Floor trading and screen trading : distinctions for practitioners

The creation of an electronic limit order book is discussed as the basis for distinguishing between the floor trading and screen trading of derivative instruments. Distinguishing between FTP and ETP in terms of market transparency allows investors to contemplate the trade-off between the 2 platforms. Distinguishing between FTP and ETP in terms of memory preservation allows practitioners to contemplate the different experiences when analyzing floor data and screen data. A comparable set of floor and screen data is used to examine the impact on the trading dynamics and price discovery of LIFFE's FTSE 100 index futures market when trading is automated on LIFFE CONNECT. The dynamics in the quote change equation is shortened when moving from the floor to screen sample. Using the model's measure of trade informativeness, it is found that in 4 out of 5 daily sub-samples, screen trades are more than twice as informative as floor trades. Variability within a system of equations is explained more by order size history than trade size history.

Measuring the summary informativeness of orders and trades

Improved preservation of order flow history from the automation of derivative trading platforms suggests that traders are potentially learning from the recent history of both order and trade parameters. Consequently, a model to measure price discovery should encapsulate the dynamic interaction between the price-size coordinates of orders and trades. The Hasbrouck (1991) model is extended to measure the summary informativeness of order size and trade size. The two models are used to test for price discovery improvements in the FTSE 100 index futures market from order flow consolidation post deletion of its E-mini counterpart. The informativeness of trades has declined sharply, while the informativeness of orders has risen significantly in the post deletion sample.

Numerical investigation of austenite grain size distribution in square-diamond pass hot bar rolling

In this study, the austenite grain size (AGS) for hot bar rolling of AISI4135 steel was predicted based on two different AGS evolution models available in the literature. In order to predict the AGS more accurately, both models were integrated with a three-dimensional non-isothermal finite element program by implementing a modified additivity rule. The predicted results based on two models for the square-diamond (S-D) and round-oval (R-O) pass bar rolling processes were compared with the experimental data available in the literature. Then, numerical predictions depending on various process parameters such as interpass time, temperature, and roll speed were made to compare both models and investigate the effect of these parameters on the AGS distributions. Such numerical results were found to be beneficial to understand the effect of the microstructure evolution model on the rolling processes better and control the processes more accurately.

Local Austenite grain size distribution in hot bar rolling of AISI 4135 Steel

In this paper, the local distribution of austenite grain size (AGS) was experimentally determined by conducting single round-oval and square-diamond pass hot bar rolling experiments of AISI4135 steel. The rolling experiments were carried out using the laboratory mill. The local distribution of AGS was also determined numerically. In order to predict AGS distribution, the AGS evolution model was combined with three dimensional non-isothermal finite element analyses by adopting a modified additivity rule. AGS evolution model was experimentally determined from hot torsion test according to Hodgson's model. The predicted results were in a reasonably good agreement with experimental results.

Revisiting capital structure theory : a test of pecking order and static order trade-of model from Malaysian capital market

This study revisits the capital structure theory and test Pecking Order Hypothesis (POH) and Static Order Trade-off theory (STOT) using Malaysian Listed firms over a period from 1999 to 2002. The evidence from pecking order model suggests that the internal fund deficiency is the most important determinant that possibly explains the issuance of new debt in Malaysian capital market despite the lower predicting power.  While static trade off-model is not fit to explain the issuance of new debt issue in Malaysian capital market. This is an interesting findings that confirm the fact that Malaysian firms do not too much care about tax-shield benefit derive from employ both debt and non-debt tax-shield. The finn's size, which is used to neutralize the size effect, appears to provide some explanation for the variation in its capital structure policy choice; however asset structure and growth no evidence of static-order-trade-off is observed in Malaysian capital market.

Sociocultural factors relating to Tongans' and Indigenous Fijians' patterns of eating, physical activity and body size

This paper reviews literature between 1974 and 2007 that addresses the impact of sociocultural factors on reported patterns of eating, physical activity (activity) and body size of Tongans and indigenous Fijians (Fijians) in their countries of origin. There have been changes in diet (more imported and fewer traditional foods), activity (reduced, especially in urban settings), residence (rural-urban shift) and body size (increased obesity and at a younger age). The prevalence of overweight/obesity in Tongans and Fijians has increased rapidly over the last two decades and remains among the highest in the world (>80% in Tonga; >40% in Fiji), with more females reported to be obese than males. The few studies that investigated sociocultural influences on patterns of eating, activity and/or body size in this population have examined the impact of hierarchical organisation, rank and status (sex, seniority), values (respect, care, co-operation) and/or role expectations. It is important to examine how sociocultural factors influence eating, activity and body size in order to i) establish factors that promote or protect against obesity, ii) inform culturally-appropriate interventions to promote healthy lifestyles and body size, and iii) halt the obesity epidemic, especially in cultural groups with a high prevalence of obesity. There is an urgent need for more systematic investigations of key sociocultural factors, whilst taking into account the complex interplay between sociocultural factors, behaviours and other influences (historical; socioeconomic; policy; external global influences; physical environment).

