985 resultados para stock return predictability


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In this paper, the predictability of climate arising from ocean heat content (OHC) anomalies is investigated in the HadCM3 coupled atmosphere–ocean model. An ensemble of simulations of the twentieth century are used to provide initial conditions for a case study. The case study consists of two ensembles started from initial conditions with large differences in regional OHC in the North Atlantic, the Southern Ocean and parts of the West Pacific. Surface temperatures and precipitation are on average not predictable beyond seasonal time scales, but for certain initial conditions there may be longer predictability. It is shown that, for the case study examined here, some aspects of tropical precipitation, European surface temperatures and North Atlantic sea-level pressure are potentially predictable 2 years ahead. Predictability also exists in the other case studies, but the climate variables and regions, which are potentially predictable, differ. This work was done as part of the Grid for Coupled Ensemble Prediction (GCEP) eScience project.

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Three interrelated climate phenomena are at the center of the Climate Variability and Predictability (CLIVAR) Atlantic research: tropical Atlantic variability (TAV), the North Atlantic Oscillation (NAO), and the Atlantic meridional overturning circulation (MOC). These phenomena produce a myriad of impacts on society and the environment on seasonal, interannual, and longer time scales through variability manifest as coherent fluctuations in ocean and land temperature, rainfall, and extreme events. Improved understanding of this variability is essential for assessing the likely range of future climate fluctuations and the extent to which they may be predictable, as well as understanding the potential impact of human-induced climate change. CLIVAR is addressing these issues through prioritized and integrated plans for short-term and sustained observations, basin-scale reanalysis, and modeling and theoretical investigations of the coupled Atlantic climate system and its links to remote regions. In this paper, a brief review of the state of understanding of Atlantic climate variability and achievements to date is provided. Considerable discussion is given to future challenges related to building and sustaining observing systems, developing synthesis strategies to support understanding and attribution of observed change, understanding sources of predictability, and developing prediction systems in order to meet the scientific objectives of the CLIVAR Atlantic program.

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The performance of boreal winter forecasts made with the European Centre for Medium-Range Weather Forecasts (ECMWF) System 11 Seasonal Forecasting System is investigated through analyses of ensemble hindcasts for the period 1987-2001. The predictability, or signal-to-noise ratio, associated with the forecasts, and the forecast skill are examined. On average, forecasts of 500 hPa geopotential height (GPH) have skill in most of the Tropics and in a few regions of the extratropics. There is broad, but not perfect, agreement between regions of high predictability and regions of high skill. However, model errors are also identified, in particular regions where the forecast ensemble spread appears too small. For individual winters the information provided by t-values, a simple measure of the forecast signal-to-noise ratio, is investigated. For 2 m surface air temperature (T2m), highest t-values are found in the Tropics but there is considerable interannual variability, and in the tropical Atlantic and Indian basins this variability is not directly tied to the El Nino Southern Oscillation. For GPH there is also large interannual variability in t-values, but these variations cannot easily be predicted from the strength of the tropical sea-surface-temperature anomalies. It is argued that the t-values for 500 hPa GPH can give valuable insight into the oceanic forcing of the atmosphere that generates predictable signals in the model. Consequently, t-values may be a useful tool for understanding, at a mechanistic level, forecast successes and failures. Lastly, the extent to which t-values are useful as a predictor of forecast skill is investigated. For T2m, t-values provide a useful predictor of forecast skill in both the Tropics and extratropics. Except in the equatorial east Pacific, most of the information in t-values is associated with interannual variability of the ensemble-mean forecast rather than interannual variability of the ensemble spread. For GPH, however, t-values provide a useful predictor of forecast skill only in the tropical Pacific region.

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Ensemble experiments are performed with five coupled atmosphere-ocean models to investigate the potential for initial-value climate forecasts on interannual to decadal time scales. Experiments are started from similar model-generated initial states, and common diagnostics of predictability are used. We find that variations in the ocean meridional overturning circulation (MOC) are potentially predictable on interannual to decadal time scales, a more consistent picture of the surface temperature impact of decadal variations in the MOC is now apparent, and variations of surface air temperatures in the North Atlantic Ocean are also potentially predictable on interannual to decadal time scales. albeit with potential skill levels that are less than those seen for MOC variations. This intercomparison represents a step forward in assessing the robustness of model estimates of potential skill and is a prerequisite for the development of any operational forecasting system.

