from the statistical point of view. Also, results confirm sufficiency and in-sample stability of the generated scenario set. Besides, out-of-sample simulations, for both risk and return, illustrate a good performance of the proposed method.

  19. 26 CFR 1.6046-1 - Returns as to organization or reorganization of foreign corporations and as to acquisitions of...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... foreign corporations and as to acquisitions of their stock. 1.6046-1 Section 1.6046-1 Internal Revenue... acquisitions of their stock. (a) Officers or directors—(1) When liability arises on January 1, 1963. Each U.S... filing the return and: (i) If such stock was acquired after December 31, 1953, the dates of...

  20. Quantifying price fluctuations in the Brazilian stock market

    NASA Astrophysics Data System (ADS)

    Tabak, B. M.; Takami, M. Y.; Cajueiro, D. O.; Petitinga, A.

    2009-01-01

    This paper investigates price fluctuations in the Brazilian stock market. We employ a recently developed methodology to test whether the Brazilian stock price returns present a power law distribution and find that we cannot reject such behavior. Empirical results for sub-partitions of the time series suggests that for most of the time the power law is not rejected, but that in some cases the data set does not conform with a power law distribution.

  1. Optimal investment horizons for stocks and markets

    NASA Astrophysics Data System (ADS)

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

    2006-10-01

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

  2. 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

  3. Scaling behavior in ranking mobility of Chinese stock market

    NASA Astrophysics Data System (ADS)

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

    2014-08-01

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

  4. Non-equilibrium stochastic model for stock exchange market

    NASA Astrophysics Data System (ADS)

    Kim, Yup; Kwon, Ikhyun; Yook, Soon-Hyung

    2013-12-01

    We study the effect of the topology of industrial relationship (IR) between the companies in a stock exchange market on the universal features in the market. For this we propose a stochastic model for stock exchange markets based on the behavior of technical traders. From the numerical simulations we measure the return distribution, P(R), and the autocorrelation function of the volatility, C(T), and find that the observed universal features in real financial markets are originated from the heterogeneity of IR network topology. Moreover, the heterogeneous IR topology can also explain Zipf-Pareto’s law for the distribution of market value of equity in the real stock exchange markets.

  5. Targeted stock identification using multilocus genotype 'familyprinting'

    USGS Publications Warehouse

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

    1999-01-01

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

  6. Volatility return intervals analysis of the Japanese market

    NASA Astrophysics Data System (ADS)

    Jung, W.-S.; Wang, F. Z.; Havlin, S.; Kaizoji, T.; Moon, H.-T.; Stanley, H. E.

    2008-03-01

    We investigate scaling and memory effects in return intervals between price volatilities above a certain threshold q for the Japanese stock market using daily and intraday data sets. We find that the distribution of return intervals can be approximated by a scaling function that depends only on the ratio between the return interval τ and its mean <τ>. We also find memory effects such that a large (or small) return interval follows a large (or small) interval by investigating the conditional distribution and mean return interval. The results are similar to previous studies of other markets and indicate that similar statistical features appear in different financial markets. We also compare our results between the period before and after the big crash at the end of 1989. We find that scaling and memory effects of the return intervals show similar features although the statistical properties of the returns are different.

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

    PubMed

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

    2015-01-01

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

  8. Profitability of Contrarian Strategies in the Chinese Stock Market

    PubMed Central

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

    2015-01-01

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

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

    USGS Publications Warehouse

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

    1999-01-01

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

  10. Multifractal characterization of energy stocks in China: A multifractal detrended fluctuation analysis

    NASA Astrophysics Data System (ADS)

    Yang, Liansheng; Zhu, Yingming; Wang, Yudong

    2016-06-01

    In this paper, we investigate the impacts of oil price changes on energy stocks in Chinese stock market from the multifractal perspective. The well-known multifractal detrended fluctuation analysis (MF-DFA) is applied to detect the multifractality. We find that both returns and volatilities of energy industry index display apparent multifractal behavior. Oil market activity is an important source of multifractality in energy stocks index in addition to long-range correlations and fat-tail distributions.

  11. Predictability of Bristol Bay, Alaska, sockeye salmon returns one to four years in the future

    USGS Publications Warehouse

    Adkison, M.D.; Peterman, R.M.

    2000-01-01

    Historically, forecast error for returns of sockeye salmon Oncorhynchus nerka to Bristol Bay, Alaska, has been large. Using cross-validation forecast error as our criterion, we selected forecast models for each of the nine principal Bristol Bay drainages. Competing forecast models included stock-recruitment relationships, environmental variables, prior returns of siblings, or combinations of these predictors. For most stocks, we found prior returns of siblings to be the best single predictor of returns; however, forecast accuracy was low even when multiple predictors were considered. For a typical drainage, an 80% confidence interval ranged from one half to double the point forecast. These confidence intervals appeared to be appropriately wide.

  12. 27 CFR 46.252 - Claim based on error on return.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Claims § 46.252 Claim based on error on return. If the...

  13. 27 CFR 46.252 - Claim based on error on return.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Claims § 46.252 Claim based on error on return. If the...

  14. 27 CFR 46.252 - Claim based on error on return.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Claims § 46.252 Claim based on error on return. If the...

  15. 27 CFR 46.252 - Claim based on error on return.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Claims § 46.252 Claim based on error on return. If the...

  16. 27 CFR 46.252 - Claim based on error on return.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Claims § 46.252 Claim based on error on return. If the...

  17. 26 CFR 1.1296-1 - Mark to market election for marketable stock.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... passive foreign investment company (PFIC), including any PFIC stock owned directly or indirectly by an... the Form 8621, “Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing... eligible RIC is a regulated investment company that offers for sale, or has outstanding, any stock of...

  18. 26 CFR 1.1296-1 - Mark to market election for marketable stock.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... passive foreign investment company (PFIC), including any PFIC stock owned directly or indirectly by an... the Form 8621, “Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing... eligible RIC is a regulated investment company that offers for sale, or has outstanding, any stock of...

  19. 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

  20. 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.

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

    NASA Astrophysics Data System (ADS)

    Výrost, Tomáš; Lyócsa, Štefan; Baumöhl, Eduard

    2015-06-01

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

  2. Fractal profit landscape of the stock market.

    PubMed

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

    2012-01-01

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

  3. Heterogeneous information-based artificial stock market

    NASA Astrophysics Data System (ADS)

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

    2010-05-01

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

  4. Returning to sports after a back injury

    MedlinePlus

    Back injury - returning to sports; Sciatica - returning to sports; Herniated disc - returning to sports; Herniated disk - returning to sports; Spinal stenosis - returning to sports; Back pain - returning ...

  5. Trading Network Predicts Stock Price

    NASA Astrophysics Data System (ADS)

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

    2014-01-01

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

  6. 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.

  7. Decomposing the stock market intraday dynamics

    NASA Astrophysics Data System (ADS)

    Kwapień, J.; Drożdż, S.; Grümmer, F.; Ruf, F.; Speth, J.

    2002-06-01

    The correlation matrix formalism is used to study temporal aspects of the stock market evolution. This formalism allows to decompose the financial dynamics into noise as well as into some coherent repeatable intraday structures. The present study is based on the high-frequency Deutsche Aktienindex (DAX) data over the time period between November 1997 and September 1999, and makes use of both the corresponding returns as well as volatility variations. One principal conclusion is that a bulk of the stock market dynamics is governed by the uncorrelated noise-like processes. There exists, however, a small number of components of coherent short-term repeatable structures in fluctuations that may generate some memory effects seen in the standard autocorrelation function analysis. Laws that govern fluctuations associated with those various components are different, which indicates an extremely complex character of the financial fluctuations.

  8. Why Do Staff Return?

    ERIC Educational Resources Information Center

    Magnuson, Connie

    1992-01-01

    Surveyed 211 returning staff from 25 camps and interviewed 19 returning staff to study factors that influence a counselor's decision to return to camp. Examined the following dimensions of motivation and hygiene factors: (1) stimulation or inspiration; (2) personal; (3) job-related experience; (4) living conditions and camp life; (5) camp…

  9. 26 CFR 1.1502-75 - Filing of consolidated returns.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 26 Internal Revenue 12 2013-04-01 2013-04-01 false Filing of consolidated returns. 1.1502-75... of the acquisition an aggregate of at least 25 percent of the fair market value of the outstanding... at least 25 percent of the fair market value of T's stock for 5 years, then for purposes of...

  10. 26 CFR 1.1502-75 - Filing of consolidated returns.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 26 Internal Revenue 12 2012-04-01 2012-04-01 false Filing of consolidated returns. 1.1502-75... of the acquisition an aggregate of at least 25 percent of the fair market value of the outstanding... at least 25 percent of the fair market value of T's stock for 5 years, then for purposes of...

  11. Tooth - abnormal shape

    MedlinePlus

    Hutchinson incisors; Abnormal tooth shape; Peg teeth; Mulberry teeth; Conical teeth ... The appearance of normal teeth varies, especially the molars. ... conditions. Specific diseases can affect tooth shape, tooth ...

  12. What the 2008 stock market crash means for retirement security.

    PubMed

    Butrica, Barbara A; Smith, Karen E; Toder, Eric J

    2010-10-01

    The 2008 stock market crash raises concerns about retirement security, especially since the increased prevalence of 401(k) and similar retirement saving plans means that more Americans are now stakeholders in the equity market than in the past. Using a dynamic microsimulation model, this paper explores the ability of alternate future stock market scenarios to restore retirement assets. The authors find that those near retirement could fare the worst because they have no time to recoup their losses. Mid-career workers could fare better because they have more time to rebuild their wealth. They may even gain income if they buy stocks at low prices and get above-average rates of return. High-income groups will be the most affected because they are most likely to have financial assets and to be invested in the stock market.

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

    NASA Astrophysics Data System (ADS)

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

    2009-04-01

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

  14. Multifractal analysis of stock exchange crashes

    NASA Astrophysics Data System (ADS)

    Siokis, Fotios M.

    2013-03-01

    We analyze the complexity of rare events of the DJIA Index. We reveal that the returns of the time series exhibit strong multifractal properties meaning that temporal correlations play a substantial role. The effect of major stock market crashes can be best illustrated by the comparison of the multifractal spectra of the time series before and after the crash. Aftershock periods compared to foreshock periods exhibit richer and more complex dynamics. Compared to an average crash, calculated by taking into account the larger 5 crashes of the DJIA Index, the 1929 event exhibits significantly more increase in multifractality than the 1987 crisis.

  15. Structurally abnormal human autosomes

    SciTech Connect

    1993-12-31

    Chapter 25, discusses structurally abnormal human autosomes. This discussion includes: structurally abnormal chromosomes, chromosomal polymorphisms, pericentric inversions, paracentric inversions, deletions or partial monosomies, cri du chat (cat cry) syndrome, ring chromosomes, insertions, duplication or pure partial trisomy and mosaicism. 71 refs., 8 figs.

  16. Morphological abnormalities among lampreys

    USGS Publications Warehouse

    Manion, Patrick J.

    1967-01-01

    The experimental control of the sea lamprey (Petromyzon marinus) in the Great Lakes has required the collection of thousands of lampreys. Representatives of each life stage of the four species of the Lake Superior basin were examined for structural abnormalities. The most common aberration was the presence of additional tails. The accessory tails were always postanal and smaller than the normal tail. The point of origin varied; the extra tails occurred on dorsal, ventral, or lateral surfaces. Some of the extra tails were misshaped and curled, but others were normal in shape and pigment pattern. Other abnormalities in larval sea lampreys were malformed or twisted tails and bodies. The cause of the structural abnormalities is unknown. The presence of extra caudal fins could be genetically controlled, or be due to partial amputation or injury followed by abnormal regeneration. Few if any lampreys with structural abnormalities live to sexual maturity.

  17. 26 CFR 1.6039-1 - Returns required in connection with certain options.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... legal title to a recognized broker or financial institution. If a contractual agreement exists or is... aliens—(1) Return requirement under section 6039(a)(1). The return requirement of section 6039(a)(1) is not applicable to the exercise of an incentive stock option by an employee who is a nonresident...

  18. 26 CFR 1.6039-1 - Returns required in connection with certain options.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... legal title to a recognized broker or financial institution. If a contractual agreement exists or is... aliens—(1) Return requirement under section 6039(a)(1). The return requirement of section 6039(a)(1) is not applicable to the exercise of an incentive stock option by an employee who is a nonresident...

  19. 26 CFR 1.6039-1 - Returns required in connection with certain options.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... legal title to a recognized broker or financial institution. If a contractual agreement exists or is... aliens—(1) Return requirement under section 6039(a)(1). The return requirement of section 6039(a)(1) is not applicable to the exercise of an incentive stock option by an employee who is a nonresident...

  20. 26 CFR 1.6045B-1 - Returns relating to actions affecting basis of securities.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Information Returns § 1.6045B-1 Returns relating... § 601.601(d)(2) of this chapter), classification of the security (such as stock), account number, serial... organizational action on a timely filed Schedule K-1 (Form 1120S), “Shareholder's Share of Income,...

  1. Statistical properties of daily ensemble variables in the Chinese stock markets

    NASA Astrophysics Data System (ADS)

    Gu, Gao-Feng; Zhou, Wei-Xing

    2007-09-01

    We study dynamical behavior of the Chinese stock markets by investigating the statistical properties of daily ensemble return and variety defined, respectively, as the mean and the standard deviation of the ensemble daily price return of a portfolio of stocks traded in China's stock markets on a given day. The distribution of the daily ensemble return has an exponential form in the center and power-law tails, while the variety distribution is lognormal in the bulk followed by a power-law tail for large variety. Based on detrended fluctuation analysis, R/S analysis and modified R/S analysis, we find evidence of long memory in the ensemble return and strong evidence of long memory in the evolution of variety.

  2. Spillover effects of oil price shocks across stock markets

    NASA Astrophysics Data System (ADS)

    Ng, Zhan Jian; Sek, Siok Kun

    2014-12-01

    Oil price shock can impose detrimental effects to an economy. In this study, we empirically study the spillover effects of oil price shock on determining volatilities of stock markets across the main oil importing and oil producing countries. In particular, we are interested to compare the relative impact of oil price shock on the volatilities of stock markets and how each stock market reacts to oil price shock for oil importing and oil producing countries. We focus the study in four main oil importer and four oil producers respectively using the daily data starting from January 2009 to December 2013. The multivariate GARCH(1,1) model is applied for the purpose of this study. The results of the study suggest that there exist spillover effect between crude oil price and stock returns for all the countries. The short run persistency of spillover effect in oil-exporting countries is lower than oil-importing countries but the long run persistency of spillover effect in oil-exporting countries is higher than oil-importing countries. In general the short run persistency is smaller and the long run persistency is very high. The results hold for volatility of oil price and stock returns and also spillover volatility in all countries.

  3. 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.

  4. Return flux experiment

    NASA Technical Reports Server (NTRS)

    Tveekrem, June L.

    1992-01-01

    All spacecraft emit molecules via outgassing, thruster plumes, vents, etc. The return flux is the portion of those molecules that scatter from the ambient atmosphere and return to the spacecraft. Return flux allows critical spacecraft surfaces to become contaminated even when there is no direct line of sight between the contamination source and the critical surface. Data from the Long Duration Exposure Facility (LDEF) show that contamination of LDEF surfaces could not have come entirely from direct flux. The data suggest significant return flux. Several computer models have been developed to simulate return flux, but the predictions have never been verified in orbit. Large uncertainties in predictions lead to overly conservative spacecraft designs. The purpose of the REturn FLux EXperiment (REFLEX) is to fly a controlled experiment that can be directly compared with predictions from several models.

  5. Return flux experiment

    NASA Astrophysics Data System (ADS)

    Tveekrem, June L.

    All spacecraft emit molecules via outgassing, thruster plumes, vents, etc. The return flux is the portion of those molecules that scatter from the ambient atmosphere and return to the spacecraft. Return flux allows critical spacecraft surfaces to become contaminated even when there is no direct line of sight between the contamination source and the critical surface. Data from the Long Duration Exposure Facility (LDEF) show that contamination of LDEF surfaces could not have come entirely from direct flux. The data suggest significant return flux. Several computer models have been developed to simulate return flux, but the predictions have never been verified in orbit. Large uncertainties in predictions lead to overly conservative spacecraft designs. The purpose of the REturn FLux EXperiment (REFLEX) is to fly a controlled experiment that can be directly compared with predictions from several models.

  6. Abnormal uterine bleeding.

    PubMed

    Jennings, J C

    1995-11-01

    Physicians who care for female patients cannot avoid the frequent complaint of abnormal uterine bleeding. Knowledge of the disorders that cause this problem can prevent serious consequences in many patients and improve the quality of life for many others. The availability of noninvasive and minimally invasive diagnostic studies and minimally invasive surgical treatment has revolutionized management of abnormal uterine bleeding. Similar to any other disorder, the extent to which a physician manages abnormal uterine bleeding depends on his or her own level of comfort. When limitations of either diagnostic or therapeutic capability are encountered, consultation and referral should be used to the best interest of patients.

  7. Assured crew return vehicle

    NASA Technical Reports Server (NTRS)

    Cerimele, Christopher J. (Inventor); Ried, Robert C. (Inventor); Peterson, Wayne L. (Inventor); Zupp, George A., Jr. (Inventor); Stagnaro, Michael J. (Inventor); Ross, Brian P. (Inventor)

    1991-01-01

    A return vehicle is disclosed for use in returning a crew to Earth from low earth orbit in a safe and relatively cost effective manner. The return vehicle comprises a cylindrically-shaped crew compartment attached to the large diameter of a conical heat shield having a spherically rounded nose. On-board inertial navigation and cold gas control systems are used together with a de-orbit propulsion system to effect a landing near a preferred site on the surface of the Earth. State vectors and attitude data are loaded from the attached orbiting craft just prior to separation of the return vehicle.

  8. Linking soil functions to carbon fluxes and stocks

    NASA Astrophysics Data System (ADS)

    Olesen, Jørgen E.

    2014-05-01

    Farming practices causing declining returns and inputs of carbon (C) to soils pose threats to sustainable soil functioning by reducing availability of organic matter for soil microbial activities and by affecting soil structure, and soil C stocks that contribute to regulating greenhouse gas emissions. Declines in soil C also affect availability and storage capacity of a range of essential plant nutrients thus affecting needs for external inputs. Soil degradation is considered a serious problem in Europe and a large part of the degradation is caused by agricultural activity with intensive cultivation in arable and mixed farming system contributing to several soil threats. About 45% of European soils are estimated to have low SOM content, principally in southern Europe, but also in areas of France, UK and Germany. The European SOC stocks follow a clear north to south gradient with cooler temperatures favouring higher stocks. However, SOC stocks strongly depend on soil and land management, and there is thus a potential to both increase and lose SOC, although the potential to increase SOC strongly depends on incentives and structures for implementing improved management. Understanding the role of soil C may be better conceptualised by using a soil C flow and stocks concept to assess the impact of C management on crop productivity, soil organic C stocks and other ecosystem services. This concept distinguishes C flows and stocks, which may be hypothesized to have distinctly different effects on biological, chemical and physical soil functions. By separating the roles of carbon flows from the role of carbon stocks, it may become possible to better identify critical levels not only of soil carbon stocks, but also critical levels of carbon inputs, which directly relate to needs for crop and soil management measures. Such critical soil carbon stocks may be linked to soil mineralogy through complexed organic carbon on clay and silt surfaces. Critical levels of soil carbon

  9. "Jeopardy" in Abnormal Psychology.

    ERIC Educational Resources Information Center

    Keutzer, Carolin S.

    1993-01-01

    Describes the use of the board game, Jeopardy, in a college level abnormal psychology course. Finds increased student interaction and improved application of information. Reports generally favorable student evaluation of the technique. (CFR)

  10. Abnormal Uterine Bleeding

    MedlinePlus

    ... Abnormal uterine bleeding is any bleeding from the uterus (through your vagina) other than your normal monthly ... or fibroids (small and large growths) in the uterus can also cause bleeding. Rarely, a thyroid problem, ...

  11. Abnormal Uterine Bleeding FAQ

    MedlinePlus

    ... as cancer of the uterus, cervix, or vagina • Polycystic ovary syndrome How is abnormal bleeding diagnosed? Your health care ... before the fetus can survive outside the uterus. Polycystic Ovary Syndrome: A condition characterized by two of the following ...

  12. STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS*

    PubMed Central

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

    2011-01-01

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

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

    SciTech Connect

    McLellan, Holly

    2003-03-01

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

  14. Stockings for the Artists

    ERIC Educational Resources Information Center

    Goebel, Kim

    2009-01-01

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

  15. Stock Market Savvy.

    ERIC Educational Resources Information Center

    Okula, Susan

    2003-01-01

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

  16. 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.

  17. 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.

  18. 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

  19. Variety of Behavior of Equity Returns in Financial Markets

    NASA Astrophysics Data System (ADS)

    Bonanno, Giovanni; Lillo, Fabrizio; Mantegna, Rosario N.

    2001-03-01

    The price dynamics of a set of equities traded in an efficient market is pretty complex. It consists of almost not redundant time series which have (i) long-range correlated volatility and (ii) cross-correlation between each pair of equities. We perform a study of the statistical properties of an ensemble of equities returns which is fruitful to elucidate the nature and role of time and ensemble correlation. Specifically, we investigate a statistical ensemble of daily returns of n equities traded in United States financial markets. For each trading day of our database, we study the ensemble return distribution. We find that a typical ensemble return distribution exists in most of the trading days [1] with the exception of crash and rally days and of the days following to these extreme events [2]. We analyze each ensemble return distribution by extracting its first two central moments. We call the second moment of the ensemble return distribution the variety of the market. We choose this term because high variety implies a variated behavior of the equities returns in the considered day. We observe that the mean return and the variety are fluctuating in time and are stochastic processes themselves. The variety is a long-range correlated stochastic process. Customary time-averaged statistical properties of time series of stock returns are also considered. In general, time-averaged and portfolio-averaged returns have different statistical properties [1]. We infer from these differences information about the relative strength of correlation between equities and between different trading days. We also compare our empirical results with those predicted by the single-index model and we conclude that this simple model is unable to explain the statistical properties of the second moment of the ensemble return distribution. Correlation between pairs of equities are continuously present in the dynamics of a stock portfolio. Hence, it is relevant to investigate pair correlation

  20. Returning forests analyzed with the forest identity

    PubMed Central

    Kauppi, Pekka E.; Ausubel, Jesse H.; Fang, Jingyun; Mather, Alexander S.; Sedjo, Roger A.; Waggoner, Paul E.

    2006-01-01

    Amid widespread reports of deforestation, some nations have nevertheless experienced transitions from deforestation to reforestation. In a causal relationship, the Forest Identity relates the carbon sequestered in forests to the changing variables of national or regional forest area, growing stock density per area, biomass per growing stock volume, and carbon concentration in the biomass. It quantifies the sources of change of a nation's forests. The Identity also logically relates the quantitative impact on forest expanse of shifting timber harvest to regions and plantations where density grows faster. Among 50 nations with extensive forests reported in the Food and Agriculture Organization's comprehensive Global Forest Resources Assessment 2005, no nation where annual per capita gross domestic product exceeded $4,600 had a negative rate of growing stock change. Using the Forest Identity and national data from the Assessment report, a single synoptic chart arrays the 50 nations with coordinates of the rates of change of basic variables, reveals both clusters of nations and outliers, and suggests trends in returning forests and their attributes. The Forest Identity also could serve as a tool for setting forest goals and illuminating how national policies accelerate or retard the forest transitions that are diffusing among nations. PMID:17101996

  1. Lightning return stroke models

    NASA Technical Reports Server (NTRS)

    Lin, Y. T.; Uman, M. A.; Standler, R. B.

    1980-01-01

    We test the two most commonly used lightning return stroke models, Bruce-Golde and transmission line, against subsequent stroke electric and magnetic field wave forms measured simultaneously at near and distant stations and show that these models are inadequate to describe the experimental data. We then propose a new return stroke model that is physically plausible and that yields good approximations to the measured two-station fields. Using the new model, we derive return stroke charge and current statistics for about 100 subsequent strokes.

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

    PubMed

    Berument, M Hakan; Ceylan, Nildag Basak

    2013-06-01

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

  3. [Hair shaft abnormalities].

    PubMed

    Itin, P H; Düggelin, M

    2002-05-01

    Hair shaft disorders may lead to brittleness and uncombable hair. In general the hair feels dry and lusterless. Hair shaft abnormalities may occur as localized or generalized disorders. Genetic predisposition or exogenous factors are able to produce and maintain hair shaft abnormalities. In addition to an extensive history and physical examination the most important diagnostic examination to analyze a hair shaft problem is light microscopy. Therapy of hair shaft disorders should focus to the cause. In addition, minimizing traumatic influences to hair shafts, such as dry hair with an electric dryer, permanent waves and dyes is important. A short hair style is more suitable for such patients with hair shaft disorders.

  4. Quantifying the Behavior of Stock Correlations Under Market Stress

    PubMed Central

    Preis, Tobias; Kenett, Dror Y.; Stanley, H. Eugene; Helbing, Dirk; Ben-Jacob, Eshel

    2012-01-01

    Understanding correlations in complex systems is crucial in the face of turbulence, such as the ongoing financial crisis. However, in complex systems, such as financial systems, correlations are not constant but instead vary in time. Here we address the question of quantifying state-dependent correlations in stock markets. Reliable estimates of correlations are absolutely necessary to protect a portfolio. We analyze 72 years of daily closing prices of the 30 stocks forming the Dow Jones Industrial Average (DJIA). We find the striking result that the average correlation among these stocks scales linearly with market stress reflected by normalized DJIA index returns on various time scales. Consequently, the diversification effect which should protect a portfolio melts away in times of market losses, just when it would most urgently be needed. Our empirical analysis is consistent with the interesting possibility that one could anticipate diversification breakdowns, guiding the design of protected portfolios. PMID:23082242

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

    PubMed

    Cavapozzi, Danilo; Trevisan, Elisabetta; Weber, Guglielmo

    2013-03-01

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

  6. Quantifying the Behavior of Stock Correlations Under Market Stress

    NASA Astrophysics Data System (ADS)

    Preis, Tobias; Kenett, Dror Y.; Stanley, H. Eugene; Helbing, Dirk; Ben-Jacob, Eshel

    2012-10-01

    Understanding correlations in complex systems is crucial in the face of turbulence, such as the ongoing financial crisis. However, in complex systems, such as financial systems, correlations are not constant but instead vary in time. Here we address the question of quantifying state-dependent correlations in stock markets. Reliable estimates of correlations are absolutely necessary to protect a portfolio. We analyze 72 years of daily closing prices of the 30 stocks forming the Dow Jones Industrial Average (DJIA). We find the striking result that the average correlation among these stocks scales linearly with market stress reflected by normalized DJIA index returns on various time scales. Consequently, the diversification effect which should protect a portfolio melts away in times of market losses, just when it would most urgently be needed. Our empirical analysis is consistent with the interesting possibility that one could anticipate diversification breakdowns, guiding the design of protected portfolios.

  7. Quantifying the behavior of stock correlations under market stress.

    PubMed

    Preis, Tobias; Kenett, Dror Y; Stanley, H Eugene; Helbing, Dirk; Ben-Jacob, Eshel

    2012-01-01

    Understanding correlations in complex systems is crucial in the face of turbulence, such as the ongoing financial crisis. However, in complex systems, such as financial systems, correlations are not constant but instead vary in time. Here we address the question of quantifying state-dependent correlations in stock markets. Reliable estimates of correlations are absolutely necessary to protect a portfolio. We analyze 72 years of daily closing prices of the 30 stocks forming the Dow Jones Industrial Average (DJIA). We find the striking result that the average correlation among these stocks scales linearly with market stress reflected by normalized DJIA index returns on various time scales. Consequently, the diversification effect which should protect a portfolio melts away in times of market losses, just when it would most urgently be needed. Our empirical analysis is consistent with the interesting possibility that one could anticipate diversification breakdowns, guiding the design of protected portfolios.

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

    NASA Astrophysics Data System (ADS)

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

    2012-09-01

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

  9. 26 CFR 1.6046-1T - Returns as to organizations or reorganizations of foreign corporations and as to acquisitions of...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 26 Internal Revenue 13 2014-04-01 2014-04-01 false Returns as to organizations or reorganizations of foreign corporations and as to acquisitions of their stock (temporary). 1.6046-1T Section 1.6046... (CONTINUED) INCOME TAXES (CONTINUED) Information Returns § 1.6046-1T Returns as to organizations...

  10. 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

    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.

  11. Return to Bangka Island.

    PubMed

    Spence, J

    2001-07-01

    This article is a return in a couple of ways to one of the most tragic events in the history of Australian military nursing. Firstly, it describes how the evacuation of nurses from Singapore in 1941 led to circumstances that resulted in the massacre or internment of many of those women. Then in 1993, a group of surviving World War II nurses and current serving Australian Army nurses returned to the site of their sorrow.

  12. Multifactor analysis of multiscaling in volatility return intervals

    NASA Astrophysics Data System (ADS)

    Wang, Fengzhong; Yamasaki, Kazuko; Havlin, Shlomo; Stanley, H. Eugene

    2009-01-01

    We study the volatility time series of 1137 most traded stocks in the U.S. stock markets for the two-year period 2001-2002 and analyze their return intervals τ , which are time intervals between volatilities above a given threshold q . We explore the probability density function of τ , Pq(τ) , assuming a stretched exponential function, Pq(τ)˜e-τγ . We find that the exponent γ depends on the threshold in the range between q=1 and 6 standard deviations of the volatility. This finding supports the multiscaling nature of the return interval distribution. To better understand the multiscaling origin, we study how γ depends on four essential factors, capitalization, risk, number of trades, and return. We show that γ depends on the capitalization, risk, and return but almost does not depend on the number of trades. This suggests that γ relates to the portfolio selection but not on the market activity. To further characterize the multiscaling of individual stocks, we fit the moments of τ , μm≡⟨(τ/⟨τ⟩)m⟩1/m , in the range of 10<⟨τ⟩⩽100 by a power law, μm˜⟨τ⟩δ . The exponent δ is found also to depend on the capitalization, risk, and return but not on the number of trades, and its tendency is opposite to that of γ . Moreover, we show that δ decreases with increasing γ approximately by a linear relation. The return intervals demonstrate the temporal structure of volatilities and our findings suggest that their multiscaling features may be helpful for portfolio optimization.

  13. Generalized Bogoliubov Polariton Model: An Application to Stock Exchange Market

    NASA Astrophysics Data System (ADS)

    Thuy Anh, Chu; Anh, Truong Thi Ngoc; Lan, Nguyen Tri; Viet, Nguyen Ai

    2016-06-01

    A generalized Bogoliubov method for investigation non-simple and complex systems was developed. We take two branch polariton Hamiltonian model in second quantization representation and replace the energies of quasi-particles by two distribution functions of research objects. Application to stock exchange market was taken as an example, where the changing the form of return distribution functions from Boltzmann-like to Gaussian-like was studied.

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

    PubMed

    Deng, Shangkun; Mitsubuchi, Takashi; Sakurai, Akito

    2014-01-01

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

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

    PubMed Central

    Mitsubuchi, Takashi; Sakurai, Akito

    2014-01-01

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

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

    PubMed

    Deng, Shangkun; Mitsubuchi, Takashi; Sakurai, Akito

    2014-01-01

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

  17. The genetics of abnormal abdomen, incomplete abdomen, and bobbed in Drosophila buzzatii.

    PubMed

    Knibb, W R; Barker, J S; Oakeshott, J G

    1989-10-01

    Five stocks of Drosophila buzzatii with superficially similar abdominal disruptions including partial tergite and sternite loss were isolated by inbreeding. Three of the stocks have indistinguishable phenotypes, the inheritance of which is maternally influenced. This phenotype and its mode of inheritance bear similarities with those of Abnormal abdomen in D. melanogaster. The phenotype in the fourth stock is slightly different and is due to a single autosomal recessive gene, which we denote incomplete abdomen. In the fifth stock the trait is limited to females, and in appearance and mode of inheritance resembles bobbed in D. melanogaster. Furthermore, only in this stock are rDNA deletions evident. The combined frequencies of the three types of abdominal aberration were found to be around 1% in several samples from wild and laboratory populations of D. buzzatii. PMID:2620817

  18. The genetics of abnormal abdomen, incomplete abdomen, and bobbed in Drosophila buzzatii.

    PubMed

    Knibb, W R; Barker, J S; Oakeshott, J G

    1989-10-01

    Five stocks of Drosophila buzzatii with superficially similar abdominal disruptions including partial tergite and sternite loss were isolated by inbreeding. Three of the stocks have indistinguishable phenotypes, the inheritance of which is maternally influenced. This phenotype and its mode of inheritance bear similarities with those of Abnormal abdomen in D. melanogaster. The phenotype in the fourth stock is slightly different and is due to a single autosomal recessive gene, which we denote incomplete abdomen. In the fifth stock the trait is limited to females, and in appearance and mode of inheritance resembles bobbed in D. melanogaster. Furthermore, only in this stock are rDNA deletions evident. The combined frequencies of the three types of abdominal aberration were found to be around 1% in several samples from wild and laboratory populations of D. buzzatii.

