Pilot investigation of remote sensing for intertidal oyster mapping in coastal South Carolina: a methods comparison

South Carolina’s oyster reefs are a major component of the coastal landscape. Eastern oysters Crassostrea virginica are an important economic resource to the state and serve many essential functions in the environment, including water filtration, creek bank stabilization and habitat for other plants and animals. Effective conservation and management of oyster reefs is dependent on an understanding of their abundance, distribution, condition, and change over time. In South Carolina, over 95% of the state’s oyster habitat is intertidal. The current intertidal oyster reef database for South Carolina was developed by field assessment over several years. This database was completed in the early 1980s and is in need of an update to assess resource/habitat status and trends across the state. Anthropogenic factors such as coastal development and associated waterway usage (e.g., boat wakes) are suspected of significantly altering the extent and health of the state’s oyster resources. In 2002 the NOAA Coastal Services Center’s (Center) Coastal Remote Sensing Program (CRS) worked with the Marine Resources Division of the South Carolina Department of Natural Resources (SCDNR) to develop methods for mapping intertidal oyster reefs along the South Carolina coast using remote sensing technology. The objective of this project was to provide SCDNR with potential methodologies and approaches for assessing oyster resources in a more efficiently than could be accomplished through field digitizing. The project focused on the utility of high-resolution aerial imagery and on documenting the effectiveness of various analysis techniques for accomplishing the update. (PDF contains 32 pages

Weak-form Efficient Market Hypothesis, Behavioural Finance and Episodic Transient Dependencies: The Case of the Kuala Lumpur Stock Exchange

This study utilizes the windowed-test procedure of Hinich and Patterson (1995) to examine the data generating process of KLSE CI returns series. Unlike previous studies, the present one relates the evidence to the popular weak-form EMH and behavioural finance, with the hope of offering some plausible explanations to the controversy arises between these two camps. Our econometrics results indicate that linear and non-linear dependencies play a significant role in the underlying data generating process. However, these dependencies are not stable as the results suggest that they are episodic and transient in nature. Along the line of our interpretations, we are able to offer some plausible explanations as to why weak-form EMH generally holds in KLSE, though the presence of linear and non-linear dependencies implies the potential of returns predictability. Specifically, these significant dependencies show up at random intervals for a brief period of time but then disappear again before they can be exploited by investors. Looking from a micro perspective, we are able to rationalize the co-existence of weak-form EMH and behavioural finance in KLSE when the statistical properties of random walk, linear and non-linear dependencies, which also co-exist in the time domain, are interpreted in the framework of information arrival and market reactions to that information.Data generating process; Weak-form EMH; Behavioural finance; Kuala Lumpur Stock Exchange; Malaysia.