Effect of grain size on deformation twinning behaviour of high MN steel

The effect of grain size on the mechanical properties and deformation twinning behaviour in high manganese steel was investigated. In order to generate different grain sizes, the samples were subjected to hot rolling, cold rolling and annealing. Room temperature tensile testing of the steel with different grain sizes (5-50 µm) indicated the occurrence of twinning induced plasticity (TWIP) in all the samples. Also, changes in work-hardening behaviour accompanied changes in the grain size. The results are discussed in terms of the enhanced sensitivity of twinning to the grain size.

Size does matter : the impact of size on governance in arts organizations

This paper documents governance conformance and performance in small to medium sized arts organizations in Australia, where artistic development, innovation and stakeholder relationships inform the governance activity central to achieving their mission. The key question of this study is whether the governance of large and small arts organizations differs as they balance competing needs
in order to achieve their artistic vision. The results of the study provide evidence that size is a critical factor in how boards govern arts organizations. Using material from indepth interviews and surveys, the paper argues that governance conformance and performance are in a state of constant tension with artistic development, and governance processes are dependent on organizational size and resources.

Consequences of intraspecific seed-size variation in Sparganium emersum for dispersal by fish

1. The potential for seed dispersal by fish (ichthyochory) is likely to vary within aquatic plant species, depending on intraspecific variation in phenotypic seed traits.

2. We studied the effect of seed size variation within the unbranched burreed (Sparganium emersum) on the potential for internal dispersal by the common carp (Cyprinus carpio), by feeding them light (< 10 mg), medium (10–20 mg) and heavy ( > 20 mg) seeds, seed mass being positively related to seed size.

3. We hypothesized: (i) that ingestion, retention time, survival during gut passage and viability after gut passage of S. emersum seeds would be affected by seed size; and (ii) that this would translate into intraspecific variation in dispersal probability and dispersal distance among seed size categories.

4. Ingestion was negatively related to seed size, while survival during gut passage was positively related to seed size. Seed viability after gut passage was not affected by seed size. Since the negative effect of ingestion was counterbalanced by an equally strong but positive effect on seed survival, the probability of dispersal did not differ between the tested seed-size categories.

5. The time that seeds remained in the digestive tract of carp did not differ between seed sizes, suggesting equal potential dispersal distances for all seeds. Based on optimum swimming speeds of carp, ranging from 0·9 to 1·8 km h−1, maximum dispersal distances will most likely range from 13·5 to 27 km.

6. This study highlights the importance of studying all stages of the endozoochorous dispersal process in order to estimate the effect of a phenotypic seed trait on plant dispersal.

Insectivore life histories: further evidence against an optimum body size for mammals

1. This study tests a model of the relationship of body mass to reproductive power (the rate of conversion of energy from the environment to an organism’s offspring). Specifically tested is the prediction that the regression of life-history variables on body size will change slope and sign about an ‘optimum’ body mass of 100 g.
2. Life-history data from the mammalian order Insectivora have been collated and analysed using a phylogenetic comparative method to test this prediction.
3. The analyses showed little evidence for significant changes in slope or sign around 100 g body mass, or other possible optimal body masses, contradicting the predictions of the model. These findings agree with those of similar analyses on life-history variables of bats.

Range size-abundance relationships in Australian passerines

Aim  To investigate the relationship between geographical range size and abundance (population density) in Australian passerines.
Location  Australia (including Tasmania).
Methods   We analysed the relationship between range size and local abundance for 272 species of Australian passerines, across the whole order and within families. We measured abundance as mean and maximum abundance, and used a phylogenetic generalized least-squares regression method within a maximum-likelihood framework to control for effects of phylogeny. We also analysed the relationship within seven different habitat types.
Results  There was no correlation between range size and abundance for the whole set of species across all habitats. Analyses within families revealed some strong correlations but showed no consistent pattern. Likewise we found little evidence for any relationship or conflicting patterns in different habitats, except that woodland/forest habitat species exhibit a negative correlation between mean abundance and range size, whilst species in urban habitats exhibit a significant positive relationship between maximum abundance and range size. Despite the general lack of correlation, the raw data plots of range size and abundance in this study occupied a triangular space, with narrowly distributed species exhibiting a greater variation in abundances than widely distributed species. However, using a null model analysis, we demonstrate that this was due to a statistical artefact generated by the frequency distributions for the individual variables.
Conclusions   We find no evidence for a positive range size-abundance relationship among Australian passerines. This absence of a relationship cannot be explained by any conflicting effects introduced by comparing across different habitats, nor is it explained by the fact that large proportions of Australia are arid. We speculate that the considerable isolation and evolutionary age of Australian passerines may be an explanatory factor.