  19. A Theory for Market Impact: How Order Flow Affects Stock Price

    NASA Astrophysics Data System (ADS)

    Gerig, Austin

    2008-04-01

    It is known that the impact of transactions on stock price (market impact) is a concave function of the size of the order, but there exists little quantitative theory that suggests why this is so. I develop a quantitative theory for the market impact of hidden orders (orders that reflect the true intention of buying and selling) that matches the empirically measured result and that reproduces some of the non-trivial and universal properties of stock returns (returns are percent changes in stock price). The theory is based on a simple premise, that the stock market can be modeled in a mechanical way - as a device that translates order flow into an uncorrelated price stream. Given that order flow is highly autocorrelated, this premise requires that market impact (1) depends on past order flow and (2) is asymmetric for buying and selling. I derive the specific form for the dependence in (1) by assuming that current liquidity responds to information about all currently active hidden orders (liquidity is a measure of the price response to a transaction of a given size). This produces an equation that suggests market impact should scale logarithmically with total order size. Using data from the London Stock Exchange I empirically measure market impact and show that the result matches the theory. Also using empirical data, I qualitatively specify the asymmetry of (2). Putting all results together, I form a model for market impact that reproduces three universal properties of stock returns - that returns are uncorrelated, that returns are distributed with a power law tail, and that the magnitude of returns is highly autocorrelated (also known as clustered volatility).

  20. On the choice of GARCH parameters for efficient modelling of real stock price dynamics

    NASA Astrophysics Data System (ADS)

    Pokhilchuk, K. A.; Savel'ev, S. E.

    2016-04-01

    We propose two different methods for optimal choice of GARCH(1,1) parameters for the efficient modelling of stock prices by using a particular return series. Using (as an example) stock return data for Intel Corporation, we vary parameters to fit the average volatility as well as fourth (linked to kurtosis of data) and eighth statistical moments and observe pure convergence of our simulated eighth moment to the stock data. Results indicate that fitting higher-order moments of a return series might not be an optimal approach for choosing GARCH parameters. In contrast, the simulated exponent of the Fourier spectrum decay is much less noisy and can easily fit the corresponding decay of the empirical Fourier spectrum of the used return series of Intel stock, allowing us to efficiently define all GARCH parameters. We compare the estimates of GARCH parameters obtained by fitting price data Fourier spectra with the ones obtained from standard software packages and conclude that the obtained estimates here are deeper in the stability region of parameters. Thus, the proposed method of using Fourier spectra of stock data to estimate GARCH parameters results in a more robust and stable stochastic process but with a shorter characteristic autocovariance time.

  1. Collective Behavior of Stock Prices as a Precursor to Market Crash

    NASA Astrophysics Data System (ADS)

    Maskawa, J.

    We study precursors to the global market crash that occurred onall main stock exchanges throughout the world in October 2008 about three weeks after the bankruptcy of Lehman Brothers Holdings Inc. on 15 September. We examine the collective behavior of stock returns and analyze the market mode, which is a market-wide collective mode, with constituent issues of the FTSE 100 index listed on the London Stock Exchange. Before the market crash, a sharp rise in a measure of the collective behavior was observed. It was shown to be associated with news including the words ``financial crisis". They did not impact stock prices severely alone, but they exacerbated the pessimistic mood that prevailed among stock market participants. Such news increased after the Lehman shock preceding the market crash. The variance increased along with the cumulative amount of news according to a power law.

  2. 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.

  3. Invariance in the recurrence of large returns and the validation of models of price dynamics

    NASA Astrophysics Data System (ADS)

    Chang, Lo-Bin; Geman, Stuart; Hsieh, Fushing; Hwang, Chii-Ruey

    2013-08-01

    Starting from a robust, nonparametric definition of large returns (“excursions”), we study the statistics of their occurrences, focusing on the recurrence process. The empirical waiting-time distribution between excursions is remarkably invariant to year, stock, and scale (return interval). This invariance is related to self-similarity of the marginal distributions of returns, but the excursion waiting-time distribution is a function of the entire return process and not just its univariate probabilities. Generalized autoregressive conditional heteroskedasticity (GARCH) models, market-time transformations based on volume or trades, and generalized (Lévy) random-walk models all fail to fit the statistical structure of excursions.

  4. Invariance in the recurrence of large returns and the validation of models of price dynamics.

    PubMed

    Chang, Lo-Bin; Geman, Stuart; Hsieh, Fushing; Hwang, Chii-Ruey

    2013-08-01

    Starting from a robust, nonparametric definition of large returns ("excursions"), we study the statistics of their occurrences, focusing on the recurrence process. The empirical waiting-time distribution between excursions is remarkably invariant to year, stock, and scale (return interval). This invariance is related to self-similarity of the marginal distributions of returns, but the excursion waiting-time distribution is a function of the entire return process and not just its univariate probabilities. Generalized autoregressive conditional heteroskedasticity (GARCH) models, market-time transformations based on volume or trades, and generalized (Lévy) random-walk models all fail to fit the statistical structure of excursions.

  5. 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...

  6. 12 CFR 925.23 - Excess stock.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Excess stock. 925.23 Section 925.23 Banks and... BANKS Stock Requirements § 925.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b) of this section, a member may purchase excess stock as long as the purchase is approved by...

  7. 12 CFR 1263.20 - Stock purchase.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Stock purchase. 1263.20 Section 1263.20 Banks... Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the Bank... Act) shall purchase stock in the Bank in an amount equal to the greater of: (1) $500; (2) 1 percent...

  8. Morphological abnormalities in elasmobranchs.

    PubMed

    Moore, A B M

    2015-08-01

    A total of 10 abnormal free-swimming (i.e., post-birth) elasmobranchs are reported from The (Persian-Arabian) Gulf, encompassing five species and including deformed heads, snouts, caudal fins and claspers. The complete absence of pelvic fins in a milk shark Rhizoprionodon acutus may be the first record in any elasmobranch. Possible causes, including the extreme environmental conditions and the high level of anthropogenic pollution particular to The Gulf, are briefly discussed.

  9. 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

  10. 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.

  11. 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.

  12. Chromosome abnormalities in glioma

    SciTech Connect

    Li, Y.S.; Ramsay, D.A.; Fan, Y.S.

    1994-09-01

    Cytogenetic studies were performed in 25 patients with gliomas. An interesting finding was a seemingly identical abnormality, an extra band on the tip of the short arm of chromosome 1, add(1)(p36), in two cases. The abnormality was present in all cells from a patient with a glioblastoma and in 27% of the tumor cells from a patient with a recurrent irradiated anaplastic astrocytoma; in the latter case, 7 unrelated abnormal clones were identified except 4 of those clones shared a common change, -Y. Three similar cases have been described previously. In a patient with pleomorphic astrocytoma, the band 1q42 in both homologues of chromosome 1 was involved in two different rearrangements. A review of the literature revealed that deletion of the long arm of chromosome 1 including 1q42 often occurs in glioma. This may indicate a possible tumor suppressor gene in this region. Cytogenetic follow-up studies were carried out in two patients and emergence of unrelated clones were noted in both. A total of 124 clonal breakpoints were identified in the 25 patients. The breakpoints which occurred three times or more were: 1p36, 1p22, 1q21, 1q25, 3q21, 7q32, 8q22, 9q22, 16q22, and 22q13.

  13. [Congenital foot abnormalities].

    PubMed

    Delpont, M; Lafosse, T; Bachy, M; Mary, P; Alves, A; Vialle, R

    2015-03-01

    The foot may be the site of birth defects. These abnormalities are sometimes suspected prenatally. Final diagnosis depends on clinical examination at birth. These deformations can be simple malpositions: metatarsus adductus, talipes calcaneovalgus and pes supinatus. The prognosis is excellent spontaneously or with a simple orthopedic treatment. Surgery remains outstanding. The use of a pediatric orthopedist will be considered if malposition does not relax after several weeks. Malformations (clubfoot, vertical talus and skew foot) require specialized care early. Clubfoot is characterized by an equine and varus hindfoot, an adducted and supine forefoot, not reducible. Vertical talus combines equine hindfoot and dorsiflexion of the forefoot, which is performed in the midfoot instead of the ankle. Skew foot is suspected when a metatarsus adductus is resistant to conservative treatment. Early treatment is primarily orthopedic at birth. Surgical treatment begins to be considered after walking age. Keep in mind that an abnormality of the foot may be associated with other conditions: malposition with congenital hip, malformations with syndromes, neurological and genetic abnormalities. PMID:25524290

  14. 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.

  15. Relative persistence and dispersal of age-0 and age-1 largemouth bass stocked into two Ohio River embayments

    USGS Publications Warehouse

    Hartman, K.J.; Janney, E.C.

    2006-01-01

    In October of 1998 the West Virginia Division of Natural Resources stocked age-0 [mean total length (MTL) = 178 mm] and age-1 (MTL = 273 mm) hatchery-reared largemouth bass into two embayments of the Ohio River. Stocked fish were fitted with both an anchor tag and a visible implant elastomer mark. A multifaceted sampling approach was undertaken to (1) evaluate the persistence of stocked largemouth bass, (2) estimate fidelity of stocked largemouth bass to release sites, and (3) compare return rates of the two age classes. Although stocked largemouth bass comprised the majority (81%) of all bass captured in electrofishing surveys of the stocked embayments during fall 1998, catches declined rapidly during winter 1998, and by spring and summer 1999 stocked largemouth bass were virtually absent from electrofishing surveys. Creel surveys indicated no catch of stocked largemouth bass in the release sites after winter 1998. Electrofishing surveys, creel surveys, and angler call-ins all suggested stocked fish did not persist and either moved out of the stocked embayments or died. The results suggest that stocking advanced-size largemouth bass into these embayments only provided a limited and short-term enhancement of the fishery in those areas.

  16. Electrostatic Return of Contaminants

    NASA Technical Reports Server (NTRS)

    Rantanen, R.; Gordon, T.

    2003-01-01

    A Model has been developed capable of calculating the electrostatic return of spacecraft-emitted molecules that are ionized and attracted back to the spacecraft by the spacecraft electric potential on its surfaces. The return of ionized contaminant molecules to charged spacecraft surfaces is very important to all altitudes. It is especially important at geosynchronous and interplanetary environments, since it may be the only mechanism by which contaminants can degrade a surface. This model is applicable to all altitudes and spacecraft geometries. In addition to results of the model will be completed to cover a wide range of potential space systems.

  17. Abnormal pressures as hydrodynamic phenomena

    USGS Publications Warehouse

    Neuzil, C.E.

    1995-01-01

    So-called abnormal pressures, subsurface fluid pressures significantly higher or lower than hydrostatic, have excited speculation about their origin since subsurface exploration first encountered them. Two distinct conceptual models for abnormal pressures have gained currency among earth scientists. The static model sees abnormal pressures generally as relict features preserved by a virtual absence of fluid flow over geologic time. The hydrodynamic model instead envisions abnormal pressures as phenomena in which flow usually plays an important role. This paper develops the theoretical framework for abnormal pressures as hydrodynamic phenomena, shows that it explains the manifold occurrences of abnormal pressures, and examines the implications of this approach. -from Author

  18. Maximizing your return on people.

    PubMed

    Bassi, Laurie; McMurrer, Daniel

    2007-03-01

    Though most traditional HR performance metrics don't predict organizational performance, alternatives simply have not existed--until now. During the past ten years, researchers Laurie Bassi and Daniel McMurrer have worked to develop a system that allows executives to assess human capital management (HCM) and to use those metrics both to predict organizational performance and to guide organizations' investments in people. The new framework is based on a core set of HCM drivers that fall into five major categories: leadership practices, employee engagement, knowledge accessibility, workforce optimization, and organizational learning capacity. By employing rigorously designed surveys to score a company on the range of HCM practices across the five categories, it's possible to benchmark organizational HCM capabilities, identify HCM strengths and weaknesses, and link improvements or back-sliding in specific HCM practices with improvements or shortcomings in organizational performance. The process requires determining a "maturity" score for each practice, based on a scale of 1 (low) to 5 (high). Over time, evolving maturity scores from multiple surveys can reveal progress in each of the HCM practices and help a company decide where to focus improvement efforts that will have a direct impact on performance. The authors draw from their work with American Standard, South Carolina's Beaufort County School District, and a bevy of financial firms to show how improving HCM scores led to increased sales, safety, academic test scores, and stock returns. Bassi and McMurrer urge HR departments to move beyond the usual metrics and begin using HCM measurement tools to gauge how well people are managed and developed throughout the organization. In this new role, according to the authors, HR can take on strategic responsibility and ensure that superior human capital management becomes central to the organization's culture.

  19. Correlation based networks of equity returns sampled at different time horizons

    NASA Astrophysics Data System (ADS)

    Tumminello, M.; di Matteo, T.; Aste, T.; Mantegna, R. N.

    2007-01-01

    We investigate the planar maximally filtered graphs of the portfolio of the 300 most capitalized stocks traded at the New York Stock Exchange during the time period 2001 2003. Topological properties such as the average length of shortest paths, the betweenness and the degree are computed on different planar maximally filtered graphs generated by sampling the returns at different time horizons ranging from 5 min up to one trading day. This analysis confirms that the selected stocks compose a hierarchical system progressively structuring as the sampling time horizon increases. Finally, a cluster formation, associated to economic sectors, is quantitatively investigated.

  20. Feeling Abnormal: Simulation of Deviancy in Abnormal and Exceptionality Courses.

    ERIC Educational Resources Information Center

    Fernald, Charles D.

    1980-01-01

    Describes activity in which student in abnormal psychology and psychology of exceptional children classes personally experience being judged abnormal. The experience allows the students to remember relevant research, become sensitized to the feelings of individuals classified as deviant, and use caution in classifying individuals as abnormal.…

  1. Variable diffusion in stock market fluctuations

    NASA Astrophysics Data System (ADS)

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

    2015-02-01

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

  2. Scaling analysis of stock markets.

    PubMed

    Bu, Luping; Shang, Pengjian

    2014-06-01

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

  3. Scaling analysis of stock markets.

    PubMed

    Bu, Luping; Shang, Pengjian

    2014-06-01

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

  4. 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.

  5. Higher Education Endowments Return

    ERIC Educational Resources Information Center

    Bahlmann, David; Walda, John D.; Sedlacek, Verne O.

    2012-01-01

    A new study of endowments by the National Association of College and University Business Officers (NACUBO) and the Commonfund Institute has brought good news to college and universities: While endowment returns dropped precipitously in fiscal year 2009 as a result of the financial crisis and accompanying slide in equity markets, they climbed to an…

  6. Columbia returns to Earth

    NASA Technical Reports Server (NTRS)

    1981-01-01

    Columbia returns to Earth. Completing the first full test of the Space Transportation System (STS-1), the Orbiter Columbia is seen here on its final approach prior to landing on Rogers Drylake Runway 23 at NASA's Dryden Flight Research Center, Edwards AFB, Calif. For this first flight, the Columbia was flown by astronauts John Young, commander, and Robert Crippen, pilot.

  7. Sustainable Mars Sample Return

    NASA Technical Reports Server (NTRS)

    Alston, Christie; Hancock, Sean; Laub, Joshua; Perry, Christopher; Ash, Robert

    2011-01-01

    The proposed Mars sample return mission will be completed using natural Martian resources for the majority of its operations. The system uses the following technologies: In-Situ Propellant Production (ISPP), a methane-oxygen propelled Mars Ascent Vehicle (MAV), a carbon dioxide powered hopper, and a hydrogen fueled balloon system (large balloons and small weather balloons). The ISPP system will produce the hydrogen, methane, and oxygen using a Sabatier reactor. a water electrolysis cell, water extracted from the Martian surface, and carbon dioxide extracted from the Martian atmosphere. Indigenous hydrogen will fuel the balloon systems and locally-derived methane and oxygen will fuel the MAV for the return of a 50 kg sample to Earth. The ISPP system will have a production cycle of 800 days and the estimated overall mission length is 1355 days from Earth departure to return to low Earth orbit. Combining these advanced technologies will enable the proposed sample return mission to be executed with reduced initial launch mass and thus be more cost efficient. The successful completion of this mission will serve as the next step in the advancement of Mars exploration technology.

  8. Return to Play

    ERIC Educational Resources Information Center

    Mangan, Marianne

    2013-01-01

    Call it physical activity, call it games, or call it play. Whatever its name, it's a place we all need to return to. In the physical education, recreation, and dance professions, we need to redesign programs to address the need for and want of play that is inherent in all of us.

  9. Abnormal human sex chromosome constitutions

    SciTech Connect

    1993-12-31

    Chapter 22, discusses abnormal human sex chromosome constitution. Aneuploidy of X chromosomes with a female phenotype, sex chromosome aneuploidy with a male phenotype, and various abnormalities in X chromosome behavior are described. 31 refs., 2 figs.

  10. Exercises to Improve Gait Abnormalities

    MedlinePlus

    ... Home About iChip Articles Directories Videos Resources Contact Exercises to Improve Gait Abnormalities Home » Article Categories » Exercise and Fitness Font Size: A A A A Exercises to Improve Gait Abnormalities Next Page The manner ...

  11. Abnormal ionization in sonoluminescence

    NASA Astrophysics Data System (ADS)

    Zhang, Wen-Juan; An, Yu

    2015-04-01

    Sonoluminescence is a complex phenomenon, the mechanism of which remains unclear. The present study reveals that an abnormal ionization process is likely to be present in the sonoluminescing bubble. To fit the experimental data of previous studies, we assume that the ionization energies of the molecules and atoms in the bubble decrease as the gas density increases and that the decrease of the ionization energy reaches about 60%-70% as the bubble flashes, which is difficult to explain by using previous models. Project supported by the Research Fund for the Doctoral Program of Higher Education of China (Grant No. 20120002110031) and the National Natural Science Foundation of China (Grant No. 11334005).

  12. Abnormal hematological indices in cirrhosis

    PubMed Central

    Qamar, Amir A; Grace, Norman D

    2009-01-01

    Abnormalities in hematological indices are frequently encountered in cirrhosis. Multiple causes contribute to the occurrence of hematological abnormalities. Recent studies suggest that the presence of hematological cytopenias is associated with a poor prognosis in cirrhosis. The present article reviews the pathogenesis, incidence, prevalence, clinical significance and treatment of abnormal hematological indices in cirrhosis. PMID:19543577

  13. Metal stocks and sustainability

    PubMed Central

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

    2006-01-01

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

  14. Metal stocks and sustainability.

    PubMed

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

    2006-01-31

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

  15. 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.

  16. Spirometric abnormalities among welders

    SciTech Connect

    Rastogi, S.K.; Gupta, B.N.; Husain, T.; Mathur, N.; Srivastava, S. )

    1991-10-01

    A group of manual welders age group 13-60 years having a mean exposure period of 12.4 {plus minus} 1.12 years were subjected to spirometry to evaluate the prevalence of spirometric abnormalities. The welders showed a significantly higher prevalence of respiratory impairment than that observed among the unexposed controls as a result of exposure to welding gases which comprised fine particles of lead, zinc, chromium, and manganese. This occurred despite the lower concentration of the pollutants at the work place. In the expose group, the smoking welders showed a prevalence of respiratory impairment significantly higher than that observed in the nonsmoking welders. The results of the pulmonary function tests showed a predominantly restrictive type of pulmonary impairment followed by a mixed ventilatory defect among the welders. The effect of age on pulmonary impairment was not discernible. Welders exposed for over 10 years showed a prevalence of respiratory abnormalities significantly higher than those exposed for less than 10 years. Smoking also had a contributory role.

  17. Phobos Sample Return mission

    NASA Astrophysics Data System (ADS)

    Zelenyi, Lev; Zakharov, A.; Martynov, M.; Polischuk, G.

    Very mysterious objects of the Solar system are the Martian satellites, Phobos and Deimos. Attempt to study Phobos in situ from an orbiter and from landers have been done by the Russian mission FOBOS in 1988. However, due to a malfunction of the onboard control system the landers have not been delivered to the Phobos surface. A new robotics mission to Phobos is under development now in Russia. Its main goal is the delivery of samples of the Phobos surface material to the Earth for laboratory studies of its chemical, isotopic, mineral composition, age etc. Other goals are in situ studies of Phobos (regolith, internal structure, peculiarities in orbital and proper rotation), studies of Martian environment (dust, plasma, fields). The payload includes a number of scientific instruments: gamma and neutron spectrometers, gaschromatograph, mass spectrometers, IR spectrometer, seismometer, panoramic camera, dust sensor, plasma package. To implement the tasks of this mission a cruise-transfer spacecraft after the launch and the Earth-Mars interplanetary flight will be inserted into the first elliptical orbit around Mars, then after several corrections the spacecraft orbit will be formed very close to the Phobos orbit to keep the synchronous orbiting with Phobos. Then the spacecraft will encounter with Phobos and will land at the surface. After the landing the sampling device of the spacecraft will collect several samples of the Phobos regolith and will load these samples into the return capsule mounted at the returned vehicle. This returned vehicle will be launched from the mother spacecraft and after the Mars-Earth interplanetary flight after 11 monthes with reach the terrestrial atmosphere. Before entering into the atmosphere the returned capsule will be separated from the returned vehicle and will hopefully land at the Earth surface. The mother spacecraft at the Phobos surface carrying onboard scientific instruments will implement the "in situ" experiments during an year

  18. Probability distribution of extreme share returns in Malaysia

    NASA Astrophysics Data System (ADS)

    Zin, Wan Zawiah Wan; Safari, Muhammad Aslam Mohd; Jaaman, Saiful Hafizah; Yie, Wendy Ling Shin

    2014-09-01

    The objective of this study is to investigate the suitable probability distribution to model the extreme share returns in Malaysia. To achieve this, weekly and monthly maximum daily share returns are derived from share prices data obtained from Bursa Malaysia over the period of 2000 to 2012. The study starts with summary statistics of the data which will provide a clue on the likely candidates for the best fitting distribution. Next, the suitability of six extreme value distributions, namely the Gumbel, Generalized Extreme Value (GEV), Generalized Logistic (GLO) and Generalized Pareto (GPA), the Lognormal (GNO) and the Pearson (PE3) distributions are evaluated. The method of L-moments is used in parameter estimation. Based on several goodness of fit tests and L-moment diagram test, the Generalized Pareto distribution and the Pearson distribution are found to be the best fitted distribution to represent the weekly and monthly maximum share returns in Malaysia stock market during the studied period, respectively.

  19. 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

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

    PubMed

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

    2014-01-01

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

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

    PubMed

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

    2014-01-01

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

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

    PubMed Central

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

    2014-01-01

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

  3. Assured Crew Return Vehicle

    NASA Technical Reports Server (NTRS)

    Stone, D. A.; Craig, J. W.; Drone, B.; Gerlach, R. H.; Williams, R. J.

    1991-01-01

    The developmental status is discussed regarding the 'lifeboat' vehicle to enhance the safety of the crew on the Space Station Freedom (SSF). NASA's Assured Crew Return Vehicle (ACRV) is intended to provide a means for returning the SSF crew to earth at all times. The 'lifeboat' philosophy is the key to managing the development of the ACRV which further depends on matrixed support and total quality management for implementation. The risk of SSF mission scenarios are related to selected ACRV mission requirements, and the system and vehicle designs are related to these precepts. Four possible ACRV configurations are mentioned including the lifting-body, Apollo shape, Discoverer shape, and a new lift-to-drag concept. The SCRAM design concept is discussed in detail with attention to the 'lifeboat' philosophy and requirements for implementation.

  4. Stock price dynamics and option valuations under volatility feedback effect

    NASA Astrophysics Data System (ADS)

    Kanniainen, Juho; Piché, Robert

    2013-02-01

    According to the volatility feedback effect, an unexpected increase in squared volatility leads to an immediate decline in the price-dividend ratio. In this paper, we consider the properties of stock price dynamics and option valuations under the volatility feedback effect by modeling the joint dynamics of stock price, dividends, and volatility in continuous time. Most importantly, our model predicts the negative effect of an increase in squared return volatility on the value of deep-in-the-money call options and, furthermore, attempts to explain the volatility puzzle. We theoretically demonstrate a mechanism by which the market price of diffusion return risk, or an equity risk-premium, affects option prices and empirically illustrate how to identify that mechanism using forward-looking information on option contracts. Our theoretical and empirical results support the relevance of the volatility feedback effect. Overall, the results indicate that the prevailing practice of ignoring the time-varying dividend yield in option pricing can lead to oversimplification of the stock market dynamics.

  5. Extreme value modelling of Ghana stock exchange index.

    PubMed

    Nortey, Ezekiel N N; Asare, Kwabena; Mettle, Felix Okoe

    2015-01-01

    Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana stock exchange all-shares index (2000-2010) by applying the extreme value theory (EVT) to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before the EVT method was applied. The Peak Over Threshold approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model's goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the value at risk and expected shortfall risk measures at some high quantiles, based on the fitted GPD model. PMID:26587364

  6. Stock and option portfolio using fuzzy logic approach

    NASA Astrophysics Data System (ADS)

    Sumarti, Novriana; Wahyudi, Nanang

    2014-03-01

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

  7. A Rare Stapes Abnormality

    PubMed Central

    Kanona, Hala; Virk, Jagdeep Singh; Kumar, Gaurav; Chawda, Sanjiv; Khalil, Sherif

    2015-01-01

    The aim of this study is to increase awareness of rare presentations, diagnostic difficulties alongside management of conductive hearing loss and ossicular abnormalities. We report the case of a 13-year-old female reporting progressive left-sided hearing loss and high resolution computed tomography was initially reported as normal. Exploratory tympanotomy revealed an absent stapedius tendon and lack of connection between the stapes superstructure and footplate. The footplate was fixed. Stapedotomy and stapes prosthesis insertion resulted in closure of the air-bone gap by 50 dB. A review of world literature was performed using MedLine. Middle ear ossicular discontinuity can result in significant conductive hearing loss. This can be managed effectively with surgery to help restore hearing. However, some patients may not be suitable or decline surgical intervention and can be managed safely conservatively. PMID:25628909

  8. 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

  9. 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.

  10. 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.

  11. Spend Less and Get More: How to Stock Up Your Classroom without Breaking the Bank

    ERIC Educational Resources Information Center

    McWilliams-Abendroth, Christie

    2012-01-01

    The author's classroom is bare, and the school supplies she received are long gone. After realizing how much money she was spending on her classroom each year, she decided to find other resources besides her credit card to stock up her classroom. In this article, the author shares some strategies that provided more return with a lower investment.

  12. 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... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§...

  13. Stocks low, marketers confident

    SciTech Connect

    Mantho, M.

    1997-01-01

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

  14. 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.

  15. Returns to Education in Bangladesh

    ERIC Educational Resources Information Center

    Asadullah, Mohammad Niaz

    2006-01-01

    This paper reports labour market returns to education in Bangladesh using data from recent nationwide household survey. Returns are estimated separately for rural and urban samples, males, females and private-sector employees. Substantial heterogeneity in returns is observed; for example, estimates are higher for urban (than rural sample) and…

  16. A Look at Returning Teachers

    ERIC Educational Resources Information Center

    DeAngelis, Karen J.

    2013-01-01

    Research shows that one-quarter to one-third of teachers who leave the profession return, the majority after only a short absence. Though returning teachers can constitute a substantial share of newly hired teachers in schools each year, little is known about them, the factors associated with their decisions to return, or the schools to which…

  17. Energy Vs. Productivity: Diminishing Returns

    ERIC Educational Resources Information Center

    MOSAIC, 1975

    1975-01-01

    Energy invested in corn production is compared with food energy returned in calculations by David Pimentel at Cornell University. The rate of return is falling off sharply in this already energy-intensive agriculture. Increased energy input, in the form of fertilizer, would yield far greater returns where agriculture is less sophisticated.…

  18. 47 CFR 65.101 - Initiation of unitary rate of return prescription proceedings.

    Code of Federal Regulations, 2013 CFR

    2013-10-01

    ... Commission determines that the monthly average yields on ten (10) year United States Treasury securities... return prescription according to this part should commence. This notice shall state: (1) The deadlines... stock, and capital structure computed in accordance with §§ 65.302, 65.303, and 65.304; and (3)...

  19. Sample Return Science

    NASA Astrophysics Data System (ADS)

    Williford, K. H.; Allwood, A.; Beegle, L. W.; Bhartia, R.; Flannery, D.; Hoffmann, A.; Mora, M. F.; Orbay, J.; Petrizzo, D. A.; Tuite, M. L., Jr.; Willis, P. A.

    2014-12-01

    The first clear identification of an ancient habitable environment on Mars by the Mars Science Laboratory (MSL) rover mission relied on a synthetic analytical approach combining orbital and surface imagery and spectroscopy with sophisticated sample acquisition and handling technology including a rotary percussive drill that provided powdered rock for bulk geochemical analysis [1]. The recent announcement of the instrument package for the proposed NASA Mars2020 rover mission, including micro x-ray fluorescence (PIXL) for elemental mapping as well as scanning ultraviolet laser fluorescence and Raman (SHERLOC) suggests a shift in emphasis of Mars surface science towards spatially resolved geochemical analysis that will support the selection and acquisition of samples for coring, caching, and possible return to Earth for further analysis. During a recent field expedition to investigate Archean and Proterozoic biosignatures in the Pilbara region of Western Australia, we deployed a dry, rotary percussive coring drill with a bit assembly analogous to that being considered for Mars2020. Six targets of varying age and lithology were sampled with the coring drill, and surrounding and adjacent rock samples were collected simultaneously. These samples were subsequently prepared and subsampled for bulk and in situ, spatially resolved analysis using conventional laboratory methods as well as the existing PIXL and SHERLOC platforms currently in development. Here we present new approaches and data from this integrated and ongoing program of "sample return science" designed to simulate, and eventually reduce risk associated with a long-term effort towards Mars sample return. [1] Grotzinger, J.P. et al. 2014. Science 343 DOI: 10.1126/science.1242777.

  20. The stability of portfolio investment in stock crashes

    NASA Astrophysics Data System (ADS)

    Li, Yun-Xian; Qian, Zhen-Wei; Li, Jiang-Cheng; Tang, Nian-Sheng; Mei, Dong-Cheng

    2016-08-01

    The stability of portfolio investment in stock market crashes with Markowitz portfolio is investigated by the method of theoretical and empirical simulation. From numerical simulation of the mean escape time (MET), we conclude that: (i) The increasing number (Np) of stocks in Markowitz portfolio induces a maximum in the curve of MET versus the initial position; (ii) A critical value of Np in the behavior of MET versus the long-run variance or amplitude of volatility fluctuations maximumlly enhances the stability of portfolio investment. When Np takes value below the critical value, the increasing Np enhances the stability of portfolio investment, but restrains it when Np takes value above the critical value. In addition, a good agreement of both the MET and probability density functions of returns is found between real data and theoretical results.

  1. Stock markets and criticality in the current economic crisis

    NASA Astrophysics Data System (ADS)

    da Silva, Roberto; Zembrzuski, Marcelo; Correa, Fabio C.; Lamb, Luis C.

    2010-12-01

    We show that the current economic crisis has led the market to exhibit a non-critical behavior. We do so by analyzing the quantitative parameters of time series from the main assets of the Brazilian Stock Market BOVESPA. By monitoring global persistence we show a deviation of power law behavior during the crisis in a strong analogy with spin systems (from where this concept was originally conceived). Such behavior is corroborated by an emergent heavy tail of absolute return distribution and also by the magnitude autocorrelation exponent. Comparisons with universal exponents obtained in the international stock markets are also performed. This suggests how a thorough analysis of suitable exponents can bring a possible way of forecasting market crises characterized by non-criticality.

