Large-scale sampling reveals the spatio-temporal distributions of the jellyfish Aurelia aurita and Cyanea capillata in the Irish Sea

At-sea distributions of large scyphozoan jellyfish across the Irish Sea were studied using visual surface counts from ships of opportunity. Thirty-seven surveys were conducted along two >100 km long transects between Ireland and the UK from April to September in 2009 and 2010. Five species were recorded but only Aurelia aurita and Cyanea capillata were frequently observed. The first formal description of the seasonal changes in the abundances and distributions of these two species in the study area is provided. The highest densities of these species were more likely to be found ~30 km offshore, but large aggregations were present both in coastal and offshore waters. Evidence for aggregations of medusae along physical discontinuities was provided by coupling jellyfish observations with simultaneous records of environmental parameters. The value of surveys from ships of opportunity as cost-effective semi-quantitative tools, to develop local knowledge on jellyfish abundance, distribution, and phenology is discussed.

Univariate and multivariate process yield indices based on location-scale family of distributions

Several measures of process yield, defined on univariate and multivariate normal process characteristics, have been introduced and studied by several authors. These measures supplement several well-known Process Capacity Indices (PCI) used widely in assessing the quality of products before being released into the marketplace. In this paper, we generalise these yield indices to the location-scale family of distributions which includes the normal distribution as one of its member. One of the key contributions of this paper is to demonstrate that under appropriate conditions, these indices converge in distribution to a normal distribution. Several numerical examples will be used to illustrate our procedures and show how they can be applied to perform statistical inferences on process capability.

Predicting avian distributions to evaluate spatiotemporal overlap with locust control operations in eastern Australia.

Locusts and grasshoppers cause considerable economic damage to agriculture worldwide. The Australian Plague Locust Commission uses multiple pesticides to control locusts in eastern Australia. Avian exposure to agricultural pesticides is of conservation concern, especially in the case of rare and threatened species. The aim of this study was to evaluate the probability of pesticide exposure of native avian species during operational locust control based on knowledge of species occurrence in areas and times of application. Using presence-absence data provided by the Birds Australia Atlas for 1998 to 2002, we developed a series of generalized linear models to predict avian occurrences on a monthly basis in 0.5 degrees grid cells for 280 species over 2 million km2 in eastern Australia. We constructed species-specific models relating occupancy patterns to survey date and location, rainfall, and derived habitat preference. Model complexity depended on the number of observations available. Model output was the probability of occurrence for each species at times and locations of past locust control operations within the 5-year study period. Given the high spatiotemporal variability of locust control events, the variability in predicted bird species presence was high, with 108 of the total 280 species being included at least once in the top 20 predicted species for individual space-time events. The models were evaluated using field surveys collected between 2000 and 2005, at sites with and without locust outbreaks. Model strength varied among species. Some species were under- or over-predicted as times and locations of interest typically did not correspond to those in the prediction data set and certain species were likely attracted to locusts as a food source. Field surveys demonstrated the utility of the spatially explicit species lists derived from the models but also identified the presence of a number of previously unanticipated species. These results also emphasize the need for special consideration of rare and threatened species that are poorly predicted by presence-absence models. This modeling exercise was a useful a priori approach in species risk assessments to identify species present at times and locations of locust control applications, and to discover gaps in our knowledge and need for further focused data collection.

The five-parameter grain boundary character and energy distributions of a fully austenitic high-manganese steel using three dimensional data

The three-dimensional interfacial grain boundary network in a fully austenitic high-manganese steel was studied as a function of all five macroscopic crystallographic parameters (i.e. lattice misorientation and grain boundary plane normal) using electron backscattering diffraction mapping in conjunction with focused ion beam serial sectioning. The relative grain boundary area and energy distributions were strongly influenced by both the grain boundary plane orientation and the lattice misorientation. Grain boundaries terminated by (1 1 1) plane orientations revealed relatively higher populations and lower energies compared with other boundaries. The most frequently observed grain boundaries were {1 1 1} symmetric twist boundaries with the Σ3 misorientation, which also had the lowest energy. On average, the relative areas of different grain boundary types were inversely correlated to their energies. A comparison between the current result and previously reported observations (e.g. high-purity Ni) revealed that polycrystals with the same atomic structure (e.g. face-centered cubic) have very similar grain boundary character and energy distributions. © 2014 Acta Materialia Inc. Published by Elsevier Ltd. All rights reserved.

