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Sample records for individual stock trading

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

    PubMed

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

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

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

    PubMed Central

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

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

  3. Trading Network Predicts Stock Price

    PubMed Central

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

    2014-01-01

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices. PMID:24429767

  4. 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.

  5. Quantifying immediate price impact of trades based on the k-shell decomposition of stock trading networks

    NASA Astrophysics Data System (ADS)

    Xie, Wen-Jie; Li, Ming-Xia; Xu, Hai-Chuan; Chen, Wei; Zhou, Wei-Xing; Stanley, H. Eugene

    2016-10-01

    Traders in a stock market exchange stock shares and form a stock trading network. Trades at different positions of the stock trading network may contain different information. We construct stock trading networks based on the limit order book data and classify traders into k classes using the k-shell decomposition method. We investigate the influences of trading behaviors on the price impact by comparing a closed national market (A-shares) with an international market (B-shares), individuals and institutions, partially filled and filled trades, buyer-initiated and seller-initiated trades, and trades at different positions of a trading network. Institutional traders professionally use some trading strategies to reduce the price impact and individuals at the same positions in the trading network have a higher price impact than institutions. We also find that trades in the core have higher price impacts than those in the peripheral shell.

  6. 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.

  7. The Geometric Phase of Stock Trading

    PubMed Central

    2016-01-01

    Geometric phases describe how in a continuous-time dynamical system the displacement of a variable (called phase variable) can be related to other variables (shape variables) undergoing a cyclic motion, according to an area rule. The aim of this paper is to show that geometric phases can exist also for discrete-time systems, and even when the cycles in shape space have zero area. A context in which this principle can be applied is stock trading. A zero-area cycle in shape space represents the type of trading operations normally carried out by high-frequency traders (entering and exiting a position on a fast time-scale), while the phase variable represents the cash balance of a trader. Under the assumption that trading impacts stock prices, even zero-area cyclic trading operations can induce geometric phases, i.e., profits or losses, without affecting the stock quote. PMID:27556642

  8. Statistical properties of trading activity in Chinese stock market

    NASA Astrophysics Data System (ADS)

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

    2010-08-01

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

  9. 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.

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

    PubMed

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

    2015-10-01

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

  11. 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.

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

    NASA Astrophysics Data System (ADS)

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

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

  13. Fluctuations of trading volume in a stock market

    NASA Astrophysics Data System (ADS)

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

    2009-03-01

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

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

    NASA Astrophysics Data System (ADS)

    Wang, Shanshan; Schäfer, Rudi; Guhr, Thomas

    2016-04-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2014-09-01

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

  16. The trading time risks of stock investment in stock price drop

    NASA Astrophysics Data System (ADS)

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

    2016-11-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2009-03-01

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

  18. Modeling and Scaling of the Distribution of Trade Avalanches in a STOCK Market

    NASA Astrophysics Data System (ADS)

    Kim, Hyun-Joo

    We study the trading activity in the Korea Stock Exchange by considering trade avalanches. A series of successive trading with small trade time interval is regarded as a trade avalanche of which the size s is defined as the number of trade in a series of successive trades. We measure the distribution of trade avalanches sizes P(s) and find that it follows the power-law behavior P(s) ~ s-α with the exponent α ≈ 2 for two stocks with the largest number of trades. A simple stochastic model which describes the power-law behavior of the distribution of trade avalanche size is introduced. In the model it is assumed that the some trades induce the accompanying trades, which results in the trade avalanches and we find that the distribution of the trade avalanche size also follows power-law behavior with the exponent α ≈ 2.

  19. Asymmetric responses of international stock markets to trading volume

    NASA Astrophysics Data System (ADS)

    Gerlach, Richard; Chen, Cathy W. S.; Lin, Doris S. Y.; Huang, Ming-Hsiang

    2006-02-01

    The major goal of this paper is to examine the hypothesis that stock returns and return volatility are asymmetric, threshold nonlinear, functions of change in trading volume. A minor goal is to examine whether return spillover effects also display such asymmetry. Employing a double-threshold GARCH model with trading volume as a threshold variable, we find strong evidence supporting this hypothesis in five international market return series. Asymmetric causality tests lend further support to our trading volume threshold model and conclusions. Specifically, an increase in volume is positively associated, while decreasing volume is negatively associated, with the major price index in four of the five markets. The volatility of each series also displays an asymmetric reaction, four of the markets display higher volatility following increases in trading volume. Using posterior odds ratio, the proposed threshold model is strongly favored in three of the five markets, compared to a US news double threshold GARCH model and a symmetric GARCH model. We also find significant nonlinear asymmetric return spillover effects from the US market.

  20. Stock Market Index Data and indicators for Day Trading as a Binary Classification problem.

    PubMed

    Bruni, Renato

    2017-02-01

    Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

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

    NASA Astrophysics Data System (ADS)

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

    2014-03-01

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

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

    PubMed

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

    2014-03-27

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

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

    PubMed Central

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

    2014-01-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2017-03-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2015-11-01

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

  7. 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…

  8. 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.

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

    NASA Astrophysics Data System (ADS)

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

    2016-06-01

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

  10. 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.

  11. 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.

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

    PubMed

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

    2009-12-01

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

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

    NASA Astrophysics Data System (ADS)

    Liu, Xinghua; Liu, Xin; Liang, Xiaobei

    2015-07-01

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

  14. Trading Rules on Stock Markets Using Genetic Network Programming with Reinforcement Learning and Importance Index

    NASA Astrophysics Data System (ADS)

    Mabu, Shingo; Hirasawa, Kotaro; Furuzuki, Takayuki

    Genetic Network Programming (GNP) is an evolutionary computation which represents its solutions using graph structures. Since GNP can create quite compact programs and has an implicit memory function, it has been clarified that GNP works well especially in dynamic environments. In addition, a study on creating trading rules on stock markets using GNP with Importance Index (GNP-IMX) has been done. IMX is a new element which is a criterion for decision making. In this paper, we combined GNP-IMX with Actor-Critic (GNP-IMX&AC) and create trading rules on stock markets. Evolution-based methods evolve their programs after enough period of time because they must calculate fitness values, however reinforcement learning can change programs during the period, therefore the trading rules can be created efficiently. In the simulation, the proposed method is trained using the stock prices of 10 brands in 2002 and 2003. Then the generalization ability is tested using the stock prices in 2004. The simulation results show that the proposed method can obtain larger profits than GNP-IMX without AC and Buy&Hold.

  15. Effects of Intraday Patterns on Analysis of STOCK Market Index and Trading Volume

    NASA Astrophysics Data System (ADS)

    Choi, Hyung Wooc; Maeng, Seong Eun; Lee, Jae Woo

    We review the stylized properties of the stock market and consider effects of the intraday patterns on the analysis of the time series for the stock index and the trading volume in Korean stock market. In the stock market the probability distribution function (pdf) of the return and volatility followed the power law for the stock index and the change of the volume traded. The volatility of the stock index showed the long-time memory and the autocorrelation function followed a power law. We applied two eliminating methods of the intraday patterns: the intraday patterns of the time series itself, and the intraday patterns of the absolute return for the index or the absolute volume change. We scaled the index and return by two types of the intraday patterns. We considered the probability distribution function and the autocorrelation function (ACF) for the time series scaled by the intraday patterns. The cumulative probability distribution function of the returns scaled by the intraday patterns showed a power law, P>(r) r-α±, where α± corresponds to the exponent of the positive and negative fat tails. The pdf of the return scaled by intraday patterns by the absolute return decayed much steeper than that of the return scaled by intraday patterns of the index itself. The pdf for the volume change also followed the power law for both methods of eliminating intraday patterns. However, the exponents of the power law at fat tails do not depend on the intraday patterns. The ACF of the absolute return showed long-time correlation and followed the power law for the scaled index and for the scaled volume. The daily periodicity of the ACF was removed for scaled time series by the intraday patterns of the absolute return or the absolute volume change.

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

    PubMed

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

    2011-10-01

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

  17. Trading strategy based on dynamic mode decomposition: Tested in Chinese stock market

    NASA Astrophysics Data System (ADS)

    Cui, Ling-xiao; Long, Wen

    2016-11-01

    Dynamic mode decomposition (DMD) is an effective method to capture the intrinsic dynamical modes of complex system. In this work, we adopt DMD method to discover the evolutionary patterns in stock market and apply it to Chinese A-share stock market. We design two strategies based on DMD algorithm. The strategy which considers only timing problem can make reliable profits in a choppy market with no prominent trend while fails to beat the benchmark moving-average strategy in bull market. After considering the spatial information from spatial-temporal coherent structure of DMD modes, we improved the trading strategy remarkably. Then the DMD strategies profitability is quantitatively evaluated by performing SPA test to correct the data-snooping effect. The results further prove that DMD algorithm can model the market patterns well in sideways market.

  18. 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.

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

    NASA Astrophysics Data System (ADS)

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

    2015-02-01

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

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

    PubMed

    Donath, Elie; Eisenberg, Mark J

    2012-01-01

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

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

    PubMed

    Roberts, D S; MacDonald, B E

    2001-06-01

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

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

    PubMed

    Wilasang, Chaiwat; Wiratsudakul, Anuwat; Chadsuthi, Sudarat

    2016-01-01

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

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

    PubMed Central

    Wilasang, Chaiwat; Wiratsudakul, Anuwat; Chadsuthi, Sudarat

    2016-01-01

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

  4. NORs inheritance analysis in crossings including individuals from two stocks of rainbow trout (Oncorhynchus mykiss).

    PubMed

    Porto-Foresti, Fábio; Oliveira, Claudio; Tabata, Yara Aiko; Rigolino, Marcos Guilherme; Foresti, Fausto

    2002-01-01

    Silver nitrate staining of rainbow trouts (Oncorhynchus mykiss) chromosomes, for the identification of the nucleolar organizing regions (NORs), revealed that in individuals from Núcleo Experimental de Salmonicultura de Campos do Jordão (Brazil) NORs were located in the long arms of submetacentric pair while in specimens from Mount Shasta (USA) NORs were located in the short arms of a submetacentric pair. Cytogenetic analysis of the offspring, obtained through artificial crosses including individuals from both stocks, allowed the identification of NORs in two submetacentric chromosomes, one in the short arms and the other in the long arms, confirming the effectiveness of the hybridization process. Complementary results obtained using the FISH technique with 18S and 5S rDNA probes showed that NOR-bearing chromosomes exhibited a cluster of 5S genes located in tandem with the 18S gene cluster in both stocks. The results allow us to suggest that the difference in NOR-bearing chromosomes found between the two stocks is likely to be due to pericentric inversion involving the chromosome segment where 18S and 5S rDNA genes are located. The presence of ribosomal genes in the long arms of a submetacentric chromosome is apparently a particular characteristic of the rainbow trout stock of Campos do Jordão and might be used as a chromosome marker in studies of controlled crosses in this species.

  5. 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.

  6. Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features

    PubMed Central

    Graczyk, Michelle B.; Duarte Queirós, Sílvio M.

    2016-01-01

    We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume—as well as the volatility of the price fluctuations—experienced a significant change from 2008 (the year of the “subprime” financial crisis) onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants—namely the skewness and the kurtosis—shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market. PMID:27812141

  7. Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features.

    PubMed

    Graczyk, Michelle B; Duarte Queirós, Sílvio M

    2016-01-01

    We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume-as well as the volatility of the price fluctuations-experienced a significant change from 2008 (the year of the "subprime" financial crisis) onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants-namely the skewness and the kurtosis-shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market.

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

    NASA Astrophysics Data System (ADS)

    Domino, Krzysztof; Błachowicz, Tomasz

    2014-11-01

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

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

    ERIC Educational Resources Information Center

    Dean, James W.

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

  10. Lathe Operator. Coordinator's Guide. Individualized Study Guide. General Metal Trades.

    ERIC Educational Resources Information Center

    East Texas State Univ., Commerce. Occupational Curriculum Lab.

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

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

    PubMed Central

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

    2010-01-01

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

  12. Trading carbon for food: global comparison of carbon stocks vs. crop yields on agricultural land.

    PubMed

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

    2010-11-16

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

  13. The effect of tick size on trading volume share in three competing stock markets

    NASA Astrophysics Data System (ADS)

    Nagumo, Shota; Shimada, Takashi; Ito, Nobuyasu

    2016-09-01

    The relationship between tick sizes and trading volume share in two and three competing markets is studied theoretically. By introducing a simple model which is equipped with multiple markets and non-strategic traders, we analytically calculate the share. It is shown that share is shifted from a market with a larger tick size to a market with a smaller tick size, and the size of share-shift is determined by difference between tick sizes not by ratio between tick sizes in both cases of two markets and three markets.

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

    NASA Astrophysics Data System (ADS)

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

    2014-08-01

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

  15. Gender-specific Correlates of Sex Trade among Homeless and Marginally Housed Individuals in San Francisco

    PubMed Central

    Dilworth, Samantha E.; Neilands, Torsten B.; Cohen, Jennifer; Bangsberg, David R.; Riley, Elise D.

    2006-01-01

    Objective: Sex exchange is a well-established risk factor for HIV infection. Little is known about how correlates of sex trade differ by biologic sex and whether length of homelessness is associated with sex trade. We conducted a cross-sectional study among a sample of 1,148 homeless and marginally housed individuals in San Francisco to assess correlates of exchanging sex for money or drugs. Key independent variables included length of homelessness; use of crack, heroin or methamphetamine; HIV status; and sexual orientation. Analyses were restricted by biologic sex. In total, 39% of women and 30% of men reported a lifetime history of sex exchange. Methamphetamine use and greater length of homelessness were positively associated with a history of sex trade among women, while heroin use, recent mental health treatment, and homosexual or bisexual orientation were significantly associated with sex trade for men. Crack use was correlated with sex trade for both genders. Correlates of sex trade differ significantly according to biologic sex, and these differences should be considered in the design of effective HIV prevention programs. Our findings highlight the critical need to develop long-term services to improve housing status for homeless women, mental health services for homeless men, and drug treatment services for homeless adults involved in sex work. PMID:16845499

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

    PubMed Central

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

    2013-01-01

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

  17. The Effect of Tick Size on Trading Volume Share in Two Competing Stock Markets

    NASA Astrophysics Data System (ADS)

    Nagumo, Shota; Shimada, Takashi; Yoshioka, Naoki; Ito, Nobuyasu

    2017-01-01

    The relationship between tick sizes and trading volume shares in competing markets is studied theoretically. By introducing a simple model which is equipped with two markets and non-strategic traders, we analytically calculate the steady states. It is shown that a market with a larger tick size is generally deprived of its share by the competing market. However, if traders' preference for the present market because of its major share is strong enough, the market with a larger tick size has a chance to keep a major share in the steady state. These findings are consistent with the previous results obtained from a more complicated artificial market model and also provide a clear understanding of the basic mechanism of market competition.

  18. 75 FR 28842 - Self-Regulatory Organizations; Proposed Rule Change by Chicago Stock Exchange, Inc.; Notice of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... COMMISSION Self-Regulatory Organizations; Proposed Rule Change by Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Establish a Trading Halt for Individual Stocks Contained in the... Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with the Securities and...

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

    PubMed

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

    2014-02-15

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

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

    NASA Astrophysics Data System (ADS)

    Fischer, Rico; Huth, Andreas

    2014-05-01

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

  1. 78 FR 57431 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-09-18

    ... Error Correction Transactions, and the Cancellation or Adjustment of Stock Leg Trades of Stock-Option or... requirements for the cancellation of the stock leg trade of a Stock-Option order, to establish new requirements for the adjustment of the stock leg trade of a Stock-Option order, and to allow the stock leg trade...

  2. Multifractality in stock indexes: Fact or Fiction?

    NASA Astrophysics Data System (ADS)

    Jiang, Zhi-Qiang; Zhou, Wei-Xing

    2008-06-01

    Multifractal analysis and extensive statistical tests are performed upon intraday minutely data within individual trading days for four stock market indexes (including HSI, SZSC, S&P 500, and NASDAQ) to check whether the indexes (instead of the returns) possess multifractality. We find that the mass exponent τ(q) is linear and the singularity α(q) is close to 1 for all trading days and all indexes. Furthermore, we find strong evidence showing that the scaling behaviors of the original data sets cannot be distinguished from those of shuffled time series. Hence, the so-called multifractality in the intraday stock market indexes is merely an illusion.

  3. Prefrontal connections express individual differences in intrinsic resistance to trading off honesty values against economic benefits

    PubMed Central

    Dogan, Azade; Morishima, Yosuke; Heise, Felix; Tanner, Carmen; Gibson, Rajna; Wagner, Alexander F.; Tobler, Philippe N.

    2016-01-01

    Individuals differ profoundly when they decide whether to tell the truth or to be dishonest, particularly in situations where moral motives clash with economic motives, i.e., when truthfulness comes at a monetary cost. These differences should be expressed in the decision network, particularly in prefrontal cortex. However, the interactions between the core players of the decision network during honesty-related decisions involving trade-offs with economic costs remain poorly understood. To investigate brain connectivity patterns associated with individual differences in responding to economic costs of truthfulness, we used functional magnetic resonance imaging and measured brain activations, while participants made decisions concerning honesty. We found that in participants who valued honesty highly, dorsolateral and dorsomedial parts of prefrontal cortex were more tightly coupled with the inferior frontal cortex when economic costs were high compared to when they were low. Finer-grained analysis revealed that information flow from the inferior frontal cortex to the dorsolateral prefrontal cortex and bidirectional information flow between the inferior frontal cortex and dorsomedial prefrontal cortex was associated with a reduced tendency to trade off honesty for economic benefits. Our findings provide a novel account of the neural circuitry that underlies honest decisions in the face of economic temptations. PMID:27646044

  4. 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.

  5. 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.

  6. 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.

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

    PubMed

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

    2013-01-01

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

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

    ERIC Educational Resources Information Center

    California State Dept. of Employment Development, Sacramento.

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

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

    PubMed

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

    2015-01-01

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

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

    PubMed Central

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

    2015-01-01

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

  11. 75 FR 28845 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Establish a Trading Halt for Individual Stocks Contained in the Standard & Poor's 500 Index That Experience a 10 Percent Price...

  12. 75 FR 28839 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of a Proposed Rule Change To Establish a Trading Pause for Individual Stocks Contained in the Standard & Poor's 500 Index That Experience a Price Change of 10%...

