Nonparametric rank tests for non-stationary panels

We develop a set of nonparametric rank tests for non-stationary panels based on multivariate variance ratios which use untruncated kernels. As such, the tests do not require the choice of tuning parameters associated with bandwidth or lag length and also do not require choices with respect to numbers of common factors. The tests allow for unrestricted cross-sectional dependence and dynamic heterogeneity among the units of the panel, provided simply that a joint functional central limit theorem holds for the panel of differenced series. We provide a discussion of the relationships between our setting and the settings for which first- and second generation panel unit root tests are designed. In Monte Carlo simulations we illustrate the small-sample performance of our tests when they are used as panel unit root tests under the more restrictive DGPs for which panel unit root tests are typically designed, and for more general DGPs we also compare the small-sample performance of our nonparametric tests to parametric rank tests. Finally, we provide an empirical illustration by testing for income convergence among countries.

Robustness to non-normality of various tests for the one-sample location problem

This paper studies the effect of the normal distribution assumption on the power and size of the sign test, Wilcoxon's signed rank test and the t-test when used in one-sample location problems. Power functions for these tests under various skewness and kurtosis conditions are produced for several sample sizes from simulated data using the g-and-k distribution of MacGillivray and Cannon.

Non-nested tests of a GDP-augmented Fama–French model versus a conditional Fama–French model in the Australian stock market

We extend Vassalou (2003) by conditioning the Fama–French model with the same macroeconomic variables used to construct a GDP factor. The motivation for doing so is to ascertain whether the ability of the GDP-augmented model to explain equity returns is actually due to news about future GDP growth or whether it is due to the macroeconomic conditioning variables used to construct the GDP factor. We compare the performance of a GDP-enhanced Fama–French model with the conditional Fama–French model using non-nested testing techniques. We find that the GDP-augmented model considerably underperforms the conditional version of the model.

Tests of ecogeographical relationships in a non-native species: what rules avian morphology?

The capacity of non-native species to undergo rapid adaptive change provides opportunities to research contemporary evolution through natural experiments. This capacity is particularly true when considering ecogeographical rules, to which non-native species have been shown to conform within relatively short periods of time. Ecogeographical rules explain predictable spatial patterns of morphology, physiology, life history and behaviour. We tested whether Australian populations of non-native starling, Sturnus vulgaris, introduced to the country approximately 150 years ago, exhibited predicted environmental clines in body size, appendage size and heart size (Bergmann's, Allen's and Hesse's rules, respectively). Adult starlings (n = 411) were collected from 28 localities from across eastern Australia from 2011 to 2012. Linear models were constructed to examine the relationships between morphology and local environment. Patterns of variation in body mass and bill surface area were consistent with Bergmann's and Allen's rules, respectively (small body size and larger bill size in warmer climates), with maximum summer temperature being a strongly weighted predictor of both variables. In the only intraspecific test of Hesse's rule in birds to date, we found no evidence to support the idea that relative heart size will be larger in individuals which live in colder climates. Our study does provide evidence that maximum temperature is a strong driver of morphological adaptation for starlings in Australia. The changes in morphology presented here demonstrate the potential for avian species to make rapid adaptive changes in relation to a changing climate to ameliorate the effects of heat stress.

A comparison of four functional test in discriminating fallers from non-fallers in older people

Purpose : Which functional tests on mobility and balance can better screen older people at risk of falls is unclear. This study aims to compare the Berg Balance Scale (BBS), Tinetti Mobility Score (TMS), Elderly Mobility Scale (EMS) and Timed Up and Go test (TUG) in discriminating fallers from non-fallers in older people.
Method : This was a case-control study involving one rater who conducted a mobility and balance assessment on subjects using the four functional tests in random sequence. Subjects recruited included 17 and 22 older people with a history of single and multiple falls respectively from a public Falls Clinic, and 39 community-dwellers without fall history and whose age, sex and BMI matched those of the fallers. All subjects underwent the mobility and balance assessment within one day.
Results : Single fallers performed better than multiple fallers in all four functional tests but were worse than non-fallers in the BBS, TMS and TUG. The BBS demonstrated the best discriminating ability, with high sensitivity and specificity. The BBS item 'pick up an object from the floor' was the best at screening fallers.
Conclusion : BBS was the most powerful functional test of the four in discriminating fallers from non-faller.

