The trading dynamics of close-substitute futures markets : evidence of margin policy spillover effects

Volatility spillover is well documented among closely related securities. I investigate the relationship between margin policy and trading dynamics of the Nikkei 225 index futures markets of Osaka Securities Exchange (OSE) and Singapore Exchange (SGX). I find that OSE’s margin policy influences trading dynamics across both markets, although it is the less liquid SGX market that performs price discovery. This suggests that policy markers of close substitute markets should coordinate, or at least communicate policy intentions due to policy spillover. SGX’s market design facilitates price discovery, suggesting that a microstructure framework capable of overcoming the liquidity entry barrier is of interest to any futures exchange contemplating contract proliferation.

Economic linkages across commodity futures : hedging and trading implications

We investigate cross-market trading dynamics in futures contracts written on seemingly unrelated commodities that are consumed by a common industry. On the Tokyo Commodity Exchange, we find such evidence in natural rubber (NR), palladium (PA) and gasoline (GA) futures markets. The automobile industry is responsible for more than 50% of global demand for each of these commodities. VAR estimation reveals short-run cross-market interaction between NR and GA, and from NR to PA. Cross-market influence exerted by PA is felt in longer dynamics, with PA volatility (volume) affecting NR (GA) volume (volatility). Our findings are robust to lag-specification, volatility measure, and consistent with full BEKK-GARCH estimation results. Further analysis, which benchmarks against silver futures market, TOCOM index and TOPIX transportation index, confirms that our results are driven by a common industry exposure, and not a commodity market factor. A simple trading rule that incorporates short-run GA and long-run PA dynamics to predict NR return yields positive economic profit. Our study offers new insights into how commodity and equity markets relate at an industry level, and implications for multi-commodity hedging.

Differing responses to landscape change : implications for small mammal assemblages in forest fragments

Human modification of landscapes typically results in many species being confined to small, isolated and degraded habitat fragments. While fragment size and isolation underpin many studies of modified landscapes, vegetation characteristics are less frequently incorporated. The relative influence of biogeographic (e.g. size, isolation) and vegetation parameters on assemblages is poorly understood, but critical for conservation management. In this study, a multiple hypothesis testing framework was used to determine the relative importance of biogeographic and vegetation parameters in explaining the occurrence of an assemblage of small mammals in 48 forest fragments in an agricultural landscape in south-eastern Australia. Fragment size and vegetation characteristics were consistently important predictors of occurrence across species. In contrast, fragment isolation was important for just one native species. Differing abilities of species to move through the landscape provide a reasonable explanation for these results. We conclude that for effective conservation of assemblages, it is important to: (1) consider differing responses of species to landscape change, and (2) move beyond a focus primarily on spatial attributes (size, isolation) to recognise that landscape change also has profound effects on habitat composition and quality.

