International stock market linkages : are overnight returns on the U.S. Market informative?

Based on the theory of international stock market co-movements, this study shows that a profitable trading strategy can be developed. The U.S. market return is considered as overnight information by ordinary investors in the Asian and the European stock markets, and opening prices in local markets reflect the U.S. overnight return. However, smart traders would either judge the impact of overnight information more correctly, or predict unreleased information. Thus, the difference between expected opening prices based on the U.S. return and actual opening prices is counted as smart traders’ prediction power, which is either a buy or a sell signal. Using index futures price data from 12 countries from 2000 to 2011, cumulative returns on the trading strategy are calculated with taking into account transaction costs. The empirical results show that the proposed trading strategy generates higher riskadjusted returns than that of the benchmarks in 12 sample countries. The trading performances for the Asian markets surpass those for the European markets because the U.S. return is the only overnight information for the Asian markets whereas the Asian markets returns are additional information to the European investors.

Revisiting the concept of the ‘problem young driver’ within the context of the ‘young driver problem’ : Who are they?

For decades there have been two young driver concepts: the ‘young driver problem’ where the driver cohort represents a key problem for road safety; and the ‘problem young driver’ where a sub-sample of drivers represents the greatest road safety problem. Given difficulties associated with identifying and then modifying the behaviour of the latter group, broad countermeasures such as graduated driver licensing (GDL) have generally been relied upon to address the young driver problem. GDL evaluations reveal general road safety benefits for young drivers, yet they continue to be overrepresented in fatality and injury statistics. Therefore it is timely for researchers to revisit the ‘problem young driver’ concept to assess its potential countermeasure implications. This is particularly relevant within the context of broader countermeasures that have been designed to address the ‘young driver problem’. Personal characteristics, behaviours and attitudes of 378 Queensland novice drivers aged 17-25 years were explored during their pre-, Learner and Provisional 1 (intermediate) licence as part of a larger longitudinal project. Self-reported risky driving was measured by the Behaviour of Young Novice Drivers Scale (BYNDS), and five subscale scores were used to cluster the drivers into three groups (high risk n=49, medium risk n=163, low risk n=166). High risk ‘problem young drivers’ were characterised by greater self-reported pre-Licence driving, unsupervised Learner driving, and speeding, driving errors, risky driving exposure, crash involvement, and offence detection during the Provisional period. Medium risk drivers were also characterised by more risky road use than the low risk group. Interestingly problem young drivers appear to have some insight into their high-risk driving, since they report significantly greater intentions to bend road rules in future driving. The results suggest that tailored intervention efforts may need to target problem young drivers within the context of broad countermeasures such as GDL which address the young driver problem in general. Experiences such as crash-involvement could be used to identify these drivers as a pre-intervention screening measure.

Can testosterone replacement decrease the memory problem of old age?

The world is rapidly ageing. It is against this backdrop that there are increasing incidences of dementia reported worldwide, with Alzheimer's disease (AD) being the most common form of dementia in the elderly. It is estimated that AD affects almost 4 million people in the US, and costs the US economy more than 65 million dollars annually. There is currently no cure for AD but various therapeutic agents have been employed in attempting to slow down the progression of the illness, one of which is oestrogen. Over the last decades, scientists have focused mainly on the roles of oestrogen in the prevention and treatment of AD. Newer evidences suggested that testosterone might also be involved in the pathogenesis of AD. Although the exact mechanisms on how androgen might affect AD are still largely unknown, it is known that testosterone can act directly via androgen receptor-dependent mechanisms or indirectly by converting to oestrogen to exert this effect. Clinical trials need to be conducted to ascertain the putative role of androgen replacement in Alzheimer's disease.

Enhancing critical analysis and problem-solving skills in undergraduate psychology : An evaluation of a collaborative learning and problem-based learning approach

Critical analysis and problem-solving skills are two graduate attributes that are important in ensuring that graduates are well equipped in working across research and practice settings within the discipline of psychology. Despite the importance of these skills, few psychology undergraduate programmes have undertaken any systematic development, implementation, and evaluation of curriculum activities to foster these graduate skills. The current study reports on the development and implementation of a tutorial programme designed to enhance the critical analysis and problem-solving skills of undergraduate psychology students. Underpinned by collaborative learning and problem-based learning, the tutorial programme was administered to 273 third year undergraduate students in psychology. Latent Growth Curve Modelling revealed that students demonstrated a significant linear increase in self-reported critical analysis and problem-solving skills across the tutorial programme. The findings suggest that the development of inquiry-based curriculum offers important opportunities for psychology undergraduates to develop critical analysis and problem-solving skills.

