Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Identificació de variables d'estat del sistema costaner sensibles a la càrrega de nutrients

Projecte de recerca elaborat a partir d’una estada a la Napier University, Gran Bretanya, des d’octubre del 2006 a febrer del 2007. Els ecosistemes marins costaners són sistemes complexos, tant pel que fa a l’estructura de les comunitats que hi viuen com per la seva dinàmica, amb processos que impliquen múltiples escales d’espai i de temps. Aquesta complexitat natural s’ha incrementat al llarg de les darreres dècades com a conseqüència directa del creixement urbà al litoral. L’augment de població a les zones costaneres ha comportat no només un augment generalitzat en l’aport de nutrients inorgànics al mar, sinó també una forta intervenció sobre la línia de costa –construcció de ports, dics- i canvis en el moviment de les masses d’aigua. En aquest context, la interacció entre els factors turbulència-nutrients a la zona costanera pot ser clau per a millorar la nostra comprensió sobre el funcionament dels sistemes planctònics i, en darrer terme, per a derivar-ne mesures de gestió. A diferència de treballs experimentals previs, que adrecen els efectes de la turbulència i/o els nutrients sobre grups específics de plàncton, per avaluar la resposta conjunta de la comunitat necessitem paràmetres integradors, que relacionin diversos processos i donin una idea general de l’estat i funcionament de l’ecosistema. Durant l’estada de recerca alguns dels algoritmes que es fan servir per la costa escocesa van reformular-se i recalcular-se amb dades de la Mediterrània (dades procedents de la badia de Blanes i de la costa de Barcelona). Els resultats mostren una capacitat de resposta molt ràpida del plàncton als increments de nutrients, una variabilitat anual marcada (quant a diversitat d’organismes planctònics) i apunten el fòsfor com a principal limitant del creixement dels organismes en aquesta zona de la Mediterrània.

Reaching the Heart of the University : Libraries and the Future of OER

University libraries are well positioned to run or support OER production and publication operations. Many university libraries already have the technical, service, and policy infrastructure in place that would provide economies of scale for nascent and mature OER projects. Given a number of aligning factors, the University of Michigan (U-M) has an excellent opportunity to integrate Open.Michigan, its OER operation, into the University Library. This paper presents the case for greater university library involvement in OER projects generally, with U-M as a case study.

La ramaderia extensiva a la Vall d'Alinyà. Un retrat de la ramaderia de muntanya del segle XXI

El projecte se centra en el la vall d’Alinyà, en els terrenys de la Fundació Territori i Paisatge que abasten des dels cims del Port del Comte, a més de 2.000 m d’altitud fins més avall del nucli de Perles en els 500 m, en un ambient de muntanya a la comarca de l’Alt Urgell, Catalunya. L’objectiu principal ha estat diagnosticar la situació de la ramaderia extensiva de la vall, tot predient la seva viabilitat socioeconòmica com a estratègia de futur, tant pel que fa la seva població, com per les característiques d’un paisatge en mosaic molt ben afaiçonat per la mà humana en el passat. Aquesta diversitat paisatgística assegurada per l’existència de la ramaderia extensiva, provoca una riquesa en biodiversitat ecològica, en front del creixement continu de la massa forestal causat per l’abandonament de les activitats a la muntanya. Un dels aspectes estudiats de la ramaderia de la vall, ha estat la gestió dels cinc ramats existents en l’actualitat, dos de vaques, un de cabres, un d’ovelles i un de cavalls. Des de la identificació dels moviments de transtermitància durant les diferents estacions de l’any, a la de l’obtenció dels diferents recursos alimentaris pel bestiar provinents directament de la natura. Les entrevistes personals als ramaders han estat una important font d’informació i de tractament de dades per poder diagnosticar la situació actual del sector i de la figura del pastor com a figura professional clau en la vessant socioeconòmica i paisatgística local. Es van poder identificar clarament els problemes amb els quals es troba la ramaderia extensiva i quins reptes presenta per poder arribar a ser un sector de futur per a la població de la vall. En aquest context es proposen mesures de millora de l’activitat i de difusió dels productes agroramaders de qualitat.

