Conducting event studies with Asia-Pacific security market data

We investigate the effectiveness of several well-known parametric and non-parametric event study test statistics with security price data from the major Asia-Pacific security markets. Extensive Monte Carlo simulation experiments with actual daily security returns data reveal that the parametric test statistics are prone to misspecification with Asia-Pacific returns data. Two non-parametric tests, a rank test [Corrado and Zivney (Corrado, C.J., Zivney, T.L., 1992, The specification and power of the sign test in event study hypothesis tests using daily stock returns, Journal of Financial and Quantitative Analysis 27(3), 465-478)] and a sign test [Cowan (Cowan, A.R., 1992, Non-parametric event study tests, Review of Quantitative Finance and Accounting 1(4), 343–358)] were the best performers overall with market model excess returns computed using an equal weight index.

Characterization of membranes with X-ray ultramicroscopy

Non-invasive characterization and observation of synthetic membranes is an important practice to monitor the performance of membrane process. Primarily there are two techniques—optical and non-optical for this purpose. Among them, X-ray computed tomography, as a non-optical technique, has been extensively used for the measurement of fibre distribution and air pockets trapped in the modules. However, the micro resolution of most commercial systems has limited its application which can hardly be used for the sub-micro characterization of membrane processes. A novel micro and nano characterization method is introduced in the current work by exploring an innovative development of the X-ray ultramicroscope (XuM) and micro-tomographic techniques. The XuM, based on using a scanning electron microscope as host, provides a new approach to X-ray projection microscopy. It has demonstrated the ability to characterize very small features in objects, down to of order 100 nm, including the use for dry, wet and even liquid samples. It can also distinguish objects with very subtle difference in density.

