Price exhaustion and number preference : time and price confluence in Australian stock prices

Confluence occurs when different trading filters generate signals that point to the same directional move. Using regression analysis, this paper investigates confluence trading signals associated with number preference and price exhaustion, for a sample of Australian stocks. The results show that certain price levels tend to act as psychological barriers, and that price exhaustion signals are a real phenomenon in the Australian stock market. It is shown also that confluence exists in the Australian stock market. Importantly, confluence is associated with price retracements that are of economic and statistical significance, offering profitable trading opportunities. The results suggest that Australian stocks do not follow a random walk.

The determination of all syzygies for the dependent polynomial invariants of the Riemann Tensor. II. mixed invariants of Eeven degree in the Ricci Spinor

We continue our analysis of the polynomial invariants of the Riemann tensor in a four-dimensional Lorentzian space. We concentrate on the mixed invariants of even degree in the Ricci spinor Φ_ABȦḂ and show how, using constructive graph-theoretic methods, arbitrary scalar contractions between copies of the Weyl spinor ψ_ABCD, its conjugate ψ_ȦḂĊḊ and an even number of Ricci spinors can be expressed in terms of paired contractions between these spinors. This leads to an algorithm for the explicit expression of dependent invariants as polynomials of members of the complete set. Finally, we rigorously prove that the complete set as given by Sneddon [J. Math. Phys. 39, 1659-1679 (1998)] for this case is both complete and minimal.

Phenomenological analysis of experimentally induced visual mental imagery associated with shamanic journeying to the lower world

This study explored ostensibly shamanic journeying imagery by (a) assessing visual images across induction techniques (i.e., sonic driving, Ganzfeld, relaxation, and sitting with eyes open); (b) determining combination(s) of induction technique and instructions most associated with religious imagery; and (c) investigating the origins of visual imagery. Six participants were randomly assigned to factorial combinations of a 3 x 4 mixed design (levels of instruction x levels of induction) and were administered the Modified Affect Bridge to explore the origins of mental imagery reported during the experimental conditions. Phenomenological analysis yielded comprehensive constituent themes. Harner’s (1990) shamanic journeying, coupled with religious, instructions were associated with the highest religious imagery, while visual images associated with shamanic journeying were derived primarily from autobiographical memories.

Time-varying hedge ratios: an application to the Indian stock futures market

This paper investigates time-varying optimal hedge ratios in individual stock futures markets in India. The analysis employs data on individual stock futures from an unexplored but highly traded (both in terms of volume and quantity) emerging market. The hedge ratios derived in this study incorporate mean reversion in volatility, which is an important extension of the bivariate BEKK-GARCH model of Engle and Kroner. This extension generates improved optimal hedge ratios over the traditional BEKK-GARCH model and static error correction type alternatives.

Time varying hedge ratios : an application to the Indian stock futures market

This paper investigates time-varying optimal hedge ratios in individual stock futures markets in India. The analysis employs data on individual stock futures from an unexplored but highly traded (both in terms of volume and quantity) emerging market. The hedge ratios derived in this study incorporate mean reversion in volatility, which is an important extension of the bivariate BEKK-GARCH model of Engle and Kroner. This extension generates improved optimal hedge ratios over the traditional BEKK-GARCH model and static error correction type alternatives.

An exploratory analysis of the factors that influence food choice among young women

Food sales represent a significant proportion of hospitality industry income; however, little research has been conducted into the factors that influence food purchasing behaviour. This study employed a sequential mixed method research design to identify the factors that influence food choice among 18-30-year-old females. The study is important because this age group has considerable spending power and has been found to have different consumption priorities to their male counterparts. While confirming the importance of previous studies, this study found that physical health, time, marketing, price, and the quality of food are major factors of influence in the purchasing and consumption decision.

Understanding public involvement with Australian heritage : a qualitative study using repertory grid analysis

Attempts to increase public participation in heritage related activities have had mixed success. Tourism to heritage sites remains an overt activity that many engage in, but other heritage related activities, such as nominating objects for formal heritage listing, are much rarer. Through a series of qualitative research activities, we examine the public perceptions of what constitutes "heritage" and "heritage - related" behaviours, in order to examine barriers to greater involvement. The findings are that heritage is important to many people, particularly on a personal level. Although initially uncertain about the validity of their views, our respondents defined heritage broadly, believing it to encompass a wide range of objects, places and experiences. Most respondents were undertaking the type of heritage-related behaviours that heritage managers would encourage, however the respondents did not recognise them as being heritage-related. Barriers to greater involvement include this uncertainty over the definition of heritage and a lack of confidence in their ability to effectively recognise and protect heritage. In addition to feeling uncertain about the heritage significance of their own actions and beliefs, the respondents felt even more uncertain about prescribing things of "national heritage value". This uncertainty stifles discussion and action. The solution appears to lay in celebrations of both individual and national heritage, to foster discussions and understanding of communalities across different cultural groups within the nation.

