Adventitious root formation in cuttings of Backhousia citriodora F. Muell 2. Seasonal influences of temperature, rainfall, flowering and auxins on the stock plant

A 2-year study was carried out on established trees at two sites in southeastern Queensland, Australia, to identify environmental factors that influenced rooting of Backhousia citriodora from cuttings. Complex interactions of rainfall events above 20 mm from the preceding month and mean maximum temperature on stock plants resulted in a correlation with rooting success of r = 0.81 and 0.74 for sites at The University Of Queensland, Gatton Campus, and Cedar Glen, respectively. A more detailed investigation under controlled environmental conditions showed that maintaining stock plants at temperatures between 10 and 30degreesC had no direct effect on rooting capacity. However, temperature was correlated with growth, which may have an indirect effect on root formation. In spring floral initiation was found to only delay rooting and had no effect on the final rooting percentage. A series of seasonal experiments demonstrated that application of the auxins indole-3-acetic acid, indole-3-butyric acid and napthaleneacetic acid over a range of concentrations (1000-8000 mug/ml) did not significantly increase rooting compared to the control and there is no practical advantage in applying auxins. Seasonal results and the temperature experiment also suggest that under a glasshouse environment with higher temperatures in winter and an adequate supply of water, B. citriodora cuttings can be successfully rooted over the whole year. (C) 2004 Elsevier B.V. All rights reserved.

A note on execution costs for stock index futures: Information versus liquidity effects

This paper examines execution costs and the impact of trade size for stock index futures using price-volume transaction data from the London International Financial Futures and Options Exchange. Consistent with Subrahmanyam [Rev. Financ. Stud. 4 (1991) 11] we find that effective half spreads in the stock index futures market are small compared to stock markets, and that trades in stock index futures have only a small permanent price impact. This result is important as it helps to better understand the success of equity index products such as index futures and Exchange Traded Funds. We also find that there is no asymmetry in the post-trade price reaction between purchases and sales for stock index futures across various trade sizes. This result is consistent with the conjecture in Chan and Lakonishok [J. Financ. Econ. 33 (1993) 173] that the asymmetry surrounding block trades in stock markets is due to the high cost of short selling and the general reluctance of traders to short sell on stock markets. (C) 2004 Elsevier B.V. All rights reserved.

Design of an X-band tray-type spatial power combiner using uniplanar quasi-Yagi antennas

The design of an X-band tray-type spatial power combiner, which employs uniplanar quasi-Yagi antennas (QYAs) for receiving and transmitting signals by individual amplifiers, is presented. Passive and active varieties of a seven-tray power-combining structure that includes two hard horns for uniform signal launching and combining across the tray stack are developed and measured. In order to compensate for nonuniform phase across the stack, which is caused by the nonplanar wave front of the horn antennas, Schiffman phase shifters are implemented in individual trays. The experimental-results show an improved performance of the investigated tray-type power combiner when the proposed phase-error compensation is implemented. (C) 2004 Wiley Periodicals, Inc.

Australia and New Zealand applied linguistics (ANZAL): Taking stock

This paper reviews some emerging trends in applied linguistics in both Australia and New Zealand. It sketches the current scene of (selected) postgraduate applied linguistics programs in higher education and considers how various university programs define applied linguistics through the classes (titles) they have postgraduate students complete to be awarded a degree. Evidence of program requirements and topics reveal not only what applied linguistics generally entails, but offers insights into how applied linguistics is defined and practiced. Additionally, some of the salient research topics (titles) being published in the journals from the two countries' applied linguistics associations are sketched.

Thirty-year recovery trend in the once depleted Hawaiian green sea turtle stock

The green sea turtle is one of the long-lived species that comprise the charismatic marine megafauna. The green turtle has a long history of human exploitation with some stocks extinct. Here we report on a 30-year study of the nesting abundance of the green turtle stock endemic to the Hawaiian Archipelago. We show that there has been a substantial long-term increase in abundance of this once seriously depleted stock following cessation of harvesting since the 1970s. This population increase has occurred in a far shorter period of time than previously thought possible. There was also a distinct 3-4 year periodicity in annual nesting abundance that might be a function of regional environmental stochasticity that synchronises breeding behaviour throughout the Archipelago. This is one of the few reliable long-term population abundance time series for a large long-lived marine species, which are needed for gaining insights into the recovery process of long-lived marine species and long-term ecological processes. (C) 2003 Elsevier Ltd. All rights reserved.

Consumption habit and international stock returns

We use the consumption-based asset pricing model with habit formation to study the predictability and cross-section of returns from the international equity markets. We find that the predictability of returns from many developed countries' equity markets is explained in part by changing prices of risks associated with consumption relative to habit at the world as well as local levels. We also provide an exploratory investigation of the cross-sectional implications of the model under the complete world market integration hypothesis and find that the model performs mildly better than the traditional consumption-based model. the unconditional and conditional world CAPMs and a three-factor international asset pricing model. (C) 2004 Elsevier B.V. All rights reserved.

Forecasting stock returns using model-selection criteria

This paper examines the economic significance of return predictability in Australian equities. In light of considerable model uncertainty, formal model-selection criteria are used to choose a specification for the predictive model. A portfolio-switching strategy is implemented according to model predictions. Relative to a buy-and-hold market investment, the returns to the portfolio-switching strategy are impressive under several model-selection criteria, even after accounting for transaction costs. However, as these findings are not robust across other model-selection criteria examined, it is difficult to conclude that the degree of return predictability is economically significant.

Zero-non-zero patterned vector error correction modeling for I(2) cointegrated time series with applications in testing PPP and stock market relationships

Vector error-correction models (VECMs) have become increasingly important in their application to financial markets. Standard full-order VECM models assume non-zero entries in all their coefficient matrices. However, applications of VECM models to financial market data have revealed that zero entries are often a necessary part of efficient modelling. In such cases, the use of full-order VECM models may lead to incorrect inferences. Specifically, if indirect causality or Granger non-causality exists among the variables, the use of over-parameterised full-order VECM models may weaken the power of statistical inference. In this paper, it is argued that the zero–non-zero (ZNZ) patterned VECM is a more straightforward and effective means of testing for both indirect causality and Granger non-causality. For a ZNZ patterned VECM framework for time series of integrated order two, we provide a new algorithm to select cointegrating and loading vectors that can contain zero entries. Two case studies are used to demonstrate the usefulness of the algorithm in tests of purchasing power parity and a three-variable system involving the stock market.