The Index Effect: an investigation of the price and volume effects surrounding changes to the S & P Australian indices

This paper examines the stock price and volume effects surrounding the announcement of constituent changes to the S&P/ASX 200 and four supplementary indices. Between April 2000 and December 2002 additions to (deletions from) the ASX 200 were associated with a significant price rise (fall) over the 10 day period following the market announcement of the change. Deletions were also associated with a significant fall on the announcement date itself These findings were corroborated by significant increases in trading volume over the same intervals, suggesting heavy trading activity by index funds in response to changes to the ASX 200. Following the implementation of these changes, both additions and deletions experienced a significant price reversion, supporting the price pressure hypothesis. By contrast, none of the supplementary indices displayed evidence of stock price or volume effects, which precludes the information and liquidity hypotheses as viable explanations for the findings of this research.

Behavioural responses of workers towards worker-produced male larvae and queen-produced worker larvae in Acromyrmex subterraneus brunneus Forel, 1911 (Hym., Formicidae)

Leaf-cutting ant workers care for larvae with an elaborate behavioural repertoire to satisfy the needs of the offspring. In order to investigate worker discrimination ability in the leaf-cutting ant Acromyrmex subterraneus brunneus, we compared the behavioural responses of workers towards worker-produced male larvae and queen-produced worker larvae, including the following behavioural acts: licking the larval body, transporting larvae, feeding larvae with hyphae, scraping larval mouth parts, ingesting faecal fluid excreted by the larva, and inserting hyphae of the symbiontic fungus on the larval body. We verified that workers behaved differently depending on larval origin, i.e. licking the larval body, transporting larvae and inserting hyphae of the symbiontic fungus on the larval body. Observed differences denote the ability of workers in discriminating among larvae, probably because of their different individual needs.

Physical resistance as a criterion in the selection of foraging material by Acromyrmex subterraneus brunneus Forel, 1911 (Hym., Formicidae)

Leaf-cutting ants forage on a wide variety of plant species using the physical and chemical characteristics of the plants as a selection criterion. In order to determine the influence of the physical factor on the selection of foraging material, inert materials such as floral sponge, polystyrene, plastic and clay, which possess different degrees of physical resistance to cutting, were offered simultaneously to five Acromyrmex subterraneus brunneus colonies, and assessed 12 and 24 h after foraging. No substrate selectivity was observed during foraging. Physical resistance was used as a decision criterion for the incorporation or return of the foraged material. This fact suggests the existence of a second time of selection of the foraged material inside the colony during cultivation of the symbiontic fungus.

Study of Toxoplasma infection in Brazilian wild mammals: Serological evidence in Dasypus novemcinctus Linnaeus, 1758 and Euphractus sexcinctus Wagler, 1830

Toxoplasmosis is a worldwide distributed zoonosis that affects man and most warm-blooded animals, with a great economic impact in animal and public health. Serum samples from nine 9-banded armadillos, three 6-banded armadillos, three coatimundis, two opossums and one nutria were submitted for anti-Toxoplasma gondii antibody detection by means of a modified direct agglutination method. Encephalic tissue of three 6-banded armadillos, one 9-banded armadillo, one coatimundi and one nutria were digested in acid pepsin solution and inoculated into Swiss mice for parasite isolation. Only one serum sample from a nine-banded armadillo and two from six-banded armadillos reacted producing titers equal to 256, 512 and 512, respectively. T gondii was isolated in two 6-banded armadillos, one of which was not positive in the serological test. (c) 2005 Elsevier B.V. All rights reserved.

Karyotype characterization of Mugil incilis Hancock, 1830 (Mugiliformes: Mugilidae), including a description of an unusual co-localization of major and minor ribosomal genes in the family

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Sazonalidade e dieta frugívora do saí-andorinha Tersina viridis (Illiger, 1911) em reflorestamento da mata ciliar do Rio Mogi Guaçu, São Paulo, Brasil

Segundo a literatura, Tersina viridis (Illiger, 1911) possui hábito gregário sazonal em deslocamentos locais. Os reais motivos desses deslocamentos ainda são poucos conhecidos. em reflorestamento de mata ciliar do rio Mogi-Guaçu, SP, foi possível quantificar a variação sazonal mensal na densidade populacional durante um ano. O número de indivíduos aumentou substancialmente durante a estação seca e ausência durante a estação chuvosa, assim, caracterizando um comportamento fortemente sazonal de ocorrência nesse local. Provavelmente T. viridis possui algumas rotas de deslocamentos quando aparecem em grandes agregados no período mais seco na região do interior do estado de São Paulo e vizinhanças. A grande abundância de algumas esp��cies de plantas ornitocóricas pode ser alguns dos motivos que determinam a rota desses deslocamentos na região estudada, e não o padrão geral da fenologia da frutificação das esp��cies ornitocóricas.

Chromosomal location of heterochromatin and 45S rDNA sites in four South American triatomines (Heteroptera: Reduviidae)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)