Semi-supervised Segmentation Fusion of Multi-spectral and Aerial Images

A Semi-supervised Segmentation Fusion algorithm is proposed using consensus and distributed learning. The aim of Unsupervised Segmentation Fusion (USF) is to achieve a consensus among different segmentation outputs obtained from different segmentation algorithms by computing an approximate solution to the NP problem with less computational complexity. Semi-supervision is incorporated in USF using a new algorithm called Semi-supervised Segmentation Fusion (SSSF). In SSSF, side information about the co-occurrence of pixels in the same or different segments is formulated as the constraints of a convex optimization problem. The results of the experiments employed on artificial and real-world benchmark multi-spectral and aerial images show that the proposed algorithms perform better than the individual state-of-the art segmentation algorithms.Comment: A version of the manuscript was published in ICPR 201

Long-Run Relationship between Economic Growth and Stock Returns: An Empirical Investigation on Canada and the United States

This article examines the long run relationship between economic growth and stock prices for Canada and the United States through cointegration estimation procedure, and it implements the Vector Error Correction Models (VECM) to abstract simultaneously the short- and long-run information in the modeling process. Results from the cointegration tests reveal that economic growth and stock prices share long run equilibrium relationship for both Canada and the U.S. The results from the VECM indicate that for the U.S., causality runs from economic growth to stock prices but not vice versa. However for Canada, the results reveal that there is a bi-directional causality between economic growth and stock prices.stock returns; interest rates; economic growth; Canada; the United tates S

The Income Effects of Decentralization of Population in Korea: An Econometric Investigation

non-Capital Regions has become a serious issue despite the various decentralization policies instituted since the 1960’s. This study aims at analyzing the effect of decentralization of population in the capital region on income, and revealing the difference in productivity between the Capital and non-capital regions. The analysis begins with an estimate of production functions by region. It then analyzes the changes to employment as population decreases in the Capital region, and the economic effects on regional production through the movement of employment in each region. The results show that, decentralization in the capital region would result in decrease national income in Korea.Decentralization Policy; Total Factor Productivity; Product Function

Is Sales Growth Associated with Market, Size and Value Factors in Returns? Evidence from Athens Stock Exchange (1998-2003)

This article investigates whether past sales growth of a firm is associated with market, size and value factors in returns so it can be inferred that this fundamental variable is related to size and book-to-market equity that help capture the cross-section of average stock returns in the Athens stock exchange during the period 1998-2003.The findings of the study provide supportive evidence that past sales growth of a firm is associated with market, size and value factors in returns so it can be inferred that this fundamental variable is related to size and book-to-market equity that help capture the cross-section of average stock returns in Athens Stock Exchange. Several unanswered questions arise from this study such as: (i) what are the underlying economic state variables that produce variation in earnings and returns related to size and BE/ME? (ii) do these unnamed state variables produce variation in consumption and wealth that is not captured by an overall market factor and so can explain the risk premiums in returns associated with size and BE/ME?Sales growth; market; value factors in returns

Impact of Liquidity on Speculative Pressure in the Exchange Market

Economies are susceptible to speculative attacks regardless of whether they use fixed or floating exchange rates. Turkish experience in the last two decades constitutes one of the most prominent examples proving this verdict. It is widely accepted that narrow money (M1) is the most conventional measure of liquidity, excessive growth of which may fuel speculative attacks on the currency. The literature on currency crises clearly lacks a country-specific study that addresses the long-run relationship between this indicator and the speculative pressure in the exchange market. This article aims at filling this gap in the literature using monthly Turkish time series data spanning the period 1984:04- 2006:11. Results of the ADF unit root tests suggest that the series are stationary. Hence, no-cointegration analysis was carried out before the Granger-causality tests. Granger causality tests reveal strong evidence supporting univariate causality running from narrow money (M1) to exchange market pressure. This outcome lends empirical support to the Turkish policy makers’ current efforts to maintain a tight control of the money supply.Speculative attacks; currency crises; domestic credit.

Currency Crises in Emerging Markets: An Application of Signals Approach to Turkey

This article aims at identifying the leading indicators of currency crises in Turkey in its post-liberalization history through the signals approach introduced by Kaminsky et al (1998). Based on a broad set of potential indicators, a number of variables are found to be persistently signaling the currency crises during the period 1980:01-2006:06. Particularly, variables such as short-term debt/international reserves, imports, exports, M2/international reserves, and current account balance/GDP are consistent with the results of previous work in the literature. Analysis of the average lead time of the indicators reveals that the first signal is issued 4.4 months before a crisis erupts with public debt/GDP offering the longest lead time with 10.2 months, and government consumption/GDP offering the shortest with 2.2 months. Analysis of the persistence of the indicators reveals that the indicator issuing the most persistent signals is the government consumption/GDP and the one issuing the least persistent signals is FDI/GDP. Results are encouraging from the vantage point of an early warning system since signaling, on average, occurs sufficiently early to allow preemptive policy actions.Speculative attacks; currency crises; signals approach, Turkey.

How Far Can Domestic Credit Growth Explain Speculative Attacks? Empirical Evidence from Turkey

Economies are susceptible to speculative attacks regardless of whether they use fixed or floating exchange rates. Turkish experience in the last two decades constitutes one of the most prominent examples proving this verdict. It is widely accepted that there is a link between domestic credit and speculative attacks on the currency. Nevertheless, the literature on currency crises clearly lacks a country-specific study that addresses the long-run relationship between this indicator and the speculative pressure in the exchange market. This article aims at filling this gap in the literature using monthly Turkish time series data spanning the period 1984:04- 2006:11. Results of the ADF unit root tests suggest that the series are stationary. Hence, no cointegration analysis was carried out before the Granger-causality tests. Granger causality tests fail to establish a causal relationship between domestic credit and exchange market pressure.Speculative attacks; currency crises; domestic credit.

Range separated hybrid exchange-correlation functional analyses of W and/or N(S) (co)doped anatase TiO_2

Electronic properties and atomic structures of W, N, S, W/N, and W/S dopings of anatase TiO_2 have been systematically investigated using the density functional theory (DFT). The exchange and correlation effects have been treated with Heyd, Scuseria and Ernzerhof (HSE) hybrid functional. Mixing traditional semi-local and non-local screened Hartree-Fock (HF) exchange energies, the HSE method corrects the band gap and also improves the description of anion/cation derived gap states. Enhanced charge carrier dynamics, observed for W/N codoped titania, can partly be explained by the passivative modifications of N 2p and W 5d states on its electronic structure. Following this trend we have found an apparent band gap narrowing of 1.03 eV for W/S codoping. This is due to the large dispersion of S 3p states at the valance band (VB) top extending its edge to higher energies and Ti--S--W hybridized states appearing at the bottom of the conduction band (CB). W/S-TiO_2 might show strong visible light response comparable to W/N codoped anatase catalysts.Comment: 8 pages, 5 figures and 3 table