  13. Individual heterogeneity and offspring sex affect the growth-reproduction trade-off in a mammal with indeterminate growth.

    PubMed

    Gélin, Uriel; Wilson, Michelle E; Cripps, Jemma; Coulson, Graeme; Festa-Bianchet, Marco

    2016-04-01

    Reproduction can lead to a trade-off with growth, particularly when individuals reproduce before completing body growth. Kangaroos have indeterminate growth and may always face this trade-off. We combined an experimental manipulation of reproductive effort and multi-year monitoring of a large sample size of marked individuals in two populations of eastern grey kangaroos to test the predictions (1) that reproduction decreases skeletal growth and mass gain and (2) that mass loss leads to reproductive failure. We also tested if sex-allocation strategies influenced these trade-offs. Experimental reproductive suppression revealed negative effects of reproduction on mass gain and leg growth from 1 year to the next. Unmanipulated females, however, showed a positive correlation between number of days lactating and leg growth over periods of 2 years and longer, suggesting that over the long term, reproductive costs were masked by individual heterogeneity in resource acquisition. Mass gain was necessary for reproductive success the subsequent year. Although mothers of daughters generally lost more mass than females nursing sons, mothers in poor condition experienced greater mass gain and arm growth if they had daughters than if they had sons. The strong links between individual mass changes and reproduction suggest that reproductive tactics are strongly resource-dependent.

  14. Physicians and Insider Trading.

    PubMed

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

    2015-12-01

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

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

    PubMed

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

    2015-01-01

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

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

    ERIC Educational Resources Information Center

    Westinghouse Learning Corp., New York, NY.

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

  17. 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.

  18. Testing of microsatellite multiplexes for individual identification of Cape Parrots (Poicephalus robustus): paternity testing and monitoring trade

    PubMed Central

    Coetzer, Willem G.; Downs, Colleen T.; Perrin, Mike R.

    2017-01-01

    Background Illegal trade in rare wildlife species is a major threat to many parrot species around the world. Wildlife forensics plays an important role in the preservation of endangered or threatened wildlife species. Identification of illegally harvested or traded animals through DNA techniques is one of the many methods used during forensic investigations. Natural populations of the South African endemic Cape Parrot (Poicephalus robustus) are negatively affected by the removal of eggs and chicks for the pet trade. Methods In this study, 16 microsatellite markers specifically designed for the South African endemic Cape Parrot (P. robustus) are assessed for their utility in forensic casework. Using these 16 loci, the genetic diversity of a subset of the captive Cape Parrot population was also assessed and compared to three wild Cape Parrot populations. Results It was determined that the full 16 locus panel has sufficient discriminatory power to be used in parentage analyses and can be used to determine if a bird has been bred in captivity and so can be legally traded or if it has been illegally removed from the wild. In cases where birds have been removed from the wild, this study suggests that a reduced 12 locus microsatellite panel has sufficient power to assign confiscated birds to geographic population of origin. Discussion The level of genetic diversity observed within the captive Cape Parrot population was similar to that observed in the wild populations, which suggests that the captive population is not suffering from decreased levels of genetic diversity. The captive Cape Parrots did however have double the number of private alleles compared to that observed in the most genetically diverse wild population. This is probably due to the presence of rare alleles present in the founder population, which has not been lost due to genetic drift, as many of the individuals tested in this study are F1–F3 wild descendants. The results from this study provide a suit

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

    PubMed

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

    2015-04-15

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

  20. 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

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

    ERIC Educational Resources Information Center

    Dean, James W.

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

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

    ERIC Educational Resources Information Center

    Dean, James W.

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

  3. Coupling detrended fluctuation analysis of Asian stock markets

    NASA Astrophysics Data System (ADS)

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

    2017-04-01

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

  4. 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... (3) Options on stock that is described in paragraph (a)(1) or (2) of this section, to the extent... days remaining in the quarter in which the offering occurs, or 5 days. (3) Anti-abuse rule. Trades...

  5. 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... (3) Options on stock that is described in paragraph (a)(1) or (2) of this section, to the extent... days remaining in the quarter in which the offering occurs, or 5 days. (3) Anti-abuse rule. Trades...

  6. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... marketable stock means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as... (3) Options on stock that is described in paragraph (a)(1) or (2) of this section, to the extent... days remaining in the quarter in which the offering occurs, or 5 days. (3) Anti-abuse rule. Trades...

  7. 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... (3) Options on stock that is described in paragraph (a)(1) or (2) of this section, to the extent... days remaining in the quarter in which the offering occurs, or 5 days. (3) Anti-abuse rule. Trades...

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

    PubMed

    Zhang, Huishu; Wei, Jianrong; Huang, Jiping

    2014-01-01

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

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

    PubMed

    Hlasny, Vladimir

    2011-06-01

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

  10. Evolution of aging: individual life history trade-offs and population heterogeneity account for mortality patterns across species.

    PubMed

    Le Cunff, Y; Baudisch, A; Pakdaman, K

    2014-08-01

    A broad range of mortality patterns has been documented across species, some even including decreasing mortality over age. Whether there exist a common denominator to explain both similarities and differences in these mortality patterns remains an open question. The disposable soma theory, an evolutionary theory of aging, proposes that universal intracellular trade-offs between maintenance/lifespan and reproduction would drive aging across species. The disposable soma theory has provided numerous insights concerning aging processes in single individuals. Yet, which specific population mortality patterns it can lead to is still largely unexplored. In this article, we propose a model exploring the mortality patterns which emerge from an evolutionary process including only the disposable soma theory core principles. We adapt a well-known model of genomic evolution to show that mortality curves producing a kink or mid-life plateaus derive from a common minimal evolutionary framework. These mortality shapes qualitatively correspond to those of Drosophila melanogaster, Caenorhabditis elegans, medflies, yeasts and humans. Species evolved in silico especially differ in their population diversity of maintenance strategies, which itself emerges as an adaptation to the environment over generations. Based on this integrative framework, we also derive predictions and interpretations concerning the effects of diet changes and heat-shock treatments on mortality patterns.

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

    NASA Astrophysics Data System (ADS)

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

    2012-01-01

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

  12. Asymmetric joint multifractal analysis in Chinese stock markets

    NASA Astrophysics Data System (ADS)

    Chen, Yuwen; Zheng, Tingting

    2017-04-01

    In this paper, the asymmetric joint multifractal analysis method based on statistical physics is proposed to explore the asymmetric correlation between daily returns and trading volumes in Chinese stock markets. The result shows asymmetric multifractal correlations exist between return and trading volume in Chinese stock markets. Moreover, when the stock indexes are upward, the fluctuations of returns are always weaker than when they are downward, whether the trading volumes are more or less.

  13. Compression stockings

    MedlinePlus

    ... knee bend. Compression Stockings Can Be Hard to Put on If it's hard for you to put on the stockings, try these tips: Apply lotion ... your legs, but let it dry before you put on the stockings. Use a little baby powder ...

  14. 78 FR 17464 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-03-21

    ... disclosures during the 4:00 a.m. to 7:00 a.m. period, obviating the need for material news halts. Clearly... Rule 5250 and NASDAQ IM-5250, which require overnight material disclosures to be forwarded to Market...., especially for individual stocks that experience material news or other trading events...

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

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-12-15

    ... Contained in the Standard & Poor's 500 Index, Russell 1000 Index, and Specified Exchange Traded Products... individual stocks contained in the Standard & Poor's 500 Index, Russell 1000 Index, and specified Exchange... securities in the Standard & Poor's 500 Index, the Russell 1000 Index, as well as a pilot list of...

  16. Debiasing the disposition effect by reducing the saliency of information about a stock's purchase price.

    PubMed

    Frydman, Cary; Rangel, Antonio

    2014-11-01

    The disposition effect refers to the empirical fact that investors have a higher propensity to sell risky assets with capital gains compared to risky assets with capital losses, and it has been associated with low trading performance. We use a stock trading laboratory experiment to investigate if it is possible to reduce subjects' tendency to exhibit a disposition effect by making information about a stock's purchase price, and thus about capital gains and losses, less salient. We compare two experimental conditions: a high-saliency condition in which the purchase price of a stock is prominently displayed by the trading software, and a low-saliency condition in which it is not displayed at all. We find that individuals exhibit a disposition effect in the high-saliency condition, and that the effect is 25% smaller in the low-saliency condition. This suggests that it is possible to debias the disposition effect by reducing the saliency with which information about a stock's purchase price is displayed on financial statements and online trading platforms.

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

    NASA Astrophysics Data System (ADS)

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

    2015-04-01

    Soil organic carbon (SOC) is extremely important in the global carbon (C) cycle; also, SOC is a soil property subject to changes, inasmuch as SOC is highly variable in space and time. The scientific community is researching the fate of the organic carbon in the ecosystems and this is why there is a blooming interest on this topic (Oliveira et al., 2014; Kukal et al., 2015). Soil organic matter play a key role in the Soil System (Fernández-Romero et al., 2014; Parras-Alcántara and Lozano García, 2014; Lozano-García and Parras-Alcántara; Parras-Alcántara et al., 2015).Globally it is known that soil C sequestration is a strategy to mitigate climate change. Over time, some researchers have analyzed entire soil profiles (ESP) by pedogenetic horizons and other researchers have analyzed soil control sections (SCS) (edaphic controls to different thickness), and in each case the benefits of the methodology established was justified. However, very few studies compare both methods (ESP versus SCS). This research sought to analyze the SOC stock (SOCS) variability using both methods (ESP and SCS) in The Despeñaperros Natural Park, a nature reserve that consists of a 76.8 km2 forested area in southern Spain. The park is in a Mediterranean environment and is a natural area (free of human disturbance). Thirty-four sampling points were selected in the study zone. Each sampling point was analyzed in two different ways, as ESP (by horizons) and as SCS with different depth increments (0-25, 25-50, 50-75 and 75-100 cm). The major goal of this research was to study the SOCS variability at regional scale. The studied soils were classified as Phaeozems, Cambisols, Regosols and Leptosols. The total SOCS in the Despeñaperros Natural Park was over 28.2% greater when SCS were used compared to ESP, ranging from 0.8144 Tg C to 0.6353 Tg C respectively (1 Tg = 10E12 g). However, when the top soil (surface horizon and superficial section control) was analyzed, this difference increased to

  18. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as defined in... section; (2) Stock in certain PFICs, as described in paragraph (d) of this section; and (3) Options on... the quarter in which the offering occurs, or 5 days. (3) Anti-abuse rule. Trades that have as one...

  19. Using the Stock Market Game to Teach Economics.

    ERIC Educational Resources Information Center

    Lopus, Jane Schaerges

    1985-01-01

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

  20. 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.

  1. 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

  2. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    PubMed

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

    2016-01-01

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

  3. Market Confidence Predicts Stock Price: Beyond Supply and Demand

    PubMed Central

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

    2016-01-01

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

  4. Single Stock Dynamics on High-Frequency Data: From a Compressed Coding Perspective

    PubMed Central

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

    2014-01-01

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

  5. 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.

  6. 12 CFR 333.4 - Conversions from mutual to stock form.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... management or employee stock benefit plan that does not conform with the applicable percentage limitations of..., implement a stock option plan or management or employee stock benefit plan, other than a tax-qualified... price at which the stock is trading at the time of grant; and (5) For management or employee...

  7. Social grants, welfare, and the incentive to trade-off health for income among individuals on HAART in South Africa.

    PubMed

    Venkataramani, Atheendar S; Maughan-Brown, Brendan; Nattrass, Nicoli; Ruger, Jennifer Prah

    2010-12-01

    South Africa's government disability grants are considered important in providing income support to low-income AIDS patients. Indeed, anecdotal evidence suggests that some individuals may opt to compromise their health by foregoing Highly Active Antiretroviral Treatment (HAART) to remain eligible for the grant. In this study, we examined the disability grant's importance to individual and household welfare, and the impact of its loss using a unique longitudinal dataset of HAART patients in Khayelitsha, Cape Town. We found that grant loss was associated with sizeable declines in income and changes in household composition. However, we found no evidence of individuals choosing poor health over grant loss. Our analysis also suggested that though the grants officially target those too sick to work, some people were able to keep grants longer than expected, and others received grants while employed. This has helped cushion people on HAART, but other welfare measures need consideration.

  8. 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.

  9. 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.

  10. Trade Unions Mirror Society in Conflict between Collectivism and Individualism. A Century of Struggle: A Labor History Symposium.

    ERIC Educational Resources Information Center

    Kessler-Harris, Alice; And Others

    1987-01-01

    This symposium includes the title article by Alice Kessler-Harris and the following responses: "The Extension of Solidarity Conficts with the Spirit of Individualism" (Melvyn Dubofsky); "The Black Labor Movement and the Fight for Social Advance" (William H. Harris); "Forging a Partnership between Blacks and Unions"…

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

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

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

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  13. 26 CFR 1.422-1 - Incentive stock options; general rules.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

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

  14. 26 CFR 1.422-1 - Incentive stock options; general rules.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

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

  15. Agent-specific impact of single trades in financial markets

    NASA Astrophysics Data System (ADS)

    Bladon, Alex J.; Moro, Esteban; Galla, Tobias

    2012-03-01

    We present an analysis of the price impact associated with single trades effected by different financial firms. Using data from the Spanish Stock Market, we find a high degree of heterogeneity across different market members, both in the instantaneous impact functions and in the time-dependent market response to trades by individual members. This heterogeneity is statistically incompatible with the existence of market-wide universal impact dynamics that apply uniformly to all trades and suggest that, rather, market dynamics emerge from the complex interaction of different behaviors of market participants. Several possible reasons for this are discussed, along with potential extensions one may consider to increase the range of applicability of existing models of market impact.

  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. 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.

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

    PubMed

    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<15 min, the exponents logarithmically decrease with the turnover rate and increase with the market capitalization. When Δt>15 min, 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.

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

    PubMed

    Hayes, Taylor R; Petrov, Alexander A

    2016-02-01

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

  20. Causalities of the Taiwan stock market

    NASA Astrophysics Data System (ADS)

    Ting, Julian Juhi-Lian

    2003-06-01

    Volatility, fitting with first-order Landau expansion, stationarity, and causality of the Taiwan stock market (TAIEX) are investigated based on daily records. Instead of consensuses that consider stock market index change as a random time series we propose the market change as a dual time series consists of the index and the corresponding volume. Therefore, causalities between these two time series are investigated. Our results suggest the volume time series is of second-order importance than the index time series. The index time series receives slightly stronger influence from the previous 67th trading day, while the volume time series is slightly stronger influenced by the previous 62nd trading day.

  1. Real Time Updating Genetic Network Programming for Adapting to the Change of Stock Prices

    NASA Astrophysics Data System (ADS)

    Chen, Yan; Mabu, Shingo; Shimada, Kaoru; Hirasawa, Kotaro

    The key in stock trading model is to take the right actions for trading at the right time, primarily based on the accurate forecast of future stock trends. Since an effective trading with given information of stock prices needs an intelligent strategy for the decision making, we applied Genetic Network Programming (GNP) to creating a stock trading model. In this paper, we propose a new method called Real Time Updating Genetic Network Programming (RTU-GNP) for adapting to the change of stock prices. There are three important points in this paper: First, the RTU-GNP method makes a stock trading decision considering both the recommendable information of technical indices and the candlestick charts according to the real time stock prices. Second, we combine RTU-GNP with a Sarsa learning algorithm to create the programs efficiently. Also, sub-nodes are introduced in each judgment and processing node to determine appropriate actions (buying/selling) and to select appropriate stock price information depending on the situation. Third, a Real Time Updating system has been firstly introduced in our paper considering the change of the trend of stock prices. The experimental results on the Japanese stock market show that the trading model with the proposed RTU-GNP method outperforms other models without real time updating. We also compared the experimental results using the proposed method with Buy&Hold method to confirm its effectiveness, and it is clarified that the proposed trading model can obtain much higher profits than Buy&Hold method.

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

    NASA Astrophysics Data System (ADS)

    Solomon, Sorin

    1999-09-01

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

  3. 76 FR 20433 - MaxLife Fund Corp.; Order of Suspension of Trading

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-12

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

  4. Post-hit dynamics of price limit hits in the Chinese stock markets

    NASA Astrophysics Data System (ADS)

    Wu, Ting; Wang, Yue; Li, Ming-Xia

    2017-01-01

    Price limit trading rules are useful to cool off traders short-term trading mania on individual stocks. The price dynamics approaching the limit boards are known as the magnet effect. However, the price dynamics after opening price limit hits are not well investigated. Here, we provide a detailed analysis on the price dynamics after the hits of up-limit or down-limit is open based on all A-share stocks traded in the Chinese stock markets. A "W" shape is found in the expected return, which reveals high probability of a continuous price limit hit on the following day. We also find that price dynamics after opening limit hits are dependent on the market trends. The time span of continuously hitting the price limit is found to an influence factor of the expected profit after the limit hit is open. Our analysis provides a better understanding of the price dynamics around the limit boards and contributes potential practical values for investors.

  5. 26 CFR 1.958-2 - Constructive ownership of stock.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... counted twice. Therefore, the total amount of stock in R Corporation owned by United States shareholders... such individual by blood. (3) Stock owned by nonresident alien individual. For purposes of this... the total combined voting power of all classes of stock entitled to vote in a corporation, it shall...

  6. 26 CFR 1.958-2 - Constructive ownership of stock.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... counted twice. Therefore, the total amount of stock in R Corporation owned by United States shareholders... individual by blood. (3) Stock owned by nonresident alien individual. For purposes of this paragraph, stock..., trust, or corporation owns, directly or indirectly, more than 50 percent of the total combined...

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

    NASA Astrophysics Data System (ADS)

    Roberts, Peter M.

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

  8. Empirical study of recent Chinese stock market

    NASA Astrophysics Data System (ADS)

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

    2009-05-01

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

  9. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

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

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

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... the person carried on the books and records of the interest recipient as the principal borrower on the mortgage. If the books and records of the interest recipient do not indicate which borrower is the... a trade or business (whether or not the trade or business of lending money) and that, in the...

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

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... the person carried on the books and records of the interest recipient as the principal borrower on the mortgage. If the books and records of the interest recipient do not indicate which borrower is the... a trade or business (whether or not the trade or business of lending money) and that, in the...

