Women at work: stockbrocker, E.F. Hutton.

Inscription: Verso: Women at work: miscellaneous occupations. Marilyn Male, stockbrocker, E.F. Hutton, New York.

Time domain decomposition for European options in financial modelling

Finance is one of the fastest growing areas in modern applied mathematics with real world applications. The interest of this branch of applied mathematics is best described by an example involving shares. Shareholders of a company receive dividends which come from the profit made by the company. The proceeds of the company, once it is taken over or wound up, will also be distributed to shareholders. Therefore shares have a value that reflects the views of investors about the likely dividend payments and capital growth of the company. Obviously such value will be quantified by the share price on stock exchanges. Therefore financial modelling serves to understand the correlations between asset and movements of buy/sell in order to reduce risk. Such activities depend on financial analysis tools being available to the trader with which he can make rapid and systematic evaluation of buy/sell contracts. There are other financial activities and it is not an intention of this paper to discuss all of these activities. The main concern of this paper is to propose a parallel algorithm for the numerical solution of an European option. This paper is organised as follows. First, a brief introduction is given of a simple mathematical model for European options and possible numerical schemes of solving such mathematical model. Second, Laplace transform is applied to the mathematical model which leads to a set of parametric equations where solutions of different parametric equations may be found concurrently. Numerical inverse Laplace transform is done by means of an inversion algorithm developed by Stehfast. The scalability of the algorithm in a distributed environment is demonstrated. Third, a performance analysis of the present algorithm is compared with a spatial domain decomposition developed particularly for time-dependent heat equation. Finally, a number of issues are discussed and future work suggested.

The Spanish equity market (2000-2014): stylized facts

Introduction. This thesis is framed in the last 15 years of history of the Spanish equity market (years 2000 to 2014). In this sense and, as an introduction of this work, in the first chapter the main features of the background of the electronic market for shares and the implications that the migration from out-c1y circles to this automatic system is explained. The main changes of this electronic system (Spanish stock exchange interconnection system) are detailed in this part. Also in this first chapter is explained the important European meeting, in December 1999, of eight stock exchanges which foresee, in a first step, to design a single market model for, lately, try to merge, final step that did not take place. After this initial moment in December 1999, in this work the main features of the market model of the main European markets (London, Paris, Germany and Italy) are generally described, given that it is important to consider the European context of the Spanish equity market, specially during these last fifteen years. Along chapter two, the thesis is supported with the theoretic frame explaining here the nature of markets and their important role in the economy, detailing afte1wards the Spanish case from the point of view of its institutional structure and legal framework. Besides, in this chapter, a deep review of initial public offerings (main concepts and calendar steps) is done as well as take-over bids (typology and key-concepts)...

Bioeconomic modelling and risk assessment of tiger prawn (Penaeus esculentus) stock enhancement in Exmouth Gulf, Australia

A bioeconomic model was developed to evaluate the potential performance of brown tiger prawn stock enhancement in Exmouth Gulf, Australia. This paper presents the framework for the bioeconomic model and risk assessment for all components of a stock enhancement operation, i.e. hatchery, grow-out, releasing, population dynamics, fishery, and monitoring, for a commercial scale enhancement of about 100 metric tonnes, a 25% increase in average annual catch in Exmouth Gulf. The model incorporates uncertainty in estimates of parameters by using a distribution for the parameter over a certain range, based on experiments, published data, or similar studies. Monte Carlo simulation was then used to quantify the effects of these uncertainties on the model-output and on the economic potential of a particular production target. The model incorporates density-dependent effects in the nursery grounds of brown tiger prawns. The results predict that a release of 21 million 1 g prawns would produce an estimated enhanced prawn catch of about 100 t. This scale of enhancement has a 66.5% chance of making a profit. The largest contributor to the overall uncertainty of the enhanced prawn catch was the post-release mortality, followed by the density-dependent mortality caused by released prawns. These two mortality rates are most difficult to estimate in practice and are much under-researched in stock enhancement.

Trial by media: An empirical investigation of corporate reputation and stock returns in Australia

This article examines whether investors are able to generate abnormal risk-adjusted returns in the Australian market based on media-specific firm reputational factors under market uncertainty between 2004 and 2012. The findings suggest that after controlling for crisis-centric time periods and market risk factors, contrarian trading strategies produce abnormal returns for poor corporate reputation firms but not for their good corporate reputation counterparts. Corporate reputation may be a driver of performance for poorly performing Australian firms and could be considered a stimulus for trading activity due to its explanatory capabilities.