Correlates of screening mammography for Italian and Anglo-Australian women

The first aim of the research was to determine the applicability of certain variables from the Health Belief Model (HBM), the Theory of Reasoned Action (TRA), the risk dimensions from the Psychometric Paradigm, the Common-Sense Model of Illness Representations and the Locus of Control to Italian women’s beliefs and behaviours in relation to screening mammography. These models have predominantly been derived and evaluated with English-speaking persons. The study used quantitative and qualitative methods to enable explanation of research-driven and participant-driven issues. The second aim was to include Italian women in health behaviour research and to contrast the Italian sample with the Anglo-Australian sample to determine if differences exist in relation to their beliefs. In Australia many studies in health behaviour research do not include women whose first language is not English. The third aim was to evaluate the Anti-Cancer Council of Victoria’s (ACCV) Community Language Program (CLP) by: (a) identifying the strengths and weaknesses of the program as seen by the participants; and (b) assessing the impact of the program on women’s knowledge and beliefs about breast cancer, early detection of breast cancer, self-reported and intended breast screening behaviours. The CLP is an information service that uses women’s first language to convey information to women whose first language is not English. The CLP was designed to increase knowledge about breast and cervical cancer. The research used a pre-test-intervention-post-test design with 174 Italian-born and 138 Anglo-Australian women aged 40 years and over. Interviews for the Italian sample were conducted in Italian. The intervention was an information session that related to breast health and screening mammography. Demographic variables were collected in the Pre-Test only. Qualitative open-ended questions that related specifically to the information session were collected in the Post-Test phase of the study. Direct logistic regression was used with the participants’ beliefs and behaviours to identify the relevant variables for language (Italian speaking and English-speaking), attendance to an information session, mammography screening and breast self-examination (BSE) behaviour. Pre- and Post-Test comparisons were conducted using chi-square tests for the non-parametric data and paired sample t-tests for the parametric data. Differences were found between the Italian and Anglo-Australian women in relation to their beliefs about breast cancer screening. The Italian women were: (1) more likely to state that medical experts understood the causes of breast cancer; (2) more likely to feel that they had less control over their personal risk of getting breast cancer; (3) more likely to be upset and frightened by thinking about breast cancer; (4) less likely to perceive breast cancer as serious; (4) more likely to only do what their doctor told them to do; and (5) less likely to agree that there were times when a person has cancer and they don’t know it. A pattern emerged for the Italian and Anglo-Australian women from the logistic regression analyses. The Italian women were much more likely to comply with medical authority and advice. The Anglo-Australian women were more likely to feel that they had some control over their health. Specifically, the risk variable ‘dread’ was more applicable to the Italian women’s behaviour and internal locus of control variable was more relevant to the Anglo-Australian women. The qualitative responses also differed for the two samples. The Italian women’s comments were more general, less specific, and more limited than that of the Anglo-Australian women. The Italian women talked about learning how to do BSE whereas the Anglo-Australian women said that attending the session had reminded them to do BSE more regularly. The key findings and contributions of the present research were numerous. The focus on one cultural group ensured comprehensive analyses, as did the inclusion of an adequate sample size to enable the use of multivariate statistics. Separating the Italian and Anglo-Australian samples in the analyses provided theoretical implications that would have been overlooked if the two groups were combined. The use of both qualitative and quantitative data capitalised on the strengths of both techniques. The inclusion of an Anglo-Australian group highlighted key theoretical findings, differences between the two groups and unique contributions made by both samples during the collection of the qualitative data. The use of a pre-test-intervention-post-test design emphasised the reticence of the Italian sample to participate and talk about breast cancer and confirmed and validated the consistency of the responses across the two interviews for both samples. The inclusion of non-cued responses allowed the researcher to identify the key salient issues relevant to the two groups. The limitations of the present research were the lack of many women who were not screening and reliance on self-report responses, although few differences were observed between the Pre- and Post-Test comparisons. The theoretical contribution of the HBM and the TRA variables was minimal in relation to screening mammography or attendance at the CLP. The applicability of these health behaviour theories may be less relevant for women today as they clearly knew the benefits of and the seriousness of breast cancer screening. The present research identified the applicability of the risk variables to the Italian women and the relevance of the locus of control variables to the Anglo-Australian women. Thus, clear cultural differences occurred between the two groups. The inclusion of the illness representations was advantageous as the responses highlighted ideas and personal theories salient to the women not identified by the HBM. The use of the illness representations and the qualitative responses further confirmed the relevance of the risk variables to the Italian women and the locus of control variables to the Anglo-Australian women. Attendance at the CLP did not influence the women to attend for mammography screening. Behavioural changes did not occur between the Pre- and Post-Test interviews. Small incremental changes as defined by the TTM and the stages of change may have occurred. Key practical implications for the CLP were identified. Improving the recruitment methods to gain a higher proportion of women who do not screen is imperative for the CLP promoters. The majority of the Italian and Anglo-Australian women who attended the information sessions were women who screen. The fact that Italian women do not like talking or thinking about cancer presents a challenge to promoters of the CLP. The key theoretical finding that Italian women dread breast cancer but comply with their doctor provides clear strategies to improve attendance at mammography screening. In addition, the inclusion of lay health advisors may be one way of increasing attendance to the CLP by including Italian women already attending screening and likely to have attended a CLP session. The present research identified the key finding that improving Anglo-Australian attendance at an information session is related to debunking the myth surrounding familial risk of breast cancer and encouraging the Anglo-Australian women to take more control of their health. Improving attendance for Italian women is related to reducing the fear and dread of breast cancer and building on the compliance pattern with medical authority. Therefore, providing an information session in the target language is insufficient to attract non-screeners to the session and then to screen for breast cancer. Suggestions for future research in relation to screening mammography were to include variables from more than one theory or model, namely the risk, locus of control and illness representations. The inclusion of non-cued responses to identify salient beliefs is advantageous. In addition, it is imperative to describe the profile of the cultural sample in detail, include detailed descriptions of the translation process and be aware of the tendency of Italian women to acquiesce with medical authority.

Effects of invertebrate predators and a pesticide on temporary pond microcosms used for aquatic toxicity testing

The effects of increased trophic complexity, through the addition of predatory notonectids (Anisops deanei), on temporary pond microcosms used for aquatic toxicity testing were studied. Replicate microcosms were established using sediment from a dried temporary pond, and treated with one of four concentrations of the organochlorine pesticide endosulfan (0, 1, 10 or 50 μg/L), in the presence or absence of six A. deanei. The tanks were sampled regularly for nine weeks following the addition of the predators and the entire contents of each tank counted after 12 weeks. Analysis using non-metric multidimensional scaling (MDS) and non-parametric MANOVA showed that both Anisops and endosulfan at concentrations >10 μg/L significantly altered community structure. However, an interaction between the effects of Anisops and the effects of endosulfan was not detected. The addition of Anisops did not increase the variability of response and thus did not reduce the sensitivity of the test method.