  2. Return to work.

    PubMed

    1999-10-29

    H.R. 3070, the "Work Incentives Improvement Act," was approved overwhelmingly by the House of Representatives. The bill would make it easier for people with disabilities to retain Medicaid and Medicare coverage if they return to work. The next step is for a committee to resolve the differences between the House and Senate versions of the bill. The House bill, which is weaker than the Senate version, would limit Medicare coverage to 10 years and make Medicaid "buy-in" optional, not mandatory, in each state. President Bill Clinton called the House bill "insufficient."

  3. Titan Science Return Quantification

    NASA Technical Reports Server (NTRS)

    Weisbin, Charles R.; Lincoln, William

    2014-01-01

    Each proposal for a NASA mission concept includes a Science Traceability Matrix (STM), intended to show that what is being proposed would contribute to satisfying one or more of the agency's top-level science goals. But the information traditionally provided cannot be used directly to quantitatively compare anticipated science return. We added numerical elements to NASA's STM and developed a software tool to process the data. We then applied this methodology to evaluate a group of competing concepts for a proposed mission to Saturn's moon, Titan.

  4. The Dow is Killing Me: Risky Health Behaviors and the Stock Market.

    PubMed

    Cotti, Chad; Dunn, Richard A; Tefft, Nathan

    2015-07-01

    We investigate how risky health behaviors and self-reported health vary with the Dow Jones Industrial Average (DJIA) and during stock market crashes. Because stock market indices are leading indicators of economic performance, this research contributes to our understanding of the macroeconomic determinants of health. Existing studies typically rely on the unemployment rate to proxy for economic performance, but this measure captures only one of many channels through which the economic environment may influence individual health decisions. We find that large, negative monthly DJIA returns, decreases in the level of the DJIA, and stock market crashes are widely associated with worsening self-reported mental health and more cigarette smoking, binge drinking, and fatal car accidents involving alcohol. These results are consistent with predictions from rational addiction models and have implications for research on the association between consumption and stock prices.

  5. Ictal Cardiac Ryhthym Abnormalities

    PubMed Central

    Ali, Rushna

    2016-01-01

    Cardiac rhythm abnormalities in the context of epilepsy are a well-known phenomenon. However, they are under-recognized and often missed. The pathophysiology of these events is unclear. Bradycardia and asystole are preceded by seizure onset suggesting ictal propagation into the cortex impacting cardiac autonomic function, and the insula and amygdala being possible culprits. Sudden unexpected death in epilepsy (SUDEP) refers to the unanticipated death of a patient with epilepsy not related to status epilepticus, trauma, drowning, or suicide. Frequent refractory generalized tonic-clonic seizures, anti-epileptic polytherapy, and prolonged duration of epilepsy are some of the commonly identified risk factors for SUDEP. However, the most consistent risk factor out of these is an increased frequency of generalized tonic–clonic seizures (GTC). Prevention of SUDEP is extremely important in patients with chronic, generalized epilepsy. Since increased frequency of GTCS is the most consistently reported risk factor for SUDEP, effective seizure control is the most important preventive strategy. PMID:27347227

  6. Ictal Cardiac Ryhthym Abnormalities.

    PubMed

    Ali, Rushna

    2016-01-01

    Cardiac rhythm abnormalities in the context of epilepsy are a well-known phenomenon. However, they are under-recognized and often missed. The pathophysiology of these events is unclear. Bradycardia and asystole are preceded by seizure onset suggesting ictal propagation into the cortex impacting cardiac autonomic function, and the insula and amygdala being possible culprits. Sudden unexpected death in epilepsy (SUDEP) refers to the unanticipated death of a patient with epilepsy not related to status epilepticus, trauma, drowning, or suicide. Frequent refractory generalized tonic-clonic seizures, anti-epileptic polytherapy, and prolonged duration of epilepsy are some of the commonly identified risk factors for SUDEP. However, the most consistent risk factor out of these is an increased frequency of generalized tonic-clonic seizures (GTC). Prevention of SUDEP is extremely important in patients with chronic, generalized epilepsy. Since increased frequency of GTCS is the most consistently reported risk factor for SUDEP, effective seizure control is the most important preventive strategy. PMID:27347227

  7. Communication and abnormal behaviour.

    PubMed

    Crown, S

    1979-01-01

    In this paper the similarities between normal and abnormal behaviour are emphasized and selected aspects of communication, normal and aberrant, between persons are explored. Communication in a social system may be verbal or non-verbal: one person's actions cause a response in another person. This response may be cognitive, behavioural or physiological. Communication may be approached through the individual, the social situation or social interaction. Psychoanalysis approaches the individual in terms of the coded communications of psychoneurotic symptoms or psychotic behaviour; the humanist-existential approach is concerned more with emotional expression. Both approaches emphasize the development of individual identity. The interaction between persons and their social background is stressed. Relevant are sociological concepts such as illness behaviour, stigma, labelling, institutionalization and compliance. Two approaches to social interactions are considered: the gamesplaying metaphor, e.g. back pain as a psychosocial manipulation--the 'pain game'; and the 'spiral of reciprocal perspectives' which emphasizes the interactional complexities of social perceptions. Communicatory aspects of psychological treatments are noted: learning a particular metaphor such as 'resolution' of the problem (psychotherapy), learning more 'rewarding' behaviour (learning theory) or learning authenticity or self-actualization (humanist-existential).

  8. Communication and abnormal behaviour.

    PubMed

    Crown, S

    1979-01-01

    In this paper the similarities between normal and abnormal behaviour are emphasized and selected aspects of communication, normal and aberrant, between persons are explored. Communication in a social system may be verbal or non-verbal: one person's actions cause a response in another person. This response may be cognitive, behavioural or physiological. Communication may be approached through the individual, the social situation or social interaction. Psychoanalysis approaches the individual in terms of the coded communications of psychoneurotic symptoms or psychotic behaviour; the humanist-existential approach is concerned more with emotional expression. Both approaches emphasize the development of individual identity. The interaction between persons and their social background is stressed. Relevant are sociological concepts such as illness behaviour, stigma, labelling, institutionalization and compliance. Two approaches to social interactions are considered: the gamesplaying metaphor, e.g. back pain as a psychosocial manipulation--the 'pain game'; and the 'spiral of reciprocal perspectives' which emphasizes the interactional complexities of social perceptions. Communicatory aspects of psychological treatments are noted: learning a particular metaphor such as 'resolution' of the problem (psychotherapy), learning more 'rewarding' behaviour (learning theory) or learning authenticity or self-actualization (humanist-existential). PMID:261653

  9. Abnormal uterine bleeding.

    PubMed

    Whitaker, Lucy; Critchley, Hilary O D

    2016-07-01

    Abnormal uterine bleeding (AUB) is a common and debilitating condition with high direct and indirect costs. AUB frequently co-exists with fibroids, but the relationship between the two remains incompletely understood and in many women the identification of fibroids may be incidental to a menstrual bleeding complaint. A structured approach for establishing the cause using the Fédération International de Gynécologie et d'Obstétrique (FIGO) PALM-COEIN (Polyp, Adenomyosis, Leiomyoma, Malignancy (and hyperplasia), Coagulopathy, Ovulatory disorders, Endometrial, Iatrogenic and Not otherwise classified) classification system will facilitate accurate diagnosis and inform treatment options. Office hysteroscopy and increasing sophisticated imaging will assist provision of robust evidence for the underlying cause. Increased availability of medical options has expanded the choice for women and many will no longer need to recourse to potentially complicated surgery. Treatment must remain individualised and encompass the impact of pressure symptoms, desire for retention of fertility and contraceptive needs, as well as address the management of AUB in order to achieve improved quality of life. PMID:26803558

  10. Abortion for fetal abnormality.

    PubMed

    Maclean, N E

    1979-07-25

    I wish to thank Dr. Pauline Bennett for her reply (NZ Med J, 13 June). She has demonstrated well that in dealing with sensitive difficult issues such as abortion for fetal abnormality, the one thing the doctor is not recommended to do is to speak the truth] I am prompted to write this letter for 2 reasons. Firstly, the excellent letter written by Dr. A. M. Rutherford (NZ Med J, 13 June) on the subject of abortion stated, "The most disturbing feature about the whole controversy is the 'blunting of our conscience'." When the doctors are not encouraged to be honest with patients then indeed our conscience has been blunted. Secondly, I watched Holocaust last night, and cannot refrain from stating that I see frightening parallels between our liberal abortion policy and the activities of the Nazis. As I watched the "mental patients" being herded into the shed for gassing by the polite, tidy, white coated medical staff, and then heard the compassionate, sensitive, letter of the hospital authorities to the relatives of the deceased, the parallel became obvious. The mental patients were weak, defenseless, burdensome, and uneconomic; the unborn are weak, defenseless, burdensome, and uneconomic. The hospital authority's letter was acceptable in many ways, acceptable except that its words bore no relation to the truth. It is said that the "first casualty of war is the truth". Whether that war involves the Jews, or the insane, or the unborn, the statement would seem correct.

  11. An empirical investigation of Australian Stock Exchange data

    NASA Astrophysics Data System (ADS)

    Bertram, William K.

    2004-10-01

    We present an empirical study of high frequency Australian equity data examining the behaviour of distribution tails and the existence of long memory. A method is presented allowing us to deal with Australian Stock Exchange data by splitting it into two separate data series representing an intraday and overnight component. Power-law exponents for the empirical density functions are estimated and compared with results from other studies. Using the autocorrelation and variance plots we find there to be a strong indication of long-memory type behaviour in the absolute return, volume and transaction frequency.

  12. Haem degradation in abnormal haemoglobins.

    PubMed Central

    Brown, S B; Docherty, J C

    1978-01-01

    The coupled oxidation of certain abnormal haemoglobins leads to different bile-pigment isomer distributions from that of normal haemoglobin. The isomer pattern may be correlated with the structure of the abnormal haemoglobin in the neighbourhood of the haem pocket. This is support for haem degradation by an intramolecular reaction. PMID:708385

  13. Systemic abnormalities in liver disease

    PubMed Central

    Minemura, Masami; Tajiri, Kazuto; Shimizu, Yukihiro

    2009-01-01

    Systemic abnormalities often occur in patients with liver disease. In particular, cardiopulmonary or renal diseases accompanied by advanced liver disease can be serious and may determine the quality of life and prognosis of patients. Therefore, both hepatologists and non-hepatologists should pay attention to such abnormalities in the management of patients with liver diseases. PMID:19554648

  14. Abnormal pressure in hydrocarbon environments

    USGS Publications Warehouse

    Law, B.E.; Spencer, C.W.

    1998-01-01

    Abnormal pressures, pressures above or below hydrostatic pressures, occur on all continents in a wide range of geological conditions. According to a survey of published literature on abnormal pressures, compaction disequilibrium and hydrocarbon generation are the two most commonly cited causes of abnormally high pressure in petroleum provinces. In young (Tertiary) deltaic sequences, compaction disequilibrium is the dominant cause of abnormal pressure. In older (pre-Tertiary) lithified rocks, hydrocarbon generation, aquathermal expansion, and tectonics are most often cited as the causes of abnormal pressure. The association of abnormal pressures with hydrocarbon accumulations is statistically significant. Within abnormally pressured reservoirs, empirical evidence indicates that the bulk of economically recoverable oil and gas occurs in reservoirs with pressure gradients less than 0.75 psi/ft (17.4 kPa/m) and there is very little production potential from reservoirs that exceed 0.85 psi/ft (19.6 kPa/m). Abnormally pressured rocks are also commonly associated with unconventional gas accumulations where the pressuring phase is gas of either a thermal or microbial origin. In underpressured, thermally mature rocks, the affected reservoirs have most often experienced a significant cooling history and probably evolved from an originally overpressured system.

  15. Electrocardiograph abnormalities revealed during laparoscopy.

    PubMed

    Nijjer, Sukhjinder; Dubrey, Simon William

    2010-01-01

    This brief case presents a well patient in whom an electrocardiograph abnormality consistent with an accessory pathway was found during a routine procedure. We present the electrocardiographs, explain the underlying condition, and consider why the abnormality was revealed in this manner.

  16. 26 CFR 1.6046A-1 - Return requirement for United States persons who acquire or dispose of an interest in a foreign...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... stock. US has acquired an indirect interest of 60% in FP. See sections 6038(e)(3)(C) and 267(c)(1... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Return requirement for United States persons... § 1.6046A-1 Return requirement for United States persons who acquire or dispose of an interest in...

  17. Returning Samples from Enceladus

    NASA Astrophysics Data System (ADS)

    Tsou, P.; Kanik, I.; Brownlee, D.; McKay, C.; Anbar, A.; Glavin, D.; Yano, H.

    2012-12-01

    From the first half century of space exploration, we have obtained samples only from the Moon, comet Wild 2, the Solar Wind and the asteroid Itokawa. The in-depth analyses of these samples in terrestrial laboratories have yielded profound knowledge that could not have been obtained without the returned samples. While obtaining samples from Solar System bodies is crucial science, it is rarely done due to cost and complexity. Cassini's discovery of geysers on Enceladus and organic materials, indicate that there is an exceptional opportunity and science rational to do a low-cost flyby sample return mission, similar to what was done by the Stardust. The earliest low cost possible flight opportunity is the next Discovery Mission [Tsou et al 2012]. Enceladus Plume Discovery - While Voyager provided evidence for young surfaces on Enceladus, the existence of Enceladus plumes was discovered by Cassini. Enceladus and comets are the only known solar system bodies that have jets enabling sample collection without landing or surface contact. Cassini in situ Findings -Cassini's made many discoveries at Saturn, including the break up of large organics in the plumes of Enceladus. Four prime criteria for habitability are liquid water, a heat source, organics and nitrogen [McKay et al. 2008, Waite et al. 2009, Postberg et al. 2011]. Out of all the NASA designated habitability targets, Enceladus is the single body that presents evidence for all four criteria. Significant advancement in the exploration of the biological potential of Enceladus can be made on returned samples in terrestrial laboratories where the full power of state-of-the-art laboratory instrumentation and procedures can be used. Without serious limits on power, mass or even cost, terrestrial laboratories provide the ultimate in analytical capability, adaptability, reproducibility and reliability. What Questions can Samples Address? - Samples collected from the Enceladus plume will enable a thorough and replicated

  18. Return to space

    NASA Astrophysics Data System (ADS)

    1989-08-01

    This video documents the preparations for Shuttle Flight STS-26 with Shuttle Discovery, NASA's return to manned space flight after the Challenger disaster. Footage and descriptions document such changes to the new Shuttle as new joints, improved insulation, and added O-rings to the solid rocket boosters; new safety hardware and procedures such as parachute and sidewire evacuations during liftoff, and new pressure suits; modified landing gear, brakes, and nose wheel steering, as well as a modified landing runway. Also profiled are the 5 member crew of all veteran Shuttle astronauts, the TDRS 3 Satellite to be released from the cargo bay in orbit, and 11 commercial and student experiments to be performed during the mission.

  19. Statistical Properties and Multifractal Behaviors of Market Returns by Ising Dynamic Systems

    NASA Astrophysics Data System (ADS)

    Fang, Wen; Wang, Jun

    An interacting-agent model of speculative activity explaining price formation in financial markets is considered in the present paper, which based on the stochastic Ising model and the mean field theory. The model describes the interaction strength among the agents as well as an external field, and the corresponding random logarithmic price return process is investigated. According to the empirical research of the model, the time series formed by this Ising model exhibits the bursting typical of volatility clustering, the fat-tail phenomenon, the power-law distribution tails and the long-time memory. The statistical properties of the returns of Hushen 300 Index, Shanghai Stock Exchange (SSE) Composite Index and Shenzhen Stock Exchange (SZSE) Component Index are also studied for comparison between the real time series and the simulated ones. Further, the multifractal detrended fluctuation analysis is applied to investigate the time series returns simulated by Ising model have the distribution multifractality as well as the correlation multifractality.

  20. Impact of the monetary crisis on statistical properties of the Jakarta and Kuala Lumpur stock exchange indices

    NASA Astrophysics Data System (ADS)

    Mart, T.; Aminoto, T.

    2007-01-01

    Using the tools developed for statistical physics, we simultaneously analyze statistical properties of the Jakarta and Kuala Lumpur Stock Exchange indices. In spite of the small number of the data used in the analysis, the result still shows the universal behavior of complex systems previously found in the leading stock indices. We also analyze their properties before and after the crash caused by the monetary crisis. To locate the time position when the crash started we use the Omori law. We found that after the crash both stocks do not show a same statistical behavior. The impact of currency controls is observed in the distribution of the index returns.

  1. Stock-specific migration timing of adult spring-summer Chinook salmon in the Columbia River basin

    USGS Publications Warehouse

    Keefer, M.L.; Peery, C.A.; Jepson, M.A.; Tolotti, K.R.; Bjornn, T.C.; Stuehrenberg, L.C.

    2004-01-01

    An understanding of the migration timing patterns of Pacific salmon Oncorhynchus spp. and steelhead O. mykiss is important for managing complex mixed-stock fisheries and preserving genetic and life history diversity. We examined adult return timing for 3,317 radio-tagged fish from 38 stocks of Columbia River basin spring-summer Chinook salmon O. tshawytscha over 5 years. Stock composition varied widely within and between years depending on the strength of influential populations. Most individual stocks migrated at similar times each year relative to overall runs, supporting the hypotheses that run timing is predictable, is at least partially due to genetic adaptation, and can be used to differentiate between some conspecific populations. Arrival timing of both aggregated radio-tagged stocks and annual runs was strongly correlated with river discharge; stocks arrived earlier at Bonneville Dam and at upstream dams in years with low discharge. Migration timing analyses identified many between-stock and between-year differences in anadromous salmonid return behavior and should and managers interested in protection and recovery of evolutionary significant populations.

  2. Uncertainty in the Fluctuations of the Price of Stocks

    NASA Astrophysics Data System (ADS)

    Jafari, G. R.; Sadegh Movahed, M.; Norouzzadeh, P.; Bahraminasab, A.; Sahimi, Muhammad; Ghasemi, F.; Rahimi Tabar, M. Reza

    We report on a study of the Tehran Price Index (TEPIX) from 2001 to 2006 as an emerging market that has been affected by several political crises during the recent years, and analyze the non-Gaussian probability density function (PDF) of the log returns of the stock prices. We show that while the average of the index did not fall very much over the time period of the study, its day-to-day fluctuations strongly increased due to the crises. Using an approach based on multiplicative processes with a detrending procedure, we study the scale-dependence of the non-Gaussian PDFs, and show that the temporal dependence of their tails indicates a gradual and systematic increase in the probability of the appearance of large increments in the returns on approaching distinct critical time scales over which the TEPIX has exhibited maximum uncertainty.

  3. A spring-block analogy for the dynamics of stock indexes

    NASA Astrophysics Data System (ADS)

    Sándor, Bulcsú; Néda, Zoltán

    2015-06-01

    A spring-block chain placed on a running conveyor belt is considered for modeling stylized facts observed in the dynamics of stock indexes. Individual stocks are modeled by the blocks, while the stock-stock correlations are introduced via simple elastic forces acting in the springs. The dragging effect of the moving belt corresponds to the expected economic growth. The spring-block system produces collective behavior and avalanche like phenomena, similar to the ones observed in stock markets. An artificial index is defined for the spring-block chain, and its dynamics is compared with the one measured for the Dow Jones Industrial Average. For certain parameter regions the model reproduces qualitatively well the dynamics of the logarithmic index, the logarithmic returns, the distribution of the logarithmic returns, the avalanche-size distribution and the distribution of the investment horizons. A noticeable success of the model is that it is able to account for the gain-loss asymmetry observed in the inverse statistics. Our approach has mainly a pedagogical value, bridging between a complex socio-economic phenomena and a basic (mechanical) model in physics.

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

    NASA Astrophysics Data System (ADS)

    Gong, Pu; Weng, Yingliang

    2016-01-01

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

  5. Homeward bound: Yemeni return migration.

    PubMed

    Colton, N A

    1993-01-01

    The author discusses the return migration of Yemenis from Saudi Arabia during the period 1970-1989. "Through the use of original, empirical data collected in Yemen, this article sheds light on who these returning migrants are, where they have come from, and what sort of future awaits them.... The survey conducted on return migration was administered in the winter and spring of 1989 in a region of North Yemen called al-Hujariyya."

  6. Chromosomal abnormalities in human sperm

    SciTech Connect

    Martin, R.H.

    1985-01-01

    The ability to analyze human sperm chromosome complements after penetration of zona pellucida-free hamster eggs provides the first opportunity to study the frequency and type of chromosomal abnormalities in human gametes. Two large-scale studies have provided information on normal men. We have studied 1,426 sperm complements from 45 normal men and found an abnormality rate of 8.9%. Brandriff et al. (5) found 8.1% abnormal complements in 909 sperm from 4 men. The distribution of numerical and structural abnormalities was markedly dissimilar in the 2 studies. The frequency of aneuploidy was 5% in our sample and only 1.6% in Brandriff's, perhaps reflecting individual variability among donors. The frequency of 24,YY sperm was low: 0/1,426 and 1/909. This suggests that the estimates of nondisjunction based on fluorescent Y body data (1% to 5%) are not accurate. We have also studied men at increased risk of sperm chromosomal abnormalities. The frequency of chromosomally unbalanced sperm in 6 men heterozygous for structural abnormalities varied dramatically: 77% for t11;22, 32% for t6;14, 19% for t5;18, 13% for t14;21, and 0% for inv 3 and 7. We have also studied 13 cancer patients before and after radiotherapy and demonstrated a significant dose-dependent increase of sperm chromosome abnormalities (numerical and structural) 36 months after radiation treatment.

  7. 11. VIEW OF A SITE RETURN WEAPONS COMPONENT. SITE RETURNS ...

    Library of Congress Historic Buildings Survey, Historic Engineering Record, Historic Landscapes Survey

    11. VIEW OF A SITE RETURN WEAPONS COMPONENT. SITE RETURNS WERE NUCLEAR WEAPONS SHIPPED TO THE ROCKY FLATS PLANT FROM THE NUCLEAR WEAPON STOCKPILE FOR RETIREMENT, TESTING, OR UPGRADING. FISSILE MATERIALS (PLUTONIUM, URANIUM, ETC.) AND RARE MATERIALS (BERYLLIUM) WERE RECOVERED FOR REUSE, AND THE REMAINDER WAS DISPOSED. (8/7/62) - Rocky Flats Plant, Plutonium Fabrication, Central section of Plant, Golden, Jefferson County, CO

  8. Return of the sheath.

    PubMed

    Felstein, I

    1980-10-01

    The history of the condom is reviewed with attention directed to the medical perspective that the return of the sheath to use is hopeful in terms of venereal disease control improvements. By 1950, condom manufacturers could claim that 1/2 of all the married couples using contraception included the sheath as a major or ancillary method in both the United States and the British Isles. The introduction of the oral contraceptive led to the sheath losing a large measure of its once universal popularity. Simultaneously there was a marked increase in venereal infections with a dramatic rise in gonorrhea and non-specific urethritis. Venereologists have been disturbed by the decline of sheath usage. The manufacturers of the sheath did not accept the reduction in sales. Taking advantage of the changed attitudes to sexuality and sex aids, manufacturers began to make colored sheaths and to vary textures in order to raise or lower sensitivity, increase or decrease friction, and add or diminish lubrication. Shapes have also been varied, and several attachments to the sheath have included clitoral stimulators and vulval stretchers. Improved marketing has seen retailing of condoms in open areas. PMID:6903257

  9. Christmas Island birds returning

    NASA Astrophysics Data System (ADS)

    Six months after their mass exodus, birds are beginning to return to Christmas Island. Roughly 17 million birds, almost the entire adult bird population, either perished or fled their mid-Pacific atoll home last autumn, leaving behind thousands of nestlings to starve (Eos, April 5, 1983, p. 131). It is believed that the strong El Niño altered the ecology of the surrounding waters and forced the birds to flee. Christmas Island is the world's largest coral atoll.“Ocean and atmosphere scientists are unsure of future directions for the El Niño conditions and cannot now predict what will happen to the birds in the coming months,” said Ralph W. Schreiber, curator of ornithology at the Natural History Museum of Los Angeles County in California. Heisthe ornithologist who discovered the disappearance. “The recovery of the bird populations depends on the food supply in the waters surrounding the island.” The island's birds feed exclusively on small fish and squid.

  10. Option Pricing Formulas Based on a Non-Gaussian Stock Price Model

    NASA Astrophysics Data System (ADS)

    Borland, Lisa

    2002-08-01

    Options are financial instruments that depend on the underlying stock. We explain their non-Gaussian fluctuations using the nonextensive thermodynamics parameter q. A generalized form of the Black-Scholes (BS) partial differential equation and some closed-form solutions are obtained. The standard BS equation (q=1) which is used by economists to calculate option prices requires multiple values of the stock volatility (known as the volatility smile). Using q=1.5 which well models the empirical distribution of returns, we get a good description of option prices using a single volatility.

  11. The Point of No Return

    PubMed Central

    Logan, Gordon D.

    2015-01-01

    Bartlett (1958) described the point of no return as a point of irrevocable commitment to action, which was preceded by a period of gradually increasing commitment. As such, the point of no return reflects a fundamental limit on the ability to control thought and action. I review the literature on the point of no return, taking three perspectives. First, I consider the point of no return from the perspective of the controlled act, as a locus in the architecture and anatomy of the underlying processes. I review experiments from the stop-signal paradigm that suggest that the point of no return is located late in the response system. Then I consider the point of no return from the perspective of the act of control that tries to change the controlled act before it becomes irrevocable. From this perspective, the point of no return is a point in time that provides enough “lead time” for the act of control to take effect. I review experiments that measure the response time to the stop signal as the lead time required for response inhibition in the stop-signal paradigm. Finally, I consider the point of no return in hierarchically controlled tasks, in which there may be many points of no return at different levels of the hierarchy. I review experiments on skilled typing that suggest different points of no return for the commands that determine what is typed and the countermands that inhibit typing, with increasing commitment to action the lower the level in the hierarchy. I end by considering the point of no return in perception and thought as well as action. PMID:25633089

  12. Movement of reservoir-stocked riverine fish between tailwaters and rivers

    USGS Publications Warehouse

    Spoelstra, J.A.; Stein, R.A.; Royle, J. Andrew; Marschall, E.A.

    2008-01-01

    The movement of fish from onstream impoundments into connected streams and rivers has traditionally been overlooked in fish stocking decisions but is critical to the ultimate impact of stocking riverine species into reservoirs. Hybrid saugeyes (female walleye Sander vitreus x male sauger S. canadensis) stocked into Deer Creek Reservoir, Ohio, readily move from the reservoir to the tailwater below. Downstream movement of these saugeyes from the tailwater may have consequences for native prey species and parental stocks downstream. We used fixed-station radiotelemetry to quantify the temporal movement patterns of 203 reservoir-stocked saugeyes from the tailwater of the reservoir, the stream flowing from the tailwater, and the river into which the stream flowed. From October 1998 through July 2000, most (75%) saugeyes never left the tailwater, and those that left returned 75% of the time. Overall, saugeyes spent 90% of their time in the tailwater, 7-8% of their time downstream in small streams, and 2-3% of their time farther downstream in the Scioto River (45 km downstream). No radio-tagged saugeyes moved to the Ohio River (155 km downstream). The probability of downstream movement generally increased with increasing flow and when dissolved oxygen dropped to lethal levels in summer. The probability of movement was highest in winter and spring, when it was probably related to spawning, and low in summer (except when dissolved oxygen was low) and fall. The patterns of movement seemed to reflect the relative suitability of tailwater over stream habitat. The predominant use of and return to tailwater habitat after downstream movement limited overall stream and river residence time. Although the daily movement probability for an individual was low, when we apply these rates to all of the stocked saugeyes in the Ohio River drainage, we cannot safely conclude that only small numbers move from reservoir tailwaters to downstream river systems. We recommend that managers

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

    PubMed

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

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

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

    PubMed

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2015-12-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2014-05-01

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

  17. Extraction of phase information in daily stock prices

    NASA Astrophysics Data System (ADS)

    Fujiwara, Yoshi; Maekawa, Satoshi

    2000-06-01

    It is known that, in an intermediate time-scale such as days, stock market fluctuations possess several statistical properties that are common to different markets. Namely, logarithmic returns of an asset price have (i) truncated Pareto-Lévy distribution, (ii) vanishing linear correlation, (iii) volatility clustering and its power-law autocorrelation. The fact (ii) is a consequence of nonexistence of arbitragers with simple strategies, but this does not mean statistical independence of market fluctuations. Little attention has been paid to temporal structure of higher-order statistics, although it contains some important information on market dynamics. We applied a signal separation technique, called Independent Component Analysis (ICA), to actual data of daily stock prices in Tokyo and New York Stock Exchange (TSE/NYSE). ICA does a linear transformation of lag vectors from time-series to find independent components by a nonlinear algorithm. We obtained a similar impulse response for these dataset. If it were a Martingale process, it can be shown that impulse response should be a delta-function under a few conditions that could be numerically checked and as was verified by surrogate data. This result would provide information on the market dynamics including speculative bubbles and arbitrating processes. .

  18. Migratory Patterns of Chinook Salmon Oncorhynchus tshawytscha Returning to a Large, Free-flowing River Basin

    USGS Publications Warehouse

    Eiler, John H.; Evans, Allison N.; Schreck, Carl B.

    2015-01-01

    Upriver movements were determined for Chinook salmon Oncorhynchus tshawytscha returning to the Yukon River, a large, virtually pristine river basin. These returns have declined dramatically since the late 1990s, and information is needed to better manage the run and facilitate conservation efforts. A total of 2,860 fish were radio tagged during 2002–2004. Most (97.5%) of the fish tracked upriver to spawning areas displayed continual upriver movements and strong fidelity to the terminal tributaries entered. Movement rates were substantially slower for fish spawning in lower river tributaries (28–40 km d-1) compared to upper basin stocks (52–62 km d-1). Three distinct migratory patterns were observed, including a gradual decline, pronounced decline, and substantial increase in movement rate as the fish moved upriver. Stocks destined for the same region exhibited similar migratory patterns. Individual fish within a stock showed substantial variation, but tended to reflect the regional pattern. Differences between consistently faster and slower fish explained 74% of the within-stock variation, whereas relative shifts in sequential movement rates between “hares” (faster fish becoming slower) and “tortoises” (slow but steady fish) explained 22% of the variation. Pulses of fish moving upriver were not cohesive. Fish tagged over a 4-day period took 16 days to pass a site 872 km upriver. Movement rates were substantially faster and the percentage of atypical movements considerably less than reported in more southerly drainages, but may reflect the pristine conditions within the Yukon River, wild origins of the fish, and discrete run timing of the returns. Movement data can provide numerous insights into the status and management of salmon returns, particularly in large river drainages with widely scattered fisheries where management actions in the lower river potentially impact harvests and escapement farther upstream. However, the substantial variation

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

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 11 2011-04-01 2011-04-01 false Stock for stock of the same corporation. 1.1036-1 Section 1.1036-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock of the same corporation. (a) Section...

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

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES Common Nontaxable Exchanges § 1.1036-1 Stock for stock of the same corporation. (a) Section 1036 permits the exchange, without the recognition of gain or loss, of common...

  1. 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...

  2. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2014-04-01 2014-04-01 false Vinegar stock. 24.217... OF THE TREASURY ALCOHOL WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  3. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2011-04-01 2011-04-01 false Vinegar stock. 24.217... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  4. 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...

  5. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2013-04-01 2013-04-01 false Vinegar stock. 24.217... OF THE TREASURY ALCOHOL WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  6. 27 CFR 24.217 - Vinegar stock.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2012-04-01 2012-04-01 false Vinegar stock. 24.217... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  7. 25 CFR 173.6 - Stock grazing.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Stock grazing. 173.6 Section 173.6 Indians BUREAU OF... WITHDRAWN OR ACQUIRED IN CONNECTION WITH INDIAN IRRIGATION PROJECTS § 173.6 Stock grazing. Permittees may graze upon lands covered by such permits, such stock as may be required in connection with the...