Explaining movements in the labor share

In this paper we study the evolution of the labor share in the OECD since 1970. We show it is essentially related to the capital-output ratio; that this relationship is shifted by factors like the price of imported materials or the skill mix; and that discrepancies between the marginal product of labor and the real wage (due to, e.g., product market power, union bargaining, and labor adjustment costs) cause departures from it. We provide estimates of the model with panel data on 14 industries and 14 countries for 1973-93 and use them to compute the evolution of the wage gap in Germany and the US.

Seismic detection and characterization of landslides and other mass movements

Seismic methods used in the study of snow avalanches may be employed to detect and characterize landslides and other mass movements, using standard spectrogram/sonogram analysis. For snow avalanches, the spectrogram for a station that is approached by a sliding mass exhibits a triangular time/frequency signature due to an increase over time in the higher-frequency constituents. Recognition of this characteristic footprint in a spectrogram suggests a useful metric for identifying other mass-movement events such as landslides. The 1 June 2005 slide at Laguna Beach, California is examined using data obtained from the Caltech/USGS Regional Seismic Network. This event exhibits the same general spectrogram features observed in studies of Alpine snow avalanches. We propose that these features are due to the systematic relative increase in high-frequency energy transmitted to a seismometer in the path of a mass slide owing to a reduction of distance from the source signal. This phenomenon is related to the path of the waves whose high frequencies are less attenuated as they traverse shorter source-receiver paths. Entrainment of material in the course of the slide may also contribute to the triangular time/frequency signature as a consequence of the increase in the energy involved in the process; in this case the contribution would be a source effect. By applying this commonly observed characteristic to routine monitoring algorithms, along with custom adjustments for local site effects, we seek to contribute to the improvement in automatic detection and monitoring methods of landslides and other mass movements.

Visual realism enhances realistic response in an immersive virtual environment

Participants in an immersive virtual environment interact with the scene from an egocentric point of view that is, where there bodies appear to be located rather than from outside as if looking through a window. People interact through normal body movements, such as head-turning,reaching, and bending, and within the tracking limitations move through the environment or effect changes within it in natural ways.

The Coverage of the European independence movements from a Canadian perspective: Comparisons of the francophone online press in Quebec with the English Canadian press on the independence movements in Scotland and Catalonia

This research paper provides the basis of a future doctoral thesison the construction of foreign news. We aim to highlight similarities and differences in the online news coverage of the nationalist movments in Scotland and Catalonia in the Canadian Anglophone and Francophone press. Through a qualitative and quantitative content analysis of The Montreal Gazette, The National Post, The Globe and Mail, Le Devoir and La Presse, we attempt to show the frames used in the coverage of the political developments in both “stateless regions” from January 2011 to September 2014, when a referendum on the constitutional status of Scotland has beenagreed on. In parallel to the analysis of daily online newspapers, we will use semi-structured interviews of journalists from each news organization to obtain more in-depth knowledge of the factors influencing the construction of news. Lastly, we want to find out to the extent to which the coverage on the nationalist movements in Scotland and Catalonia serve to revive the debate on the independence question of Québec

Using the optical flow to implement a relative virtual mouse controlled by head movements

The following paper introduces the work conducted to create a relative virtual mouse based on the interpretation of head movements and face gesture through a low cost camera and the optical flow of the images. This virtual device is designed specifically as an alternative non-contact pointer for people with mobility impairments in the upper extremities and reduced head control. The proposed virtual device was compared with a conventional mouse, a touchpad and a digital joystick. Validation results show performances close to a digital joystick but far away from a conventional mouse.

Common Quail (Coturnix coturnix) post-breeding movements and migration patterns: from knowledge to management.

