Another Look to the Price-Dividend Ratio: A Markov-Switching Approach

This paper analyzes the stationarity of this ratio in the context of a Markov-switching model à la Hamilton (1989) where an asymmetric speed of adjustment is introduced. This particular specification robustly supports a nonlinear reversion process and identifies two relevant episodes: the post-war period from the mid-50’s to the mid-70’s and the so called “90’s boom” period. A three-regime Markov-switching model displays the best regime identification and reveals that only the first part of the 90’s boom (1985-1995) and the post-war period are near-nonstationary states. Interestingly, the last part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a regime featuring a highly reverting process.

Stability of the factorial structure of metabolic syndrome from childhood to adolescence : a 6-year follow-up study

Background: Metabolic syndrome (MS) is a clustering of cardiometabolic risk factors that is considered a predictor of cardiovascular disease, type 2 diabetes and mortality. There is no consistent evidence on whether the MS construct works in the same way in different populations and at different stages in life. Methods: We used confirmatory factor analysis to examine if a single-factor-model including waist circumference, triglycerides/HDL-c, insulin and mean arterial pressure underlies metabolic syndrome from the childhood to adolescence in a 6-years follow-up study in 174 Swedish and 460 Estonian children aged 9 years at baseline. Indeed, we analyze the tracking of a previously validated MS index over this 6-years period. Results: The estimates of goodness-of-fit for the single-factor-model underlying MS were acceptable both in children and adolescents. The construct stability of a new model including the differences from baseline to the end of the follow-up in the components of the proposed model displayed good fit indexes for the change, supporting the hypothesis of a single factor underlying MS component trends. Conclusions: A single-factor-model underlying MS is stable across the puberty in both Estonian and Swedish young people. The MS index tracks acceptably from childhood to adolescence.

PICES Science: the first ten years and a look to the future

Introduction [pdf, 0.17 MB] Warren S. Wooster [pdf, 0.12 MB] PICES - the first decade, and beyond Paul H. LeBlond [pdf, 0.03 MB] The Physical Oceanography and Climate Committee: The first decade D.E. Harrison and Neville Smith [pdf, 0.04 MB] Ocean observing systems and prediction - the next ten years Tsutomu Ikeda and Patricia A. Wheeler [pdf, 0.85 MB] Ocean impacts from the bottom of the food web to the top: Biological Oceanography Committee (BIO) retrospective Timothy R. Parsons [pdf, 0.2 MB] Future needs for biological oceanographic studies in the Pacific Ocean Douglas E. Hay, Richard J. Beamish, George W. Boehlert, Vladimir I. Radchenko, Qi-Sheng Tang, Tokio Wada, Daniel W. Ware and Chang-Ik Zhang [pdf, 0.2 MB] Ten years FIS in PICES: An introspective, retrospective, critical and constructive review of fishery science in PICES Richard F. Addison, John E. Stein and Alexander V. Tkalin [pdf, 0.12 MB] Marine Environmental Committee in review Robie W. Macdonald, Brian Morton, Richard F. Addison and Sophia C. Johannessen [pdf, 1.89 MB] Marine environmental contaminant issues in the North Pacific: What are the dangers and how do we identify them? R. Ian Perry, Anne B. Hollowed and Takashige Sugimoto [pdf, 0.36 MB] The PICES Climate Change and Carrying Capacity Program: Why, how, and what next? List of acronyms [pdf, 0.07 MB] (Document contains 108 pages)

Transient Flows in Low Permeability Porous Media with Composite Start-Up Pressure Gradient

A new mathematical model for the transient flow in the composite low permeability is established. It is solved by FEM with different boundary conditions such as infinite, circular closed and constant pressure boundary conditions. The typical curves for transient wellbore pressure have been presented. It is shown that the pressure and pressure derivative curves with composite start-up pressure gradients have different slopes which are depended on the start-up pressure gradients and the mobility radios in different regions. The boundary effects are the same as the normal reservoirs without start-up pressure gradients. The study provides a new tool to analyze the transient pressure test data in the low permeability reservoir.