Do shocks to G7 stock prices have a permanent effect? : evidence from panel unit root tests with structural change

There is a plethora of studies that investigate evidence for the behaviour of stock prices using univariate techniques for unit roots. Whether or not stock prices are characterised by a unit root have implications for the efficient market hypothesis, which asserts that returns of a stock market are unpredictable from previous price changes. The extant literature has found mixed evidence on the integrational properties of stock prices. In this paper, for the first time, we provide evidence on the unit root hypothesis for G7 stock price indices using the Lagrangian multiplier panel unit root test that allows for structural breaks. Our main finding is that stock prices are stationary processes, inconsistent with the efficient market hypothesis.

Understanding the importance of permanent and transitory shocks at business cycle horizons for the UK

The goal of this paper is to examine the relative importance of permanent and transitory shocks in explaining variations in macroeconomic aggregates for the UK at business cycle horizons. Using the common trend–common cycle restrictions, we estimate a variance decomposition of shocks, and find that over short horizons the bulk of the variations in income and consumption were due to permanent shocks while transitory shocks explain the bulk of the variations in investment. Our findings for income and consumption are consistent with real business cycle models which emphasize the role of aggregate supply shocks, while our findings for investment are consistent with the Keynesian school of thought, which emphasizes the role of aggregate demand shocks in explaining business cycles.

Do permanent shocks explain income levels? a common cycle-common trend analysis of regional income levels for China

In this paper, we analyse per capita income levels of China's three main regions: the western region, the eastern region and the central region using common cycle and common trend tests. Our main contribution is that we impose the common cycle and common trend restrictions in decomposing shocks into permanent and transitory components. We find that: (i) there is evidence for two cointegrating relationships and one common cycle; and (ii) the variance decomposition analysis of shocks provides evidence that over short horizons, permanent shocks play a large role in explaining variations in regional per capita incomes.

Are shocks to energy consumption permanent or temporary? evidence from 182 countries

This article applies univariate and panel data unit root tests to annual panel data for 182 countries over the period 1979–2000 to examine the stationarity properties of per capita energy consumption. The univariate unit root test can only reject the unit root null for 56 countries or 31% of the sample at the 10% level or better. However, univariate unit root tests have low power with short spans of data and therefore failure to reject the unit root null should be treated with caution. When we apply the panel data unit root test we find overwhelming evidence that energy consumption is stationary. We discuss the policy implications of these findings and offer suggestions for future research.

Magnet-induced temporary superhydrophobic coatings from one-pot synthesized hydrophobic magnetic nanoparticles.

In this paper, we report on the production of superhydrophobic coatings on various substrates (e.g., glass slide, silicon wafer, aluminum foil, plastic film, nanofiber mat, textile fabrics) using hydrophobic magnetic nanoparticles and a magnet-assembly technique. Fe3O4 magnetic nanoparticles functionalized with a thin layer of fluoroalkyl silica on the surface were synthesized by one-step coprecipitation of Fe2+/Fe3+ under an alkaline condition in the presence of a fluorinated alkyl silane. Under a magnetic field, the magnetic nanoparticles can be easily deposited on any solid substrate to form a thin superhydrophobic coating with water contact angle as high as 172°, and the surface superhydrophobicity showed very little dependence on the substrate type. The particulate coating showed reasonable durability because of strong aggregation effect of nanoparticles, but the coating layer can be removed (e.g., by ultrasonication) to restore the original surface feature of the substrates. By comparison, the thin particle layer deposited under no magnetic field showed much lower hydrophobicity. The main reason for magnet-induced superhydrophobic surfaces is theformation of nano- and microstructured surface features. Such a magnet-induced temporary superhydrophobic coating may have wide applications in electronic, biomedical, and defense-related areas.

