Margin requirements and volatility : evidence from Canadian stocks

Margin policy is used by regulators for the purpose of inhibiting exceSSIve volatility and stabilizing the stock market in the long run. The effect of this policy on the stock market is widely tested empirically. However, most prior studies are limited in the sense that they investigate the margin requirement for the overall stock market rather than for individual stocks, and the time periods examined are confined to the pre-1974 period as no change in the margin requirement occurred post-1974 in the U.S. This thesis intends to address the above limitations by providing a direct examination of the effect of margin requirement on return, volume, and volatility of individual companies and by using more recent data in the Canadian stock market. Using the methodologies of variance ratio test and event study with conditional volatility (EGARCH) model, we find no convincing evidence that change in margin requirement affects subsequent stock return volatility. We also find similar results for returns and trading volume. These empirical findings lead us to conclude that the use of margin policy by regulators fails to achieve the goal of inhibiting speculating activities and stabilizing volatility.

Passive Solar Building Design Using Genetic Programming

Passive solar building design is the process of designing a building while considering sunlight exposure for receiving heat in winter and rejecting heat in summer. The main goal of a passive solar building design is to remove or reduce the need of mechanical and electrical systems for cooling and heating, and therefore saving energy costs and reducing environmental impact. This research will use evolutionary computation to design passive solar buildings. Evolutionary design is used in many research projects to build 3D models for structures automatically. In this research, we use a mixture of split grammar and string-rewriting for generating new 3D structures. To evaluate energy costs, the EnergyPlus system is used. This is a comprehensive building energy simulation system, which will be used alongside the genetic programming system. In addition, genetic programming will also consider other design and geometry characteristics of the building as search objectives, for example, window placement, building shape, size, and complexity. In passive solar designs, reducing energy that is needed for cooling and heating are two objectives of interest. Experiments show that smaller buildings with no windows and skylights are the most energy efficient models. Window heat gain is another objective used to encourage models to have windows. In addition, window and volume based objectives are tried. To examine the impact of environment on designs, experiments are run on five different geographic locations. Also, both single floor models and multi-floor models are examined in this research. According to the experiments, solutions from the experiments were consistent with respect to materials, sizes, and appearance, and satisfied problem constraints in all instances.

Effects of Cerebral Blood Flow and PETCO2 on Cognitive Function During Passive Heat Stress

This thesis tested whether cognitive performance during passive heat stress may be affected by changes in cerebrovascular variables as opposed to strictly thermally-induced changes. A pharmacological reduction in cerebral blood flow (CBF) using indomethacin along with a hypocapnia-induced CBF reduction during passive heat stress (Tre ~1.5°C above baseline) were used to investigate any cerebrovascular-mediated changes in cognitive performance. Repeated measures analysis of variance indicated that One-Touch Stockings of Cambridge (OTS) performance was not affected by a significant reduction in CBF during passive heat stress. More specifically, OTS accuracy measures did not change as a result of either a reduction in CBF or increasing passive heat stress. However, it was found that OTS response time indices improved with increasing passive heat stress independent of CBF changes. In conclusion, a significant reduction in CBF does not cause additional changes in performance of an executive functioning task during severe passive heat stress.

Le leadership interstitiel, le champ d'action des Amérindiens ou le pouvoir dans la marge : l'exemple de la communauté algonquine de Kitigan Zibi (Québec)