Ecological value of riparian zones to birds in forest landscapes

Riparian zones are a characteristic component of many landscapes throughout the world and increasingly are valued as key areas for biodiversity conservation. Their importance for bird communities has been well recognised in semi-arid environments and in modified landscapes where there is a marked contrast between riparian and adjacent non-riparian vegetation. The value of riparian zones in largely intact landscapes with continuous vegetation cover is less well understood. This research examined the importance of riparian habitats for avifauna conservation by investigating the ecological interactions contributing to the pattern of bird assemblages in riparian and adjacent non-riparian habitats. Specifically, the focus is on the bird assemblages of riparian zones and those of adjacent non-riparian vegetation types and the influence that associated differences in resource availabilities, habitat structure and conditions have on observed patterns. This study was conducted in the foothill forests of the Victorian Highlands, south-east Australia. Mixed-species eucalypt (genus Eucalyptus) forests dominate the vegetation of this region. Site selection was based on the occurrence of suitable riparian habitat interspersed within extensive, relatively undisturbed (i.e. no recent timber harvesting or fire events) forest mosaics. A series of 30 paired riparian and non-riparian sites were established among six stream systems in three forest areas (Bunyip State Park, Kinglake National Park and Marysville State Forest). Riparian sites were positioned alongside the stream and the non-riparian partner site was positioned on a facing slope at a distance of approximately 750 m. Bird surveys were carried out during 29 visits to each site between July 2001 and December 2002. Riparian sites were floristically distinct from non-riparian sites and had a more complex vegetation structure, including a mid-storey tree layer mostly absent from non-riparian sites, extensive fine litter and coarse woody debris, and dense ground-layer vegetation (e.g. sedges and ground ferns). The characteristic features of non-riparian habitats included a relatively dense canopy cover, a ground layer dominated by grasses and fine litter, and a high density of canopy-forming trees in the smaller size-classes. Riparian zones supported a significantly greater species richness, abundance and diversity of birds when compared to non-riparian habitats. The composition of bird assemblages differed significantly between riparian and non-riparian habitats, with riparian assemblages displaying a higher level of similarity among sites. The strongest contributors to observed dissimilarities between habitat types included species that occurred exclusively in either habitat type or species with large contrasts in abundance between habitat types. Much of the avifauna (36%) of the study area is composed of species that are common and widespread in south-east Australia (i.e. forest generalists). Riparian habitats were characterised by a suite of species more typical of wetter forest types in south-east Australia and many of these species had a restricted distribution in the forest mosaic. Some species (7%) occurred exclusively in riparian habitats (i.e. riparian selective species) while others (43%) were strongly linked to these habitats (i.e. riparian associated species). A smaller proportion of species occurred exclusively (2%) in non-riparian habitats (i.e. non-riparian selective species) or were strongly linked to these habitats (10%; i.e. non-riparian associated species). To examine the seasonal dynamics of assemblages, the variation through time in species richness, abundance and composition was compared between riparian and non-riparian sites. Riparian assemblages supported greater richness and abundance, and displayed less variation in these parameters, than non-riparian assemblages at all times. The species composition of riparian assemblages was distinct from non-riparian assemblages throughout the annual cycle. An influx of seasonal migrants elevated species richness and abundance in the forest landscape during spring and summer. The large-scale movement pattern (e.g. coastal migrant, inland migrant) adopted by migrating species was associated with their preference for riparian or non-riparian habitats in the landscape. Species which migrate north-south along the east coast of mainland Australia (i.e. coastal migrants) used riparian zones disproportionately; eight of eleven species were riparian associated species. Species which migrate north-south through inland Australia (i.e. inland migrants) were mostly associated with non-riparian habitats. The significant differences in the dynamics of community structure between riparian and non-riparian assemblages shows that there is a disproportionate use of riparian zones across the landscape and that they provide higher quality habitat for birds throughout the annual cycle. To examine the ecological mechanisms by which riparian assemblages are richer and support more individual birds, the number of ecological groups (foraging, nest-type and body mass groups) represented, and the species richness of these groups, was compared between riparian and non-riparian assemblages. The structurally complex vegetation and distinctive habitat features (e.g. aquatic environments, damp sheltered litter) provided in the riparian zone, resulted in the consistent addition of ecological groups to riparian assemblages (e.g. sheltered ground – invertebrates foraging group) compared with non-riparian assemblages. Greater species richness was accommodated in most foraging, nest-type and body mass groups in riparian than non-riparian assemblages. Riparian zones facilitated greater richness within ecological groups by providing conditions (i.e. more types of resources and greater abundance of resources) that promoted ecological segregation between ecologically similar species. For a set of commonly observed species, significant differences in their use of structural features, substrates and heights were registered between riparian and non-riparian habitats. The availability and dynamics of resources in riparian and non-riparian habitats were examined to determine if there is differential availability of particular resources, or in their temporal availability, throughout the annual cycle. Riparian zones supported more abundant and temporally reliable eucalypt flowering (i.e. nectar) than non-riparian habitats throughout the annual cycle. Riparian zones also supported an extensive loose bark resource (an important microhabitat for invertebrates) including more peeling bark and hanging bark throughout the year than at non-riparian sites. The productivity of eucalypts differed between habitat types, being higher in riparian zones at most times for all eucalypts combined, and for some species (e.g. Narrow-leaved Peppermint Eucalyptus radiata). Non-riparian habitats provided an abundant nectar resource (i.e. shrub flowering) at particular periods in the annual cycle. Birds showed clear relationships with the availability of specific food (i.e. nectar) and foraging resources (i.e. loose bark). The demonstration of a greater abundance of resources and higher primary productivity in riparian zones is consistent with the hypothesis that these linear strips that occupy only a small proportion of the landscape have a disproportionately high value for birds. Riparian zones in continuous eucalypt forest provide high quality habitats that contribute to the diversity of habitats and resources available to birds in the forest mosaic, with positive benefits for the landscape-level species pool. Despite riparian and non-riparian habitat supporting distinct assemblages of birds, strong linkages are maintained along the riparian-upslope gradient. Clearly, the maintenance of diverse and sustainable assemblages of birds in forest landscapes depends on complementary management of both riparian and non-riparian vegetation.