Permanent genetic resources added to molecular ecology resources database 1 August 2010 – 30 September 2010

This article documents the addition of 229 microsatellite marker loci to the Molecular Ecology Resources Database. Loci were developed for the following species: Acacia auriculiformis · Acacia mangium hybrid, Alabama argillacea, Anoplopoma fimbria, Aplochiton zebra, Brevicoryne brassicae, Bruguiera gymnorhiza, Bucorvus leadbeateri, Delphacodes detecta, Tumidagena minuta, Dictyostelium giganteum, Echinogammarus berilloni, Epimedium sagittatum, Fraxinus excelsior, Labeo chrysophekadion, Oncorhynchus clarki lewisi, Paratrechina longicornis, Phaeocystis antarctica, Pinus roxburghii and Potamilus capax. These loci were cross-tested on the following species: Acacia peregrinalis, Acacia crassicarpa, Bruguiera cylindrica, Delphacodes detecta, Tumidagena minuta, Dictyostelium macrocephalum, Dictyostelium discoideum, Dictyostelium purpureum, Dictyostelium mucoroides, Dictyostelium rosarium, Polysphondylium pallidum, Epimedium brevicornum, Epimedium koreanum, Epimedium pubescens, Epimedium wushanese and Fraxinus angustifolia.

Are shocks to real output permanent or transitory? Evidence from a panel of Pacific Island countries

Panel unit root and stationarity tests without structural breaks suggest that for eight Pacific island economies real gross domestic product (GDP) per capita contains a unit root. The panel stationarity test that accommodates structural change in the trend function, however, finds evidence in favour of regimewise trend stationarity. This result points to the importance of taking structural breaks into account. The finding implies that, for the period considered, the permanent secular component of output is dominated by transitory fluctuations accompanied by infrequent changes in the trend function. The only exceptions are Fiji and Kiribati, for which individual stationarity tests with multiple structural breaks suggest that real GDP per capita contains a unit root.

Needleless electrospinning : influences of fibre generator geometry

The fibre generator shape and dimension are key factors affecting the needleless electrospinning process and fibre fineness. In this work, cylinder with rounded rim, disc and ball were used as spinnerets to electrospin polyvinyl alcohol and polyacrylonitrile solutions. A finite element method was used to analyse how the spinneret geometry affected the electric field generated during electrospinning and the associated changes in fibre diameter and productivity. For cylinder spinnerets, increasing the rim radius reduced the discrepancy of electric field intensity between the cylinder end and middle area, which affected the fibre productivity. The electrospinning failed to operate when the rim radius was over 20 mm. With decreasing cylinder diameter, the electric field intensity in the middle area increased, improving the fibre productivity. Thinner disc spinnerets increased the electric field intensity, resulting in finer nanofibres and higher productivities. Ball spinnerets produced evenly distributed electric field, but failed to electrospin fibres when the diameters were below 60 mm. It has been found that strong and narrowly distributed electric field in the fibre-generating area can significantly facilitate the mass production of quality nanofibres.

Determinants of permanent first incisor eruption in grazing Australian Angora goats

Objective: To investigate the effects of live weight, sex and other factors on deciduous (first incisor) loss and permanent first incisor development in Angora goats. Design: Goats were part of a pen study on the effects of energy intake in Angora does during pregnancy and lactation on kid growth and development. The design was three levels of nutrition in mid-pregnancy × two levels of postnatal nutrition in 17 randomised blocks. Methods: Conception times were calculated by using artificial insemination, with ultrasound examination 43 days after insemination. Does were fed different amounts of a formulated diet in their pens. After weaning, goats were grazed in sex groups. Deciduous first incisor loss and permanent first incisor development were recorded at 11 time points from 14 to 20 months of age. Results: For each sex, the time for visible eruption and full development of permanent first incisor declined linearly with increased live weight by 5.9 and 5.4 days/kg live weight, respectively. The time to reach similar development stages for first permanent incisors eruption was 3 months longer for the lightest animals compared with the heaviest animals. Date of birth, birth weight, doe age, growth rates, mid-pregnancy and postnatal nutrition, parity, day of weaning and weaning weight had no detectable effect. Conclusions: The results explain much of the substantial range in reported first permanent incisor eruption dates for small ruminants and have application in ageing of goats, marketing of kids for meat, in the selection of animals for breeding flocks and in educational material.