Pairs trading profits in commodity futures markets

This study employs a pairs trading investment strategy on daily commodity futures returns. The study reveals that pairs trading in similarly related commodity futures earns statistically significant excess returns with commensurate volatility. The excess returns from pairs trading in commodity futures are unrelated to conventional market risk factors and they are not associated with classic contrarian investing. The evidence of pairs trading reflect compensation to arbitrageurs for enforcing the law of one price in similarly related market efficiency.

The economics of credence goods: An experimental investigation of the role of verifiability, liability, competition and reputation in credence goods markets

Credence goods markets are characterized by asymmetric information between sellers and consumers that may give rise to inefficiencies, such as under- and overtreatment or market break-down. We study in a large experiment with 936 participants the determinants for efficiency in credence goods markets. While theory predicts that either liability or verifiability yields efficiency, we find that liability has a crucial, but verifiability only a minor effect. Allowing sellers to build up reputation has little influence, as predicted. Seller competition drives down prices and yields maximal trade, but does not lead to higher efficiency as long as liability is violated.

The impact of distributional preferences on (experimental) markets for expert services

Theory predicts that efficiency prevails on credence goods markets if customers are able to verify which quality they receive from an expert seller. In a series of experiments with endogenous prices we observe that verifiability fails to result in efficient provision behaviour and leads to very similar results as a setting without verifiability. Some sellers always provide appropriate treatment even if own money maximization calls for over- or undertreatment. Overall our endogenous-price-results suggests that both inequality aversion and a taste for efficiency play an important role for experts’ provision behaviour. We contrast the implications of those two motivations theoretically and discriminate between them empirically using a fixed-price design. We then classify experimental experts according to their provision behaviour.

Is there timing ability in currency markets? Evidence from ADR issuances

Is there timing ability in the exchange rate markets? We address this question by examining foreign firms' decisions to issue American Depositary Receipts (ADRs). Specifically, we test whether foreign firms consider currency market conditions in their ADR issuance decisions and, in doing so, display some ability to time their local exchange rate market. We study ADR issuances in the U.S. stock market between 1976 and 2003. We find that foreign firms tend to issue ADRs after their local currency has been abnormally strong against the U.S. dollar and before their local currency becomes abnormally weak. This evidence is statistically significant even after controlling for local and U.S. past and future stock market performance and predicable exchange rate movements. Currency market timing is especially significant i) for value companies, relatively small (yet absolutely large) companies issuing relatively large amounts of ADRs, companies with higher currency exposure, manufacturing companies, and emerging market companies, ii) during currency crises (when mispricings are rife) and after the integration of the issuer's local financial market with the world capital markets, iii) when the ADR issue raises capital for the issuing firm (Level III ADR), and iv) regardless of the identity of the underwriting investment bank. Currency market timing is also economically significant since it translates into total savings for the issuing firms of about $646 million (or 1.86% of the total capital-raising ADR issue volume). In contrast, we find no evidence of currency timing ability in a control sample made of non-capital raising ADRs (Level II ADRs). These findings suggest that some companies may have, at least occasionally, private information about foreign exchange.

Data muling over underwater wireless sensor networks using an autonomous underwater vehicle

We present algorithms, systems, and experimental results for underwater data muling. In data muling a mobile agent interacts with static agents to upload, download, or transport data to a different physical location. We consider a system comprising an Autonomous Underwater Vehicle (AUV) and many static Underwater Sensor Nodes (USN) networked together optically and acoustically. The AUV can locate the static nodes using vision and hover above the static nodes for data upload. We describe the hardware and software architecture of this underwater system, as well as experimental data. © 2006 IEEE.

Krill: An exploration in underwater sensor networks

While sensor networks have now become very popular on land, the underwater environment still poses some difficult problems. Communication is one of the difficult challenges under water. There are two options: optical and acoustic. We have designed an optical communication board that allows the Fleck’s to communicate optically. We have tested the resulting underwater sensor nodes in two different applications.