An ecologically mixed brachiopod fauna from Changhsingian deep-water basin of South China: consequence of end-Permian global warming

The Late Permian Shaiwa Group of the Ziyun area of Guizhou, South China is a deep-water facies succession characterized by deep-water assemblages of pelagic radiolarians, foraminifers, bivalves, ammonoids and brachiopods. Here we report 20 brachiopod species in 18 genera from the uppermost Shaiwa Group. This brachiopod fauna is latest Changhsingian in age and dominated by productides. The palaeoecologic and taphonomic analysis reveals that the brachiopod fauna is preserved in situ. The attachment modes and substratum preference demonstrate that the Shaiwa brachiopod fauna comprises admixed elements of deep-water and shallow-water assemblages. The presence of the shallow-water brachiopods in the Shaiwa faunas indicates the involuntary settlement of shallow-water brachiopods. The stressed ecologic pressure, triggered by warming surface waters, restricted ecospace and short food sources, may have forced some shallow-water elements to move to hospitable deep-water settings and others to modify their habiting behaviours and exploit new ecospace in deep-water environments. We infer that the end-Permian global warming and subsequent transgression event may have accounted for the stressed environmental pressure in the shallow-water communities prior to the end-Permian mass extinction.

Do shocks to G7 stock prices have a permanent effect? : evidence from panel unit root tests with structural change

There is a plethora of studies that investigate evidence for the behaviour of stock prices using univariate techniques for unit roots. Whether or not stock prices are characterised by a unit root have implications for the efficient market hypothesis, which asserts that returns of a stock market are unpredictable from previous price changes. The extant literature has found mixed evidence on the integrational properties of stock prices. In this paper, for the first time, we provide evidence on the unit root hypothesis for G7 stock price indices using the Lagrangian multiplier panel unit root test that allows for structural breaks. Our main finding is that stock prices are stationary processes, inconsistent with the efficient market hypothesis.

The information content of directors' trades: empirical analysis of the Australian market

We examine the trading activities of directors in shares of their own companies on the Australian Stock Exchange during the July-December 2005 period. We find that directors of small companies in particular earn abnormal return after both their 'Purchase' and as well as their 'Sale' trade. Directors of these companies have an uncanny ability to time the market by trading when mispricing is greatest, and are able to predict the future performance of their firms in short run. For directors of medium and large companies, we find evidence that 'Sale' trades are the ones which work as loss avoiders. Outsiders recognise to some extent that directors' trades are informative, however they are slow to incorporate the new information into prices, refuting much of the market efficiency literature.

A cross country analysis of dynamics in comparative advantage and trade patterns in textiles and clothing

This paper examines pattern of comparative advantage in textiles and clothing trade as revealed by export shares of selected developed and developing economies. The estimated revealed comparative advantage (RCA) indices provided strong evidence of comparative advantage enjoyed by the developing economies. However, a few developed high income economies have enjoyed sustainable comparative advantage, especially in textiles trade. Significant negative correlations are observed between country specific income levels and the estimated absolute and relative RCA indices. While most of the developing economies achieved significant improvement of comparative advantage over time in clothing trade, the evidence is mixed for textiles. Additional evidence from Grubel-Lloyd (G-L) index of intra industry trade (IIT) suggest that global textiles trade could be mainly explained on the basis of product differentiation and economies of scale while clothing trade is more based on comparative advantage. Results of the study also suggest that the trading nations should engage in exploitation of forms of competition such as product differentiation in textiles trade, whereas for clothing, cost minimising remains a valid strategy.

The effects of time pressure and experience on nurses' risk assessment decisions : a signal detection analysis

Background: Time pressure and, occasionally, suboptimal assessment decisions are features of nursing in acute care.

Objectives: To explore the effect of generic and specialist clinical experience on the ability to detect the need to take action in acute care and the impact of time pressure on nurses' decision-making performance.

Methods: Experienced acute care registered nurses (n = 241) were presented with 50 vignettes of real clinical risk assessments. Each vignette contained seven information cues. In response to these vignettes, nurses had to decide whether to intervene or not. The 26 vignettes were time limited and mixed randomly into the 50 cases. Signal detection analysis was used to establish nurses' performance, personal decision thresholds ([beta]), and their abilities (d') to distinguish a signal of clinical risk from the clinical noise of noncontributory information.