The reliability of performance of healthy adults on three visual perception tests

Problems with visual perceptual skills have been shown to have a negative impact on the daily living skills of individuals and are, therefore, commonly assessed by occupational therapists. The purpose of this study was to examine two types of reliability (internal consistency and test-retest reliability) of three newly revised or developed adult visual perception tests. The participants were 50 healthy adults, aged 18 to 55 years, from Melbourne, Victoria, Australia. The participants completed the Developmental Test of Visual Perception - Adolescent and Adult (DTVP-A), the Motor-Free Visual Perception Test - Third Edition (MVPT-3) and the Test of Visual Perceptual Skills (non-motor) - Third Edition (TVPS-3). Internal consistency was examined using Cronbach's alpha calculations and test-retest reliability was analysed using Spearman rho non-parametric correlation coefficients.

The results indicated that the DTVP-A, the MVPT-3 and the TVPS-3 had total scale internal consistency correlation scores of 0.60 or higher (0.60, 0.69 and 0.63 respectively). The majority of the subscales of each test had lower correlation coefficients than the overall scores (ranging from 0.22 to 0.49). For the DTVP-A, MVPT-3 and TVPS-3 total scale scores, the test-retest reliability correlation coefficients were statistically significant (rho = 0.46, p<0.05; rho = 0.62, p<0.01; and rho = 0.59, p<0.01, respectively). Overall, the three visual perceptual tests exhibited low to moderate levels of internal consistency and test-retest reliability.

Many-sample location and scale tests with quantile-function error distributions /by Azmeri Khan

This thesis, using a computer simulation, studies the effect of the normal distribution assumption on the power of several many-sample location and scale test procedures. It also suggests an almost robust parametric test, namely numerical likelihood ratio test (NLRT) for non-normal situations. The NLRT is found better than all of the tests considered. Some real life data sets were used as examples.

The relationship between market orientation, brand orientation and perceived benefits in the non-profit sector: a customer-perceived paradigm

The purpose of this paper is to examine the relationship between ‘market orientation’, ‘brand orientation’ and ‘perceived benefits’ in the non-profit sector from the perspective of the customers. Data were collected from a number of church organizations in Australia using a self-administered questionnaire. The tests for construct reliability, validity and research hypotheses were conducted using structural equation modelling. Findings reveal that ‘market orientation’ is significantly associated with both ‘perceived brand orientation’ and ‘perceived benefits’. An alternative model also reveals significant relationship between ‘brand orientation’ and ‘perceived benefits’ through ‘market orientation’ as the mediating variable. The study contributes to the body of literature and provides practical implications for non-profit managers and church leaders alike. An organization that endeavours to build a strong brand and deliver relevant benefits to its members should ensure that it has sufficient understanding of its members and utilizes the various resources of the organization to deliver superior values to its existing and prospective members.

Nutrient and core and non-core food intake of Australian schoolchildren differs on school days compared to non-school days.

Overall the diets of Australian schoolchildren are suboptimal, but differences in nutrient and food intake on school versus non-school days have not been assessed. The aim of this study was to examine differences in nutrient and core and non-core food intake on school days versus non-school days in Australian schoolchildren aged 6-16 years. Cross-sectional analysis of the 2007 Australian Children's Nutrition and Physical Activity Survey. Dietary intake was assessed via one 24-h dietary recall. A school day was defined as Monday-Friday, a non-school day included Saturday, Sunday and public/school holidays. Independent t-tests and χ(2) tests were used to assess differences in continuous and categorical variables, respectively. Multiple linear and logistic regression was used to adjust for confounders. Forty-eight per cent of recalls were completed on a non-school day. On non-school days primary schoolchildren aged 6-11 years (n = 1334) and secondary schoolchildren aged 12-16 years (n = 1362) had significantly higher absolute intakes of sugars, total fat and saturated fat (all P < 0.05). In addition the energy density of foods consumed was greater (P < 0.001), but there was no difference in the energy density of fluids. The sodium density of the diet did not differ across day types. On non-school days, total core food intake was ~30% higher and children were more likely to consume sugar-sweetened beverages, fried potatoes and take-away pizzas and burgers (all P < 0.05). Important differences in the intake of sugar, total fat, and saturated fat and noncore foods exist on non-school days compared to school days in Australian schoolchildren. To improve the diets of schoolchildren there is scope for strategies that target non-school day eating practices.