Pixel-based correspondence for facial images

A pixel-based correspondence method is presented for representation of facial images. The proposed method consists of two modules: face-image matching and face-image morphing. In the face-image matching module, the correspondence between two images are calculated for all pixel locations. A novel area-based matching method is proposed that makes use of the concept of the fractal dimension, and develops a non-parametric local transform as a basis for establishing correspondence between two face images. In the face-image morphing module, a mapping is performed for deformation of the source face image onto the target face image. This is done to map the pixels in the source face image to the location of their corresponding pixels in the target image.

Australian teaching and learning centres through the eyes of their directors : characteristics, capacities and constraints

This paper is based on research to identify common factors that contribute to the effective strategic leadership of teaching and learning centres. The second of three phases of data collection involved a survey of Directors of Australian teaching and learning centres. The data collected were quantitatively analysed using a range of descriptive, parametric and non-parametric techniques. Based on a response rate of 81.6 percent, we present a contemporary, comprehensive and representative quantitative snapshot of Australian teaching and learning centres, as seen through the eyes of their Directors. The time since last restructure, incumbency of the current Director and total Directorship experience of the current Centre Director all have mean values of ‘sometime in the previous one to three years’. Most Centres would consider their work in the areas of ‘recognition and reward’ and ‘professional development of staff’ as high impact functions, and they would be pleased with their efforts in the former area, and wish to perform better on the latter. The principal constraint identified by Centres was ‘lack of staff time’, both in the Faculties and in the Centre, to engage in teaching and learning improvement activities. Overall, Centres feel well included in relevant university committees and other activities.

Sweet talking to ethnic customers : a field experiment on the links between entrepreneurial business planning, cultural sensitivity and sales growth

The purpose of this study was to test whether calculated inclusion of cultural sensitivity in a selected entrepreneurial business planning (EBP) process could increase sales growth in a test market and to explore the implications of a positive answer for the theory and practice of entrepreneurial business planning. Execution of a pretest-posttest control group experimental design measured and compared the implemented effectiveness of a planned entrepreneurial initiative based on cultural sensitivity. Though small in scale and limited in focus, the initiative qualified as an example of entrepreneurial business planning (EBP) and could be used to apply, test and extend aspects of the developing theory in this field of entrepreneurship research. Since the initiative was planned to overcome a culturally-defined impediment to business growth, it also offered opportunity to explore the specific importance of cultural variables in the context of EBP.

A planned sales-promotion was offered to a control group (receiving information in English) and a treatment group (who received the information in the language of ethnic origin). The sixty subjects had been chosen at random from a population of route-trade retailers of defined ethnic origins (Greek, Lebanese and Chinese) and randomly assigned to control and treatment groups. Monthly sales averages of the promoted product were measured before and after treatment. A Chi Square test was used to evaluate the relative proportion of the control and treatment groups who accepted the promotional offer. A two sample t-test procedure and complementary non-parametric Mann-Whitney test were performed to compare the mean sales-performance change of the two groups. Analysis showed that there was a significant increase in mean sales when the planned entrepreneurial initiative was communicated in the relevant language of origin.

The experimental results have specific practical relevance to revitalising the deteriorating route-trade segment of the Australian confectionery market through increasing the sales growth of wholesalers who are prepared to act entrepreneurially and include cultural sensitivity as an element in planning and implementation. By introducing cultural sensitivity as a necessary extension of a plan’s communications role, the results also have general theoretical implications for the developing paradigm of entrepreneurial business planning.

Application of sequential nonparametric confidence bands in finance

In a nonparametric setting, the functional form of the relationship between the response variable and the associated predictor variables is assumed to be unknown when data is fitted to the model. Non-parametric regression models can be used for the same types of applications such as estimation, prediction, calibration, and optimization that traditional regression models are used for. The main aim of nonparametric regression is to highlight an important structure in the data without any assumptions about the shape of an underlying regression function. Hence the nonparametric approach allows the data to speak for itself. Applications of sequential procedures to a nonparametric regression model at a given point are considered.

