Issues In Stock Index Futures Introduction And Trading. Evidence From The Malaysian Index Futures Market.

This paper examines several issues related to the introduction and trading of stock index futures contracts in Malaysia. Issues related to volatility, pricing efficiency, systematic patterns and lead-lag relationships are examined. These issues were studied by way of addressing six research questions. We use two data sets. First, daily price data for 4 years and 2 years respectively for stock and futures markets and second, intraday, 15 minute interval data for 43 days (2 months) of futures trading. Based on our results, we find no evidence of any increase in the volatility of the underlying market following futures introduction. If anything, the one year period following futures introduction had lower volatility. Intermarket comparison showed futures volatility to be higher. No evidence of any expiration day effect was found. We find frequent mispricing, with most of it being underpricing. Including transaction costs showed very little mispricing. Analysis of the 15 minute intraday data showed clear evidence of an overall U-shape in futures volume and volatility. However, a minor third peak at reopening following lunch break was also evident. We find no evidence of a lead-lag relationship, rather a contemporaneous one. Both markets appear to react simultaneously to information arrival.Impact of the introduction of Stock Index Futures Contracts on the underlying equity market

Heads we win, tails you lose: Is there equity in Islamic equity funds?

We made the first estimate of the proportion of fund alpha statistically attributable to luck rather than skill for a sample of Malaysian Islamic equity funds. Broadly, the funds do not outperform market benchmarks. In the limited instances where performance is superior, based on a contemporary methodology, as much as 47% of the observed positive fund alpha is statistically attributable to luck. Thus, at 5% significance level, we find only 1.95% of our funds to be genuinely skilled. Our findings raise questions regarding the equitability of these funds levying fixed fees, making a case for potential innovation in fund remuneration structure

Effect of stripe clearing on 4 grasses species and 2 broadleaves of caldenal

En la Región del Espinal, Distrito del Caldén, en la provincia de San Luis existe un fuerte proceso de agriculturización con la consecuente pérdida de remanentes de bosque nativo, peligro de conservación de especies nativas e invasión de especies exóticas. El objetivo del presente trabajo fue evaluar el efecto del desmonte en franjas sobre 6 especies del caldenal (4 gramíneas y 2 latifoliadas). El estudio se realizó en un campo a 15 km. al norte de la ciudad de Villa Mercedes (San Luis), sometido a un desmonte en franjas para uso agrícola en el año 2003. En 5 sitios ubicados en franjas remanentes de bosque nativo y 5 en bosque nativo sin desmonte, se trazaron transectas de 39 m de longitud, dirección NS y a lo largo de la misma se registraron las especies presentes en 14 unidades de muestreo de 1 m2. Los datos se analizaron utilizando IBM SPSS Statistics 19, mediante Métodos No Paramétricos, U de Mann-Whitney. El análisis estadístico mostró diferencias significativas (p<0.05) en Digitaria californica, Pappophorum pappiferum, Salsola kali y Cestrum parqui. El estudio demostró que el cultivo entre franjas de bosque nativo produjo un cambio en la frecuencia de poáceas nativas y de latifoliadas.In the region of “Espinal”, Calden Distrct in the province of San Luis there is a strong agriculturization process with the consequent loss of native forest remnants, conserving endangered native species and invasion of exotic species. The aim of this study was to evaluate the effect of the stripe clearing on 6 species of caldenal (4 grasses and 2 broa- dleaves). The study was conducted in a field 15 km to the north of the city of Villa Mercedes (San Luis), subjected to a strip-clearing for agricultural use, in the year 2003. On 5 sites into native forest remnants stripes and 5 into without clearing native forest, 39 m long tran- sects were laid, N-S direction, and along the same were recorded the presente species in 14 sampling units of 1 m2. Data were analyzed by IBM SPSS Statistics 19, through non- parametric methods, Mann-Whitney U. Statistical analysis showed significant differences (p <0.05) in Digitaria californica, Pappophorum pappiferum, Salsola kali and Cestrum par- qui. The study showed that the cultivation of native forest between stripes was a change in the frequency of native grasses and broadleaves.Fil: Ruiz, O. M.. Universidad Nacional de San Luis; Argentina;Fil: Luna, H. R.. Universidad Nacional de San Luis; Argentina;Fil: Bacha, Emmanuel Fernando. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico - CONICET - San Luis; Argentina; Universidad Nacional de San Luis; Argentina;Fil: Pedranzani, H.. Universidad Nacional de San Luis; Argentina;Fil: Gabutti, E.G.. Universidad Nacional de San Luis; Argentina

Issues In Stock Index Futures Introduction And Trading. Evidence From The Malaysian Index Futures Market.

This paper examines several issues related to the introduction and trading of stock index futures contracts in Malaysia. Issues related to volatility, pricing efficiency, systematic patterns and lead-lag relationships are examined. These issues were studied by way of addressing six research questions. We use two data sets. First, daily price data for 4 years and 2 years respectively for stock and futures markets and second, intraday, 15 minute interval data for 43 days (2 months) of futures trading. Based on our results, we find no evidence of any increase in the volatility of the underlying market following futures introduction. If anything, the one year period following futures introduction had lower volatility. Intermarket comparison showed futures volatility to be higher. No evidence of any expiration day effect was found. We find frequent mispricing, with most of it being underpricing. Including transaction costs showed very little mispricing. Analysis of the 15 minute intraday data showed clear evidence of an overall U-shape in futures volume and volatility. However, a minor third peak at reopening following lunch break was also evident. We find no evidence of a lead-lag relationship, rather a contemporaneous one. Both markets appear to react simultaneously to information arrival

