Fowl play and the price of petrel: long-living Procellariiformes have peroxidation-resistant membrane composition compared with short-living Galliformes

The membrane pacemaker hypothesis predicts that long-living species will have more peroxidation-resistant membrane lipids than shorter living species. We tested this hypothesis by comparing the fatty acid composition of heart phospholipids from long-living Procellariiformes (petrels and albatrosses) to those of shorter living Galliformes (fowl). The seabirds were obtained from by-catch of commercial fishing operations and the fowl values from published data. The 3.8-fold greater predicted longevity of the seabirds was associated with elevated content of peroxidation-resistant monounsaturates and reduced content of peroxidation-prone polyunsaturates and, consequently, a significantly reduced peroxidation index in heart membrane lipids, compared with fowl. Peroxidation-resistant membrane composition may be an important physiological trait for longevous species.

A model of price discovery and market design : theory and empirical evidence

An essential function of derivative markets is price discovery. A model is proposed to incorporate a comprehensive dynamic interaction between price size coordinates of orders and trades. An example of application of the model and its effect on price discovery is discussed.

Floor trading and screen trading : distinctions for practitioners

The creation of an electronic limit order book is discussed as the basis for distinguishing between the floor trading and screen trading of derivative instruments. Distinguishing between FTP and ETP in terms of market transparency allows investors to contemplate the trade-off between the 2 platforms. Distinguishing between FTP and ETP in terms of memory preservation allows practitioners to contemplate the different experiences when analyzing floor data and screen data. A comparable set of floor and screen data is used to examine the impact on the trading dynamics and price discovery of LIFFE's FTSE 100 index futures market when trading is automated on LIFFE CONNECT. The dynamics in the quote change equation is shortened when moving from the floor to screen sample. Using the model's measure of trade informativeness, it is found that in 4 out of 5 daily sub-samples, screen trades are more than twice as informative as floor trades. Variability within a system of equations is explained more by order size history than trade size history.

Measuring the summary informativeness of orders and trades

Improved preservation of order flow history from the automation of derivative trading platforms suggests that traders are potentially learning from the recent history of both order and trade parameters. Consequently, a model to measure price discovery should encapsulate the dynamic interaction between the price-size coordinates of orders and trades. The Hasbrouck (1991) model is extended to measure the summary informativeness of order size and trade size. The two models are used to test for price discovery improvements in the FTSE 100 index futures market from order flow consolidation post deletion of its E-mini counterpart. The informativeness of trades has declined sharply, while the informativeness of orders has risen significantly in the post deletion sample.

Modelling Fiji-US exchange rate volatility

In this article, we examine the Fiji-US exchange rate volatility using daily data for the period 2000 to 2006. Our modelling framework is based on the EGARCH model. We find robust evidence of conditional shocks having a positive effect on exchange rate volatility, shocks having asymmetric effects on exchange rate volatility and shocks having a transitory effect on exchange rate volatility.

Common industry exposure in seemingly unrelated commodities

We propose and document robust evidence of cross-market return, volatility, and volume interactions among futures contracts written seemingly unrelated commodities exposed to a common industry. On the Tokyo Commodity Exchange, we find such evidence in natural rubber (NR), aluminum (AL) and gasoline (GA) futures markets, which are complementary commodities heavily consumed by Japan's automobile industry. Our VAR results indicate that (i) for shorter dynamics, NR and GA volatility both influence AL volatility; GA volume affects NR volatility and volume; the GA market is immune to both NR and AL trading activities; (ii) for longer dynamics, AL volume affects both NR volume and GA volatility; NR volume influences GA volume. These results are robust to lag-specifications, volatility measures and are consistent with full BEKK-GARCH estimates. Further analysis using the silver contract, TOCOM and TOPIX transportation indices, shows that a commodity market factor cannot explain our result. Our results offer insights into how commodity and equity markets relate at an industry level.

East Timor : the price of liberty

This book is based on extensive research and regaulr visits to East Timor since 1995. It considers the trials that the people of East Timor have undergone in their long struggle for independence, and issues that have arisen out of independence. This account places East Timor within the context of other post-colonial states, noting the problems that most of them have faced in coming to grips with their new-found freedoms, and how they have managed, or mismanaged, such freedoms. It also traces the themes and issues within the independence movement, noting how these have contibuted to post-independence outcomes, in particular the poltiical tensions that almost saw East Timor collapse as a viable state in 2006. The books concludes with an assessment of the 2007 elections which, depsite some post-election violence, saw the consolidation of democratic processes in East Timor, and which marked it as having a brighter future in this one critical respect.

Bachelor of learning management initiatives : preferred and actual futures

It is argued in this chapter that we live in the knowledge economy, a term coined by the Organisation for Economic Co-Operation and Development in a report entitled The Knowledge Based Economy (1996). According to this report, the economy has become a hierarchy of networks fuelled by the rapid rate of change in all aspects of life, including learning, which in turn has compressed the world, encouraging the merging of the world's economic and cultural systems. Contemporary economic and social contexts coupled with competing perspectives on the "future" place significant demands upon educators and educational leaders who are increasingly expected to act in futures-oriented ways whilst also remaining true to the professional standards of their present environments (Faculty of Education and Creative Arts, 2003). In response to these issues and internal organisational reviews of Central Queensland University, the revision and renewal of a number of degrees currently being offered by the Faculty of Arts, Humanities and Education have become increasingly necessary. The Bachelor of Learning Management (BLM) is one program that is claimed to be a new and innovative pre-service teaching degree. This chapter explores a project that was undertaken to investigate current student perceptions of the extent to which the BLM has met these claims. Of particular interest was, firstly, student satisfaction with and achievement in the degree and, secondly, the extent to which the BLM has managed to broker the change needed to deliver the required client outcomes. [ABSTRACT FROM AUTHOR]