The primary goal of sequential analysis is to achieve a given accuracy by using the smallest possible sample sizes. These sequential procedures allow an experimenter to make decisions based on the smallest number of observations without compromising accuracy. In the nonparametric regression model with a random design based on independent and identically distributed pairs of observations (X ,Y ), where the regression function m(x) is given bym(x) = E(Y X = x), estimation of the Nadaraya-Watson kernel estimator (m (x)) NW and local linear kernel estimator (m (x)) LL for the curve m(x) is considered. In order to obtain asymptotic confidence intervals form(x), two stage sequential procedure is used under which some asymptotic properties of Nadaraya-Watson and local linear estimators have been obtained.

The proposed methodology is first tested with the help of simulated data from linear and nonlinear functions. Encouraged by the preliminary findings from simulation results, the proposed method is applied to estimate the nonparametric regression curve of CAPM.

Sequential fixed-width confidence bands for kernel regression estimation

We consider a random design model based on independent and identically distributed (iid) pairs of observations (Xi, Yi), where the regression function m(x) is given by m(x) = E(Yi|Xi = x) with one independent variable. In a nonparametric setting the aim is to produce a reasonable approximation to the unknown function m(x) when we have no precise information about the form of the true density, f(x) of X. We describe an estimation procedure of non-parametric regression model at a given point by some appropriately constructed fixed-width (2d) confidence interval with the confidence coefficient of at least 1−. Here, d(> 0) and 2 (0, 1) are two preassigned values. Fixed-width confidence intervals are developed using both Nadaraya-Watson and local linear kernel estimators of nonparametric regression with data-driven bandwidths.

The sample size was optimized using the purely and two-stage sequential procedure together with asymptotic properties of the Nadaraya-Watson and local linear estimators. A large scale simulation study was performed to compare their coverage accuracy. The numerical results indicate that the confidence bands based on the local linear estimator have the best performance than those constructed by using Nadaraya-Watson estimator. However both estimators are shown to have asymptotically correct coverage properties.

Sample size determination for kernel regression estimation using sequential fixed-width confidence bands

We consider a random design model based on independent and identically distributed pairs of observations (Xi, Yi), where the regression function m(x) is given by m(x) = E(Yi|Xi = x) with one independent variable. In a nonparametric setting the aim is to produce a reasonable approximation to the unknown function m(x) when we have no precise information about the form of the true density, f(x) of X. We describe an estimation procedure of non-parametric regression model at a given point by some appropriately constructed fixed-width (2d) confidence interval with the confidence coefficient of at least 1−. Here, d(> 0) and 2 (0, 1) are two preassigned values. Fixed-width confidence intervals are developed using both Nadaraya-Watson and local linear kernel estimators of nonparametric regression with data-driven bandwidths. The sample size was optimized using the purely and two-stage sequential procedures together with asymptotic properties of the Nadaraya-Watson and local linear estimators. A large scale simulation study was performed to compare their coverage accuracy. The numerical results indicate that the confi dence bands based on the local linear estimator have the better performance than those constructed by using Nadaraya-Watson estimator. However both estimators are shown to have asymptotically correct coverage properties.

Pilot Study of clinician attitudes to insulin pump therapy: international differences and the need for a greater understanding of the patient perspective

OBJECTIVES: To identify and survey health care professionals (HCPs) attitudes to insulin pump therapy (CSII).

METHODS: Eight specialists were interviewed to explore the attitudes and beliefs about CSII. Responses were analysed thematically and used to inform the design of a new 22-item questionnaire: the Attitudes to Pump Therapy (APT) Survey. The APT was pilottested among 95 HCPs (54% male; 75.5% diabetologists/DSNs, 13.8% general practitioners) at the International Diabetes Federation (IDF) conference, 2006. Results were analysed using non-parametric statistics with bonferroni correction.

RESULTS: Analyses of interview data identified 9 themes: biomedical, perceived control of care/diabetes, technology, quality of life, financial resources, training, education & support, suitability, and evidence-base. Items were designed to reflect these themes with responses scored on a 5-point Likert scale (strongly agree—strongly disagree). No statistically significant differences
were found by gender, HCP speciality, country (and continent) of origin or proportion of patients using CSII. Most notable differences were found in relation to gross domestic product (GDP) and the potential for pump therapy to achieve tight blood glucose control (lower GDP = more agreement: p = 0.001), and result in diabetic ketoacidosis (DKA) (lower GDP = less agreement: p < 0.005). Ranked mean scores showed a split between biomedical/clinical items (N = 11) and items concerned with patient experience (N = 11). Attitudes about biomedical/clinical issues were generally clear (i.e. for 7/11 items, the mean score was “agree”) but less decisive about patient experience (i.e. for 8/11 items, the mean score was “neither agree nor disagree”).

