The Index Effect: an investigation of the price and volume effects surrounding changes to the S & P Australian indices

This paper examines the stock price and volume effects surrounding the announcement of constituent changes to the S&P/ASX 200 and four supplementary indices. Between April 2000 and December 2002 additions to (deletions from) the ASX 200 were associated with a significant price rise (fall) over the 10 day period following the market announcement of the change. Deletions were also associated with a significant fall on the announcement date itself These findings were corroborated by significant increases in trading volume over the same intervals, suggesting heavy trading activity by index funds in response to changes to the ASX 200. Following the implementation of these changes, both additions and deletions experienced a significant price reversion, supporting the price pressure hypothesis. By contrast, none of the supplementary indices displayed evidence of stock price or volume effects, which precludes the information and liquidity hypotheses as viable explanations for the findings of this research.

Fixing misconceptions: length, area and volume

The author presents a number of children's misconceptions concerning mathematical problems involving perimeter, area, volume and mass. A number of examples of interventions to assist students to understand how to solve these problems correctly are presented.

Introduction of electronic trading in index futures : volatility and volume effects

There is continuing debate in the US over full introduction of electronic trading in those index futures contracts that are still traded at the CME via open outcry. Since the late 1990s major international exchanges trading index futures contracts have converted to full electronic trading. Recent empirical studies have focused on effects on bid/ask spreads and related price volatility following these changes. We take a different approach and investigate and test for structural change in conditional volatility and volume effects following the shift to electronic trading in the Australian Share Price Index futures contract. Multiple Switching point GARCH models are employed with the data sampled at 5, 15 and 30-minute intervals from transaction records supplied by the Sydney Futures Exchange. There is significant evidence of structural changes in both the persistence of volatility shocks and simultaneous volume effects following the change to screen trading in this futures market.

SI cube helps students learn SI units and volume

A 10 cm x10 cm x 10 cm "SI cube", which helps students learn SI units, is presented. Students cn physically handle and manipulate the SI cube, which also helps them to have a better appreciation of volume. A template for making the cube is available as supplementary material.

The Thai-Burma Railway: asymmetrical and transitional memories

The Pacific War is an umbrella term that refers collectively to a disparate set of wars, however, this book presents a strong case for considering this assemblage of conflicts as a collective, singular war.

Size distribution and volume fraction of T1 phase precipitates from TEM images: Direct measurements and related correction

Transmission Electron Microscopy (TEM) can be used to measure the size distribution and volume fraction of fine scale precipitates in metallic systems. However, such measurements suffer from a number of artefacts that need to be accounted for, related to the finite thickness of the TEM foil and to the projected observation in two dimensions of the microstructure. We present a correction procedure to describe the 3D distribution of disc-like particles and apply this method to the plate-like T1 precipitates in an Al-Li-Cu alloy in two ageing conditions showing different particle morphologies. The precipitates were imaged in a High-Angular Annular Dark Field Microscope (HAADF-STEM). The corrected size distribution is further used to determine the precipitate volume fraction. Atom probe tomography (APT) is finally utilised as an alternative way to measure the precipitate volume fraction and test the validity of the electron microscopy results.

Brain development during adolescence: A mixed-longitudinal investigation of cortical thickness, surface area, and volume.

What we know about cortical development during adolescence largely stems from analyses of cross-sectional or cohort-sequential samples, with few studies investigating brain development using a longitudinal design. Further, cortical volume is a product of two evolutionarily and genetically distinct features of the cortex - thickness and surface area, and few studies have investigated development of these three characteristics within the same sample. The current study examined maturation of cortical thickness, surface area and volume during adolescence, as well as sex differences in development, using a mixed longitudinal design. 192 MRI scans were obtained from 90 healthy (i.e., free from lifetime psychopathology) adolescents (11-20 years) at three time points (with different MRI scanners used at time 1 compared to 2 and 3). Developmental trajectories were estimated using linear mixed models. Non-linear increases were present across most of the cortex for surface area. In comparison, thickness and volume were both characterised by a combination of non-linear decreasing and increasing trajectories. While sex differences in volume and surface area were observed across time, no differences in thickness were identified. Furthermore, few regions exhibited sex differences in the cortical development. Our findings clearly illustrate that volume is a product of surface area and thickness, with each exhibiting differential patterns of development during adolescence, particularly in regions known to contribute to the development of social-cognition and behavioral regulation. These findings suggest that thickness and surface area may be driven by different underlying mechanisms, with each measure potentially providing independent information about brain development. Hum Brain Mapp, 2016. © 2016 Wiley Periodicals, Inc.

The biotechnology and marketing interface : functional integration using mechanistic and holographic responses to environmental turbulence

This paper serves to specify and ground research into interfunctional integration in a wider theoretical context with particular reference to the interaction between technology and marketing in the biotechnology sphere. The general and specific problem areas are specified as those of interfunctional relations and the dyadic relationship between marketing and biotechnical managerial functions in particular. The contextual/organisational generative mechanisms that are likely to keep interfunctional relations at the centre of scholarly attention for some time are explored from the perspective of cybernetic theory. The law of requisite variety states that in an effective open system environmental variety is matched by internal structural variety. As organisations are faced with ever more turbulent, and complex environments, this must be matched by an increased internal complexity within the organisation. The two modes of response, namely holographic and mechanistic, both highlight the need to further our understanding of interfunctional differences. Having established the problem and its genesis, a specific research agenda is outlined as the exploration of the interfunctional differences from a decision-making perspective.