The architecture of children’s use of language and tools when problem solving collaboratively with robotics

This paper demonstrates, following Vygotsky, that language and tool use has a critical role in the collaborative problem-solving behaviour of school-age children. It reports original ethnographic classroom research examining the convergence of speech and practical activity in children’s collaborative problem solving with robotics programming tasks. The researchers analysed children’s interactions during a series of problem solving experiments in which Lego Mindstorms toolsets were used by teachers to create robotics design challenges among 24 students in a Year 4 Australian classroom (students aged 8.5–9.5 years). The design challenges were incrementally difficult, beginning with basic programming of straight line movement, and progressing to more complex challenges involving programming of the robots to raise Lego figures from conduit pipes using robots as pulleys with string and recycled materials. Data collection involved micro-genetic analysis of students’ speech interactions with tools, peers, and other experts, teacher interviews, and student focus group data. Coding the repeated patterns in the transcripts, the authors outline the structure of the children’s social speech in joint problem solving, demonstrating the patterns of speech and interaction that play an important role in the socialisation of the school-age child’s practical intellect.

A hybrid genetic algorithm for the minimum interconnection cut problem

In the real world there are many problems in network of networks (NoNs) that can be abstracted to a so-called minimum interconnection cut problem, which is fundamentally different from those classical minimum cut problems in graph theory. Thus, it is desirable to propose an efficient and effective algorithm for the minimum interconnection cut problem. In this paper we formulate the problem in graph theory, transform it into a multi-objective and multi-constraint combinatorial optimization problem, and propose a hybrid genetic algorithm (HGA) for the problem. The HGA is a penalty-based genetic algorithm (GA) that incorporates an effective heuristic procedure to locally optimize the individuals in the population of the GA. The HGA has been implemented and evaluated by experiments. Experimental results have shown that the HGA is effective and efficient.

Does board gender diversity have a financial impact? Evidence using stock portfolio performance.

There is growing regulatory pressure on firms worldwide to address the under-representation of women in senior positions. Regulators have taken a variety of approaches to the issue. We investigate a jurisdiction that has issued recommendations and disclosure requirements, rather than implementing quotas. Much of the rhetoric surrounding gender diversity centres on whether diversity has a financial impact. In this paper we take an aggregate (market-level) approach and compare the performance of portfolios of firms with gender diverse boards to those without. We also investigate whether having multiple women on the board is linked to performance, and if there is a within-industry effect. Overall, we do not find evidence of an association between diversity and performance. We find some weak evidence of a negative correlation between having multiple women on the board and performance, but that in some industries diversity is positively correlated with performance.

Australia - taxation of trusts – the problem of aligning concepts of income

The Australian government is currently considering options for the rewrite and reform of the current provisions which apply to the taxation of trust income. This article provides a discussion of the current regime and the proposed reforms. It is suggested that a major revamp of taxation of trust income in Australia is problematic and a simpler approach may be to leave the law as is, with modification where necessary to address key issues as and when they arise.

Quantitative genetic parameter estimates for body and carcass traits in a cultured stock of giant freshwater prawn (Macrobrachium rosenbergii) selected for harvest weight in Vietnam

We estimated the heritability and correlations between body and carcass weight traits in a cultured stock of giant freshwater prawn (GFP) (Macrobrachium rosenbergii) selected for harvest body weight in Vietnam. The data set consisted of 18,387 body and 1,730 carcass records, as well as full pedigree information collected over four generations. Variance and covariance components were estimated by restricted maximum likelihood fitting a multi-trait animal model. Across generations, estimates of heritability for body and carcass weight traits were moderate and ranged from 0.14 to 0.19 and 0.17 to 0.21, respectively. Body trait heritabilities estimated for females were significantly higher than for males whereas carcass weight trait heritabilities estimated for females and males were not significantly different (P>. 0.05). Maternal effects for body traits accounted for 4 to 5% of the total variance and were greater in females than in males. Genetic correlations among body traits were generally high in the mixed sexes. Genetic correlations between body and carcass weight traits were also high. Although some issues remain regarding the best statistical model to be fitted to GFP data, our results suggest that selection for high harvest body weight based on breeding values estimated by fitting an animal model to the data can significantly improve mean body and carcass weight in GFP.

