Commodity futures prices: more evidence on forecast power, risk premia and the theory of storage

In this paper, we examine the temporal stability of the evidence for two commodity futures pricing theories. We investigate whether the forecast power of commodity futures can be attributed to the extent to which they exhibit seasonality and we also consider whether there are time varying parameters or structural breaks in these pricing relationships. Compared to previous studies, we find stronger evidence of seasonality in the basis, which supports the theory of storage. The power of the basis to forecast subsequent price changes is also strengthened, while results on the presence of a risk premium are inconclusive. In addition, we show that the forecasting power of commodity futures cannot be attributed to the extent to which they exhibit seasonality. We find that in most cases where structural breaks occur, only changes in the intercepts and not the slopes are detected, illustrating that the forecast power of the basis is stable over different economic environments.

Examining second language development using event-related potentials: a cross-sectional study on the processing of gender and number agreement

This cross-sectional study examines the role of L1-L2 differences and structural distance in the processing of gender and number agreement by English-speaking learners of Spanish at three different levels of proficiency. Preliminary results show that differences between the L1 and L2 impact L2 development, as sensitivity to gender agreement violations, as opposed to number agreement violations, emerges only in learners at advanced levels of proficiency. Results also show that the establishment of agreement dependencies is impacted by the structural distance between the agreeing elements for native speakers and for learners at intermediate and advanced levels of proficiency but not for low proficiency. The overall pattern of results suggests that the linguistic factors examined here impact development but do not constrain ultimate attainment; for advanced learners, results suggest that second language processing is qualitatively similar to native processing.

The acquisition of person and number morphology within the verbal domain in Early Greek

The aim of this paper is to examine the acquisition pattern of person and number verb morphology within the generative framework and to compare the results of the analyses with previous research in Greek and other European languages. The study considers previous data on the acquisition of subject-verb agreement, and thereafter, examines the acquisition of person and number morphology in a new dataset of two monolingual Greek-speaking children. The analyses present quantitative data of accuracy of person and number marking, error data, and qualitative analyses addressing the productivity of person and number marking. The results suggest that person and number morphology is used correctly and productively from a very early age in Greek speaking children. The findings provide new insight into early Greek language acquisition and are also relevant for research in early development of languages with rich inflectional morphology.

Information strategies and the theory of the Firm

Information costs play a key role in determining the relative efficiency of alternative organisational structures. The choice of locations at which information is stored in a firm is an important determinant of its information costs. A specific example of information use is modelled in order to explore what factors determine whether information should be stored centrally or locally and if it should be replicated at different sites. This provides insights into why firms are structured hierarchically, with some decisions and tasks being performed centrally and others at different levels of decentralisation. The effects of new information technologies are also discussed. These can radically alter the patterns and levels of information costs within a firm and so can cause substantial changes in organisational structure.

Occurrence probability, width and number of steps of cusp precipitation for fully pulsed reconnection at the dayside magnetopause

We discuss the characteristics of magnetosheath plasma precipitation in the “cusp” ionosphere for when the reconnection at the dayside magnetopause takes place only in a series of pulses. It is shown that even in this special case, the low-altitude cusp precipitation is continuous, unless the intervals between the pulses are longer than observed intervals between magnetopause flux transfer event (FTE) signatures. We use FTE observation statistics to predict, for this case of entirely pulsed reconnection, the occurrence frequency, the distribution of latitudinal widths, and the number of ion dispersion steps of the cusp precipitation for a variety of locations of the reconnection site and a range of values of the local de-Hoffman Teller velocity. It is found that the cusp occurrence frequency is comparable with observed values for virtually all possible locations of the reconnection site. The distribution of cusp width is also comparable with observations and is shown to be largely dependent on the distribution of the mean reconnection rate, but pulsing the reconnection does very slightly increase the width of that distribution compared with the steady state case. We conclude that neither cusp occurrence probability nor width can be used to evaluate the relative occurrence of reconnection behaviors that are entirely pulsed, pulsed but continuous and quasi-steady. We show that the best test of the relative frequency of these three types of reconnection is to survey the distribution of steps in the cusp ion dispersion characteristics.

The growth rate and dimension theory of beta-expansions

In a recent paper of Feng and Sidorov they show that for β∈(1,(1+5√)/2) the set of β-expansions grows exponentially for every x∈(0,1/(β−1)). In this paper we study this growth rate further. We also consider the set of β-expansions from a dimension theory perspective.

A Boolean algebra and a Banach space obtained by push-out iteration

Under the assumption that c is a regular cardinal, we prove the existence and uniqueness of a Boolean algebra B of size c defined by sharing the main structural properties that P(omega)/fin has under CH and in the N(2)-Cohen model. We prove a similar result in the category of Banach spaces. (C) 2011 Elsevier B.V. All rights reserved.