Spawning stock dynamics of two penaeid prawns, Metapenaeus bennettae and Penaeus esculentus, in Moreton Bay, Queensland, Australia

Spawning stock dynamics of 2 commercially important penaeid prawns, Metapenaeus bennettae and Penaeus esculentus, from 9 stations in Moreton Bay (27°15'S, 153°15'E), southeast Queensland, Australia, were examined. An egg production index (EPI), based on the relative abundance, proportion that were mature or ripe, and size of adult females, was used as a measure of egg production in the 2 populations. Egg production by M. bennettae was 20 to 30 higher than that by P. esculentus, extended over 7 to 8 mo each year and peaked from February to March (late summer to early autumn). Monthly patterns in egg production by M. bennettae varied between years. In contrast, P. esculentus produced most of its eggs in a single, clearly defined peak in October (spring), although production continued to March (early autumn) each year. The seasonal onset and subsequent decline in maturation in P. esculentus were rapid. Egg production by M. bennettae was several times higher at the 5 northern stations than at the 4 southern stations and negatively correlated with salinity during the main spawning period. Egg production by P. esculentus was less varied among stations and positively correlated with depth. P. esculentus appeared more likely than M. bennettae to experience recruitment overfishing because (1) the peak spawning period for P. esculentus was dependent on relatively few adult females spawning over a short period, and (2) the selectivity of trawl nets used in the bay was much higher for P. esculentus spawners than for those of M. bennettae. Compared with more northern populations, P. esculentus in Moreton Bay matured at a larger size, had lower incidences of insemination and mature or ripe females, and had a shorter spawning period. These results suggest the likelihood of recruitment overfishing in P. esculentus increases with increasing latitude.

Evidence for a stock discontinuity of snapper (Pagrus auratus) on the east coast of Australia

Allozyme electrophoresis was used to investigate the genetic stock structure of snapper, Pagrus auratus (Bloch and Schneider) on the east coast of Australia. Spatial variation in allele frequency was examined at nine polymorphic loci. The results support a single, relatively weak genetic disjunction among the P. auratus populations north of Sydney (latitude 33°52?) but south of Forster (latitude 31°58?) on the central coast of New South Wales. There was also evidence for genetic isolation by distance on the east coast. The influence of the East Australian Current (EAC) in transporting larvae to the south, coupled with the general northward migration pattern of adult snapper is believed to be responsible for maintaining a panmictic snapper population on much of the east coast of Australia.

The stock structure of grey mackerel Scomberomorus semifasciatus in Australia as inferred from its parasite fauna

The scombrid Scomberomorus semifasciatus is an important component of inshore fisheries in tropical Australia. Data on the parasite fauna of 593 fish from areas off northern and eastern Australia were examined for evidence of discrete fish populations. The parasites used were juveniles of Pterobothrium pearsoni, Callitetrarhynchus gracilis, Anisakis simplex (sensu latu) and Terranova sp. Tukey Kramer pairwise comparisons gave significant differences in the abundances of two or more parasites between fish from the east coast, the eastern Gulf of Carpentaria and the remainder of northern Australia. Multivariate analysis gave further evidence of differences and the results suggest that at least 4 populations or stocks of grey mackerel occur along the northern and eastern coastline of Australia.

Stock structure of Grey Mackerel, Scomberomorus semifasciatus (Pisces: Scombridae) across northern Australia, based on otolith stable isotope chemistry

The stable isotopes of delta O-18 and delta C-13 in sagittal otolith carbonates were used to determine the stock structure of Grey Mackerel, Scomberomorus semifasciatus. Otoliths were collected from Grey Mackerel at ten locations representing much of their distributional and fisheries range across northern Australia from 2005 to 2007. Across this broad range (similar to 6500 km), fish from four broad locations-Western Australia (S1), Northern Territory and Gulf of Carpentaria (S2, S3, S4, S5, S6, S7), Queensland east coast mid and north sites (S8, S9) and Queensland east coast south site (S10)-had stable isotope values that were significantly different indicating stock separation. Otolith stable isotopes differed more between locations than among years within a location, indicating temporal stability across years. The spatial separation of these populations indicates a complex stock structure across northern Australia. Stocks of S. semifasciatus appear to be associated with large coastal embayments. These results indicate that optimal fisheries management may require a review of the current spatial arrangements, particularly in relation to the evidence of shared stocks in the Gulf of Carpentaria. Furthermore, as the population of S. semifasciatus in Western Australia exhibited high spatial separation from those at all the other locations examined, further research activities should focus on investigating additional locations within Western Australia for an enhanced determination of stock delineation. From the issue entitled "Proceedings of the 4th International Otolith Symposium, 24-28 August 2009, Monterey, California"