Antitropical distributions and species delimitation in a group of ophiocomid brittle stars (Echinodermata: Ophiuroidea: Ophiocomidae)

In this paper we examine the phylogeny and biogeography of the temperate genera of the Ophiocomidae (Echinodermata: Ophiuroidea) which have an interesting asymmetrical anti-tropical distribution, with two genera (Ophiocomina and Ophiopteris) previously considered to have a separate species in both the North and South hemispheres, and the third (Clarkcoma) diversifying in the southern Australian/New Zealand region. Our phylogeny, generated from one mitochondrial and two nuclear markers, revealed that Ophiopteris is sister to a mixed Ophiocomina/. Clarkcoma clade. Ophiocomina was polyphyletic, with O. nigra and an undescribed species from the South Atlantic Ocean sister to a clade including Clarkcoma species and O. australis. The phylogeny also revealed a number of recently diverged lineages occurring within Clarkcoma, some of which are considered to be cryptic species due to the similarity in morphology combined with the apparent absence of interbreeding in a sympatric distribution, while the status of others is less certain. The phylogeny provides support for two transequatorial events in the group under study. A molecular clock analysis places both events in the middle to late Miocene. The analysis excludes a tectonic vicariance hypothesis for the antitropical distribution associated with the breakup of Pangaea and also excludes the hypothesis of more recent gene flow associated with Plio/Pleistocene glacial cycling. © 2014 Elsevier Inc.

Automated quantification of neurite outgrowth orientation distributions on patterned surfaces

Objective. We have developed an image analysis methodology for quantifying the anisotropy of neuronal projections on patterned substrates. Approach. Our method is based on the fitting of smoothing splines to the digital traces produced using a non-maximum suppression technique. This enables precise estimates of the local tangents uniformly along the neurite length, and leads to unbiased orientation distributions suitable for objectively assessing the anisotropy induced by tailored surfaces. Main results. In our application, we demonstrate that carbon nanotubes arrayed in parallel bundles over gold surfaces induce a considerable neurite anisotropy; a result which is relevant for regenerative medicine. Significance. Our pipeline is generally applicable to the study of fibrous materials on 2D surfaces and should also find applications in the study of DNA, microtubules, and other polymeric materials.

Concurrent momentum and contrarian strategies in the Australian stock market

We investigate the coexistence of momentum and contrarian strategies in the Australian equity market from 1992 to 2011. We show that contrarian strategies prevail in the short-term investment horizon while momentum strategies dominate in the intermediate- and long-term horizons. However, only short-term contrarian strategies significantly outperform the simple buy-and-hold strategy of investing in the market index over the same period. Further examination of these strategies shows that the Australian mining sector undermines the performance of momentum while enhancing performance of contrarian strategies. Lastly, using both parametric and non-parametric approaches, we show that these strategies’ returns are persistent anomalies and not completely explained by standard return-generating models.

Abstract types and distributions in independent private value auctions

In this note, in an independent private values auction framework, I discuss the relationship between the set of types and the distribution of types. I show that any set of types, finite dimensional or not, can be extended to a larger set of types preserving incentive compatibility constraints, expected revenue and bidder’s expected utilities. Thus for example we may convexify a set of types making our model amenable to the large body of theory in economics and mathematics that relies on convexity assumptions. An interesting application of this extension procedure is to show that although revenue equivalence is not valid in general if the set of types is not convex these mechanism have underlying distinct allocation mechanism in the extension. Thus we recover in these situations the revenue equivalence.