CONCLUSION: Few subgroup differences existed, but those that did may be explained by lack of access to treatment (directly corresponding to GDP). Clinicians’ were generally clear in their attitudes regarding biomedical aspects but less so regarding patient experience. Research focusing on patient-reported outcomes is likely to offer clinicians a greater understanding of the patients’ perspective of insulin pump therapy.

Pedestrian detection for mobile bus surveillance

In this paper, we present a system for pedestrian detection involving scenes captured by mobile bus surveillance cameras in busy city streets. Our approach integrates scene localization, foreground and background separation, and pedestrian detection modules into a unified detection framework. The scene localization module performs a two stage clustering of the video data. In the first stage, SIFT Homography is applied to cluster frames in terms of their structural similarities and second stage further clusters these aligned frames in terms of lighting. This produces clusters of images which are differential in viewpoint and lighting. A kernel density estimation (KDE) method for colour and gradient foreground-background separation are then used to construct background model for each image cluster which is subsequently used to detect all foreground pixels. Finally, using a hierarchical template matching approach, pedestrians can be identified. We have tested our system on a set of real bus video datasets and the experimental results verify that our system works well in practice.

Prediction interval construction using interval type-2 fuzzy logic systems

This study proposes a novel non-parametric method for construction of prediction intervals (PIs) using interval type-2 Takagi-Sugeno-Kang fuzzy logic systems (IT2 TSK FLSs). The key idea in the proposed method is to treat the left and right end points of the type-reduced set as the lower and upper bounds of a PI. This allows us to construct PIs without making any special assumption about the data distribution. A new training algorithm is developed to satisfy conditions imposed by the associated confidence level on PIs. Proper adjustment of premise and consequent parameters of IT2 TSK FLSs is performed through the minimization of a PI-based objective function, rather than traditional error-based cost functions. This new cost function covers both validity and informativeness aspects of PIs. A metaheuristic method is applied for minimization of the non-linear non-differentiable cost function. Quantitative measures are applied for assessing the quality of PIs constructed using IT2 TSK FLSs. The demonstrated results for four benchmark case studies with homogenous and heterogeneous noise clearly show the proposed method is capable of generating high quality PIs useful for decision-making.

Effect of housing and husbandry practices on adrenocortical activity in captive Canada lynx (Lynx canadensis)

In recent years, there has been an increasing focus on the study and assessment of animal welfare in captive settings, such as zoological gardens and aquaria. Canada lynx (Lynx canadensis) are a relatively common species in zoos, yet are known to exhibit frequent reproductive problems in captive environments. We provide an exploratory analysis of housing and husbandry factors that are associated with patterns of adrenocortical activity in lynx. Adrenocortical activity was assessed using the non-invasive technique of monitoring faecal glucocorticoid metabolites (FGM). First, we calculated baseline FGM values for each individual and controlled for sex, age class, and reproductive status. The residual values were used to determine how levels of adrenocortical activity correlated with institutional husbandry practices. Second, we compared the occurrence of FGM peaks to events and disturbances recorded by keepers. Our results highlighted that adrenocortical activity is strongly correlated with: (i) the size of the enclosure, (ii) the number of hiding locations available, and (iii) the social environment. Based on our findings, we recommend that lynx should generally be housed alone (unless with dependant offspring or temporarily paired up for mating purposes), in larger enclosures and with the provision of several species-appropriate hiding locations.

A new neural network-based type reduction algorithm for interval type-2 fuzzy logic systems

This paper introduces a new type reduction (TR) algorithm for interval type-2 fuzzy logic systems (IT2 FLSs). Flexibility and adaptiveness are the key features of the proposed non-parametric algorithm. Lower and upper firing strengths of rules as well as their consequent coefficients are fed into a neural network (NN). NN output is a crisp value that corresponds to the defuzzified output of IT2 FLSs. The NN type reducer is trained through minimization of an error-based cost function with the purpose of improving modelling and forecasting performance of IT2 FLS models. Simulation results indicate that application of the proposed TR algorithm greatly enhances modelling and forecasting performance of IT2 FLS models. This benefit is achieved in no cost, as the computational requirement of the proposed algorithm is less than or at most equivalent to traditional TR algorithms.