Quel est le champ d’action des Amérindiens dans le contexte politique canadien? Malgré les tentatives de l’État canadien de briser la structure politique traditionnelle des Autochtones en introduisant le système électif et politique du conseil de bande, ceux-ci sont loin d'avoir été des victimes passives. L'étude du leadership interstitiel est la ligne directrice de cette thèse car il est la clé d’une pratique politique « in the cracks » qui confère un pouvoir marginal aux Amérindiens. En s'intéressant aux conditions historiques et sociales de déploiement de l’arène politique en milieu de réserve, il est possible de comprendre la quotidienneté et la contemporanéité de l’exercice du pouvoir au sein d’une population minoritaire fortement politisée. La recherche ethnographique porte sur la politique locale de la communauté algonquine de Kitigan Zibi (Québec). L’analyse des acteurs anishnabeg a montré une variabilité du leadership politique chez les Algonquins et l’existence de différents types de leader malgré l’imposition d’une fonction de chef par la Loi sur les Indiens. Le contrôle des affaires politiques officielles d’une bande par les agents coloniaux, c'est-à-dire les missionnaires et les agents indiens, n’a pas donné lieu à un contrôle total de sa dynamique politique interne et de ses membres. L'enquête de terrain a dévoilé que les diverses manifestations et actions politiques menées par les Anishnabeg s’avèrent être des stratégies du pouvoir dans la marge, une forme quotidienne de résistance face aux nouvelles façons de faire la politique établies par les autorités canadiennes, des ruses et des tactiques employées pour tenter de changer le système formel en remettant en question le pouvoir des Affaires indiennes. La contestation et la résistance ne sont toutefois pas l’unique moteur du leadership et de la politique amérindienne. En fait, le leadership politique chez les Kitigan Zibi Anishnabeg est aussi basé sur diverses représentations (traditionnelles, spirituelles, symboliques) qui ont permis aux Algonquins de préserver une identité politique malgré certaines ruptures et transformations introduites dans leur société par les colonisateurs. Les ambiguïtés, les contradictions et les paradoxes de la quotidienneté politique d’une bande autochtone ne sont pas que le résultat de la rencontre d’un univers politique Autre, mais aussi l’aboutissement de l’évolution et de la reconstruction d’un système sociopolitique traditionnel et de ses dynamiques internes reliées au pouvoir, d’une redéfinition de l’autorité et de la légitimité du politique, de l'essor de leaders nouveau genre pour répondre adéquatement aux exigences politiques de la vie en réserve. La politique de réserve n’est pas une chose concrète mais plutôt une dynamique dans un temps et dans un lieu donné, au chevauchement culturel de diverses traditions politiques et formes d’autorité, au truchement de divers espaces (imposé ou symbolique) et institutions (formelle et informelle). Les Algonquins se renouvellent continuellement politiquement au sein de leur système. Ceci n’est pas un effet de l’acculturation, d’une hybridité ou de la modernité mais relève bien de la tradition. Le rattachement de fonctions et dynamiques traditionnelles à la structure formelle constitue un début de gouvernance « par le bas ». Cette dernière renouvelle de l’intérieur, par l’établissement d’un dialogue, la relation entre les leaders autochtones et les représentants de l’État, ce qui donne aux acteurs locaux une marge de manœuvre. Les Algonquins ont saisi les incompatibilités des deux systèmes – blanc et autochtone – pour définir un nouveau territoire, « in the cracks », qui devient leur domaine d’action. L'analyse de la flexibilité du leadership algonquin, de la vision eurocanadienne du leadership amérindien, de l’usage instrumental des exigences de l’État, des élections et des éligibles contemporains, de l'empowerment des femmes algonquines et du leadership féminin en milieu de réserve, a révélé que le leadership interstitiel est une force politique pour les Kitigan Zibi Anishnabeg. En portant un regard critique sur la politique locale dans le quotidien d'une bande et en incluant les voix autochtones, il est possible d’observer le processus de décolonisation et des formes embryonnaires de pratiques postcoloniales au sein des réserves. Cette recherche a démontré que le chef et les autres leaders sont au cœur de cette dynamique politique dans les marges, de l’essor et de l’émancipation politique de leur bande.

Drug-loaded nanocarriers : passive targeting and crossing of biological barriers

Poor bioavailability and poor pharmacokinetic characteristics are some of the leading causes of drug development failure. Therefore, poorly-soluble drugs, fragile proteins or nucleic acid products may benefit from their encapsulation in nanosized vehicles, providing enhanced solubilisation, protection against degradation, and increased access to pathological compartments. A key element for the success of drug-loaded nanocarriers (NC) is their ability to either cross biological barriers themselves or allow loaded drugs to traverse them to achieve optimal pharmacological action at pathological sites. Depending on the mode of administration, NC may have to cross different physiological barriers in their journey towards their target. In this review, the crossing of biological barriers by passive targeting strategies will be presented for intravenous delivery (vascular endothelial lining, particularly for tumour vasculature and blood-brain barrier targeting), oral administration (gastrointestinal lining) and upper airway administration (pulmonary epithelium). For each specific barrier, background information will be provided on the structure and biology of the tissues involved as well as available pathways for nano-objects or loaded drugs (diffusion and convection through fenestration, transcytosis, tight junction crossing, etc.). The determinants of passive targeting − size, shape, surface chemistry, surface patterning of nanovectors − will be discussed in light of current results. Perspectives on each mode of administration will be presented. The focus will be on polymeric nanoparticles and dendrimers although advances in liposome technology will be also reported as they represent the largest body in the drug delivery literature.