Non-homogeneous volatility correlations in the bivariate multifractal model

In this paper, we consider an extension of the recently proposed bivariate Markov-switching multifractal model of Calvet, Fisher, and Thompson [2006. "Volatility Comovement: A Multifrequency Approach." Journal of Econometrics {131}: 179-215]. In particular, we allow correlations between volatility components to be non-homogeneous with two different parameters governing the volatility correlations at high and low frequencies. Specification tests confirm the added explanatory value of this specification. In order to explore its practical performance, we apply the model for computing value-at-risk statistics for different classes of financial assets and compare the results with the baseline, homogeneous bivariate multifractal model and the bivariate DCC-GARCH of Engle [2002. "Dynamic Conditional Correlation: A Simple Class of Multivariate Generalized Autoregressive Conditional Heteroskedasticity Models." Journal of Business & Economic Statistics 20 (3): 339-350]. As it turns out, the multifractal model with heterogeneous volatility correlations provides more reliable results than both the homogeneous benchmark and the DCC-GARCH model. © 2014 Taylor & Francis.

Investigation of hybrid ion-exchange membranes reinforced with non-woven metal meshes for electro-dialysis applications

Salt and solvent permeations across ion-exchange membranes used in electro-dialysis are directly related to the membrane material structure and chemistry. Although primarily used for aqueous effluents desalination, electro-dialysis was recently shown to be a promising technology for industrial wastewater and co-solvent mixtures purification. The harsh working conditions imposed by these liquid effluents, including high suspended solids, require the development of more chemically and mechanically resistant membranes. In this study, commercial porous stainless steel media filters (240 μm thick) were used as a backbone to prepare hybrid ion-exchange membranes by casting ion-exchange materials within the porous metal structure. The surface of the metal reinforcements was modified by plasma treatment prior to sol-gel silane grafting to improve the interface between the metal and the ion-exchange resins. The morphology of novel hybrid materials and the interface between the metal fibers and the ion-exchange material have been characterized using techniques such as scanning electron microscopy and FTIR mapping. The thickness of the silane coating was found to lie between 1 and 2 μm while water contact angle tests performed on membrane surfaces and corrosion test behaviors revealed the formation of a thin passivating oxide layer on the material surfaces providing anchoring for the silane grafting and adequate surface energy for the proper incorporation of the ion-exchange material. The hybrid membranes desalination performance were then tested in a bench top electro-dialysis cell over a range of flow rate, current densities and salt concentration conditions to evaluate the ability of the novel hybrid materials to desalinate model streams. The performance of the hybrid membranes were benchmarked and critically compared against commercially available membranes (Selemion&trade;). Although the salt transfer kinetics across the hybrid ion-exchange composite membranes were shown to be comparable to that of the commercial membranes, the low porosity of the stainless steel reinforcements, around 60%, was shown to impede absolute salt permeations. The hybrid ion-exchange membranes were however found to be competitive at low current density and low flow velocity desalination conditions.

