Investor preferences for oil spot and futures based on mean-variance and stochastic dominance

This paper examines investor preferences for oil spot and futures based on mean-variance (MV) and stochastic dominance (SD). The mean-variance criterion cannot distinct the preferences of spot and market whereas SD tests leads to the conclusion that spot dominates futures in the downside risk while futures dominate spot in the upside profit. It is also found that risk-averse investors prefer investing in the spot index, whereas risk seekers are attracted to the futures index to maximize their expected utilities. In addition, the SD results suggest that there is no arbitrage opportunity between these two markets. Market efficiency and market rationality are likely to hold in the oil spot and futures markets.stochastic dominance;futures market;risk averter;risk seeker;spot market;G15;C14;G12

Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach

This paper examines the market efficiency of oil spot and futures prices by using a stochastic dominance (SD) approach. As there is no evidence of an SD relationship between oil spot and futures, we conclude that there is no arbitrage opportunity between these two markets, and that both market efficiency and market rationality are not rejected in the oil spot and futures markets.stochastic dominance;futures market;risk averter;risk seeker;spot market

Diagnostics of accelerating plasma Semiannual progress report, 1 Mar. - 31 Aug. 1968

Plasma diagnostics in electromagnetically driven shock tubes using laser scattering methods as compared to spectroscopic technique

Changing guards: time to move beyond Body Mass Index for population monitoring of excess adiposity

With the obesity epidemic, and the effects of aging populations, human phenotypes have changed over two generations, possibly more dramatically than in other species previously. As obesity is an important and growing hazard for population health, we recommend a systematic evaluation of the optimal measure(s) for population-level excess body fat. Ideal measure(s) for monitoring body composition and obesity should be simple, as accurate and sensitive as possible, and provide good categorisation of related health risks. Combinations of anthropometric markers or predictive equations may facilitate better use of anthropometric data than single measures to estimate body composition for populations. Here we provide new evidence that increasing proportions of aging populations are at high health-risk according to waist circumference, but not body mass index (BMI), so continued use of BMI as the principal population-level measure substantially underestimates the health-burden from excess adiposity

Periodicities in sunspot activity during solar cycle 23

The data of sunspot numbers, sunspot areas and solar flare index during cycle 23 are analyzed to investigate the intermediate-term periodicities. Power spectral analysis has been performed separately for the data of the whole disk, northern and southern hemispheres of the Sun. Several significant midrange periodicities ($\sim$175, 133, 113, 104, 84, 63 days) are detected in sunspot activity. Most of the periodicities in sunspot numbers generally agree with those of sunspot areas during the solar cycle 23. The study reveals that the periodic variations in the northern and southern hemispheres of the Sun show a kind of asymmetrical behavior. Periodicities of $\sim$175 days and $\sim$133 days are highly significant in the sunspot data of northern hemisphere showing consistency with the findings of Lean (1990) during solar cycles 12-21. On the other hand, southern hemisphere shows a strong periodicity of about 85 days in terms of sunspot activity. The analysis of solar flare index data of the same time interval does not show any significant peak. The different periodic behavior of sunspot and flare activity can be understood in the light of hypothesis proposed by Ballester et al. (2002), which suggests that during cycle 23, the periodic emergence of magnetic flux partly takes place away from developed sunspot groups and hence may not necessarily increase the magnetic complexity of sunspot groups that leads to the generation of flares.Comment: 4 pages, 4 figure

Characterisation of Bidor Kaolinite and Illite

Two types of commercial clay minerals from the Bidor region of Perak were studied. From the X-ray diffraction study, these clays were identified as disordered kaolinite and 2 M polymorph of illite. The morphologies, the surface properties, the pore structures and the infrared absorption properties were examined. The basis for the identification of these clays is discussed

Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach

This paper examines the market efficiency of oil spot and futures prices by using a stochastic dominance (SD) approach. As there is no evidence of an SD relationship between oil spot and futures, we conclude that there is no arbitrage opportunity between these two markets, and that both market efficiency and market rationality are not rejected in the oil spot and futures markets

Investor preferences for oil spot and futures based on mean-variance and stochastic dominance

This paper examines investor preferences for oil spot and futures based on mean-variance (MV) and stochastic dominance (SD). The mean-variance criterion cannot distinct the preferences of spot and market whereas SD tests leads to the conclusion that spot dominates futures in the downside risk while futures dominate spot in the upside profit. It is also found that risk-averse investors prefer investing in the spot index, whereas risk seekers are attracted to the futures index to maximize their expected utilities. In addition, the SD results suggest that there is no arbitrage opportunity between these two markets. Market efficiency and market rationality are likely to hold in the oil spot and futures markets

A "superstorm": When moral panic and new risk discourses converge in the media

This is an Author's Accepted Manuscript of an article published in Health, Risk and Society, 15(6), 681-698, 2013, copyright Taylor & Francis, available online at: http://www.tandfonline.com/10.1080/13698575.2013.851180.There has been a proliferation of risk discourses in recent decades but studies of these have been polarised, drawing either on moral panic or new risk frameworks to analyse journalistic discourses. This article opens the theoretical possibility that the two may co-exist and converge in the same scare. I do this by bringing together more recent developments in moral panic thesis, with new risk theory and the concept of media logic. I then apply this theoretical approach to an empirical analysis of how and with what consequences moral panic and new risk type discourses converged in the editorials of four newspaper campaigns against GM food policy in Britain in the late 1990s. The article analyses 112 editorials published between January 1998 and December 2000, supplemented with news stories where these were needed for contextual clarity. This analysis shows that not only did this novel food generate intense media and public reactions; these developed in the absence of the type of concrete details journalists usually look for in risk stories. Media logic is important in understanding how journalists were able to engage and hence how a major scare could be constructed around convergent moral panic and new risk type discourses. The result was a media ‘superstorm’ of sustained coverage in which both types of discourse converged in highly emotive mutually reinforcing ways that resonated in a highly sensitised context. The consequence was acute anxiety, social volatility and the potential for the disruption of policy and social change

Physical Properties of 299 NEOs Manually Recovered in Over Five Years of NEOWISE Survey Data

Thermal infrared measurements of near-Earth objects (NEOs) provide critical data for constraining their physical properties such as size. The Near-Earth Object Wide-field Infrared Survey Explorer (NEOWISE) mission has been conducting an all-sky infrared survey to gather such data and to improve our understanding of this population. While automated routines are employed to identify the majority of moving objects detected by NEOWISE, a subset of objects will have dynamical properties that fall outside the window detectable to these routines. Using the population of known NEOs, we have conducted a manual search for detections of these objects that were previously unreported. We report 303 new epochs of observations for 299 unique NEOs of which 239 have no previous physical property characterization from the NEOWISE Reactivation mission. As these objects are drawn from a list with inherent optical selection biases, the distribution of measured albedos is skewed to higher values than is seen for the diameter-selected population detected by the automated routines. These results demonstrate the importance and benefit of periodic searches of the archival NEOWISE data