The Impact of Warrant Introduction Australian Experience

The impact that derivative trading has on the underlying security is essential to our understanding of security market behaviour, and important in the fields of market efficiency and pricing of such derivatives. This paper examines the impact that the introduction of exchange traded derivative warrants has on the underlying securities’ price, volume and volatility in the Australian market. The major findings of significant negative abnormal returns, reduction in skewness, no change in beta and small changes in variance are consistent with recent research findings in the US, UK and Hong Kong. However findings of derivative warrant listing resulting in decreased trading volume in contrast with most prior research in the field.Derivatives, Warrants, Market Efficiency, Event Study.

ECOLABELS AND ECONOMIC EFFICIENCY: SOME PRELIMINARY RESULTS

The public provision of information about the environmental performance of firms and products has generated considerable enthusiasm and become a common instrument of environmental regulation, even though the economic analysis of the social welfare properties of these policies is quite limited. This paper proposes a model for examining these properties.Research Methods/ Statistical Methods,

A Guide to Shellfish Purple in the Greco-Roman World

From the Washington University Senior Honors Thesis Abstracts (WUSHTA), Spring 2018. Published by the Office of Undergraduate Research. Joy Zalis Kiefer, Director of Undergraduate Research and Associate Dean in the College of Arts & Sciences; Lindsey Paunovich, Editor; Helen Human, Programs Manager and Assistant Dean in the College of Arts and Sciences Mentor: William Bubeli

Far Term Noise Reduction Roadmap for the NASA D8 and Single-Aisle Tube-And-Wing Aircraft Concepts

A portfolio of noise reduction technologies is applied to two advanced single-aisle class vehicle concepts in order to evaluate the prospects for these aircraft to meet the NASA Far Term noise goals, beyond 2035. TheNASAD8 (ND8) aircraft is an unconventional configuration with boundary-layer ingesting engines mounted in the aft dorsal location. The 160-passenger tube-and-wing (TW160) aircraft is a conventional configuration with podded engines located under the wing, which represents an incremental evolution of current design philosophies. The noise reduction technologies were chosen to be compatible with each aircrafts specific configuration requirements. The acoustic effects were predicted based on experimental and numerical studies, andwere incorporated into the prediction of total system noise usingNASAs research-level Aircraft NOise Prediction Program (ANOPP-Research). Results suggest that the unfavorable Propulsion Airframe Aeroacoustic (PAA) effects of the two aircraft considered here significantly limit their prospects of meeting NASAs Far Term noise goal, and that further development of the technology portfolio is key to ensuring future success in addressing the noise challenges for single-aisle class vehicles

An information-theoretical approach to the adaptive segmentation and classification of the sleeping electroencephalogram

Sleep is not a single homogeneous state; it consists of several identifiable states. The states are identified by the electroencephalogram (EEG), electrooculogram, and the electromyogram. The most common classification method consists of six classes labeled: wake, stage 1 through 4, and stage REM. A fixed length of data, usually 20 or 30 second epochs, are analyzed and placed in one of the six categories. An all-nigh sleep recording consists of 900 to 1500 such epochs and the task of scoring a record is tedious. Additionally, much of the detail in the EEG is lost due to the size of the epochs and the fixed number of classes. The maximum entropy sleep model is based only on the information contained in the EEG. The EEG is considered as a stochastic process and segments of stationary EEG are identified based on the local properties of the signal. The local properties are estimated by modeling a portion of the EEG short enough to be considered time invariant. These small sections of EEG are compared to adjacent sections using principles from large deviation theory to determine boundaries of stationarity. The stationary segments are classified based on their closeness to a class descriptor. The class descriptor are created by modeling very stable sections of the EEG under analysis. If a stationary segment is not close enough to any existing class a new one is formed, thus each EEG analyzed will have a unique set of classes. The sleep model identifies a microstructure in the sleep record with greater resolution than traditional methods. A macrostructure model based on the microstructure is also presented. The macrostructure model is closer the level of traditional sleep staging. The model was applied to five all-night sleep recordings. The mean length of a stationary segment was found to be 1.5 seconds with only 7 .l% of the segments longer than five seconds. The number of classes for a record was in the range 35-46. A statistical comparison of the microstructure classification to the traditional sleep staging was performed using the chi-squared test statistic. For all record it was found that the probability of the two classification systems being independent was zero

Alexander Calder and Studio Jewelry: Rethinking the Role of the Decorative

Alexander Calder is best known for his monumental mobile sculptures. Firmly ensconced in mid-century modernism, Calder was highly influential for a number of other artists and movements between wars, especially Surrealism. Less known is that Calder was not only a sculptor, but also a jeweler. In fact, Calder’s work expanded from mobiles, stabiles, and sculptures into the world of studio jewelry as early as the 1930s. The recent revival of studio jewelry, coupled with increased attention of the artist due to record auction numbers, have begged a reconsideration of the role played by the “decorative” digressions of his oeuvre. Previously considered separately from his “fine art,” the studio jewelry maintains much of the formal and technical elements unique to the artist. This treatment seeks to elucidate the significance of jewelry for the artist and how influential the production was for the movement as a whole as Calder would revive the practice for fine artists and influence a generation for surrealists, including Joan Miro, Salvador Dali, and many more. These rings, bracelets, and brooches were well-known in the New York art scene, sold in the same galleries as his fine art. A revelation of the place of jewelry in Calder’s oeuvre, as well as other artists mid-century, will further bridge the divide between decorative and fine arts

The practice of inclusion at the Upper Deerfield Township School District

The purpose of this study was to observe the effects of inclusion upon classified and special needs students in regards to social and academic accomplishment. Eight eighth grade special education pupils were placed in a regular education science classroom along with fifteen non-classified. All pupils in the inclusive group received instruction for forty-five minutes each day. Lessons, tailored to each pupil\u27s needs, were cooperatively planned and implemented by both a regular and special education teacher. Before and after the study, the special education pupils and their parents completed surveys which recorded their feelings regarding the concept of inclusion. Students also completed a norm referenced, self esteem test, utilized to measure any changes in personal perception that may have resulted from the inclusive experience. Further assessment consisted of classroom grades, as well as observations made by teachers, members of the Child Study Team, and the building principal. Information regarding the academic and social achievement of the special education pupils was positive in nature and verifies that inclusion can benefit these students. Data obtained from the Self Esteem Index suggests that pupils\u27 perception of their academic ability was raised substantially as a result of the inclusive placement