  12. LETTER: Synchronization model for stock market asymmetry

    NASA Astrophysics Data System (ADS)

    Donangelo, Raul; Jensen, Mogens H.; Simonsen, Ingve; Sneppen, Kim

    2006-11-01

    The waiting time needed for a stock market index to undergo a given percentage change in its value is found to have an up down asymmetry, which, surprisingly, is not observed for the individual stocks composing that index. To explain this, we introduce a market model consisting of randomly fluctuating stocks that occasionally synchronize their short term draw-downs. These synchronous events are parametrized by a 'fear factor', that reflects the occurrence of dramatic external events which affect the financial market.

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

    NASA Astrophysics Data System (ADS)

    Gong, Pu; Weng, Yingliang

    2016-01-01

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

  14. Tick size and stock returns

    NASA Astrophysics Data System (ADS)

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

    2009-02-01

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

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

    ERIC Educational Resources Information Center

    Pahl, Ronald H.

    1992-01-01

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

  16. 75 FR 1596 - Grant of Authority for Subzone Status, Reynolds Packaging LLC (Aluminum Foil Liner Stock...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-01-12

    ... (Aluminum Foil Liner Stock), Louisville, Kentucky Pursuant to its authority under the Foreign-Trade Zones... to the Board for authority to establish a special-purpose subzone at the aluminum foil liner stock... status for activity related to the manufacturing and distribution of aluminum foil liner stock...

  17. Degree-strength correlation reveals anomalous trading behavior.

    PubMed

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

    2012-01-01

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

  18. Degree-Strength Correlation Reveals Anomalous Trading Behavior

    PubMed Central

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

    2012-01-01

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

  19. 77 FR 73104 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-12-07

    ..., stock price, the number of publicly traded shares, and corporate governance standards to ensure... corporate governance listing standards, Nasdaq Rule 5101 also gives the Exchange discretion to deny...

  20. 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…

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

    PubMed Central

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

    2013-01-01

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

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

    PubMed

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

    2013-12-01

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

  3. 26 CFR 1.961-1 - Increase in basis of stock in controlled foreign corporations and of other property.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... one class of stock in controlled foreign corporation R which owns all of the one class of stock in..., an individual United States shareholder, owns all of the 1,000 shares of the one class of stock...

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

    NASA Astrophysics Data System (ADS)

    Roehner, Bertrand M.

    2005-03-01

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

  5. Dissecting cross-impact on stock markets: an empirical analysis

    NASA Astrophysics Data System (ADS)

    Benzaquen, M.; Mastromatteo, I.; Eisler, Z.; Bouchaud, J.-P.

    2017-02-01

    The vast majority of market impact studies assess each product individually, and the interactions between the different order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions in fact mediate a significant part of the correlation between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and accounts for a significant fraction of the covariance of stock returns. We dissect the various dynamical mechanisms that contribute to the joint dynamics of assets. We also define two simplified models with substantially less parameters in order to reduce overfitting, and show that they have superior out-of-sample performance.

  6. 41 CFR 109-27.5104-5 - Control and issue of stock.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

    ... stock. 109-27.5104-5 Section 109-27.5104-5 Public Contracts and Property Management Federal Property... stock. Precious metals in stock are metals held in a central location and later issued to individuals... metals: (a) Stocks shall be held to a minimum consistent with efficient support to programs. (b) The...

  7. 41 CFR 109-27.5104-5 - Control and issue of stock.

    Code of Federal Regulations, 2013 CFR

    2013-07-01

    ... stock. 109-27.5104-5 Section 109-27.5104-5 Public Contracts and Property Management Federal Property... stock. Precious metals in stock are metals held in a central location and later issued to individuals... metals: (a) Stocks shall be held to a minimum consistent with efficient support to programs. (b) The...

  8. 41 CFR 109-27.5104-5 - Control and issue of stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... stock. 109-27.5104-5 Section 109-27.5104-5 Public Contracts and Property Management Federal Property... stock. Precious metals in stock are metals held in a central location and later issued to individuals... metals: (a) Stocks shall be held to a minimum consistent with efficient support to programs. (b) The...

  9. 41 CFR 109-27.5104-5 - Control and issue of stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... stock. 109-27.5104-5 Section 109-27.5104-5 Public Contracts and Property Management Federal Property... stock. Precious metals in stock are metals held in a central location and later issued to individuals... metals: (a) Stocks shall be held to a minimum consistent with efficient support to programs. (b) The...

  10. 41 CFR 109-27.5104-5 - Control and issue of stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... stock. 109-27.5104-5 Section 109-27.5104-5 Public Contracts and Property Management Federal Property... stock. Precious metals in stock are metals held in a central location and later issued to individuals... metals: (a) Stocks shall be held to a minimum consistent with efficient support to programs. (b) The...

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

    PubMed Central

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

    2010-01-01

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

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

    PubMed

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

    2010-12-20

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

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

    NASA Astrophysics Data System (ADS)

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

    1999-12-01

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

  14. 76 FR 44076 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-22

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NASDAQ Stock Market Equities Trading Rules 4757 and 4758 and... 13, 2011, The NASDAQ Stock Market LLC (the ``Exchange'' or ``NASDAQ'') filed with the Securities...

  15. 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.

  16. Interaction of ecological and angler processes: experimental stocking in an open access, spatially structured fishery.

    PubMed

    Mee, Jonathan A; Post, John R; Ward, Hillary; Wilson, Kyle L; Newton, Eric; Cantin, Ariane

    2016-09-01

    Effective management of socioecological systems requires an understanding of the complex interactions between people and the environment. In recreational fisheries, which are prime examples of socioecological systems, anglers are analogous to mobile predators in natural predator-prey systems, and individual fisheries in lakes across a region are analogous to a spatially structured landscape of prey patches. Hence, effective management of recreational fisheries across large spatial scales requires an understanding of the dynamic interactions among ecological density dependent processes, landscape-level characteristics, and angler behaviors. We focused on the stocked component of the open access rainbow trout (Oncorhynchus mykiss) fishery in British Columbia (BC), and we used an experimental approach wherein we manipulated stocking densities in a subset of 34 lakes in which we monitored angler effort, fish abundance, and fish size for up to seven consecutive years. We used an empirically derived relationship between fish abundance and fish size across rainbow trout populations in BC to provide a measure of catch-based fishing quality that accounts for the size-abundance trade off in this system. We replicated our experimental manipulation in two regions known to have different angler populations and broad-scale access costs. We hypothesized that angler effort would respond to variation in stocking density, resulting in spatial heterogeneity in angler effort but homogeneity in catch-based fishing quality within regions. We found that there is an intermediate stocking density for a given lake or region at which angler effort is maximized (i.e., an optimal stocking density), and that this stocking density depends on latent effort and lake accessibility. Furthermore, we found no clear effect of stocking density on our measure of catch-based fishing quality, suggesting that angler effort homogenizes catch-related attributes leading to an eroded relationship between

  17. Stock Market Project.

    ERIC Educational Resources Information Center

    Distel, Brenda D.

    This project is designed to teach students the process of buying stocks and to tracking their investments over the course of a semester. The goals of the course are to teach students about the relationships between conditions in the economy and the stock market; to predict the effect of an economic event on a specific stock or industry; to relate…

  18. Universal Fluctuations of the S&100 Stock Index Returns

    NASA Astrophysics Data System (ADS)

    Gonçalves, Rui; Pinto, Alberto

    2009-09-01

    We analyze the constituents stocks of the well known Standard & Poor's 100 index (S&P100) that are traded in the NYSE and NASDAQ markets. We observe the data collapse of the histogram of the S&P100 index fluctuations to the universal non-parametric Bramwell-Holdsworth-Pinton (BHP) distribution. Since the BHP probability density function appears in several other dissimilar phenomena, our result reveals an universal feature of the stock exchange markets.

  19. 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.

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

    NASA Astrophysics Data System (ADS)

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

    2015-11-01

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

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

    PubMed Central

    Alter, Adam L.; Oppenheimer, Daniel M.

    2006-01-01

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

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

    PubMed

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

    2016-01-01

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

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

    PubMed Central

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

    2016-01-01

    A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective. PMID:26900948

  4. 26 CFR 1.897-9T - Treatment of certain interest in publicly traded corporations, definition of foreign person, and...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ...) General rule—(i) Trading requirements. A class of interests that is traded on one or more established... foreign securities markets. A class of interests in a domestic corporation that is traded on one or more... traded class of the corporation's stock with the lowest fair market value. However, if a...

  5. A quantum-like approach to the stock market

    NASA Astrophysics Data System (ADS)

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

    2012-03-01

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

  6. Ensemble properties of securities traded in the NASDAQ market

    NASA Astrophysics Data System (ADS)

    Lillo, Fabrizio; Mantegna, Rosario N.

    2001-10-01

    We study the price dynamics of stocks traded in the NASDAQ market by considering the statistical properties of an ensemble of stocks traded simultaneously. For each trading day of our database, we study the ensemble return distribution by extracting its first two central moments. According to the previous results obtained for the NYSE market, we find that the second moment is a long-range correlated variable. We compare time-averaged and ensemble-averaged price returns and we show that the two averaging procedures lead to different statistical results.

  7. Trade policy and public health.

    PubMed

    Friel, Sharon; Hattersley, Libby; Townsend, Ruth

    2015-03-18

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

  8. On financial markets trading

    NASA Astrophysics Data System (ADS)

    Matassini, Lorenzo; Franci, Fabio

    2001-01-01

    Starting from the observation of the real trading activity, we propose a model of a stockmarket simulating all the typical phases taking place in a stock exchange. We show that there is no need of several classes of agents once one has introduced realistic constraints in order to confine money, time, gain and loss within an appropriate range. The main ingredients are local and global coupling, randomness, Zipf distribution of resources and price formation when inserting an order. The simulation starts with the initial public offer and comprises the broadcasting of news/advertisements and the building of the book, where all the selling and buying orders are stored. The model is able to reproduce fat tails and clustered volatility, the two most significant characteristics of a real stockmarket, being driven by very intuitive parameters.

  9. A truer measure of the market: the molecular ecology of fisheries and wildlife trade.

    PubMed

    Baker, C Scott

    2008-09-01

    Wildlife and fisheries markets are end-points in the supply chain of both legitimate and illegitimate or unregulated trade in species and natural products. Molecular ecology provides powerful tools for surveillance and estimation of this trade. Here, I review the application of these tools to market surveys and species in trade, including species identification and molecular taxonomy, population assignment and 'mixed-stock' analysis, genetic tracking and capture-recapture by individual identification. I consider the analogy of markets to natural populations and also the unique features that require novel analytical approaches and sampling design. In the most developed of these applications, the molecular ecology of market surveys and confiscated trade shipments has provided independent estimates of illegal, unregulated or unreported exploitation for sharks, elephants and whales. Although each study has taken advantage of information from trade records or official government reports concerning the ostensible levels of exploitation, it is telling that the truer measure of exploitation seems to arise from the market end-point of the supply chain.

  10. 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.

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

    PubMed

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

    2013-03-22

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

  12. A Stock Market Project.

    ERIC Educational Resources Information Center

    Anderson, Christine; Cook, Stan

    1990-01-01

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

  13. Securities Trading: SEC Action Needed to Address National Market System Issues

    DTIC Science & Technology

    1990-03-01

    goals. (See p. 35.) I Development of Trading In May 1989, sec approved a maor change to the way stock options will Linkage for Multiple be listed and...December 1989) Table 1.1: Average Daily Volume of U.S. Stock Exchanges 50 0 and NASIDQ (1969) Table 1.2: Average Daily Stock Options Contract Volume 55 of...U.S. Options Exchanges (199) Table 1.3: Number of Stock Options Listed at Options 55 Exchanges (December 1989) Figures FIgure 2.1: N’SE Block Trades

  14. 16 CFR 802.10 - Stock dividends and splits; reorganizations.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Stock dividends and splits; reorganizations. 802.10 Section 802.10 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS, STATEMENTS AND INTERPRETATIONS UNDER THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 EXEMPTION RULES § 802.10...

  15. 16 CFR 802.10 - Stock dividends and splits; reorganizations.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 16 Commercial Practices 1 2011-01-01 2011-01-01 false Stock dividends and splits; reorganizations. 802.10 Section 802.10 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS, STATEMENTS AND INTERPRETATIONS UNDER THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 EXEMPTION RULES § 802.10...

  16. 16 CFR 802.10 - Stock dividends and splits; reorganizations.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 16 Commercial Practices 1 2014-01-01 2014-01-01 false Stock dividends and splits; reorganizations. 802.10 Section 802.10 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS, STATEMENTS AND INTERPRETATIONS UNDER THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 EXEMPTION RULES § 802.10...

  17. 16 CFR 802.10 - Stock dividends and splits; reorganizations.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 16 Commercial Practices 1 2012-01-01 2012-01-01 false Stock dividends and splits; reorganizations. 802.10 Section 802.10 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS, STATEMENTS AND INTERPRETATIONS UNDER THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 EXEMPTION RULES § 802.10...

  18. 16 CFR 802.10 - Stock dividends and splits; reorganizations.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 16 Commercial Practices 1 2013-01-01 2013-01-01 false Stock dividends and splits; reorganizations. 802.10 Section 802.10 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS, STATEMENTS AND INTERPRETATIONS UNDER THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 EXEMPTION RULES § 802.10...

  19. Building Trades.

    ERIC Educational Resources Information Center

    Gudzak, Raymond

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

  20. Marine Trades.

    ERIC Educational Resources Information Center

    Abbott, Alan

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

  1. Fractal Profit Landscape of the Stock Market

    PubMed Central

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

    2012-01-01

    We investigate the structure of the profit landscape obtained from the most basic, fluctuation based, trading strategy applied for the daily stock price data. The strategy is parameterized by only two variables, p and q Stocks are sold and bought if the log return is bigger than p and less than –q, respectively. Repetition of this simple strategy for a long time gives the profit defined in the underlying two-dimensional parameter space of p and q. It is revealed that the local maxima in the profit landscape are spread in the form of a fractal structure. The fractal structure implies that successful strategies are not localized to any region of the profit landscape and are neither spaced evenly throughout the profit landscape, which makes the optimization notoriously hard and hypersensitive for partial or limited information. The concrete implication of this property is demonstrated by showing that optimization of one stock for future values or other stocks renders worse profit than a strategy that ignores fluctuations, i.e., a long-term buy-and-hold strategy. PMID:22558079

  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. Effect of market factors on the short-time pricing of stock-exchange metals

    NASA Astrophysics Data System (ADS)

    Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

    2016-12-01

    The open trade on the world market is estimated using information of one-day exchange prices of nonferrous and precious metals, oil, reduced crude, and gasoline and the main world stock indices in the time period from January 1, 2009 to December 31, 2015. It is found that the short-term changes in the prices of nonferrous metals are determined by the prices on the metal market. The changes in the prices of energy carriers and the stock trade on the stock market weakly influence the pricing of nonferrous and precious metals. The prices of metals depend on the situation during trade on commodity exchanges, and the stock market indirectly influences the exchange prices of metals through changes in the share prices of the companies that produce copper, aluminum, and zinc.

  4. 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

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

    NASA Astrophysics Data System (ADS)

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

    2016-09-01

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

  6. The Stock Market: Risk vs. Uncertainty.

    ERIC Educational Resources Information Center

    Griffitts, Dawn

    2002-01-01

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

  7. Individualizing Medicare.

    PubMed

    Chollet, D J

    1999-05-01

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

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

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Qualified shareholder stock ownership test... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Foreign Corporations § 1.883-4T Qualified shareholder stock...)(B). (C) If the individual directly owns stock in the corporation seeking qualified...

  9. 26 CFR 1.1244(a)-1 - Loss on small business stock treated as ordinary loss.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 11 2011-04-01 2011-04-01 false Loss on small business stock treated as... Gains and Losses § 1.1244(a)-1 Loss on small business stock treated as ordinary loss. (a) In general...) An individual sustaining the loss to whom the stock was issued by a small business corporation, or...

  10. On the emergence of a generalised Gamma distribution. Application to traded volume in financial markets

    NASA Astrophysics Data System (ADS)

    Duarte Queirós, S. M.

    2005-08-01

    This letter reports on a stochastic dynamical scenario whose associated stationary probability density function is exactly a generalised form, with a power law instead of exponencial decay, of the ubiquitous Gamma distribution. This generalisation, also known as F-distribution, was empirically proposed for the first time to adjust for high-frequency stock traded volume distributions in financial markets and verified in experiments with granular material. The dynamical assumption presented herein is based on local temporal fluctuations of the average value of the observable under study. This proposal is related to superstatistics and thus to the current nonextensive statistical mechanics framework. For the specific case of stock traded volume, we connect the local fluctuations in the mean stock traded volume with the typical herding behaviour presented by financial traders. Last of all, NASDAQ 1 and 2 minute stock traded volume sequences and probability density functions are numerically reproduced.

  11. 27 CFR 46.206 - Articles in a foreign trade zone.

    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 Inventories § 46.206 Articles in a foreign trade zone....

  12. The overnight effect on the Taiwan stock market

    NASA Astrophysics Data System (ADS)

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

    2012-12-01

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

  13. 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.

  14. 76 FR 52724 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-23

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period of the Trading Pause for NMS Stocks August...

  15. 78 FR 6382 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-01-30

    ... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...\\ notice is hereby given that on January 16, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange... of the Proposed Rule Change NASDAQ proposes to list and trade option contracts overlying 10 shares...

  16. 78 FR 19791 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-02

    ... route orders in options listed and open for trading to destination markets. Each time NOS routes to away... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate... that on March 19, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with...

  17. 75 FR 16221 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-03-31

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

  18. Quantifying Wikipedia Usage Patterns Before Stock Market Moves

    NASA Astrophysics Data System (ADS)

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

    2013-05-01

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

  19. Quantifying Wikipedia Usage Patterns Before Stock Market Moves

    PubMed Central

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

    2013-01-01

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

  20. Managing dynamic epidemiological risks through trade

    PubMed Central

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

    2015-01-01

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

  1. 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...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock of..., of common stock for common stock, or of preferred stock for preferred stock, in the same...

  2. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 26 Internal Revenue 11 2012-04-01 2012-04-01 false Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock of..., of common stock for common stock, or of preferred stock for preferred stock, in the same...

  3. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 26 Internal Revenue 11 2014-04-01 2014-04-01 false Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock of..., of common stock for common stock, or of preferred stock for preferred stock, in the same...

