A case study of short-sale constraints and limits to arbitrage

This paper uses a unique data set of trades in a unique pair of securities that enables the precise identification of individual broker activity and the trade direction of that activity. We find direct evidence that the imposition (removal) of short-sale constraints limits (generates) trading activity consistent with brokers exploiting apparent mispricing.

The case for unitary taxation with formulary apportionment in the finance sector and the effect on developing nations

In 2013 the OECD released its 15 point Action plan to deal with base erosion and profit shifting (BEPS). In that plan it was recognised that BEPS has a significant effect on developing countries. This is because the lack of tax revenue can lead to a critical underfunding of public investment that would help promote economic growth. To this end, the BEPS project is aimed at ensuring an inclusive approach to take into account not only views of the G20 and OECD countries but also the perspective of developing nations. With this focus in mind and in the context of developing nations, the purpose of this article is to consider a possible solution to profit shifting which occurs under the current transfer pricing regime, with that solution being unitary taxation with formulary apportionment. It does so using the finance sector as a specific case for application. Multinational financial institutions (MNFIs) play a significant role in financing activities of their clients in developing nations. Consistent with the ‘follow-the-client’ phenomenon which explains financial institution expansion, these entities are increasingly profiting from activities associated with this growing market. Further, not only are MNFIs persistent users of tax havens but also, more than other industries, have opportunities to reduce tax through transfer pricing measures. This article establishes a case for an industry specific adoption of unitary taxation with formulary apportionment as a viable alternative to the current regime. It argues that such a model would benefit not only developed nations but also developing nations which are currently suffering the effects of BEPS. In doing so, it considers the practicalities of such an implementation by examining both definitional issues and a possible formula for MNFIs. This article argues that, while there would be implementation difficulties to overcome, the current domestic models of formulary apportionment provide important guidance as to how the unitary business and business activities of MNFIs should be defined as well as factors that should be included in an allocation formula, along with the appropriate weighting. While it would be difficult for developing nations to adopt such a regime, it is argued that it would be no more difficult than addressing issues they face with the current transfer pricing regime. As such, this article concludes that unitary taxation with formulary apportionment is a viable industry specific alternative for MNFIs which would assist developing nations and aid independent fiscal soundness.

Unitary Taxation of the Finance Sector

Multinational financial institutions (MNFIs) play a significant role in financing the activities of their clients in developing nations. Consistent with the ‘follow-the-customer’ phenomenon which explains financial institution expansion, these entities are increasingly profiting from activities associated with this growing market. However, not only are MNFIs persistent users of tax havens, but also, more than other industries, have the opportunity to reduce tax through transfer pricing measures. This paper establishes a case for an industry-specific adoption of unitary taxation with formulary apportionment as a viable alternative to the current regime. In doing so, it considers the practicalities of implementing this by examining both definitional issues and possible formulas for MNFIs. This paper argues that, while there would be implementation difficulties to overcome, the current domestic models of formulary apportionment provide important guidance as to how the unitary business and business activities of MNFIs should be defined, as well as the factors that should be included in an allocation formula, and the appropriate weighting. This paper concludes that unitary taxation with formulary apportionment is a viable industry-specific alternative for MNFIs.

The Bonsai Child: Why Modern Parenting Limits Children’s Potential and Practical Strategies to Turn It Around

The Bonsai Child will change the way you think about parenting. The book explains modern parenting trends and the impact on children. Most importantly, the book offers practical strategies to help your child become confident and resilient. These strategies have worked for thousands of parents: they will work for you, too.

