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

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

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

Utilization of prickly pear waste for baker's yeast production

The feasibility of baker's yeast production using fruits and peels of Opuntia ficus indica (OFI) as carbohydrate feedstock was investigated. Two response surface methodologies involving central composite face centered design (CCFD) were successfully applied. The effects of four independent variables on baker's yeast production from OFI fruit juice was evaluated using the first CCFD. The best results were obtained with 24 H of inoculum age, 30 degrees C temperature, 200 rpm of agitation, and 10% inoculum size. At the maximum point, the biomass concentration reached 9.29 g/L. A second CCFD was performed to optimize the sugar extraction from OFI fruit peels. The potential of these latter as a fermentation substrate was determined. From the experimental results, the OFI fruit peel is an appropriate carbon source for the production of baker's yeast. The maximum biomass concentration was 12.51 g/L. Different nitrogen supplements were added to promote the yields of baker's yeast. Corn steep liquor was found to be the best alternative nutrient source of casein hydrolysate and yeast extract for baker's yeast production.info:eu-repo/semantics/publishedVersio

Racial differences in central adiposity in a longitudinal cohort of black and white adolescent females

<p>Abstract</p> <p>Background</p> <p>Central adiposity is related to chronic disease risk in adolescents. Racial differences in waist circumference have been identified using cross-sectional data from this age group. We tested for racial differences in age-related growth in waist circumference in a longitudinal cohort of black and white adolescent girls.</p> <p>Methods</p> <p>We analyzed 9 years of publicly available data from the National Heart, Lung, and Blood Institute Growth and Health Study, for 2379 girls (1213 black and 1166 white) enrolled at age 9-10 years in 1987-1988 and followed annually. Individual growth trajectories of waist circumference were constructed for girls with >3 annual measures. Mixed models were used to compare changes in waist circumference during adolescence between black and white females. BMI and age at menarche were included in the models.</p> <p>Results</p> <p>At each age, black females had significantly higher waist circumference. Mean annual increase in waist circumference was significantly higher for black females compared to white females (1.46 cm/yr vs. 1.36 cm/yr, respectively). After adjusting for BMI, the mean annual increase in waist circumference for white females was significantly higher than for black females (0.08 cm/yr vs. -0.07 cm/yr, respectively). These relationships remained significant after adjusting for age at menarche.</p> <p>Conclusions</p> <p>Black females had significantly steeper increases in waist circumference over adolescence than white females. After adjusting for BMI and age at menarche, however, the annual increase in waist circumference for black females was significantly shallower than for their white peers. These data suggest racial differences in the deposition of fat over the adolescent period.</p

WIDER Advisory Group on International Economic Issues

(A research and training centre of the United Nations University

Global, regional, and national comparative risk assessment of 79 behavioural, environmental and occupational, and metabolic risks or clusters of risks, 1990-2015: a systematic analysis for the Global Burden of Disease Study 2015

SummaryBackground The Global Burden of Diseases, Injuries, and Risk Factors Study 2015 provides an up-to-date synthesis of the evidence for risk factor exposure and the attributable burden of disease. By providing national and subnational assessments spanning the past 25 years, this study can inform debates on the importance of addressing risks in context. Methods We used the comparative risk assessment framework developed for previous iterations of the Global Burden of Disease Study to estimate attributable deaths, disability-adjusted life-years (DALYs), and trends in exposure by age group, sex, year, and geography for 79 behavioural, environmental and occupational, and metabolic risks or clusters of risks from 1990 to 2015. This study included 388 risk-outcome pairs that met World Cancer Research Fund-defined criteria for convincing or probable evidence. We extracted relative risk and exposure estimates from randomised controlled trials, cohorts, pooled cohorts, household surveys, census data, satellite data, and other sources. We used statistical models to pool data, adjust for bias, and incorporate covariates. We developed a metric that allows comparisons of exposure across risk factors—the summary exposure value. Using the counterfactual scenario of theoretical minimum risk level, we estimated the portion of deaths and DALYs that could be attributed to a given risk. We decomposed trends in attributable burden into contributions from population growth, population age structure, risk exposure, and risk-deleted cause-specific DALY rates. We characterised risk exposure in relation to a Socio-demographic Index (SDI). Findings Between 1990 and 2015, global exposure to unsafe sanitation, household air pollution, childhood underweight, childhood stunting, and smoking each decreased by more than 25%. Global exposure for several occupational risks, high body-mass index (BMI), and drug use increased by more than 25% over the same period. All risks jointly evaluated in 2015 accounted for 57·8% (95% CI 56·6–58·8) of global deaths and 41·2% (39·8–42·8) of DALYs. In 2015, the ten largest contributors to global DALYs among Level 3 risks were high systolic blood pressure (211·8 million [192·7 million to 231·1 million] global DALYs), smoking (148·6 million [134·2 million to 163·1 million]), high fasting plasma glucose (143·1 million [125·1 million to 163·5 million]), high BMI (120·1 million [83·8 million to 158·4 million]), childhood undernutrition (113·3 million [103·9 million to 123·4 million]), ambient particulate matter (103·1 million [90·8 million to 115·1 million]), high total cholesterol (88·7 million [74·6 million to 105·7 million]), household air pollution (85·6 million [66·7 million to 106·1 million]), alcohol use (85·0 million [77·2 million to 93·0 million]), and diets high in sodium (83·0 million [49·3 million to 127·5 million]). From 1990 to 2015, attributable DALYs declined for micronutrient deficiencies, childhood undernutrition, unsafe sanitation and water, and household air pollution; reductions in risk-deleted DALY rates rather than reductions in exposure drove these declines. Rising exposure contributed to notable increases in attributable DALYs from high BMI, high fasting plasma glucose, occupational carcinogens, and drug use. Environmental risks and childhood undernutrition declined steadily with SDI; low physical activity, high BMI, and high fasting plasma glucose increased with SDI. In 119 countries, metabolic risks, such as high BMI and fasting plasma glucose, contributed the most attributable DALYs in 2015. Regionally, smoking still ranked among the leading five risk factors for attributable DALYs in 109 countries; childhood underweight and unsafe sex remained primary drivers of early death and disability in much of sub-Saharan Africa. Interpretation Declines in some key environmental risks have contributed to declines in critical infectious diseases. Some risks appear to be invariant to SDI. Increasing risks, including high BMI, high fasting plasma glucose, drug use, and some occupational exposures, contribute to rising burden from some conditions, but also provide opportunities for intervention. Some highly preventable risks, such as smoking, remain major causes of attributable DALYs, even as exposure is declining. Public policy makers need to pay attention to the risks that are increasingly major contributors to global burden. Funding Bill & Melinda Gates Foundation