  4. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 26 Internal Revenue 11 2013-04-01 2013-04-01 false Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Common Nontaxable Exchanges § 1.1036-1 Stock for stock of..., of common stock for common stock, or of preferred stock for preferred stock, in the same...

  5. Probability distribution function and multiscaling properties in the Korean stock market

    NASA Astrophysics Data System (ADS)

    Lee, Kyoung Eun; Lee, Jae Woo

    2007-09-01

    We consider the probability distribution function (pdf) and the multiscaling properties of the index and the traded volume in the Korean stock market. We observed the power law of the pdf at the fat tail region for the return, volatility, the traded volume, and changes of the traded volume. We also investigate the multifractality in the Korean stock market. We consider the multifractality by the detrended fluctuation analysis (MFDFA). We observed the multiscaling behaviors for index, return, traded volume, and the changes of the traded volume. We apply MFDFA method for the randomly shuffled time series to observe the effects of the autocorrelations. The multifractality is strongly originated from the long time correlations of the time series.

  6. The economics of parallel trade.

    PubMed

    Danzon, P M

    1998-03-01

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

  7. 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.

  8. 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

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

    NASA Astrophysics Data System (ADS)

    Teh, Boon Kin; Cheong, Siew Ann

    2015-10-01

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

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

    PubMed

    Arditi, Eli; Yechiam, Eldad; Zahavi, Gal

    2015-01-01

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

  11. 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…

  12. Focus on Compression Stockings

    MedlinePlus

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

  13. Genetic stock identification of Russian honey bees.

    PubMed

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

    2010-06-01

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

  14. Anticipating Stock Market Movements with Google and Wikipedia

    NASA Astrophysics Data System (ADS)

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

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

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

    USGS Publications Warehouse

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

    1999-01-01

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

  16. Volatility measurement with directional change in Chinese stock market: Statistical property and investment strategy

    NASA Astrophysics Data System (ADS)

    Ma, Junjun; Xiong, Xiong; He, Feng; Zhang, Wei

    2017-04-01

    The stock price fluctuation is studied in this paper with intrinsic time perspective. The event, directional change (DC) or overshoot, are considered as time scale of price time series. With this directional change law, its corresponding statistical properties and parameter estimation is tested in Chinese stock market. Furthermore, a directional change trading strategy is proposed for invest in the market portfolio in Chinese stock market, and both in-sample and out-of-sample performance are compared among the different method of model parameter estimation. We conclude that DC method can capture important fluctuations in Chinese stock market and gain profit due to the statistical property that average upturn overshoot size is bigger than average downturn directional change size. The optimal parameter of DC method is not fixed and we obtained 1.8% annual excess return with this DC-based trading strategy.

  17. 78 FR 69516 - In The Matter of: Sovereign Lithium, Inc.; Order of Suspension of Trading

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-11-19

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

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

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Treatment of publicly-traded corporations. 1.883...) INCOME TAX (CONTINUED) INCOME TAXES Foreign Corporations § 1.883-2 Treatment of publicly-traded corporations. (a) General rule. A foreign corporation satisfies the stock ownership test of § 1.883-1(c)(2)...

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

    NASA Astrophysics Data System (ADS)

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

    2015-06-01

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

  20. Empirical investigation of stock price dynamics in an emerging market

    NASA Astrophysics Data System (ADS)

    Palágyi, Zoltán; Mantegna, Rosario N.

    1999-07-01

    We study the development of an emerging market - the Budapest Stock Exchange - by investigating the time evolution of some statistical properties of heavily traded stocks. Moving quarter by quarter over a period of two and a half years we analyze the scaling properties of the standard deviation of intra-day log-price changes. We observe scaling using both seconds and ticks as units of time. For the investigated stocks a Levy shape is a good approximation to the probability density function of tick-by-tick log-price changes in each quarter: the index of the distribution follows an increasing trend, suggesting it could be used as a measure of market efficiency.

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

    PubMed Central

    Zhu, Tao; Li, Yuelei; Xiong, Xiong

    2016-01-01

    We investigated the inter-day effects of price limits policies that are employed in agent-based simulations. To isolate the impact of price limits from the impact of other factors, we built an artificial stock market with higher frequency price limits hitting. The trading mechanisms in this market are the same as the trading mechanisms in China’s stock market. Then, we designed a series of simulations with and without price limits policy. The results of these simulations demonstrate that both upper and lower price limits can cause a volatility spillover effect and a trading interference effect. The process of price discovery will be delayed if upper price limits are imposed on a stock market; however, this phenomenon does not occur when lower price limits are imposed. PMID:27513330

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

    PubMed

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

    2016-01-01

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

  4. 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.

  5. Statistical properties of cross-correlation in the Korean stock market

    NASA Astrophysics Data System (ADS)

    Oh, G.; Eom, C.; Wang, F.; Jung, W.-S.; Stanley, H. E.; Kim, S.

    2011-01-01

    We investigate the statistical properties of the cross-correlation matrix between individual stocks traded in the Korean stock market using the random matrix theory (RMT) and observe how these affect the portfolio weights in the Markowitz portfolio theory. We find that the distribution of the cross-correlation matrix is positively skewed and changes over time. We find that the eigenvalue distribution of original cross-correlation matrix deviates from the eigenvalues predicted by the RMT, and the largest eigenvalue is 52 times larger than the maximum value among the eigenvalues predicted by the RMT. The β_{473} coefficient, which reflect the largest eigenvalue property, is 0.8, while one of the eigenvalues in the RMT is approximately zero. Notably, we show that the entropy function E(σ) with the portfolio risk σ for the original and filtered cross-correlation matrices are consistent with a power-law function, E( σ) σ^{-γ}, with the exponent γ 2.92 and those for Asian currency crisis decreases significantly.

  6. The effect of Malaysia general election on stock market returns.

    PubMed

    Liew, Venus Khim-Sen; Rowland, Racquel

    2016-01-01

    During the latest episode of general election held in Malaysia, it is observed that the FBMKLCI index was lifted 62.52 points in a day soon after the announcement of election outcome. Moreover, the index registered a highest gain of 96.29 points in the middle of the intra-day trade. This suggests that investors who had got the right direction could make profitable intra-day trading the next trading day of the general election date. Results from statistical analysis uncover significant before-election-effect and after-election-effect from the most recent general elections held in Malaysia. Different subsets of macroeconomic variables are found to have significant role on stock market return depending on the market situation. Remarkably, when there was close fight between the two major political parties during the 2008 and 2013 election years, political uncertainty showed up its negative and significant role in influencing the stock market return. The major implication of these findings is that while investors may seek abnormal returns before and after the next general election, which is around the corner, they will have to pay attention on the influence of macroeconomic variables and political uncertainty on stock market return during the election year.

  7. International Trade and Protectionism.

    ERIC Educational Resources Information Center

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

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

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

    NASA Astrophysics Data System (ADS)

    Blok, Hendrik J.

    Over the last few years there has been a surge of activity within the physics community in the emerging field of Econophysics-the study of economic systems from a physicist's perspective. Physicists tend to take a different view than economists and other social scientists, being interested in such topics as phase transitions and fluctuations. In this dissertation two simple models of stock exchange are developed and simulated numerically. The first is characterized by centralized trading with a market maker. Fluctuations are driven by a stochastic component in the agents' forecasts. As the scale of the fluctuations is varied a critical phase transition is discovered. Unfortunately, this model is unable to generate realistic market dynamics. The second model discards the requirement of centralized trading. In this case the stochastic driving force is Gaussian-distributed ``news events'' which are public knowledge. Under variation of the control parameter the model exhibits two phase transitions: both a first- and a second-order (critical). The decentralized model is able to capture many of the interesting properties observed in empirical markets such as fat tails in the distribution of returns, a brief memory in the return series, and long-range correlations in volatility. Significantly, these properties only emerge when the parameters are tuned such that the model spans the critical point. This suggests that real markets may operate at or near a critical point, but is unable to explain why this should be. This remains an interesting open question worth further investigation. One of the main points of the thesis is that these empirical phenomena are not present in the stochastic driving force, but emerge endogenously from interactions between agents. Further, they emerge despite the simplicity of the modeled agents; suggesting complex market dynamics do not arise from the complexity of individual investors but simply from interactions between (even simple) investors

  9. 26 CFR 1.414(c)-2 - Two or more trades or businesses under common control.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... of the only class of stock of X and Y Corporations; X owns all the remaining stock of Y, and Y owns... classes of stock of X and of Y for purposes of paragraph (b)(1)(ii) of this section. Therefore, ABC is the... ABC Partnership, X Corporation, and Y Corporation. Example 4. Unrelated individuals A, B, C, D, E,...

  10. 26 CFR 1.961-1 - Increase in basis of stock in controlled foreign corporations and of other property.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... the following examples: Example 1. Domestic corporation M owns 800 of the 1,000 shares of the one class of stock in controlled foreign corporation R which owns all of the one class of stock in..., an individual United States shareholder, owns all of the 1,000 shares of the one class of stock...

  11. Universal behaviour in the stock market: Time dynamics of the electronic orderbook

    NASA Astrophysics Data System (ADS)

    Kızılersü, Ayşe; Kreer, Markus; Thomas, Anthony W.; Feindt, Michael

    2016-07-01

    A consequence of the digital revolution is that share trading at the stock exchange takes place via electronic order books which are accessed by traders and investors via the internet. Our empirical findings of the London Stock Exchange demonstrate that once ultra-high frequency manipulation on time scales less than around ten milliseconds is excluded, all relevant changes in the order book happen with time differences that are randomly distributed and well described by a left-truncated Weibull distribution with universal shape parameter (independent of time and same for all stocks). The universal shape parameter corresponds to maximum entropy of the distribution.

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

    ERIC Educational Resources Information Center

    Cornell, Peter M.

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

  13. 75 FR 41432 - Trade Adjustment Assistance for Farmers

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-07-16

    ... Foreign Agricultural Service Trade Adjustment Assistance for Farmers AGENCY: Foreign Agricultural Service... petition (No. 2010005) for trade adjustment assistance (TAA) for shrimp that was filed by the Southern... of the Trade Act of 2002 (Pub. L. 107-210). Individual shrimp producers in Alabama, Florida,...

  14. How High Frequency Trading Affects a Market Index

    PubMed Central

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

    2013-01-01

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

  15. Trade and health: an agenda for action

    PubMed Central

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

    2009-01-01

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

  16. Trade and health: an agenda for action.

    PubMed

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

    2009-02-28

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

  17. 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.

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

    PubMed

    Liu, Gang; Müller, Daniel B

    2013-10-15

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

  19. 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

  20. 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.

  1. Fair trade international surrogacy.

    PubMed

    Humbyrd, Casey

    2009-12-01

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

  2. 12 CFR 1263.20 - Stock purchase.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 10 2014-01-01 2014-01-01 false Stock purchase. 1263.20 Section 1263.20 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the...

  3. 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...

  4. 12 CFR 1263.20 - Stock purchase.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 9 2013-01-01 2013-01-01 false Stock purchase. 1263.20 Section 1263.20 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the...

  5. 12 CFR 1263.20 - Stock purchase.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 9 2012-01-01 2012-01-01 false Stock purchase. 1263.20 Section 1263.20 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the...

  6. 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 and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the...

  7. 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 stock in the Bank in which it is a member in an amount equal to the greater of: (1) $500; (2) 1...

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

    USGS Publications Warehouse

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

    1997-01-01

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

  9. 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.

  10. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

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

  11. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 3 2013-04-01 2013-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a...

  12. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 17 Commodity and Securities Exchanges 3 2012-04-01 2012-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a...

  13. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 4 2014-04-01 2014-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a...

  14. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a...

  15. Emissions Trading Resources

    EPA Pesticide Factsheets

    Learn about emissions trading programs, also known as cap and trade programs, which are market-based policy tools for protecting human health and the environment by controlling emissions from a group of sources.

  16. Metal Trades Technology Curriculum.

    ERIC Educational Resources Information Center

    EASTCONN Regional Educational Services Center, North Windham, CT.

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

  17. 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.

  18. 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…

  19. [Use of elastic compression stockings].

    PubMed

    Kallestrup, Lisbeth; Søgaard, Tine; Schjødt, Inge; Grove, Erik Lerkevang

    2014-08-04

    Post-thrombotic syndrome (PTS) is caused by venous insufficiency and is a frequent complication of deep venous thrombosis. Patients with PTS have reduced quality of life and an increased risk of recurrent deep venous thrombosis. Importantly, the risk of PTS is halved by the use of elastic compression stockings. This review outlines important practical aspects related to correct clinical use of these stockings.

  20. 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

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

    Technology Transfer Automated Retrieval System (TEKTRAN)

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

  3. 78 FR 70085 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-11-22

    ... Effectiveness of Proposed Rule Change To Correct Certain Rule Taxonomy Issues and Postpone Until December 2...) to correct certain taxonomy issues and to adopt an operative date of December 2, 2013 for all changes... (Cancellation or Adjustment of Stock Leg Trades) to correct certain taxonomy issues and to adopt an...

  4. 76 FR 7604 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-02-10

    ... COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Expand Use of Self Trade Prevention Order Modifiers February 3, 2011...). \\2\\ 17 CFR 240.19b-4. \\3\\ 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of...

  5. 75 FR 16540 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-04-01

    ... COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Rules on Self Trade Prevention Order Modifiers March 25, 2010... as described in Items I, II, and III below, which Items have been substantially prepared by the...

  6. 76 FR 67239 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice and Order Granting...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-31

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice and Order Granting Accelerated Approval to Proposed Rule Change, as Modified by Amendment No. 1, Regarding the Submission of Clearing- Related Information for Trades...

  7. Population dynamics and potential of fisheries stock enhancement: practical theory for assessment and policy analysis.

    PubMed

    Lorenzen, Kai

    2005-01-29

    The population dynamics of fisheries stock enhancement, and its potential for generating benefits over and above those obtainable from optimal exploitation of wild stocks alone are poorly understood and highly controversial. I review pertinent knowledge of fish population biology, and extend the dynamic pool theory of fishing to stock enhancement by unpacking recruitment, incorporating regulation in the recruited stock, and accounting for biological differences between wild and hatchery fish. I then analyse the dynamics of stock enhancement and its potential role in fisheries management, using the candidate stock of North Sea sole as an example and considering economic as well as biological criteria. Enhancement through release of recruits or advanced juveniles is predicted to increase total yield and stock abundance, but reduce abundance of the naturally recruited stock component through compensatory responses or overfishing. Economic feasibility of enhancement is subject to strong constraints, including trade-offs between the costs of fishing and hatchery releases. Costs of hatchery fish strongly influence optimal policy, which may range from no enhancement at high cost to high levels of stocking and fishing effort at low cost. Release of genetically maladapted fish reduces the effectiveness of enhancement, and is most detrimental overall if fitness of hatchery fish is only moderately compromised. As a temporary measure for the rebuilding of depleted stocks, enhancement cannot substitute for effort limitation, and is advantageous as an auxiliary measure only if the population has been reduced to a very low proportion of its unexploited biomass. Quantitative analysis of population dynamics is central to the responsible use of stock enhancement in fisheries management, and the necessary tools are available.

  8. 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.

  9. 26 CFR 1.897-9T - Treatment of certain interest in publicly traded corporations, definition of foreign person, and...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    .... A class of interests that is traded on one or more established securities markets is considered to... securities markets. A class of interests in a domestic corporation that is traded on one or more established... class of the corporation's stock with the lowest fair market value. However, if a non-regularly...

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

    PubMed Central

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

    2013-01-01

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

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

    PubMed

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

    2013-01-01

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

  12. 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

  13. 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.

  14. 40 CFR 97.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

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

  15. 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

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

    NASA Astrophysics Data System (ADS)

    Koralun-Bereźnicka, Julia

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

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

    NASA Astrophysics Data System (ADS)

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

    2004-06-01

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

  18. An analysis of the sectorial influence of CSI300 stocks within the directed network

    NASA Astrophysics Data System (ADS)

    Mai, Yong; Chen, Huan; Meng, Lei

    2014-02-01

    This paper uses the Partial Correlation Planar maximally filtered Graph (PCPG) method to construct a directed network for the constituent stocks underlying the China Securities Index 300 (CSI300). We also analyse the impact of individual stocks. We find that the CSI300 market is a scale-free network with a relatively small power law exponent. The volatility of the stock prices has significant impact on other stocks. In the sectorial network, the industrial sector is the most influential one over other sectors, the financial sector only has a modest influence, while the telecommunication services sector’s influence is marginal. In addition, such inter-sector influence displays quarterly stability.

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

    PubMed

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

    2015-04-01

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

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

    PubMed Central

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

    2013-01-01

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

  1. 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.

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

    USGS Publications Warehouse

    Madenjian, Charles P.; Carpenter, Stephen R.

    1993-01-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2017-04-01

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

  4. Temporal evolution into a more efficient stock market

    NASA Astrophysics Data System (ADS)

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

    2011-06-01

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

  5. Genetic Stock Identification, Annual Report of Research 1986.

    SciTech Connect

    Milner, George B.

    1986-12-01

    The results of the first year's investigation of a 5-year plan to demonstrate and develop a coastwide genetic stock identification (GSI) program are presented. The accomplishments under four specific objectives are outlined below: 1. Improved Efficiency through Direct Entry of Electrophoretic Data into the Computer. A program is described that was developed for direct computer entry o f raw data. This program eliminated the need for key- to-tape processing previously required for estimating compositions of mixed fisheries, and thereby permits immediate use of collected data in estimating compositions of stock mixtures. 2. Expand and Strengthen Oregon Coastal and British Columbia Baseline Data Set. Electrophoretic screening of approximately 105 loci of samples from 22 stocks resulted in complete data sets for 35 polymorphic and 19 monomorphic loci. These new data are part of the baseline information currently used in estimating mixed stock compositions. 3. Conduct a Pilot GSI Study of Mixed Stock Canadian Troll Fisheries off the West Coast of Vancouver Island. A predominance of lower Columbia River (fall run), Canadian, and Puget Sound stocks was observed for both 1984 and 1985 fisheries . Stocks other than Columbia River, Canadian, and Puget Sound contributed an estimated 13 and 5 % respectively, to the 1984 and 1985 fisheries . 4. Validation of GSI for Estimating Mixed Fishery Stock Composition. Baseline data from the Columbia River southward were used to simulate nor them and central California fisheries . These simulations provided estimates of accuracy and precision for mixed sample sizes ranging from 250 to 1,000 individuals. Sacramento River stocks had a heavier weighting in the central (89%) than in the northern (25%) fishery. Accuracy and precision increased for both fisheries as sample sizes increased and also were better for those estimates that were over 5%. Extrapolations from these estimates indicated that sample sizes of 2,320 and 2,869 would be

  6. Successful technical trading agents using genetic programming.

    SciTech Connect

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

    2004-10-01

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

  7. 12 CFR 1263.23 - Excess stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 9 2013-01-01 2013-01-01 false Excess stock. 1263.23 Section 1263.23 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b) of...