Stock structure of exploited shark species in north-eastern Australia

The project has provided management and other stakeholders with information necessary to make informed decisions about the management of four of the key exploited shark species caught in the Queensland inshore net fishery and northern New South Wales line fishery. The project has determined that spatial management of milk sharks within Queensland, and scalloped hammerhead, common black tip and Australian black tip sharks within Queensland and New South Wales is appropriate. The project has determined that both black tip shark species are likely to require co-operative management arrangements between Queensland and New South Wales. For scalloped hammerheads separate stocks between the two jurisdictions were identified from the fisheriesdependent samples, however genetic exchange across borders is likely to be facilitated by movement of adult females and perhaps larger males to a lesser extent. This information will greatly assist compliance with the Commonwealth Environment Protection and Biodiversity Conservation Act (1999) for shark fisheries in north-eastern Australia by providing the necessary basis for robust assessment of the status of stocks of the study species, thereby helping to deliver their sustainable harvest. It also helps to achieve objectives of the Australian National Shark Plan. The project provides the appropriate spatial framework for future monitoring and assessment of the study species. This is at a time when shark fisheries are receiving close attention from all sectors and when monitoring programs are being implemented, aimed at better assessment of stock status. This project has provided the crucial information for developing an appropriate monitoring design as well as the necessary basis for making statements about stock status. The project has addressed research priorities identified by the Queensland Fisheries Research Advisory Board, Great Barrier Reef Marine Park Authority and Queensland Fisheries. Previously management has assumed a single stock for each species on the east coast of Queensland, and management of shark fisheries in New South Wales (NSW) and Queensland has been independent of one another. The project has been able to enhance and develop links between research, management and industry. Strong positive relationships with commercial fishers were crucial in the collection of samples throughout the study area and fisheries managers were part of the project team throughout the study period. During the project the study area was extended to include both Queensland and NSW waters, creating mutualistic and positive links between the States’ research and management agencies. Extension of project results included management representatives from NSW and Queensland, as well as the Northern Territory where similar shark fisheries operate and similar species are targeted. The project was able to provide significant human capital development opportunities providing considerable value to the project outcomes. Use of vertebral microchemistry and life history characteristics as stock determination methods provided material for two PhD students based at James Cook University: Ron Schroeder, vertebral chemistry; and Alastair Harry, life history characteristic. The project has developed novel research methods that have great capacity for future application, including: • Development of a simple and rapid genetic diagnostic tool (RT-HRM-PCR assay) for differentiating among the black tip shark species, for which no simple morphological identifier exists; and • Development of laser ablation inductively coupled plasma mass spectrometry (LA-ICPMS) methods for analysing and interpreting microchemical composition of shark vertebrae. The study has provided further confirmation of the effectiveness of using a holistic approach in stock structure studies and justifies investment into such studies.

Biology, Management and Genetic Stock Structure of Mangrove Jack, (Lutjanus argentimaculatus) in Australia.

This project has contributed to the ecologically sustainable management of mangrove jack in Australia by providing comprehensive information on its biology, habitat requirements, population parameters and stock structure. Specifically, the project has resulted in an enhanced understanding of the life history of Australian mangrove jack, the levels of exploitation in its local fishery and the likely existence of a single genetic stock throughout Queensland.

Soil carbon stock in the tropical rangelands of Australia: Effects of soil type and grazing pressure, and determination of sampling requirement.

