A study of stock market linkages between the US and frontier countries

My dissertation investigates the financial linkages and transmission of economic shocks between the US and the smallest emerging markets (frontier markets). The first chapter sets up an empirical model that examines the impact of US market returns and conditional volatility on the returns and conditional volatilities of twenty-one frontier markets. The model is estimated via maximum likelihood; utilizes the GARCH model of errors, and is applied to daily country data from the MSCI Barra. We find limited, but statistically significant exposure of Frontier markets to shocks from the US. Our results suggest that it is not the lagged US market returns that have impact; rather it is the expected US market returns that influence frontier market returns The second chapter sets up an empirical time-varying parameter (TVP) model to explore the time-variation in the impact of mean US returns on mean Frontier market returns. The model utilizes the Kalman filter algorithm as well as the GARCH model of errors and is applied to daily country data from the MSCI Barra. The TVP model detects statistically significant time-variation in the impact of US returns and low, but statistically and quantitatively important impact of US market conditional volatility. The third chapter studies the risk-return relationship in twenty Frontier country stock markets by setting up an international version of the intertemporal capital asset pricing model. The systematic risk in this model comes from covariance of Frontier market stock index returns with world returns. Both the systematic risk and risk premium are time-varying in our model. We also incorporate own country variances as additional determinants of Frontier country returns. Our results suggest statistically significant impact of both world and own country risk in explaining Frontier country returns. Time-variation in the world risk premium is also found to be statistically significant for most Frontier market returns. However, own country risk is found to be quantitatively more important.

Pirates, exiles, and empire: English seamen, Atlantic expansion, and Jamaican settlement, 1558–1658

A life of piracy offered marginal men a profession with a degree of autonomy, despite the brand of "outlaw" and the fear of prosecution. At various times throughout history, governments and crowned heads suspended much of their piracy prosecution, licensing men to work as "privateers" for the state, supplementing naval forces. This practice has a long history, but in sixteenth-century England, Elizabeth I (1558-1603) significantly altered this tradition. Recognizing her own weakness in effectively prosecuting these men and the profit they could contribute to the government, Elizabeth began incorporating pirates into the English naval corps in peacetime—not just in war. This practice increased English naval resources, income, and presence in the emerging Atlantic World, but also increased conflict with the powerful Spanish empire. By 1605, making peace with Spain, James VI/I (1603-1625) retracted Elizabeth's privateering promotion, prompting an emigration of English seamen to the American outposts they had developed in the previous century. Now exiles, no longer beholden to the Crown, seamen reverted back to piracy. The Carolinas and Jamaica served as bases for these rover communities. In 1650, the revolutionary leader Oliver Cromwell (1649-1658) once again recognized the merits of such policies. Determined to demonstrate his authority and solidify his rule, Cromwell offered citizenship and state support to Caribbean exiles in exchange for their aiding of his navy in the taking of Spanish Jamaica. Official chartering of Port Royal, Jamaica served as reward for these men's efforts and as the culmination of a century-long cycle of piracy legislation, creating one of England's most lucrative colonies in the middle of a traditionally Spanish Caribbean empire. Through legal and diplomatic records, correspondence, and naval and demographic records from England and Spain, this dissertation explores early modern piracy/privateering policy and its impact on the development of the Atlantic World. European disputes and imperial competition converged in these piracy debates with significant consequences for the definitions of criminality and citizenship and for the development of Atlantic empire.

A complete census of Herschel-detected infrared sources within the HST Frontier Fields

We present a complete census of all Herschel-detected sources within the six massive lensing clusters of the HST Frontier Fields (HFF). We provide a robust legacy catalogue of 263 sources with Herschel fluxes, primarily based on imaging from the Herschel Lensing Survey and PEP/HerMES Key Programmes. We optimally combine Herschel, Spitzer and WISE infrared (IR) photometry with data from HST, VLA and ground-based observatories, identifying counterparts to gain source redshifts. For each Herschel-detected source we also present magnification factor (mu), intrinsic IR luminosity and characteristic dust temperature, providing a comprehensive view of dust-obscured star formation within the HFF. We demonstrate the utility of our catalogues through an exploratory overview of the magnified population, including more than 20 background sub-LIRGs unreachable by Herschel without the assistance gravitational lensing.

