Estimation of global beta and tests of capital asset pricing models

With the rapid globalization and integration of world capital markets, more and more stocks are listed in multiple markets. With multi-listed stocks, the traditional measurement of systematic risk, the domestic beta, is not appropriate since it only contain information from one market. ^ Prakash et al. (1993) developed a technique, the global beta, to capture information from multiple markets wherein the stocks are listed. In this study, the global betas are obtained as well as domestic betas for 704 multi-listed stocks from 59 world equity markets. Welch tests show that domestic betas are not equal across markets, therefore, global beta is more appropriate in a global investment setting. ^ The traditional Capital Asset Pricing Models (CAPM) is also tested with regards to both domestic beta and global beta. The results generally support the positive relationship between stocks returns and global beta while tend to reject this relationship between stocks returns and domestic beta. Further tests of International CAPM with domestic beta and global beta strengthen the conclusion.^

Monitoring of Tree Island Conditions in the Southern Everglades: The Effects of Hurricanes and Hydrology on the Status and Population Dynamics of Sixteen Tropical Hardwood Hammock Tree Islands

In 2005 we began a multi-year intensive monitoring and assessment study of tropical hardwood hammocks within two distinct hydrologic regions in Everglades National Park, under funding from the CERP Monitoring and Assessment Program. In serving as an Annual Report for 2010, this document, reports in detail on the population dynamics and status of tropical hardwood hammocks in Shark Slough and adjacent marl prairies during a 4-year period between 2005 and 2009. 2005-09 was a period that saw a marked drawdown in marsh water levels (July 2006 - July 2008), and an active hurricane season in 2005 with two hurricanes, Hurricane Katrina and Wilma, making landfall over south Florida. Thus much of our focus here is on the responses of these forests to annual variation in marsh water level, and on recovery from disturbance. Most of the data are from 16 rectangular permanent plots of 225-625 m2 , with all trees mapped and tagged, and bi-annual sampling of the tree, sapling, shrub, and herb layer in a nested design. At each visit, canopy photos were taken and later analyzed for determination of interannual variation in leaf area index and canopy openness. Three of the plots were sampled at 2-month intervals, in order to gain a better idea of seasonal dynamics in litterfall and litter turnover. Changes in canopy structure were monitored through a vertical line intercept method.

Monitoring of Tree Island Condition in the Southern Everglades: Annual Report 2011

Tree islands, a prominent feature in both the marl prairie and ridge and slough landscapes of the Everglades, are sensitive to large-scale restoration actions associated with the Comprehensive Everglades Restoration Plan (CERP) authorized by the Water Resources Development Act (WRDA) 2000 to restore the south Florida ecosystem. More specifically, changes in hydrologic regimes at both local and landscape scales are likely to affect the internal water economy of islands, which in turn will influence plant community structure and function. To strengthen our ability to assess the “performance” of tree island ecosystems and predict how these hydrologic alterations would translate into ecosystem response, an improved understating of reference conditions of vegetation structure and function, and their responses to major stressors is important. In this regard, a study of vegetation structure and composition in relation to associated physical and biological processes was initiated in 2005 with initial funding from Everglades National Park and South Florida Water Management District (SFWMD). The study continued through 2011 with funding from US Army Corps of Engineers (USACOE) (Cooperative Agreement # W912HZ-09-2-0019 Modification No.: P00001).

Monitoring of Tree Island Condition in the Southern Everglades: Hydrologic Driven Decadal Changes in Tree Island Woody Vegetation Structure and Composition: 2012 Annual Report

This report examines the interaction between hydrology and vegetation over a 10-year period, between 2001/02 and 2012 within six permanent tree island plots located on three tree islands, two plots each per tree island, established in 2001/02, along a hydrologic and productivity gradient. We hypothesize that: (H1) hydrologic differences within plots between census dates will result in marked differences in a) tree and sapling densities, b) tree basal area, and c) forest structure, i.e., canopy volume and height, and (H2) tree island growth, development, and succession is dependent on hydrologic fluxes, particularly during periods of prolonged droughts or below average hydroperiods.

[Poster] Friends of the Island

This poster presentation will exhibit the ongoing design work within two small islands adjacent to Diner Key Marina gifted by the City of Miami to the non-profit organization, Shake-A-Leg. This organization works to blur the lines between access, recreation, and skill, redefining what is possible. Abled and disabled children, adolescents, and young adults go to Shake-A-Leg to participate in a myriad of activities such as sailing, kayaking, swimming, painting, and socializing in these islands regardless of their inadequate walkways and installations. The users are people from different social statuses, physical and mental abilities. This poster will exhibit the design proposal to enhance the islands’ infrastructure to provide seamless access to all its visitors through the lush habitat in these islands. The proposed program challenges the disabilities of the person and helps them to mediate and transform them into new possibilities and abilities. The program proposes ten components which include a nature trail, restrooms, dinning center, art studio, and observation deck. The design of each space draws from the sailing boat to create solutions were the user will explore, participate and enjoy. The location encourages a feeling of challenge but at the same time it is a place for relief and freedom, allowing them to discover the diversity through experimentation and interaction with the environment. This poster presents design principles that value equal access and experience, celebrating the differences among users and the environment, blurring the lines between nature and access.