A Revised Trade-to-Trade Model for All Levels of Trading Thinness in Event Studies

This paper offers an improvement to the trade-to-trade model for event studies. While the trade-to- trade model of Maynes and Rumsey (1993) addresses the problem of thin trading by eliminating periods in which no trading is recorded, the proposed improvement addresses the influence of zero-value returns resulting from liquidity trading. This entails segmentation by the sign of company returns (positive, negative, zero). The approach allows for all levels of thinness in security trading. It is evaluated against the trade-to-trade methodology developed by Maynes and Rumsey (1993) and the Market Model using Monte Carlo simulations developed from the method of Brown and Warner (1980 and 1985). The improved trade-to-trade model is better at picking up the presence of very small levels of abnormal performance

Mating Choice in Crosses between Geographic Populations of Drosophila pseudoobscura.

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An analysis of Australia's carbon pollution reduction scheme

The authors review the decision-making since the Labour Government came into office (November 2007). The Australian Government’s ‘Carbon Pollution Reduction Scheme’ White Paper (15 December 2008) proposes that an Australian Emissions Trading Scheme (AETS) be implemented in mid-2010. Acknowledging that the scheme is comprehensive, the paper finds that in many cases, Australia will take a softer approach to climate change through the AETS than the European Union ETS(EUETS). The paper assesses key issues in the White Paper such as emissions reduction targets, GHG coverage, sectoral coverage, inclusion of unlimited quantities of offsets from Kyoto international markets and exclusion of deforestation activities

General relativistic Sagnac formula revised

The Sagnac effect is a time or phase shift observed between two beams of light traveling in opposite directions in a rotating interferometer. We show that the standard description of this effect within the framework of general relativity misses the effect of deflection of light due to rotational inertial forces. We derive the necessary modification and demonstrate it through a detailed analysis of the square Sagnac interferometer rotating about its symmetry axis in Minkowski space-time. The role of the time shift in a Sagnac interferometer in the synchronization procedure of remote clocks as well as its analogy with the Aharanov-Bohm effect are revised.Comment: 11 pages, 3 figure

Switching model with two habitats and a predator involving group defence

Switching model with one predator and two prey species is considered. The prey species have the ability of group defence. Therefore, the predator will be attracted towards that habitat where prey are less in number. The stability analysis is carried out for two equilibrium values. The theoretical results are compared with the numerical results for a set of values. The Hopf bifuracation analysis is done to support the stability results

High-Spin Stretched States in Nuclei Excited via (p,n) Reactions

This research was sponsored by the National Science Foundation Grant NSF PHY 87-1440

Trade uncertainty and the two-step procedure: The choice of numeraire and exact indexation

In a small open economy it is optimal to first maximize national income and second choose the best consumption point. The same two-step procedure under (quantitative) uncertainty is suboptimal if one of the goods is used as numéraire. Optimality is restored however, if nominal prices are deflated by the exact price index. Hence there is equivalence between the appropriate two-step procedure and the introduction of a stock market under uncertainty (Diamond 1967) under ideal circumstances