  8. 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)

  9. NEO Sample Return mission

    NASA Astrophysics Data System (ADS)

    Barucci, M. A.; Neo-Sr Team

    The NEOs are representative of the population of asteroids and dead comets thought to be the remnants of the ancient planetesimals that accreted to form the planets. The chemical investigation of NEOs having primitive characteristics is thus essential in the understanding the planet formation and evolution. They carry records of the solar system's birth/early phases and the geological evolution of small bodies in the interplanetary regions. Moreover, collisions of NEOs with Earth represent a serious hazard to life. For all these reasons the exploration and characterization of these objects are particularly interesting and urgent. NEOs are interesting and highly accessible targets for scientific research and robotic exploration. Within this framework, the mission LEONARD including an orbiter and a lander to the primitive double object (1996 FG3) has been studied by CNES, in collaboration with a number of European planetologists (France, Italy, Germany and United Kingdom) and related Space Agencies. A new Sample Return mission is under study within a large European community and possible collaboration with the Japanese Space Agency JAXA to reply to the ESA Cosmic Vision AO. The principal objectives are to investigate on 1) the properties of the building blocks of the terrestrial planets; 2) the major events (e.g. agglomeration, heating, ... . . ) which ruled the history of planetesimals; 3) the primitive asteroids which could contain presolar material unknown in meteoritic samples; 4) the organics in primitive materials; 5) the initial conditions and evolution history of the solar nebula; and 6) how they can shed light on the origin of molecules necessary for life. This type of mission appears clearly to have the potential to revolutionize our understanding of primitive materials.

  10. [Return to the family].

    PubMed

    Ouaidou, N G

    1993-08-01

    Sahelian countries occupy an inglorious place in the global list of human development. The human development index is superior to the gross national product (GNP) at measuring the progress of a country in terms of development, because it includes income, longevity, and educational level. The highest ranked Sahelian country holds the 114th position out of a 173 countries. The low human development index scores for the Sahel reflects the socioeconomic crisis which has overcome these countries. In 1991, only 3 of 9 Sahelian countries had a mean GP equal or superior to US$500. Just 2 countries had a life expectancy greater than 50 years. In fact, the Sahel had a lower life expectancy than all of Africa (50 years) and much lower than Asia (64 years) and Latin America (67 years). The economic crisis is worse than the cold statistics show. It destabilizes the most disadvantaged populations. The pressure it exerts often leads public authorities to adopt unpopular measures. It depreciates some sociocultural values and disintegrates traditional social structures. It is accentuated by the effects of war and drought. Internal and external migration increases even as urban hope is uncertain. For most people, the family (the traditional framework of individual development) is ready to break apart, leaving only a disincarnate nuclear entity to subsist. Yet, African history is built around the extended family: the place of reproduction, production, distribution, formation, management, perpetuation of demographic behavior, and social control. Senegal and Mali have created ministries which invest in families. The Third African Conference on Population, in 1992, chose its theme to be the relationship between family, population, and sustainable development. It is important to return to the natural or primordial framework--family--as a refuge against the economic crisis. PMID:12318645

  11. 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.

  12. Salmon lice increase the age of returning Atlantic salmon.

    PubMed

    Vollset, Knut Wiik; Barlaup, Bjørn Torgeir; Skoglund, Helge; Normann, Eirik Straume; Skilbrei, Ove Tommy

    2014-01-01

    The global increase in the production of domestic farmed fish in open net pens has created concerns about the resilience of wild populations owing to shifts in host-parasite systems in coastal ecosystems. However, little is known about the effects of increased parasite abundance on life-history traits in wild fish populations. Here, we report the results of two separate studies in which 379 779 hatchery-reared Atlantic salmon smolts were treated (or not) against salmon lice, marked and released. Adults were later recaptured, and we specifically tested whether the age distribution of the returning spawners was affected by the treatment. The estimates of parasite-induced mortality were 31.9% and 0.6% in the River Vosso and River Dale stock experiments, respectively. Age of returning salmon was on average higher in untreated [corrected] versus untreated fish. The percentages of fish returning after one winter at sea were 37.5% and 29.9% for the treated and untreated groups, respectively. We conclude that salmon lice increase the age of returning salmon, either by affecting their age at maturity or by disproportionately increasing mortality in fish that mature early.

  13. Applications of physics to finance and economics: returns, trading activity and income

    NASA Astrophysics Data System (ADS)

    Silva, A. Christian

    2005-07-01

    This dissertation reports work where physics methods are applied to financial and economical problems. The first part studies stock market data (chapter 1 to 5). The second part is devoted to personal income in the USA (chapter 6). We first study the probability distribution of stock returns at mesoscopic time lags (return horizons) ranging from about an hour to about a month. For mesoscopic times the bulk of the distribution (more than 99% of the probability) follows an exponential law. At longer times, the exponential law continuously evolves into Gaussian distribution. After characterizing the stock returns at mesoscopic time lags, we study the subordination hypothesis. The integrated volatility V_t constructed from the number of trades process can be used as a subordinator for a Brownian motion. This subordination is able to describe approximatly 85% of the stock returns for time lags that start at 1 hour but are shorter than one day. Finally, we show that the CIR process describes well enough the empirical V_t process, such that the corresponding Heston model is able to describe the log-returns x_t process, with approximately the maximum quality that the subordination allows. Finally, we study the time evolution of the personal income distribution. We find that the personal income distribution in the USA has a well-defined two-income-class structure. The majority of population (97-99%) belongs to the lower income class characterized by the exponential Boltzmann-Gibb(``thermal'') distribution, whereas the higher income class (1-3% of population) has a Pareto power-law (``superthermal'') distribution. We show that the ``thermal'' part is stationary in time.

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

    NASA Astrophysics Data System (ADS)

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

    2011-11-01

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

  15. [Enzymatic utilization of cotton soap stock].

    PubMed

    Davranov, K D; Guliamova, K A; Alimova, B Kh; Turapova, N M

    2000-01-01

    Enzymatic hydrolysis of neutral fat of cotton oil soap stock with a nonspecific lipase produced by Oospora lactis F-500 was designed. The culture liquid and a preparation of enzyme obtained by precipitation with isopropanol from a filtrate of the culture liquid were used. Utilization of cotton oil soap stock as the only source of carbon during cultivation of the fungus was studied. The rate of hydrolysis of soap stock fat strongly depended on the way of biological conversion of cotton oil soap stock. The most effective utilization was observed during cultivation of the fungus in the medium containing soap stock.

  16. Duck Valley Resident Fish Stocking Program, 2000 Final Annual Report.

    SciTech Connect

    Dodson, Guy; Pero, Vincent

    2002-01-01

    The Shoshone-Paiute Tribes fish-stocking program was begun in 1988 and is intended to provide a subsistence fishery for the tribal members. The program stocks catchable and fingerling size trout in Mt. View and Sheep Creek Reservoirs. Rainbow trout are purchased from only certified disease-free facilities to be stocked in our reservoirs. This project will help restore a fishery for tribal members that historically depended on wild salmon and steelhead in the Owyhee and Bruneau Rivers and their tributaries for their culture as well as for subsistence. This project is partial substitution for loss of anadromous fish production due to construction and operation of hydroelectric dams on the Columbia and Snake Rivers. Until anadromous fish can be returned to the Owyhee and Bruneau Rivers this project will continue indefinitely. As part of this project the Shoshone-Paiute Tribes will also receive income in the form of fees from non-tribal members who come to fish these reservoirs. Regular monitoring and evaluation of the fishery will include sampling for length/weight/condition and for signs of disease. A detailed Monitoring and evaluation plan has been put in place for this project. However due to budget limitations on this project only the fishery surveys and limited water quality work can be completed. A creel survey was initiated in 1998 and we are following the monitoring and evaluation schedule for this program (as budget allows) as well as managing the budget and personnel. This program has been very successful in the past decade and has provided enjoyment and sustenance for both tribal and non-tribal members. All biological data and stocking rates will be including in the Annual reports to Bonneville Power Administration (BPA).

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

    NASA Astrophysics Data System (ADS)

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

    2013-10-01

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

  18. Kidney transplantation in abnormal bladder

    PubMed Central

    Mishra, Shashi K.; Muthu, V.; Rajapurkar, Mohan M.; Desai, Mahesh R.

    2007-01-01

    Structural urologic abnormalities resulting in dysfunctional lower urinary tract leading to end stage renal disease may constitute 15% patients in the adult population and up to 20-30% in the pediatric population. A patient with an abnormal bladder, who is approaching end stage renal disease, needs careful evaluation of the lower urinary tract to plan the most satisfactory technical approach to the transplant procedure. Past experience of different authors can give an insight into the management and outcome of these patients. This review revisits the current literature available on transplantation in abnormal bladder and summarizes the clinical approach towards handling this group of difficult transplant patients. We add on our experience as we discuss the various issues. The outcome of renal transplant in abnormal bladder is not adversely affected when done in a reconstructed bladder. Correct preoperative evaluation, certain technical modification during transplant and postoperative care is mandatory to avoid complications. Knowledge of the abnormal bladder should allow successful transplantation with good outcome. PMID:19718334

  19. 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.

  20. Lake Roosevelt Fisheries Evaluation Program; Meadow Creek vs. Lake Whatcom Stock Kokanee Salmon Investigations in Lake Roosevelt, 2001 Annual Report.

    SciTech Connect

    McLellan, Holly; Scholz, Allan

    2002-03-01

    Lake Roosevelt has been stocked with Lake Whatcom stock kokanee since 1989 with the primary objective of creating a self-sustaining recreational fishery. Due to low return numbers, it was hypothesized a stock of kokanee, native to the upper Columbia River, might perform better than the coastal Lake Whatcom strain. Kokanee from Meadow Creek, a tributary of Kootenay Lake, British Columbia were selected as an alternative stock. Matched pair releases of Lake Whatcom and Meadow Creek kokanee were made from Sherman Creek Hatchery in late June 2000 and repeated in 2001. Stock performance between Lake Whatcom and Meadow Creek kokanee was evaluated using three performance measures; (1) the number of returns to Sherman Creek, the primary egg collection facility, (2) the number of returns to other tributaries and (3) the number of returns to the creel. Kokanee were collected during five passes through the reservoir via electrofishing, which included 87 tributary mouths during the fall of 2000 and 2001. Chi-square analysis indicated age two Meadow Creek kokanee returned to Sherman Creek in significantly higher numbers when compared to the Whatcom stock in 2000 ({chi}{sup 2} = 736.6; d.f. = 1; P < 0.01) and 2001 ({chi}{sup 2} = 156.2; d.f. = 1; P < 0.01). Reservoir wide recoveries of age two kokanee had similar results in 2000 ({chi}{sup 2} = 735.3; d.f. = 1; P < 0.01) and 2001 ({chi}{sup 2} = 150.1; d.f. = 1; P < 0.01). Six Lake Whatcom and seven Meadow Creek three year olds were collected in 2001. The sample size of three year olds was too small for statistical analysis. No kokanee were collected during creel surveys in 2000, and two (age three kokanee) were collected in 2001. Neither of the hatchery kokanee collected were coded wire tagged, therefore stock could not be distinguished. After two years of monitoring, neither Meadow Creek or Lake Whatcom kokanee appear to be capable of providing a run of three-year-old spawners to sustain stocking efforts. The small number of

  1. APOLLO 11: The heroes Return

    NASA Technical Reports Server (NTRS)

    1974-01-01

    The crew of APOLLO 11 return as heroes after their succesfull landing on the lunar surface. From the film documentary 'APOLLO 11:'The Eagle Has Landed'', part of a documentary series on the APOLLO missions made in the early '70's and narrated by Burgess Meredith. APOLLO 11: First manned lunar landing and return to Earth with Neil A. Armstrong, Michael Collins, and Edwin E. Aldrin. Landed in the Sea of Tranquilityon July 20, 1969; deployed TV camera and EASEP experiments, performed lunar surface EVA, returned lunar soil samples. Mission Duration 195 hrs 18 min 35sec

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

    PubMed

    Rappaport, A; Sirower, M L

    1999-01-01

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

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

    PubMed

    Rappaport, A; Sirower, M L

    1999-01-01

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

  4. Complex patterns of abnormal heartbeats

    NASA Technical Reports Server (NTRS)

    Schulte-Frohlinde, Verena; Ashkenazy, Yosef; Goldberger, Ary L.; Ivanov, Plamen Ch; Costa, Madalena; Morley-Davies, Adrian; Stanley, H. Eugene; Glass, Leon

    2002-01-01

    Individuals having frequent abnormal heartbeats interspersed with normal heartbeats may be at an increased risk of sudden cardiac death. However, mechanistic understanding of such cardiac arrhythmias is limited. We present a visual and qualitative method to display statistical properties of abnormal heartbeats. We introduce dynamical "heartprints" which reveal characteristic patterns in long clinical records encompassing approximately 10(5) heartbeats and may provide information about underlying mechanisms. We test if these dynamics can be reproduced by model simulations in which abnormal heartbeats are generated (i) randomly, (ii) at a fixed time interval following a preceding normal heartbeat, or (iii) by an independent oscillator that may or may not interact with the normal heartbeat. We compare the results of these three models and test their limitations to comprehensively simulate the statistical features of selected clinical records. This work introduces methods that can be used to test mathematical models of arrhythmogenesis and to develop a new understanding of underlying electrophysiologic mechanisms of cardiac arrhythmia.

  5. 27 CFR 53.151 - Returns.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... on TTB Form 5300.26. (3) Return periods prior to October 1, 1992. For return periods prior to October 1, 1992, every person required to make a return on TTB Form 5300.26 shall make a return for each... 27 Alcohol, Tobacco Products and Firearms 2 2014-04-01 2014-04-01 false Returns. 53.151 Section...

  6. Influence of the Investor's Behavior on the Complexity of the Stock Market

    NASA Astrophysics Data System (ADS)

    Atman, A. P. F.; Gonçalves, Bruna Amin

    2012-04-01

    One of the pillars of the finance theory is the efficient-market hypothesis, which is used to analyze the stock market. However, in recent years, this hypothesis has been questioned by a number of studies showing evidence of unusual behaviors in the returns of financial assets ("anomalies") caused by behavioral aspects of the economic agents. Therefore, it is time to initiate a debate about the efficient-market hypothesis and the "behavioral finances." We here introduce a cellular automaton model to study the stock market complexity, considering different behaviors of the economical agents. From the analysis of the stationary standard of investment observed in the simulations and the Hurst exponents obtained for the term series of stock index, we draw conclusions concerning the complexity of the model compared to real markets. We also investigate which conditions of the investors are able to influence the efficient market hypothesis statements.

  7. Canonical Sectors and Evolution of Firms in the US Stock Markets

    NASA Astrophysics Data System (ADS)

    Hayden, Lorien; Chachra, Ricky; Alemi, Alexander; Ginsparg, Paul; Sethna, James

    2015-03-01

    In this work, we show how unsupervised machine learning can provide a more objective and comprehensive broad-level sector decomposition of stocks. Classification of companies into sectors of the economy is important for macroeconomic analysis, and for investments into the sector-specific financial indices and exchange traded funds (ETFs). Historically, these major industrial classification systems and financial indices have been based on expert opinion and developed manually. Our method, in contrast, produces an emergent low-dimensional structure in the space of historical stock price returns. This emergent structure automatically identifies ``canonical sectors'' in the market, and assigns every stock a participation weight into these sectors. Furthermore, by analyzing data from different periods, we show how these weights for listed firms have evolved over time. This work was partially supported by NSF Grants DMR 1312160, OCI 0926550 and DGE-1144153 (LXH).

  8. 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.

  9. U.S. stock market interaction network as learned by the Boltzmann machine

    SciTech Connect

    Borysov, Stanislav S.; Roudi, Yasser; Balatsky, Alexander V.

    2015-12-07

    Here, we study historical dynamics of joint equilibrium distribution of stock returns in the U.S. stock market using the Boltzmann distribution model being parametrized by external fields and pairwise couplings. Within Boltzmann learning framework for statistical inference, we analyze historical behavior of the parameters inferred using exact and approximate learning algorithms. Since the model and inference methods require use of binary variables, effect of this mapping of continuous returns to the discrete domain is studied. The presented results show that binarization preserves the correlation structure of the market. Properties of distributions of external fields and couplings as well as the market interaction network and industry sector clustering structure are studied for different historical dates and moving window sizes. We demonstrate that the observed positive heavy tail in distribution of couplings is related to the sparse clustering structure of the market. We also show that discrepancies between the model’s parameters might be used as a precursor of financial instabilities.

  10. U.S. stock market interaction network as learned by the Boltzmann machine

    NASA Astrophysics Data System (ADS)

    Borysov, Stanislav S.; Roudi, Yasser; Balatsky, Alexander V.

    2015-12-01

    We study historical dynamics of joint equilibrium distribution of stock returns in the U.S. stock market using the Boltzmann distribution model being parametrized by external fields and pairwise couplings. Within Boltzmann learning framework for statistical inference, we analyze historical behavior of the parameters inferred using exact and approximate learning algorithms. Since the model and inference methods require use of binary variables, effect of this mapping of continuous returns to the discrete domain is studied. The presented results show that binarization preserves the correlation structure of the market. Properties of distributions of external fields and couplings as well as the market interaction network and industry sector clustering structure are studied for different historical dates and moving window sizes. We demonstrate that the observed positive heavy tail in distribution of couplings is related to the sparse clustering structure of the market. We also show that discrepancies between the model's parameters might be used as a precursor of financial instabilities.

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

    NASA Astrophysics Data System (ADS)

    Mokhtar, Mazura; Shuib, Adibah; Mohamad, Daud

    2014-12-01

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

  12. [Emotion Disorders and Abnormal Perspiration].

    PubMed

    Umeda, Satoshi

    2016-08-01

    This article reviewed the relationship between emotional disorders and abnormal perspiration. First, I focused on local brain areas related to emotional processing, and summarized the functions of the emotional network involving those local areas. Functional disorders followed by the damage in the amygdala, orbitofrontal cortex, and insular cortex were reviewed, including related abnormal perspiration. I then addressed the mechanisms of how autonomic disorders influence emotional processing. Finally, possible future directions for integrated understanding of the connection between neural activities and bodily reactions were discussed. PMID:27503817

  13. [Emotion Disorders and Abnormal Perspiration].

    PubMed

    Umeda, Satoshi

    2016-08-01

    This article reviewed the relationship between emotional disorders and abnormal perspiration. First, I focused on local brain areas related to emotional processing, and summarized the functions of the emotional network involving those local areas. Functional disorders followed by the damage in the amygdala, orbitofrontal cortex, and insular cortex were reviewed, including related abnormal perspiration. I then addressed the mechanisms of how autonomic disorders influence emotional processing. Finally, possible future directions for integrated understanding of the connection between neural activities and bodily reactions were discussed.

  14. Growth and smolting in lower-mode Atlantic Salmon stocked into the Penobscot River, Maine

    USGS Publications Warehouse

    Zydlewski, Joseph; O'Malley, Andrew; Cox, Oliver; Ruksznis, Peter; Trial, Joan G.

    2014-01-01

    Restoration of Atlantic Salmon Salmo salar in Maine has relied on hatchery-produced fry and smolts for critical stocking strategies. Stocking fry minimizes domestication selection, but these fish have poor survival. Conversely, stocked smolts have little freshwater experience but provide higher adult returns. Lower-mode (LM) fish, those not growing fast enough to ensure smolting by the time of stocking, are a by-product of the smolt program and are an intermediate hatchery product. From 2002 to 2009, between 70,000 and 170,000 marked LM Atlantic Salmon were stocked into the Pleasant River (a tributary in the Penobscot River drainage, Maine) in late September to early October. These fish were recaptured as actively migrating smolts (screw trapping), as nonmigrants (electrofishing), and as returning adults to the Penobscot River (Veazie Dam trap). Fork length (FL) was measured and a scale sample was taken to retrospectively estimate FL at winter annulus one (FW1) using the intercept-corrected direct proportion model. The LM fish were observed to migrate as age-1, age-2, and infrequently as age-3 smolts. Those migrating as age-1 smolts had a distinctly larger estimated FL at FW1 (>112 mm) than those that remained in the river for at least one additional year. At the time of migration, age-2 and age-3 smolts were substantially larger than age-1 smolts. Returning adult Atlantic Salmon of LM origin had estimated FLs at FW1 that corresponded to smolt age (greater FL for age 1 than age 2). The LM product produces both age-1 and age-2 smolts that have greater freshwater experience than hatchery smolts and may have growth and fitness advantages. The data from this study will allow managers to better assess the probability of smolting age and manipulate hatchery growth rates to produce a targeted-size LM product.

  15. Total anomalous pulmonary venous return

    MedlinePlus

    ... the heart do not attach normally to the left atrium (left upper chamber of the heart). Instead, they attach ... returns through the pulmonary (lung) veins to the left side of the heart, which sends blood out ...

  16. 26 CFR 1.1081-11 - Records to be kept and information to be filed with returns.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... with returns. 1.1081-11 Section 1.1081-11 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Exchanges in Obedience to S.e.c... proceeds derived therefrom in retirement or cancellation of its own stock or securities. (e)...

  17. 26 CFR 1.1081-11 - Records to be kept and information to be filed with returns.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... with returns. 1.1081-11 Section 1.1081-11 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Exchanges in Obedience to S.e.c... proceeds derived therefrom in retirement or cancellation of its own stock or securities. (e)...

  18. 26 CFR 1.1081-11 - Records to be kept and information to be filed with returns.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... with returns. 1.1081-11 Section 1.1081-11 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Exchanges in Obedience to S.e.c... proceeds derived therefrom in retirement or cancellation of its own stock or securities. (e)...

  19. 26 CFR 1.1081-11 - Records to be kept and information to be filed with returns.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... with returns. 1.1081-11 Section 1.1081-11 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Exchanges in Obedience to S.e.c... proceeds derived therefrom in retirement or cancellation of its own stock or securities. (e)...

  20. Time-bound product returns and optimal order quantities for mass merchandisers

    NASA Astrophysics Data System (ADS)

    Yu, Min-Chun; Goh, Mark

    2012-01-01

    The return guidelines for a mass merchandiser usually entail a grace period, a markdown on the original price and the condition of the returned items. This research utilises eight scenarios formed from the variation of possible return guidelines to model the cost functions of single-product categories for a typical mass merchandiser. Models for the eight scenarios are developed and solved with the objective of maximising the expected profit so as to obtain closed form solutions for the associated optimal order quantity. An illustrative example and sensitivity analysis are provided to demonstrate the applicability of the model. Our results show that merchandisers who allow for returns within a time window, albeit with a penalty cost imposed and the returned products being recoverable, should plan for larger order amounts as such products do not affect the business. Similarly, the merchandisers who allow for returns beyond a grace period and without any penalty charges, but where the returned products are irrecoverable, should manage their stocks in this category more judiciously by ordering as little as possible so as to limit the number of returns and carefully consider the effects of their customer satisfaction-guaranteed policies, if any.

  1. Complex network analysis of conventional and Islamic stock market in Indonesia

    NASA Astrophysics Data System (ADS)

    Rahmadhani, Andri; Purqon, Acep; Kim, Sehyun; Kim, Soo Yong

    2015-09-01

    The rising popularity of Islamic financial products in Indonesia has become a new interesting topic to be analyzed recently. We introduce a complex network analysis to compare conventional and Islamic stock market in Indonesia. Additionally, Random Matrix Theory (RMT) has been added as a part of reference to expand the analysis of the result. Both of them are based on the cross correlation matrix of logarithmic price returns. Closing price data, which is taken from June 2011 to July 2012, is used to construct logarithmic price returns. We also introduce the threshold value using winner-take-all approach to obtain scale-free property of the network. This means that the nodes of the network that has a cross correlation coefficient below the threshold value should not be connected with an edge. As a result, we obtain 0.5 as the threshold value for all of the stock market. From the RMT analysis, we found that there is only market wide effect on both stock market and no clustering effect has been found yet. From the network analysis, both of stock market networks are dominated by the mining sector. The length of time series of closing price data must be expanded to get more valuable results, even different behaviors of the system.

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

    PubMed

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

    2014-01-01

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

  3. 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.

  4. Abnormal treating pressures in MHF (massive hydraulic fracturing) treatments

    SciTech Connect

    Medlin, W.L.; Fitch, J.L.

    1983-01-01

    Abnormal treating pressures are observed during massive hydraulic fracturing (MHF) treatments in the Mesa Verde Formation of the Piceance Basin, Colorado. Data from 3 widely separated wells and in several zones per well all show a pressure increase during MHF treatments, called pressure growth. This pressure growth is at least semi-permanent. The elevated instantaneous shut-in pressures do not return to initial values over periods of several days. The magnitude of this pressure growth is highly variable. One possible cause of pressure growth is fracture branching. Pressure growth seems to be dependent on both pumping rate and fluid viscosity. 16 references.

  5. 28 CFR 540.24 - Returned mail.

    Code of Federal Regulations, 2011 CFR

    2011-07-01

    ... contraband all undelivered mail returned to an institution by the Post Office before returning it to the.... Any returned mail qualifying as “special mail” is opened and inspected for contraband in the...

  6. 28 CFR 540.24 - Returned mail.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

    ... contraband all undelivered mail returned to an institution by the Post Office before returning it to the.... Any returned mail qualifying as “special mail” is opened and inspected for contraband in the...

  7. Electrocardiograph abnormalities in intracerebral hemorrhage.

    PubMed

    Takeuchi, Satoru; Nagatani, Kimihiro; Otani, Naoki; Wada, Kojiro; Mori, Kentaro

    2015-12-01

    This study investigated the prevalence and type of electrocardiography (ECG) abnormalities, and their possible association with the clinical/radiological findings in 118 consecutive patients with non-traumatic, non-neoplastic intracerebral hemorrhage (ICH). ECG frequently demonstrates abnormalities in patients with ischemic stroke and subarachnoid hemorrhage, but little is known of ECG changes in ICH patients. Clinical and radiological information was retrospectively reviewed. ECG recordings that were obtained within 24 hours of the initial hemorrhage were analyzed. Sixty-six patients (56%) had one or more ECG abnormalities. The most frequent was ST depression (24%), followed by left ventricular hypertrophy (20%), corrected QT interval (QTc) prolongation (19%), and T wave inversion (19%). The logistic regression analysis demonstrated the following: insular involvement was an independent predictive factor of ST depression (p<0.001; odds ratio OR 10.18; 95% confidence interval [CI] 2.84-36.57); insular involvement (p<0.001; OR 23.98; 95% CI 4.91-117.11) and presence of intraventricular hemorrhage (p<0.001; OR 8.72; 95% CI 2.69-28.29) were independent predictive factors of QTc prolongation; deep hematoma location (p<0.001; OR 19.12; 95% CI 3.82-95.81) and hematoma volume >30 ml (p=0.001; OR 6.58; 95% CI 2.11-20.46) were independent predictive factors of T wave inversion. We demonstrate associations between ECG abnormalities and detailed characteristics of ICH.

  8. Modeling stock price dynamics by continuum percolation system and relevant complex systems analysis

    NASA Astrophysics Data System (ADS)

    Xiao, Di; Wang, Jun

    2012-10-01

    The continuum percolation system is developed to model a random stock price process in this work. Recent empirical research has demonstrated various statistical features of stock price changes, the financial model aiming at understanding price fluctuations needs to define a mechanism for the formation of the price, in an attempt to reproduce and explain this set of empirical facts. The continuum percolation model is usually referred to as a random coverage process or a Boolean model, the local interaction or influence among traders is constructed by the continuum percolation, and a cluster of continuum percolation is applied to define the cluster of traders sharing the same opinion about the market. We investigate and analyze the statistical behaviors of normalized returns of the price model by some analysis methods, including power-law tail distribution analysis, chaotic behavior analysis and Zipf analysis. Moreover, we consider the daily returns of Shanghai Stock Exchange Composite Index from January 1997 to July 2011, and the comparisons of return behaviors between the actual data and the simulation data are exhibited.

  9. 26 CFR 20.6075-1 - Returns; time for filing estate tax return.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Returns; time for filing estate tax return. 20... Administration § 20.6075-1 Returns; time for filing estate tax return. The estate tax return required by section... tax return and tax payment must be made on or before April 30, 2001. When the due date falls...

  10. 12 CFR 210.12 - Return of cash items and handling of returned checks.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... the returned check, in paper or electronic form, for forward collection or return. (3) Warranties for all returned checks that are electronic items. A paying bank or returning bank that sends a returned check that is an electronic item makes the returning bank warranties set forth in and subject to...

  11. 12 CFR 210.12 - Return of cash items and handling of returned checks.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... the returned check, in paper or electronic form, for forward collection or return. (3) Warranties for all returned checks that are electronic items. A paying bank or returning bank that sends a returned check that is an electronic item makes the returning bank warranties set forth in and subject to...

  12. 12 CFR 210.12 - Return of cash items and handling of returned checks.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... the returned check, in paper or electronic form, for forward collection or return. (3) Warranties for all returned checks that are electronic items. A paying bank or returning bank that sends a returned check that is an electronic item makes the returning bank warranties set forth in and subject to...

  13. Applications of physics to finance and economics: Returns, trading activity and income

    NASA Astrophysics Data System (ADS)

    Silva, Antonio Christian

    This dissertation reports work where physics methods are applied to financial and economical problems. Some material in this thesis is based on 3 published papers [1, 2, 3] which divide this study into two parts. The first part studies stock market data (chapter 1 to 5). The second part is devoted to personal income in the USA (chapter 6). We first study the probability distribution of stock returns at mesoscopic time lags (return horizons) ranging from about an hour to about a month. While at shorter microscopic time lags the distribution has power-law tails, for mesoscopic times the bulk of the distribution (more than 99% of the probability) follows an exponential law. The slope of the exponential function is determined by the variance of returns, which increases proportionally to the time lag. At longer times, the exponential law continuously evolves into Gaussian distribution. The exponential-to-Gaussian crossover is well described by the analytical solution of the Heston model with stochastic volatility. After characterizing the stock returns at mesoscopic time lags, we study the subordination hypothesis with one year of intraday data. We verify that the integrated volatility Vt constructed from the number of trades process can be used as a subordinator for a driftless Brownian motion. This subordination will be able to describe ≈85% of the stock returns for intraday time lags that start at ≈1 hour but are shorter than one day (upper time limit is restricted by the short data span of one year). We also show that the Heston model can be constructed by subordinating a Brownian motion with the CIR process. Finally, we show that the CIR process describes well enough the empirical Vt process, such that the corresponding Heston model is able to describe the log-returns xt process, with approximately the maximum quality that the subordination allows (80%--85%). Finally, we study the time evolution of the personal income distribution. We find that the personal

  14. Visualization of a stock market correlation matrix

    NASA Astrophysics Data System (ADS)

    Rea, Alethea; Rea, William

    2014-04-01

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

  15. Predictors of returning to work.

    PubMed

    Ash, P; Goldstein, S I

    1995-01-01

    An investigation of predictors of returning to work in a sample of physically injured persons who are receiving workers' compensation benefits and vocational rehabilitation is presented. One hundred fourteen injured subjects (86 with back injury; 28, other injury) undergoing vocational rehabilitation and receiving workers' compensation benefits were assessed on demographic, emotional, cognitive, financial incentive, and miscellaneous variables. Predictors for returning to work were identified using stepwise logistic regression. Patients with moderate or severe depression, defined as a score greater than 16 on the Beck Depression Inventory (BDI), were significantly less likely to return to work following vocational rehabilitation efforts than patients with less severe depression (for back-injured patients, odds ratio (OR) = 31, 95% CI [8.8, 108]). BDI scores correctly classified 84 percent of the back-injury and 86% of the other-injury groups with respect to their return to work. The level of workers' compensation benefit was the only variable that added (marginally) to the predictive power of the BDI. In a physically injured population receiving workers' compensation benefits, who are judged to be not clearly permanently disabled, level of depressive symptoms is a strong predictor of returning to work. Caution is warranted in using the BDI as the sole determinant in a forensic situation for making a real-world prediction, as BDI responses are easy to fake. Treatment of concurrent depression is an important component of helping physically injured workers resume gainful employment. PMID:8605404

  16. Maturity dispersion, stock auto-correlation, and management strategy in exploited populations.

    PubMed

    Gurney, William S C; McKenzie, Eddie; Bacon, Philip J

    2010-07-01

    Fishery management policies need to be based on historical summaries of stock status which are well correlated with the size of the group of individuals who will be affected by any harvest. This paper is motivated by the problem of managing stocks of Atlantic salmon, which can be accurately monitored during the riverine stages of their life-history, but which spend a lengthy period at sea before returning to spawn. We begin by formulating a minimal stochastic model of stock-recruitment driven population dynamics, which linearises to a standard ARMA form. We investigate the relation between maturity dispersion and the auto-covariance of stock fluctuations driven by process noise in the recruitment process and/or random variability in survival from recruitment to spawning. We demonstrate that significant reductions in fluctuation intensity and/or increases in long-run average yield can be achieved by controlling harvesting in response to the value of a historical summary focussed on lags at which the uncontrolled population dynamics produce strong correlations. We apply our minimal model to two well-characterised Atlantic salmon populations, and find poor agreement between predicted and observed stock fluctuation ACF. Re-examination of the ancilliary data available for one of our two exemplary systems leads us to propose an extended model which also linearises to ARMA form, and which predicts a fluctuation ACF more closely in agreement with that observed, and could thus form a satisfactory vehicle for policy discussion.