  8. 12 CFR 1263.23 - Excess stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Excess stock. 1263.23 Section 1263.23 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b) of...

  9. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 7 2012-01-01 2012-01-01 false Capital stock. 725.5 Section 725.5 Banks and... 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 §§...

  10. 12 CFR 1263.23 - Excess stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 10 2014-01-01 2014-01-01 false Excess stock. 1263.23 Section 1263.23 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b)...

  11. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 7 2014-01-01 2014-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§...

  12. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 7 2013-01-01 2013-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§...

  13. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

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

  14. 12 CFR 1263.23 - Excess stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 9 2012-01-01 2012-01-01 false Excess stock. 1263.23 Section 1263.23 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS MEMBERS OF THE BANKS Stock Requirements § 1263.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b) of...

  15. Web Search Queries Can Predict Stock Market Volumes

    PubMed Central

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

    2012-01-01

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

  16. Web search queries can predict stock market volumes.

    PubMed

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

    2012-01-01

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

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

    PubMed

    Malick, Michael J; Cox, Sean P

    2016-01-01

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

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

    PubMed Central

    Malick, Michael J.; Cox, Sean P.

    2016-01-01

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

  19. Detecting Wash Trade in Financial Market Using Digraphs and Dynamic Programming.

    PubMed

    Cao, Yi; Li, Yuhua; Coleman, Sonya; Belatreche, Ammar; McGinnity, Thomas Martin

    2016-11-01

    A wash trade refers to the illegal activities of traders who utilize carefully designed limit orders to manually increase the trading volumes for creating a false impression of an active market. As one of the primary formats of market abuse, a wash trade can be extremely damaging to the proper functioning and integrity of capital markets. The existing work focuses on collusive clique detections based on certain assumptions of trading behaviors. Effective approaches for analyzing and detecting wash trade in a real-life market have yet to be developed. This paper analyzes and conceptualizes the basic structures of the trading collusion in a wash trade by using a directed graph of traders. A novel method is then proposed to detect the potential wash trade activities involved in a financial instrument by first recognizing the suspiciously matched orders and then further identifying the collusions among the traders who submit such orders. Both steps are formulated as a simplified form of the knapsack problem, which can be solved by dynamic programming approaches. The proposed approach is evaluated on seven stock data sets from the NASDAQ and the London Stock Exchange. The experimental results show that the proposed approach can effectively detect all primary wash trade scenarios across the selected data sets.

  20. Stock Market Index Computer Programs.

    ERIC Educational Resources Information Center

    Rowley, Eric

    1986-01-01

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

  1. Building the Stock of College-Educated Labor Revisited

    ERIC Educational Resources Information Center

    Sjoquist, David L.; Winters, John V.

    2012-01-01

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

  2. 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.

  3. 12 CFR 221.121 - Extension of credit in certain stock option and stock purchase plans.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Extension of credit in certain stock option and... Extension of credit in certain stock option and stock purchase plans. Questions have been raised as to whether certain stock option and stock purchase plans involve extensions of credit subject to this...

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

    NASA Astrophysics Data System (ADS)

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

    2014-03-01

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

  5. Reaction-diffusion-branching models of stock price fluctuations

    NASA Astrophysics Data System (ADS)

    Tang, Lei-Han; Tian, Guang-Shan

    Several models of stock trading (Bak et al., Physica A 246 (1997) 430.) are analyzed in analogy with one-dimensional, two-species reaction-diffusion-branching processes. Using heuristic and scaling arguments, we show that the short-time market price variation is subdiffusive with a Hurst exponent H=1/4. Biased diffusion towards the market price and blind-eyed copying lead to crossovers to the empirically observed random-walk behavior ( H=1/2) at long times. The calculated crossover forms and diffusion constants are shown to agree well with simulation data.

  6. Trade in health services.

    PubMed

    Chanda, Rupa

    2002-01-01

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

  7. Trade in health services.

    PubMed Central

    Chanda, Rupa

    2002-01-01

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

  8. Genetic Network Programming with Reconstructed Individuals

    NASA Astrophysics Data System (ADS)

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

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

  9. Canister storage building trade study. Final report

    SciTech Connect

    Swenson, C.E.

    1995-05-01

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

  10. Biological trade and markets.

    PubMed

    Hammerstein, Peter; Noë, Ronald

    2016-02-05

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

  11. Biological trade and markets

    PubMed Central

    2016-01-01

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

  12. Determining the efficacy of microsatellite DNA-based mixed-stock analysis of Lake Michigan’s lake whitefish commercial fishery

    USGS Publications Warehouse

    VanDeHey, Justin A.; Sloss, Brian L.; Peeters, Paul J.; Sutton, Trent M.

    2009-01-01

    Management of commercially exploited fish should be conducted at the stock level. If a mixed stock fishery exists, a comprehensive mixed stock analysis is required for stock-based management. The lake whitefish Coregonus clupeaformis comprises the primary commercial fishery across the Great Lakes. Recent research resolved that six genetic stocks of lake whitefish were present in Lake Michigan, and long-term tagging data indicate that Lake Michigan's lake whitefish commercial fishery is a mixed stock fishery. The objective of this research was to determine the usefulness of microsatellite data for conducting comprehensive mixed stock analyses of the Lake Michigan lake whitefish commercial fishery. We used the individual assignment method as implemented in the program ONCOR to determine the accuracy level at which microsatellite data can reliably identify component populations or stocks. Self-assignment of lake whitefish to their population and stock of origin ranged from > 96% to 100%. Evaluation of genetic stock discreteness indicated a moderately high degree of correct assignment (average = 75%); simulations indicated supplementing baseline data by ∼ 50 to 100 individuals could increase accuracy by up to 4.5%. Simulated mixed stock commercial harvests with known stock composition showed a high degree of correct proportional assignment between observed and predicted harvest values. These data suggest that a comprehensive mixed stock analysis of Lake Michigan's lake whitefish commercial fishery is viable and would provide valuable information for improving management.

  13. International trade. Multinational aspects.

    PubMed

    Ozawa, Y

    2000-01-01

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

  14. Free Trade: A Misnomer?

    ERIC Educational Resources Information Center

    McMillan, Robert R.

    1983-01-01

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

  15. Introduction to International Trade.

    ERIC Educational Resources Information Center

    Intercom, 1986

    1986-01-01

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

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

    NASA Astrophysics Data System (ADS)

    Fricke, Daniel

    2012-12-01

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

  17. 26 CFR 1.1402(c)-1 - Trade or business.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

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

  18. 26 CFR 1.1402(c)-1 - Trade or business.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  19. 26 CFR 1.1402(c)-1 - Trade or business.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

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

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

    PubMed

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

    2015-01-01

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

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

    PubMed Central

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

    2015-01-01

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

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

    PubMed

    Chen, Wei-Qiang; Graedel, T E

    2015-03-03

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

  3. High Stocking Density Controls Phillyrea Angustifolia in Mediterranean Grasslands

    NASA Astrophysics Data System (ADS)

    Mesléard, François; Yavercovski, Nicole; Lefebvre, Gaétan; Willm, Loic; Bonis, Anne

    2017-03-01

    Extensive grazing applied in the form of low instantaneous pressure over a long period is a widespread management practice in protected areas. However this kind of stocking method does not always achieve the expected results, in particular because it fails to limit colonization by woody plants.This is the case in the relict xero-halophytic grasslands of the northern Mediterranean coastal region, subjected to widespread colonization by the shrub Phillyrea angustifolia despite the presence of extensive grazing. In this study, we investigated, for an equal annual stocking rate, the respective impact of high stocking density applied over a short period (mob grazing) and low stocking density applied over a long period on both P. angustifolia and herbaceous cover, using an in situ experimental design run for 7 years. Only mob grazing was effective both in controlling the establishment and increasing the mortality of P. angustifolia individuals. We did not find any difference after the 7 years of experimentation between the two stocking methods with regard to the herbaceous community parameters tested: species richness, diversity, evenness, contribution of annual characteristic species. By contrast, the exclusion of domestic grazing led to a strong reduction of these values.The use of mob grazing may be well suited for meeting conservation goals such as maintaining open habitats in these grasslands.

  4. Measuring Biomass and Carbon Stock in Resprouting Woody Plants

    PubMed Central

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

    2015-01-01

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

  5. Virtual water trade and world water resources.

    PubMed

    Oki, T; Kanae, S

    2004-01-01

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

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

    ERIC Educational Resources Information Center

    Parker, Yana

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

  7. 75 FR 41431 - Trade Adjustment Assistance for Farmers

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-07-16

    ... petition (No. 2010001) for trade adjustment assistance (TAA) for catfish that was filed by the Catfish... Agricultural Service. Upon a review, the Administrator (FAS) determined that increased imports of catfish... requirements stipulated in Subtitle C of Title I of the Trade Act of 2002 (Pub. L. 107-210). Individual...

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

    ERIC Educational Resources Information Center

    Pang, Jixian; Zhou, Xing; Fu, Zheng

    2002-01-01

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

  9. An Intelligent Model for Pairs Trading Using Genetic Algorithms.

    PubMed

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

    2015-01-01

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

  10. Deep Direct Reinforcement Learning for Financial Signal Representation and Trading.

    PubMed

    Deng, Yue; Bao, Feng; Kong, Youyong; Ren, Zhiquan; Dai, Qionghai

    2017-03-01

    Can we train the computer to beat experienced traders for financial assert trading? In this paper, we try to address this challenge by introducing a recurrent deep neural network (NN) for real-time financial signal representation and trading. Our model is inspired by two biological-related learning concepts of deep learning (DL) and reinforcement learning (RL). In the framework, the DL part automatically senses the dynamic market condition for informative feature learning. Then, the RL module interacts with deep representations and makes trading decisions to accumulate the ultimate rewards in an unknown environment. The learning system is implemented in a complex NN that exhibits both the deep and recurrent structures. Hence, we propose a task-aware backpropagation through time method to cope with the gradient vanishing issue in deep training. The robustness of the neural system is verified on both the stock and the commodity future markets under broad testing conditions.

  11. An Intelligent Model for Pairs Trading Using Genetic Algorithms

    PubMed Central

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

    2015-01-01

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

  12. A hybrid neurogenetic approach for stock forecasting.

    PubMed

    Kwon, Yung-Keun; Moon, Byung-Ro

    2007-05-01

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

  13. 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

  14. STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS.

    PubMed

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

    2011-01-01

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

  15. An Economic Framework of Microbial Trade

    PubMed Central

    Mee, Michael T.

    2015-01-01

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

  16. Electrical Trades. Suggested Basic Course Outline.

    ERIC Educational Resources Information Center

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

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

  17. Electrical Trades. Occupational Competency Analysis Profile.

    ERIC Educational Resources Information Center

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

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

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

    NASA Astrophysics Data System (ADS)

    Dragulescu, Adrian Antoniu

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

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

    PubMed Central

    Ren, Fei; Zhou, Wei-Xing

    2014-01-01

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

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

    PubMed

    Ren, Fei; Zhou, Wei-Xing

    2014-01-01

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

  1. 77 FR 61649 - Order of Suspension of Trading; In the Matter of Liberty Silver Corp.

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-10

    ... COMMISSION Order of Suspension of Trading; In the Matter of Liberty Silver Corp. October 5, 2012. It appears... concerning the securities of Liberty ] Silver Corp. (``Liberty Silver'') because of questions concerning publicly available information about Liberty Silver, the control of its stock, its market price,...

  2. Stock Market Expectations of Dutch Households

    PubMed Central

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

    2013-01-01

    Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households’ expectations of stock market returns. This paper reports findings from a study that collected data over a two-year period both on households’ stock market expectations (subjective probabilities of gains or losses) and on whether they own stocks. We document substantial heterogeneity in financial market expectations. Expectations are correlated with stock ownership. Over the two years of our data, stock market prices increased, and expectations of future stock market price changes also increased, lending support to the view that expectations are influenced by recent stock gains or losses. PMID:23997423

  3. Stock Market Expectations of Dutch Households.

    PubMed

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

    2011-04-01

    Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households' expectations of stock market returns. This paper reports findings from a study that collected data over a two-year period both on households' stock market expectations (subjective probabilities of gains or losses) and on whether they own stocks. We document substantial heterogeneity in financial market expectations. Expectations are correlated with stock ownership. Over the two years of our data, stock market prices increased, and expectations of future stock market price changes also increased, lending support to the view that expectations are influenced by recent stock gains or losses.

  4. Arbitrage and Volatility in Chinese Stock's Markets

    NASA Astrophysics Data System (ADS)

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

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

  5. 76 FR 51076 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-17

    ... change from interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory... Stock Trading Pause Process August 11, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\\1\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that on August 8,...

  6. 78 FR 60977 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-10-02

    ..., Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., International Securities... pilot program promotes just and equitable principals of trade in that it promotes transparency and... written data, views and arguments concerning the foregoing, including whether the proposal is...

  7. 78 FR 4536 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-01-22

    ... equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Operative Date of Recent Changes Made to Rules...

  8. 76 FR 74084 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-11-30

    ... open market and a national market system. The proposed rule change also is designed to support the... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Exclude All Rights and Warrants from the Pilot Rule for Trading...

  9. Library - Book Trade Relations

    ERIC Educational Resources Information Center

    Tuttle, Helen Welch

    1970-01-01

    The trend in relations between the library and the book trade has been in the direction of increased communication and cooperation. Organizational links between librarians, publishers, and booksellers are discussed. (Author/JS)

  10. A Good Trade.

    ERIC Educational Resources Information Center

    Thiers, Naomi

    1996-01-01

    Describes education and training needs, numbers employed, and salary scales for the following skilled trades: glaziers, painters/paperhangers, sheetmetal workers, insulation workers, bricklayers, stonemasons, carpenters, electricians, plumbers/pipefitters, and welders. (SK)

  11. Environment, Trade, and Investment

    EPA Pesticide Factsheets

    Environment, trade, and investment are fundamentally linked as the environment provides many basic inputs of economic activity – forests, fisheries, metals, minerals – as well as the energy used to process those materials.

  12. What Is Emissions Trading?

    EPA Pesticide Factsheets

    Learn the basics about how emissions trading uses a market-based policy tool used to control large amounts of pollution emissions from a group of sources in order to protect human health and the environment.

  13. Training European Trade Unionists.

    ERIC Educational Resources Information Center

    Miller, Doug; Stirling, John

    1998-01-01

    A study of trade union education in Germany, Italy, Sweden, and the United Kingdom finds training is being adapted to meet new political and economic conditions. Significant national differences appeared in terms of legislation, funding, training, and accreditation. (SK)

  14. Trading forest carbon - OSU

    EPA Science Inventory

    Issues associate with trading carbon sequestered in forests are discussed. Scientific uncertainties associated with carbon measurement are discussed with respect to proposed accounting procedures. Major issues include: (1) Establishing baselines. (2) Determining additivity from f...

  15. 78 FR 3399 - Draft 2012 Marine Mammal Stock Assessment Reports

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-01-16

    ...; sei whale, Nova Scotia stock; minke whale Canadian east coast stock; sperm whale, North Atlantic stock... and PBR. The abundance estimate for sei whale, Nova Scotia stock, in the draft 2012 SAR (77 FR...

  16. 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...

  17. 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...

  18. 12 CFR 1266.11 - Capital stock requirements; redemption of excess stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 9 2012-01-01 2012-01-01 false Capital stock requirements; redemption of excess stock. 1266.11 Section 1266.11 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS ADVANCES Advances to Members § 1266.11 Capital stock requirements; redemption of excess stock....

  19. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 26 Internal Revenue 11 2013-04-01 2013-04-01 false Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The...

  20. 12 CFR 1266.11 - Capital stock requirements; redemption of excess stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 9 2013-01-01 2013-01-01 false Capital stock requirements; redemption of excess stock. 1266.11 Section 1266.11 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS ADVANCES Advances to Members § 1266.11 Capital stock requirements; redemption of excess stock....

  1. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 11 2011-04-01 2011-04-01 false Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The...

  2. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 26 Internal Revenue 11 2014-04-01 2014-04-01 false Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The...

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

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 26 Internal Revenue 11 2012-04-01 2012-04-01 false Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF....c. Orders § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The...

  4. 12 CFR 1266.11 - Capital stock requirements; redemption of excess stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 10 2014-01-01 2014-01-01 false Capital stock requirements; redemption of excess stock. 1266.11 Section 1266.11 Banks and Banking FEDERAL HOUSING FINANCE AGENCY FEDERAL HOME LOAN BANKS ADVANCES Advances to Members § 1266.11 Capital stock requirements; redemption of excess stock....

  5. 12 CFR 950.11 - Capital stock requirements; unilateral redemption of excess stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Capital stock requirements; unilateral redemption of excess stock. 950.11 Section 950.11 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL... Housing Associates § 950.11 Capital stock requirements; unilateral redemption of excess stock. (a)...

  6. Trade, TRIPS, and pharmaceuticals.

    PubMed

    Smith, Richard D; Correa, Carlos; Oh, Cecilia

    2009-02-21

    The World Trade Organization's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) set global minimum standards for the protection of intellectual property, substantially increasing and expanding intellectual-property rights, and generated clear gains for the pharmaceutical industry and the developed world. The question of whether TRIPS generates gains for developing countries, in the form of increased exports, is addressed in this paper through consideration of the importance of pharmaceuticals in health-care trade, outlining the essential requirements, implications, and issues related to TRIPS, and TRIPS-plus, in which increased restrictions are imposed as part of bilateral free-trade agreements. TRIPS has not generated substantial gains for developing countries, but has further increased pharmaceutical trade in developed countries. The unequal trade between developed and developing countries (ie, exporting and importing high-value patented drugs, respectively) raises the issue of access to medicines, which is exacerbated by TRIPS-plus provisions, although many countries have not even enacted provision for TRIPS flexibilities. Therefore this paper focuses on options that are available to the health community for negotiation to their advantage under TRIPS, and within the presence of TRIPS-plus.