Investigation of hybrid ion-exchange membranes reinforced with non-woven metal meshes for electro-dialysis applications

Salt and solvent permeations across ion-exchange membranes used in electro-dialysis are directly related to the membrane material structure and chemistry. Although primarily used for aqueous effluents desalination, electro-dialysis was recently shown to be a promising technology for industrial wastewater and co-solvent mixtures purification. The harsh working conditions imposed by these liquid effluents, including high suspended solids, require the development of more chemically and mechanically resistant membranes. In this study, commercial porous stainless steel media filters (240. μm thick) were used as a backbone to prepare hybrid ion-exchange membranes by casting ion-exchange materials within the porous metal structure. The surface of the metal reinforcements was modified by plasma treatment prior to sol-gel silane grafting to improve the interface between the metal and the ion-exchange resins. The morphology of novel hybrid materials and the interface between the metal fibers and the ion-exchange material have been characterized using techniques such as scanning electron microscopy and FTIR mapping. The thickness of the silane coating was found to lie between 1 and 2. μm while water contact angle tests performed on membrane surfaces and corrosion test behaviors revealed the formation of a thin passivating oxide layer on the material surfaces providing anchoring for the silane grafting and adequate surface energy for the proper incorporation of the ion-exchange material. The hybrid membranes desalination performance were then tested in a bench top electro-dialysis cell over a range of flow rate, current densities and salt concentration conditions to evaluate the ability of the novel hybrid materials to desalinate model streams. The performance of the hybrid membranes were benchmarked and critically compared against commercially available membranes (Selemion&trade;). Although the salt transfer kinetics across the hybrid ion-exchange composite membranes were shown to be comparable to that of the commercial membranes, the low porosity of the stainless steel reinforcements, around 60%, was shown to impede absolute salt permeations. The hybrid ion-exchange membranes were however found to be competitive at low current density and low flow velocity desalination conditions.

The effect of recursive detrending on panel unit root tests

This paper analyzes the properties of panel unit root tests based on recursively detrended data. The analysis is conducted while allowing for a (potentially) non-linear trend function, which represents a more general consideration than the current state of affairs with (at most) a linear trend. A new test statistic is proposed whose asymptotic behavior under the unit root null hypothesis, and the simplifying assumptions of a polynomial trend and iid errors are shown to be surprisingly simple. Indeed, the test statistic is not only asymptotically independent of the true trend polynomial, but also is in fact unique in that it is independent also of the degree of the fitted polynomial. However, this invariance property does not carry over to the local alternative, under which it is shown that local power is a decreasing function of the trend degree. But while power does decrease, the rate of shrinking of the local alternative is generally constant in the trend degree, which goes against the common belief that the rate of shrinking should be decreasing in the trend degree. The above results are based on simplifying assumptions. To compensate for this lack of generality, a second, robust, test statistic is proposed, whose validity does not require that the trend function is a polynomial or that the errors are iid.

Multiple states of financially distressed companies: Tests using a competing-risks model

This study examines the determinants of multiple states of financial distress by applying a competing-risks model. It investigates the effect of financial ratios, market-based variables and company-specific variables, including company age, size and squared size on three different states of corporate financial distress: active companies; distressed external administration companies; and distressed takeover, merger or acquisition companies. A sample of 1,081 publicly listed Australian non-financial companies over the period 1989 to 2005 using a competing-risks model is used to determine the possible differences in the factors of entering various states of financial distress. It is found that specifically, distressed external administration companies have a higher leverage, lower past excess returns and a larger size; while distressed takeover, merger or acquisition companies have a lower leverage, a higher capital utilisation efficiency and a larger size compared to active companies. Comparing the results from both the single-risk model and the competing-risks model reveals the need to distinguish between financial distress states.

Applicability and accuracy of the initially dry and initially wet contact filter paper tests for matric suction measurement of geosynthetic clay liners.

An initially wet contact filter paper test (IW-CFPT) and an initially dry contact filter paper test (ID-CFPT) were used to examine the wetting paths of geosynthetic clay liners, including non-contact filter paper tests for comparative purposes. The CFPTs were applied to both geosynthetic clay liner faces to examine the effect of geotextile type on capillary contact. The non-woven geotextile face was found to be more likely to cause capillary breaks than the woven geotextile face. Both IW- and ID-CFPTs were found to be applicable to geosynthetic clay liners within their accurate upper matric suction measurement limits of 146 kPa and 66 kPa, respectively.