Sampling Interval and estimated Betas : Implications for the Presence of Transitory Components in Stock Prices

We provide a theoretical framework to explain the empirical finding that the estimated betas are sensitive to the sampling interval even when using continuously compounded returns. We suppose that stock prices have both permanent and transitory components. The permanent component is a standard geometric Brownian motion while the transitory component is a stationary Ornstein-Uhlenbeck process. The discrete time representation of the beta depends on the sampling interval and two components labelled \"permanent and transitory betas\". We show that if no transitory component is present in stock prices, then no sampling interval effect occurs. However, the presence of a transitory component implies that the beta is an increasing (decreasing) function of the sampling interval for more (less) risky assets. In our framework, assets are labelled risky if their \"permanent beta\" is greater than their \"transitory beta\" and vice versa for less risky assets. Simulations show that our theoretical results provide good approximations for the means and standard deviations of estimated betas in small samples. Our results can be perceived as indirect evidence for the presence of a transitory component in stock prices, as proposed by Fama and French (1988) and Poterba and Summers (1988).

Backscattering Reduction of Corner Reflectors using SCS Technique

Reduction of radar cross -section of dihedral corner reflectors using simulated corrugated surface (.SCS) is reported. This technique is found lo be more effective in the reduction of RCS or corner reflectors for normal incidence . A typical reduction of 40-50 dB is achieved using this method

Backscattering Reduction of Corner Reflectors using SCS Technique

Reduction of radar cross -section of dihedral corner reflectors using simulated corrugated surface (SCS) is reported. The technique is found to be more effective in the reduction of RCS or corner reflectors for normal incidence . A typical reduction of 40-50 dB is achieved using this method.

Ni(II) and Ru(II) Schiff base complexes as catalysts for the reduction of benzene

Two new complexes, [MII(L)(Cl)(H2O)2]·H2O (where M=Ni or Ru and L = heterocyclic Schiff base, 3- hydroxyquinoxaline-2-carboxalidene-4-aminoantipyrine), have been synthesized and characterized by elemental analysis, FT-IR, UV–vis diffuse reflectance spectroscopy, FAB-MASS, TG–DTA, AAS, cyclic voltammetry, conductance and magnetic susceptibility measurements. The complexes have a distorted octahedral structure andwere found to be effective catalysts for the hydrogenation of benzene. The influence of several reaction parameters such as reaction time, temperature, hydrogen pressure, concentration of the catalyst and concentration of benzenewas tested. A turnover frequency of 5372 h−1 has been found in the case of ruthenium complex for the reduction of benzene at 80 ◦C with 3.64×10−6 mol catalyst, 0.34 mol benzene and at a hydrogen pressure of 50 bar. In the case of the nickel complex, a turnover frequency of 1718 h−1 has been found for the same reaction with 3.95×10−6 mol catalyst under similar experimental conditions. The nickel complex shows more selectivity for the formation of cyclohexene while the ruthenium complex is more selective for the formation of cyclohexane

Catalytic activity of lanthanum oxide for the reduction of cyclohexanone

Lanthanum oxide, La2O3 has been found to be an effective catalyst for the liquid phase reduction of cyclohexanone. The catalytic activities of La2O3 activated at 300, 500 and 800·C and its mixed oxides with alumina for the reduction of cyclohexanone with 2-propanol have been determined and the data parallel that of the electron donating properties of the catalysts. The electron donating properties of the catalysts have been determined from the adsorption of electron acceptors of different electron affinities on the surface of these oxides.

Reduction of radar cross section of targets using periodic strip grating technique

The- classic: experiment of Heinrich Hertz verified the theoretical predict him of Maxwell that kxnfli radio and light waves are physical phenomena governed by the same physical laws. This has started a.rnnJ era of interest in interaction of electromagnetic energy with matter. The scattering of electromagnetic waves from a target is cleverly utilized im1 RADAR. This electronic system used tx> detect and locate objects under unfavourable conditions or obscuration that would render the unaided eye useless. It also provides a means for measuring precisely the range, or distance of an object and the speed of a moving object. when an obstacle is illuminated by electromagnetic waves, energy is dispersed in all directions. The dispersed energy depends on the size, shape and composition of the obstacle and frequency and nature of the incident wave. This distribution of energy’ is known as ‘scattering’ and the obstacle as ‘scatterer’ or 'target'.

Yield gap analysis and assessment of climate-induced yield trends of irrigated rice in selected provinces of the Philippines

This study describes a combined empirical/modeling approach to assess the possible impact of climate variability on rice production in the Philippines. We collated climate data of the last two decades (1985-2002) as well as yield statistics of six provinces of the Philippines, selected along a North-South gradient. Data from the climate information system of NASA were used as input parameters of the model ORYZA2000 to determine potential yields and, in the next steps, the yield gaps defined as the difference between potential and actual yields. Both simulated and actual yields of irrigated rice varied strongly between years. However, no climate-driven trends were apparent and the variability in actual yields showed no correlation with climatic parameters. The observed variation in simulated yields was attributable to seasonal variations in climate (dry/wet season) and to climatic differences between provinces and agro-ecological zones. The actual yield variation between provinces was not related to differences in the climatic yield potential but rather to soil and management factors. The resulting yield gap was largest in remote and infrastructurally disfavored provinces (low external input use) with a high production potential (high solar radiation and day-night temperature differences). In turn, the yield gap was lowest in central provinces with good market access but with a relatively low climatic yield potential. We conclude that neither long-term trends nor the variability of the climate can explain current rice yield trends and that agroecological, seasonal, and management effects are over-riding any possible climatic variations. On the other hand the lack of a climate-driven trend in the present situation may be superseded by ongoing climate change in the future.

On the use of principal components in contemporany population genetics: a case study

In human Population Genetics, routine applications of principal component techniques are often required. Population biologists make widespread use of certain discrete classifications of human samples into haplotypes, the monophyletic units of phylogenetic trees constructed from several single nucleotide bimorphisms hierarchically ordered. Compositional frequencies of the haplotypes are recorded within the different samples. Principal component techniques are then required as a dimension-reducing strategy to bring the dimension of the problem to a manageable level, say two, to allow for graphical analysis. Population biologists at large are not aware of the special features of compositional data and normally make use of the crude covariance of compositional relative frequencies to construct principal components. In this short note we present our experience with using traditional linear principal components or compositional principal components based on logratios, with reference to a specific dataset

Interpretation of wind components as compositional variables

The classical statistical study of the wind speed in the atmospheric surface layer is made generally from the analysis of the three habitual components that perform the wind data, that is, the component W-E, the component S-N and the vertical component, considering these components independent. When the goal of the study of these data is the Aeolian energy, so is when wind is studied from an energetic point of view and the squares of wind components can be considered as compositional variables. To do so, each component has to be divided by the module of the corresponding vector. In this work the theoretical analysis of the components of the wind as compositional data is presented and also the conclusions that can be obtained from the point of view of the practical applications as well as those that can be derived from the application of this technique in different conditions of weather