Long memory in return structures from developed markets

[En]The present study aimed at investigating the existence of long memory properties in ten developed stock markets across the globe. When return series exhibit long memory, the series realizations are not independent over time and past returns can help predict future returns, thus violating the market efficiency hypothesis. It poses a serious challenge to the supporters of random walk behavior of the stock returns indicating a potentially predictable component in the series dynamics. We computed Hurst-Mandelbrot’s Classical R/S statistic, Lo’s statistic and semi parametric GPH statistic using spectral regression. The findings suggest existence of long memory in volatility and random walk for logarithmic return series in general for all the selected stock market indices. Findings are in line with the stylized facts of financial time series.

Pre-construction coral survey of the M/V Wellwood Grounding Site: April 23-24, 2002

This report documents abundance and cover for selected elements of the benthic coral reef assemblage at the site of the 1984 grounding of the M/V Wellwood on Molasses Reef, Florida Keys. The purpose of the effort was to establish a pre-construction baseline before the installation of reef modules at the site. The installation process is intended to stabilize fractured substrates that were recently exposed by storm impacts, and to provide three-dimensional relief in order to enhance reef community recovery. It is hoped that the restoration effort will result in a biological assemblage with the character of the transition community that would exist there had the incident not occurred. To date, the assemblage has developed the character of a comparatively featureless hard ground similar in composition to hard ground areas and transition zones surrounding the grounding site. These data will allow scientists and resource managers to better track the trajectory of recovery following the installation of modules. Direct counts of scleractinian and gorgonian corals, hydrocorals of the genus Millepora, and zoanthids of the genus Palythoa were made in three areas within and around the grounding site. The site is poorly developed with respect to scleractinian colony size and cover compared to surrounding areas. Key scleractinian species necessary for the development of topographic relief in the area denuded by the grounding are not well represented in the current community. Though gorgonian cover and richness is similar in all study areas, gorgonian community recovery in the damaged area is not complete. Unlike surrounding areas, one species, Pseudopterogorgia americana, accounts for over half of all corals at the grounding site, over 80% of all gorgonians, and nearly all the coral cover. Based on these findings and other observations made in the 18 years since the grounding, recommendations are made that should be considered in the course of human intervention targeted at stabilizing and enhancing the site. (PDF contains 24 pages.)

Advances in Click Chemistry for Single-Chain Nanoparticle Construction

Single-chain polymeric nanoparticles are artificial folded soft nano-objects of ultra-small size which have recently gained prominence in nanoscience and nanotechnology due to their exceptional and sometimes unique properties. This review focuses on the current state of the investigations of click chemistry techniques for highly-efficient single-chain nanoparticle construction. Additionally, recent progress achieved for the use of well-defined single-chain nanoparticles in some promising fields, such as nanomedicine and catalysis, is highlighted.

Design, Construction and Testing of a Hydraulic Power Take-Off for Wave Energy Converters

This paper presents the construction, mathematical modeling and testing of a scaled universal hydraulic Power Take-Off (PTO) device for Wave Energy Converters (WECs). A specific prototype and test bench were designed and built to carry out the tests. The results obtained from these tests were used to adjust an in-house mathematical model. The PTO was initially designed to be coupled to a scaled wave energy capture device with a low speed and high torque oscillating motion and high power fluctuations. Any Energy Capture Device (ECD) that fulfils these requirements can be coupled to this PTO, provided that its scale is adequately defined depending on the rated power of the full scale prototype. The initial calibration included estimation of the pressure drops in the different components, the pressurization time of the oil inside the hydraulic cylinders and the volumetric efficiency of the complete circuit. Since the overall efficiency measured during the tests ranged from 0.69 to 0.8 and the dynamic performance of the PTO was satisfactory, the results are really promising and it is believed that this solution might prove effective in real devices.

Design and construction of portable surface aeration pump for tanks and small ponds

The maintenance of adequate dissolved oxygen level is very important in the economy of any aquaculture system. An easy to construct aerating device was created using 0.5 hp water-pump, shower rose, Styrofoam, and rubber hose. The aerator works by drawing water from below and discharging it into the atmosphere as a spray. The spray is aerated as it splashes into the water surface. The aerating device has an average spray of 1.2 unit and doubles the dissolved oxygen content of 37.8 m super(3) tank in one hour

Construction, extension and evaluation of the improved smoking kiln (Banda) in Kainji Lake area

Fish smoking, as a traditional occupation of fishermen and women in Kainji Lake Area (Nigeria) is done using simple traditional ovens called 'Banda', the fuel for the smoking being almost hundred percent dependent on wood. A simple modification was made to the traditional 'Banda' oven using a damper to prevent burning of the fish. A comparison of the improved and the traditional 'Banda' was made. The results indicate that fuel wood consumption was reduced 52 percent by using the improved 'Banda', which implied that 50 percent of fish processor's income could be saved through the adoption of this technology. The most important advantage of the improved kiln, fuel wood conservation, represents for fishers a problem of an economic importance. Whilst they are aware that it is becoming much more difficult to get the needed fuel wood, the children can still conveniently collect enough wood for both home use and processing activities. The cost of the components of the improved kiln, when compared with the traditional version may be considered quite significant, and hence the reluctance of the fish processors in constructing similar ones. Selected blacksmiths were trained to continue the fabrication of the kiln component. The training was carried out to assure that the improved kiln will be constructed even after the project will end to support the fabrication

