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.

Analysis of fish diversion efficiency and survivorship in the fish return system at San Onofre Nuclear Generating Station

This study examined the efficiency of fish diversion and survivorship of diverted fishes in the San Onofre Nuclear Generating Station Fish Return System in 1984 and 1985. Generally, fishes were diverted back to the ocean with high frequency, particularly in 1984. Most species were diverted at rates of 80% or more. Over 90% of the most abundant species, Engraulis mordax, were diverted. The system worked particularly well for strong-swimming forms such as Paralobrax clothratus, Atherinopsis californiensis, and Xenistius californiensis, and did not appreciably divert weaker-swimming species such as Porichthys notatus, Heterostichus rostratus, and Syngnathus sp. Return rates of some species were not as high in 1985 as in 1984. Individuals of most tested species survived both transit through the fish return system and 96 hours in a holding net. Some species, such as E. mordox, X. californiensis, and Umbrina roncador, experienced tittle or no mortality. Survivorship of Seriphus politus was highly variable and no Anchoa delicatissima survived. (PDF file contains 22 pages.)

Testicular development in migrant and spawning bluefin tuna (Thunnus thynnus (L.)) from the eastern Atlantic and Mediterranean

Testis histological structure was studied in bluefin tuna (Thunnus thynnus) from the eastern Atlantic and Mediterranean during the reproductive season (from late April to early June). Testicular maturation was investigated by comparing samples from bluefin tuna caught on their eastward reproductive migration off Barbate (Strait of Gibraltar area) with samples of bluefin tuna fished in spawning grounds around the Balearic Islands. Histological evaluations of cross sections showed that the testis consists of two structurally different regions, an outer proliferative region where germ cells develop synchronously in cysts, and a central region made up of a well-developed system of ducts that convey the spermatozoa produced in the proliferative region to the main sperm duct. Ultrastructural features of the different stages of the male germ cell line are very similar to those described in other teleost species. The bluefin tuna testis is of the unrestricted spermatogonial testicular type, where primary spermatogonia are present all along the germinative portion of the lobules. All stages of spermatogenesis were present in the gonad tissue of migrant and spawning bluefin tuna, although spermatids were more abundant in spawning fish. The testis size was found to increase by a factor of four (on average) during migration to the Mediterranean spawning grounds, whereas the fat bodies (mesenteric lipid stores associated with the gonads) became reduced to half their weight, and the liver mass did not change significantly with sexual maturation. Linear regression analysis of the pooled data of migrant and spawning bluefin tuna revealed a significant negative correlation between the gonad index (IG) and the fat tissue index (IF), and a weaker positive correlation between the gonad index (IG) and the liver index (IL). Our analyses indicate that the liver does not play a significant role in the storage of lipids and that mesenteric lipid reserves constitute an important energy source for gametogenesis in bluefin tuna.

Estimating long-term growth-rate changes of southern bluefin tuna (Thunnus maccoyii) from two periods of tag-return data

Southern bluefin tuna (SBT) (Thunnus maccoyii) growth rates are estimated from tag-return data associated with two time periods, the 1960s and 1980s. The traditional von Bertalanffy growth model (VBG) and a two-phase VBG model were fitted to the data by maximum likelihood. The traditional VBG model did not provide an adequate representation of growth in SBT, and the two-phase VBG yielded a significantly better fit. The results indicated that significant change occurs in the pattern of growth in relation to a VBG curve during the juvenile stages of the SBT life cycle, which may be related to the transition from a tightly schooling fish that spends substantial time in near and surface shore waters to one that is found primarily in more offshore and deeper waters. The results suggest that more complex growth models should be considered for other tunas and for other species that show a marked change in habitat use with age. The likelihood surface for the two-phase VBG model was found to be bimodal and some implications of this are investigated. Significant and substantial differences were found in the growth for fish spawned in the 1960s and in the 1980s, such that after age four there is a difference of about one year in the expected age of a fish of similar length which persists over the size range for which meaningful recapture data are available. This difference may be a density-dependent response as a consequence of the marked reduction in the SBT population. Given the key role that estimates of growth have in most stock assessments, the results indicate that there is a need both for the regular monitoring of growth rates and for provisions for changes in growth over time (possibly related to changes in abundance) in the stock assessment models used for SBT and other species.

Production and economic return in pangasiid catfish (Pangasius hypophthalmus) monoculture and polyculture with silver carp (Hypophthalmichthys molitrix) in farmers' ponds

The production of fish and net economic return in pangasiid catfish (Pangasius hypophthalmus) monoculture and polyculture with silver carp (Hypophthalmichthys molitrix) in farmers' ponds were assessed. The experiment was arranged in three treatments each with three replications. The ponds were stocked with 30,000 fishes per hectare. In treatment 1 (T1) pangasiid catfish only, in treatment 2 (T2) pangasiid catfish and silver carp at the ratio of 1:1, and in treatment 3 (T3) pangasiid catfish and silver carp at the ratio of 2:1 were stocked. At harvest, production of fish was found significantly (p<0.05) different among the treatments, highest in T1 and lowest in T2. Though the total biomass production and total economic return was significantly highest in T1 than in T2 and T3, the net economic return was lowest because of the required highest input costs especially for supplemental feed and fingerlings, resulted the highest cost per unit yield (CPY in Tk/kg) in T1. Highest cost for supplemental feed required in T1 was due to highest quantity of feed required for the highest number of pangasiid catfish stocked in that treatment. The findings of the present study suggest that though monoculture of pangasiid catfish give higher fish biomass production but polyculture with silver carp is environmentally good and economically profitable.

Development and evaluation of an alternative method for processing elastic-lidar return signals

A method for interpreting elastic-lidar return signals in heavily-polluted atmospheres is presented. It is based on an equation derived directly from the classic lidar equation, which highlights gradients of the atmospheric backscattering properties along the laser optical path. The method is evaluated by comparing its results with those obtained with the differential absorption technique. The results were obtained from locating and ranging measurements in pollutant plumes and contaminated environments around central México. © World Scientific Publishing Company.

Scoping study on migrant fishers and transboundary fishing in the Bay of Bengal

This study assesses the issue of migratory and transboundary fishing. It explores working conditions on fishing vessels operating outside national waters together with issues pertaining to rights and extent of use of legal and illegal foreign labour. The report also provides recommendations for action and further research.

A 4 GHz non-resonant clock driver with inductor-assisted energy return to power grid

Power consumption of a multi-GHz local clock driver is reduced by returning energy stored in the clock-tree load capacitance back to the on-chip power-distribution grid. We call this type of return energy recycling. To achieve a nearly square clock waveform, the energy is transferred in a non-resonant way using an on-chip inductor in a configuration resembling a full-bridge DC-DC converter. A zero-voltage switching technique is implemented in the clock driver to reduce dynamic power loss associated with the high switching frequencies. A prototype implemented in 90 nm CMOS shows a power savings of 35% at 4 GHz. The area needed for the inductor in this new clock driver is about 6% of a local clock region. © 2006 IEEE.