Results: Nurses had significantly lower d' and were significantly less likely to indicate intervening under time pressure. For ability-but not threshold-there was a significant interaction of time pressure and years of experience in acute care. With no time pressure, d' increased in line with years of experience. Under time pressure, there was no effect.

Discussion: Time pressure reduced nurses' ability to detect the need and the tendency to report intervening. Thus, there were more failures to report appropriate intervention under time pressure, and the positive effects of clinical experience were negated under time pressure. More and larger scale research on the effect on clinical outcomes of time pressured nursing choices is required.

Trust in mono-ethnic and mixed-ethnic association in Penang

Investigation into trust has become a topical issue in current social science research. This is, in large part, a result of a perception that trust in institutions has declined markedly in the past two decades. This paper investigates trust in some of Penang's civil associations as a way of measuring the health of social capital in Penang. It focuses on issues of trust and diversity since both are critical issues in Malaysian society in general and civil associations in particular. We began our analysis expecting higher forms of trust among members in the mono-ethnic associations, based on the power of bonding. However, findings from this study tend to suggest that rather than leading to lesser trust and infectiveness, involvement in mixed-ethnic associations have in fact generated higher trust among their members. These findings reveal an interesting corrective to more pessimistic view on the relationship between trust and diversity. Data from this study also provide important insight into how bridging between different people in associations marked by diversity can accentuate trust over and above the levels found in associations were bonding between like types is the dominant characteristic. The data also indicate that for both, mono-ethnic and mixed-ethnic associations, it is the extent of members' involvements in their associations that form trust and not vice versa.

Manual on application of molecular tools in aquaculture and inland fisheries management. Part I : laboratory protocols, data management and analysis

The aim of this manual is to provide a comprehensive practical tool for the generation and analysis of genetic data for subsequent application in aquatic resources management in relation to genetic stock identification in inland fisheries and aquaculture. The material only covers general background on genetics in relation to aquaculture and fisheries resource management, the techniques and relevant methods of data analysis that are commonly used to address questions relating to genetic resource characterisation and population genetic analyses. No attempt is made to include applications of genetic improvement techniques e.g. selective breeding or producing genetically modified organisms (GMOs). The manual includes two ‘stand-alone’ parts, of which this is the second volume: Part 1 – Conceptual basis of population genetic approaches: will provide a basic foundation on genetics in general, and concepts of population genetics. Issues on the choices of molecular markers and project design are also discussed. Part 2 – Laboratory protocols, data management and analysis: will provide step-by-step protocols of the most commonly used molecular genetic techniques utilised in population genetics and systematic studies. In addition, a brief discussion and explanation of how these data are managed and analysed is also included. This manual is expected to enable NACA member country personnel to be trained to undertake molecular genetic studies in their own institutions, and as such is aimed at middle and higher level technical grades. The manual can also provide useful teaching material for specialised advanced level university courses in the region and postgraduate students. The manual has gone through two development/improvement stages. The initial material was tested at a regional workshop and at the second stage feedback from participants was used to improve the contents.

Estimation of in vitro prebiotic activity of individual and mixed dietary fibres

Background: Epidemiological studies have demonstrated a link between dietary fibre deficiency and prevalence of many “Western diseases” particularly colon related diseases. Many of the health benefits associated with dietary fibre are attributed to their prebiotic effect. However, not all fibres have the same prebiotic potential or the same impact on colon health.

Objective: To examine the in vitro fermentation properties of individual and mixed dietary fibres by measuring fermentation byproducts over time.

Design: Wheat bran and guar gum were selected for this study. Individual and mixed dietary fibres were added to batch fermentation system and were inoculated with fresh faecal inoculum (n= 4). Positive (inulin) and negative (no substrate) fermenters were also used to determine the differences. The pH of the five fermenters was adjusted to a baseline of 5.5 and 6.8 representing the pH of the proximal and distal sections of the colon respectively. Samples were drawn out of the fermenters at 0, 3, 9 and 24 hours for the analysis of pH, ammonia and short chain fatty acids (SCFAs).

Outcomes: There were no significant differences in the pH levels at various time points between fermenters adjusted to pH 5.5 at baseline. However, in fermenters adjusted to pH 6.8 the pH of the fermenter containing wheat bran increased over the time (24h (P = 0.017)) due to production of a high amount of ammonia. The total SCFAs production was greater in fermenters containing combined fibres.

Conclusion: There is a large inter-individual variation in the prebiotic effect of all types of dietary fibres, however, in the present study, dietary fibre combinations showed greater prebiotic potential compared with the individual fibres.