Nonparametric rank regression for analyzing water quality concentration data with multiple detection limits

Environmental data usually include measurements, such as water quality data, which fall below detection limits, because of limitations of the instruments or of certain analytical methods used. The fact that some responses are not detected needs to be properly taken into account in statistical analysis of such data. However, it is well-known that it is challenging to analyze a data set with detection limits, and we often have to rely on the traditional parametric methods or simple imputation methods. Distributional assumptions can lead to biased inference and justification of distributions is often not possible when the data are correlated and there is a large proportion of data below detection limits. The extent of bias is usually unknown. To draw valid conclusions and hence provide useful advice for environmental management authorities, it is essential to develop and apply an appropriate statistical methodology. This paper proposes rank-based procedures for analyzing non-normally distributed data collected at different sites over a period of time in the presence of multiple detection limits. To take account of temporal correlations within each site, we propose an optimal linear combination of estimating functions and apply the induced smoothing method to reduce the computational burden. Finally, we apply the proposed method to the water quality data collected at Susquehanna River Basin in United States of America, which dearly demonstrates the advantages of the rank regression models.

Statistical power calculation and sample size determination for environmental studies with data below detection limits

Power calculation and sample size determination are critical in designing environmental monitoring programs. The traditional approach based on comparing the mean values may become statistically inappropriate and even invalid when substantial proportions of the response values are below the detection limits or censored because strong distributional assumptions have to be made on the censored observations when implementing the traditional procedures. In this paper, we propose a quantile methodology that is robust to outliers and can also handle data with a substantial proportion of below-detection-limit observations without the need of imputing the censored values. As a demonstration, we applied the methods to a nutrient monitoring project, which is a part of the Perth Long-Term Ocean Outlet Monitoring Program. In this example, the sample size required by our quantile methodology is, in fact, smaller than that by the traditional t-test, illustrating the merit of our method.

Clinical Accuracy of the MedGem Indirect Calorimeter for Measuring Resting Energy Expenditure in Cancer Patients

OBJECTIVE: To compare, in patients with cancer and in healthy subjects, measured resting energy expenditure (REE) from traditional indirect calorimetry to a new portable device (MedGem) and predicted REE. DESIGN: Cross-sectional clinical validation study. SETTING: Private radiation oncology centre, Brisbane, Australia. SUBJECTS: Cancer patients (n = 18) and healthy subjects (n = 17) aged 37-86 y, with body mass indices ranging from 18 to 42 kg/m(2). INTERVENTIONS: Oxygen consumption (VO(2)) and REE were measured by VMax229 (VM) and MedGem (MG) indirect calorimeters in random order after a 12-h fast and 30-min rest. REE was also calculated from the MG without adjustment for nitrogen excretion (MGN) and estimated from Harris-Benedict prediction equations. Data were analysed using the Bland and Altman approach, based on a clinically acceptable difference between methods of 5%. RESULTS: The mean bias (MGN-VM) was 10% and limits of agreement were -42 to 21% for cancer patients; mean bias -5% with limits of -45 to 35% for healthy subjects. Less than half of the cancer patients (n = 7, 46.7%) and only a third (n = 5, 33.3%) of healthy subjects had measured REE by MGN within clinically acceptable limits of VM. Predicted REE showed a mean bias (HB-VM) of -5% for cancer patients and 4% for healthy subjects, with limits of agreement of -30 to 20% and -27 to 34%, respectively. CONCLUSIONS: Limits of agreement for the MG and Harris Benedict equations compared to traditional indirect calorimetry were similar but wide, indicating poor clinical accuracy for determining the REE of individual cancer patients and healthy subjects.

Characterisation of indoor air organic pollutants in Brisbane

The occurrence and levels of airborne polycyclic aromatic hydrocarbons and volatile organic compounds in selected non-industrial environments in Brisbane have been investigated as part of an integrated indoor air quality assessment program. The most abundant and most frequently encountered compounds include, nonanal, decanal, texanol, phenol, 2-ethyl-1-hexanol, ethanal, naphthalene, 2,6-tert-butyl-4-methyl-phenol (BHT), salicylaldehyde, toluene, hexanal, benzaldehyde, styrene, ethyl benzene, o-, m- and pxylenes, benzene, n-butanol, 1,2-propandiol, and n-butylacetate. Many of the 64 compounds usually included in the European Collaborative Action method of TVOC analysis were below detection limits in the samples analysed. In order to extract maximum amount of information from the data collected, multivariate data projection methods have been employed. The implications of the information extracted on source identification and exposure control are discussed.

