An empirical investigation of the level effect in Australian interest rates

An extensive literature examines the dynamics of interest rates, with particular attention given to the positive relationship between interest-rate volatility and the level of interest rates���the so-called level effect. This paper examines the interaction between the estimated level effect and competing parameterisations of interest-rate volatility for the Australian yield curve. We adopt a new methodology that estimates elasticity in a multivariate setting that explicitly accommodates the correlations that exist between various yield factors. Results show that significant correlations exist between the residuals of yield factors and that such correlations do indeed impact on model estimates. Within the multivariate setting, the level of the short rate is shown to be a crucial determinant of the conditional volatility of all three yield factors. Measures of model fit suggest that, in addition to the usual level effect, the incorporation of GARCH effects and possible regime shifts is important

Capitalisation of interest on short term loan ���irreconcilable with what is right���

Higher than usual rates of interest charged by lenders on short term loans is not of itself considered to be a penalty or evidence of unconscionable conduct. These types of lenders often charge higher rates to take account of increased losses from higher than usual defaults by borrowers.

Impact of automatic region-of-interest coding on perceived quality in mobile video

At present, the most reliable method to obtain end-user perceived quality is through subjective tests. In this paper, the impact of automatic region-of-interest (ROI) coding on perceived quality of mobile video is investigated. The evidence, which is based on perceptual comparison analysis, shows that the coding strategy improves perceptual quality. This is particularly true in low bit rate situations. The ROI detection method used in this paper is based on two approaches: - (1) automatic ROI by analyzing the visual contents automatically, and; - (2) eye-tracking based ROI by aggregating eye-tracking data across many users, used to both evaluate the accuracy of automatic ROI detection and the subjective quality of automatic ROI encoded video. The perceptual comparison analysis is based on subjective assessments with 54 participants, across different content types, screen resolutions, and target bit rates while comparing the two ROI detection methods. The results from the user study demonstrate that ROI-based video encoding has higher perceived quality compared to normal video encoded at a similar bit rate, particularly in the lower bit rate range.

Fungal spore fragmentation as a function of airflow rates and fungal generation methods

The aim of this study was to characterise and quantify the fungal fragment propagules derived and released from several fungal species (Penicillium, Aspergillus niger and Cladosporium cladosporioides) using different generation methods and different air velocities over the colonies. Real time fungal spore fragmentation was investigated using an Ultraviolet Aerodynamic Particle Sizer (UVASP) and a Scanning Mobility Particle Sizer (SMPS). The study showed that there were significant differences (p < 0.01) in the fragmentation percentage between different air velocities for the three generation methods, namely the direct, the fan and the fungal spore source strength tester (FSSST) methods. The percentage of fragmentation also proved to be dependant on fungal species. The study found that there was no fragmentation for any of the fungal species at an air velocity ��� 0.4 m/s for any method of generation. Fluorescent signals, as well as mathematical determination also showed that the fungal fragments were derived from spores. Correlation analysis showed that the number of released fragments measured by the UVAPS under controlled conditions can be predicted on the basis of the number of spores, for Penicillium and Aspergillus niger, but not for Cladosporium cladosporioides. The fluorescence percentage of fragment samples was found to be significantly different to that of non-fragment samples (p < 0.0001) and the fragment sample fluorescence was always less than that of the non-fragment samples. Size distribution and concentration of fungal fragment particles were investigated qualitatively and quantitatively, by both UVAPS and SMPS, and it was found that the UVAPS was more sensitive than the SMPS for measuring small sample concentrations, and the results obtained from the UVAPS and SMAS were not identical for the same samples.

Biotechnology education : topics of interest to students and teachers

This paper presents the findings of a survey that investigates the biotechnology topics of interest according to students and teachers for inclusion in biology lessons and reports on the similarities and differences in teachers��� and students��� biotechnology topics of interest. The study is of significance as biotechnology has been identified as a key area of technological and economic importance worldwide yet there is scant literature relating to teachers��� and students��� interests concerning biotechnology education topics. 500 students and their 15 teachers completed the survey. Interviews were conducted with 3 teachers and 60 students. Responses indicate there is a mismatch in the interests of students and teachers, and what they perceive as being possible topics for inclusion in biology and biotechnology lessons. Where teachers are provided with the freedom to design and assess their own units of work, this mismatch of interests causes problems. The study found students withdrawing from biology courses in post compulsory settings due to lack of interest, and perceived lack of relevance of the course. It is possible that this lack of agreement on topics of interest is a factor in the world wide decline of enrolments in the sciences.

