The Information Content of Implied Volatility in the Hong Kong and Singapore Covered Warrants Markets

This paper examines the informational content and predictive power of implied volatility over different forecasting horizons in a sample of European covered warrants traded in the Hong Kong and Singapore markets. The empirical results show that time-series-based volatility forecasts outperform implied volatility forecast as a predictor of future volatility. The finding also suggests that implied volatility is biased and informationally inefficient. The results are due to the fact in Hong Kong and Singapore the covered warrants markets are dominated by retail investors, who tend to use covered warrants’ leverage to speculate on the price movements of the underlying rather than to express their view on volatility.

STUDY OF THROWING WEIGHT AND THROWING POWER FOR MALE DISCUS THROWERS

INTRODUCTION: Throwing power means the rate at which muscles work when throwers are doing throwing movements. It depends on the strength and speed of the thrower. The purpose of this paper is to research the relation between throwing weight and throwing power, to advance the best exercise weight in special strength training for male discus throwers, and to proved scientific basis for effective speed strength training

Prey capture and meat-eating by the wild colobus monkey _Rhinopithecus bieti_ in Yunnan, China

If it is true that extant primates evolved from an insectivorous ancestor, then primate entomophagy would be a primitive trait. Many taxa, however, have undergone a dietary shift from entomophagy to phytophagy, evolving a specialised gut and dentition and becoming exclusive herbivores. The exclusively herbivorous taxa are the Malagasy families Indriidae and Lepilemuridae, and the Old World Monkey subfamily Colobinae, and among these meat-eating has not been observed except as an anomaly, with the sole exception of the Hanuman langur (_Semnopithecus entellus_), which feeds on insects seasonally, and a single observation of a nestling bird predated by wild Sichuan snub-nosed monkeys (_Rhinopithecus roxellana_). Here, we describe the regular capture of warm-blooded animals and the eating of meat by a colobine, the critically endangered Yunnan snub-nosed monkey (_Rhinopithecus bieti_). This monkey engages in scavenge hunting as a male-biased activity that may, in fact, be related to group structure and spatial spread. In this context, meat-eating can be regarded as an energy/nutrient maximization feeding strategy rather than as a consequence of any special characteristic of meat itself. The finding of meat-eating in forest-dwelling primates might provide new insights into the evolution of dietary habits in early humans