Distribution of benefits of irrigation induced technological changes and commodity markets : new evidence

A plethora of literature exists on irrigation development. However, only a few studies analyse the distributional issues associated with irrigation induced technological changes (IITC) in the context of commodity markets. Furthermore, these studies deal with only the theoretical arguments and to date no proper investigation has been conducted to examine the long-term benefits of adopting modern irrigation technology. This study investigates the long-term benefit changes of irrigation induced technological changes using data from Sri Lanka with reference to rice farming. The results show that (1) adopting modern technology on irrigation increases the overall social welfare through consumption of a larger quantity at a lower cost (2) the magnitude, sensitivity and distributional gains depend on the price elasticity of demand and supply as well as the size of the marketable surplus (3) non-farm sector gains are larger than farm sector gains (4) the distribution of the benefits among different types of producers depend on the magnitude of the expansion of the irrigated areas as well as the competition faced by traditional farmers (5) selective technological adoption and subsidies have a detrimental effect on the welfare of other producers who do not enjoy the same benefits (6) the short-term distributional effects are more severe than the long-term effects among different groups of farmers.

eBusiness use in the United Arab Emirates : lessons for evolving markets

Since the early 1990’s the United Arab Emirates has been actively seeking to diversify into non-oil sectors. The nation has set out to market itself as a hub for foreign and domestic companies; realizing to achieve these goals that it must provide appropriate e-business frameworks and infrastructures. While the nation itself is paving the way for other nations in the Middle East to undertake electronic business initiatives, the use of everyday e-business in the UAE appears to be somewhat stifled. An investigation into reasons for the apparent low levels of adoption of e-business by UAE inhabitants has been conducted using an autoethnographic research methodology coupled with qualitative interviews of selected stakeholders. Findings from this research may contribute to a better understanding of how e-business initiatives in specific regions need to take into account local cultural and other issues which may be irrelevant elsewhere.

Single-layer decoupling networks for large circulant symmetric arrays

In this paper, the authors propose a new structure for the decoupling of circulant symmetric arrays of more than four elements. In this case, network element values are again obtained through a process of repeated eigenmode decoupling, here by solving sets of nonlinear equations. However, the resulting circuit is much simpler and can be implemented on a single layer. The corresponding circuit topology for the 6-element array is displayed in figure diagrams. The procedure will be illustrated by considering different examples.

Rethinking regional green space networks in China

Ecological networks are often represented as utopian webs of green meandering through cities, across states, through regions and even across a country (Erickson, 2006, p.28; Fabos, 2004, p.326; Walmsley, 2006). While this may be an inspiring goal for some in developed countries, the reality may be somewhat different in developing countries. China, in its shift to urbanisation and suburbanisation, is also being persuaded to adjust its planning schemes according to these aspirational representations of green spaces (Yu et al, 2006, p.237; Zhang and Wang, 2006, p.455). The failure of other countries to achieve regional goals of natural and cultural heritage protection on the ground in this way (Peterson et al, 2007; Ryan et al, 2006; von Haaren and Reich, 2006) suggests that there may be flaws in the underpinning concepts that are widely circulated in North American and Western European literature (Jongman et al, 2004; Walmsley, 2006). In China, regional open space networks, regional green infrastructure or regional ecological corridors as we know them in the West, are also likely to be problematic, at least in the foreseeable future. Reasons supporting this view can be drawn from lessons learned from project experience in landscape planning and related fields of study in China and overseas. Implementation of valuable regional green space networks is problematic because: • the concept of region as a spatial unit for planning green space networks is ambiguous and undefinable for practical purposes; • regional green space networks traditionally require top down inter-governmental cooperation and coordination which are generally hampered by inequalities of influence between and within government agencies; • no coordinating body with funding powers exists for regional green space development and infrastructure authorities are still in transition from engineering authorities; • like other infrastructure projects, green space is likely to become a competitive rather than a complementary resource for city governments; • stable long-term management, maintenance and uses of green space networks must fit into a ‘family’ social structure rather than a ‘public good’ social structure, particularly as rural and urban property rights are being re-negotiated with city governments; and • green space provision is a performance indicator of urban improvement in cities within the city hierarchy and remains quantitatively-based (land area, tree number and per capita share) rather than qualitatively-based with local people as the focus.