User-driven saliency maps for evaluating Region-of-Interest detection

Detection of Region of Interest (ROI) in a video leads to more efficient utilization of bandwidth. This is because any ROIs in a given frame can be encoded in higher quality than the rest of that frame, with little or no degradation of quality from the perception of the viewers. Consequently, it is not necessary to uniformly encode the whole video in high quality. One approach to determine ROIs is to use saliency detectors to locate salient regions. This paper proposes a methodology for obtaining ground truth saliency maps to measure the effectiveness of ROI detection by considering the role of user experience during the labelling process of such maps. User perceptions can be captured and incorporated into the definition of salience in a particular video, taking advantage of human visual recall within a given context. Experiments with two state-of-the-art saliency detectors validate the effectiveness of this approach to validating visual saliency in video. This paper will provide the relevant datasets associated with the experiments.

Measuring bitrate and quality trade-off in a fast region-of-interest based video coding

Prevailing video adaptation solutions change the quality of the video uniformly throughout the whole frame in the bitrate adjustment process; while region-of-interest (ROI)-based solutions selectively retains the quality in the areas of the frame where the viewers are more likely to pay more attention to. ROI-based coding can improve perceptual quality and viewer satisfaction while trading off some bandwidth. However, there has been no comprehensive study to measure the bitrate vs. perceptual quality trade-off so far. The paper proposes an ROI detection scheme for videos, which is characterized with low computational complexity and robustness, and measures the bitrate vs. quality trade-off for ROI-based encoding using a state-of-the-art H.264/AVC encoder to justify the viability of this type of encoding method. The results from the subjective quality test reveal that ROI-based encoding achieves a significant perceptual quality improvement over the encoding with uniform quality at the cost of slightly more bits. Based on the bitrate measurements and subjective quality assessments, the bitrate and the perceptual quality estimation models for non-scalable ROI-based video coding (AVC) are developed, which are found to be similar to the models for scalable video coding (SVC).

Accuracy of rate estimation using relaxed-clock models with a critical focus on the early metazoan radiation

In recent years, a number of phylogenetic methods have been developed for estimating molecular rates and divergence dates under models that relax the molecular clock constraint by allowing rate change throughout the tree. These methods are being used with increasing frequency, but there have been few studies into their accuracy. We tested the accuracy of several relaxed-clock methods (penalized likelihood and Bayesian inference using various models of rate change) using nucleotide sequences simulated on a nine-taxon tree. When the sequences evolved with a constant rate, the methods were able to infer rates accurately, but estimates were more precise when a molecular clock was assumed. When the sequences evolved under a model of autocorrelated rate change, rates were accurately estimated using penalized likelihood and by Bayesian inference using lognormal and exponential models of rate change, while other models did not perform as well. When the sequences evolved under a model of uncorrelated rate change, only Bayesian inference using an exponential rate model performed well. Collectively, the results provide a strong recommendation for using the exponential model of rate change if a conservative approach to divergence time estimation is required. A case study is presented in which we use a simulation-based approach to examine the hypothesis of elevated rates in the Cambrian period, and it is found that these high rate estimates might be an artifact of the rate estimation method. If this bias is present, then the ages of metazoan divergences would be systematically underestimated. The results of this study have implications for studies of molecular rates and divergence dates.

Impact of region-of-interest video coding on perceived quality in mobile video

Effective streaming of video can be achieved by providing more bits to the most important region in the frame at the cost of reduced bits in the less important regions. This strategy can be beneficial for delivering high quality videos in mobile devices, especially when the availability of bandwidth is usually low and limited. While the state-of-the-art video codecs such as H.264 may have been optimised for perceived quality, it is hypothesised that users will give more attention to interesting region/object when watching videos. Therefore, giving a higher quality to region of interest (ROI)while reducing quality of other areas may result in improving the overall perceived quality without necessarily increasing the bitrate. In this paper, the impact of ROI-based encoded video on perceived quality is investigated by conducting a user study for varous target bitrates. The results from the user study demonstrate that ROI-based video coding has superior perceived quality compared to normal encoded video at the same bitrate in the lower bitrate range.