  7. Potential environmental effects of pack stock on meadow ecosystems of the Sierra Nevada, USA

    USGS Publications Warehouse

    Ostoja, Steven M.; Brooks, Matthew L.; Moore, Peggy E.; Berlow, Eric L.; Robert Blank,; Roche, Jim; Chase, Jennifer T.; Sylvia Haultain,

    2014-01-01

    Pack and saddle stock, including, but not limited to domesticated horses, mules, and burros, are used to support commercial, private and administrative activities in the Sierra Nevada. The use of pack stock has become a contentious and litigious issue for land management agencies in the region inter alia due to concerns over effects on the environment. The potential environmental effects of pack stock on Sierra Nevada meadow ecosystems are reviewed and it is concluded that the use of pack stock has the potential to influence the following: (1) water nutrient dynamics, sedimentation, temperature, and microbial pathogen content; (2) soil chemistry, nutrient cycling, soil compaction and hydrology; (3) plant individuals, populations and community dynamics, non-native invasive species, and encroachment of woody species; and (4) wildlife individuals, populations and communities. It is considered from currently available information that management objectives of pack stock should include the following: minimise bare ground, maximise plant cover, maintain species composition of native plants, minimise trampling, especially on wet soils and stream banks, and minimise direct urination and defecation by pack stock into water. However, incomplete documentation of patterns of pack stock use and limited past research limits current understanding of the effects of pack stock, especially their effects on water, soils and wildlife. To improve management of pack stock in this region, research is needed on linking measurable monitoring variables (e.g. plant cover) with environmental relevancy (e.g. soil erosion processes, wildlife habitat use), and identifying specific environmental thresholds of degradation along gradients of pack stock use in Sierra Nevada meadows.

  8. 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... 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...

  9. 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...

  10. 47 CFR 32.4530 - Treasury stock.

    Code of Federal Regulations, 2011 CFR

    2011-10-01

    ... 47 Telecommunication 2 2011-10-01 2011-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued...

  11. 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... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a) This account shall include the par value, stated amount, or in the case of no-par stock, the...

  12. 47 CFR 32.4510 - Capital stock.

    Code of Federal Regulations, 2011 CFR

    2011-10-01

    ... 47 Telecommunication 2 2011-10-01 2011-10-01 false Capital stock. 32.4510 Section 32.4510... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a) This account shall include the par value, stated amount, or in the case of no-par stock, the...

  13. 47 CFR 32.4510 - Capital stock.

    Code of Federal Regulations, 2013 CFR

    2013-10-01

    ... 47 Telecommunication 2 2013-10-01 2013-10-01 false Capital stock. 32.4510 Section 32.4510... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a) This account shall include the par value, stated amount, or in the case of no-par stock, the...

  14. 47 CFR 32.4530 - Treasury stock.

    Code of Federal Regulations, 2010 CFR

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued...

  15. 47 CFR 32.4530 - Treasury stock.

    Code of Federal Regulations, 2013 CFR

    2013-10-01

    ... 47 Telecommunication 2 2013-10-01 2013-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued...

  16. 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... 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...

  17. 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... 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...

  18. 47 CFR 32.4510 - Capital stock.

    Code of Federal Regulations, 2014 CFR

    2014-10-01

    ... 47 Telecommunication 2 2014-10-01 2014-10-01 false Capital stock. 32.4510 Section 32.4510... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a) This account shall include the par value, stated amount, or in the case of no-par stock, the...

  19. 47 CFR 32.4510 - Capital stock.

    Code of Federal Regulations, 2012 CFR

    2012-10-01

    ... 47 Telecommunication 2 2012-10-01 2012-10-01 false Capital stock. 32.4510 Section 32.4510... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a) This account shall include the par value, stated amount, or in the case of no-par stock, the...

  20. 47 CFR 32.4530 - Treasury stock.

    Code of Federal Regulations, 2014 CFR

    2014-10-01

    ... 47 Telecommunication 2 2014-10-01 2014-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued...

  1. 47 CFR 32.4530 - Treasury stock.

    Code of Federal Regulations, 2012 CFR

    2012-10-01

    ... 47 Telecommunication 2 2012-10-01 2012-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued...

  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... 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...

  3. 12 CFR 725.5 - Capital stock.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

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

  4. 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)

  5. Students Invest in the Stock Market

    ERIC Educational Resources Information Center

    Parker, George O.

    1977-01-01

    How one teacher motivated students to learn about the stock market by allowing them to actually invest money. Class discussion covered inexpensive ways to buy stock, choosing securities, and buying and selling stock. Suggestions are offered for adapting this project for use at the secondary level. (TA)

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. Trading away what kind of jobs? Globalization, trade and tasks in the US economy.

    PubMed

    Kemeny, Thomas; Rigby, David

    2012-04-01

    Economists and other social scientists are calling for a reassessment of the impact of international trade on labor markets in developed and developing countries. Classical models of globalization and trade, based upon the international exchange of finished goods, fail to capture the fragmentation of much commodity production and the geographical separation of individual production tasks. This fragmentation, captured in the growing volume of intra-industry trade, prompts investigation of the effects of trade within, rather than between, sectors of the economy. In this paper we examine the relationship between international trade and the task structure of US employment. We link disaggregate US trade data from 1972 to 2006, the NBER manufacturing database, the Decennial Census, and occupational and task data from the Dictionary of Occupational Titles. Within-industry shifts in task characteristics are linked to import competition and technological change. Our results suggest that trade has played a major role in the growth in relative demand for nonroutine tasks, particularly those requiring high levels of interpersonal interaction.

  12. Trading away what kind of jobs? Globalization, trade and tasks in the US economy

    PubMed Central

    Kemeny, Thomas; Rigby, David

    2015-01-01

    Economists and other social scientists are calling for a reassessment of the impact of international trade on labor markets in developed and developing countries. Classical models of globalization and trade, based upon the international exchange of finished goods, fail to capture the fragmentation of much commodity production and the geographical separation of individual production tasks. This fragmentation, captured in the growing volume of intra-industry trade, prompts investigation of the effects of trade within, rather than between, sectors of the economy. In this paper we examine the relationship between international trade and the task structure of US employment. We link disaggregate US trade data from 1972 to 2006, the NBER manufacturing database, the Decennial Census, and occupational and task data from the Dictionary of Occupational Titles. Within-industry shifts in task characteristics are linked to import competition and technological change. Our results suggest that trade has played a major role in the growth in relative demand for nonroutine tasks, particularly those requiring high levels of interpersonal interaction. PMID:26722134

  13. 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.

  14. 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.

  15. Illegal trade of regulated and protected aquatic species in the Philippines detected by DNA barcoding.

    PubMed

    Asis, Angelli Marie Jacynth M; Lacsamana, Joanne Krisha M; Santos, Mudjekeewis D

    2016-01-01

    Illegal trade has greatly affected marine fish stocks, decreasing fish populations worldwide. Despite having a number of aquatic species being regulated, illegal trade still persists through the transport of dried or processed products and juvenile species trafficking. In this regard, accurate species identification of illegally traded marine fish stocks by DNA barcoding is deemed to be a more efficient method in regulating and monitoring trade than by morphological means which is very difficult due to the absence of key morphological characters in juveniles and processed products. Here, live juvenile eels (elvers) and dried products of sharks and rays confiscated for illegal trade were identified. Twenty out of 23 (87%) randomly selected "elvers" were identified as Anguilla bicolor pacifica and 3 (13%) samples as Anguilla marmorata. On the other hand, 4 out of 11 (36%) of the randomly selected dried samples of sharks and rays were Manta birostris. The rest of the samples were identified as Alopias pelagicus, Taeniura meyeni, Carcharhinus falciformis, Himantura fai and Mobula japonica. These results confirm that wild juvenile eels and species of manta rays are still being caught in the country regardless of its protected status under Philippine and international laws. It is evident that the illegal trade of protected aquatic species is happening in the guise of dried or processed products thus the need to put emphasis on strengthening conservation measures. This study aims to underscore the importance of accurate species identification in such cases of illegal trade and the effectivity of DNA barcoding as a tool to do this.

  16. 26 CFR 1.355-6 - Recognition of gain on certain distributions of stock or securities in controlled corporation.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... the hands of such persons is determined in whole or in part by reference to the basis of their stock... are individuals, shareholders are not treated as one person under section 355(d)(7), stock has been... under general tax principles, including the step transaction doctrine. No inference should be drawn...

  17. 26 CFR 1.355-6 - Recognition of gain on certain distributions of stock or securities in controlled corporation.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... the hands of such persons is determined in whole or in part by reference to the basis of their stock... are individuals, shareholders are not treated as one person under section 355(d)(7), stock has been... under general tax principles, including the step transaction doctrine. No inference should be drawn...

  18. 78 FR 64556 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-10-29

    ... market conditions, additional series of individual stock options may be added in the discretion of the... COMMISSION Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Implement Transition to Friday Expiration for Most Options...

  19. Reproduction-Immunity Trade-Offs in Insects.

    PubMed

    Schwenke, Robin A; Lazzaro, Brian P; Wolfner, Mariana F

    2016-01-01

    Immune defense and reproduction are physiologically and energetically demanding processes and have been observed to trade off in a diversity of female insects. Increased reproductive effort results in reduced immunity, and reciprocally, infection and activation of the immune system reduce reproductive output. This trade-off can manifest at the physiological level (within an individual) and at the evolutionary level (genetic distinction among individuals in a population). The resource allocation model posits that the trade-off arises because of competition for one or more limiting resources, and we hypothesize that pleiotropic signaling mechanisms regulate allocation of that resource between reproductive and immune processes. We examine the role of juvenile hormone, 20-hydroxyecdysone, and insulin/insulin-like growth factor-like signaling in regulating both oogenesis and immune system activity, and propose a signaling network that may mechanistically regulate the trade-off. Finally, we discuss implications of the trade-off in an ecological and evolutionary context.

  20. Reproduction–Immunity Trade-Offs in Insects

    PubMed Central

    Schwenke, Robin A.; Lazzaro, Brian P.; Wolfner, Mariana F.

    2017-01-01

    Immune defense and reproduction are physiologically and energetically demanding processes and have been observed to trade off in a diversity of female insects. Increased reproductive effort results in reduced immunity, and reciprocally, infection and activation of the immune system reduce reproductive output. This trade-off can manifest at the physiological level (within an individual) and at the evolutionary level (genetic distinction among individuals in a population). The resource allocation model posits that the trade-off arises because of competition for one or more limiting resources, and we hypothesize that pleiotropic signaling mechanisms regulate allocation of that resource between reproductive and immune processes. We examine the role of juvenile hormone, 20-hydroxyecdysone, and insulin/insulin-like growth factor-like signaling in regulating both oogenesis and immune system activity, and propose a signaling network that may mechanistically regulate the trade-off. Finally, we discuss implications of the trade-off in an ecological and evolutionary context. PMID:26667271

  1. 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).

  2. The Stock Performance of C. Everett Koop Award Winners Compared With the Standard & Poor's 500 Index

    PubMed Central

    Goetzel, Ron Z.; Fabius, Raymond; Fabius, Dan; Roemer, Enid C.; Thornton, Nicole; Kelly, Rebecca K.; Pelletier, Kenneth R.

    2016-01-01

    Objective: To explore the link between companies investing in the health and well-being programs of their employees and stock market performance. Methods: Stock performance of C. Everett Koop National Health Award winners (n = 26) was measured over time and compared with the average performance of companies comprising the Standard and Poor's (S&P) 500 Index. Results: The Koop Award portfolio outperformed the S&P 500 Index. In the 14-year period tracked (2000–2014), Koop Award winners’ stock values appreciated by 325% compared with the market average appreciation of 105%. Conclusions: This study supports prior and ongoing research demonstrating a higher market valuation—an affirmation of business success by Wall Street investors—of socially responsible companies that invest in the health and well-being of their workers when compared with other publicly traded firms. PMID:26716843

  3. 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.

  4. 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.

  5. Intention-Disguised Algorithmic Trading

    NASA Astrophysics Data System (ADS)

    Yuen, William; Syverson, Paul; Liu, Zhenming; Thorpe, Christopher

    Large market participants (LMPs) must often execute trades while keeping their intentions secret. Sometimes secrecy is required before trades are completed to prevent other traders from anticipating (and exploiting) the price impact of their trades. This is known as "front-running". In other cases, LMPs with proprietary trading strategies wish to keep their positions secret even after trading because their strategies and positions contain valuable information. LMPs include hedge funds, mutual funds, and other specialized market players.

  6. Valuation of Endowment-Insurance Equity-Linked Contracts for Stocks with Exotic Dynamics

    PubMed Central

    2014-01-01

    We consider the fair martingale prize of insurance contracts with benefit received either at the insurer's demise or at maturity. We show how to modify the dynamics of the underlying so as to incorporate the possibility that the traded stock has a strong support at some level. The resulting dynamics is integrated and the fair prize of several natural endowment-insurance contracts is obtained. PMID:24672305

  7. Lead-lag relationships between stock and market risk within linear response theory

    NASA Astrophysics Data System (ADS)

    Borysov, Stanislav; Balatsky, Alexander

    2015-03-01

    We study historical correlations and lead-lag relationships between individual stock risks (standard deviation of daily stock returns) and market risk (standard deviation of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over stocks, using historical stock prices from the Standard & Poor's 500 index for 1994-2013. The observed historical dynamics suggests that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when individual stock risks affect market risk and vice versa. This work was supported by VR 621-2012-2983.

  8. 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

  9. 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.

  10. B-WEST Regional Workforce Training Center. Building Workers Entering Skilled Trades. Curriculum Guide.

    ERIC Educational Resources Information Center

    Portland Community Coll., OR.

    This guide is designed for use in replicating the B-WEST (Building Workers Entering Skilled Trades) and B-FIT (Building Futures in Industry and Trades) program, a two-term professional certificate program designed to prepare individuals for skilled jobs in the electrical, mechanical, and construction trades. The first section contains the…

  11. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2011 CFR

    2011-07-01

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

  12. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

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

  13. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2012 CFR

    2012-07-01

    ... 40 Protection of Environment 22 2012-07-01 2012-07-01 false Withdrawal from NOX Budget Trading... IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal. To withdraw from the NOX Budget Trading Program, the NOX authorized account representative of...

  14. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2013 CFR

    2013-07-01

    ... 40 Protection of Environment 22 2013-07-01 2013-07-01 false Withdrawal from NOX Budget Trading... IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal. To withdraw from the NOX Budget Trading Program, the NOX authorized account representative of...

  15. 40 CFR 96.86 - Withdrawal from NOX Budget Trading Program.

    Code of Federal Regulations, 2014 CFR

    2014-07-01

    ... 40 Protection of Environment 21 2014-07-01 2014-07-01 false Withdrawal from NOX Budget Trading... IMPLEMENTATION PLANS Individual Unit Opt-ins § 96.86 Withdrawal from NOX Budget Trading Program. (a) Requesting withdrawal. To withdraw from the NOX Budget Trading Program, the NOX authorized account representative of...

  16. [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.

  17. 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

  18. 12 CFR 150.340 - May I exercise rights to purchase additional stock or fractional shares of my stock or...

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... stock or fractional shares of my stock or obligations or the stock or obligations of my affiliates? 150... obligations or the stock or obligations of my affiliates? If the retention of investments in your stock or obligations or the stock or obligations of an affiliate in fiduciary accounts is consistent with...

  19. Stock market dynamics: Before and after stock market crashes

    NASA Astrophysics Data System (ADS)

    Siokis, Fotios M.

    2012-02-01

    This paper presents a brief analysis on the distribution of magnitude of major stock market shocks. Based on the Gutenberg-Richter law in geophysics, we model the dynamics of market index returns prior and after major crashes in search of statistical regularities. For a large number of market crashes, our analysis suggests that the distribution of market volatility before and after the stock market crash is described well by the Gutenberg-Richter law, which reflects the scale-invariance and self-similarity of the underlying dynamics by a robust power-law relation. In addition, the rate of the decay of the aftershock sequence is well described by another power law, which is known as the Omori law. Power law relaxation seems to be a common behavior observed in complex systems such as the financial markets.

  20. Dependence structure of the commodity and stock markets, and relevant multi-spread strategy

    NASA Astrophysics Data System (ADS)

    Kim, Min Jae; Kim, Sehyun; Jo, Yong Hwan; Kim, Soo Yong

    2011-10-01

    Understanding the dependence structure between the commodity and stock markets is a crucial issue in constructing a portfolio. It can also help us to discover new opportunities to implement spread trading using multiple assets classified in the two different markets. This study analyzed the dependence structure of the commodity and stock markets using the random matrix theory technique and network analysis. Our results show that the stock and commodity markets must be handled as completely separated asset classes except for the oil and gold markets, so the performance enhancement of the mean-variance portfolio is significant as expected. In light of the fact that WTI 1 month futures and four oil-related stocks are strongly correlated, they were selected as basic ingredients to complement the multi-spread convergence trading strategy using a machine learning technique called the AdaBoost algorithm. The performance of this strategy for non-myopic investors, who can endure short-term loss, can be enhanced significantly on a risk measurement basis.

  1. Black Monday on stock markets throughout the world - a new phenomenon of collective panic disorder? A psychiatric approach.

    PubMed

    Sperling, Wolfgang; Bleich, Stefan; Reulbach, Udo

    2008-12-01

    Drastic losses on the stock markets within short periods have been the subject of numerous investigations in view of the fact that they are often irrational. Stock exchanges around the world suffered dramatic losses on Monday 21 January 2008, and again recently on Monday 17 March 2008. Regardless of cultural affiliation, public reporting of the global collapse in stock prices on Monday was striking in its almost unified mood of panic, anxiety and general fear of further partially arbitrary trading losses. These partly irrational mechanisms of an international financial crisis seem to fulfil several criteria of typical panic disorders according to classification systems like ICD-10 or DSM-IV. The new phenomenon affects international stock markets in the sense of a global panic disorder (GPD).