Modified Large Margin Nearest Neighbor Metric Learning for Regression

The main objective of this letter is to formulate a new approach of learning a Mahalanobis distance metric for nearest neighbor regression from a training sample set. We propose a modified version of the large margin nearest neighbor metric learning method to deal with regression problems. As an application, the prediction of post-operative trunk 3-D shapes in scoliosis surgery using nearest neighbor regression is described. Accuracy of the proposed method is quantitatively evaluated through experiments on real medical data.

Studies on Rubber Composition as Passive Acoustic Materials in Underwater Electro Acoustic Tranducer Technology and Their aging Characteristic

The research work has been in the area of compounding and characterization of rubbers for use in under water electro acoustic transducers. The study also covers specific material system such as encapsulation materials, baffle material, seal material, etc. Life prediction techniques of under water rubbers in general have been established with reference to more than one functional property. Ranges of passive materials, besides the active sensing material go into the construction of underwater electro acoustic transducers. Reliability of the transducer is critically dependent on these passive materials. Rubbers are a major class of passive materials. The present work concentrates on these materials. Conventional rubbers are inadequate to meet many of the stringent function specific requirements. There exists a large gap of information in the rubber technology of underwater rubbers, particularly relating to underwater electro acoustic transducers. This study is towards filling up the gaps of information in this crucial area. Water intake into rubber is considered as the single most important issue for the long-term performance of rubbers, especially Neoprene. In this study, the cause and effects of a range of parameters affecting the water absorption by diffusion and permeation have been investigated.

Design, Fabrication and Characterization of Passive and Active Polymer Photonic Devices

The rapid developments in fields such as fibre optic communication engineering and integrated optical electronics have expanded the interest and have increased the expectations about guided wave optics, in which optical waveguides and optical fibres play a central role. The technology of guided wave photonics now plays a role in generating information (guided-wave sensors) and processing information (spectral analysis, analog-to-digital conversion and other optical communication schemes) in addition to its original application of transmitting information (fibre optic communication). Passive and active polymer devices have generated much research interest recently because of the versatility of the fabrication techniques and the potential applications in two important areas – short distant communication network and special functionality optical devices such as amplifiers, switches and sensors. Polymer optical waveguides and fibres are often designed to have large cores with 10-1000 micrometer diameter to facilitate easy connection and splicing. Large diameter polymer optical fibres being less fragile and vastly easier to work with than glass fibres, are attractive in sensing applications. Sensors using commercial plastic optical fibres are based on ideas already used in silica glass sensors, but exploiting the flexible and cost effective nature of the plastic optical fibre for harsh environments and throw-away sensors. In the field of Photonics, considerable attention is centering on the use of polymer waveguides and fibres, as they have a great potential to create all-optical devices. By attaching organic dyes to the polymer system we can incorporate a variety of optical functions. Organic dye doped polymer waveguides and fibres are potential candidates for solid state gain media. High power and high gain optical amplification in organic dye-doped polymer waveguide amplifier is possible due to extremely large emission cross sections of dyes. Also, an extensive choice of organic dye dopants is possible resulting in amplification covering a wide range in the visible region.