On-going, high-profile public debate about climate change has focussed attention on how to monitor the soil organic carbon stock (C(s)) of rangelands (savannas). Unfortunately, optimal sampling of the rangelands for baseline C(s) - the critical first step towards efficient monitoring - has received relatively little attention to date. Moreover, in the rangelands of tropical Australia relatively little is known about how C(s) is influenced by the practice of cattle grazing. To address these issues we used linear mixed models to: (i) unravel how grazing pressure (over a 12-year period) and soil type have affected C(s) and the stable carbon isotope ratio of soil organic carbon (delta(13)C) (a measure of the relative contributions of C(3) and C(4) vegetation to C(s)); (ii) examine the spatial covariation of C(s) and delta(13)C; and, (iii) explore the amount of soil sampling required to adequately determine baseline C(s). Modelling was done in the context of the material coordinate system for the soil profile, therefore the depths reported, while conventional, are only nominal. Linear mixed models revealed that soil type and grazing pressure interacted to influence C(s) to a depth of 0.3 m in the profile. At a depth of 0.5 m there was no effect of grazing on C(s), but the soil type effect on C(s) was significant. Soil type influenced delta(13)C to a soil depth of 0.5 m but there was no effect of grazing at any depth examined. The linear mixed model also revealed the strong negative correlation of C(s) with delta(13)C, particularly to a depth of 0.1 m in the soil profile. This suggested that increased C(s) at the study site was associated with increased input of C from C(3) trees and shrubs relative to the C(4) perennial grasses; as the latter form the bulk of the cattle diet, we contend that C sequestration may be negatively correlated with forage production. Our baseline C(s) sampling recommendation for cattle-grazing properties of the tropical rangelands of Australia is to: (i) divide the property into units of apparently uniform soil type and grazing management; (ii) use stratified simple random sampling to spread at least 25 soil sampling locations about each unit, with at least two samples collected per stratum. This will be adequate to accurately estimate baseline mean C(s) to within 20% of the true mean, to a nominal depth of 0.3 m in the profile.

Stock structure of the blue threadfin (Eleutheronema tetradactylum) across northern Australia derived from life-history characteristics

Life history characteristics were used to determine the stock structure of the polynemid Eleutheronema tetradactylum across northern Australia. Growth, estimated from back-calculated length-at-age from sagittal otoliths, and length at sex change were estimated from samples collected from 12 different locations across western, northern and eastern Australia between 2007 and 2009. Comparison of back-calculated length-at-age, growth and length at sex change between locations revealed significant variation in the life-history characteristics of E. tetradactylum across northern Australia, with significant differences detected in 43 of 45 location comparisons. Differences in otolith size relative to fish length also existed amongst locations. No differences in other morphometric relationships were detected. The results of this study provide evidence for a high degree of spatial population subdivision for E. tetradactylum across northern Australia, the finding of which has implications for E. tetradactylum fisheries throughout its range, and provides a biological basis for spatial management of the species in Australia. (C) 2012 Elsevier B.V. All rights reserved.

The use of otolith morphology to indicate the stock structure of common coral trout (Plectropomus leopardus) on the Great Barrier Reef, Australia

We investigated the use of otolith morphology to indicate the stock structure of an exploited serranid coral reef fish, Plectropomus leopardus, on the Great Barrier Reef (GBR), Australia. Otoliths were measured by traditional one-and two-dimensional measures (otolith length, width, area, perimeter, circularity, and rectangularity), as well as by Fourier analysis to capture the finer details of otolith shape. Variables were compared among four regions of the GBR separated by hundreds of kilometers, as well as among three reefs within each region, hundreds of meters to tens of kilometers apart. The temporal stability in otolith structure was examined by comparing two cohorts of fully recruited four-year-old P. leopardus collected two years before and two years after a signif icant disturbance in the southern parts of the GBR caused by a large tropical cyclone in March 1997. Results indicated the presence of at least two stocks of P. leopardus, although the structure of each stock varied depending on the cohort considered. The results highlight the importance of incorporating data from several years in studies using otolith morphology to discriminate temporary and possibly misleading signals from those that indicate persistent spatial structure in stocks. We conclude that otolith morphology can be used as an initial step to direct further research on groups of P. leopardus that have lived at least a part of their life in different environments.

Australia and New Zealand applied linguistics (ANZAL): Taking stock

This paper reviews some emerging trends in applied linguistics in both Australia and New Zealand. It sketches the current scene of (selected) postgraduate applied linguistics programs in higher education and considers how various university programs define applied linguistics through the classes (titles) they have postgraduate students complete to be awarded a degree. Evidence of program requirements and topics reveal not only what applied linguistics generally entails, but offers insights into how applied linguistics is defined and practiced. Additionally, some of the salient research topics (titles) being published in the journals from the two countries' applied linguistics associations are sketched.