Multifractality and long-range dependence of asset returns: the scaling behavior of the Markov-switching multifractal model with lognormal volatility components

In this paper, we consider daily financial data from various sources (stock market indices, foreign exchange rates and bonds) and analyze their multiscaling properties by estimating the parameters of a Markov-switching multifractal (MSM) model with Lognormal volatility components. In order to see how well estimated models capture the temporal dependency of the empirical data, we estimate and compare (generalized) Hurst exponents for both empirical data and simulated MSM models. In general, the Lognormal MSM models generate "apparent" long memory in good agreement with empirical scaling provided that one uses sufficiently many volatility components. In comparison with a Binomial MSM specification [11], results are almost identical. This suggests that a parsimonious discrete specification is flexible enough and the gain from adopting the continuous Lognormal distribution is very limited.

True and apparent scaling : the proximity of the Markov-switching multifractal model to long-range dependence

In this paper, we consider daily financial data of a collection of different stock market indices, exchange rates, and interest rates, and we analyze their multi-scaling properties by estimating a simple specification of the Markov-switching multifractal (MSM) model. In order to see how well the estimated model captures the temporal dependence of the data, we estimate and compare the scaling exponents H(q) (for q=1,2) for both empirical data and simulated data of the MSM model. In most cases the multifractal model appears to generate ‘apparent’ long memory in agreement with the empirical scaling laws.

Influence of posture on the range of axial rotation and coupled lateral flexion of the thoracic spine

Objective
This study examines the influence of posture on the range of axial rotation of the thorax and the range and direction of the coupled lateral flexion.

Methods
The ranges of mid thoracic axial rotation and coupled lateral flexion were measured in 52 asymptomatic subjects (aged 18-43 years) using an optical motion analysis system. To examine the influence of posture on primary and coupled motion, we initiated axial rotation from a neutral sitting posture and from end-range thoracic flexion and extension.

Results
There was a significant decrease in the range of thoracic rotation in flexion compared with the neutral and extended postures (P < .001). The mean range of coupled lateral flexion was 8.9% of the axial rotation range in the neutral posture and increased to 14.3% and 23.2% in the extended and flexed postures, respectively. Patterns of coupled motion varied between subjects, but an ipsilateral pattern was more common in the flexed posture, whereas a contralateral pattern was more common in the neutral and extended postures.

Conclusions
The ranges and patterns of coupled motion of the thorax appear to be strongly influenced by the posture from which the movement is initiated. This has important implications in relation to the interpretation of clinical tests of thoracic motion and in consideration of mechanisms of development of thoracic pain disorders.

Range-wide phylogeography of the Little Penguin (Eudyptula minor): evidence of long-distance dispersal

The Little Penguin (Eudyptula minor), a colonial-nesting seabird that is widespread in New Zealand and southern Australia, has high dispersal potential but exhibits regional variation in morphology, coloration, and breeding phenology. We present a distribution-wide survey of mitochondrial DNA variation in the Little Penguin to document phylogeographic relationships and genetic structuring and to test for concordance with intraspecific taxonomy. Phylogeographic structuring was absent among Australian colonies (27 localities, 94 individuals), but the distribution of haplotypes among colonies was significantly nonrandom (ϕST = 0.110, P < 0.01). The Australian individuals exhibited close phylogenetic relationships with a subset of New Zealand birds (4 localities, 22 individuals), whereas the remaining New Zealand birds (20 localities, 106 individuals) were phylogenetically distinct, with ≥7% sequence divergence, and exhibited greater levels of genetic variation and geographic structuring (ϕST = 0.774, P < 0.05). These patterns are consistent with earlier suggestions of an origin in New Zealand followed by recent colonization of Australia and back-dispersal to New Zealand. Extinction and re-establishment processes may have been important factors in the development of genetic structuring across a range of spatiotemporal scales. The genetic data are consistent with suggestions that a single subspecies exists in Australia, but not with the subspecies distributions within New Zealand that have been suggested on the basis of morphology and coloration.

Population structure in the highly fragmented range of Tor douronensis (Cyprinidae) in Sarawak, Malaysia revealed by microsatellite DNA markers

1. Understanding the structure of threatened populations, particularly those that exist in degraded or fragmented habitats is crucial for their effective management and conservation. Recently developed methods of individual-based analysis of genetic data provide an unprecedented opportunity to understand the relationships amongst fragmented populations.