Effect of Phytophthora cinnamomi on the habitat utilization of Antechinus stuartii in a Victorian forest

Phytophthora cinnamomi (Cinnamon fungus) is a pathogenic soil fungus which infects plant communities along the south-eastern coast of Australia, and the south-western corner of Western Australia. The symptoms of this disease include chlorosis, death of branches (ie. ‘dieback’), retarded growth and the eventual death of infected plants. This leads to devastating effects upon plant communities by altering both the structural and floristic characteristics of these communities. Small mammal species are dependent on specific features of their habitat such as vegetation structure and floristics. This thesis investigated alterations to the habitat of the insectivorous marsupial mouse, Antechinus stuartii, due to the presence of P. cinnamomi. The study was undertaken in an area of an open forest in the Brisbane Ranges, Victoria. Significant changes were found in both the floristic composition and structure of the vegetation at study sites infected with P, cinnamomi, compared to uninfected sites. The habitat utilization by A. stuartii of uninfected and infected vegetation was investigated using live trapping and radio-telemetric techniques. Capture rates were higher at sites uninfected by P. cinnamomi, and both male and females selected areas free from infection. Home range areas of males were significantly larger than those of females as assessed by telemetry. Both sexes spent a high proportion of time in areas dominated by Xanthorrhoea australis (Austral grass tree). There were significant relationships between the abundance of A. stuartii and the denseness of vegetation above 1 metre in height, and in particular, the proportion of cover afforded by X. australis. There were no significant differences in the cover of Eucalyptus spp. between uninfected and infected sites, but there were significantly more nest hollows in infected areas. The abundance of invertebrates was examined using pitfall traps. There were no significant differences in the abundance of the larger invertebrate taxa at infected and uninfected sites, but higher abundances of some micro-invertebrate groups in infected areas were recorded. The most likely factors considered to be influential in the habitat selection of A. stuartii were vegetation structure, and the presence of X. australis. To assess whether these factors were important the leaves of X. australis were removed with a brushcutter, to mimic the early effects of infection with P. cinnamomi. Animals did not respond to the alteration of vegetation structure in the short term (3-4 days). Longer-term experiments are required to assess the habitat utilization of A. stuartii at different periods following habitat manipulation. The implications of the presence of P. cinnamomi on the conservation of fauna are discussed. The destructive nature of the pathogen, and the slow rate of recovery from the disease, means that P. cinnamomi can be considered a threatening process to plant communities and the fauna that reside within that habitat. Future management of this disease within natural areas must therefore be cognisant of the potential of P. cinnamomi to significantly affect faunal as well as vegetative communities.