Intrusion detection system for encrypted networks using secret-sharing schemes

Secret-sharing schemes describe methods to securely share a secret among a group of participants. A properly constructed secret-sharing scheme guarantees that the share belonging to one participant does not reveal anything about the shares of others or even the secret itself. Besides the obvious feature which is to distribute a secret, secret-sharing schemes have also been used in secure multi-party computations and redundant residue number systems for error correction codes. In this paper, we propose that the secret-sharing scheme be used as a primitive in a Network-based Intrusion Detection System (NIDS) to detect attacks in encrypted networks. Encrypted networks such as Virtual Private Networks (VPNs) fully encrypt network traffic which can include both malicious and non-malicious traffic. Traditional NIDS cannot monitor encrypted traffic. Our work uses a combination of Shamir's secret-sharing scheme and randomised network proxies to enable a traditional NIDS to function normally in a VPN environment. In this paper, we introduce a novel protocol that utilises a secret-sharing scheme to detect attacks in encrypted networks.

Next Generation ‘Filmmaking’: New Markets, New Methods and New Business Models

Digital production and distribution technologies may create new opportunities for filmmaking in Australia. A culture of new approaches to filmmaking is emerging driven by ‘next generation filmmakers’ who are willing to consider new business models: from online web series to short films produced for mobile phones. At the same time cultural representation itself is transforming within an interactive, social media driven environment. Yet there is very little research into next generation filmmaking. The aim of this paper is to scope and discuss three key aspects of next generation filmmaking, namely: digital trends in film distribution and marketing; processes and strategies of ‘next generation’ filmmakers; and case studies of viable next generation business models and filmmaking practices. We conclude with a brief examination of the implications for media and cultural policy which suggests the future possibility of a rapprochement between creative industries discourse and cultural policy.

Cluster-based Intrusion Detection (CBID) architecture for mobile ad hoc networks

The ad hoc networks are vulnerable to attacks due to distributed nature and lack of infrastructure. Intrusion detection systems (IDS) provide audit and monitoring capabilities that offer the local security to a node and help to perceive the specific trust level of other nodes. The clustering protocols can be taken as an additional advantage in these processing constrained networks to collaboratively detect intrusions with less power usage and minimal overhead. Existing clustering protocols are not suitable for intrusion detection purposes, because they are linked with the routes. The route establishment and route renewal affects the clusters and as a consequence, the processing and traffic overhead increases due to instability of clusters. The ad hoc networks are battery and power constraint, and therefore a trusted monitoring node should be available to detect and respond against intrusions in time. This can be achieved only if the clusters are stable for a long period of time. If the clusters are regularly changed due to routes, the intrusion detection will not prove to be effective. Therefore, a generalized clustering algorithm has been proposed that can run on top of any routing protocol and can monitor the intrusions constantly irrespective of the routes. The proposed simplified clustering scheme has been used to detect intrusions, resulting in high detection rates and low processing and memory overhead irrespective of the routes, connections, traffic types and mobility of nodes in the network. Clustering is also useful to detect intrusions collaboratively since an individual node can neither detect the malicious node alone nor it can take action against that node on its own.

Efficient clustering approach for intrusion detection in adhoc networks

Mobile ad-hoc networks (MANETs) are temporary wireless networks useful in emergency rescue services, battlefields operations, mobile conferencing and a variety of other useful applications. Due to dynamic nature and lack of centralized monitoring points, these networks are highly vulnerable to attacks. Intrusion detection systems (IDS) provide audit and monitoring capabilities that offer the local security to a node and help to perceive the specific trust level of other nodes. We take benefit of the clustering concept in MANETs for the effective communication between nodes, where each cluster involves a number of member nodes and is managed by a cluster-head. It can be taken as an advantage in these battery and memory constrained networks for the purpose of intrusion detection, by separating tasks for the head and member nodes, at the same time providing opportunity for launching collaborative detection approach. The clustering schemes are generally used for the routing purposes to enhance the route efficiency. However, the effect of change of a cluster tends to change the route; thus degrades the performance. This paper presents a low overhead clustering algorithm for the benefit of detecting intrusion rather than efficient routing. It also discusses the intrusion detection techniques with the help of this simplified clustering scheme.

Empowerment and role stress in the human interface between the firm and its markets

Frontline employees constitute one of the key interfaces that service organisations have with their markets. Many strategies to enhance the ability of these employees to satisfy the needs of customers have been proposed. Amongst these, empowering employees has been suggested to enhance the customer orientation of the firm and consequently its effectiveness in serving the market. However, the impact of empowerment in service organisations remains somewhat contentious. This paper examines the role of empowerments an organisational service strategy and identifies its consequences for role stress, job satisfaction and the willingness of service employees to serve their customers.