Time varying hedge ratios : an application to the Indian stock futures market

This paper investigates time-varying optimal hedge ratios in individual stock futures markets in India. The analysis employs data on individual stock futures from an unexplored but highly traded (both in terms of volume and quantity) emerging market. The hedge ratios derived in this study incorporate mean reversion in volatility, which is an important extension of the bivariate BEKK-GARCH model of Engle and Kroner. This extension generates improved optimal hedge ratios over the traditional BEKK-GARCH model and static error correction type alternatives.

How much physical activity is enough to prevent unhealthy weight gain? Outcome of the IASO 1st Stock Conference and consensus statement

A consensus meeting was held in Bangkok, 21–23 May 2002, where experts and young scientists in the field of physical activity, energy expenditure and bodyweight regulation discussed the different aspects of physical activity in relation to the emerging problem of obesity worldwide. The following consensus statement was accepted unanimously.
‘The current physical activity guideline for adults of 30 minutes of moderate
intensity activity daily, preferably all days of the week, is of importance for
limiting health risks for a number of chronic diseases including coronary heart disease and diabetes. However for preventing weight gain or regain this guideline is likely to be insufficient for many individuals in the current environment. There is compelling evidence that prevention of weight regain in formerly obese individuals requires 60–90 minutes of moderate intensity activity or lesser amounts of vigorous intensity activity. Although definitive data are lacking, it seems likely that moderate intensity activity of approximately 45 to 60 minutes per day, or 1.7 PAL (Physical Activity Level) is required to prevent the transition to overweight or obesity. For children, even more activity time is recommended. A good approach for many individuals to obtain the recommended level of physical activity is to reduce sedentary behaviour by incorporating more incidental and leisure-time activity into the daily routine. Political action is imperative
to effect physical and social environmental changes to enable and encourage physical activity. Settings in which these environmental changes can be implemented include the urban and transportation infrastructure, schools, and workplaces.’

Impact of tobacco tax reforms on tobacco prices and tobacco use in Australia

OBJECTIVE: To document the impact of changes to tobacco taxes on the range and price of tobacco sold during the period when the National Tobacco Campaign (NTC) was run.

DATA SOURCES: Information about brand availability, pack size, and price was extracted from Australian Retail Tobacconist. A retail observational survey was undertaken to monitor actual retail prices. Data on cigarette prices, brands, packet configurations, and outlets from which they were purchased were obtained from the benchmark and three follow up population telephone surveys conducted to evaluate the NTC.

METHOD: Data from the three sources were compared to see the extent to which the impact of tax changes had been offset by greater retail discounting and a more concerted effort by consumers to purchase cheaper products.

RESULTS: Smokers were unable to cushion themselves from the sharp price increases that occurred during the third phase of the NTC. Both average recommended retail prices of manufactured cigarettes and average actual cigarette prices paid by smokers increased by 25% in real prices.

CONCLUSION: The fall in smoking prevalence over the first two phases of the NTC was substantially greater than would be expected due to tax changes alone. The fall in smoking consumption over the first two phases was slightly less than would be expected and in the third considerably higher than would be expected.

Dynamic interdependence and volatility transmission of Asian stock markets: evidence from the Asian crisis

This paper examines dynamic interdependence, volatility transmission, and market integration across selected stock markets during the Asian financial crisis periods 1997 and 1998. Using a vector autoregressive–exponential generalized autoregressive conditional heteroskedasticity (VAR-EGARCH) model, it is found that reciprocal volatility transmission existed between Hong Kong and Korea, and unidirectional volatility transmission from Korea to Thailand. This suggests that Hong Kong played a significant role in volatility transmission to the other Asian markets. The data also indicate market integration in that each market reacted to both local news and news originating in the other markets, particularly adverse news.

A winner determination algorithm for multi-unit combinatorial auctions with reserve prices

Combinatorial auction mechanisms have been used in many applications such as resource and task allocation, planning and time scheduling in multi-agent systems, in which the items to be allocated are complementary or substitutable. The winner determination in combinatorial auction itself is a NP-complete problem, and has attracted many attentions of researchers world wide. Some outstanding achievements have been made including CPLEX and CABOB algorithms on this topic. To our knowledge, the research into multi-unit combinatorial auctions with reserve prices considered is more or less ignored. To this end, we present a new algorithm for multi-unit combinatorial auctions with reserve prices, which is based on Sandholm's work. An efficient heuristic function is developed for the new algorithm. Experiments have been conducted. The experimental results show that auctioneer agent can find the optimal solution efficiently for a reasonable problem scale with our algorithm.

A review of stock enhancement practices in the inland water fisheries of Asia

Inland fisheries contribute only about ten percent to global fish production. Asia is the leading producer of inland fish, accounting for over 80 percent of the total production. Until recently, the inland fisheries sector had taken back stage in fisheries development plans, particularly so, given the emphasis being placed on aquaculture development throughout the world, including Asia. This report evaluates the inland fishery practices in a number of Asian countries according to habitat type, role in overall foodfish supplies and development trends. Special emphasis is laid on stock enhancement in inland fisheries in Asia, and only those fisheries in which some form of stock enhancement is practised are considered in this report.

In Asia, inland fisheries are mostly rural, artisanal activities catering to rural populations and providing an affordable source of animal protein, employment and household income. Stock enhancement is an integral component of many inland fisheries. With recent developments in
artificial propagation techniques for fast-growing and desirable fish species and the consequent increased availability of seed stock, such activities are beginning to affect inland fishery production in most Asian countries. Indeed, new avenues of production such as culture-based fisheries are increasingly adopted and seen as a way forward in most countries. Inland fishery activities also have a distinct advantage in that their development is usually less resource intensive than is aquaculture.

The economic viability of stock enhancement of large lacustrine waterbodies and rivers has not been demonstrated in any of the Asian countries, the fisheries of such waterbodies being dependent on naturally recruited stocks. The most successful stock enhancements in Asia are in floodplain beels and oxbow lakes in Bangladesh where the use of small waterbodies that are not capable of supporting natural fisheries has led to culture-based fisheries having stock and recapture rates that are very high. Culture-based fisheries are not resource intensive and are community-based activities. However, their success requires major institutional changes, and these are affected by national and local governments. In general, they can be considered to have the greatest potential for further development.

A major concern related to stock enhancements in inland waters is their possible effects on biodiversity. This is for two reasons: firstly, most countries depend wholly or partially on exotic species for stock enhancement and secondly, freshwater fishes are known to be among the most threatened of vertebrates. Major studies should be undertaken to evaluate the current situation so that remedial steps can be taken, if needed, without causing serious harm to some of the stock enhancement practices that are gaining momentum.

Market capitalization of Australian stock exchange (ASX) listed biotechnology companies

Comments on the market capitalization of Australian Stock Exchange listed biotechnology companies. Background on the Australian biotechnology stock market; Factors which determine the levels of risks; Points to consider when valuing Australian biotechnology companies.

Community development today : taking stock

This paper examines some of the practices and assessments of community development today. It begins with two tales, one recounting the apparent unfulfilled policy promises for community development, the other recounting a situation where there is no community development policy agenda and no community development rhetoric, but where real grass roots community development is apparent. These two tales lead us to consideration of the nature of community development and the issue regarding the match between the discourses of community development with the practices. The paper moves to a discussion of reasons to celebrate community development in 2005. This discussion is followed by consideration of current contextual factors constraining the practices of community development. In the context of the arguments for optimism it is also important to recognise and reflect on the orthodoxies of community development. Six orthodoxies are discussed. The paper concludes with three practical suggestions for community development activities that could begin immediately.