Gap-crossing decisions of forest birds in a fragmented landscape

Habitat loss and fragmentation are recognized as primary drivers of biodiversity loss worldwide. To understand the functional effects of habitat fragmentation on bird populations, data on movement across gaps in habitat cover are necessary, although rarely available. In this study, we used call playback to simulate a conspecific territorial intruder to entice birds to move through the landscape in a predictable and directional manner. We then quantified the probability of movement in continuous forest and across cleared gaps for two forest-dependent species, the grey shrike-thrush (Colluricincla harmonica) and the white-throated treecreeper (Cormobates leucophaeus). Fifty-four playback trials were conducted for each species across distances ranging from 25 to 480 m in continuous forest and 15-260 m across gaps in a forest-agricultural landscape in southern Victoria, Australia. The probability of movement was significantly reduced by gaps in forest cover for both species. Shrike-thrushes were six times more likely to move 170 m in continuous forest than to cross 170-m gaps. The mean probability that treecreepers would cross any gap at all was less than 0.5, and they were three times less likely to move 50 m across a gap than through continuous forest. Both species displayed non-linear responses to increasing gap distance: we identified a gap-tolerance threshold of 85 m for the shrike-thrush and 65 m for the treecreeper beyond which individuals were most unlikely to cross. The presence of scattered paddock trees increased functional connectivity for the shrike-thrush, with individuals crossing up to 260 m when scattered trees were present. We conclude that gaps in habitat cover are barriers to movement, and that characteristics of the intervening matrix influence landscape permeability.

Introduction of electronic trading in index futures : volatility and volume effects

There is continuing debate in the US over full introduction of electronic trading in those index futures contracts that are still traded at the CME via open outcry. Since the late 1990s major international exchanges trading index futures contracts have converted to full electronic trading. Recent empirical studies have focused on effects on bid/ask spreads and related price volatility following these changes. We take a different approach and investigate and test for structural change in conditional volatility and volume effects following the shift to electronic trading in the Australian Share Price Index futures contract. Multiple Switching point GARCH models are employed with the data sampled at 5, 15 and 30-minute intervals from transaction records supplied by the Sydney Futures Exchange. There is significant evidence of structural changes in both the persistence of volatility shocks and simultaneous volume effects following the change to screen trading in this futures market.

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]

The temporal price relationship between the stock index futures and the underlying stock index : evidence from Malaysia

The stock index futures was introduced in Malaysia in December 1995 with the launching of the futures contract on the Kuala Lumpur Stock Exchange Composite Index. Due to its recentness in the country, many issues pertaining to this equity derivatives instrument have not been explored. Thus, the development of stock index futures opens many opportunities for research in this area. This study examines the temporal relationship between the price of the Kuala Lumpur Stock Exchange Composite Index futures contract (FKLI) and its underlying stock index, the Kuala Lumpur Stock Exchange Composite Index (KLSE CI). The five-year period under study is split into three subperiods to observe the price co-movement pattern under different volatility levels. The study finds that futures market tends to lead the spot market by one day during the periods of stable market, and there is a mixed lead-lag relationship between the two markets during the period of highly volatile market.

Are adolescents from a forest community well-informed about forest management?

The indigenous community of San Juan Nuevo Parangaricutiro in Mexico has been engaged in a successful Community Forest Enterprise employing sustainable management practices since 1981. These environmental practices do not seem to be reflected in the educational programmes developed at school. In this study, the environmental knowledge and interest of 102 students at high-school (15 to 18 years old) towards forestry management were analysed. The association between their knowledge and interests in environmental issues was also estimated. These analyses examine their interest in forest management as potential employment and the effect of the educational system on environmental learning. A combination of quantitative and qualitative methods was used. Results showed that environmental concepts were poorly understood despite their inclusion in the curriculum. Adolescents did not envisage working in the forest in the future because they showed no interest in forest activities. Educational implications and strategies to encourage adolescents to become involved in community forest management are crucial for conservation.