Party 25

Party 25 involved the conception and public launch of a radically new form of political party during that year’s Australian general election. The entire project was also intentioned as a conceptual artwork. Party 25 avoided conventional party-political approaches and was neither a protest group nor an advocacy organisation, but rather a new form of political association that confronted what we understood as the debilitating limits and impotence of contemporary parliamentary democracies in transitioning our societies towards ecological sustainability.----- Party 25 was based on responding to one fundamental question which all of its policies served - “how does humanity get to the 25th century?” By basing itself on a dramatically long-term approach uncommon within conventional politics it raised the proposition that humanity does not have an assured future. Party25 therefore shaped its agendas around the idea that any future now lies in human hands and so how humanity treats the ecologies on which it depends innately determines the quality of the inseparable relationship between its being, and the being of the biophysical world.----- The project was conceived through a number of discussion papers, workshops and creative works and was launched publicly at the Judith Wright Centre Brisbane accompanied by a full length showing of evocative imagery, text and sound, a series of speeches and the launch of a succinct web presence. Through the website and this party launch a community of interested participants and creative practitioners was sought who then would form the basis of a nascent community of change.

A framework for fully decentralised cycle stealing

Ordinary desktop computers continue to obtain ever more resources – in-creased processing power, memory, network speed and bandwidth – yet these resources spend much of their time underutilised. Cycle stealing frameworks harness these resources so they can be used for high-performance computing. Traditionally cycle stealing systems have used client-server based architectures which place significant limits on their ability to scale and the range of applica-tions they can support. By applying a fully decentralised network model to cycle stealing the limits of centralised models can be overcome. Using decentralised networks in this manner presents some difficulties which have not been encountered in their previous uses. Generally decentralised ap-plications do not require any significant fault tolerance guarantees. High-performance computing on the other hand requires very stringent guarantees to ensure correct results are obtained. Unfortunately mechanisms developed for traditional high-performance computing cannot be simply translated because of their reliance on a reliable storage mechanism. In the highly dynamic world of P2P computing this reliable storage is not available. As part of this research a fault tolerance system has been created which provides considerable reliability without the need for a persistent storage. As well as increased scalability, fully decentralised networks offer the ability for volunteers to communicate directly. This ability provides the possibility of supporting applications whose tasks require direct, message passing style communication. Previous cycle stealing systems have only supported embarrassingly parallel applications and applications with limited forms of communication so a new programming model has been developed which can support this style of communication within a cycle stealing context. In this thesis I present a fully decentralised cycle stealing framework. The framework addresses the problems of providing a reliable fault tolerance sys-tem and supporting direct communication between parallel tasks. The thesis includes a programming model for developing cycle stealing applications with direct inter-process communication and methods for optimising object locality on decentralised networks.

Artists, audience and participations

We spent a fare amount of time thinking and debating where to draw the line between what is and what is not single-screen-based interactive media. This really is a tricky category. I would like to use this opportunity to raise certain issues about this very new category introduced this year to ifva. First of all, what do we mean by "interactive" media? If we conceptually or philosophically try to describe it, almost every artifact (not only those who are intended as a piece of art) can be perceived as "interactive" media as soon as one sees/ recognises it and begins interacting with it physically and/or mentally. What about when we limit this to computer related media? This certainly limits the scope, but well, it is becoming increasinly difficult to find art and design that are considered innovative without the use of computer. the term "single-screen" certainly makes it more specific, but as we saw from a range of works submitted to this category, people do come up with various interpretations to it. Some simply submitted work that can be viewed with computer screen, which didn't allow much user participation, while others provided various degrees of user/audience participation. What does "singel-screen-based interactive media" mean?