An ontology-based method for sparsity problem in tag recommendation

Tags or personal metadata for annotating web resources have been widely adopted in Web 2.0 sites. However, as tags are freely chosen by users, the vocabularies are diverse, ambiguous and sometimes only meaningful to individuals. Tag recommenders may assist users during tagging process. Its objective is to suggest relevant tags to use as well as to help consolidating vocabulary in the systems. In this paper we discuss our approach for providing personalized tag recommendation by making use of existing domain ontology generated from folksonomy. Specifically we evaluated the approach in sparse situation. The evaluation shows that the proposed ontology-based method has improved the accuracy of tag recommendation in this situation.

A combined method for mitigating sparsity problem in tag recommendation

Tag recommendation is a specific recommendation task for recommending metadata (tag) for a web resource (item) during user annotation process. In this context, sparsity problem refers to situation where tags need to be produced for items with few annotations or for user who tags few items. Most of the state of the art approaches in tag recommendation are rarely evaluated or perform poorly under this situation. This paper presents a combined method for mitigating sparsity problem in tag recommendation by mainly expanding and ranking candidate tags based on similar items’ tags and existing tag ontology. We evaluated the approach on two public social bookmarking datasets. The experiment results show better accuracy for recommendation in sparsity situation over several state of the art methods.

The effect of surface tension and kinetic undercooling on a radially-symmetric melting problem

The addition of surface tension to the classical Stefan problem for melting a sphere causes the solution to blow up at a finite time before complete melting takes place. This singular behaviour is characterised by the speed of the solid-melt interface and the flux of heat at the interface both becoming unbounded in the blow-up limit. In this paper, we use numerical simulation for a particular energy-conserving one-phase version of the problem to show that kinetic undercooling regularises this blow-up, so that the model with both surface tension and kinetic undercooling has solutions that are regular right up to complete melting. By examining the regime in which the dimensionless kinetic undercooling parameter is small, our results demonstrate how physically realistic solutions to this Stefan problem are consistent with observations of abrupt melting of nanoscaled particles.

Engineering based problem solving in the middle school : design and construction with simple machines

Incorporating engineering concepts into middle school curriculum is seen as an effective way to improve students’ problem-solving skills. A selection of findings is reported from a science, technology, engineering and mathematics (STEM)-based unit in which students in the second year (grade 8) of a three-year longitudinal study explored engineering concepts and principles pertaining to the functioning of simple machines. The culminating activity, the focus of this paper, required the students to design, construct, test, and evaluate a trebuchet catapult. We consider findings from one of the schools, a co-educational school, where we traced the design process developments of four student groups from two classes. The students’ descriptions and explanations of the simple machines used in their catapult design are examined, together with how they rated various aspects of their engineering designs. Included in the findings are students’ understanding of how their simple machines were simulated by the resources supplied and how the machines interacted in forming a complex machine. An ability to link physical materials with abstract concepts and an awareness of design constraints on their constructions were apparent, although a desire to create a ‘‘perfect’’ catapult despite limitations in the physical materials rather than a prototype for testing concepts was evident. Feedback from teacher interviews added further insights into the students’ developments as well as the teachers’ professional learning. An evolving framework for introducing engineering education in the pre-secondary years is proposed.

"Ruby's Music Festival" : developing problem solving skills using online scenarios and creating opportunities to feed forward

One of the characteristics of good teaching is giving the highest quality feedback on student work but the term “feedback” is most commonly associated with summative assessment given by a teacher after work is completed. The student can often be a passive participant in the process. This article looks at the implementation of web based scenarios completed by students prior to summative assessment with the objective of improving legal problem solving skills. It examines the design process and the implementation of the problem solving activity and the approach to teaching and learning taken in the new law unit of which it is part. We argue that such activities are effective tools to feed forward and reflect on the implications for the effective teaching of law in higher education.

Students' experience of problem-based learning in virtual space

This paper reports outcomes of a study focussed on discovering qualitatively different ways students' experience problem-based learning in virtual space. A well accepted and documented qualitative research method was adopted for this study. Five qualitatively different conceptions are described, each revealing characteristics of increasingly complex student experiences. Establishing characteristics of these more complex experiences assists teachers in facilitating students engagement and encouraging deeper learning.