Geographical variation in bill size across bird species provides evidence for Allen's rule

Allen’s rule proposes that the appendages of endotherms are smaller, relative to body size, in colder climates, in order to reduce heat loss. Empirical support for Allen’s rule is mainly derived from occasional reports of geographical clines in extremity size of individual species. Interspecific evidence is restricted to two studies of leg proportions in seabirds and shorebirds. We used phylogenetic comparative analyses of 214 bird species to examine whether bird bills, significant sites of heat exchange, conform to Allen’s rule. The species comprised eight diverse taxonomic groups—toucans, African barbets, Australian parrots, estrildid finches, Canadian galliforms, penguins, gulls, and terns. Across all species, there were strongly significant relationships between bill length and both latitude and environmental temperature, with species in colder climates having significantly shorter bills. Patterns supporting Allen’s rule in relation to latitudinal or altitudinal distribution held within all groups except the finches. Evidence for a direct association with temperature was found within four groups (parrots, galliforms, penguins, and gulls). Support for Allen’s rule in leg elements was weaker, suggesting that bird bills may be more susceptible to thermoregulatory constraints generally. Our results provide the strongest comparative support yet published for Allen’s rule and demonstrate that thermoregulation has been an important factor in shaping the evolution of bird bills.

Reproductive consequences of male arrival order in the Bark beetle, Ips grandicollis

The ability of birds to perceive, assess and appropriately respond to the presence of relatively novel threats is important to their survival. We hypothesized that the cognitive capacity of birds will influence their ability for accurate response to novelty. We used brain volume as a surrogate for cognitive capacity and postulated that larger brained birds would moderate their responses when presented with a benign, frequently occurring stimulus, such as a person, because they would habituate more readily. We conducted phylogenetic generalized least square regression to investigate the relationship between brain volume and flight initiation distance (FID; the distance to which a bird can be approached before initiating escape behaviour), while controlling for confounding factors including body size (body mass and wing length) and migration status. We compared seven different models using combinations of these parameters using Akaike's information criterion to determine the best approximating model(s) explaining FID. The two best-supported models included only wing length and only body mass with Akaike weights of 0.396 and 0.311 respectively. No model including brain volume had an Akaike weight greater than 0.083 and brain volume was poorly correlated with FID in models after controlling for body mass. Thus, brain volume does not appear to strongly relate to bravery among these shorebirds.

The role of testosterone in bib size determination in the male house sparrow Passer domesticus, is age dependent

Secondary sexual signals are thought to indicate individual quality. In order to understand the evolutionary pressures that give rise to such traits it is important to understand the physiological mechanisms underlying their production. The black bib of the house sparrow Passer domesticus is known to function as a badge of social status in males. Past studies have found that the size of the bib in older males is determined, at least partly, by the androgen testosterone. The immunocompetence handicap hypothesis suggests that testosterone has a key role in maintaining honest signalling – it is both involved in the development or expression of sexual signals and is immunosuppressive. In this paper we test experimentally two hypo theses relating to bib size development, whether 1) testosterone is only immunosuppressive in conditions where the natural feedback loop from the testes has been removed, and 2) testosterone is, in addition to influencing the bib size of older males, responsible for the size of the bib in juvenile sparrows. In the first experiment we found that exogenous testosterone administered to intact males during the winter (when LH and FSH levels are very low and were not artificially increased by castration) caused significant immunosuppression, albeit in interaction with the stress hormone corticosterone. Second, we found that exogenous testosterone administration in castrated fledgling male house sparrows had no effect on subsequent post-juvenile moult bib size relative to controls. Our results suggest that in some circumstances testosterone can be immunosuppressive, but that its role in bib size determination is age-dependent.

Size-frequency distributions along a latitudinal gradient in middle permian fusulinoideans

Geographic gradients in body size within and among living species are commonly used to identify controls on the long-term evolution of organism size. However, the persistence of these gradients over evolutionary time remains largely unknown because ancient biogeographic variation in organism size is poorly documented. Middle Permian fusulinoidean foraminifera are ideal for investigating the temporal persistence of geographic gradients in organism size because they were diverse and abundant along a broad range of paleo-latitudes during this interval (~275–260 million years ago). In this study, we determined the sizes of Middle Permian fusulinoidean fossils from three different paleo-latitudinal zones in order to examine the relationship between the size of foraminifers and regional environment. We recovered the following results: keriothecal fusulinoideans are substantially larger than nonkeriothecal fusulinoideans; fusulinoideans from the equatorial zone are typically larger than those from the north and south transitional zones; neoschwagerinid specimens within a single species are generally larger in the equatorial zone than those in both transitional zones; and the nonkeriothecal fusulinoideans Staffellidae and Schubertellidae have smaller size in the north transitional zone. Fusulinoidean foraminifers differ from most other marine taxa in exhibiting larger sizes closer to the equator, contrary to Bergmann's rule. Meridional variation in seasonality, water temperature, nutrient availability, and carbonate saturation level are all likely to have favored or enabled larger sizes in equatorial regions. Temporal variation in atmospheric oxygen concentrations have been shown to account for temporal variation in fusulinoidean size during Carboniferous and Permian time, but oxygen availability appears unlikely to explain biogeographic variation in fusulinoidean sizes, because dissolved oxygen concentrations in seawater typically increase away from the equator due to declining seawater temperatures. Consequently, our findings highlight the fact that spatial gradients in organism size are not always controlled by the same factors that govern temporal trends within the same clade.