A quasi stationary approach to drying kinetics of cylindrical food particulates in a heat pump asisted fluid bed dryer

Experiments were undertaken to study drying kinetics of moist cylindrical shaped food particulates during fluidised bed drying. Cylindrical particles were prepared from Green beans with three different length:diameter ratios, 3:1, 2:1 and 1:1. A batch fluidised bed dryer connected to a heat pump system was used for the experimentation. A Heat pump and fluid bed combination was used to increase overall energy efficiency and achieve higher drying rates. Drying kinetics, were evaluated with non-dimensional moisture at three different drying temperatures of 30, 40 and 50o C. Numerous mathematical models can be used to calculate drying kinetics ranging from analytical models with simplified assumptions to empirical models built by regression using experimental data. Empirical models are commonly used for various food materials due to their simpler approach. However problems in accuracy, limits the applications of empirical models. Some limitations of empirical models could be reduced by using semi-empirical models based on heat and mass transfer of the drying operation. One such method is the quasi-stationary approach. In this study, a modified quasi-stationary approach was used to model drying kinetics of the cylindrical food particles at three drying temperatures.

Diversity of accuracy profiles for absolute pitch recognition

Most advanced musicians are able to identify and label a heard pitch if given an opportunity to compare it to a known reference note. This is called ‘relative pitch’ (RP). A much rarer skill is the ability to identify and label a heard pitch without the need for a reference. This is colloquially referred to as ‘perfect pitch’, but appears in the academic literature as ‘absolute pitch’ (AP). AP is considered by many as a remarkable skill. As people do not seem able to develop it intentionally, it is generally regarded as innate. It is often seen as a unitary skill and that a set of identifiable criteria can distinguish those who possess the skill from those who do not. However, few studies have interrogated these notions. The present study developed and applied an interactive computer program to map pitch-labelling responses to various tonal stimuli without a known reference tone available to participants. This approach enabled the identification of the elements of sound that impacted on AP. Pitch-labelling responses of 14 participants with AP were recorded for their accuracy. Each participant’s response to the stimuli was unique. Their accuracy of labelling varied across dimensions such as timbre, range and tonality. The diversity of performance between individuals appeared to reflect their personal musical experience histories.

Water uptake of aerosols with a focus on seeded aerosols and instrumentation techniques

This thesis focuses on the volatile and hygroscopic properties of mixed aerosol species. In particular, the influence organic species of varying solubility have upon seed aerosols. Aerosol studies were conducted at the Paul Scherrer Institut Laboratory for Atmospheric Chemistry (PSI-LAC, Villigen, Switzerland) and at the Queensland University of Technology International Laboratory for Air Quality and Health (QUT-ILAQH, Brisbane, Australia). The primary measurement tool employed in this program was the Volatilisation and Hygroscopicity Tandem Differential Mobility Analyser (VHTDMA - Johnson et al. 2004). This system was initially developed at QUT within the ILAQH and was completely re-developed as part of this project (see Section 1.4 for a description of this process). The new VHTDMA was deployed to the PSI-LAC where an analysis of the volatile and hygroscopic properties of ammonium sulphate seeds coated with organic species formed from the photo-oxidation of á-pinene was conducted. This investigation was driven by a desire to understand the influence of atmospherically prevalent organics upon water uptake by material with cloud forming capabilities. Of particular note from this campaign were observed influences of partially soluble organic coatings upon inorganic ammonium sulphate seeds above and below their deliquescence relative humidity (DRH). Above the DRH of the seed increasing the volume fraction of the organic component was shown to reduce the water uptake of the mixed particle. Below the DRH the organic was shown to activate the water uptake of the seed. This was the first time this effect had been observed for á-pinene derived SOA. In contrast with the simulated aerosols generated at the PSI-LAC a case study of the volatile and hygroscopic properties of diesel emissions was undertaken. During this stage of the project ternary nucleation was shown, for the first time, to be one of the processes involved in formation of diesel particulate matter. Furthermore, these particles were shown to be coated with a volatile hydrophobic material which prevented the water uptake of the highly hygroscopic material below. This result was a first and indicated that previous studies into the hygroscopicity of diesel emission had erroneously reported the particles to be hydrophobic. Both of these results contradict the previously upheld Zdanovksii-Stokes-Robinson (ZSR) additive rule for water uptake by mixed species. This is an important contribution as it adds to the weight of evidence that limits the validity of this rule.