Moving from Margin to Mainstream

School of Management Studies,Cochin University of Science and Technology

Dynamics of Rifting Along the Southwest Continental margin of India Through Coherence and Process oriented Analysis of Gravity Data

Department of Marine Geology and Geophysics,Cochin University of Science and Technology

Macrobenthosof the cotinental margin(200-1000 m) of South Eastern Arabian Sea with special reference to Polychaetes

This thesis Entitled macrobenthos of the continental margin (200-1000m) of south eastern arabian sea with special reference to polychaetes. The continental margins are geologically complex and hydrodynamically active regions of the ocean, where vital biogeochemical processes take place from a global perspective. The Eastern Arabian Sea is one of the most productive regions of the world, and as a result, vast amount of organic matter is supplied to the sub surface waters and sea bed of the Arabian Sea. In this study, data on faunal abundance, standing crop and faunal composition, together with sedimentary and environmental parameters were collected from three depths (200m, 500m & 1000m) in nine bathymetric transects along the South Eastern Arabian Sea (from Cape Comorin to Karwar) during three surveys. In the present study, five textural classes of sediments were identified from the SEAS margin, viz. sand, silty sand, sandy silt, clayey silt and admixture of sand, silt and clay. The composition of sand was higher in the southern region and decreased progressively towards the north. On the shelf edge and upper slope regions in the south (Cape to Kollam) in particular, sandy sediments dominated .

Studies on rubber compositions as passive acoustic materials in underwater electro acoustic transducer technology-and their aging characteristics

Rubber has become an indispensable material in Ocean technology. Rubber components play critical roles such as sealing, damping, environmental protection, electrical insulation etc. in most under water engineering applications. Technology driven innovations in electro acoustic transducers and other sophisticated end uses have enabled quantum jump in the quality and reliability of rubber components. Under water electro acoustic transducers use rubbers as a critical material in their construction. Work in this field has lead to highly reliable and high performance materials which has enhanced service life of transducers to the extent of 1015 years. Present work concentrates on these materials. Conventional rubbers are inadequate to meet many of the stringent functional of the requirements. There exists large gap of information in the rubber technology of under water rubbers, particularly in the context of under water electro acoustic transducers. Present study is towards filling up the gaps of information in this crucial area. The research work has been in the area of compounding and characterisation of rubbers for use in under water electro acoustic transducers. The study also covers specific material system such as encapsulation material, baffle material, seal material, etc. Life prediction techniques of under water rubbers in general has been established with reference to more than one functional property. This thesis is divided into 6 chapters.

Uncover the Concealed Link: Gender & Ethnicity-Divided Local Knowledge on the Agro-Ecosystem of a Forest Margin

