Modelling regulatory change V's volume of trading effects in HSIF and HSI volatility

In an earlier paper, we adopted a bi-variate BEKK–GARCH framework and employed a systematic approach to examine structural breaks in the Hang Seng Index and Index Futures market volatility. Switching dummy variables were included and tested in the variance equations to check for any structural changes in the autoregressive volatility structure due to the events that have taken place in the Hong Kong market surrounding the Asian markets crisis. In this paper, we include measures of daily trading volume from both markets in the estimation. Likelihood ratio tests indicate the switching dummy variables become insignificant and the GARCH effects diminish but remain significant. There is some evidence that the Sequential Arrival of Information Model (SIM) provides a platform to explain these market induced effects when volume of trade is accounted for.

Detection and classification of road signs in natural environments

An automatic road sign recognition system first locates road signs within images captured by an imaging sensor on-board of a vehicle, and then identifies the detected road signs. This paper presents an automatic neural-network-based road sign recognition system. First, a study of the existing road sign recognition research is presented. In this study, the issues associated with automatic road sign recognition are described, the existing methods developed to tackle the road sign recognition problem are reviewed, and a comparison of the features of these methods is given. Second, the developed road sign recognition system is described. The system is capable of analysing live colour road scene images, detecting multiple road signs within each image, and classifying the type of road signs detected. The system consists of two modules: detection and classification. The detection module segments the input image in the hue-saturation-intensity colour space, and then detects road signs using a Multi-layer Perceptron neural-network. The classification module determines the type of detected road signs using a series of one to one architectural Multi-layer Perceptron neural networks. Two sets of classifiers are trained using the Resillient-Backpropagation and Scaled-Conjugate-Gradient algorithms. The two modules of the system are evaluated individually first. Then the system is tested as a whole. The experimental results demonstrate that the system is capable of achieving an average recognition hit-rate of 95.96% using the scaled-conjugate-gradient trained classifiers.

A pseudosymmetric cell adhesion regulatory domain in the β7 tail of the integrin α4β7 that interacts with focal adhesion kinase and src

The β7 integrins α4β7 and Eβ7 play key roles in forming the gut-associated lymphoid tissue, and contribute to chronic inflammation. The α4β7 integrin-mediated adhesion of activated lymphocytes is largely due to a transient increase in avidity from ligand-induced clustering of α4β7 at the cell-surface. Here, we report that L and D enantiomers of a cell-permeable peptide YDRREY encompassing residues 735-740 of the cytoplasmic tail of the β7 subunit inhibit the adhesion of T cells to β7 integrin ligands. The YDRREY peptide abrogated mucosal addressin cell adhesion molecule-1-induced clustering of α4β7 on the surface of activated T cells. A mutated form of the YDRREY peptide carrying either single or double conservative mutations at Tyr⁷³⁵Phe and Tyr⁷⁴⁰Phe was unable to inhibit T cell adhesion, suggesting that both tandem tyrosines are critical for activity. The YDRREY peptide was bound and phosphorylated by focal adhesion kinase and src, which may serve to sequester cytoskeletal proteins to the cytoplasmic domain of 4β7. The quasi-palindromic sequence YDRREY within the β7 cytoplasmic tail constitutes a cell adhesion regulatory domain that modulates the interaction of β7-expressing leukocytes with their endothelial and epithelial ligands. Cell-permeable peptidomimetics based on this motif have utility as anti-inflammatory reagents for the treatment of chronic inflammatory disease.

Procedural justice and affect intensity : understanding reactions to regulatory authorities

Why is it that some people respond in a more negative way to procedural injustice than do others, and why is it that some people go on to defy authority while others in the same situation do not? Personality theorists suggest that the psychological effect of a situation depends on how a person interprets the situation and that such differences in interpretation can vary as a function of individual difference factors. For example, affect intensity—one’s predisposition to react more or less emotionally to an event—is one such individual difference factor that has been shown to influence people’s reactions to events. Cross-sectional survey data collected from (a) 652 tax offenders who have been through a serious law enforcement experience (Study 1), and (b) 672 citizens with recent personal contact with a police officer (Study 2), showed that individual differences in ‘affect intensity’ moderate the effect of procedural justice on both affective reactions and compliance behavior. Specifically, perceptions of procedural justice had a greater effect in reducing anger and reports of non-compliance among those lower in affect intensity than those higher in affect intensity. Both methodological and theoretical explanations are offered to explain the results, including the suggestion that emotions of shame may play a role in the observed interaction.

Nurturing regulatory compliance: Is procedural justice effective when people question the legitimacy of the law?

Procedural justice generally enhances an authority's legitimacy and encourages people to comply with an authority's decisions and rules. We argue, however, that previous research on procedural justice and legitimacy has examined legitimacy in a limited way by focusing solely on the perceived legitimacy of authorities and ignoring how people may perceive the legitimacy of the laws and rules they enforce. In addition, no research to date has examined how such perceptions of legitimacy may moderate the effect of procedural justice on compliance behavior. Using survey data collected across three different regulatory contexts – taxation (Study 1), social security (Study 2), and law enforcement (Study 3) – the findings suggest that one's perceptions of the legitimacy of the law moderates the effect of procedural justice on compliance behaviors; procedural justice is more important for shaping compliance behaviors when people question the legitimacy of the laws than when they accept them as legitimate. An explanation of these findings using a social distancing framework is offered, along with a discussion of the implications the findings have on enforcement.

Impact of a fragmented regulatory environment on sustainable urban development design management

The building project development approval proces is increasingly complex and farught with conflict due to the rise of the sustainable urban development movement and inclusive decision making.  Coupled with this, government decision-making decentralisation has resulted in a fragmented and over-regulated compliance sytem.  Problems arising from the process include wated resources, excessive time delays, increased holding and litigation costs, inadequate planning coorindation, high lelves of advocacy costs and a divisive a politicised approval prcess.

Do food regulatory systems protect public health?

The purpose of this commentary is to consider the extent to which food regulatory systems protect public health, and how a better job could be done. There are fundamental questions about the role of food regulations in responding to changes in food systems and to food-related public health issues. What is meant by the objective ‘to protect public health and safety’ in the context of food regulation? Are current systems well balanced between promoting trade and protecting health? What is the role of nutrition in food regulation? Should food regulation be used to promote as well as to protect public health? Should laws and regulations be used to intervene in the formulation and marketing of foods, or should ‘the market’ merely provide more choices and information for shoppers and consumers to select healthy diets?