A Novel Restorative Pulmonary Valve Conduit : early Outcomes of Two Clinical Trials

Objectives: We report the first use of a biorestorative valved conduit (Xeltis pulmonary valve-XPV) in children. Based on early follow-up data the valve design was modified; we report on the comparative performance of the two designs at 12 months post-implantation. Methods: Twelve children (six male) median age 5 (2 to 12) years and weight 17 (10 to 43) kg, had implantation of the first XPV valve design (XPV-1, group 1; 16 mm (n = 5), and 18mm (n = 7). All had had previous surgery. Based on XPV performance at 12 months, the leaflet design was modified and an additional six children (five male) with complex malformations, median age 5 (3 to 9) years, and weight 21 (14 to 29) kg underwent implantation of the new XPV (XPV-2, group 2; 18 mm in all). For both subgroups, the 12 month clinical and echocardiographic outcomes were compared. Results: All patients in both groups have completed 12 months of follow-up. All are in NYHA functional class I. Seventeen of the 18 conduits have shown no evidence of progressive stenosis, dilation or aneurysm formation. Residual gradients of >40 mm Hg were observed in three patients in group 1 due to kinking of the conduit (n = 1), and peripheral stenosis of the branch pulmonary arteries (n = 2). In group 2, one patient developed rapidly progressive stenosis of the proximal conduit anastomosis, requiring conduit replacement. Five patients in group 1 developed severe pulmonary valve regurgitation (PI) due to prolapse of valve leaflet. In contrast, only one patient in group 2 developed more than mild PI at 12 months, which was not related to leaflet prolapse. Conclusions: The XPV, a biorestorative valved conduit, demonstrated promising early clinical outcomes in humans with 17 of 18 patients being free of reintervention at 1 year. Early onset PI seen in the XPV-1 version seems to have been corrected in the XPV-2, which has led to the approval of an FDA clinical trial

Gradiente de pastoreo bovino desde la aguada según la permanencia animal en Digitaria eriantha diferida

3 sectors were defined with different intensity of disturbance in a paddock of Digitaria eriantha, by georeferenced positions of a cow. Fecal abundance into 9 squares sampling sites of 144 m2 and coverage of Digitaria and native winter species before and after grazing period, in 3 permanent transects 10 m long by sector, were registered. To summarize the information of vegetation, INTECO was applied and forage availability was estimated in 9 samples of 0.5 m2 by sector. Fecal concentration gradually decreased getting away from the watering point. Digitaria coverage and forage availability after grazing period decreased in the 3 sectors, while in winter species just did it in nearby "C" and medium "M". The forage condition established by INTECO decreased one category after grazing period for sectors "C" and "M", in "L" (far) show a greater impact due to the entry of external animals. The geoposition of grazing animals lets to define a grazing gradient, and the studied variables support this effect. The position of grazing animals allows to define a grazing gradient, and the studied variables support this effect. The identification of grazing gradient regard to the watering point is paramount to improve the design of paddocks and water distribution, to enhance the efficiency of forage harvest.Se delimitaron 3 sectores con distinta intensidad de disturbio en un potrero de Digitaria eriantha, mediante la localización georeferenciada de una vaca de cría. Se registraron las heces presentes en 9 cuadros de muestreo de 144 m2 y cobertura de digitaria e invernales forrajeras antes y después del periodo de pastoreo en 3 transectas fijas de 10 m de largo, por sector. Para sintetizar la información de la vegetación, se aplicó el INTECO y se estimó la disponibilidad forrajera de 9 muestras de 0,5 m2 por sector. La concentración de heces decreció gradualmente al alejarse de la aguada. Las coberturas de Digitaria y forrajimasa luego del periodo de pastoreo disminuyeron en los 3 sectores, mientras la de invernales sólo lo hizo en cercano “C” y medio “M”. La condición forrajera establecida por INTECO, disminuyó una categoría luego del pastoreo en los sectores “C” y “M”, en “L” (lejos) hubo un mayor impacto debido al ingreso de animales externos. La geoposición de animales en pastoreo permite definir un gradiente de pastoreo, y las variables estudiadas corroboran dicho efecto. La identificación del gradiente de pastoreo respecto a la aguada es de suma importancia para mejorar el diseño de potreros y aguadas, y optimizar la eficiencia de cosecha forrajera

Rogue Mode Shileding in NSLS-II Multipole Vacuum Chambers

Modes with transverse electric field (TE-modes) in the NSLS-II multipole vacuum chamber can be generated at frequencies above 450MHz due to its geometric dimensions. Since the NSLS-II BPM system monitors signals within 10 MHz band at RF frequency of 500 MHz, frequencies of higher-order modes (HOM) can be generated within the transmission band of the band pass filter. In order to avoid systematic errors in the NSLS-II BPM system, we introduced frequency shift of HOMs by using RF metal shielding located in the antechamber slot. We demonstrated numerical modeling and experimental studies of the spurious TE modes in the NSLS-II vacuum chambers with antechamber slot. Calculated frequencies of TE-modes in considered chambers with and without RF shielding were verified experimentally. Flexible BeCu RF shielding inside each chamber at proper location shifts frequencies of H{sub 10p}-modes above {approx}900MHz, except chambers S6 odd and even. These chambers need special attention because of synchrotron radiation from downstream magnets. S6 odd multipole vacuum chamber needs to be measured and the RF shielding length has to be optimized. RF shielding looks adequate for baseline design. Fifty percent of open space provides adequate pumping speed