Alocação de ativos através de estratégias momentum utilizando máximas de 52 semanas

Foram comparados os resultados de quatro estratégias de investimento associadas ao efeito momentum que utilizam a cotação máxima dos ativos nas últimas 52 semanas como critério de escolha das ações. Os resultados das estratégias foram comparados entre si e também em relação ao IBOVESPA no período de 03/01/2000 e 01/07/2010. Em todas elas é encontrado um índice resultante da divisão do preço do ativo na data de composição do portfólio pela sua cotação máxima nas últimas 52 semanas, de acordo com este índice são escolhidos os portfólios comprados, neutros e vendidos. Primeiramente, foram reproduzidas uma estratégia ativa (I52- ATIVA) e outra neutra (I52-NEUTRA) de acordo com a proposta de George e Hwang (2004). As outras duas estratégias (I52-PESOATIVA e I52-PESONEUTRA) apresentam uma extensão da proposta inicial de George e Hwang (2004), em que é adicionado um fator de peso que pondera o tempo decorrido entre a data de ocorrência da cotação máxima observada nas últimas 52 semanas e a data de composição dos portfólios; o objetivo desta extensão é verificar se a data de ocorrência da cotação máxima é um diferencial para a estratégia momentum. Houve destaque, sob os diversos critérios analisados, das estratégias que utilizaram o fator de ponderação do tempo decorrido entre a data de ocorrência da cotação máxima observada nas últimas 52 semanas e a data de composição dos portfólios, mostrando que este critério pode contribuir positivamente para a composição da estratégia original proposta por George e Hwang (2004). O trabalho corrobora os resultados apresentados nos trabalhos de Jegadeesh e Titman (1993) e de George e Hwang (2004) e denota um desafio à visão de que os mercados são eficientes na forma semi-forte, conforme proposto por Fama (1970), afinal foram construídos a partir de informações públicas e de ampla divulgação e mesmo assim apresentam algum fator preditivo nos retornos futuros.

Value and momentum strategies in the Brazilian stock market: the 2008 financial crisis and its aftermath

Esta dissertação analisa o desempenho de três estratégias de investimento em carteiras de custo zero (“value”, “momentum” e uma combinação 50/50 delas, que é chamada de “combo”) no mercado de ações brasileiro durante a última década. Os resultados são comparados aos encontrados por Asness, Moskowitz e Pedersen (2009) para quatro mercados: EUA, Reino Unido, Europa Continental, e Japão. Uma análise específica é feita em torno da crise financeira de 2008, comparando os resultados pré- e pós-crise. O índice de Sharpe é usado para ajustar os desempenhos por seus riscos, e para classificar as estratégias para diferentes horizontes de investimento. Os resultados mostram um ótimo desempenho da estratégia “combo” nos últimos três anos, período que inclui a crise de 2008, mas considerando todo o período analisado a estratégia “value” obteve o melhor desempenho. Esse resultado difere dos resultados encontrados para os quatro mercados de referência, onde a estratégia combo tem o melhor desempenho. A análise do horizonte de investimento mostra que a escolha do investidor pode mudar com diferentes horizontes.

Estratégias de momentum no mercado cambial

Utilizo dados semanais para investigar a lucratividade de estratégias de momentum no mercado de câmbio baseadas em dois diferentes métodos de extração da tendência, possivelmente não linear. Comparo a performance com as tradicionais regras de médias móveis, método linear bastante utilizado pelos profissionais do mercado. Eu encontro que o desempenho de todas as estratégias é extremamente sensível à escolha da moeda, às defasagens utilizadas e ao critério de avaliação escolhido. A despeito disso, as moedas dos países do G10 apresentam resultados médios melhores com a utilização dos métodos não lineares, enquanto as moedas dos países emergentes apresentam resultados mistos. Adoto também uma metodologia para o gerenciamento do risco das estratégias de momentum, visando minimizar as “grandes perdas”. Ela tem êxito em diminuir as perdas máximas semanais, o desvio-padrão, a assimetria e curtose para a maior parte das moedas em ambas as estratégias. Quanto ao desempenho, as operações baseadas no filtro HP com gestão do risco apresentam retornos e índices de Sharpe maiores para cerca de 70% das estratégias, enquanto as baseadas na regressão não paramétrica apresentam resultados melhores para cerca de 60% das estratégias.