Preliminary study on the construction and management of integrated rice-cum-fish culture system at Karabande, New Bussa

Details are given of a study carried out in Nigeria, to introduce the practice of fish-cum-rice culture, using Sarotherodon galilaeus. Two plots each measuring 360m super(2) were used for this study and were compared with the farmer's two plots measuring 300m super(2) and 350m super(2). The plots were modified and had two central canals. Rice seedlings were transplanted into the plots after 19 days using a planting distance of 20 x 20cm. Three rice seedlings were planted per hole, using rice variety FARO 40, and grown for 90 days. About 240 and 180 S. galilaeus fingerlings of mean weight of 30g and 26g were stocked in the two experimental plots, respectively. They were fed with pelleted feed of 25% C.P. and monitored for 100 days. A yield of 22.8kg was obtained in plot A while 15.66kg was obtained in plot B. A rice yield of 250kg (i.e 5 bags) was obtained in each of the plots. The results obtained were compared with plots with no fish

The integrated approach of water hyacinth control on Lake Kainji: with special regard to the design, construction and installation of a water hyacinth barrier across the River Niger

This document lists the undesirable effects of water hyacinth (Eichhornia crassipes) on fisheries in Lake Kainji (Nigeria) and the integrated Water Hyacinth Control Programme in its ongoing fisheries management and development activities on the lake. Special regard is given to the design, construction and installation of a water hyacinth barrier across the River Niger. (PDF contains 44 pages)

Adapting to climate change: Combining economics and geomorphology in coastal policy

How is climate change affecting our coastal environment? How can coastal communities adapt to sea level rise and increased storm risk? These questions have garnered tremendous interest from scientists and policy makers alike, as the dynamic coastal environment is particularly vulnerable to the impacts of climate change. Over half the world population lives and works in a coastal zone less than 120 miles wide, thereby being continuously affected by the changes in the coastal environment [6]. Housing markets are directly influenced by the physical processes that govern coastal systems. Beach towns like Oak Island in North Carolina (NC) face severe erosion, and the tax assesed value of one coastal property fell by 93% in 2007 [9]. With almost ninety percent of the sandy beaches in the US facing moderate to severe erosion [8], coastal communities often intervene to stabilize the shoreline and hold back the sea in order to protect coastal property and infrastructure. Beach nourishment, which is the process of rebuilding a beach by periodically replacing an eroding section of the beach with sand dredged from another location, is a policy for erosion control in many parts of the US Atlantic and Pacific coasts [3]. Beach nourishment projects in the United States are primarily federally funded and implemented by the Army Corps of Engineers (ACE) after a benefit-cost analysis. Benefits from beach nourishment include reduction in storm damage and recreational benefits from a wider beach. Costs would include the expected cost of construction, present value of periodic maintenance, and any external cost such as the environmental cost associated with a nourishment project (NOAA). Federal appropriations for nourishment totaled $787 million from 1995 to 2002 [10]. Human interventions to stabilize shorelines and physical coastal dynamics are strongly coupled. The value of the beach, in the form of storm protection and recreation amenities, is at least partly capitalized into property values. These beach values ultimately influence the benefit-cost analysis in support of shoreline stabilization policy, which, in turn, affects the shoreline dynamics. This paper explores the policy implications of this circularity. With a better understanding of the physical-economic feedbacks, policy makers can more effectively design climate change adaptation strategies. (PDF contains 4 pages)

Markets and microstructure

This document contains three papers examining the microstructure of financial interaction in development and market settings. I first examine the industrial organization of financial exchanges, specifically limit order markets. In this section, I perform a case study of Google stock surrounding a surprising earnings announcement in the 3rd quarter of 2009, uncovering parameters that describe information flows and liquidity provision. I then explore the disbursement process for community-driven development projects. This section is game theoretic in nature, using a novel three-player ultimatum structure. I finally develop econometric tools to simulate equilibrium and identify equilibrium models in limit order markets.

In chapter two, I estimate an equilibrium model using limit order data, finding parameters that describe information and liquidity preferences for trading. As a case study, I estimate the model for Google stock surrounding an unexpected good-news earnings announcement in the 3rd quarter of 2009. I find a substantial decrease in asymmetric information prior to the earnings announcement. I also simulate counterfactual dealer markets and find empirical evidence that limit order markets perform more efficiently than do their dealer market counterparts.

In chapter three, I examine Community-Driven Development. Community-Driven Development is considered a tool empowering communities to develop their own aid projects. While evidence has been mixed as to the effectiveness of CDD in achieving disbursement to intended beneficiaries, the literature maintains that local elites generally take control of most programs. I present a three player ultimatum game which describes a potential decentralized aid procurement process. Players successively split a dollar in aid money, and the final player--the targeted community member--decides between whistle blowing or not. Despite the elite capture present in my model, I find conditions under which money reaches targeted recipients. My results describe a perverse possibility in the decentralized aid process which could make detection of elite capture more difficult than previously considered. These processes may reconcile recent empirical work claiming effectiveness of the decentralized aid process with case studies which claim otherwise.

In chapter four, I develop in more depth the empirical and computational means to estimate model parameters in the case study in chapter two. I describe the liquidity supplier problem and equilibrium among those suppliers. I then outline the analytical forms for computing certainty-equivalent utilities for the informed trader. Following this, I describe a recursive algorithm which facilitates computing equilibrium in supply curves. Finally, I outline implementation of the Method of Simulated Moments in this context, focusing on Indirect Inference and formulating the pseudo model.