Frontier exploration and the North Atlantic Igneous Province : new insights from a 2.6 km offshore volcanic sequence in the NE Faroe–Shetland Basin

Peer reviewed

Frontier exploration and the North Atlantic Igneous Province : new insights from a 2.6 km offshore volcanic sequence in the NE Faroe–Shetland Basin

Peer reviewed

A Viking Age maritime haven: a reassessment of the island settlement at Beginish, Co. Kerry

The results of O'Kelly’s excavations on Beginish Island are reassessed and it is proposed that there was a long-lived settlement there that functioned as a Viking-age maritime way-station. This re-evaluation is conducted in the light of recent scholarship on the nature of Scandinavian and Hiberno-Scandinavian settlement in Ireland and, in part, is based on the finds that have emerged on Beginish since the conclusion of the excavations there. The site is considered in the context of its location on the sea route that joined Hiberno-Scandinavian Cork with Limerick, and it is suggested that other such way-stations await.

Seawater carbonate chemistry, larval settlement and growth rate during experiments with coral Porites astreoides, 2008

In response to the increases in pCO2 projected in the 21st century, adult coral growth and calcification are expected to decrease significantly. However, no published studies have investigated the effect of elevated pCO2 on earlier life history stages of corals. Porites astreoides larvae were collected from reefs in Key Largo, Florida, USA, settled and reared in controlled saturation state seawater. Three saturation states were obtained, using 1 M HCl additions, corresponding to present (380 ppm) and projected pCO2 scenarios for the years 2065 (560 ppm) and 2100 (720 ppm). The effect of saturation state on settlement and post-settlement growth was evaluated. Saturation state had no significant effect on percent settlement; however, skeletal extension rate was positively correlated with saturation state, with ~50% and 78% reductions in growth at the mid and high pCO2 treatments compared to controls, respectively.

Seawater carbonate chemistry and settlement of a spawning coral on three common species of crustose coralline algae

Concern about the impacts of ocean acidification (OA) on ecosystem function has prompted many studies to focus on larval recruitment, demonstrating declines in settlement and early growth at elevated CO2 concentrations. Since larval settlement is often driven by particular cues governed by crustose coralline algae (CCA), it is important to determine whether OA reduces larval recruitment with specific CCA and the generality of any effects. We tested the effect of elevated CO2 on the survival and settlement of larvae from the common spawning coral Acropora selago with 3 ecologically important species of CCA, Porolithon onkodes, Sporolithon sp., and Titanoderma sp. After 3 d in no-choice laboratory assays at 447, 705, and 1214 µatm pCO2, the rates of coral settlement declined as pCO2 increased with all CCA taxa. The magnitude of the effect was highest with Titanoderma sp., decreasing by 87% from the ambient to highest CO2 treatment. In general, there were high rates of larval mortality, which were greater with the P. onkodes and Sporolithon sp. treatments (~80%) compared to the Titanoderma sp. treatment (65%). There was an increase in larval mortality as pCO2 increased, but this was variable among the CCA species. It appears that OA reduces coral settlement by rapidly altering the chemical cues associated with the CCA thalli and microbial community, and potentially by directly affecting larval viability.

Settlement characteristics of quartz grains on certain sediment surface forms of tidal beaches along the Baltic and Wadden Sea