  17. 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.

  18. 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....

  19. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... marketable stock means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as... section 1298(a), stock in any passive foreign investment company, that stock will be treated as marketable... owns directly or indirectly, as defined in section 1298(a), stock in any passive foreign...

  20. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... marketable stock means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as... section 1298(a), stock in any passive foreign investment company, that stock will be treated as marketable... owns directly or indirectly, as defined in section 1298(a), stock in any passive foreign...

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

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... marketable stock means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as... section 1298(a), stock in any passive foreign investment company, that stock will be treated as marketable... owns directly or indirectly, as defined in section 1298(a), stock in any passive foreign...

  2. Evaluation of the returned traveler.

    PubMed Central

    Hill, D. R.

    1992-01-01

    Recognition of clinical syndromes in returned travelers is an important part of providing care to international travelers. The first step is to take a history with attention to pre-travel preventive measures, the patient's itinerary, and potential exposure to infectious agents. The patient should then be examined to document physical signs, such as fever, rash, or hepatosplenomegaly, and to have basic laboratory data obtained. This evaluation will provide most physicians with the necessary information to generate a differential diagnosis. Each diagnosis should be matched against the incubation period of the disease, the geographic location of illness, the frequency of illness in returned travelers, and the pre-travel preventive measures. Careful attention to these aspects of patient care should result in the appropriate diagnosis and therapeutic intervention for the ill returned traveler. PMID:1290276

  3. Tropical sprue in American servicemen following return from Vietnam.

    PubMed

    Pittman, F E; Pittman, J C

    1976-05-01

    Moderately severe tropical sprue was diagnosed in two American servicemen 15 and 19 months after return from Vietnam. Intestinal parasites were not demonstrated, and clinical, laboratory, and jejunal histological abnormalities returned to normal following treatment with tetracycline and folic acid in one patient and folic acid alone in the other. Neither patient was anemic, although one had hypersegmented polymorphonuclear leukocytes and both had macrocytosis and megaloblastic bone marrows. In each of these patients, diagnosis was delayed because of the failure to consider tropical sprue in the differential diagnosis of diarrhea and weight loss. The findings in these patients indicate that individuals from nonendemic areas who reside in Vietnam are at risk of developing overt tropical sprue.

  4. [Transient abnormal Q-waves].

    PubMed

    Godballe, C; Hoeck, H C; Sørensen, J A

    1990-01-01

    We present a case of transient abnormal Q-waves (TAQ) and a review of the literature. TAQ are defined as abnormal Q-waves, which disappear within ten days. They are most often seen in patients with ischemic heart disease (IHD) but are also seen in other conditions. Brief episodes of myocardial ischemia giving rise to reversible biochemical and ultrastructural myocardial changes, resulting in transient ECG changes, provide an accepted theory for the pathogenesis of TAO. Investigations have shown that the occurrence of exercise-induced TAQ may be a symptom of IHD. It is impossible to distinguish TAQ from Q-waves induced by myocardial infarction. Appearance of TAQ during exercise-testing frequently indicates IHD. PMID:2301045

  5. [Chromosome abnormalities in human cancer].

    PubMed

    Salamanca-Gómez, F

    1995-01-01

    Recent investigation on the presence of chromosome abnormalities in neoplasias has allowed outstanding advances in the knowledge of malignant transformation mechanisms and important applications in the clinical diagnosis and prognosis of leukaemias, lymphomas and solid tumors. The purpose of the present paper is to discuss the most relevant cytogenetic aberrations, some of them described at the Unidad de Investigación Médica en Genética Humana, Instituto Mexicano del Seguro Social, and to correlate these abnormalities with recent achievements in the knowledge of oncogenes, suppressor genes or antioncogenes, their chromosome localization, and their mutations in human neoplasia; as well as their perspectives in prevention and treatment of cancer that such findings permit to anticipate.

  6. Impact of monetary policy changes on the Chinese monetary and stock markets

    NASA Astrophysics Data System (ADS)

    Tang, Yong; Luo, Yong; Xiong, Jie; Zhao, Fei; Zhang, Yi-Cheng

    2013-10-01

    The impact of monetary policy changes on the monetary market and stock market in China is investigated in this study. The changes of two major monetary policies, the interest rate and required reserve ratio, are analyzed in a study period covering seven years on the interbank monetary market and Shanghai stock market. We find that the monetary market is related to the macro economy trend and we also find that the monetary change surprises both of lowering and raising bring significant impacts to the two markets and the two markets respond to the changes differently. The results suggest that the impact of fluctuations is much larger for raising policy changes than lowering changes in the monetary market on policy announcing and effective dates. This is consistent with the “sign effect”, i.e. bad news brings a greater impact than good news. By studying the event window of each policy change, we also find that the “sign effect” still exists before and after each change in the monetary market. A relatively larger fluctuation is observed before the event date, which indicates that the monetary market might have a certain ability to predict a potential monetary change, while it is kept secret by the central bank before official announcement. In the stock market, we investigate how the returns and spreads of the Shanghai stock market index respond to the monetary changes. Evidences suggest the stock market is influenced but in a different way than the monetary market. The climbing of returns after the event dates for the lowering policy agrees with the theory that lowering changes can provide a monetary supply to boost the market and drive the stock returns higher but with a delay of 2 to 3 trading days on average. While in the bear market, the lowering policy brings larger volatility to the market on average than the raising ones. These empirical findings are useful for policymakers to understand how monetary policy changes impact the monetary and stock markets

  7. Ultrasound screening for fetal abnormalities.

    PubMed

    Chitty, L S

    1995-12-01

    Ultrasound screening for fetal abnormalities is increasingly becoming part of routine antenatal care in Europe and the UK. However, there has been very little formal evaluation of this practice. In this article reports of routine ultrasound screening are reviewed and the advantages and disadvantages discussed. The majority of routine anomaly scanning is done in the second trimester but there may be a case for screening at other times in pregnancy and alternative anomaly screening policies are discussed. PMID:8710765

  8. 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…

  9. 12 CFR 152.18 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... institution” shall have the meaning set forth at 12 CFR 152.13(b). An application for conversion filed under... intangible, including choses in action, rights, and credits) of the former stock form depository institution... occurs. In effect, the Federal stock association is the same as the former stock form...

  10. 12 CFR 152.18 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... institution” shall have the meaning set forth at 12 CFR 152.13(b). An application for conversion filed under... intangible, including choses in action, rights, and credits) of the former stock form depository institution... occurs. In effect, the Federal stock association is the same as the former stock form...

  11. 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

    ... Revenue Service 26 CFR Part 1 RIN 1545-BJ74 Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in Outbound Asset Reorganizations AGENCY: Internal Revenue Service (IRS... between asset transfers and indirect stock transfers for certain outbound asset reorganizations....

  12. 76 FR 7236 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-02-09

    ... Release No. 59858 (May 4, 2009), 74 FR 22191 (May 12, 2009) (SR-NASDAQ-2009-039). Prior to the closing of... COMMISSION Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange... is hereby given that on January 19, 2011, Stock Clearing Corporation of Philadelphia, Inc....

  13. Dengue in Spanish travelers returning from the tropics.

    PubMed

    López-Vélez, R; Pérez-Casas, C; Vorndam, A V; Rigau, J

    1996-10-01

    Dengue is seldom recognized as an imported disease in Europe. A prospective clinical study was carried out in 37 travelers suspected to have dengue infection on their return from dengue-endemic areas. Anti-dengue antibodies were found in 24 of 37 patients (14 recent infections and 10 undetermined). The most common features among the recent infections were fever (100%), thrombocytopenia (61.5%), abnormal liver function tests (61.5%), and rash (53.8%). In one case, denguehemorrhagic fever grade III was confirmed and later followed by depression and suicide of the patient. The possibility of local transmission of dengue in Spain is discussed.

  14. Sample Return Primer and Handbook

    NASA Technical Reports Server (NTRS)

    Barrow, Kirk; Cheuvront, Allan; Faris, Grant; Hirst, Edward; Mainland, Nora; McGee, Michael; Szalai, Christine; Vellinga, Joseph; Wahl, Thomas; Williams, Kenneth; Lee, Gentry; Duxbury, Thomas

    2007-01-01

    This three-part Sample Return Primer and Handbook provides a road map for conducting the terminal phase of a sample return mission. The main chapters describe element-by-element analyses and trade studies, as well as required operations plans, procedures, contingencies, interfaces, and corresponding documentation. Based on the experiences of the lead Stardust engineers, the topics include systems engineering (in particular range safety compliance), mission design and navigation, spacecraft hardware and entry, descent, and landing certification, flight and recovery operations, mission assurance and system safety, test and training, and the very important interactions with external support organizations (non-NASA tracking assets, landing site support, and science curation).

  15. [Endocrine abnormalities in HIV infections].

    PubMed

    Verges, B; Chavanet, P; Desgres, J; Kisterman, J P; Waldner, A; Vaillant, G; Portier, H; Brun, J M; Putelat, R

    The finding of endocrine gland lesions at pathological examination in AIDS and reports of several cases of endocrine disease in patients with this syndrome have prompted us to study endocrine functions in 63 patients (51 men, 12 women) with HIV-1 infection. According to the Center for Disease Control (CDC) classification system, 13 of these patients were stage CDC II, 27 stage CDC III and 23 stage CDC IV. We explored the adrenocortical function (ACTH, immediate tetracosactrin test) and the thyroid function (free T3 and T4 levels, TRH on TSH test) in all 63 patients. The hypothalamic-pituitary-gonadal axis (testosterone levels, LHRH test) and prolactin secretion (THR test) were explored in the 51 men. The results obtained showed early peripheral testicular insufficiency at stage CDC II and early pituitary gland abnormalities with hypersecretion of ACTH and prolactin also at stage CDC II. On the other hand, adrenocortical and pituitary abnormalities were not frequently found. The physiopathology of the endocrine abnormalities observed in HIV-1-infected patients remains unclear, but one may suspect that it involves interleukin-1 since this protein factor has recently been shown to stimulate the corticotropin-releasing hormone secretion and to act directly on the glycoprotein capsule of the virus (gp 120) whose structure is similar to that of some neurohormones.

  16. Implications of deregulation in natural gas industry on utility risks and returns

    NASA Astrophysics Data System (ADS)

    Addepalli, Rajendra P.

    This thesis examines the changes in risk and required return on capital for local distribution utility companies in the increasingly competitive natural gas industry. The deregulation in the industry impacts the LDCs in several ways. First, with the introduction of competition consumers have been given choices among suppliers besides the traditional monopoly, the local utility, for purchasing their natural gas supply needs. Second, with the introduction of competition, some of the interstate pipelines were stuck with 'Take Or Pay' contracts and other costs that resulted in 'stranded costs', which have been passed on to customers of the pipeline including the LDCs. Third, the new obligation for the LDCs to purchase gas from the market, as opposed to buying it from pipelines and passing on the costs to its customers, brought opportunities and risks as well. Finally, with the introduction of competition, in some states LDCs have been allowed to enter into unregulated ventures to increase their profits. In the thesis we first develop a multifactor model (MFM) to explain historical common stock returns of individual utilities and of utility portfolios. We use 'rolling regression' analysis to analyze how different variables explain the variation in stock returns over time. Second, we conduct event studies to analyze the events in the deregulation process that had significant impacts on the LDC returns. Finally we assess the changes in risk and required return on capital for the LDCs over a 15 year time frame, covering the deregulation period. We employ four aspects in the examination of risk and return profile of the utilities: measuring (a) changes in required return on common equity and Weighted Average Cost of Capital, (b) changes in risk premium (WACC less an interest rate proxy), (c) changes in utility bond ratings, and (d) changes in dividend payments, new debt and equity issuances. We perform regression analysis to explain the changes in the required WACC using

  17. Confidence and the Stock Market: An Agent-Based Approach

    PubMed Central

    Bertella, Mario A.; Pires, Felipe R.; Feng, Ling; Stanley, Harry Eugene

    2014-01-01

    Using a behavioral finance approach we study the impact of behavioral bias. We construct an artificial market consisting of fundamentalists and chartists to model the decision-making process of various agents. The agents differ in their strategies for evaluating stock prices, and exhibit differing memory lengths and confidence levels. When we increase the heterogeneity of the strategies used by the agents, in particular the memory lengths, we observe excess volatility and kurtosis, in agreement with real market fluctuations—indicating that agents in real-world financial markets exhibit widely differing memory lengths. We incorporate the behavioral traits of adaptive confidence and observe a positive correlation between average confidence and return rate, indicating that market sentiment is an important driver in price fluctuations. The introduction of market confidence increases price volatility, reflecting the negative effect of irrationality in market behavior. PMID:24421888

  18. Evidence of multifractality from emerging European stock markets.

    PubMed

    Caraiani, Petre

    2012-01-01

    We test for the presence of multifractality in the daily returns of the three most important stock market indices from Central and Eastern Europe, Czech PX, Hungarian BUX and Polish WIG using the Empirical Mode Decomposition based Multifractal Detrended Fluctuation Analysis. We found that the global Hurst coefficient varies with the q coefficient and that there is multifractality evidenced through the multifractal spectrum. The exercise is replicated for the sample around the high volatility period corresponding to the last global financial crisis. Although no direct link has been found between the crisis and the multifractal spectrum, the crisis was found to influence the overall shape as quantified through the norm of the multifractal spectrum.

  19. Confidence and the stock market: an agent-based approach.

    PubMed

    Bertella, Mario A; Pires, Felipe R; Feng, Ling; Stanley, Harry Eugene

    2014-01-01

    Using a behavioral finance approach we study the impact of behavioral bias. We construct an artificial market consisting of fundamentalists and chartists to model the decision-making process of various agents. The agents differ in their strategies for evaluating stock prices, and exhibit differing memory lengths and confidence levels. When we increase the heterogeneity of the strategies used by the agents, in particular the memory lengths, we observe excess volatility and kurtosis, in agreement with real market fluctuations--indicating that agents in real-world financial markets exhibit widely differing memory lengths. We incorporate the behavioral traits of adaptive confidence and observe a positive correlation between average confidence and return rate, indicating that market sentiment is an important driver in price fluctuations. The introduction of market confidence increases price volatility, reflecting the negative effect of irrationality in market behavior.

  20. Uncertain Educational Returns in a Developing Economy

    ERIC Educational Resources Information Center

    Mohapatra, Sandeep; Luckert, Martin K.

    2012-01-01

    This paper estimates the distribution of educational returns by gender for India. While previous studies focus on mean returns, the variance of educational returns has important implications for policy-making and micro-level decision making with respect to education. If the variance of educational returns is large, it can leave large sections of…

  1. Precursor times of abnormal b-values prior to mainshocks

    NASA Astrophysics Data System (ADS)

    Wang, Jeen-Hwa; Chen, Kou-Cheng; Leu, Peih-Lin; Chang, Chien-Hsin

    2016-07-01

    Seismic observations exhibit the presence of abnormal b-values prior to numerous earthquakes. The time interval from the appearance of abnormal b-values to the occurrence of mainshock is called the precursor time. There are two kinds of precursor times in use: the first one denoted by T is the time interval from the moment when the b-value starts to increase from the normal one to the abnormal one to the occurrence time of the forthcoming mainshock, and the second one denoted by T p is the time interval from the moment when the abnormal b-value reaches the peak one to the occurrence time of the forthcoming mainshock. Let T* be the waiting time from the moment when the abnormal b-value returned to the normal one to the occurrence time of the forthcoming mainshock. The precursor time, T (usually in days), has been found to be related to the magnitude, M, of the mainshock expected in a linear form as log( T) = q + rM where q and r are the coefficient and slope, respectively. In this study, the values of T, T p , and T* of 45 earthquakes with 3 ≤ M ≤ 9 occurred in various tectonic regions are compiled from or measured from the temporal variations in b-values given in numerous source materials. The relationships of T and T p , respectively, versus M are inferred from compiled data. The difference between the values of T and T p decreases with increasing M. In addition, the plots of T*/ T versus M, T* versus T, and T* versus T- T* will be made and related equations between two quantities will be inferred from given data.

  2. Prevention of deep vein thrombosis in potential neurosurgical patients. A randomized trial comparing graduated compression stockings alone or graduated compression stockings plus intermittent pneumatic compression with control

    SciTech Connect

    Turpie, A.G.; Hirsh, J.; Gent, M.; Julian, D.; Johnson, J.

    1989-03-01

    In a randomized trial of neurosurgical patients, groups wearing graduated compression stockings alone (group 1) or graduated compression stockings plus intermittent pneumatic compression (IPC) (group 2) were compared with an untreated control group in the prevention of deep vein thrombosis (DVT). In both active treatment groups, the graduated compression stockings were continued for 14 days or until hospital discharge, if earlier. In group 2, IPC was continued for seven days. All patients underwent DVT surveillance with iodine 125-labeled fibrinogen leg scanning and impedance plethysmography. Venography was carried out if either test became abnormal. Deep vein thrombosis occurred in seven (8.8%) of 80 patients in group 1, in seven (9.0%) of 78 patients in group 2, and in 16 (19.8%) of 81 patients in the control group. The observed differences among these rates are statistically significant. The results of this study indicate that graduated compression stockings alone or in combination with IPC are effective methods of preventing DVT in neurosurgical patients.

  3. For the last time: stock options are an expense.

    PubMed

    Bodie, Zvi; Kaplan, Robert S; Merton, Robert C

    2003-03-01

    Should stock options be recorded as an expense on a company's income statement and balance sheet, or should they remain where they are, relegated to footnotes? The extraordinary boom in share prices during the Internet bubble made critics of option expensing look like spoilsports. But since the crash, the debate has returned with a vengeance. And no wonder: The authors believe the case for expensing options is overwhelming. In this article, Nobel Iaureate Robert Merton, one of the inventors of the Black-Scholes option-pricing model; his coauthor on the classic textbook Finance, Zvi Bodie; and Robert Kaplan, creator of the Balanced Scorecard, examine and dismiss the principal claims put forward by those who continue to oppose options expensing. They demonstrate that stock-option grants do indeed have real cash-flow implications that need to be reported. They show that effective ways certainly exist to quantify those implications. They detail the distortions that relegating stock-option accounting to footnotes creates. And they show why reporting option costs should in no way hamper young companies in their efforts to provide incentives. Options are indeed a powerful incentive, the authors agree, and failing to record a transaction that creates such powerful effects is economically indefensible. Worse, it encourages companies to favor options over alternative incentive systems. It is not the proper role of accounting standards, the authors argue, to distort executive and employee compensation by subsidizing one particular form of compensation and no other. Companies should choose compensation methods according to their economic benefits--not the way they are reported. PMID:12632805

  4. For the last time: stock options are an expense.

    PubMed

    Bodie, Zvi; Kaplan, Robert S; Merton, Robert C

    2003-03-01

    Should stock options be recorded as an expense on a company's income statement and balance sheet, or should they remain where they are, relegated to footnotes? The extraordinary boom in share prices during the Internet bubble made critics of option expensing look like spoilsports. But since the crash, the debate has returned with a vengeance. And no wonder: The authors believe the case for expensing options is overwhelming. In this article, Nobel Iaureate Robert Merton, one of the inventors of the Black-Scholes option-pricing model; his coauthor on the classic textbook Finance, Zvi Bodie; and Robert Kaplan, creator of the Balanced Scorecard, examine and dismiss the principal claims put forward by those who continue to oppose options expensing. They demonstrate that stock-option grants do indeed have real cash-flow implications that need to be reported. They show that effective ways certainly exist to quantify those implications. They detail the distortions that relegating stock-option accounting to footnotes creates. And they show why reporting option costs should in no way hamper young companies in their efforts to provide incentives. Options are indeed a powerful incentive, the authors agree, and failing to record a transaction that creates such powerful effects is economically indefensible. Worse, it encourages companies to favor options over alternative incentive systems. It is not the proper role of accounting standards, the authors argue, to distort executive and employee compensation by subsidizing one particular form of compensation and no other. Companies should choose compensation methods according to their economic benefits--not the way they are reported.

  5. Rainbow trout (Salmo gairdneri) stocking and Contracaecum spp.

    PubMed

    Dick, T A; Papst, M H; Paul, H C

    1987-04-01

    A stocking program with rainbow trout (Salmo gairdneri) at High Rock Lake, Manitoba failed due to infections with large numbers of Contracaecum spp. larvae. Nematode larvae in the intestinal tract, body cavity and musculature made the fish unmarketable. A combination of experimental infections of rainbow trout and pelicans (Pelecanus erythrorhynchos), observations on the behavior of fish-eating birds, and numbers of larval Contracaecum spp. in minnow species led to the following conclusions. The introduction of rainbow trout attracted large numbers of fish-eating birds, particularly pelicans. Concurrent predation by rainbow trout on fathead minnows (Pimephales promelas), five-spined sticklebacks (Culaea inconstans), and nine-spined sticklebacks (Pungitius pungitius), concentrated the parasites. The combined increase in densities of the introduced fish host and fish-eating birds, and the short life cycle of the parasite, increased the numbers of parasites in rainbow trout over a season and in the indigenous minnow species between years. Numbers of larvae in the indigenous minnow species declined when stocking of rainbow trout was stopped and use of the lake by fish-eating birds, particularly pelicans, returned to normal levels.

  6. Comet coma sample return instrument

    NASA Technical Reports Server (NTRS)

    Albee, A. L.; Brownlee, Don E.; Burnett, Donald S.; Tsou, Peter; Uesugi, K. T.

    1994-01-01

    The sample collection technology and instrument concept for the Sample of Comet Coma Earth Return Mission (SOCCER) are described. The scientific goals of this Flyby Sample Return are to return to coma dust and volatile samples from a known comet source, which will permit accurate elemental and isotopic measurements for thousands of individual solid particles and volatiles, detailed analysis of the dust structure, morphology, and mineralogy of the intact samples, and identification of the biogenic elements or compounds in the solid and volatile samples. Having these intact samples, morphologic, petrographic, and phase structural features can be determined. Information on dust particle size, shape, and density can be ascertained by analyzing penetration holes and tracks in the capture medium. Time and spatial data of dust capture will provide understanding of the flux dynamics of the coma and the jets. Additional information will include the identification of cosmic ray tracks in the cometary grains, which can provide a particle's process history and perhaps even the age of the comet. The measurements will be made with the same equipment used for studying micrometeorites for decades past; hence, the results can be directly compared without extrapolation or modification. The data will provide a powerful and direct technique for comparing the cometary samples with all known types of meteorites and interplanetary dust. This sample collection system will provide the first sample return from a specifically identified primitive body and will allow, for the first time, a direct method of matching meteoritic materials captured on Earth with known parent bodies.

  7. Analysing Enterprise Returns on Training.

    ERIC Educational Resources Information Center

    Moy, Janelle; McDonald, Rod

    Recent Australian and overseas studies on evaluation of enterprises' return on training investment (ROTI) were reviewed to identify key issues in encouraging increased evaluation of training benefits by enterprises and successful approaches that may inform future "enterprise-friendly" studies of ROTI. It was concluded that more practical,…

  8. Skin lesions in returning travellers.

    PubMed

    Korzeniewski, Krzysztof; Juszczak, Dariusz; Jerzemowski, Janusz

    2015-01-01

    Skin lesions, apart from diarrhoeas, fever of unknown origin, and respiratory tract infections belong to the most frequent medical problems in travellers returned from tropical and subtropical destinations, accounting more than 10% of reported cases. Most dermatoses have their clinical onset during travel, although some of them can occur after return. Travel-related dermatological problems can have a wide spectrum of clinical picture, from macular, popular or nodular rash, linear and migratory lesions, to plaques, vesicles, bullae, erosions or ulcers. Skin conditions in returning travellers may be of infectious and non-infectious aetiologies. Infectious lesions may be originally tropical (e.g. dengue, chikungunya, schistosomiasis, leishmaniasis, myiasis, tungiasis, loiasis), although the majority are cosmopolitan (arthropod bites, sunburns, allergic rashes). The evaluation of skin lesions depends on many factors, including immune status of patients, use of medicines, exposure on health hazards (fauna, flora, risky behaviours), as well as the time, duration and location of travel. As the number of travellers to tropical and subtropical destinations has been continuously rising, the number of skin illnesses has also been increasing. This means that specialists in travel medicine need to extend their knowledge of epidemiology, clinical features and diagnosis of travel-related health problems including skin lesions in returning travellers. PMID:26394319

  9. Understanding Guyton's venous return curves

    PubMed Central

    Feigl, Eric O.

    2011-01-01

    Based on observations that as cardiac output (as determined by an artificial pump) was experimentally increased the right atrial pressure decreased, Arthur Guyton and coworkers proposed an interpretation that right atrial pressure represents a back pressure restricting venous return (equal to cardiac output in steady state). The idea that right atrial pressure is a back pressure limiting cardiac output and the associated idea that “venous recoil” does work to produce flow have confused physiologists and clinicians for decades because Guyton's interpretation interchanges independent and dependent variables. Here Guyton's model and data are reanalyzed to clarify the role of arterial and right atrial pressures and cardiac output and to clearly delineate that cardiac output is the independent (causal) variable in the experiments. Guyton's original mathematical model is used with his data to show that a simultaneous increase in arterial pressure and decrease in right atrial pressure with increasing cardiac output is due to a blood volume shift into the systemic arterial circulation from the systemic venous circulation. This is because Guyton's model assumes a constant blood volume in the systemic circulation. The increase in right atrial pressure observed when cardiac output decreases in a closed circulation with constant resistance and capacitance is due to the redistribution of blood volume and not because right atrial pressure limits venous return. Because Guyton's venous return curves have generated much confusion and little clarity, we suggest that the concept and previous interpretations of venous return be removed from educational materials. PMID:21666119

  10. Neurocognitive Performance: Returning to Competition

    ERIC Educational Resources Information Center

    McDaniel, Larry W.; McIntire, Kyle

    2010-01-01

    Athletes who suffer from concussions under report their symptoms in order to expedite their return to competition. Athletic trainers and coaches must be aware of what is going on with athletes, even if it means requiring them to refrain from competition. Ninety percent of concussions are minor and can be difficult to diagnosis. There is a lack of…

  11. The Returns to Community College

    ERIC Educational Resources Information Center

    Agan, Amanda Yvonne

    2013-01-01

    Almost half of postsecondary students are currently enrolled in community colleges. These institutions imply that even amongst students with the same degree outcome there is considerable heterogeneity in the path taken to get there. I estimate the life-cycle private and social returns to the different postsecondary paths and sequential decisions…

  12. Heat Pipe Blocks Return Flow

    NASA Technical Reports Server (NTRS)

    Eninger, J. E.

    1982-01-01

    Metal-foil reed valve in conventional slab-wick heat pipe limits heat flow to one direction only. With sink warmer than source, reed is forced closed and fluid returns to source side through annular transfer wick. When this occurs, wick slab on sink side of valve dries out and heat pipe ceases to conduct heat.

  13. Language Skills and Economic Returns

    ERIC Educational Resources Information Center

    Garrouste, Christelle

    2008-01-01

    This article focuses on the contributions from the emerging positivist epistemological approach, endorsed by the economics of language and the economics of education, to study the returns to language skills, assuming that language competencies constitute key components of human capital. It presents initial results from a study on economic returns…

  14. Skin lesions in returning travellers.

    PubMed

    Korzeniewski, Krzysztof; Juszczak, Dariusz; Jerzemowski, Janusz

    2015-01-01

    Skin lesions, apart from diarrhoeas, fever of unknown origin, and respiratory tract infections belong to the most frequent medical problems in travellers returned from tropical and subtropical destinations, accounting more than 10% of reported cases. Most dermatoses have their clinical onset during travel, although some of them can occur after return. Travel-related dermatological problems can have a wide spectrum of clinical picture, from macular, popular or nodular rash, linear and migratory lesions, to plaques, vesicles, bullae, erosions or ulcers. Skin conditions in returning travellers may be of infectious and non-infectious aetiologies. Infectious lesions may be originally tropical (e.g. dengue, chikungunya, schistosomiasis, leishmaniasis, myiasis, tungiasis, loiasis), although the majority are cosmopolitan (arthropod bites, sunburns, allergic rashes). The evaluation of skin lesions depends on many factors, including immune status of patients, use of medicines, exposure on health hazards (fauna, flora, risky behaviours), as well as the time, duration and location of travel. As the number of travellers to tropical and subtropical destinations has been continuously rising, the number of skin illnesses has also been increasing. This means that specialists in travel medicine need to extend their knowledge of epidemiology, clinical features and diagnosis of travel-related health problems including skin lesions in returning travellers.

  15. 12 CFR 614.4335 - Borrower stock requirements.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... institution repurchases a loan on which the stock has been retired, the borrower shall be required to repurchase stock in the amount of the minimum stock purchase requirement. (2) Loans sold into a...

  16. Phobos Sample Return: Next Approach

    NASA Astrophysics Data System (ADS)

    Zelenyi, Lev; Martynov, Maxim; Zakharov, Alexander; Korablev, Oleg; Ivanov, Alexey; Karabadzak, George

    The Martian moons still remain a mystery after numerous studies by Mars orbiting spacecraft. Their study cover three major topics related to (1) Solar system in general (formation and evolution, origin of planetary satellites, origin and evolution of life); (2) small bodies (captured asteroid, or remnants of Mars formation, or reaccreted Mars ejecta); (3) Mars (formation and evolution of Mars; Mars ejecta at the satellites). As reviewed by Galimov [2010] most of the above questions require the sample return from the Martian moon, while some (e.g. the characterization of the organic matter) could be also answered by in situ experiments. There is the possibility to obtain the sample of Mars material by sampling Phobos: following to Chappaz et al. [2012] a 200-g sample could contain 10-7 g of Mars surface material launched during the past 1 mln years, or 5*10-5 g of Mars material launched during the past 10 mln years, or 5*1010 individual particles from Mars, quantities suitable for accurate laboratory analyses. The studies of Phobos have been of high priority in the Russian program on planetary research for many years. Phobos-88 mission consisted of two spacecraft (Phobos-1, Phobos-2) and aimed the approach to Phobos at 50 m and remote studies, and also the release of small landers (long-living stations DAS). This mission implemented the program incompletely. It was returned information about the Martian environment and atmosphere. The next profect Phobos Sample Return (Phobos-Grunt) initially planned in early 2000 has been delayed several times owing to budget difficulties; the spacecraft failed to leave NEO in 2011. The recovery of the science goals of this mission and the delivery of the samples of Phobos to Earth remain of highest priority for Russian scientific community. The next Phobos SR mission named Boomerang was postponed following the ExoMars cooperation, but is considered the next in the line of planetary exploration, suitable for launch around 2022. A

  17. 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…

  18. 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…

  19. Stock market stability: Diffusion entropy analysis

    NASA Astrophysics Data System (ADS)

    Li, Shouwei; Zhuang, Yangyang; He, Jianmin

    2016-05-01

    In this article, we propose a method to analyze the stock market stability based on diffusion entropy, and conduct an empirical analysis of Dow Jones Industrial Average. Empirical results show that this method can reflect the volatility and extreme cases of the stock market.

  20. 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....

