917 resultados para Earnings and dividend announcements, high frequency data, information asymmetry
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"Prepared under a grant from the National Historical Publications and Records Commission, Grant 87-47"--t.p. verso.
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Mode of access: Internet.
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Contains Notices of quarantine and Plant quarantine decisions, formerly issued as separate publications only, now published in both forms.
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Mode of access: Internet.
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Mode of access: Internet.
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Normal mixture models are often used to cluster continuous data. However, conventional approaches for fitting these models will have problems in producing nonsingular estimates of the component-covariance matrices when the dimension of the observations is large relative to the number of observations. In this case, methods such as principal components analysis (PCA) and the mixture of factor analyzers model can be adopted to avoid these estimation problems. We examine these approaches applied to the Cabernet wine data set of Ashenfelter (1999), considering the clustering of both the wines and the judges, and comparing our results with another analysis. The mixture of factor analyzers model proves particularly effective in clustering the wines, accurately classifying many of the wines by location.
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An inverse methodology for the design of biologically loaded radio-frequency (RF) coils for magnetic resonance imaging applications is described. Free space time-harmonic electromagnetic Green's functions and de-emphasized B-1 target fields are used to calculate the current density on the coil cylinder. In theory, with the B-1 field de-emphasized in the middle of the RF transverse plane, the calculated current distribution can generate an internal magnetic field that can reduce the central overemphasis effect caused by field/tissue interactions at high frequencies. The current distribution of a head coil operating at 4 T (170 MHz) is calculated using an inverse methodology with de-emphasized B-1. target fields. An in-house finite-difference time-domain routine is employed to evaluate B-1 field and signal intensity inside a homogenous cylindrical phantom and then a complete human head model. A comparison with a conventional RF birdcage coil is carried out and demonstrates that this method can help in decreasing the normal bright region caused by field/tissue interactions in head images at 170 MHz and higher field strengths.
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In this paper, numerical simulations are used in an attempt to find optimal Source profiles for high frequency radiofrequency (RF) volume coils. Biologically loaded, shielded/unshielded circular and elliptical birdcage coils operating at 170 MHz, 300 MHz and 470 MHz are modelled using the FDTD method for both 2D and 3D cases. Taking advantage of the fact that some aspects of the electromagnetic system are linear, two approaches have been proposed for the determination of the drives for individual elements in the RF resonator. The first method is an iterative optimization technique with a kernel for the evaluation of RF fields inside an imaging plane of a human head model using pre-characterized sensitivity profiles of the individual rungs of a resonator; the second method is a regularization-based technique. In the second approach, a sensitivity matrix is explicitly constructed and a regularization procedure is employed to solve the ill-posed problem. Test simulations show that both methods can improve the B-1-field homogeneity in both focused and non-focused scenarios. While the regularization-based method is more efficient, the first optimization method is more flexible as it can take into account other issues such as controlling SAR or reshaping the resonator structures. It is hoped that these schemes and their extensions will be useful for the determination of multi-element RF drives in a variety of applications.
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This paper provides information on the experimental set-up, data collection methods and results to date for the project Large scale modelling of coarse grained beaches, undertaken at the Large Wave Channel (GWK) of FZK in Hannover by an international group of researchers in Spring 2002. The main objective of the experiments was to provide full scale measurements of cross-shore processes on gravel and mixed beaches for the verification and further development of cross-shore numerical models of gravel and mixed sediment beaches. Identical random and regular wave tests were undertaken for a gravel beach and a mixed sand/gravel beach set up in the flume. Measurements included profile development, water surface elevation along the flume, internal pressures in the swash zone, piezometric head levels within the beach, run-up, flow velocities in the surf-zone and sediment size distributions. The purpose of the paper is to present to the scientific community the experimental procedure, a summary of the data collected, some initial results, as well as a brief outline of the on-going research being carried out with the data by different research groups. The experimental data is available to all the scientific community following submission of a statement of objectives, specification of data requirements and an agreement to abide with the GWK and EU protocols. (C) 2005 Elsevier B.V. All rights reserved.