2. In the present study, population structure of an important cyprinid species (Tor douronensis), which is indigenous to Sarawak, Malaysia, is investigated as part of an ongoing conservation effort to restore threatened wild populations of the species. The population structure inferred using data from seven autosomal microsatellite loci was generally consistent with geography and habitat fragmentation.

3. The results indicate that there are two well-defined clusters of T. douronensis in Sarawak, namely the 'northeastern' and the 'southwestern' clusters. In addition, a further subdivision was observed in each of the clusters distributed between river systems. Low levels of gene flow were also observed and migrants between habitat fragments were identified, possibly resulting from human-mediated translocations.

4. Implications of the findings for management and conservation of T. douronensis are discussed.

Modelling and testing of long range battery electric vehicle performance

There are two significant issues facing road transport in the medium to long term: the depletion of cheap oil reserves and the need to reduce carbon emissions. A long term solution for passenger cars could be the introduction of battery electric vehicles (BEVs). However, one of the main problems associated with the current generation of BEVs is their short range relative to conventional internal combustion engine (ICE) cars.

To investigate this issue, a long range battery electric vehicle, the UltraCommuter (UC), was constructed by the University of Waikato in partnership with HybridAuto Ltd. This paper describes the development, modelling and testing of the UC and its performance in the 2007 World Solar Challenge.

Metaphoric use of the mountain symbol in painting

This paper consists of two parts. The focus of Part I is the symbol of the mountain and its metaphoric use in art history and in the mythology of many cultures. Part II links an examination of twentieth century contemporary artists and relevant issues, the mythology and historical references covered in Part I and the paintings that make up the body of the thesis. The study is concerned with the role of the symbol and the form of its interpretation in the expression of ideas and images that are relevant to it. These themes have been developed in order to place the paintings in a context of continuity and establish iconographic links with the past. One particular site has been chosen through which to examine the symbolic associations between the mountain and the metaphoric quest. The metaphor of pilgrimage to the site and of searching for a lost unity is implicit in this process. The realisation reached at the summit confirms the significance of this journey. Each painting is discussed and linked with the themes that are relevant to it, linking the research recorded in Part I with the execution of the paintings, aiming at a synthesis of theory and practice.

Presbyterian ethos and environment in the novels of John Buchan : a religious and historical study

The aim of this thesis is to establish, from a historical and religious perspective, that the Presbyterian ethos and environment in which John Buchan was reared was the predominating influence in the writing of his novels. Presbyterianism was not the only influence on Buchan that determined the character of his stories. Buchan was by temperament a romantic, and this had considerable influence on his literature. His novels are romances, peopled by romantic figures who pursue romantic adventures. There are the signs of Buchan's romantic nature in the contents of the novels: creative imagination, sensitivity to nature, and expectations of the intrusion of other worlds, with destiny-determining events to follow. But Buchan had also an acquired classicism. His studies at Glasgow and Oxford Universities brought him in touch with a whole range of the master-pieces of classical literature, especially the works of Plato and Virgil. This discipline gave him clarity and conciseness in style, and balanced the romantic element in him, keeping his work within the bounds of reason. At the heart of Buchan's life and work, however, was his deeply religious nature and this, while influenced by romanticism and classicism, was the dominant force behind his work. Buchan did not accept in its entirety the Presbyterian doctrine conveyed to him by his father and his Church. He was moderate by temperament and shrank from excesses in religious matters, and, being a romantic, he shied away from any fixed creeds. He did embrace the fundamentals of Christianity, however, which he learned from his father and his Church, even if he did put aside the Rev. John's orthodox Calvinism. The basic Christianity which underlies all Buchan's novels has the stamp of Presbyterianism upon it, and that stamp is evident in his characters and their adventures. The expression of Christianity which Buchan embraced was the Christian Platonism of seventeenth century theologians, who taught and preached at Cambridge University, They gave prominence to the place of reason and conscience in man's search for God, They believed that reason and conscience were the ‘candle of the Lord’ which was existed every one. It was their conviction that, if that light was followed, it would lead men and women to God. They were against superstition and fanaticism in religion, against all forms of persecution for religious beliefs, and insisted that God could only be known by renouncing evil and setting oneself to live according to God’s will. This teaching Buchan received, but the stamp of his Presbyterianism was not obliterated. The basic doctrines which arose from his father's Presbyterianism and are to be found in Buchan's novels are as follows: a. the fear (or awe) of God, as life's basic religious attitude; b. the Providence of God as the ultimate determinative force in the outcome of events; c. the reality, malignity and universality of evil which must be forcefully and constantly resisted; d. the dignity of human beings in bearing God's image; e. the conviction that life has meaning and that its ultimate goal, therefore, is a spiritual one - as opposed to the accumulation of wealth, the achieving of recognition from society, and the gaining access to power; f. the necessity of challenge in life for growth and fulfilment, and the importance of fortitude in successfully meeting such challenge; g. the belief that, in the purpose of God, the weak confound the strong. These emphases of Presbyterianism are to be found in all Buchan's novels, to a greater or lesser degree. All his characters are serious people, with a moral purpose in life. Like the pilgrims of the Bible, they seek a country: true fulfilment. This quest becomes more spiritual and more dearly defined as Buchan grows in age and maturity. The progress is to be traced from his early novels, where fulfilment is sought in honour and self-approving competence, as advocated by classicism; to the novels of his middle years, where fulfilment is sought in adventures suggested by romanticism. In his final novel Sick Heart River. Buchan appears to have moved somewhat from his earlier classicism and his romanticism as the road to fulfilment. In this novel, Buchan expresses what, for him, is ultimate fulfilment: a conversion to God that produces self-sacrificing love for others. The terminally-ill Edward Leithen sets out on a romantic adventure that will enable him to die with dignity, and so, in classic style, justify his existence. He has a belief in God, but in a God who is almighty, distant and largely irrelevant to Leithen's life. In the frozen North of Canada, where he expects to find his meagre beliefs in God's absolute power confirmed by the icy majesty of mountain and plain, he finds instead God's mercy and it melts his heart. In a Christ-like way, he brings life to others through his death, believing that, through death, he will find life. There is sufficient evidence to give plausibility to the view that Buchan is describing in Leithen his own pilgrimage. If so, it means that Buchan found his way back to the fundamental experience of the Christian life, conversion, so strongly emphasised in his orthodox Presbyterianism home and Church. However, Buchan reaches this conclusion in a Christian Platonist way, through the natural world, rather than through the more orthodox pathway of Scripture.