Simultaneous volatility transmissions and spillover effects: U.S. and Hong Kong stock and futures markets

Contemporaneous transmission effects across volatilities of the Hong Kong Stock and Index futures markets and futures volume of trade are tested by employing a structural systems approach. Competing measures of volatility spillover, constructed from the overnight U.S. S&P500 index futures, are tested and found to impact on the Hong Kong asset return volatility and volume of trade patterns. The examples utilize intra-day 15-min sampled data from this medium-sized Asia Pacific equity and derivative exchange. Both the intra- and inter-day patterns in the Hong Kong market are allowed for in the estimation process.

Temporal changes in macroinvertebrate assemblages following experimental flooding in permanent and temporary wetlands in an Australian floodplain forest

The River Murray, Australia, is a highly regulated river from which almost 80% of mean annual flow is removed for human use, primarily irrigated agriculture. Consequent changes to the pattern and volume of river flow are reflected in floodplain hydrology and, therefore, the wetting/drying patterns of floodplain wetlands. To explore the significance of these changes, macroinvertebrate samples were compared between permanent and temporary wetlands following experimental flooding in a forested floodplain of the River Murray. Weekly samples from two permanent wetlands and four associated temporary sites were used to track changes in macroinvertebrate assemblage composition. Non-metric multidimensional scaling was used to ordinate the macroinvertebrate data, indicating consistent differences between the biota of permanent and temporary wetlands and between the initial and later assemblages in the temporary sites. There were marked changes over time, but little sign that the permanent and temporary assemblages were becoming more alike over the 25-week observation period. The apparent heterogeneity of these systems is of particular importance in developing river management plans which are likely to change flooding patterns. Such plans need to maintain a mosaic of wetland habitats if floodplain biodiversity is to be supported.

Biopharmaceutical innovation and industrial developments in South Korea, Singapore and Taiwan

South Korea, Singapore and Taiwan are well known as export-oriented developmental states which for decades employed industrial policy to target particular industries for government support. In the past fifteen years, these three countries all identified the biopharmaceutical industry as a strategic sector. This article explores, through economic analysis, the rationale for this decision and the strategies chosen for linking into the global bio-economy with the objective of catching up in biopharmaceuticals. The paper identifies three comparative advantages enjoyed by these countries in the biopharma sector: (1) public investments in basic research; (2) private investments in phase 1 clinical trials; and (3) a potentially significant contract research industry managing latter-stage clinical trials. Governments employ a range of industrial policies, consistent with these comparative advantages, to promote the biopharmaceutical industry, including public investment in biomedical hubs, research funding and research and development (R&D) tax credits. We argue that the most important feature of the biopharmaceutical industry in these countries is the dominant role of the public sector. That these countries have made progress in innovative capabilities is illustrated by input measures such as R&D expenditure as share of gross domestic product, number of patents granted and clinical trials, and volume of foreign direct investment. In contrast, output indicators such as approval of new chemical entities suggest that the process of catching up has only just commenced. Pharmaceutical innovation is at the stage of mainly generating inputs to integrated processes controlled by the globally incumbent firms.

Field fitness testing and training patterns for women in three masters sports

This study involved 33 women, aged 44-71 years involved in either masters swimming, field hockey or lawn bowls. Subjects undertook a 12-week competitive training program and participated in one fitness test session, to trial field-based tests of aerobic fitness, muscle power, body fat and flexibility. The field-based fitness testing proved practical. Athlete fitness was affected by age, competitiveness, training intensity and volume.

Simultaneous volatility transmission and spillover effects

Simultaneous volatility models are developed and shown to be separate from multivariate GARCH estimators. An example is provided that allows for simultaneous and unidirectional volatility and volume of trade effects. These effects are tested using intraday data from the Australian cash index and index futures markets. Overnight volatility spillover effects from the United States S&P500 index futures markets are tested using alternative estimates of this US market volatility. The simultaneous volatility model proves to be robust to alternative specifications of returns equations and to misspecification of the direction of volatility causality.

Messages from Long Tan, Vietnam: memorialisation, reconciliation, and historical justice

This article explores the changing ways in which Australians and Vietnamese remember and memorialize their involvement in the Vietnam War and how these processes intersect with notions of reconciliation and historical justice in postwar contexts. It uses the Battle of Long Tan of August 1966 as an entrée into these considerations and questions how heritage-making and memorialization processes can facilitate the achievement of reconciliation between parties formerly in conflict. Not surprisingly, the Australian and Vietnamese veterans of the battle and the two states, the Commonwealth of Australia and the Socialist Republic of Vietnam, have different motivations for wanting to remember Long Tan. On the Australian side, a sense that reconciliation and atonement are needed is often reflected in official government and veterans’ statements about the war and Australia-Vietnam relations, in the memorialization process at Long Tan and in the involvement of Australian veterans groups engaged in local economic development and community building in Vietnam. On the Vietnamese side, where the Vietnam War played out as a civil as well as an international war, efforts by those who actively supported the former Republic of Vietnam based in Saigon in the south and among the overseas Vietnamese (Viet kieu) to memorialize their engagement in the conflict have been frustrated. The usefulness of the notion of seeking historical justice is therefore questioned in post–civil war situations where people are locked into fixed histories and are unprepared or unable to revisit and retell personal and collective memories and histories.