  1. 25 CFR 173.6 - Stock grazing.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 25 Indians 1 2012-04-01 2011-04-01 true Stock grazing. 173.6 Section 173.6 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR LAND AND WATER CONCESSIONS, PERMITS AND LEASES ON LANDS WITHDRAWN OR ACQUIRED IN CONNECTION WITH INDIAN IRRIGATION PROJECTS § 173.6 Stock grazing. Permittees...

  2. 25 CFR 173.6 - Stock grazing.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 25 Indians 1 2014-04-01 2014-04-01 false Stock grazing. 173.6 Section 173.6 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR LAND AND WATER CONCESSIONS, PERMITS AND LEASES ON LANDS WITHDRAWN OR ACQUIRED IN CONNECTION WITH INDIAN IRRIGATION PROJECTS § 173.6 Stock grazing. Permittees...

  3. 25 CFR 173.6 - Stock grazing.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 25 Indians 1 2013-04-01 2013-04-01 false Stock grazing. 173.6 Section 173.6 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR LAND AND WATER CONCESSIONS, PERMITS AND LEASES ON LANDS WITHDRAWN OR ACQUIRED IN CONNECTION WITH INDIAN IRRIGATION PROJECTS § 173.6 Stock grazing. Permittees...

  4. 25 CFR 173.6 - Stock grazing.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 25 Indians 1 2011-04-01 2011-04-01 false Stock grazing. 173.6 Section 173.6 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR LAND AND WATER CONCESSIONS, PERMITS AND LEASES ON LANDS WITHDRAWN OR ACQUIRED IN CONNECTION WITH INDIAN IRRIGATION PROJECTS § 173.6 Stock grazing. Permittees...

  5. Is an Apicomplexan Parasite Responsible for the Collapse of the Iceland Scallop (Chlamys islandica) Stock?

    PubMed Central

    Kristmundsson, Árni; Erlingsdóttir, Ásthildur; Freeman, Mark A.

    2015-01-01

    Due to the total and unexpected collapse of the Iceland scallop, Chlamys islandica, stocks around Iceland during the 2000s, a commercial fishing ban has been imposed on this valuable resource since 2003. Following the initial identification of an apicomplexan parasite in the scallops, a long-term surveillance program was established to evaluate the effect of the parasite on the population. The infections were highly prevalent in all shell sizes throughout the study. However, the parasite only impacts mature scallops where they cause severe macroscopic changes, characterized by an extensively diminished and abnormally coloured adductor muscle. A highly significant relationship was observed between infection intensity and gonad and adductor muscle indices. The first four years of the study, were characterized by high infection intensity and very poor condition of the adductor muscle and gonads, whilst during subsequent years, infections gradually decreased and the condition of the scallops improved. Histopathological changes were restricted to the presence of apicomplexan zoites which were widely distributed, causing varying degrees of pathology in all organs. In heavy infections, muscular and connective tissues were totally necrotized, destroying significant parts of numerous organs, especially the adductor muscle, digestive gland and gonads. The progression of the disease was in good synchrony with the mortality rates and the subsequent decline observed in the scallop stock and recruitment indices. Our findings strongly suggest that the apicomplexan parasite played a major role in the collapse of the Iceland scallop stock in Breidafjordur. In addition to causing mortality, the infections significantly impact gonad development which contributes further to the collapse of the stock in the form of lower larval recruitment. Furthermore, compelling evidence exists that this apicomplexan pathogen is causing serious disease outbreaks in other scallop populations. Similar

  6. Is an Apicomplexan Parasite Responsible for the Collapse of the Iceland Scallop (Chlamys islandica) Stock?

    PubMed

    Kristmundsson, Árni; Erlingsdóttir, Ásthildur; Freeman, Mark A

    2015-01-01

    Due to the total and unexpected collapse of the Iceland scallop, Chlamys islandica, stocks around Iceland during the 2000s, a commercial fishing ban has been imposed on this valuable resource since 2003. Following the initial identification of an apicomplexan parasite in the scallops, a long-term surveillance program was established to evaluate the effect of the parasite on the population. The infections were highly prevalent in all shell sizes throughout the study. However, the parasite only impacts mature scallops where they cause severe macroscopic changes, characterized by an extensively diminished and abnormally coloured adductor muscle. A highly significant relationship was observed between infection intensity and gonad and adductor muscle indices. The first four years of the study, were characterized by high infection intensity and very poor condition of the adductor muscle and gonads, whilst during subsequent years, infections gradually decreased and the condition of the scallops improved. Histopathological changes were restricted to the presence of apicomplexan zoites which were widely distributed, causing varying degrees of pathology in all organs. In heavy infections, muscular and connective tissues were totally necrotized, destroying significant parts of numerous organs, especially the adductor muscle, digestive gland and gonads. The progression of the disease was in good synchrony with the mortality rates and the subsequent decline observed in the scallop stock and recruitment indices. Our findings strongly suggest that the apicomplexan parasite played a major role in the collapse of the Iceland scallop stock in Breidafjordur. In addition to causing mortality, the infections significantly impact gonad development which contributes further to the collapse of the stock in the form of lower larval recruitment. Furthermore, compelling evidence exists that this apicomplexan pathogen is causing serious disease outbreaks in other scallop populations. Similar

  7. 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.

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

    NASA Astrophysics Data System (ADS)

    Cotfas, Liviu-Adrian

    2012-11-01

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

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

    SciTech Connect

    Cotfas, Liviu-Adrian

    2012-11-01

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

  10. Delta hedged option valuation with underlying non-Gaussian returns

    NASA Astrophysics Data System (ADS)

    Moriconi, L.

    2007-07-01

    The standard Black-Scholes theory of option pricing is extended to cope with underlying return fluctuations described by general probability distributions. A Langevin process and its related Fokker-Planck equation are devised to model the market stochastic dynamics, allowing us to write and formally solve the generalized Black-Scholes equation implied by dynamical hedging. A systematic expansion around a non-perturbative starting point is then implemented, recovering the Matacz's conjectured option pricing expression. We perform an application of our formalism to the real stock market and find clear evidence that while past financial time series can be used to evaluate option prices before the expiry date with reasonable accuracy, the stochastic character of volatility is an essential ingredient that should necessarily be taken into account in analytical option price modeling.

  11. Abnormal treating pressures in MHF treatments

    SciTech Connect

    Medlin, W.L.; Fitch, J.L.

    1983-10-01

    Abnormal treating pressures are observed during massive hydraulic fracturing (MHF) treatments in the Mesa Verde formation of the Piceance Basin, Colorado. Data from three widely separated wells and in several zones per well all show a pressure increase during MHF treatments which the authors call ''pressure growth''. This pressure growth is at least semi-permanent. The elevated instantaneous shut-in pressures do not return to initial values over periods of several days. The magnitude of this pressure growth is highly variable. When its value is less than about 2300 psi the MHF treatments are usually completed and results are obtained which are within normal expectations. When its value exceeds 2300 psi, sandout occurs and the fracture length estimated from production data is much less than that calculated using crack propagation models. Temperature logs indicate little or only modest vertical extension of the fractures above the perforations. These data, along with sandouts, point to a large increase in width of the fractures in response to pressure growth. One possible cause of pressure growth is fracture branching. A multiplicity of branches could produce a plastic-like effect. Laboratory measurements have ruled out plasticity as the cause. The stress-strain behavior of the rock is similar to that of rocks where no pressure growth occurs. Pressure growth seems to be dependent on both pumping rate and fluid viscosity. Thus, there is some hope for its mitigation through treatment design. Also, pressure growth appears to correlate negatively with pay zone quality. This suggests that the phenomenon can be exploited as a fluid diversion technique.

  12. Arterial abnormalities of the shoulder in athletes.

    PubMed

    Nuber, G W; McCarthy, W J; Yao, J S; Schafer, M F; Suker, J R

    1990-01-01

    Vascular lesions of the shoulder may be misinterpreted as one of the more familiar shoulder abnormalities by a treating physician. We are reporting on 13 athletes who were found to have symptoms related to compression of the subclavian or axillary artery or their tributaries. Nine were amateur or professional baseball pitchers. Severe arm fatigue or finger ischemia, secondary to embolization, were presenting symptoms. Arm fatigue was noted in all pitchers. After complete history and physical examination, including auscultation for bruits in functional positions, all athletes were evaluated by noninvasive tests (Doppler and Duplex scanning). Arteriography was performed with positional testing, recreating overhead activity, and complete radiographic visualization of the dye to the digital arteries. Two patients were found to have subclavian artery aneurysm. The remaining athletes were found to have compression of the subclavian artery beneath the anterior scalene muscle (five patients), the axillary artery beneath the pectoralis minor (two patients), both arterial segments (two patients), and one was found to have arterial compromise at the level of the humeral head. Branch artery compression was also noted. One pitcher occluded the posterior circumflex humeral artery with embolization to the digit. The two patients with subclavian aneurysms underwent saphenous vein bypass with cervical rib resection. All of the other athletes except one underwent resection of a 2 to 3 cm segment of the anterior scalene muscle or pectoralis minor muscles. All returned to their previous level of activity except one patient who developed impingement type symptoms and required acromioplasty. He is currently undergoing rehabilitation. Proper recognition of vascular compromise in the upper extremity of athletes is essential to avoid the catastropic complications of arterial thrombosis.

  13. Making chromosome abnormalities treatable conditions.

    PubMed

    Cody, Jannine DeMars; Hale, Daniel Esten

    2015-09-01

    Individuals affected by the classic chromosome deletion syndromes which were first identified at the beginning of the genetic age, are now positioned to benefit from genomic advances. This issue highlights five of these conditions (4p-, 5p-, 11q-, 18p-, and 18q-). It focuses on the increased in understanding of the molecular underpinnings and envisions how these can be transformed into effective treatments. While it is scientifically exciting to see the phenotypic manifestations of hemizygosity being increasingly understood at the molecular and cellular level, it is even more amazing to consider that we are now on the road to making chromosome abnormalities treatable conditions.

  14. [Erythrocyte membrane abnormalities - hereditary elliptocytosis].

    PubMed

    Kvezereli-Kopadze, M; Kvezereli-Kopadze, A; Mtvarelidze, Z; Bubuteishvili, A

    2015-04-01

    This study was designed to investigate the 4 year old boy with Hereditary Elliptocitosis (HE). The diagnosis of this rare hemolytic anemia was based on detailed family history (positive in the 4-th generation), physical examination and Para-clinical data analyses. The vast majority of patients with HE are asymptomatic, severe forms are rare. The most important is examination of blood films, which is helpful to detect the morphology abnormalities of red cells. In case of HE a different approach is required. Positive family history and series of investigations should be conducted to determine the HE.

  15. Abnormalities of the erythrocyte membrane.

    PubMed

    Gallagher, Patrick G

    2013-12-01

    Primary abnormalities of the erythrocyte membrane are characterized by clinical, laboratory, and genetic heterogeneity. Among this group, hereditary spherocytosis patients are more likely to experience symptomatic anemia. Treatment of hereditary spherocytosis with splenectomy is curative in most patients. Growing recognition of the long-term risks of splenectomy has led to re-evaluation of the role of splenectomy. Management guidelines acknowledge these considerations and recommend discussion between health care providers, patient, and family. The hereditary elliptocytosis syndromes are the most common primary disorders of erythrocyte membrane proteins. However, most elliptocytosis patients are asymptomatic and do not require therapy.

  16. Foot abnormalities of wild birds

    USGS Publications Warehouse

    Herman, C.M.; Locke, L.N.; Clark, G.M.

    1962-01-01

    The various foot abnormalities that occur in birds, including pox, scaly-leg, bumble-foot, ergotism and freezing are reviewed. In addition, our findings at the Patuxent Wildlife Research Center include pox from dove, mockingbird, cowbird, grackle and several species of sparrows. Scaly-leg has been particularly prevalent on icterids. Bumble foot has been observed in a whistling swan and in a group of captive woodcock. Ergotism is reported from a series of captive Canada geese from North Dakota. Several drug treatments recommended by others are presented.

  17. 78 FR 26506 - Disclosure of Returns and Return Information to Designee of Taxpayer

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-05-07

    ... contents may become material in the administration of any internal revenue law. Generally, tax returns and... Internal Revenue Service 26 CFR Part 301 RIN 1545-BJ19 Disclosure of Returns and Return Information to... authorizations permitting disclosure of returns and return information to third-party designees....

  18. 26 CFR 20.6075-1 - Returns; time for filing estate tax return.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 14 2011-04-01 2010-04-01 true Returns; time for filing estate tax return. 20.6075-1 Section 20.6075-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY... Administration § 20.6075-1 Returns; time for filing estate tax return. The estate tax return required by...

  19. Migratory Patterns of Wild Chinook Salmon Oncorhynchus tshawytscha Returning to a Large, Free-Flowing River Basin.

    PubMed

    Eiler, John H; Evans, Allison N; Schreck, Carl B

    2014-01-01

    Upriver movements were determined for Chinook salmon Oncorhynchus tshawytscha returning to the Yukon River, a large, virtually pristine river basin. These returns have declined dramatically since the late 1990s, and information is needed to better manage the run and facilitate conservation efforts. A total of 2,860 fish were radio tagged during 2002-2004. Most (97.5%) of the fish tracked upriver to spawning areas displayed continual upriver movements and strong fidelity to the terminal tributaries entered. Movement rates were substantially slower for fish spawning in lower river tributaries (28-40 km d-1) compared to upper basin stocks (52-62 km d-1). Three distinct migratory patterns were observed, including a gradual decline, pronounced decline, and substantial increase in movement rate as the fish moved upriver. Stocks destined for the same region exhibited similar migratory patterns. Individual fish within a stock showed substantial variation, but tended to reflect the regional pattern. Differences between consistently faster and slower fish explained 74% of the within-stock variation, whereas relative shifts in sequential movement rates between "hares" (faster fish becoming slower) and "tortoises" (slow but steady fish) explained 22% of the variation. Pulses of fish moving upriver were not cohesive. Fish tagged over a 4-day period took 16 days to pass a site 872 km upriver. Movement rates were substantially faster and the percentage of atypical movements considerably less than reported in more southerly drainages, but may reflect the pristine conditions within the Yukon River, wild origins of the fish, and discrete run timing of the returns. Movement data can provide numerous insights into the status and management of salmon returns, particularly in large river drainages with widely scattered fisheries where management actions in the lower river potentially impact harvests and escapement farther upstream. However, the substantial variation exhibited among

  20. Migratory Patterns of Wild Chinook Salmon Oncorhynchus tshawytscha Returning to a Large, Free-Flowing River Basin

    PubMed Central

    Eiler, John H.; Evans, Allison N.; Schreck, Carl B.

    2015-01-01

    Upriver movements were determined for Chinook salmon Oncorhynchus tshawytscha returning to the Yukon River, a large, virtually pristine river basin. These returns have declined dramatically since the late 1990s, and information is needed to better manage the run and facilitate conservation efforts. A total of 2,860 fish were radio tagged during 2002–2004. Most (97.5%) of the fish tracked upriver to spawning areas displayed continual upriver movements and strong fidelity to the terminal tributaries entered. Movement rates were substantially slower for fish spawning in lower river tributaries (28–40 km d-1) compared to upper basin stocks (52–62 km d-1). Three distinct migratory patterns were observed, including a gradual decline, pronounced decline, and substantial increase in movement rate as the fish moved upriver. Stocks destined for the same region exhibited similar migratory patterns. Individual fish within a stock showed substantial variation, but tended to reflect the regional pattern. Differences between consistently faster and slower fish explained 74% of the within-stock variation, whereas relative shifts in sequential movement rates between “hares” (faster fish becoming slower) and “tortoises” (slow but steady fish) explained 22% of the variation. Pulses of fish moving upriver were not cohesive. Fish tagged over a 4-day period took 16 days to pass a site 872 km upriver. Movement rates were substantially faster and the percentage of atypical movements considerably less than reported in more southerly drainages, but may reflect the pristine conditions within the Yukon River, wild origins of the fish, and discrete run timing of the returns. Movement data can provide numerous insights into the status and management of salmon returns, particularly in large river drainages with widely scattered fisheries where management actions in the lower river potentially impact harvests and escapement farther upstream. However, the substantial variation

  1. Evolution and anti-evolution in a minimal stock market model

    NASA Astrophysics Data System (ADS)

    Rothenstein, R.; Pawelzik, K.

    2003-08-01

    We present a novel microscopic stock market model consisting of a large number of random agents modeling traders in a market. Each agent is characterized by a set of parameters that serve to make iterated predictions of two successive returns. The future price is determined according to the offer and the demand of all agents. The system evolves by redistributing the capital among the agents in each trading cycle. Without noise the dynamics of this system is nearly regular and thereby fails to reproduce the stochastic return fluctuations observed in real markets. However, when in each cycle a small amount of noise is introduced we find the typical features of real financial time series like fat-tails of the return distribution and large temporal correlations in the volatility without significant correlations in the price returns. Introducing the noise by an evolutionary process leads to different scalings of the return distributions that depend on the definition of fitness. Because our realistic model has only very few parameters, and the results appear to be robust with respect to the noise level and the number of agents we expect that our framework may serve as new paradigm for modeling self-generated return fluctuations in markets.

  2. On the Empirical Importance of the Conditional Skewness Assumption in Modelling the Relationship between Risk and Return

    NASA Astrophysics Data System (ADS)

    Pipień, M.

    2008-09-01

    We present the results of an application of Bayesian inference in testing the relation between risk and return on the financial instruments. On the basis of the Intertemporal Capital Asset Pricing Model, proposed by Merton we built a general sampling distribution suitable in analysing this relationship. The most important feature of our assumptions is that the skewness of the conditional distribution of returns is used as an alternative source of relation between risk and return. This general specification relates to Skewed Generalized Autoregressive Conditionally Heteroscedastic-in-Mean model. In order to make conditional distribution of financial returns skewed we considered the unified approach based on the inverse probability integral transformation. In particular, we applied hidden truncation mechanism, inverse scale factors, order statistics concept, Beta and Bernstein distribution transformations and also a constructive method. Based on the daily excess returns on the Warsaw Stock Exchange Index we checked the empirical importance of the conditional skewness assumption on the relation between risk and return on the Warsaw Stock Market. We present posterior probabilities of all competing specifications as well as the posterior analysis of the positive sign of the tested relationship.

  3. Quantitative relations between risk, return and firm size

    NASA Astrophysics Data System (ADS)

    Podobnik, B.; Horvatic, D.; Petersen, A. M.; Stanley, H. E.

    2009-03-01

    We analyze —for a large set of stocks comprising four financial indices— the annual logarithmic growth rate R and the firm size, quantified by the market capitalization MC. For the Nasdaq Composite and the New York Stock Exchange Composite we find that the probability density functions of growth rates are Laplace ones in the broad central region, where the standard deviation σ(R), as a measure of risk, decreases with the MC as a power law σ(R)~(MC)- β. For both the Nasdaq Composite and the S&P 500, we find that the average growth rate langRrang decreases faster than σ(R) with MC, implying that the return-to-risk ratio langRrang/σ(R) also decreases with MC. For the S&P 500, langRrang and langRrang/σ(R) also follow power laws. For a 20-year time horizon, for the Nasdaq Composite we find that σ(R) vs. MC exhibits a functional form called a volatility smile, while for the NYSE Composite, we find power law stability between σ(r) and MC.

  4. Liver Function Test Abnormalities in Patients with Inflammatory Bowel Diseases: A Hospital-based Survey

    PubMed Central

    Cappello, Maria; Randazzo, Claudia; Bravatà, Ivana; Licata, Anna; Peralta, Sergio; Craxì, Antonio; Almasio, Piero Luigi

    2014-01-01

    BACKGROUND AND AIMS Inflammatory bowel diseases (IBD) are frequently associated with altered liver function tests (LFTs). The causal relationship between abnormal LFTs and IBD is unclear. The aim of our study was to evaluate the prevalence and etiology of LFTs abnormalities and their association with clinical variables in a cohort of IBD patients followed up in a single center. MATERIALS AND METHODS A retrospective review was undertaken of all consecutive IBD in- and outpatients routinely followed up at a single referral center. Clinical and demographic parameters were recorded. Subjects were excluded if they had a previous diagnosis of chronic liver disease. LFT abnormality was defined as an increase in aspartate aminotransferase, (AST), alanine aminotransferase (ALT), alkaline phosphatase (ALP), gamma-glutamyl transpeptidase (GGT), or total bilirubin. RESULTS A cohort of 335 patients (179 males, mean age 46.0 ± 15.6 years) was analyzed. Abnormal LFTs were detected in 70 patients (20.9%). In most cases, the alterations were mild and spontaneously returned to normal values in about 60% of patients. Patients with abnormal LFTs were less frequently on treatment with aminosalicylates (22.8 vs. 36.6%, P = 0.04). The most frequent cause for transient abnormal LFTs was drug-induced cholestasis (34.1%), whereas fatty liver was the most frequent cause of persistent liver damage (65.4%). A cholestatic pattern was found in 60.0% of patients and was mainly related to older age, longer duration of disease, and hypertension. CONCLUSIONS The prevalence of LFT abnormalities is relatively high in IBD patients, but the development of severe liver injury is exceptional. Moreover, most alterations of LFTs are mild and spontaneously return to normal values. Drug-induced hepatotoxicity and fatty liver are the most relevant causes of abnormal LFTs in patients with IBD. PMID:24966712

  5. Medical management of abnormal pregnancy.

    PubMed

    Ratnam, S S; Prasad, R N

    1990-06-01

    Medical termination of abnormal pregnancy requires specific techniques since some conditions make therapy more effective, e.g., missed abortion intrauterine death and molar pregnancy, and others less so, e.g. anencephalic pregnancy. In all cases it is best to terminate the pregnancy as soon as possible to reduce anguish and risks of complications such as consumptive coagulopathy. Oxytocin is not consistently effective, but intraamniotic rivanol has oxytocic properties, and prostaglandins (PGs) are effective by several routes. Surgical methods are more popular in Japan and the US. A diagnostic flow chart is included and described. For missed abortion and fetal death vacuum aspiration or dilatation and evacuation are appropriate for early pregnancy, or PGs are used for later pregnancy, unless there are medical contraindications. Anencephalic pregnancy, usually diagnoses in 2nd or 3rd trimester, is resistant to medical therapy and must often be terminated by cesarean section. Molar pregnancy can be managed with vacuum aspiration at any length of gestation, but must be completed by curettage. Intraamniotic PGs are not advised for mole or fetal death. PG analogs can be administered intramuscularly, or vaginally in gel form. Other types of abnormal pregnancy that can be managed with PGs are spina bifida, hydrocephalus, hydrops fetalis, Dandy-Walker syndrome and Down's syndrome. Tubal pregnancy can be evacuated with intratubally administered PGs under laparoscopic control, thereby preserving tubal integrity. PMID:2225605

  6. High quality topic extraction from business news explains abnormal financial market volatility.

    PubMed

    Hisano, Ryohei; Sornette, Didier; Mizuno, Takayuki; Ohnishi, Takaaki; Watanabe, Tsutomu

    2013-01-01

    Understanding the mutual relationships between information flows and social activity in society today is one of the cornerstones of the social sciences. In financial economics, the key issue in this regard is understanding and quantifying how news of all possible types (geopolitical, environmental, social, financial, economic, etc.) affects trading and the pricing of firms in organized stock markets. In this article, we seek to address this issue by performing an analysis of more than 24 million news records provided by Thompson Reuters and of their relationship with trading activity for 206 major stocks in the S&P US stock index. We show that the whole landscape of news that affects stock price movements can be automatically summarized via simple regularized regressions between trading activity and news information pieces decomposed, with the help of simple topic modeling techniques, into their "thematic" features. Using these methods, we are able to estimate and quantify the impacts of news on trading. We introduce network-based visualization techniques to represent the whole landscape of news information associated with a basket of stocks. The examination of the words that are representative of the topic distributions confirms that our method is able to extract the significant pieces of information influencing the stock market. Our results show that one of the most puzzling stylized facts in financial economies, namely that at certain times trading volumes appear to be "abnormally large," can be partially explained by the flow of news. In this sense, our results prove that there is no "excess trading," when restricting to times when news is genuinely novel and provides relevant financial information.

  7. High Quality Topic Extraction from Business News Explains Abnormal Financial Market Volatility

    PubMed Central

    Hisano, Ryohei; Sornette, Didier; Mizuno, Takayuki; Ohnishi, Takaaki; Watanabe, Tsutomu

    2013-01-01

    Understanding the mutual relationships between information flows and social activity in society today is one of the cornerstones of the social sciences. In financial economics, the key issue in this regard is understanding and quantifying how news of all possible types (geopolitical, environmental, social, financial, economic, etc.) affects trading and the pricing of firms in organized stock markets. In this article, we seek to address this issue by performing an analysis of more than 24 million news records provided by Thompson Reuters and of their relationship with trading activity for 206 major stocks in the S&P US stock index. We show that the whole landscape of news that affects stock price movements can be automatically summarized via simple regularized regressions between trading activity and news information pieces decomposed, with the help of simple topic modeling techniques, into their “thematic” features. Using these methods, we are able to estimate and quantify the impacts of news on trading. We introduce network-based visualization techniques to represent the whole landscape of news information associated with a basket of stocks. The examination of the words that are representative of the topic distributions confirms that our method is able to extract the significant pieces of information influencing the stock market. Our results show that one of the most puzzling stylized facts in financial economies, namely that at certain times trading volumes appear to be “abnormally large,” can be partially explained by the flow of news. In this sense, our results prove that there is no “excess trading,” when restricting to times when news is genuinely novel and provides relevant financial information. PMID:23762258

  8. Interdependence between Greece and other European stock markets: A comparison of wavelet and VMD copula, and the portfolio implications

    NASA Astrophysics Data System (ADS)

    Shahzad, Syed Jawad Hussain; Kumar, Ronald Ravinesh; Ali, Sajid; Ameer, Saba

    2016-09-01

    The interdependence of Greece and other European stock markets and the subsequent portfolio implications are examined in wavelet and variational mode decomposition domain. In applying the decomposition techniques, we analyze the structural properties of data and distinguish between short and long term dynamics of stock market returns. First, the GARCH-type models are fitted to obtain the standardized residuals. Next, different copula functions are evaluated, and based on the conventional information criteria and time varying parameter, Joe-Clayton copula is chosen to model the tail dependence between the stock markets. The short-run lower tail dependence time paths show a sudden increase in comovement during the global financial crises. The results of the long-run dependence suggest that European stock markets have higher interdependence with Greece stock market. Individual country's Value at Risk (VaR) separates the countries into two distinct groups. Finally, the two-asset portfolio VaR measures provide potential markets for Greece stock market investment diversification.

  9. Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market

    NASA Astrophysics Data System (ADS)

    Sandoval, Leonidas; Bortoluzzo, Adriana Bruscato; Venezuela, Maria Kelly

    2014-09-01

    Using stocks of the Brazilian stock exchange (BM&F-Bovespa), we build portfolios of stocks based on Markowitz's theory and test the predicted and realized risks. This is done using the correlation matrices between stocks, and also using Random Matrix Theory in order to clean such correlation matrices from noise. We also calculate correlation matrices using a regression model in order to remove the effect of common market movements and their cleaned versions using Random Matrix Theory. This is done for years of both low and high volatility of the Brazilian stock market, from 2004 to 2012. The results show that the use of regression to subtract the market effect on returns greatly increases the accuracy of the prediction of risk, and that, although the cleaning of the correlation matrix often leads to portfolios that better predict risks, in periods of high volatility of the market this procedure may fail to do so. The results may be used in the assessment of the true risks when one builds a portfolio of stocks during periods of crisis.

  10. Option pricing: Stock price, stock velocity and the acceleration Lagrangian

    NASA Astrophysics Data System (ADS)

    Baaquie, Belal E.; Du, Xin; Bhanap, Jitendra

    2014-12-01

    The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries part of the information that is provided by implied volatility, and with a few (time-independent) parameters required for a complete pricing formula. An option pricing formula is developed that is based on knowing the value of both the current price and rate of return of the underlying security which in physics is called velocity. Using an acceleration Lagrangian model based on the formalism of quantum mathematics, we derive the pricing formula for European call options. The implied volatility of the market can be generated by our pricing formula. Our option price is applied to foreign exchange rates and equities and the accuracy is compared with Black-Scholes pricing formula and with the market price.

  11. Empirical behavior of a world stock index from intra-day to monthly time scales

    NASA Astrophysics Data System (ADS)

    Breymann, W.; Lüthi, D. R.; Platen, E.

    2009-10-01

    Most of the papers that study the distributional and fractal properties of financial instruments focus on stock prices or foreign exchange rates. This typically leads to mixed results concerning the distributions of log-returns and some multi-fractal properties of exchange rates, stock prices, and regional indices. This paper uses a well diversified world stock index as the central object of analysis. Such index approximates the growth optimal portfolio, which is demonstrated under the benchmark approach, it is the ideal reference unit for studying basic securities. When denominating this world index in units of a given currency, one measures the movements of the currency against the entire market. This provides a least disturbed observation of the currency dynamics. In this manner, one can expect to disentangle, e.g., the superposition of the two currencies involved in an exchange rate. This benchmark approach to the empirical analysis of financial data allows us to establish remarkable stylized facts. Most important is the observation that the repeatedly documented multi-fractal appearance of financial time series is very weak and much less pronounced than the deviation of the mono-scaling properties from Brownian-motion type scaling. The generalized Hurst exponent H(2) assumes typical values between 0.55 and 0.6. Accordingly, autocorrelations of log-returns decay according to a power law, and the quadratic variation vanishes when going to vanishing observation time step size. Furthermore, one can identify the Student t distribution as the log-return distribution of a well-diversified world stock index for long time horizons when a long enough data series is used for estimation. The study of dependence properties, finally, reveals that jumps at daily horizon originate primarily in the stock market while at 5min horizon they originate in the foreign exchange market. The principal message of the empirical analysis is that there is evidence that a diffusion model

  12. Asteroid Return Mission Feasibility Study

    NASA Technical Reports Server (NTRS)

    Brophy, John R.; Gershman, Robert; Landau, Damon; Polk, James; Porter, Chris; Yeomans, Don; Allen, Carlton; Williams, Willie; Asphaug, Erik

    2011-01-01

    This paper describes an investigation into the technological feasibility of finding, characterizing, robotically capturing, and returning an entire Near-Earth Asteroid (NEA) to the International Space Station (ISS) for scientific investigation, evaluation of its resource potential, determination of its internal structure and other aspects important for planetary defense activities, and to serve as a testbed for human operations in the vicinity of an asteroid. Reasonable projections suggest that several dozen candidates NEAs in the size range of interest (approximately 2-m diameter) will be known before the end of the decade from which a suitable target could be selected. The conceptual mission objective is to return an approximately 10,000-kg asteroid to the ISS in a total flight time of approximately 5 years using a single Evolved Expendable Launch Vehicle. Preliminary calculations indicate that this could be accomplished using a solar electric propulsion (SEP) system with high-power Hall thrusters and a maximum power into the propulsion system of approximately 40 kW. The SEP system would be used to provide all of the post-launch delta V. The asteroid would have an unrestricted Earth return Planetary Protection categorization, and would be curated at the ISS where numerous scientific and resource utilization experiments would be conducted. Asteroid material brought to the ground would be curated at the NASA Johnson Space Center. This preliminary study identified several areas where additional work is required, but no show stoppers were identified for the approach that would return an entire 10,000-kg asteroid to the ISS in a mission that could be launched by the end of this decade.