  2. Statistical properties of share volume traded in financial markets

    NASA Astrophysics Data System (ADS)

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

    2000-10-01

    We quantitatively investigate the ideas behind the often-expressed adage ``it takes volume to move stock prices,'' and study the statistical properties of the number of shares traded QΔt for a given stock in a fixed time interval Δt. We analyze transaction data for the largest 1000 stocks for the two-year period 1994-95, using a database that records every transaction for all securities in three major US stock markets. We find that the distribution P(QΔt) displays a power-law decay, and that the time correlations in QΔt display long-range persistence. Further, we investigate the relation between QΔt and the number of transactions NΔt in a time interval Δt, and find that the long-range correlations in QΔt are largely due to those of NΔt. Our results are consistent with the interpretation that the large equal-time correlation previously found between QΔt and the absolute value of price change \\|GΔt\\| (related to volatility) are largely due to NΔt.

  3. Global Trade and Public Health

    PubMed Central

    Shaffer, Ellen R.; Waitzkin, Howard; Brenner, Joseph; Jasso-Aguilar, Rebeca

    2005-01-01

    Global trade and international trade agreements have transformed the capacity of governments to monitor and to protect public health, to regulate occupational and environmental health conditions and food products, and to ensure affordable access to medications. Proposals under negotiation for the World Trade Organization’s General Agreement on Trade in Services (GATS) and the regional Free Trade Area of the Americas (FTAA) agreement cover a wide range of health services, health facilities, clinician licensing, water and sanitation services, and tobacco and alcohol distribution services. Public health professionals and organizations rarely participate in trade negotiations or in resolution of trade disputes. The linkages among global trade, international trade agreements, and public health deserve more attention than they have received to date. PMID:15623854

  4. Global trade and public health.

    PubMed

    Shaffer, Ellen R; Waitzkin, Howard; Brenner, Joseph; Jasso-Aguilar, Rebeca

    2005-01-01

    Global trade and international trade agreements have transformed the capacity of governments to monitor and to protect public health, to regulate occupational and environmental health conditions and food products, and to ensure affordable access to medications. Proposals under negotiation for the World Trade Organization's General Agreement on Trade in Services (GATS) and the regional Free Trade Area of the Americas (FTAA) agreement cover a wide range of health services, health facilities, clinician licensing, water and sanitation services, and tobacco and alcohol distribution services. Public health professionals and organizations rarely participate in trade negotiations or in resolution of trade disputes. The linkages among global trade, international trade agreements, and public health deserve more attention than they have received to date.

  5. Taxonomy of stock market indices

    PubMed

    Bonanno; Vandewalle; Mantegna

    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.

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

    USGS Publications Warehouse

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

    2015-01-01

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

  7. Taylor’s Law of Temporal Fluctuation Scaling in Stock Illiquidity

    NASA Astrophysics Data System (ADS)

    Cai, Qing; Xu, Hai-Chuan; Zhou, Wei-Xing

    2016-08-01

    Taylor’s law of temporal fluctuation scaling, variance ˜ a(mean)b, is ubiquitous in natural and social sciences. We report for the first time convincing evidence of a solid temporal fluctuation scaling law in stock illiquidity by investigating the mean-variance relationship of the high-frequency illiquidity of almost all stocks traded on the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE) during the period from 1999 to 2011. Taylor’s law holds for A-share markets (SZSE Main Board, SZSE Small & Mediate Enterprise Board, SZSE Second Board, and SHSE Main Board) and B-share markets (SZSE B-share and SHSE B-share). We find that the scaling exponent b is greater than 2 for the A-share markets and less than 2 for the B-share markets. We further unveil that Taylor’s law holds for stocks in 17 industry categories, in 28 industrial sectors and in 31 provinces and direct-controlled municipalities with the majority of scaling exponents b ∈ (2, 3). We also investigate the Δt-min illiquidity and find that the scaling exponent b(Δt) increases logarithmically for small Δt values and decreases fast to a stable level.

  8. Construction Trades Resources.

    ERIC Educational Resources Information Center

    Alaska State Dept. of Education, Juneau. Div. of Adult and Vocational Education.

    This guide was developed as a supplement to the Alaska Department of Education's Construction Trades Curriculum. The special topics included in it focus on competencies from the curriculum for which materials were not readily available to Alaskan teachers and provide information that is either required by Alaska's environmental conditions or is…

  9. Trading forest carbon

    EPA Science Inventory

    The nature of carbon in forests is discussed from the perspective of carbon trading. Carbon inventories, specifically in the area of land use and forestry are reviewed for the Pacific Northwest. Carbon turnover in forests is discussed as it relates to carbon sequestration. Scient...

  10. Learning with Trade Unionists.

    ERIC Educational Resources Information Center

    Wooton, Richard

    1986-01-01

    Recommends that the study of trade unions be included in the school curriculum. Argues that learning about relationships between unions and management through interviews, observations, and simulations can enhance the overall approach to teaching about controversial topics. Gives examples of some attempts to do this in schools. (TW)

  11. Trade-Secret Dispute.

    ERIC Educational Resources Information Center

    Blumenstyk, Goldie

    1994-01-01

    A Michigan court has ruled that a Wayne State University (Michigan) chemistry professor appropriated a trade secret from a Massachusetts chemist for whom he was consulting and incorporated it into his own patent application, violating a written agreement. The university contends its pursuit of the patent was not improper. (MSE)

  12. Recreational Vehicle Trades.

    ERIC Educational Resources Information Center

    Felice, Michael

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

  13. Learn a Trade

    ERIC Educational Resources Information Center

    Crawford, Matthew B.

    2015-01-01

    The author earned a physics degree in college and then failed to find a job in the aerospace industry. He writes of how he fell back on his training as an electrician for sustenance and from that extrapolates how the trades have become confused with work of the hands rather than of the mind. He uses the venerable debate between Booker T.…

  14. Modern Maritime Trade Warfare

    DTIC Science & Technology

    2013-05-20

    intergovernmental organizations impose both immediate and long term penalties for an enemy. Finally, tools such as cyber attacks and GPS spoofing ...Exclusion Zones to interfere with shipping networks, and GPS jamming or spoofing of merchant vessels are discussed and analyzed for potential...SUBJECT TERMS Maritime Trade Warfare, Commerce Warfare, China, Cyber, GPS , Jamming, Spoofing , Maritime Interdiction, Exclusion Zone. 16. SECURITY

  15. Trade Masonry Syllabus.

    ERIC Educational Resources Information Center

    New York State Education Dept., Albany. Bureau of Occupational Education Curriculum Development.

    Designed for a two-year course of study, this syllabus encompasses six areas of the masonry trade: concrete, block, brick, stone, tile, and plaster. For each area, the separate units of instruction contain course content outline, student behavioral objectives, and suggested teaching methods and audiovisuals. The six sections and their units are as…

  16. Introduction to International Trade.

    ERIC Educational Resources Information Center

    Crummett, Dan M.; Crummett, Jerrie

    This set of student and teacher guides is intended for use in a course to prepare students for entry-level employment in such occupational areas in international trade as business/finance, communications, logistics, and marketing. The following topics are covered in the course's five instructional units: introduction to careers in international…

  17. Syllabus in Trade Welding.

    ERIC Educational Resources Information Center

    New York State Education Dept., Albany. Bureau of Secondary Curriculum Development.

    The syllabus outlines material for a course two academic years in length (minimum two and one-half hours daily experience) leading to entry-level occupational ability in several welding trade areas. Fourteen units covering are welding, gas welding, oxyacetylene welding, cutting, nonfusion processes, inert gas shielded-arc welding, welding cast…

  18. Construction Trades Curriculum.

    ERIC Educational Resources Information Center

    Alaska State Dept. of Education, Juneau. Div. of Adult and Vocational Education.

    This competency-based curriculum is designed to be a handbook for the construction trades. It includes all competencies a student will acquire in the course of building a complete house. Based on a survey of Alaskan construction employers and employees, the handbook stresses both principles and skills. The 23 units are presented in the sequence…

  19. NEEDLE TRADES, MATHEMATICS - I.

    ERIC Educational Resources Information Center

    COLICCHIO, ANTOINETTE J.

    THE NEEDLE TRADES INDUSTRY CONSISTS OF THREE TYPES OF ESTABLISHMENTS -- THE REGULAR MANUFACTURERS, THE APPAREL JOBBERS, AND THE CONTRACTORS. THE FUNCTIONS INCLUDED COVER A WIDE SCOPE FROM BUYING OF RAW MATERIAL TO SELLING OF THE FINISHED APPAREL. THE PURPOSE OF THIS STUDY GUIDE IS TO FURNISH BASIC KNOWLEDGE IN MATHEMATICS AND DEVELOP SKILL IN…

  20. Trade Union Rights.

    ERIC Educational Resources Information Center

    Maier, Heribert; And Others

    1994-01-01

    Excerpts addresses from an international symposium regarding workers' education, human rights, labor standards and law, socioeconomic factors, trade unions, workers' rights, professionalism, and globalization. Includes a background paper, "Participation of Workers and Their Organizations in the Field of International Labour Standards and the…

  1. Maintenance Trades Guidelines

    ERIC Educational Resources Information Center

    Weidner, Theodore J.

    2008-01-01

    In 2002, APPA published "Maintenance Staffing Guidelines for Educational Facilities," the first building maintenance trades staffing guideline designed to assist educational facilities professionals with their staffing needs. addresses how facilities professionals can determine the appropriate size and mix of their organization. Contents…

  2. 76 FR 27683 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-12

    ... To Add All NMS Stocks to the Single Securities Circuit Breaker Pilot Program May 6, 2011. Pursuant to... program relating to individual securities circuit breakers and amend CHX Article 16, Rule 8 to...

  3. Machine Trades Curriculum Guide. Michigan Trade and Industrial Education.

    ERIC Educational Resources Information Center

    Michigan State Univ., East Lansing. Coll. of Agriculture and Natural Resources Education Inst.

    This task-based curriculum guide is intended to help secondary teachers provide relevant training for an entry-level job in machine trades. Introductory materials include background information on trade and industrial education and program goals and safety information. Descriptions follow of the construction trades program, vocational cooperative…

  4. “Price-Quakes” Shaking the World's Stock Exchanges

    PubMed Central

    Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

    2011-01-01

    Background Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Methodology/Principal Findings Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events—pricequakes—in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. Conclusions/Significance We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network. PMID:22073168

  5. Peroneal nerve palsy after compression stockings application

    PubMed Central

    Kim, Jun Hyun; Kim, Won Il; Kim, Ji Yeon; Choe, Won Joo

    2016-01-01

    Peroneal nerve palsy can be caused by various etiology. We report unilateral peroneal nerve palsy after compression stockings application. A 64-year-old man underwent off-pump coronary bypass graft. Surgeon did not use saphenous vein for the bypass graft. Sedation was stopped after 3 h postoperative. After 16 h, for prophylaxis of deep vein thrombosis, knee-high elastic stocking was applied. After 1 h, he took off right stocking because of numbness but left stocking was kept. After 24 h postoperative, (8 h after stocking application) patient complained suddenly left foot drop. Manual muscle test revealed 0/5 of ankle dorsiflexion, ankle eversion, and toe extension. Sensory was decreased to 70% in lower half of anterolateral aspect of tibia, foot dorsum, and toes. Foot drop and sensory abnormality decreased in 3 weeks. Cardiac surgery patients already have many risk factors for peripheral neuropathy. Clinicians should be careful when applying stockings on those patients. PMID:27833497

  6. Peroneal nerve palsy after compression stockings application.

    PubMed

    Kim, Jun Hyun; Kim, Won Il; Kim, Ji Yeon; Choe, Won Joo

    2016-01-01

    Peroneal nerve palsy can be caused by various etiology. We report unilateral peroneal nerve palsy after compression stockings application. A 64-year-old man underwent off-pump coronary bypass graft. Surgeon did not use saphenous vein for the bypass graft. Sedation was stopped after 3 h postoperative. After 16 h, for prophylaxis of deep vein thrombosis, knee-high elastic stocking was applied. After 1 h, he took off right stocking because of numbness but left stocking was kept. After 24 h postoperative, (8 h after stocking application) patient complained suddenly left foot drop. Manual muscle test revealed 0/5 of ankle dorsiflexion, ankle eversion, and toe extension. Sensory was decreased to 70% in lower half of anterolateral aspect of tibia, foot dorsum, and toes. Foot drop and sensory abnormality decreased in 3 weeks. Cardiac surgery patients already have many risk factors for peripheral neuropathy. Clinicians should be careful when applying stockings on those patients.

  7. Quantifying Trading Behavior in Financial Markets Using Google Trends

    NASA Astrophysics Data System (ADS)

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

    2013-04-01

    Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as ``early warning signs'' of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior.

  8. Are random trading strategies more successful than technical ones?

    PubMed

    Biondo, Alessio Emanuele; Pluchino, Alessandro; Rapisarda, Andrea; Helbing, Dirk

    2013-01-01

    In this paper we explore the specific role of randomness in financial markets, inspired by the beneficial role of noise in many physical systems and in previous applications to complex socio-economic systems. After a short introduction, we study the performance of some of the most used trading strategies in predicting the dynamics of financial markets for different international stock exchange indexes, with the goal of comparing them to the performance of a completely random strategy. In this respect, historical data for FTSE-UK, FTSE-MIB, DAX, and S & P500 indexes are taken into account for a period of about 15-20 years (since their creation until today).

  9. Quantifying Trading Behavior in Financial Markets Using Google Trends

    PubMed Central

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

    2013-01-01

    Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as “early warning signs” of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior. PMID:23619126

  10. Investors’ risk attitudes and stock price fluctuation asymmetry

    NASA Astrophysics Data System (ADS)

    Zhang, Yu; Li, Honggang

    2011-05-01

    Price rise/fall asymmetry, which indicates enduring but modest rises and sudden short-term falls, is a ubiquitous phenomenon in stock markets throughout the world. Instead of the widely used time series method, we adopt inverse statistics from turbulence to analyze this asymmetry. To explore its underlying mechanism, we build a multi-agent model with two kinds of investors, which are specifically referred to as fundamentalists and chartists. Inspired by Kahneman and Tversky’s claim regarding peoples’ asymmetric psychological responses to the equivalent levels of gains and losses, we assume that investors take different risk attitudes to gains and losses and adopt different trading strategies. The simulation results of the model developed herein are consistent with empirical work, which may support our conjecture that investors’ asymmetric risk attitudes might be one origin of rise/fall asymmetry.

  11. Collective Behavior of Market Participants during Abrupt Stock Price Changes

    PubMed Central

    Maskawa, Jun-ichi

    2016-01-01

    Under uncertainty, human and animal collectives often respond stochastically to events they encounter. Human or animal individuals behave depending on others’ actions, and sometimes follow choices that are sub-optimal for individuals. Such mimetic behaviors are enhanced during emergencies, creating collective behavior of a group. A stock market that is about to crash, as markets did immediately after the Lehman Brothers bankruptcy, provides illustrative examples of such behaviors. We provide empirical evidence proving the existence of collective behavior among stock market participants in emergent situations. We investigated the resolution of extreme supply-and-demand order imbalances by increased balancing counter orders: buy and sell orders for excess supply and demand respectively, during times of price adjustment, so-called special quotes on the Tokyo Stock Exchange. Counter orders increase positively depending on the quantity of revealed counter orders: the accumulated orders in the book until then. Statistics of the coming counter order are well described using a logistic regression model with the ratio of revealed orders until then to the finally revealed orders as the explanatory variable. Results given here show that the market participants make Bayesian estimations of optimal choices to ascertain whether to order using information about orders of other participants. PMID:27513335

  12. Collective Behavior of Market Participants during Abrupt Stock Price Changes.

    PubMed

    Maskawa, Jun-Ichi

    2016-01-01

    Under uncertainty, human and animal collectives often respond stochastically to events they encounter. Human or animal individuals behave depending on others' actions, and sometimes follow choices that are sub-optimal for individuals. Such mimetic behaviors are enhanced during emergencies, creating collective behavior of a group. A stock market that is about to crash, as markets did immediately after the Lehman Brothers bankruptcy, provides illustrative examples of such behaviors. We provide empirical evidence proving the existence of collective behavior among stock market participants in emergent situations. We investigated the resolution of extreme supply-and-demand order imbalances by increased balancing counter orders: buy and sell orders for excess supply and demand respectively, during times of price adjustment, so-called special quotes on the Tokyo Stock Exchange. Counter orders increase positively depending on the quantity of revealed counter orders: the accumulated orders in the book until then. Statistics of the coming counter order are well described using a logistic regression model with the ratio of revealed orders until then to the finally revealed orders as the explanatory variable. Results given here show that the market participants make Bayesian estimations of optimal choices to ascertain whether to order using information about orders of other participants.

  13. South Carolina Trade Examinations Handbook.

    ERIC Educational Resources Information Center

    Crook, Shirley J.

    The South Carolina Trade Examinations for Trade and Industrial Education teachers are administered semi-annually by the South Carolina State Department of Education, Office of Vocational Education, Vocational Teacher Education Programs Unit. This handbook is designed to provide prospective trade and industrial education teachers, vocational…

  14. 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.

  15. 41 CFR 109-27.5003 - Stock control.

    Code of Federal Regulations, 2013 CFR

    2013-07-01

    ... 41 Public Contracts and Property Management 3 2013-07-01 2013-07-01 false Stock control. 109-27... control. (a) Stock control shall be maintained on the basis of stock record accounts of inventories on... property under stock control for greater than 90 days shall be maintained in stock record accounts....

  16. 41 CFR 109-27.5003 - Stock control.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 41 Public Contracts and Property Management 3 2011-01-01 2011-01-01 false Stock control. 109-27... control. (a) Stock control shall be maintained on the basis of stock record accounts of inventories on... property under stock control for greater than 90 days shall be maintained in stock record accounts....

  17. 41 CFR 109-27.5003 - Stock control.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 41 Public Contracts and Property Management 3 2012-01-01 2012-01-01 false Stock control. 109-27... control. (a) Stock control shall be maintained on the basis of stock record accounts of inventories on... property under stock control for greater than 90 days shall be maintained in stock record accounts....

  18. 26 CFR 1.422-2 - Incentive stock options defined.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 26 Internal Revenue 5 2012-04-01 2011-04-01 true Incentive stock options defined. 1.422-2 Section... (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-2 Incentive stock options defined. (a) Incentive stock option defined—(1) In general. The term incentive stock option means an option that...

  19. 12 CFR 1263.21 - Issuance and form of stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 10 2014-01-01 2014-01-01 false Issuance and form of stock. 1263.21 Section... Stock Requirements § 1263.21 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 the amount of stock purchased...