Sind in einem Sediment, das unter dem Einfluß einer Strömung abgelagert wurde, richtungsanzeigende Indikatoren vorhanden, so werden sie je nach den momentanen Bedingungen, die zur Zeit der Sedimentation herrschten, ein mehr oder weniger gutes Abbild der Strömungsverhältnisse liefern. Zahlreich sind Strömungsanzeiger organischen Ursprungs, wie z. B. Molluskenschalen u. a. Doch auch anorganische Partikel in Psephiten und Psammiten lassen häufig in ihrer Lagerung eine Abhängigkeit von der Strömungsrichtung erkennen: sie sind "geregelt". Die Autoren der verschiedenen Arbeiten, in denen Regelungen in klastischen Sedimenten untersucht wurden, gingen von der Tatsache aus, daß viele Sedimentpartikel statistisch gesehen keine Kugelform, sondern eine längliche Gestalt besitzen. Die langen Achsen dieser länglich geformten Sedimentkörner werden im folgenden als "Langachsen" bezeichnet. In Sanden sind es vor allem Quarzkörner von annähernd zylindrischer oder ellipsoidischer Form ("Langquarze"), die geeignet sind, durch die Lage ihrer Langachsen strömungsbedingte Regelungen anzuzeigen. Mit der Orientierung solcher Langquarze in marinen und fluviatilen Sanden haben sich bisher vorwiegend amerikanische Autoren befaßt. So untersuchten z. B. Dapples & Rominger (1945) die Sandsohle eines künstlichen Gerinnes. Sie stellten fest, daß die Hauptorientierungsrichtung der Langquarze mit der Strömungsrichtung des fließenden Wassers zusammenfiel. Dabei zeigte das spitze Ende tropfenförmiger ("polarer") Quarze stromab und das stumpfe Ende stromauf. Nanz (1955) maß die Langachsenrichtungen von Langquarzen in Sanden des nassen und trockenen Strandes von Texas und Florida und fand, daß sich diese Achsen vorwiegend parallel zur Auf- und Ablaufrichtung der Wellen und damit senkrecht zum Streichen der Strandlinie einregeln. Curray (1956 b) beobachtete die gleiche Regelung. Er wies ferner darauf hin, daß in Strandwällen und Strandhaken die bevorzugte Richtung der Langquarze senkrecht zum Streichen des Sedimentkörpers liegt. Zahlreiche weitere Autoren beschäftigten sich ebenfalls mit den Fragen der Langquarzregelung, so Schwarzacher (1951), Griffith & Rosenfeld (1953), Vollbrecht (1953), Rusnak (1956), Wendler (1956), Sriramadas (1957). Ganz allgemein war das Ergebnis aller dieser Untersuchungen, daß die aus einer Strömung abgelagerten Langquarze eine Regelung parallel zur Strömungsrichtung zeigen. Eigene Untersuchungen und Überlegungen ergaben, daß die bisher veröffentlichten Ergebnisse und die an sie angeschlossenen Vorstellungen z. T. bestätigt werden können, jedoch z. T. auch erheblich modifiziert werden müssen.

Defences of the Niagara Frontier (1764-1870) : An Historical Survey of Fort George, Fort Erie & Fort Mississauga

The intention of the Niagara Parks Commission to undertake restorations of Fort George, Fort Mississauga and Fort Erie has inspired this survey. The aim has not been to create an historical narrative - so many already exist - but rather to present an accurate description of the original appearance, structure and design of each of the Niagara Forts. This it is hoped may be of some practical assistance to those in charge of the actual work of restoration. In the case of Fort Mississauga which was maintained as a military post until 1857, vary complete information has been available. Fort George and Fort Erie were abandoned for military purposes after the War of 1812 and fewer plans and contemporary accounts have survived. While the work of research, involving the collection of every possible plan of the works and every drawing of their appearance as well as the piecing together of material, has been more difficult in the case of the latter forts, it is felt that the essential information has been secured. The use of a number of military terms in the description of the fortifications has been unavoidable and a glossary of these is included on page 66. The list of plans and illustrations is as complete as possible.

An overview of top-down vs. bottom-up models for informal settlement upgrading in South Africa

The paper explores informal settlement upgrading approaches in South Africa and presents a review of top-down vs. bottom-up models, using experience and lessons learned from the Durban metropolitan area. Reflections on past upgrading efforts suggest that top-down policies in South Africa have not been successful to date. By contrast, participatory techniques, such as planning activism, can be used to enhance community empowerment and a sense of local ownership. This paper reveals that although the notion of ‘bottom-up’, participatory methods for community improvement is often discussed in international development discourses, the tools, processes and new knowledge needed to ensure a successful upgrade are under-utilised. Participation and collaboration can mean various things for informal housing upgrading and often the involvement of local communities is limited to providing feedback in already agreed development decisions from local authorities and construction companies. The paper concludes by suggesting directions for ‘co-producing’ knowledge with communities through participatory, action-research methods and integrating these insights into upgrading mechanisms and policies for housing and infrastructure provision. The cumulative impacts emerging from these approaches could aggregate into local, regional, and national environmental, social and economic benefits able to successfully transform urban areas and ensure self-reliance for local populations.