  13. Interannual Variability of Fisheries Economic Returns and Energy Ratios Is Mostly Explained by Gear Type

    PubMed Central

    Trenkel, Verena M.; Daurès, Fabienne; Rochet, Marie-Joëlle; Lorance, Pascal

    2013-01-01

    According to portfolio theory applied to fisheries management, economic returns are stabilised by harvesting in a portfolio stocks of species whose returns are negatively correlated and for which the portfolio economic return variance is smaller than the sum of stock specific return variances. Also, variability is expected to decrease with portfolio width. Using a range of indicators, these predictions were tested for the French fishing fleets in the Bay of Biscay (Northeast Atlantic) during the period 2001–2009. For this, vessels were grouped into eight fishing fleets based on the gears used and exploited species were grouped into five functional groups. The portfolio width of fleets ranged from 1–3 functional groups, or 4–19 species. Economic fleet returns (sale revenues minus fishing costs) varied strongly between years; the interannual variability was independent of portfolio width (species or functional groups). Energy ratio expressed by the ratio between fuel energy used for fishing and energy contained in landings varied from 0.3 for purse seines to 9.7 for trawlers using bottom trawls alone or in combination with pelagic trawls independent of portfolio width. Interannual variability in total sale revenues was larger than the sum of species specific sales revenue variability, except for fleets using hooks and pelagic trawlers; it increased with the number of species exploited. In conclusion, the interannual variability of economic returns or energy ratios of French fisheries in the Bay of Biscay did not decrease with the number of species or functional groups exploited, though it varied between fleets. PMID:23922951

  14. Interannual variability of fisheries economic returns and energy ratios is mostly explained by gear type.

    PubMed

    Trenkel, Verena M; Daurès, Fabienne; Rochet, Marie-Joëlle; Lorance, Pascal

    2013-01-01

    According to portfolio theory applied to fisheries management, economic returns are stabilised by harvesting in a portfolio stocks of species whose returns are negatively correlated and for which the portfolio economic return variance is smaller than the sum of stock specific return variances. Also, variability is expected to decrease with portfolio width. Using a range of indicators, these predictions were tested for the French fishing fleets in the Bay of Biscay (Northeast Atlantic) during the period 2001-2009. For this, vessels were grouped into eight fishing fleets based on the gears used and exploited species were grouped into five functional groups. The portfolio width of fleets ranged from 1-3 functional groups, or 4-19 species. Economic fleet returns (sale revenues minus fishing costs) varied strongly between years; the interannual variability was independent of portfolio width (species or functional groups). Energy ratio expressed by the ratio between fuel energy used for fishing and energy contained in landings varied from 0.3 for purse seines to 9.7 for trawlers using bottom trawls alone or in combination with pelagic trawls independent of portfolio width. Interannual variability in total sale revenues was larger than the sum of species specific sales revenue variability, except for fleets using hooks and pelagic trawlers; it increased with the number of species exploited. In conclusion, the interannual variability of economic returns or energy ratios of French fisheries in the Bay of Biscay did not decrease with the number of species or functional groups exploited, though it varied between fleets.

  15. 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.

  16. Obesity, Gynecological Factors, and Abnormal Mammography Follow-Up in Minority and Medically Underserved Women

    PubMed Central

    Wujcik, Debra; Lin, Jin-Mann S.; Grau, Ana; Wilson, Veronica; Champion, Victoria; Zheng, Wei; Egan, Kathleen M.

    2009-01-01

    Abstract Background The relationship between obesity and screening mammography adherence has been examined previously, yet few studies have investigated obesity as a potential mediator of timely follow-up of abnormal (Breast Imaging Reporting and Data System [BIRADS-0]) mammography results in minority and medically underserved patients. Methods We conducted a retrospective cohort study of 35 women who did not return for follow-up >6 months from index abnormal mammography and 41 who returned for follow-up ≤6 months in Nashville, Tennessee. Patients with a BIRADS-0 mammography event in 2003–2004 were identified by chart review. Breast cancer risk factors were collected by telephone interview. Multivariate logistic regression was performed on selected factors with return for diagnostic follow-up. Results Obesity and gynecological history were significant predictors of abnormal mammography resolution. A significantly higher frequency of obese women delayed return for mammography resolution compared with nonobese women (64.7% vs. 35.3%). A greater number of hysterectomized women returned for diagnostic follow-up compared with their counterparts without a hysterectomy (77.8% vs. 22.2%). Obese patients were more likely to delay follow-up >6 months (adjusted OR 4.09, p = 0.02). Conversely, hysterectomized women were significantly more likely to return for timely mammography follow-up ≤6 months (adjusted OR 7.95, p = 0.007). Conclusions Study results suggest that weight status and gynecological history influence patients' decisions to participate in mammography follow-up studies. Strategies are necessary to reduce weight-related barriers to mammography follow-up in the healthcare system including provider training related to mammography screening of obese women. PMID:19558307

  17. The Mars Sample Return Project.

    PubMed

    O'Neil, W J; Cazaux, C

    2000-01-01

    The Mars Sample Return (MSR) Project is underway. A 2003 mission to be launched on a Delta III Class vehicle and a 2005 mission launched on an Ariane 5 will culminate in carefully selected Mars samples arriving on Earth in 2008. NASA is the lead agency and will provide the Mars landed elements, namely, landers, rovers, and Mars ascent vehicles (MAVs). The French Space Agency CNES is the largest international partner and will provide for the joint NASA/CNES 2005 Mission the Ariane 5 launch and the Earth Return Mars Orbiter that will capture the sample canisters from the Mars parking orbits the MAVs place them in. The sample canisters will be returned to Earth aboard the CNES Orbiter in the Earth Entry Vehicles provided by NASA. Other national space agencies are also expected to participate in substantial roles. Italy is planning to provide a drill that will operate from the Landers to provide subsurface samples. Other experiments in addition to the MSR payload will also be carried on the Landers. This paper will present the current status of the design of the MSR missions and flight articles.

  18. Comet nucleus sample return mission

    NASA Technical Reports Server (NTRS)

    1983-01-01

    A comet nucleus sample return mission in terms of its relevant science objectives, candidate mission concepts, key design/technology requirements, and programmatic issues is discussed. The primary objective was to collect a sample of undisturbed comet material from beneath the surface of an active comet and to preserve its chemical and, if possible, its physical integrity and return it to Earth in a minimally altered state. The secondary objectives are to: (1) characterize the comet to a level consistent with a rendezvous mission; (2) monitor the comet dynamics through perihelion and aphelion with a long lived lander; and (3) determine the subsurface properties of the nucleus in an area local to the sampled core. A set of candidate comets is discussed. The hazards which the spacecraft would encounter in the vicinity of the comet are also discussed. The encounter strategy, the sampling hardware, the thermal control of the pristine comet material during the return to Earth, and the flight performance of various spacecraft systems and the cost estimates of such a mission are presented.

  19. The Mars Sample Return Project.

    PubMed

    O'Neil, W J; Cazaux, C

    2000-01-01

    The Mars Sample Return (MSR) Project is underway. A 2003 mission to be launched on a Delta III Class vehicle and a 2005 mission launched on an Ariane 5 will culminate in carefully selected Mars samples arriving on Earth in 2008. NASA is the lead agency and will provide the Mars landed elements, namely, landers, rovers, and Mars ascent vehicles (MAVs). The French Space Agency CNES is the largest international partner and will provide for the joint NASA/CNES 2005 Mission the Ariane 5 launch and the Earth Return Mars Orbiter that will capture the sample canisters from the Mars parking orbits the MAVs place them in. The sample canisters will be returned to Earth aboard the CNES Orbiter in the Earth Entry Vehicles provided by NASA. Other national space agencies are also expected to participate in substantial roles. Italy is planning to provide a drill that will operate from the Landers to provide subsurface samples. Other experiments in addition to the MSR payload will also be carried on the Landers. This paper will present the current status of the design of the MSR missions and flight articles. PMID:11708368

  20. Impact of global financial crisis on stylized facts between energy markets and stock markets

    NASA Astrophysics Data System (ADS)

    Leng, Tan Kim; Cheong, Chin Wen; Hooi, Tan Siow

    2014-06-01

    Understanding the stylized facts is extremely important and has becomes a hot issue nowadays. However, recent global financial crisis that started from United States had spread all over the world and adversely affected the commodities and financial sectors of both developed and developing countries. This paper tends to examine the impact of crisis on stylized facts between energy and stock markets using ARCH-family models based on the experience over 2008 global financial crisis. Empirical results denote that there is long lasting, persists and positively significant the autocorrelation function of absolute returns and their squares in both markets for before and during crisis. Besides that, leverage effects are found in stock markets whereby bad news has a greater impact on volatility than good news for both before and during crisis. However, crisis does not indicate any impact on risk-return tradeoff for both energy and stock markets. For forecasting evaluations, GARCH model and FIAPARCH model indicate superior out of sample forecasts for before and during crisis respectively.

  1. The predictive power of Japanese candlestick charting in Chinese stock market

    NASA Astrophysics Data System (ADS)

    Chen, Shi; Bao, Si; Zhou, Yu

    2016-09-01

    This paper studies the predictive power of 4 popular pairs of two-day bullish and bearish Japanese candlestick patterns in Chinese stock market. Based on Morris' study, we give the quantitative details of definition of long candlestick, which is important in two-day candlestick pattern recognition but ignored by several previous researches, and we further give the quantitative definitions of these four pairs of two-day candlestick patterns. To test the predictive power of candlestick patterns on short-term price movement, we propose the definition of daily average return to alleviate the impact of correlation among stocks' overlap-time returns in statistical tests. To show the robustness of our result, two methods of trend definition are used for both the medium-market-value and large-market-value sample sets. We use Step-SPA test to correct for data snooping bias. Statistical results show that the predictive power differs from pattern to pattern, three of the eight patterns provide both short-term and relatively long-term prediction, another one pair only provide significant forecasting power within very short-term period, while the rest three patterns present contradictory results for different market value groups. For all the four pairs, the predictive power drops as predicting time increases, and forecasting power is stronger for stocks with medium market value than those with large market value.

  2. Finding hidden periodic signals in time series - an application to stock prices

    NASA Astrophysics Data System (ADS)

    O'Shea, Michael

    2014-03-01

    Data in the form of time series appear in many areas of science. In cases where the periodicity is apparent and the only other contribution to the time series is stochastic in origin, the data can be `folded' to improve signal to noise and this has been done for light curves of variable stars with the folding resulting in a cleaner light curve signal. Stock index prices versus time are classic examples of time series. Repeating patterns have been claimed by many workers and include unusually large returns on small-cap stocks during the month of January, and small returns on the Dow Jones Industrial average (DJIA) in the months June through September compared to the rest of the year. Such observations imply that these prices have a periodic component. We investigate this for the DJIA. If such a component exists it is hidden in a large non-periodic variation and a large stochastic variation. We show how to extract this periodic component and for the first time reveal its yearly (averaged) shape. This periodic component leads directly to the `Sell in May and buy at Halloween' adage. We also drill down and show that this yearly variation emerges from approximately half of the underlying stocks making up the DJIA index.

  3. Intelligent Ensemble Forecasting System of Stock Market Fluctuations Based on Symetric and Asymetric Wavelet Functions

    NASA Astrophysics Data System (ADS)

    Lahmiri, Salim; Boukadoum, Mounir

    2015-08-01

    We present a new ensemble system for stock market returns prediction where continuous wavelet transform (CWT) is used to analyze return series and backpropagation neural networks (BPNNs) for processing CWT-based coefficients, determining the optimal ensemble weights, and providing final forecasts. Particle swarm optimization (PSO) is used for finding optimal weights and biases for each BPNN. To capture symmetry/asymmetry in the underlying data, three wavelet functions with different shapes are adopted. The proposed ensemble system was tested on three Asian stock markets: The Hang Seng, KOSPI, and Taiwan stock market data. Three statistical metrics were used to evaluate the forecasting accuracy; including, mean of absolute errors (MAE), root mean of squared errors (RMSE), and mean of absolute deviations (MADs). Experimental results showed that our proposed ensemble system outperformed the individual CWT-ANN models each with different wavelet function. In addition, the proposed ensemble system outperformed the conventional autoregressive moving average process. As a result, the proposed ensemble system is suitable to capture symmetry/asymmetry in financial data fluctuations for better prediction accuracy.

  4. Effects of stocking and nitrogen fertilization rates on steers grazing dallisgrass-dominated pasture.

    PubMed

    Gunter, S A; Beck, P A; Hutchison, S; Phillips, J M

    2005-09-01

    To compare the performance of steer calves managed under different stocking rates (SR; 3.7, 6.2, 8.6, and 11.1 steers/ha for 140 d; chi(I1)) and N fertilization rates (112, 224, and 336 kg of N/ha; chi(I2)) in May 1996, 1997, and 1998, 72 steer calves (BW = 231 +/- 2.5 kg) were assigned randomly to one of 12 0.81-ha dallisgrass (51%)/common bermudagrass (32%) pastures. One-third of the fertilizer was applied in the form of ammonium nitrate in May, June, and August to achieve the prescribed totals. Treatments were separated using a polynomial regression equation: gammai = beta0 + beta1chi(I1) + beta2chi(I2) + beta(11)chi2(I1) + beta(12)chi2(I2) + beta(12)chi(i1)chi(i2) + epsilonI, with years as replicates. Within the range of the data, ADG and BW gain per steer were greatest at a stocking rate of 3.7 steers/ha and 336 kg/ha of N. Body weight gain per hectare peaked at 701 kg when cattle were stocked at 8.9 steers/ha and the pasture was fertilized with 336 kg/ha of N. The least cost of production was at a stocking rate of 3.7 steers/ha, with 112 kg/ha of fertilizer N applied, and the greatest cost of production was at a stocking rate of 11.1 steers/ha with 336 kg/ha of fertilizer N applied. Fertilization at 336 kg/ha of N produced the most profitable stocking rate at 7.3 steers/ha and returned 355.64 dollars. The optimal stocking rate for net return was 79, 81, and 82% of that for maximum BW gain per hectare for 112, 224, and 336 kg/ha of N, respectively. Under the assumptions made in the financial analysis, these data show that the economically optimal carrying capacity of similar pastures can be increased with N fertilizer up to at least 336 kg/ha annually.

  5. Adults with Chromosome 18 Abnormalities.

    PubMed

    Soileau, Bridgette; Hasi, Minire; Sebold, Courtney; Hill, Annice; O'Donnell, Louise; Hale, Daniel E; Cody, Jannine D

    2015-08-01

    The identification of an underlying chromosome abnormality frequently marks the endpoint of a diagnostic odyssey. However, families are frequently left with more questions than answers as they consider their child's future. In the case of rare chromosome conditions, a lack of longitudinal data often makes it difficult to provide anticipatory guidance to these families. The objective of this study is to describe the lifespan, educational attainment, living situation, and behavioral phenotype of adults with chromosome 18 abnormalities. The Chromosome 18 Clinical Research Center has enrolled 483 individuals with one of the following conditions: 18q-, 18p-, Tetrasomy 18p, and Ring 18. As a part of the ongoing longitudinal study, we collect data on living arrangements, educational level attained, and employment status as well as data on executive functioning and behavioral skills on an annual basis. Within our cohort, 28 of the 483 participants have died, the majority of whom have deletions encompassing the TCF4 gene or who have unbalanced rearrangement involving other chromosomes. Data regarding the cause of and age at death are presented. We also report on the living situation, educational attainment, and behavioral phenotype of the 151 participants over the age of 18. In general, educational level is higher for people with all these conditions than implied by the early literature, including some that received post-high school education. In addition, some individuals are able to live independently, though at this point they represent a minority of patients. Data on executive function and behavioral phenotype are also presented. Taken together, these data provide insight into the long-term outcome for individuals with a chromosome 18 condition. This information is critical in counseling families on the range of potential outcomes for their child.

  6. Lake Roosevelt Fisheries Evaluation Program : Meadow Creek vs. Lake Whatcom Stock Kokanee Salmon Investigations in Lake Roosevelt Annual Report 2000-2001.

    SciTech Connect

    McLellan, Holly J.; Scholz, Allan T.

    2001-07-01

    Lake Roosevelt has been stocked with Whatcom stock kokanee since 1989 to mitigate for anadromous salmon losses caused by the construction of Grand Coulee Dam. The primary objective of the hatchery plantings was to create a self-sustaining recreational fishery. Due to low return numbers, it was hypothesized a native stock of kokanee might perform better than the coastal Whatcom strain. Therefore, kokanee from Meadow Creek, a tributary of Kootenay Lake, British Columbia were selected as an alternative stock. Matched pair releases of Whatcom stock and Meadow Creek kokanee were made from Sherman Creek in late June 2000. Stock performance between Lake Whatcom and Meadow Creek kokanee was evaluated through three performance measures (1) returns to Sherman Creek, the primary egg collection facility, (2) returns to other tributaries, indicating availability for angler harvest, and (3) returns to the creel. A secondary objective was to evaluate the numbers collected at downstream fish passage facilities. Age 2 kokanee were collected during five passes through the reservoir, which included 89 tributaries between August 17th and November 7th, 2000. Sherman Creek was sampled once a week because it was the primary egg collection location. A total of 2,789 age 2 kokanee were collected, in which 2,658 (95%) were collected at Sherman Creek. Chi-square analysis indicated the Meadow Creek kokanee returned to Sherman Creek in significantly higher numbers compared to the Whatcom stock ({chi}{sup 2} = 734.4; P < 0.01). Reservoir wide recoveries indicated similar results ({chi}{sup 2} = 733.1; P < 0.01). No age 2 kokanee were collected during creel surveys. Age 3 kokanee are expected to recruit to the creel in 2001. No age 2 kokanee were collected at the fish passage facilities due to a 170 mm size restriction at the fish passage centers. Age 3 kokanee are expected to be collected at the fish passage centers during 2001. Stock performance cannot be properly evaluated until 2001, when

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

    NASA Astrophysics Data System (ADS)

    Ren, Fei; Zhong, Li-Xin

    2012-04-01

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

  8. Assured crew return capability Crew Emergency Return Vehicle (CERV) avionics

    NASA Technical Reports Server (NTRS)

    Myers, Harvey Dean

    1990-01-01

    The Crew Emergency Return Vehicle (CERV) is being defined to provide Assured Crew Return Capability (ACRC) for Space Station Freedom. The CERV, in providing the standby lifeboat capability, would remain in a dormat mode over long periods of time as would a lifeboat on a ship at sea. The vehicle must be simple, reliable, and constantly available to assure the crew's safety. The CERV must also provide this capability in a cost effective and affordable manner. The CERV Project philosophy of a simple vehicle is to maximize its useability by a physically deconditioned crew. The vehicle reliability goes unquestioned since, when needed, it is the vehicle of last resort. Therefore, its systems and subsystems must be simple, proven, state-of-the-art technology with sufficient redundancy to make it available for use as required for the life of the program. The CERV Project Phase 1'/2 Request for Proposal (RFP) is currently scheduled for release on October 2, 1989. The Phase 1'/2 effort will affirm the existing project requirements or amend and modify them based on a thorough evaluation of the contractor(s) recommendations. The system definition phase, Phase 2, will serve to define CERV systems and subsystems. The current CERV Project schedule has Phase 2 scheduled to begin October 1990. Since a firm CERV avionics design is not in place at this time, the treatment of the CERV avionics complement for the reference configuration is not intended to express a preference with regard to a system or subsystem.

  9. 26 CFR 1.305-5 - Distributions on preferred stock.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... is treated as a distribution of property to which section 301 applies unless the distribution is made... prevent a class of stock from being treated as preferred stock. Thus, stock which enjoys a priority as to... treated as preferred stock for purposes of section 305 if, taking into account all the facts...

  10. 47 CFR 65.303 - Cost of preferred stock.

    Code of Federal Regulations, 2010 CFR

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Cost of preferred stock. 65.303 Section 65.303... stock. The formula for determining the cost of preferred stock is: ER01JN95.001 Where: “Total Annual Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all...

  11. 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…

  12. 26 CFR 1.305-1 - Stock dividends.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 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 distribution made by a corporation to its shareholders in its stock or in rights to acquire its stock is...

  13. 41 CFR 101-27.406 - Disposition of stock.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

    ... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true Disposition of stock. 101...-Elimination of Items From Inventory § 101-27.406 Disposition of stock. Stocks of slow-moving items which are... this section, shall be taken, as necessary, to remove stocks of inactive items from inventory....

  14. 26 CFR 1.306-3 - Section 306 stock defined.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Section 306 stock defined. 1.306-3 Section 1.306... (CONTINUED) INCOME TAXES Effects on Recipients § 1.306-3 Section 306 stock defined. (a) For the purpose of subchapter C, chapter 1 of the code, the term section 306 stock means stock which meets the requirements...

  15. 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 issue to each new member, as of the effective date of membership, stock in the member's name for...

  16. 12 CFR 925.22 - Adjustments in stock holdings.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Adjustments in stock holdings. 925.22 Section... ASSOCIATES MEMBERS OF THE BANKS Stock Requirements § 925.22 Adjustments in stock holdings. (a) Adjustment in general. A Bank may from time to time increase or decrease the amount of stock any member is required...

  17. 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...

  18. Predicting outcomes: Sports and stocks.

    PubMed

    Wood, G

    1992-06-01

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

  19. Predicting outcomes: Sports and stocks.

    PubMed

    Wood, G

    1992-06-01

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

  20. Heterogeneity in Schooling Rates of Return

    ERIC Educational Resources Information Center

    Henderson, Daniel J.; Polachek, Solomon W.; Wang, Le

    2011-01-01

    This paper relaxes the assumption of homogeneous rates of return to schooling by employing nonparametric kernel regression. This approach allows us to examine the differences in rates of return to education both across and within groups. Similar to previous studies we find that on average blacks have higher returns to education than whites,…

  1. 50 CFR 12.51 - Return procedure.

    Code of Federal Regulations, 2010 CFR

    2010-10-01

    ... 50 Wildlife and Fisheries 1 2010-10-01 2010-10-01 false Return procedure. 12.51 Section 12.51 Wildlife and Fisheries UNITED STATES FISH AND WILDLIFE SERVICE, DEPARTMENT OF THE INTERIOR TAKING... SEIZURE AND FORFEITURE PROCEDURES Return of Property § 12.51 Return procedure. If, at the conclusion...

  2. The Return of the Andromedids

    NASA Astrophysics Data System (ADS)

    Wiegert, Paul; Brown, P. G.; Weryk, R. J.; Wong, D. K.

    2012-10-01

    The Andromedid meteor shower, originating from comet 3D/Biela (which disintegrated in the mid-1800's) has been weak or absent since the late 19th Century. Here we report the return of this shower in Dec 2011 with a zenith hourly rate of approximately 50, the strongest return of the shower in a century. The outburst was detected by the Canadian Meteor Orbit Radar (CMOR). The shower outburst occurred during solar longitudes λ=250-252 ° in 2011 (Dec 3-5) and had a statistical significance of 30σ above the median background, one of only three single-day outbursts reaching this level of significance in CMOR's 10 years of operation. Of particular interest: orbital characteristics indicated that was old material, predating the debris released during the epoch of 3D/Biela's disintegration in the mid-19th century, and which produced the spectacular showers in 1872 and 1885. In total, 122 probable Andromedid radar orbits were recorded during the interval from λ=240 °-260 °, the majority (85) occurring between λ=250 °-253 ° from a radiant near α=18 °and δ=56 °. By way of comparison, between λ=250 °-253 ° the average number of radiants recorded by CMOR within 10 degrees of this location having similar speeds in the years 2001 - 2010 was 10 per year. The shower displays a slow geocentric speed (16 km/s) and an absence of large particles: mean measured mass from the radar is 5x10-7 kg corresponding to radii of 0.5mm. Numerical simulations of the parent comet indicate that the 2011 return of the Andromedids shower was produced by material released during Biela's 1649 perihelion passage. The orbital characteristics, radiant, timing as well as the absence of large particles in the streamlet are all confirmed by simulations. Simulations also predict appearances of this radiant in 2008 (seen in CMOR data at ZHR 30) and 2018.

  3. Wavelet neural networks for stock trading

    NASA Astrophysics Data System (ADS)

    Zheng, Tianxing; Fataliyev, Kamaladdin; Wang, Lipo

    2013-05-01

    This paper explores the application of a wavelet neural network (WNN), whose hidden layer is comprised of neurons with adjustable wavelets as activation functions, to stock prediction. We discuss some basic rationales behind technical analysis, and based on which, inputs of the prediction system are carefully selected. This system is tested on Istanbul Stock Exchange National 100 Index and compared with traditional neural networks. The results show that the WNN can achieve very good prediction accuracy.

  4. Return to Flight Task Group

    NASA Technical Reports Server (NTRS)

    2005-01-01

    It has been 29 months since Columbia was lost over East Texas in February 2003. Seven months after the accident, the Columbia Accident Investigation Board (CAIB) released the first volume of its final report, citing a variety of technical, managerial, and cultural issues within NASA and the Space Shuttle Program. To their credit, NASA offered few excuses, embraced the report, and set about correcting the deficiencies noted by the accident board. Of the 29 recommendations issued by the CAIB, 15 were deemed critical enough that the accident board believed they should be implemented prior to returning the Space Shuttle to flight. Some of these recommendations were relatively easy, most were straightforward, a few bordered on the impossible, and others were largely overcome by events, particularly the decision by the President to retire the Space Shuttle by 2010. The Return to Flight Task Group (RTF TG, or simply, the Task Group) was chartered by the NASA Administrator in July 2003 to provide an independent assessment of the implementation of the 15 CAIB return-to-flight recommendations. An important observation must be stated up-front: neither the CAIB nor the RTF TG believes that all risk can be eliminated from Space Shuttle operations; nor do we believe that the Space Shuttle is inherently unsafe. What the CAIB and RTF TG do believe, however, is that NASA and the American public need to understand the risks associated with space travel, and that NASA must make every reasonable effort to minimize such risk. Since the release of the CAIB report, NASA and the Space Shuttle Program expended enormous effort and resources toward correcting the causes of the accident and preparing to fly again. Relative to the 15 specific recommendations that the CAIB indicated should be implemented prior to returning to flight, NASA has met or exceeded most of them the Task Group believes that NASA met the intent of the CAIB for 12 of these recommendations. The remaining three

  5. Mars 2005 Sample Return Workshop

    NASA Technical Reports Server (NTRS)

    Gulick, V. C. (Editor)

    1997-01-01

    Convened at the request of Dr. Jurgen Rahe of the NASA Office of Space Science, the purpose of this workshop was to reexamine the science issues that will determine how an optimum sample return mission would be carried out in 2005 given the new context that has emerged for Mars exploration since the last such workshop was held (in 1987). The results and summary of discussion that took place at the meeting are contained in this volume. The community was invited to participate in the preparation of the final written report by browsing through the agenda and reading the text and viewgraphs provided by workshop participants and submitting comments for that section.

  6. Data link and return link

    NASA Astrophysics Data System (ADS)

    Meuron, Bruce R.; Lyons, Joseph B., Jr.

    1991-05-01

    This invention relates to a data coder, code searching mechanism, data decoder, and range computer for a missile wherein the missile receiver is able to discriminate between the real signals and jamming signals. The system provides discrimination in aircraft receiver systems for the return synchronization signal. This is accomplished by utilizing a random code generator wherein the command data signals modulate the code train which in turn modulates the RF carrier. The missile contains a second code generator with a code searching mechanism which synchronizes the second code generator with the first generator. The comparison of the second code generator signal with the received signal produces the command signal as an output.

  7. Factors Influencing Return to Work

    PubMed Central

    Brewerton, D. A.; Daniel, J. W.

    1971-01-01

    Seventy-seven patients with severe brachial plexus injuries were interviewed two or more years later to determine their success in returning to work and the factors that had led to good or bad resettlement. For most of them these were crucial issues potentially influencing the rest of their lives. When interviewed virtually all had regular jobs in open industry, but many had endured long delays and most were working entirely one-handed. Failure of communication was regrettably common. Too often advice by doctors had been lacking, and there was evidence that the services for vocational resettlement could be improved. PMID:5123911

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

    NASA Astrophysics Data System (ADS)

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

    2008-02-01

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

  9. Time-scale effects on the gain-loss asymmetry in stock indices

    NASA Astrophysics Data System (ADS)

    Sándor, Bulcsú; Simonsen, Ingve; Nagy, Bálint Zsolt; Néda, Zoltán

    2016-08-01

    The gain-loss asymmetry, observed in the inverse statistics of stock indices is present for logarithmic return levels that are over 2 % , and it is the result of the non-Pearson-type autocorrelations in the index. These non-Pearson-type correlations can be viewed also as functionally dependent daily volatilities, extending for a finite time interval. A generalized time-window shuffling method is used to show the existence of such autocorrelations. Their characteristic time scale proves to be smaller (less than 25 trading days) than what was previously believed. It is also found that this characteristic time scale has decreased with the appearance of program trading in the stock market transactions. Connections with the leverage effect are also established.

  10. Testing for contagion under asymmetric dynamics: Evidence from the stock markets between US and Taiwan

    NASA Astrophysics Data System (ADS)

    Wang, Kuan-Min; Nguyen Thi, Thanh-Binh

    2007-03-01

    This article is an attempt to test, through the use of forward forecasting test on dynamic conditional correlation (DCC), for contagion between Taiwan and US stocks under asymmetry. The process includes three steps. The first step uses the iterated cumulative sums of squares (ICSS) algorithm to detect the structural breaks of market return. The second step creates dummy variables for breaks, estimates EGARCH model of conditional generalized error distribution, and computes dynamic conditional correlation coefficients of DCC multivariate GARCH model. The third step employs one-step and N-step forecast test to check for contagion effect. The evidences prove the asymmetric leverage effect of Taiwan weighted stock index and New York-NYSE Composite Index. Interestingly, we discovered that there are two kinds of contagion, “positive” and “negative”, between markets.

  11. Time-scale effects on the gain-loss asymmetry in stock indices.

    PubMed

    Sándor, Bulcsú; Simonsen, Ingve; Nagy, Bálint Zsolt; Néda, Zoltán

    2016-08-01

    The gain-loss asymmetry, observed in the inverse statistics of stock indices is present for logarithmic return levels that are over 2%, and it is the result of the non-Pearson-type autocorrelations in the index. These non-Pearson-type correlations can be viewed also as functionally dependent daily volatilities, extending for a finite time interval. A generalized time-window shuffling method is used to show the existence of such autocorrelations. Their characteristic time scale proves to be smaller (less than 25 trading days) than what was previously believed. It is also found that this characteristic time scale has decreased with the appearance of program trading in the stock market transactions. Connections with the leverage effect are also established. PMID:27627321

  12. Time-scale effects on the gain-loss asymmetry in stock indices.

    PubMed

    Sándor, Bulcsú; Simonsen, Ingve; Nagy, Bálint Zsolt; Néda, Zoltán

    2016-08-01

    The gain-loss asymmetry, observed in the inverse statistics of stock indices is present for logarithmic return levels that are over 2%, and it is the result of the non-Pearson-type autocorrelations in the index. These non-Pearson-type correlations can be viewed also as functionally dependent daily volatilities, extending for a finite time interval. A generalized time-window shuffling method is used to show the existence of such autocorrelations. Their characteristic time scale proves to be smaller (less than 25 trading days) than what was previously believed. It is also found that this characteristic time scale has decreased with the appearance of program trading in the stock market transactions. Connections with the leverage effect are also established.

  13. Measuring information interactions on the ordinal pattern of stock time series.

    PubMed

    Zhao, Xiaojun; Shang, Pengjian; Wang, Jing

    2013-02-01

    The interactions among time series as individual components of complex systems can be quantified by measuring to what extent they exchange information among each other. In many applications, one focuses not on the original series but on its ordinal pattern. In such cases, trivial noises appear more likely to be filtered and the abrupt influence of extreme values can be weakened. Cross-sample entropy and inner composition alignment have been introduced as prominent methods to estimate the information interactions of complex systems. In this paper, we modify both methods to detect the interactions among the ordinal pattern of stock return and volatility series, and we try to uncover the information exchanges across sectors in Chinese stock markets.

  14. Phenotypic abnormalities: terminology and classification.

    PubMed

    Merks, Johannes H M; van Karnebeek, Clara D M; Caron, Hubert N; Hennekam, Raoul C M

    2003-12-15

    Clinical morphology has proved essential for the successful delineation of hundreds of syndromes and as a powerful instrument for detecting (candidate) genes (Gorlin et al. [2001]; Syndromes of the Head and Neck; Oxford: Oxford University Press. 1 p]. The major approach to reach this has been careful clinical evaluations of patients, focused on congenital anomalies. A similar careful physical examination performed in patients, who have been treated for childhood cancer, may allow detection of concurrent patterns of anomalies and provide clues for causative genes. In the past, several studies were performed describing the prevalence of anomalies in patients with cancer. However, in most studies, it was not possible to indicate the biologic relevance of the recorded anomalies, or to judge their relative importance. Are the detected anomalies common variants, and should they thus be regarded as normal, or are they minor anomalies or true abnormalities, indicating a possible developmental cause? Classification of items in the categories of common variants (disturbances of phenogenesis with a prevalence >4%), minor anomalies (disturbances of phenogenesis with a prevalence abnormal physical findings by a nomenclature for errors of morphogenesis detectable on surface examination, and secondly a uniform classification system. This should allow investigators to evaluate systematically the presence of patterns in phenotypic anomalies, in the general population, and in patients with various disorders, suspected to be a developmental anomaly. Also

  15. 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,...

