The trading dynamics of close-substitute futures markets : evidence of margin policy spillover effects

Volatility spillover is well documented among closely related securities. I investigate the relationship between margin policy and trading dynamics of the Nikkei 225 index futures markets of Osaka Securities Exchange (OSE) and Singapore Exchange (SGX). I find that OSE’s margin policy influences trading dynamics across both markets, although it is the less liquid SGX market that performs price discovery. This suggests that policy markers of close substitute markets should coordinate, or at least communicate policy intentions due to policy spillover. SGX’s market design facilitates price discovery, suggesting that a microstructure framework capable of overcoming the liquidity entry barrier is of interest to any futures exchange contemplating contract proliferation.

Too close for comfort : a fishway exit and a hydro-power station inlet

A major environmental issue for hydro-electric power generation is passage of fish through turbines, or entrainment onto trash racks. At Yarrawonga Weir, on the upper Murray River in south-eastern Australia, the positioning of a fish lock resulted in the potential for upstream migrating fish to be swept back into the adjacent power station by cross flows. In 2004, a 4.5-m long steel extension flume was attached to the exit to alleviate this problem. To determine the fate of native fish after exiting the extension flume, 72 individuals (305–1015 mm long) were implanted with radio-transmitters and released into the fish lock exit channel. In 2004 (power station inflows 10 300 ML day^–1), the majority of fish exited successfully (44 of 45) and only a single fish (2%) was entrained into the power station. In 2005 (power station inflows 12 000 ML day^–1), fish again exited successfully (26 of 27) but with a higher proportion entrained (5 of 27; 18%). This reduced success appeared to be related to strong transverse flows with high water velocities adjacent to the fish lock exit. The efficiency of fish passage at this site might be improved by altering water management strategies, integrating engineering and fish biology, and through field-testing of proposed solutions

We close towns for a living : spatial transformation and the Tour de France

This paper explores the ways in which the passage of the Tour de France bicycle race through France produces a distinctive cultural cartography or social map of France. Drawing on Lefebvre's (1991) conceptual triad of spatial practice, representations of space and representational spaces, the paper argues that the Tour de France both represents and is a space that is annually reordered and structured by very particular cultural practices. Through an analysis of the process (and politics) of route selection, the incorporation of iconic landscape and the transformation of civic space as the race moves across the country, the paper foregrounds the socially constructed nature of map making and the role of human intervention in producing and reproducing key cultural cartographies of France through the Tour de France.

Incredibly close encounters : magical realism and the intimate elegies of Jonathan Safran Foer’s everything is illuminated and extremely loud and incredibly close

This paper will investigate the relationship between prose elegy and magical realism in Jonathan Safran Foer’s novels, Everything is Illuminated and Extremely Loud and Incredibly Close. It will propose that absence is generative, and that the state of melancholia—or unsuccessful, unresolved grief—is conducive to creativity.

Nude dalliance with alien abductions turns into a close encounter of the dull kind

Review : Balletlab's  ' And All Things Return to Nature Tomorrow'

Localization and tracking of agents for close range applications

This research investigates the state estimation problem in close-range involving multiple targets using Doppler Radar. As the main theme is based on measurements with linear sensor arrays, optimal sensor arrangements are studied for two most popular measurement technologies: Angle-of-Arrival and range based localization systems.

Can Eucalyptus invade native forest fragments close to commercial stands?

Some Eucalyptus species are widely used as a plantation crop in tropical and subtropical regions. One reason for this is the diversity of end uses, but the main reason is the high level of wood production obtained from commercial plantings. With the advancement of biotechnology it will be possible to expand the geographical area in which eucalypts can be used as commercial plantation crops, especially in regions with current climatic restrictions. Despite the popularity of eucalypts and their increasing range, questions still exist, in both traditional planting areas and in the new regions: Can eucalypts invade areas of native vegetation, causing damage to natural ecosystems biodiversity?The objective of this study it was to assess whether eucalypts can invade native vegetation fragments in proximity to commercial stands, and what factors promote this invasive growth. Thus, three experiments were established in forest fragments located in three different regions of Brazil. Each experiment was composed of 40 plots (1 m(2) each one), 20 plots located at the border between the forest fragment and eucalypts plantation, and 20 plots in the interior of the forest fragments. In each experimental site, the plots were paired by two soil exposure conditions, 10 plots in natural conditions and 10 plots with soil exposure (no plant and no litter). During the rainy season, 2 g of eucalypts seeds were sown in each plot, including Eucalyptus grandis or a hybrid of E. urophylla x E. grandis, the most common commercial eucalypt species planted in the three region. At 15, 30, 45, 90, 180, 270 and 360 days after sowing, we assessed the number of seedlings of eucalypts and the number of seedlings of native species resulting from natural regeneration. Fifteen days after sowing, the greatest number of eucalypts seedlings (37 m(-2)) was observed in the plots with lower luminosity and exposed soil. Also, for native species, it was observed that exposed soil improved natural germination reaching the highest number of 163 seedlings per square meter. Site and soil exposure were the factors that have the greatest influence on seed germination of both eucalypt and native species. However, 270 days after sowing, eucalypt seedlings were not observed at any of the three experimental sites. The result shows the inability of eucalypts to adapt to condition outside of their natural range. However, native species demonstrated their strong capacity for natural regeneration in forest fragments under the same conditions where eucalypts were seeded. (C) 2011 Elsevier B.V. All rights reserved.