The Effect of Agricultural Zoning on Land Prices, Quebec, 1975-1981

Dans Ce Texte Nous Examinons les Effets de la Loi du Zonage Agricole du Quebec, Proclame En Decembre 1978 Sur le Prix du Sol Dans une Banlieu de Montreal. a L'aide de Donnees Sur les Transactions Normales Faites a Carignan et Saint-Mathias de 1975 a 1981, Nous Estimons, a L'aide des Moindres Carrees Ordinaires, une Equation de Determination du Prix Par Acre Avec Comme Variables Independantes la Dimension du Lot, la Distance de Montreal, les Services Disponibles (Egouts,...) et le Zonage Agricole (Ou Non) du Sol. Nos Resultats Nous Indiquent Que le Zonage Agricole Reduit le Prix D'un Acre de Sol.

Explaining the Persistence of Commodity Prices

This paper extends the Competitive Storage Model by incorporating prominent features of the production process and financial markets. A major limitation of this basic model is that it cannot successfully explain the degree of serial correlation observed in actual data. The proposed extensions build on the observation that in order to generate a high degree of price persistence, a model must incorporate features such that agents are willing to hold stocks more often than predicted by the basic model. We therefore allow unique characteristics of the production and trading mechanisms to provide the required incentives. Specifically, the proposed models introduce (i) gestation lags in production with heteroskedastic supply shocks, (ii) multiperiod forward contracts, and (iii) a convenience return to inventory holding. The rational expectations solutions for twelve commodities are numerically solved. Simulations are then employed to assess the effects of the above extensions on the time series properties of commodity prices. Results indicate that each of the features above partially account for the persistence and occasional spikes observed in actual data. Evidence is presented that the precautionary demand for stocks might play a substantial role in the dynamics of commodity prices.

Sampling Interval and estimated Betas : Implications for the Presence of Transitory Components in Stock Prices

We provide a theoretical framework to explain the empirical finding that the estimated betas are sensitive to the sampling interval even when using continuously compounded returns. We suppose that stock prices have both permanent and transitory components. The permanent component is a standard geometric Brownian motion while the transitory component is a stationary Ornstein-Uhlenbeck process. The discrete time representation of the beta depends on the sampling interval and two components labelled \"permanent and transitory betas\". We show that if no transitory component is present in stock prices, then no sampling interval effect occurs. However, the presence of a transitory component implies that the beta is an increasing (decreasing) function of the sampling interval for more (less) risky assets. In our framework, assets are labelled risky if their \"permanent beta\" is greater than their \"transitory beta\" and vice versa for less risky assets. Simulations show that our theoretical results provide good approximations for the means and standard deviations of estimated betas in small samples. Our results can be perceived as indirect evidence for the presence of a transitory component in stock prices, as proposed by Fama and French (1988) and Poterba and Summers (1988).

Books and reading; by Brother Azarias of the Brothers of the Christian schools

UANL

Literary meals in Canada : the Food/books of Austin Clarke, Hiromi Goto, Tessa McWatt and Fred Wah

Literary Meals in Canada étudie Pig Tails ’n Breadfruit d'Austin Clarke, Chorus of Mushrooms et The Kappa Child de Hiromi Goto, This Body de Tessa McWatt, ainsi que Diamond Grill de Fred Wah. Cette thèse entreprend d’établir la signification de la nourriture dans ces récits, ce qu'elle permet aux auteur(e)s d'exprimer par rapport à divers thématiques—les structures sociales, la culture, le langage, ou encore la subjectivité—et comment ils/elles établissent des connexions entre elles, et quelles conclusions ils/elles en tirent. En d'autres termes, cette thèse s'interroge sur les stratégies utilisées par ces auteur(e)s lorsqu'ils écrivent de la “nourritéra-ture.” Ma lecture de ces oeuvres est aussi ancrée au sein d'une conversation sur la nourriture au sens large: que ce soit dans les cercles académiques, dans les supermarchés, par l'intermédiaire des étiquettes, ou dans les médias. J'examine comment mon corpus littéraire répond, infirme, ou confirme les discours actuels sur la nourriture. Divisé en quatre chapitres—Production, Approvisionnement, Préparation, et Consommation—ce mémoire précise la signification du “literary supermarket” de Rachel Bowlby, en s'appuyant sur les travaux de Michael Pollan et Hiromi Goto; compare la haute cuisine d'Escoffier à la “hot-cuisine” d'Austin Clarke; recherche les connections entre l’acte de faire la cuisine et celui de l’écrire chez Luce Giard, Austin Clarke, et Fred Wah; confronte les préceptes d'Emily Post concernant les bonnes manières de la table à la cacophonie et aux bruits de mastication chez Hiromi Goto; et relie Tessa McWatt et Elspeth Probyn qui partagent, toutes deux, un intérêt et une approche à la sustentation des corps. Les textes qui composent ce corpus sont des “foodbooks” (“aliment-textes”). La nourriture, et les différentes activités qui y sont associées, y est transcrite. C’est pourquoi cette thèse accorde une grande importance aux particularités de ce moyen d'expression.

Predictability Of Share Prices In India: A Study Of The Applicability Of Technical Analysis

In spite of the far longed practices of technical analysis by many participants in Indian stock market, none have arrived at the exact position of technical analysis as a tool for foretelling share prices. There is no evidence supporting that one has established its definite role in predicting the behaviour of share price and also to see the extent of validity (how far reliable) of technical tools in Indian stock market. The problem is the vacuum in the arena of securities market analysis where an unrecognised tool is practised, i.e., whether to hold on to technical analysis or to drop it. Again, as already stated in this chapter, its validity need not continue forever. It may become futile as happened in developed markets. Continuous practice of a tool, which is valid only during discontinuous times is also an error. The efficacy of different market phenomena in terms of their ability to foretell the extent and direction of the price movements and reliability thereof remain as not yet proved in. This requires further study in this area so that this controversy may be settled. A solution to the problem requires enquiring and establishing the applicability of technical analysis, if any, there is in the Indian stock market. The study has the following two broad objectives for the purpose of confirming the applicability, if any, of technical analysis in the Indian stock market. The first objective is to ascertain the current validity of ‘traditional holding with respect to patterns’ and the second objective is to ascertain the ‘consistent superiority’, if any, of technical indicators over non-signal strategies in return generation. The study analyses the five patterns, which are widely known and commonly found in publications. They are: (1) Symmetrical Triangles, (2) Rising Wedges, (3) Falling Wedges, (4) Head and Shoulders Top and (5) Head and Shoulders Bottom.