  16. 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...

  17. 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,...

  18. 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,...

  19. 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...

  20. Stock optimizing in choice when a token deposit is the operant.

    PubMed

    Widholm, J J; Silberberg, A; Hursh, S R; Imam, A A; Warren-Boulton, F R

    2001-11-01

    Each of 2 monkeys typically earned their daily food ration by depositing tokens in one of two slots. Tokens deposited in one slot dropped into a bin where they were kept (token kept). Deposits to a second slot dropped into a bin where they could be obtained again (token returned). In Experiment 1, a fixed-ratio (FR) 5 schedule that provided two food pellets was associated with each slot. Both monkeys preferred the token-returned slot. In Experiment 2, both subjects chose between unequal FR schedules with the token-returned slot always associated with the leaner schedule. When the FRs were 2 versus 3 and 2 versus 6, preferences were maintained for the token-returned slot; however, when the ratios were 2 versus 12, preference shifted to the token-kept slot. In Experiment 3, both monkeys chose between equal-valued concurrent variable-interval variable-interval schedules. Both monkeys preferred the slot that returned tokens. In Experiment 4, both monkeys chose between FRs that typically differed in size by a factor of 10. Both monkeys preferred the FR schedule that provided more food per trial. These data show that monkeys will choose so as to increase the number of reinforcers earned (stock optimizing) even when this preference reduces the rate of reinforcement (all reinforcers divided by session time). PMID:11768710

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

    PubMed Central

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

    2013-01-01

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

  2. Biomechanical Factors Affecting Dave Dravecky's Return to Competitive Pitching: A Case Study.

    PubMed

    Schachter, C L; Canham, P B; Mottola, M F

    1992-01-01

    Dave Dravecky, pitcher for the San Francisco Giants, returned to competition 10 months after surgical removal of a desmoid tumor in the deltoid muscle and cryosurgery of the humerus of his pitching arm. While delivering a pitch, Dravecky sustained a spiral fracture of his humerus. Abnormal loading and muscle balance, changes in bone geometry, stress concentration, and fatigue failure may have contributed to the fracture that halted Dave Dravecky's comeback. Exploration of these biomechanical factors may help the reader contemplate a baseball pitcher's return to high performance after musculoskeletal injury, trauma, and surgery. J Orthop Sports Phys Ther 1992;16(1):2-5.

  3. Managing successive minor head injuries: which tests guide return to play?

    PubMed

    Putukian, M; Echemendia, R J

    1996-11-01

    This case report describes a female college basketball player who experienced brief loss of consciousness with hemiparesis after being struck in the jaw during a game. When she returned to play a month later, she sustained a second mild head injury, which resulted in persistent headache, cognitive difficulties, and reversal in hand dominance. She has since recovered fully. This case addresses return-to-play issues for the head-injured athlete, especially the risk of recurrent injury. It also illustrates the utility of neuropsychological testing when standard medical tests fail to detect any abnormalities.

  4. Return to Play After Lumbar Spine Surgery.

    PubMed

    Cook, Ralph W; Hsu, Wellington K

    2016-10-01

    Surgical management of lumbar spine conditions can produce excellent outcomes in athletes. Microdiscectomy for lumbar disc herniation has favorable outcomes; most athletes return to play at preoperative performance levels. Direct pars repair is successful in younger athletes, with high rates of return to play for a variety of fixation techniques. Fusion in athletes with scoliosis is a negative predictor. There are few evidence-based return to play criteria. Athletes should demonstrate full resolution of symptoms and flexibility, endurance, and strength before returning to play. Deciding when to return an athlete to sport depends on particular injury sustained, sport, and individual factors. PMID:27543402

  5. Return to sport following amputation.

    PubMed

    Matthews, D; Sukeik, M; Haddad, F

    2014-08-01

    Amputation in athletes has a substantial impact on lifestyle and sporting activity, as well as self-perception and quality of life. The impact of limb loss on athletic ability will vary depending on the cause of amputation and the anatomical location of the amputation. The use of sporting activity for rehabilitation of amputees was first introduced in 1944 at Stoke Mandeville Hospital. The first international paralympic games were founded in 1960. Following these events the opportunity to participate in sport following limb loss has increased significantly. Sport participation has been aided by the development of sporting prostheses, however multiple factors will determine the exact prosthesis used. These include the nature of the sporting activity as well as the level of the amputation. The biomechanics involved in walking and running are altered following the loss of a limb or part thereof. This can cause subsequent degenerative changes within the remaining joints on the amputated limb as well as the contralateral limb. Factors affecting return to sporting activity are multivariate and inter-related, including patient factors, surgical factors, nature and level of the sporting activity and prosthetic factors. The authors review current literature, detail predictive factors of return to sport and the physical and psychosocial impact on patients following limb amputation.

  6. Return to sport following amputation.

    PubMed

    Matthews, D; Sukeik, M; Haddad, F

    2014-08-01

    Amputation in athletes has a substantial impact on lifestyle and sporting activity, as well as self-perception and quality of life. The impact of limb loss on athletic ability will vary depending on the cause of amputation and the anatomical location of the amputation. The use of sporting activity for rehabilitation of amputees was first introduced in 1944 at Stoke Mandeville Hospital. The first international paralympic games were founded in 1960. Following these events the opportunity to participate in sport following limb loss has increased significantly. Sport participation has been aided by the development of sporting prostheses, however multiple factors will determine the exact prosthesis used. These include the nature of the sporting activity as well as the level of the amputation. The biomechanics involved in walking and running are altered following the loss of a limb or part thereof. This can cause subsequent degenerative changes within the remaining joints on the amputated limb as well as the contralateral limb. Factors affecting return to sporting activity are multivariate and inter-related, including patient factors, surgical factors, nature and level of the sporting activity and prosthetic factors. The authors review current literature, detail predictive factors of return to sport and the physical and psychosocial impact on patients following limb amputation. PMID:25034549

  7. Radiologic atlas of pulmonary abnormalities in children

    SciTech Connect

    Singleton, E.B.; Wagner, M.L.; Dutton, R.V.

    1988-01-01

    This book is an atlas about thoracic abnormalities in infants and children. The authors include computed tomographic, digital subtraction angiographic, ultrasonographic, and a few magnetic resonance (MR) images. They recognize and discuss how changes in the medical treatment of premature infants and the management of infection and pediatric tumors have altered some of the appearances and considerations in these diseases. Oriented toward all aspects of pulmonary abnormalities, the book starts with radiographic techniques and then discusses the normal chest, the newborn, infections, tumors, and pulmonary vascular diseases. There is comprehensive treatment of mediastinal abnormalities and a discussion of airway abnormalities.

  8. [Renal abnormalities in ankylosing spondylitis].

    PubMed

    Samia, Barbouch; Hazgui, Faiçal; Abdelghani, Khaoula Ben; Hamida, Fethi Ben; Goucha, Rym; Hedri, Hafedh; Taarit, Chokri Ben; Maiz, Hedi Ben; Kheder, Adel

    2012-07-01

    We will study the epidemiologic, clinical, biological, therapeutic, prognostic characteristics and predictive factors of development of nephropathy in ankylosing spondylitis patients. We retrospectively reviewed the medical record of 32 cases with renal involvement among 212 cases of ankylosing spondylitis followed in our service during the period spread out between 1978 and 2006. The renal involvement occurred in all patients a mean of 12 years after the clinical onset of the rheumatic disease. Thirty-two patients presented one or more signs of renal involvement: microscopic hematuria in 22 patients, proteinuria in 23 patients, nephrotic syndrome in 11 patients and decreased renal function in 24 patients (75%). Secondary renal amyloidosis (13 patients), which corresponds to a prevalence of 6,1% and tubulointerstitial nephropathy (7 patients) were the most common cause of renal involvement in ankylosing spondylitis followed by IgA nephropathy (4 patients). Seventeen patients evolved to the end stage renal disease after an average time of 29.8 ± 46 months. The average follow-up of the patients was 4,4 years. By comparing the 32 patients presenting a SPA and renal disease to 88 with SPA and without nephropathy, we detected the predictive factors of occurred of nephropathy: tobacco, intense inflammatory syndrome, sacroileite stage 3 or 4 and presence of column bamboo. The finding of 75% of the patients presented a renal failure at the time of the diagnosis of renal involvement suggests that evidence of renal abnormality involvement should be actively sought in this disease. PMID:22520483

  9. [Renal abnormalities in ankylosing spondylitis].

    PubMed

    Samia, Barbouch; Hazgui, Faiçal; Abdelghani, Khaoula Ben; Hamida, Fethi Ben; Goucha, Rym; Hedri, Hafedh; Taarit, Chokri Ben; Maiz, Hedi Ben; Kheder, Adel

    2012-07-01

    We will study the epidemiologic, clinical, biological, therapeutic, prognostic characteristics and predictive factors of development of nephropathy in ankylosing spondylitis patients. We retrospectively reviewed the medical record of 32 cases with renal involvement among 212 cases of ankylosing spondylitis followed in our service during the period spread out between 1978 and 2006. The renal involvement occurred in all patients a mean of 12 years after the clinical onset of the rheumatic disease. Thirty-two patients presented one or more signs of renal involvement: microscopic hematuria in 22 patients, proteinuria in 23 patients, nephrotic syndrome in 11 patients and decreased renal function in 24 patients (75%). Secondary renal amyloidosis (13 patients), which corresponds to a prevalence of 6,1% and tubulointerstitial nephropathy (7 patients) were the most common cause of renal involvement in ankylosing spondylitis followed by IgA nephropathy (4 patients). Seventeen patients evolved to the end stage renal disease after an average time of 29.8 ± 46 months. The average follow-up of the patients was 4,4 years. By comparing the 32 patients presenting a SPA and renal disease to 88 with SPA and without nephropathy, we detected the predictive factors of occurred of nephropathy: tobacco, intense inflammatory syndrome, sacroileite stage 3 or 4 and presence of column bamboo. The finding of 75% of the patients presented a renal failure at the time of the diagnosis of renal involvement suggests that evidence of renal abnormality involvement should be actively sought in this disease.

  10. The XXXXY Sex Chromosome Abnormality

    PubMed Central

    Barr, M. L.; Carr, D. H.; Pozsonyi, J.; Wilson, R. A.; Dunn, H. G.; Jacobson, T. S.; Miller, J. R.; Chown, B.

    1962-01-01

    The most common sex chromosome complex in sex chromatin-positive males with Klinefelter's syndrome is XXY. When the complex is XXYY or XXXY, the clinical findings do not seem to differ materially from those seen in XXY subjects, although more patients with these intersexual chromosome complements need to be studied to establish possible phenotypical expressions of the chromosomal variants. Two male children with an XXXXY sex chromosome abnormality are described. The data obtained from the study of these cases and five others described in the literature suggest that the XXXXY patient is likely to have congenital defects not usually seen in the common form of the Klinefelter syndrome. These include a triad of (1) skeletal anomalies (including radioulnar synostosis), (2) hypogenitalism (hypoplasia of penis and scrotum, incomplete descent of testes and defective prepubertal development of seminiferous tubules), and (3) greater risk of severe mental deficiency. That the conclusions are based on data from a small number of patients is emphasized, together with the need for a cytogenetic survey of a large control or unselected population. ImagesFig. 1Fig. 2Fig. 3Fig. 4Fig. 5Fig. 6Fig. 7Fig. 8Fig. 9Fig. 10 PMID:13969480

  11. The dynamics of health and return migration.

    PubMed

    Davies, Anita A; Borland, Rosilyne M; Blake, Carolyn; West, Haley E

    2011-06-01

    The increasing importance and complexity of migration globally also implies a global increase in return migration, and thus an increased interest in the health of returning migrants. The health of returning migrants is impacted by the cumulative exposure to social determinants and risk factors of health during the migration process, during the return movement, and following return. Circular migration often occurs among the diaspora, which can result in the transfer of knowledge and skills that contribute to development, including health system strengthening. Migrants with dual nationality often return to countries with better health services than their country of origin when they are sick and can not get care at home. To maintain and improve the health of returning migrants, multi-sectoral policies at global and national levels should facilitate access to appropriate and equitable health services, social services, and continuity of care across and within borders.

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

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... Federal Home Loan Bank, may convert to a Federal stock association, provided that the depository institution, at the time of the conversion, has deposits insured by the Federal Deposit Insurance Corporation... Deposit Insurance Act. The resulting Federal stock association must conform within the time prescribed...

  13. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... Federal Home Loan Bank, may convert to a Federal stock association, provided that the depository institution, at the time of the conversion, has deposits insured by the Federal Deposit Insurance Corporation... Deposit Insurance Act. The resulting Federal stock association must conform within the time prescribed...

  14. 12 CFR 152.18 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... OCC, any stock depository institution that is, or is eligible to become, a member of a Federal Home... time of the conversion, has deposits insured by the Federal Deposit Insurance Corporation, and provided.... The resulting Federal stock association must conform within the time prescribed by the OCC to...

  15. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... acquisition of rights, such as shareholder or pre-emptive rights, pursuant to a pro rata grant to all holders..., and pro rata rights. 240.16a-9 Section 240.16a-9 Commodity and Securities Exchanges SECURITIES AND... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The...

  16. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ..., the term “depository institution” shall have the meaning set forth at 12 CFR 552.13(b). An application... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Conversion from stock form depository institution to Federal stock association. 552.2-6 Section 552.2-6 Banks and Banking OFFICE OF...

  17. 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 HOME LOAN BANK ASSETS AND OFF-BALANCE SHEET ITEMS ADVANCES Advances to Members § 950.11 Capital...

  18. Returns of hatchery-reared lake trout in southern Lake Superior, 1955-62

    USGS Publications Warehouse

    Pycha, Richard L.; King, George R.

    1967-01-01

    Experimental plantings of fin-clipped lake trout (Salvelinus namaycush) of various ages have been made in southern Lake Superior since 1952. The catch of planted lake trout by the commercial fishery was used to measure the success of stocking. Estimates of total returns were based on samples of 8.2 to 21.2% of the Wisconsin catches in 1955-62 and 36.4 to 46.8% of the Michigan catches in 1959-62. Marked lake trout were assigned to various plantings according to the fin mark, length of fish, readings of age from scales, and locations of capture. Estimated returns from Wisconsin plantings of 9-month-old lake trout varied from 2.1 to 6.4%. Wisconsin releases of 16-month-old fish yielded returns of 5.7 to 37.3%. Returns from plantings in Michigan were 0.3% for 9-month-old fish and 1.5 to 3.8% for 16-month-old fish. The ratios of the returns from plantings of 16-month-old fish to those of 9-month-old fish were 3.9:1 for Wisconsin releases and 6.7:1 for Michigan releases. Lake trout planted in Wisconsin generally survived better than those released in Michigan. Returns from fish planted at ages of 17 to 40 months in Michigan in 1958-59 were far greater than those from 16-month-old fish released in Michigan, but were not as high as from the most successful plantings of 16-month-old fish in Wisconsin. Lake trout released in 1960 from shore and from boats survived equally well. Average size of lake trout at release was more closely related to survival than any other factor. All except 1 of 10 highly successful releases were of fish larger than 22 per lb, and all 6 poor releases were of fish smaller than 34 per lb. Fish that ran 22 to 33 per lb survived only moderately well. A size of 17 to 20 fish per lb appears to be close to optimum. Abundance of native lake trout, American smelt (Osmerus mordax), and sea lampreys (Petromyzon marinus) all appeared to be unrelated to stocking success. The only apparent method of rapidly improving the success of stocking is to rear all lake

  19. Transfer of risk: "right to sue" legislation and managed care organization stock performance.

    PubMed

    Weeks, W B; Nells, T; Wallace, A E

    2001-01-01

    We examined whether Congress's consideration of legislation that gave consumers the right to sue managed care organizations impacted the performance of these companies' stocks relative to that of the market. For each company examined, the total return related to such legislation was negative and substantially lower than that expected from the market model; losses in market value were from 17 percent to 48 percent for individual companies and 22 percent for a capitalization-weighted portfolio. The study suggests that equity markets responded to the proposed legislation quickly and that the impact of proposed legislation is felt through loss of market value and increased corporate risk. PMID:11669290

  20. Transfer of risk: "right to sue" legislation and managed care organization stock performance.

    PubMed

    Weeks, W B; Nells, T; Wallace, A E

    2001-01-01

    We examined whether Congress's consideration of legislation that gave consumers the right to sue managed care organizations impacted the performance of these companies' stocks relative to that of the market. For each company examined, the total return related to such legislation was negative and substantially lower than that expected from the market model; losses in market value were from 17 percent to 48 percent for individual companies and 22 percent for a capitalization-weighted portfolio. The study suggests that equity markets responded to the proposed legislation quickly and that the impact of proposed legislation is felt through loss of market value and increased corporate risk.

  1. Annual Coded Wire Tag Program; Oregon Stock Assessment, 2000 Annual Report.

    SciTech Connect

    Lewis, Mark; Mallette, Christine; Murray, William

    2002-03-01

    coho stocks released above Bonneville Dam was similar to the other coho groups. However, they had a higher percent catch in gillnet fisheries above Bonneville Dam than coho released below the dam. Survival rates of salmon and steelhead are influenced, not only by factors in the hatchery (disease, density, diet, size and time of release) but also by environmental factors in the river and ocean. These environmental factors are influenced by large scale oceanic and weather patterns such as El Nino. Changes in rearing conditions in the hatchery do impact survival, however, these can be offset by impacts caused by environmental factors. Coho salmon released in the Columbia River generally experience better survival rates when released later in the spring. However, for the 1990 brood year June releases of Columbia River coho had much lower survival than May releases, for all ODFW hatcheries. In general survival of ODFW Columbia River hatchery coho has declined to low levels in recent years. Preliminary results from the evaluation of Visual Implant Elastomer (VIE) tags showed tagging rate and pre-release tag retention improved from the first to second years of tagging. Tagging rate remained identical from 1999 to 2000 while pre-release tag retention dropped to 95%. Returning jack and adult salmon were sampled for CWT and VIE tags in the fall of 2000. Of 606 adults recovered at Sandy Fish Hatchery in 2000, only 1 or 0.2%, retained their VIE tag. Of 36 jacks recovered in 2000, 13 or 36.1% retained their VIE tag.

  2. Emergence of time-horizon invariant correlation structure in financial returns by subtraction of the market mode

    NASA Astrophysics Data System (ADS)

    Borghesi, Christian; Marsili, Matteo; Miccichè, Salvatore

    2007-08-01

    We investigate the emergence of a structure in the correlation matrix of assets’ returns as the time horizon over which returns are computed increases from the minutes to the daily scale. We analyze data from different stock markets (New York, Paris, London, Milano) and with different methods. In addition to the usual correlations, we also analyze those obtained by subtracting the dynamics of the “center of mass” (i.e., the market mode). We find that when the center of mass is not removed the structure emerges, as the time horizon increases, from splitting a single large cluster into smaller ones. By contrast, when the market mode is removed the structure of correlations observed at the daily scale is already well defined at very high frequency ( 5min in the New York Stock Exchange). Moreover, this structure accounts for 80% of the classification of stocks in economic sectors. Similar results, though less sharp, are found for the other markets. We also find that the structure of correlations in the overnight returns is markedly different from that of intraday activity.

  3. Sepsis, venous return, and teleology.

    PubMed

    McNeilly, R G

    2014-11-01

    An understanding of heart-circulation interaction is crucial to our ability to guide our patients through an episode of septic shock. Our knowledge has advanced greatly in the last one hundred years. There are, however, certain empirical phenomena that may lead us to question the wisdom of our prevailing treatment algorithm. Three extreme but iatrogenically possible haemodynamic states exist. Firstly, inappropriately low venous return; secondly, overzealous arteriolar constriction; and finally, misguided inotropy and chronotropy. Following an unsuccessful fluid challenge, it would be logical to first set the venous tone, then set the cardiac rate and contractility, and finally set the peripheral vascular resistance. It is hypothesized that a combination of dihydroergotamine, milrinone and esmolol should be superior to a combination of noradrenaline and dobutamine for surviving sepsis. PMID:25245463

  4. Partial Return Yoke for MICE

    SciTech Connect

    Witte H.; Plate, S

    2013-05-03

    The international Muon Ionization Cooling Experiment (MICE) is a large scale experiment which is presently assembled at the Rutherford Appleton Laboratory in Didcot, UK. The purpose of MICE is to demonstrate the concept of ionization cooling experimentally. Ionization cooling is an important accelerator concept which will be essential for future HEP experiments such as a potential Muon Collider or a Neutrino Factory. The MICE experiment will house up to 18 superconducting solenoids, all of which produce a substantial amount of magnetic flux. Recently it was realized that this magnetic flux leads to a considerable stray magnetic field in the MICE hall. This is a concern as technical equipment in the MICE hall may may be compromised by this. In July 2012 a concept called partial return yoke was presented to the MICE community, which reduces the stray field in the MICE hall to a safe level. This report summarizes the general concept, engineering considerations and the expected shielding performance.

  5. Immune Abnormalities in Patients with Autism.

    ERIC Educational Resources Information Center

    Warren, Reed P.; And Others

    1986-01-01

    A study of 31 autistic patients (3-28 years old) has revealed several immune-system abnormalities, including decreased numbers of T lymphocytes and an altered ratio of helper-to-suppressor T cells. Immune-system abnormalities may be directly related to underlying biologic processes of autism or an indirect reflection of the actual pathologic…

  6. An Abnormal Psychology Community Based Interview Assignment

    ERIC Educational Resources Information Center

    White, Geoffry D.

    1977-01-01

    A course option in abnormal psychology involves students in interviewing and observing the activities of individuals in the off-campus community who are concerned with some aspect of abnormal psychology. The technique generates student interest in the field when they interview people about topics such as drug abuse, transsexualism, and abuse of…

  7. Detection of Structural Abnormalities Using Neural Nets

    NASA Technical Reports Server (NTRS)

    Zak, M.; Maccalla, A.; Daggumati, V.; Gulati, S.; Toomarian, N.

    1996-01-01

    This paper describes a feed-forward neural net approach for detection of abnormal system behavior based upon sensor data analyses. A new dynamical invariant representing structural parameters of the system is introduced in such a way that any structural abnormalities in the system behavior are detected from the corresponding changes to the invariant.

  8. Nail abnormalities in patients with vitiligo*

    PubMed Central

    Topal, Ilteris Oguz; Gungor, Sule; Kocaturk, Ozgur Emek; Duman, Hatice; Durmuscan, Mustafa

    2016-01-01

    Background Vitiligo is an acquired pigmentary skin disorder affecting 0.1-4% of the general population. The nails may be affected in patients with an autoimmune disease such as psoriasis, and in those with alopecia areata. It has been suggested that nail abnormalities should be apparent in vitiligo patients. Objective We sought to document the frequency and clinical presentation of nail abnormalities in vitiligo patients compared to healthy volunteers. We also examined the correlations between nail abnormalities and various clinical parameters. Methods This study included 100 vitiligo patients and 100 healthy subjects. Full medical histories were collected from the subjects, who underwent thorough general and nail examinations. All nail changes were noted. In the event of clinical suspicion of a fungal infection, additional mycological investigations were performed. Results Nail abnormalities were more prevalent in the patients (78%) than in the controls (55%) (p=0.001). Longitudinal ridging was the most common finding (42%), followed by (in descending order): leukonychia, an absent lunula, onycholysis, nail bed pallor, onychomycosis, splinter hemorrhage and nail plate thinning. The frequency of longitudinal ridging was significantly higher in patients than in controls (p<0.001). Conclusions Nail abnormalities were more prevalent in vitiligo patients than in controls. Systematic examination of the nails in such patients is useful because nail abnormalities are frequent. However, the causes of such abnormalities require further study. Longitudinal ridging and leukonychia were the most common abnormalities observed in this study. PMID:27579738

  9. Recovery of fish stocks in the Seto Inland Sea.

    PubMed

    Nagai, T

    2003-01-01

    The total amount of fisheries' yield in the Seto Inland Sea in 1999 was 571,000 MT, consisting of 256,000 MT by fishing and 315,000 MT from aquaculture. About 40,000 people engaged in the fishing and aquaculture industries, earned 129 billion yen (1100 million US$) by fishing and 89 billion yen (770 million $US) by aquaculture. The averaged annual catch for the Seto Inland Sea by fishing was 13 MT/km(2). Division into time periods in terms of eutrophication levels can be made: before 1960 when red sea bream were abundant with ecological divergence (before eutrophication), from 1960 to 1990 when the biomass of anchovy was large (during eutrophication), and after 1990 when the jellyfishes were abundant (excessive eutrophication or high N:P ratio). The fish production will decrease in the sea of jellyfishes. Actually, the amount of catch was 462,000 MT in 1982 which decreased 265,000 MT in 1993, corresponding to 43% in twelve years, then keeping the same level. A big reduction was seen in the catches of the spotlined sardine, anchovy, Spanish mackerel, tiger puffer, short-necked clam, sea cucumber and others. The tiger puffer and Spanish mackerel were abundant as predators in the sea of anchovy. The biomass of anchovy was at its maximum in 1986 and decreased to less than one third in 1996. The stocks of tiger puffer and Spanish mackerel greatly decreased because of the higher fishing pressure compared to the anchovy stock. The fishing power of individual fisheries targeting on the tiger puffer and Spanish mackerel increased substantially when fishing vessel and fishing gear improved, resulting in an excessive fishing effort. A large quantity of small immature fishes is usually caught in the Seto Inland Sea, resulting in growth and/or recruitment overfishing for many species. Hence, it is necessary to promote management of the fisheries so as not to reduce the fish stocks, and to allow the Seto Inland Sea to return from being a sea of jellyfishes to a sea of anchovy

  10. Recovery of fish stocks in the Seto Inland Sea.

    PubMed

    Nagai, T

    2003-01-01

    The total amount of fisheries' yield in the Seto Inland Sea in 1999 was 571,000 MT, consisting of 256,000 MT by fishing and 315,000 MT from aquaculture. About 40,000 people engaged in the fishing and aquaculture industries, earned 129 billion yen (1100 million US$) by fishing and 89 billion yen (770 million $US) by aquaculture. The averaged annual catch for the Seto Inland Sea by fishing was 13 MT/km(2). Division into time periods in terms of eutrophication levels can be made: before 1960 when red sea bream were abundant with ecological divergence (before eutrophication), from 1960 to 1990 when the biomass of anchovy was large (during eutrophication), and after 1990 when the jellyfishes were abundant (excessive eutrophication or high N:P ratio). The fish production will decrease in the sea of jellyfishes. Actually, the amount of catch was 462,000 MT in 1982 which decreased 265,000 MT in 1993, corresponding to 43% in twelve years, then keeping the same level. A big reduction was seen in the catches of the spotlined sardine, anchovy, Spanish mackerel, tiger puffer, short-necked clam, sea cucumber and others. The tiger puffer and Spanish mackerel were abundant as predators in the sea of anchovy. The biomass of anchovy was at its maximum in 1986 and decreased to less than one third in 1996. The stocks of tiger puffer and Spanish mackerel greatly decreased because of the higher fishing pressure compared to the anchovy stock. The fishing power of individual fisheries targeting on the tiger puffer and Spanish mackerel increased substantially when fishing vessel and fishing gear improved, resulting in an excessive fishing effort. A large quantity of small immature fishes is usually caught in the Seto Inland Sea, resulting in growth and/or recruitment overfishing for many species. Hence, it is necessary to promote management of the fisheries so as not to reduce the fish stocks, and to allow the Seto Inland Sea to return from being a sea of jellyfishes to a sea of anchovy

  11. Changing recruitment capacity in global fish stocks.

    PubMed

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

    2016-01-01

    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. PMID:26668368

  12. 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.

  13. 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.

  14. 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.

  15. Changing recruitment capacity in global fish stocks

    PubMed Central

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

    2016-01-01

    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. PMID:26668368

  16. Changing recruitment capacity in global fish stocks.

    PubMed

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

    2016-01-01

    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.

  17. 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.

  18. Influence network in the Chinese stock market

    NASA Astrophysics Data System (ADS)

    Gao, Ya-Chun; Zeng, Yong; Cai, Shi-Min

    2015-03-01

    In a stock market, the price fluctuations are interactive, that is, one listed company can influence others. In this paper, we seek to study the influence relationships among listed companies by constructing a directed network on the basis of the Chinese stock market. This influence network shows distinct topological properties. In particular, a few large companies that can lead the tendency of the stock market are recognized. Furthermore, by analyzing the subnetworks of listed companies distributed in several significant economic sectors, it is found that the influence relationships are totally different from one economic sector to another, of which three types of connectivity as well as hub-like listed companies are identified. In addition, the rankings of listed companies obtained from the centrality metrics of the influence network are compared with those according to the assets, which gives inspiration to uncover and understand the importance of listed companies on the stock market. These empirical results are meaningful in providing these topological properties of the Chinese stock market and economic sectors as well as revealing the interactive influence relationships among listed companies.

  19. Skeletal Muscle Abnormalities in Heart Failure.

    PubMed

    Kinugawa, Shintaro; Takada, Shingo; Matsushima, Shouji; Okita, Koichi; Tsutsui, Hiroyuki

    2015-01-01

    Exercise capacity is lowered in patients with heart failure, which limits their daily activities and also reduces their quality of life. Furthermore, lowered exercise capacity has been well demonstrated to be closely related to the severity and prognosis of heart failure. Skeletal muscle abnormalities including abnormal energy metabolism, transition of myofibers from type I to type II, mitochondrial dysfunction, reduction in muscular strength, and muscle atrophy have been shown to play a central role in lowered exercise capacity. The skeletal muscle abnormalities can be classified into the following main types: 1) low endurance due to mitochondrial dysfunction; and 2) low muscle mass and muscle strength due to imbalance of protein synthesis and degradation. The molecular mechanisms of these skeletal muscle abnormalities have been studied mainly using animal models. The current review including our recent study will focus upon the skeletal muscle abnormalities in heart failure. PMID:26346520

  20. Effects of Successive Rotation Regimes on Carbon Stocks in Eucalyptus Plantations in Subtropical China Measured over a Full Rotation.

    PubMed

    Li, Xiaoqiong; Ye, Duo; Liang, Hongwen; Zhu, Hongguang; Qin, Lin; Zhu, Yuling; Wen, Yuanguang

    2015-01-01

    Plantations play an important role in carbon sequestration and the global carbon cycle. However, there is a dilemma in that most plantations are managed on short rotations, and the carbon sequestration capacities of these short-rotation plantations remain understudied. Eucalyptus has been widely planted in the tropics and subtropics due to its rapid growth, high adaptability, and large economic return. Eucalyptus plantations are primarily planted in successive rotations with a short rotation length of 6~8 years. In order to estimate the carbon-stock potential of eucalyptus plantations over successive rotations, we chose a first rotation (FR) and a second rotation (SR) stand and monitored the carbon stock dynamics over a full rotation from 1998 to 2005. Our results showed that carbon stock in eucalyptus trees (TC) did not significantly differ between rotations, while understory vegetation (UC) and soil organic matter (SOC) stored less carbon in the SR (1.01 vs. 2.76 Mg.ha(-1) and 70.68 vs. 81.08 Mg. ha(-1), respectively) and forest floor carbon (FFC) conversely stored more (2.80 vs. 2.34 Mg. ha(-1)). The lower UC and SOC stocks in the SR stand resulted in 1.13 times lower overall ecosystem carbon stock. Mineral soils and overstory trees were the two dominant carbon pools in eucalyptus plantations, accounting for 73.77%~75.06% and 20.50%~22.39%, respectively, of the ecosystem carbon pool. However, the relative contribution (to the ecosystem pool) of FFC stocks increased 1.38 times and that of UC decreased 2.30 times in the SR versus FR stand. These carbon pool changes over successive rotations were attributed to intensive successive rotation regimes of eucalyptus plantations. Our eight year study suggests that for the sustainable development of short-rotation plantations, a sound silvicultural strategy is required to achieve the best combination of high wood yield and carbon stock potential.