  20. 12 CFR 1263.21 - Issuance and form of stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 9 2012-01-01 2012-01-01 false Issuance and form of stock. 1263.21 Section... Stock Requirements § 1263.21 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 the amount of stock purchased...

  1. 26 CFR 1.422-2 - Incentive stock options defined.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 26 Internal Revenue 5 2014-04-01 2014-04-01 false Incentive stock options defined. 1.422-2 Section... (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-2 Incentive stock options defined. (a) Incentive stock option defined—(1) In general. The term incentive stock option means an option that...

  2. 12 CFR 1263.21 - Issuance and form of stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Issuance and form of stock. 1263.21 Section... Stock Requirements § 1263.21 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 the amount of stock purchased...

  3. 26 CFR 1.422-2 - Incentive stock options defined.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 5 2011-04-01 2011-04-01 false Incentive stock options defined. 1.422-2 Section... (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-2 Incentive stock options defined. (a) Incentive stock option defined—(1) In general. The term incentive stock option means an option that...

  4. 12 CFR 931.1 - Classes of capital stock.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 8 2014-01-01 2014-01-01 false Classes of capital stock. 931.1 Section 931.1... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital stock of a Bank shall consist of the following instruments: (a) Class A stock, which shall: (1) Have...

  5. 12 CFR 931.1 - Classes of capital stock.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Classes of capital stock. 931.1 Section 931.1... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital stock of a Bank shall consist of the following instruments: (a) Class A stock, which shall: (1) Have...

  6. 26 CFR 1.422-2 - Incentive stock options defined.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 26 Internal Revenue 5 2013-04-01 2013-04-01 false Incentive stock options defined. 1.422-2 Section... (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.422-2 Incentive stock options defined. (a) Incentive stock option defined—(1) In general. The term incentive stock option means an option that...

  7. 12 CFR 931.1 - Classes of capital stock.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 8 2012-01-01 2012-01-01 false Classes of capital stock. 931.1 Section 931.1... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital stock of a Bank shall consist of the following instruments: (a) Class A stock, which shall: (1) Have...

  8. 12 CFR 1263.21 - Issuance and form of stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 9 2013-01-01 2013-01-01 false Issuance and form of stock. 1263.21 Section... Stock Requirements § 1263.21 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 the amount of stock purchased...

  9. 12 CFR 931.1 - Classes of capital stock.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 8 2013-01-01 2013-01-01 false Classes of capital stock. 931.1 Section 931.1... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital stock of a Bank shall consist of the following instruments: (a) Class A stock, which shall: (1) Have...

  10. 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....

  11. Optimal execution in high-frequency trading with Bayesian learning

    NASA Astrophysics Data System (ADS)

    Du, Bian; Zhu, Hongliang; Zhao, Jingdong

    2016-11-01

    We consider optimal trading strategies in which traders submit bid and ask quotes to maximize the expected quadratic utility of total terminal wealth in a limit order book. The trader's bid and ask quotes will be changed by the Poisson arrival of market orders. Meanwhile, the trader may update his estimate of other traders' target sizes and directions by Bayesian learning. The solution of optimal execution in the limit order book is a two-step procedure. First, we model an inactive trading with no limit order in the market. The dealer simply holds dollars and shares of stocks until terminal time. Second, he calibrates his bid and ask quotes to the limit order book. The optimal solutions are given by dynamic programming and in fact they are globally optimal. We also give numerical simulation to the value function and optimal quotes at the last part of the article.

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

    USGS Publications Warehouse

    Bradford, J.B.; Fraver, S.; Milo, A.M.; D'Amato, A.W.; Palik, B.; Shinneman, D.J.

    2012-01-01

    Climate change is anticipated to increase the frequency of disturbances, potentially impacting carbon stocks in terrestrial ecosystems. However, little is known about the implications of either multiple disturbances or post-disturbance forest management activities on ecosystem carbon stocks. This study quantified how forest carbon stocks responded to stand-replacing blowdown and wildfire, both individually and in combination with and without post-disturbance salvage operations, in a sub-boreal jack pine ecosystem. Individually, blowdown or fire caused similar decreases in live carbon and total ecosystem carbon. However, whereas blowdown increased carbon in down woody material and forest floor, fire increased carbon in standing snags, a difference that may have consequences for long-term carbon cycling patterns. Fire after the blowdown caused substantial additional reduction in ecosystem carbon stocks, suggesting that potential increases in multiple disturbance events may represent a challenge for sustaining ecosystem carbon stocks. Salvage logging, as examined here, decreased carbon stored in snags and down woody material but had no significant effect on total ecosystem carbon stocks.

  13. Stochastic cellular automata model for stock market dynamics

    NASA Astrophysics Data System (ADS)

    Bartolozzi, M.; Thomas, A. W.

    2004-04-01

    In the present work we introduce a stochastic cellular automata model in order to simulate the dynamics of the stock market. A direct percolation method is used to create a hierarchy of clusters of active traders on a two-dimensional grid. Active traders are characterized by the decision to buy, σi (t)=+1 , or sell, σi (t)=-1 , a stock at a certain discrete time step. The remaining cells are inactive, σi (t)=0 . The trading dynamics is then determined by the stochastic interaction between traders belonging to the same cluster. Extreme, intermittent events, such as crashes or bubbles, are triggered by a phase transition in the state of the bigger clusters present on the grid, where almost all the active traders come to share the same spin orientation. Most of the stylized aspects of the financial market time series, including multifractal proprieties, are reproduced by the model. A direct comparison is made with the daily closures of the S&P500 index.

  14. Stochastic cellular automata model for stock market dynamics.

    PubMed

    Bartolozzi, M; Thomas, A W

    2004-04-01

    In the present work we introduce a stochastic cellular automata model in order to simulate the dynamics of the stock market. A direct percolation method is used to create a hierarchy of clusters of active traders on a two-dimensional grid. Active traders are characterized by the decision to buy, sigma(i) (t)=+1, or sell, sigma(i) (t)=-1, a stock at a certain discrete time step. The remaining cells are inactive, sigma(i) (t)=0. The trading dynamics is then determined by the stochastic interaction between traders belonging to the same cluster. Extreme, intermittent events, such as crashes or bubbles, are triggered by a phase transition in the state of the bigger clusters present on the grid, where almost all the active traders come to share the same spin orientation. Most of the stylized aspects of the financial market time series, including multifractal proprieties, are reproduced by the model. A direct comparison is made with the daily closures of the S&P 500 index.

  15. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 6 2014-01-01 2012-01-01 true Conversion from stock form depository institution to Federal stock association. 552.2-6 Section 552.2-6 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND...

  16. 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....

  17. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

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

  18. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 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 THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND...

  19. 12 CFR 152.18 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 12 Banks and Banking 1 2013-01-01 2013-01-01 false Conversion from stock form depository institution to Federal stock association. 152.18 Section 152.18 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND CONVERSION §...

  20. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 5 2011-01-01 2011-01-01 false Conversion from stock form depository institution to Federal stock association. 552.2-6 Section 552.2-6 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND...

  1. 12 CFR 152.18 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 12 Banks and Banking 1 2012-01-01 2012-01-01 false Conversion from stock form depository institution to Federal stock association. 152.18 Section 152.18 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND CONVERSION §...

  2. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

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

  3. 12 CFR 152.18 - Conversion from stock form depository institution to Federal stock association.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 12 Banks and Banking 1 2014-01-01 2014-01-01 false Conversion from stock form depository institution to Federal stock association. 152.18 Section 152.18 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND CONVERSION §...

  4. Multifractal analysis of Chinese stock volatilities based on the partition function approach

    NASA Astrophysics Data System (ADS)

    Jiang, Zhi-Qiang; Zhou, Wei-Xing

    2008-08-01

    We have performed a detailed multifractal analysis on the 1-min volatility of two indexes and 1139 stocks in the Chinese stock markets based on the partition function approach. The partition function χq(s) scales as a power law with respect to the box size s. The scaling exponents τ(q) form a nonlinear function of q. Statistical tests based on bootstrapping show that the extracted multifractal nature is significant at the 1% significance level. The individual securities can be well modeled by the p-model in turbulence with p=0.40±0.02. Based on the idea of ensemble averaging (including quenched and annealed average), we treat each stock exchange as a whole and confirm the existence of multifractal nature in the Chinese stock markets.

  5. 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.

  6. Emergency China Trade Act

    THOMAS, 112th Congress

    Rep. Sherman, Brad [D-CA-27

    2011-09-13

    09/19/2011 Referred for a period ending not later than September 19, 2011, (or for a later time if the Chairman so designates) to the Subcommittee on Trade, in each case for consideration of such provisions as fall within the jurisdiction of the subcommittee concerned. (All Actions) Tracker: This bill has the status IntroducedHere are the steps for Status of Legislation:

  7. Trade Remedies: A Primer

    DTIC Science & Technology

    2008-07-30

    Developing nations, such as India and South Africa , had begun using trade remedy actions more frequently, whereas they were tools used almost exclusively...CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER 6. AUTHOR(S) 5d. PROJECT NUMBER 5e. TASK NUMBER 5f. WORK UNIT NUMBER 7. PERFORMING...group of products are minerals and metals (such as brass sheet and strip; gray portland cement and clinker ; magnesium). The fourth largest group

  8. LDCM Preliminary Thermal Trades

    NASA Technical Reports Server (NTRS)

    Ryan, Robert; Pagnutti, Mary; Blonski, Slawomir; Spruce, Joe

    2001-01-01

    The expected cost of adding thermal bands to the next generation Landsat Data Continuity Mission (LDCM) could be significant. This viewgraph presentation investigates both traditional cooled cross-track scanners and new architectures (cooled and uncooled) which could enable a low cost thermal capability. The presentation includes surveys of applications of Landsat thermal data and the architecture of thermal instruments. It also covers new thermal architecture sensor trades, ALI Architecture with Uncooled TIR Detectors, and simulated thermal imagery.

  9. 12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code... provisions to financing of stock options and stock purchase rights qualified or restricted under Internal... intended to apply to the financing of stock options restricted or qualified under the Internal Revenue...

  10. Does trade affect child health?

    PubMed

    Levine, David I; Rothman, Dov

    2006-05-01

    Frankel and Romer [Frankel, J., Romer, D., 1999. Does trade cause growth? American Economic Review 89 (3), 379-399] documented positive effects of geographically determined trade openness on economic growth. At the same time, critics fear that openness can lead to a "race to the bottom" that increases pollution and reduces government resources for investments in health and education. We use Frankel and Romer's gravity model of trade to examine how openness to trade affects children. Overall, we find little harm from trade, and potential benefits largely through slightly faster GDP growth.

  11. International Trade of Biofuels (Brochure)

    SciTech Connect

    Not Available

    2013-05-01

    In recent years, the production and trade of biofuels has increased to meet global demand for renewable fuels. Ethanol and biodiesel contribute much of this trade because they are the most established biofuels. Their growth has been aided through a variety of policies, especially in the European Union, Brazil, and the United States, but ethanol trade and production have faced more targeted policies and tariffs than biodiesel. This fact sheet contains a summary of the trade of biofuels among nations, including historical data on production, consumption, and trade.

  12. Inter-Industry Trade and Intra-Industry Trade: Some Recent Developments in International Trade Theory.

    ERIC Educational Resources Information Center

    Greenaway, David

    1978-01-01

    Contends that the analysis of intra-industry trade supplements the subject of trade theory in undergraduate economics courses. Intra-industry trade is the situation in which a country both exports and imports the products of a particular industry, e.g. automobiles. Questions for discussion are included. (KC)

  13. 75 FR 28831 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... Change Adding Rule 80C To Provide for a Trading Pause for Individual Securities When the Price Moves 10... provide for a trading pause for individual securities when the price moves 10 percent or more. A copy of... moves 10% or more from a sale in a preceding five-minute period. The Exchange is proposing this...

  14. 75 FR 39065 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-07-07

    ... Change To Amend the List of Securities Subject to an Individual Circuit Breaker June 30, 2010. Pursuant... circuit breakers for the trading of individual securities. The text of this proposed rule change is... Vehicles (``ETV''), and Exchange Traded Notes (``ETN''). Amendments to Article 20, Rule 2 to create...

  15. Propagation of crises in the virtual water trade network

    NASA Astrophysics Data System (ADS)

    Tamea, Stefania; Laio, Francesco; Ridolfi, Luca

    2015-04-01

    The international trade of agricultural goods is associated to the displacement of the water used to produce such goods and embedded in trade as a factor of production. Water virtually exchanged from producing to consuming countries, named virtual water, defines flows across an international network of 'virtual water trade' which enable the assessment of environmental forcings and implications of trade, such as global water savings or country dependencies on foreign water resources. Given the recent expansion of commodity (and virtual water) trade, in both displaced volumes and network structure, concerns have been raised about the exposure to crises of individuals and societies. In fact, if one country had to markedly decrease its export following a socio-economical or environmental crisis, such as a war or a drought, many -if not all- countries would be affected due to a cascade effect within the trade network. The present contribution proposes a mechanistic model describing the propagation of a local crisis into the virtual water trade network, accounting for the network structure and the virtual water balance of all countries. The model, built on data-based assumptions, is tested on the real case study of the Argentinean crisis in 2008-09, when the internal agricultural production (measured as virtual water volume) decreased by 26% and the virtual water export of Argentina dropped accordingly. Crisis propagation and effects on the virtual water trade are correctly captured, showing the way forward to investigations of crises impact and country vulnerability based on the results of the model proposed.

  16. The alarming decline of Mediterranean fish stocks.

    PubMed

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

    2014-07-21

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

  17. Impact of Misalignment of Trading Agent Strategy across Multiple Markets

    NASA Astrophysics Data System (ADS)

    Sohn, Jung-Woo; Lee, Sooyeon; Mullen, Tracy

    We examine the effect of a market pricing policy designed to attract high-valued traders in a multiple market context using JCAT software. Our experiments show that a simple change to pricing policy can create market performance effects that traditional adaptive trading agents are unable to recognize or capitalize on, but that market-policy-aware trading agents can generally obtain. This suggests as parameterized and tunable markets become more common, trading strategies will increasingly need to be conditional on each individual market’s policies.

  18. Allowance trading: Market operations and regulatory response

    SciTech Connect

    Bailey, K.A.; South, D.W.; McDermott, K.A.

    1992-12-31

    The use of the SO{sub 2} allowance system as defined by Title IV of the 1990 Clean Air Act Amendments offers utilities greater compliance flexibility than EPA technology standards, State Implementation Plan (SEP) performance standards, or EPA bubble/offset strategies. Traditional methods at best offered the utility the ability to trade emissions between different units at a particular plant. The SO{sub 2} emissions trading system advocated under Title IV will allow a utility to trade emissions across its utility system, and/or trade emissions between utilities to take advantage of interfirm control cost differences. The use of transferable emission allowances offers utilities greater flexibility in the choice of how to control emissions: the choices include fuel switching, flue gas scrubbing, environmental dispatch, repowering, and even the choice not to control emissions [as long as the New Source Performance Standards (NSPS) and Prevention of Significant Deterioration (PSD) requirements are met]. The added flexibility allows utilities to choose the least cost manner of compliance with Title IV requirements. It is hoped (intended) that pollution control cost-minimization by individual utilities will in turn reduce the cost of controlling SO{sub 2} for the electric utility industry in aggregate. In addition, through the use of NO{sub x} emission averaging, the utility would average NO{sub x} emissions from different point sources in order to comply with the prescribed emission standard.

  19. Allowance trading: Market operations and regulatory response

    SciTech Connect

    Bailey, K.A.; South, D.W.; McDermott, K.A.

    1992-01-01

    The use of the SO[sub 2] allowance system as defined by Title IV of the 1990 Clean Air Act Amendments offers utilities greater compliance flexibility than EPA technology standards, State Implementation Plan (SEP) performance standards, or EPA bubble/offset strategies. Traditional methods at best offered the utility the ability to trade emissions between different units at a particular plant. The SO[sub 2] emissions trading system advocated under Title IV will allow a utility to trade emissions across its utility system, and/or trade emissions between utilities to take advantage of interfirm control cost differences. The use of transferable emission allowances offers utilities greater flexibility in the choice of how to control emissions: the choices include fuel switching, flue gas scrubbing, environmental dispatch, repowering, and even the choice not to control emissions [as long as the New Source Performance Standards (NSPS) and Prevention of Significant Deterioration (PSD) requirements are met]. The added flexibility allows utilities to choose the least cost manner of compliance with Title IV requirements. It is hoped (intended) that pollution control cost-minimization by individual utilities will in turn reduce the cost of controlling SO[sub 2] for the electric utility industry in aggregate. In addition, through the use of NO[sub x] emission averaging, the utility would average NO[sub x] emissions from different point sources in order to comply with the prescribed emission standard.

  20. International red meat trade.

    PubMed

    Brester, Gary W; Marsh, John M; Plain, Ronald L

    2003-07-01

    The maturation of the US beef and pork markets and increasing consumer demands for convenience, safety, and nutrition suggests that the beef and pork industries must focus on product development and promotion. New marketing arrangements are developing that help coordinate production with consumer demands. The relative high levels of incomes in the United States are likely to increase the demands for branded products rather than increase total per capita consumption. Foreign markets represent the greatest opportunity for increased demand for commodity beef and pork products. Increasing incomes in developing countries will likely allow consumers to increase consumption of animal-source proteins. Real prices of beef and pork have declined substantially because of sagging domestic demand and increasing farm-level production technologies. Increasing US beef and pork exports have obviated some of the price declines. Pork attained a net export position from a quantity perspective in 1995. The United States continues to be a net importer of beef on a quantity basis but is close to becoming a net exporter in terms of value. By-products continue to play a critical role in determining the red meat trade balance and producer prices. The United States, however, must continue to become cost, price, and quality competitive with other suppliers and must secure additional market access if it is to sustain recent trade trends. Several trade tensions remain in the red meat industry. For example, mandated COOL will undoubtedly have domestic and international effects on the beef and pork sectors. Domestically, uncertainty regarding consumer demand responses or quality perceptions regarding product origin, as well as added processor-retailer costs will be nontrivial. How these factors balance out in terms of benefits versus costs to the industry is uncertain. From an international perspective, some beef and pork export suppliers to the United States could view required labeling as a