Characteristcs of conducting textiles in the microwave frequency range

This investigation of textiles coated with a polymer that conducts electricity showed that they can be used for effectively reflecting and absorbing microwaves. These conducting textiles are an economical, flexible and lightweight alternative to traditional materials for electromagnetic interference shielding of, for instance, sensitive electronic equipment.

An examination of the range of self-funding options available to regional galleries and an assessment of their suitability for use in those institutions

Researches the suitability of a variety of self-funding options available to regional galleries in Australia. An overview of the range of current self-funding practices is given. Each option is mapped according to its impact on core/value added services and its effect on primary/secondary users and assessed for suitability using these criteria.

Compounding factors and their effect on the design of long range battery electric vehicles

 It is well known that the one of the main problems concerning battery electric vehicles (BEVs) is their short range compared to conventional petrol and diesel vehicles. In this work the technical factors that will enable long range BEVs are investigated. The concept of Compounding Factors is presented and shows that if certain parameters can be met then BEV’s can have a comparable performance to conventional petrol cars. The development and initial testing of a long range BEW prototype is presented and discussed.

The influence of different nanoparticles on a range of organic ionic plastic crystals

The addition of nanoparticles to an organic ionic plastic crystal can result in orders of magnitude increases in ionic conductivity, which makes these materials of interest as solid state electrolytes. However, this effect is not universal and depends on both the nature of the organic ionic plastic crystal and on the type of nanoparticle used. The effect of addition of TiO₂, Al₂O₃ and SiO₂ nanoparticles to a range of ionic materials with varying plasticity and rotator phase behaviour has been studied by thermal analysis and conductivity and the effect on the different materials is compared.

The exact distribution of the maximum, minimum and the range of multinomial/dirichlet and multivariate hypergeometric frequencies

The exact distribution of the maximum and minimum frequencies of Multinomial/Dirichlet and Multivariate Hypergeometric distributions of n balls in m urns is compactly represented as a product of stochastic matrices. This representation does not require equal urn probabilities, is invariant to urn order, and permits rapid calculation of exact probabilities. The exact distribution of the range is also obtained. These algorithms satisfy a long-standing need for routines to compute exact Multinomial/Dirichlet and Multivariate Hypergeometric maximum, minimum, and range probabilities in statistical computation libraries and software packages.