This research is a study about knowledge interface that aims to analyse knowledge discontinuities, the dynamic and emergent characters of struggles and interactions within gender system and ethnicity differences. The cacao boom phenomenon in Central Sulawesi is the main context for a changing of social relations of production, especially when the mode of production has shifted or is still underway from subsistence to petty commodity production. This agrarian change is not only about a change of relationship and practice, but, as my previous research has shown, also about the shift of knowledge domination, because knowledge construes social practice in a dialectical process. Agroecological knowledge is accumulated through interaction, practice and experience. At the same time the knowledge gained from new practices and experiences changes mode of interaction, so such processes provide the arena where an interface of knowledge is manifested. In the process of agro-ecological knowledge interface, gender and ethnic group interactions materialise in the decision-making of production and resource allocation at the household and community level. At this point, power/knowledge is interplayed to gain authority in decision-making. When authority dominates, power encounters resistance, whereas the dominant power and its resistance are aimed to ensure socio-economic security. Eventually, the process of struggle can be identified through the pattern of resource utilisation as a realisation of production decision-making. Such processes are varied from one community to another, and therefore, it shows uniqueness and commonalities, especially when it is placed in a context of shifting mode of production. The focus is placed on actors: men and women in their institutional and cultural setting, including the role of development agents. The inquiry is informed by 4 major questions: 1) How do women and men acquire, disseminate, and utilise their agro ecological knowledge, specifically in rice farming as a subsistence commodity, as well as in cacao farming as a petty commodity? How and why do such mechanisms construct different knowledge domains between two genders? How does the knowledge mechanism apply in different ethnics? What are the implications for gender and ethnicity based relation of production? ; 2) Using the concept of valued knowledge in a shifting mode of production context: is there any knowledge that dominates others? How does the process of domination occur and why? Is there any form of struggle, strategies, negotiation, and compromise over this domination? How do these processes take place at a household as well as community level? How does it relate to production decision-making? ; 3) Putting the previous questions in two communities with a different point of arrival on a path of agricultural commercialisation, how do the processes of struggle vary? What are the bases of the commonalities and peculiarities in both communities?; 4) How the decisions of production affect rice field - cacao plantation - forest utilisation in the two villages? How does that triangle of resource use reflect the constellation of local knowledge in those two communities? What is the implication of this knowledge constellation for the cacao-rice-forest agroecosystem in the forest margin area? Employing a qualitative approach as the main method of inquiry, indepth and dialogic interviews, participant observer role, and document review are used to gather information. A small survey and children’s writing competition are supplementary to this data collection method. The later two methods are aimed to give wider information on household decision making and perception toward the forest. It was found that local knowledge, particularly knowledge pertaining to rice-forest-cacao agroecology is divided according to gender and ethnicity. This constellation places a process of decision-making as ‘the arena of interface’ between feminine and masculine knowledge, as well as between dominant and less dominant ethnic groups. Transition from subsistence to a commercial mode of production is a context that frames a process where knowledge about cacao commodity is valued higher than rice. Market mechanism, as an external power, defines valued knowledge. Valued knowledge defines the dominant knowledge holder, and decision. Therefore, cacao cultivation becomes a dominant practice. Its existence sacrifices the presence of rice field and the forest. Knowledge about rice production and forest ecosystem exist, but is less valued. So it is unable to challenge the domination of cacao. Various forms of struggles - within gender an ethnicity context - to resist cacao domination are an expression of unequal knowledge possession. Knowledge inequality implies to unequal access to withdraw benefit from market valued crop. When unequal knowledge fails to construct a negotiated field or struggles fail to reveal ‘marginal’ decision, e.g. intensification instead of cacao expansion to the forest, interface only produces divergence. Gender and ethnicity divided knowledge is unabridged, since negotiation is unable to produce new knowledge that accommodates both interests. Rice is loaded by ecological interest to conserve the forest, while cacao is driven by economic interest to increase welfare status. The implication of this unmediated dominant knowledge of cacao production is the construction of access; access to the forest, mainly to withdraw its economic benefit by eliminating its ecological benefit. Then, access to cacao as the social relationship of production to acquire cacao knowledge; lastly, access to defend sustainable benefit from cacao by expansion. ‘Socio-economic Security’ is defined by Access. The convergence of rice and cacao knowledge, however, should be made possible across gender and ethnicity, not only for the sake of forest conservation as the insurance of ecological security, but also for community’s socio-economic security. The convergence might be found in a range of alternative ways to conduct cacao sustainable production, from agroforestry system to intensification.

Passive and Active Grasping with a Prehensile Robot End-Effector

This report presents a design of a new type of robot end-effector with inherent mechanical grasping capabilities. Concentrating on designing an end-effector to grasp a simple class of objects, cylindrical, allowed a design with only one degree of actuation. The key features of this design are high bandwidth response to forces, passive grasping capabilities, ease of control, and ability to wrap around objects with simple geometries providing form closure. A prototype of this mechanism was built to evaluate these features.

Passive Dynamics in the Control of Gymnastic Maneuvers

The control of aerial gymnastic maneuvers is challenging because these maneuvers frequently involve complex rotational motion and because the performer has limited control of the maneuver during flight. A performer can influence a maneuver using a sequence of limb movements during flight. However, the same sequence may not produce reliable performances in the presence of off-nominal conditions. How do people compensate for variations in performance to reliably produce aerial maneuvers? In this report I explore the role that passive dynamic stability may play in making the performance of aerial maneuvers simple and reliable. I present a control strategy comprised of active and passive components for performing robot front somersaults in the laboratory. I show that passive dynamics can neutrally stabilize the layout somersault which involves an "inherently unstable" rotation about the intermediate principal axis. And I show that a strategy that uses open loop joint torques plus passive dynamics leads to more reliable 1 1/2 twisting front somersaults in simulation than a strategy that uses prescribed limb motion. Results are presented from laboratory experiments on gymnastic robots, from dynamic simulation of humans and robots, and from linear stability analyses of these systems.