Risk premia in Australian interest rates

The level of and movements in interest rates and the exchange rate can have a substantial impact on the economic performance of Australia's primary industries. Whether a country and/or exchange risk premium has resulted in higher interest rates and increased volatility in the exchange rate is therefore important to these industries. There is some evidence that a small country risk premium may have emerged during the early 1990s. In line with earlier studies, however, no evidence was found of such a premium during the 1980s. A further finding is that any exchange risk premium may have declined over the last decade or so. Possible links between risk premia and Australia's foreign debt and current account deficits are also examined.Financial Economics, Risk and Uncertainty,

Quantum Correlations from the Conditional Statistics of Incomplete Data

We study, in theory and experiment, the quantum properties of correlated light fields measured with click-counting detectors providing incomplete information on the photon statistics. We establish a correlation parameter for the conditional statistics, and we derive the corresponding nonclassicality criteria for detecting conditional quantum correlations. Classical bounds for Pearson's correlation parameter are formulated that allow us, once they are violated, to determine nonclassical correlations via the joint statistics. On the one hand, we demonstrate nonclassical correlations in terms of the joint click statistics of light produced by a parametric down conversion source. On the other hand, we verify quantum correlations of a heralded, split single-photon state via the conditional click statistics together with a generalization to higher-order moments. We discuss the performance of the presented nonclassicality criteria to successfully discern joint and conditional quantum correlations. Remarkably, our results are obtained without making any assumptions on the response function, quantum efficiency, and dark-count rate of the photodetectors

A comparative study of the effects of four treatment regimes on ivermectin efficacy, body weight and pasture contamination in lambs naturally infected with gastrointestinal nematodes in Scotland

AbstractRefugia-based drenching regimes have been widely recommended to slow development of anthelmintic resistance but there are few comparisons between different treatment approaches in the UK. The impact of four ivermectin treatment regimes on drug efficacy, lamb body weight and nematode contamination during a 154 day grazing season were evaluated in a consecutive five year field study. Regimes were whole-flock treatment every 4weeks (NST), targeted selective treatment (TST) based on individual performance, strategic whole-flock treatments at pre-determined times (SPT) or whole-flock treatment when clinical signs were apparent (MT). Mean numbers of ivermectin drenches administered per season were 4.0, 1.8, 2.0 and 1.4 for NST, TST, SPT and MT groups, respectively. The mean anthelmintic efficacy (AE) for each treatment group was based on faecal egg count reduction post-treatment employing a bootstrap sampling based algorithm. Mean AE was 95–98% for all groups in 2006 and mean AE (95% confidence limits) for NST declined to 62% (55%, 68%) in 2010. In comparison, AE for TST, SPT and MT in 2010 were 86% (81%, 92%), 86% (83%, 90%) and 83% (78%, 88%), respectively. Body weight in TST and SPT was similar to NST in all years (p>0.05), however MT lambs were lighter than NST in 2006–2008 (p⩽0.04). Tracer lamb worm burdens was lowest in NST but was not significantly different between other groups. Overall, both the TST and SPT regimes appeared to maintain animal performance and conserve anthelmintic efficacy compared with a neo-suppressive anthelmintic treatment regime

A novel, high-welfare methodology for evaluating poultry red mite interventions in vivo

Optimisation and use of a device for the on-hen in vivo feeding of all hematophagous stages of Dermanyssus gallinae is described. The sealed mesh device contains the mites and is applied to the skin of the hen’s thigh where mites can feed on the bird through a mesh which has apertures large enough to allow the mites’ mouth-parts to access to the bird but small enough to contain the mites. By optimising the depth and width of the mesh aperture size we have produced a device which will lead to both reduction and refinement in the use of animals in research, allowing the pre-screening of new vaccines and systemic acaricides/insecticides which have been developed for the control of these blood-feeding parasites before progressing to large field trials. For optimal use,the device should be constructed from 105μm aperture width, 63 μm depth, polyester mesh and the mites (irrespective of life stage) should be conditioned with no access to food for 3 weeks at 4 °C for optimal feeding and post-feeding survival

Connection between igneous activity and extension in the central Mojave metamorphic core complex, California

This is the published version. Copyright 1976 American Geophysical Union. All Rights Reserved.The development of metamorphic core complexes and associated low-angle detachment faults commonly is intimately associated with synextensional igneous activity. In most areas studied to date, the relation of magmatism to extension is obscured by imprecise dating and by the overprint of later tectonic events. We present data from the early Miocene central Mojave metamorphic core complex (CMMCC) which indicate that extension was accompanied by igneous activity, as reflected by prekinematic, synkinematic, and postkinematic plutons and coeval volcanic rocks deposited in the associated extensional basins. The principal intrusion is an early Miocene granite pluton exposed in outcrops across an area greater than 400 km2. Dikes adjacent to the pluton are common in the Mitchel Range, at The Buttes, and at Fremont Peak. The overall orientation of the pluton and associated dikes is west-northwest, roughly perpendicular to the extension direction. Results of U-Pb analyses on zircon from two pluton and two dike samples yield ages of 20 to 23 Ma. Two other dike samples yield inconclusive results. Synextensional basins formed by detachment faulting during the core complex development. Rocks in these basins compose the Jackhammer and Pickhandle formations and filled an elongate, NW trending trough more than 50 km long. The 40Ar/39Ar ages for tuff beds are as old as 23.8±0.3 Ma near the base of the lower Pickhandle Formation and as young as 21.3±0.5 Ma in the uppermost lower Pickhandle. Hence volcanism and plutonism are coeval. The diversity of intrusive relations relative to the timing and development of the mylonitic fabric in the CMMCC precludes any simple cause-and-effect relationship between magmatism and extensional deformation. Rather, magmatism and extension may have been localized at a releasing bend in a transfer-fault system which links extension in the CMMCC with extension in the Colorado River area to the east

Modification of plant cell walls with hydroxycinnamic acids by BAHD acyltransferases

In the last decade it has become clear that enzymes in the "BAHD" family of acyl-CoA transferases play important roles in the addition of phenolic acids to form ester-linked moieties on cell wall polymers. We focus here on the addition of two such phenolics-the hydroxycinnamates, ferulate and p-coumarate-to two cell wall polymers, glucuronoarabinoxylan and to lignin. The resulting ester-linked feruloyl and p-coumaroyl moities are key features of the cell walls of grasses and other commelinid monocots. The capacity of ferulate to participate in radical oxidative coupling means that its addition to glucuronoarabinoxylan or to lignin has profound implications for the properties of the cell wall - allowing respectively oxidative crosslinking to glucuronoarabinoxylan chains or introducing ester bonds into lignin polymers. A subclade of similar to 10 BAHD genes in grasses is now known to (1) contain genes strongly implicated in addition of p-coumarate or ferulate to glucuronoarabinoxylan (2) encode enzymes that add p-coumarate or ferulate to lignin precursors. Here, we review the evidence for functions of these genes and the biotechnological applications of manipulating them, discuss our understanding of mechanisms involved, and highlight outstanding questions for future research