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The ECMWF full-physics and dry singular vector (SV) packages, using a dry energy norm and a 1-day optimization time, are applied to four high impact European cyclones of recent years that were almost universally badly forecast in the short range. It is shown that these full-physics SVs are much more relevant to severe cyclonic development than those based on dry dynamics plus boundary layer alone. The crucial extra ingredient is the representation of large-scale latent heat release. The severe winter storms all have a long, nearly straight region of high baroclinicity stretching across the Atlantic towards Europe, with a tongue of very high moisture content on its equatorward flank. In each case some of the final-time top SV structures pick out the region of the actual storm. The initial structures were generally located in the mid- to low troposphere. Forecasts based on initial conditions perturbed by moist SVs with opposite signs and various amplitudes show the range of possible 1-day outcomes for reasonable magnitudes of forecast error. In each case one of the perturbation structures gave a forecast very much closer to the actual storm than the control forecast. Deductions are made about the predictability of high-impact extratropical cyclone events. Implications are drawn for the short-range forecast problem and suggestions made for one practicable way to approach short-range ensemble forecasting. Copyright © 2005 Royal Meteorological Society.

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The task of assessing the likelihood and extent of coastal flooding is hampered by the lack of detailed information on near-shore bathymetry. This is required as an input for coastal inundation models, and in some cases the variability in the bathymetry can impact the prediction of those areas likely to be affected by flooding in a storm. The constant monitoring and data collection that would be required to characterise the near-shore bathymetry over large coastal areas is impractical, leaving the option of running morphodynamic models to predict the likely bathymetry at any given time. However, if the models are inaccurate the errors may be significant if incorrect bathymetry is used to predict possible flood risks. This project is assessing the use of data assimilation techniques to improve the predictions from a simple model, by rigorously incorporating observations of the bathymetry into the model, to bring the model closer to the actual situation. Currently we are concentrating on Morecambe Bay as a primary study site, as it has a highly dynamic inter-tidal zone, with changes in the course of channels in this zone impacting the likely locations of flooding from storms. We are working with SAR images, LiDAR, and swath bathymetry to give us the observations over a 2.5 year period running from May 2003 – November 2005. We have a LiDAR image of the entire inter-tidal zone for November 2005 to use as validation data. We have implemented a 3D-Var data assimilation scheme, to investigate the improvements in performance of the data assimilation compared to the previous scheme which was based on the optimal interpolation method. We are currently evaluating these different data assimilation techniques, using 22 SAR data observations. We will also include the LiDAR data and swath bathymetry to improve the observational coverage, and investigate the impact of different types of observation on the predictive ability of the model. We are also assessing the ability of the data assimilation scheme to recover the correct bathymetry after storm events, which can dramatically change the bathymetry in a short period of time.

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This paper deals with second-generation, one-and-a-half generation and ‘‘prolonged sojourner” Trinidadian transnational migrants, who have decided to ‘return’ to the birthplace of their parents. Based on 40 in-depth interviews, the paper considers both the positive and critical things that these youthful transnational migrants report about returning to, and living in, this multi-ethnic plural society and the salience of racial and colour-class stratification as part of their return migration experiences. Our qualitative analysis is based on the narratives provided by these youthful returnees, as relayed ‘‘in their own words”, presenting critical reflections on racism, racial identities and experiences as transnational Trinidadians. It is clear that it is contexts such as contemporary working environments, family and community that act as the reference points for the adaptation ‘‘back home” of this strongly middle-class cohort. We accordingly encounter a diverse, sometimes contesting set of racial issues that emerge as salient concerns for these returnees. The consensus is that matters racial remain as formidable legacies in the hierarchical stratification of Trinidadian society for a sizeable number. Many of our respondents reported the positive aspects of racial affirmation on return. But for another sub-set, the fact that multi-ethnic and multi-cultural mixing are proudly embraced in Trinidad meant that it was felt that return experiences were not overly hindered, or blighted by obstacles of race and colour-class. For these returnees, Trinidad and Tobago is seen as representing a 21st century ‘‘Melting Pot”. But for others the continued existence of racial divisions within society – between ethnic groups and among those of different skin shades – was lamented. In the views of these respondents, too much racial power is still ascribed to ‘near-whiteness’. But for the most part, the returnees felt that where race played a part in their new lives, this generally served to advantage them. However, although the situation in Trinidad appears to have been moderated by assumptions that it remains a racial ‘Melting Pot’, the analysis strongly suggests that the colour-class system of stratification is still playing an essential role, along with racial stereotyping in society at large.

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The establishment of the Housing and Property Directorate (HPD) and Claims Commission (HPCC) in Kosovo has reflected an increasing focus internationally on the post-conflict restitution of housing and property rights. In approximately three years of full-scale operation, the institutions have managed to make a property rights determination on almost all of the approximate 30,000 contested residential properties. As such, HPD and HPCC are being looked to by many in other post-conflict areas as an example of how to proceed. While the efficiency of the organizations is commendable, one of the key original goals - the return of displaced persons to their homes of origin - has to a large degree been left aside. The paper focuses on two distinct failures of the international community with respect to the functioning of HPD/HPCC and its possible effect on returns: a failure of coordination between HPD/HPCC and other organizations working on returns, and the isolation of residential property rights determinations from other aspects of building a property rights-respecting culture in Kosovo.