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

Radiation-cooled Dew Water Condensers Studied by Computational Fluid Dynamic (CFD)

Harvesting condensed atmospheric vapour as dew water can be an alternative or complementary potable water resource in specific arid or insular areas. Such radiation-cooled condensing devices use already existing flat surfaces (roofs) or innovative structures with more complex shapes to enhance the dew yield. The Computational Fluid Dynamic - CFD - software PHOENICS has been programmed and applied to such radiation cooled condensers. For this purpose, the sky radiation is previously integrated and averaged for each structure. The radiative balance is then included in the CFD simulation tool to compare the efficiency of the different structures under various meteorological parameters, for complex or simple shapes and at various scales. It has been used to precise different structures before construction. (1) a 7.32 m^2 funnel shape was studied; a 30 degree tilted angle (60 degree cone half-angle) was computed to be the best compromise for funnel cooling. Compared to a 1 m^2 flat condenser, the cooling efficiency was expected to be improved by 40%. Seventeen months measurements in outdoor tests presented a 138 % increased dew yield as compared to the 1 m^2 flat condenser. (2) The simulation results for 5 various condenser shapes were also compared with experimental measurement on corresponding pilots systems: 0.16 m^2 flat planar condenser, 1 m^2 and 30 degree tilted planar condenser, 30 m^2 and 30 degree tilted planar condenser, 255 m^2 multi ridges, a preliminary construction of a large scale dew plant being implemented in the Kutch area (Gujarat, India)

Changes in Leaf and Shoot Water Statutes of Grapevines in Response to Contrasting Water Availability and Glycine Betaine Pulverization

Drought is one of the most widespread stress factors adversely affecting plant growth, crop yield and quality. In Subtropical region, on the face of global warming, temperature extremes aggravate the negative effects of drought. Increased resistance to stress has been achieved in several plants by exogenous application of various organic osmoprotectants. In this study, the role of glycine betaine (GB) as exogenous application, is aimed to investigate for increasing grapevine stress tolerance to drought. The grapevines of Alphonse Lavalléeʼ cultivar, grafted on the rootstock 41 B, were subjected to four different applications; (1) full irrigation (FI) as control (irrigation at field capacity level), (2) deficit irrigation (DI, 50% of FI), (3) DI plus 5000 ppm GB pulverization, and (4) DI plus 10000 ppm GB pulverization in a pot experiment under glasshouse condition. Leaf fresh weight of vines subjected to DI was 31.8% lower than those of FI vines. GB appeared to exert an influence on leaf water statute, slightly alleviating the leaf water loss resulting from water shortage. GB treatments, regardless of the concentration, slightly increased the fresh weight of the leaves (22.2% lower than FI). Investigations on leaf turgid weight and dry weight were also similar to those of fresh weight in that the highest and the lowest values were determined in FI and DI applications, respectively. Reduction in shoot water content in response to water deficit was closely related to the decrease in leaf water content