Hemos investigado los patrones de los movimientos postcría de la codorniz común (Coturnix coturnix) en la península ibérica con el fin de describir su fenología de paso migratorio y algunas características fisiológicas de los individuos. Esta información es necesaria para un ajuste óptimo de los períodos de caza. Hemos trabajado a partir de dos conjuntos de datos: a) capturas efectuadas en una zona que no es de cría (Garraf) de agosto a octubre en 2009 y 2010; b) recuperaciones, posteriores a la presunta época de cría, de individuos anillados en Europa y recapturados en España durante el período 1933-2005. Los resultados obtenidos muestran que los movimientos postcría en Garraf están formados por dos oleadas: una primera, que se produce sobre el 10 VIII, formada principalmente por jóvenes del año inactivos sexualmente que no son fisiológicamente migrantes; y una segunda, mucho más intensa, que se produce sobre el 17 IX, formada principalmente por migrantes jóvenes del año inactivos sexualmente. La época de caza en España tiene lugar principalmente durante la primera oleada, preservando el paso de los migrantes provenientes de España y de otros países europeos. La información de los movimientos postcría en otras regiones españolas y en otros países europeos en los que la codorniz común es una especie cinegética popular, permitiría mejorar el ajuste entre el período de caza y la migración, proporcionando recomendaciones de gestión cinegética más precisas para esta especie.

Visual realism enhances realistic response in an immersive virtual environment

Participants in an immersive virtual environment interact with the scene from an egocentric point of view that is, where there bodies appear to be located rather than from outside as if looking through a window. People interact through normal body movements, such as head-turning,reaching, and bending, and within the tracking limitations move through the environment or effect changes within it in natural ways.

Structural control on present-day topography of a basement massif: the Central and Eastern Anti-Atlas (Morocco)

The Anti-Atlas basement massif extends South of the High Atlas, and, despite a very mild Cenozoic deformation, its altitude exceeds 1500m in large areas, reaching 3305m in Jbel Sirwa. Structural contours of the present elevation of a polygenic planation surface (the High Erosional surface) and of the base of Cretaceous and Neogene inliers have been performed to characterize the major tectonic structures. Gentle Cenozoic WSW-ENE- and N-Strending folds, of 60 to100km wavelength, reactivate Variscan structures, being the major contributors to the local topography of the Anti-Atlas. Reactivated thrusts of decakilometric to kilometric-scale and E-W trend involving the Neogene rocks exhibit a steep attitude and a small displacement, but they also produce a marked topographic expression. The resulting Cenozoic horizontal shortening along N-S sections across the Anti-Atlas is about 1%. The position of the major anticlinal hinges determines the location of the fluvial divides of the Warzazat basin and the Anti-Atlas, and a structural depression on one of these hinges (Jbel Saghro anticline) allowed the formerly endorheic Warzazat basin to drain southwards. The first Cenozoic structures generating local topography are of pre-mid Miocene age (postdated by 6.7Ma volcanic rocks at the Jbel Saghro), whereas the youngest thrust movements postdate the Pliocene sedimentary and volcanic rocks (involving 2.1Ma volcanic rocks at Jbel Sirwa). In addition to these features, the mean elevation of the Anti-Atlas at the regional scale is also the result of a mantle thermal anomaly reported in previous works for the entire Atlas system.

Ocean surface winds drive dynamics of transoceanic aerial movements

Global wind patterns influence dispersal and migration processes of aerial organisms, propagules and particles, which ultimately could determine the dynamics of colonizations, invasions or spread of pathogens. However, studying how wind-mediated movements actually happen has been hampered so far by the lack of high resolution global wind data as well as the impossibility to track aerial movements. Using concurrent data on winds and actual pathways of a tracked seabird, here we show that oceanic winds define spatiotemporal pathways and barriers for large-scale aerial movements. We obtained wind data from NASA SeaWinds scatterometer to calculate wind cost (impedance) models reflecting the resistance to the aerial movement near the ocean surface. We also tracked the movements of a model organism, the Cory's shearwater (Calonectris diomedea), a pelagic bird known to perform long distance migrations. Cost models revealed that distant areas can be connected through"wind highways" that do not match the shortest great circle routes. Bird routes closely followed the low-cost"wind-highways" linking breeding and wintering areas. In addition, we found that a potential barrier, the near surface westerlies in the Atlantic sector of the Intertropical Convergence Zone (ITCZ), temporally hindered meridional trans-equatorial movements. Once the westerlies vanished, birds crossed the ITCZ to their winter quarters. This study provides a novel approach to investigate wind-mediated movements in oceanic environments and shows that large-scale migration and dispersal processes over the oceans can be largely driven by spatiotemporal wind patterns.