Efficiency, cointegration and contagion in equity markets : evidence from China, Japan and South Korea

This paper empirically examines whether three East Asian stock markets, namely, those of China, Japan and South Korea, are individually and/or jointly efficient, and whether contagion exists between the cointegrated markets. While individual market efficiency is examined through testing for the random walk hypothesis, joint market efficiency is examined through testing for cointegration and contagion. The present study finds that the hypothesis of individual market efficiency is strongly rejected for the Chinese stock market, but not for the Japanese and the South Korean stock markets. However, when testing for cointegration, market efficiency is strongly rejected for all these markets. We take a simple case of contagion and find that although there is a long-term relationship among the three markets, the contagion hypothesis cannot be rejected only between Japanese and South Korean stock markets, indicating short-run portfolio diversification benefits from these two markets.

Does biochar improve establishment of tree seedlings in saline sodic soils?

Reforestation of saline sodic soil is increasingly undertaken as a means of reclaiming otherwise unproductive agricultural land. Currently, restoration of degraded land is limited to species with high tolerances of salinity. Biochar application has the potential to improve physical, biological and chemical properties of these soils to allow establishment of a wider range of plants. In a glasshouse trial, we applied biochar made from Acacia pycnantha (5Mgha^-1) or no biochar to either a low (ECe 4·75 dS m^-1, ESP 6·9), a moderate (ECe 27·6 dS m^-1, ESP 29·3) or a high (ECe 49·4 dS m^-1, ESP 45·1) saline sodic soil. The regional common reforestation species Eucalyptus viminalis and Acacia mearnsii were planted as tubestock in to the soils. Early establishment indicators, including growth, plant condition and nutrition, were assessed at the end of a simulated growing season, 108days after biochar application. Application of biochar increased height, and decreased root:shoot and the concentration of Mn, N and S in plants of E.viminalis when grown in the highly saline sodic soil. Biochar application increased the concentration of B in leaves of E.viminalis and increased the concentration of P, K and S in leaves of A.mearnsii when grown in the low saline sodic soil. The results confirm that there is potential for biochar to assist in reforestation of saline sodic soils.

Peak to average power ratio analysis for LTE systems

The 3rd generation partnership project (3GPP) long term evolution (LTE) standard uses single carrier frequency division multiple access (SCFDMA) scheme for the uplink transmissions and orthogonal frequency division multiplexing access (OFDMA) in downlink. SCFDMA uses DFT spreading prior to OFDMA modulation to map the signal from each user to a subset of the available subcarriers i.e., single carrier modulation. The efficiency of a power amplifier is determined by the peak to average power ratio (PAPR) of the modulated signal. In this paper, we analyze the PAPR in 3GPP LTE systems using root raised cosine based filter. Simulation results show that the SCFDMA subcarrier mapping has a significantly lower PAPR compared to OFDMA. Also comparing the three forms of SCFDMA subcarrier mapping, results show that interleave FDMA (IFDMA) subcarrier mapping with proposed root raised cosine filter reduced PAPR significantly than localized FDMA (LFDMA) and distributed (DFDMA) mapping. This improves its radio frequency (RF) power amplifier efficiency and also the mean power output from a battery driven mobile terminal.