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An inverse methodology to assist in the design of radio-frequency (RF) head coils for high field MRI application is described in this work. Free space time-harmonic electromagnetic Green's functions and preemphasized B1 field are used to calculate the current density on the coil cylinder. With B1 field preemphasized and lowered in the middle of the RF transverse plane, the calculated current distribution can generate an internal magnetic field that can reduce the EM field/tissue interactions at high frequencies. The current distribution of a head coil operating at 4 T is calculated using inverse methodology with preemphasized B1 fields. FDTD is employed to calculate B1 field and signal intensity inside a homogenous cylindrical phantom and human head. A comparison with conventional RF birdcage coil is reported here and demonstrated that inverse-method designed coil with preemphasized B1 field can help in decreasing the notorious bright region caused by EM field/tissue interactions in the human head images at 4 T.
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Government agencies responsible for riparian environments are assessing the utility of remote sensing for mapping and monitoring environmental health indicators. The objective of this work was to evaluate IKONOS and Landsat-7 ETM+ imagery for mapping riparian vegetation health indicators in tropical savannas for a section of Keelbottom Creek, Queensland, Australia. Vegetation indices and image texture from IKONOS data were used for estimating percentage canopy cover (r2=0.86). Pan-sharpened IKONOS data were used to map riparian species composition (overall accuracy=55%) and riparian zone width (accuracy within 4 m). Tree crowns could not be automatically delineated due to the lack of contrast between canopies and adjacent grass cover. The ETM+ imagery was suited for mapping the extent of riparian zones. Results presented demonstrate the capabilities of high and moderate spatial resolution imagery for mapping properties of riparian zones, which may be used as riparian environmental health indicators
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Hierarchical visualization systems are desirable because a single two-dimensional visualization plot may not be sufficient to capture all of the interesting aspects of complex high-dimensional data sets. We extend an existing locally linear hierarchical visualization system PhiVis [1] in several directions: bf(1) we allow for em non-linear projection manifolds (the basic building block is the Generative Topographic Mapping -- GTM), bf(2) we introduce a general formulation of hierarchical probabilistic models consisting of local probabilistic models organized in a hierarchical tree, bf(3) we describe folding patterns of low-dimensional projection manifold in high-dimensional data space by computing and visualizing the manifold's local directional curvatures. Quantities such as magnification factors [3] and directional curvatures are helpful for understanding the layout of the nonlinear projection manifold in the data space and for further refinement of the hierarchical visualization plot. Like PhiVis, our system is statistically principled and is built interactively in a top-down fashion using the EM algorithm. We demonstrate the visualization system principle of the approach on a complex 12-dimensional data set and mention possible applications in the pharmaceutical industry.
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Purpose – The purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period. Design/methodology/approach – Using pooled cross-sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors’ composition and ownership structure on dividend policies in Egypt. Findings – It is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios. Originality/value – This study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.
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Purpose – The purpose of this paper is to investigate the impact of foreign exchange and interest rate changes on US banks’ stock returns. Design/methodology/approach – The approach employs an EGARCH model to account for the ARCH effects in daily returns. Most prior studies have used standard OLS estimation methods with the result that the presence of ARCH effects would have affected estimation efficiency. For comparative purposes, the standard OLS estimation method is also used to measure sensitivity. Findings – The findings are as follows: under the conditional t-distributional assumption, the EGARCH model generated a much better fit to the data although the goodness-of-fit of the model is not entirely satisfactory; the market index return accounts for most of the variation in stock returns at both the individual bank and portfolio levels; and the degree of sensitivity of the stock returns to interest rate and FX rate changes is not very pronounced despite the use of high frequency data. Earlier results had indicated that daily data provided greater evidence of exposure sensitivity. Practical implications – Assuming that banks do not hedge perfectly, these findings have important financial implications as they suggest that the hedging policies of the banks are not reflected in their stock prices. Alternatively, it is possible that different GARCH-type models might be more appropriate when modelling high frequency returns. Originality/value – The paper contributes to existing knowledge in the area by showing that ARCH effects do impact on measures of sensitivity.