Arbitrage, market definition and monitoring a time series approach

This article considers the application to regional price data of time series methods to test stationarity, multivariate cointegration and exogeneity. The discovery of stationary price differentials in a bivariate setting implies that the series are rendered stationary by capturing a common trend and we observe through this mechanism long-run arbitrage. This is indicative of a broader market definition and efficiency. The problem is considered in relation to more than 700 weekly data points on gasoline prices for three regions of the US and similarly calibrated simulated series. The discovery of a single common trend is consistent with competitive pricing and a broad market definition, but the finding of a single weakly exogenous variable affects this conclusion

Student perceptions of the aims of education in an independent school and the differing value priorities expressed. a q-methodological study

This research gathered student perceptions of the aims of their senior school education in an independent school. The data was collected using Q-methodology. Participants completed the same Q-sort twice. The Q-sorts were factor analysed resulting in three factors for Q-sort 1 expressing students’ own perceptions; these were titled: Future personal success, Enjoyment and care, and Empowerment. Four factors were retained from Q-sort 2, where students completed the same Q-sort from a hypothetical teacher’s point of view; these were titled: Social cohesion and enjoyment, Academic importance, Fulfilling potential, and Personal development and wider societal benefits. Literature around the aims of education, the statements for the Q-set and the resulting factors were analysed using Schwartz’s model of basic human values and pan-cultural baseline of value priorities as an analytical lens. This showed that although the aims of education align with Schwartz's findings of societal values, the participants in this study expressed differing value priorities to those in Schwartz’s pan-cultural baseline. Through this lens, it was found that student perceptions of the aims of their education in this independent school focus mainly on the value of self-determination, in line with Schwartz’s findings in societies. Differing from Schwartz’s findings in societies, however, is the high prevalence of self-enhancement and hedonism values in the students’ perceptions of the aims of their education. Also differing majorly from Schwartz’s findings is the low prevalence of benevolence and universalism in the students’ perceptions of the aims of their education. The study concludes that further research into the values of independently educated students would provide further valuable insights, and that schools should consider carefully the values that may be enhanced or demoted through certain educational activities

Examination of the impact and effectiveness of herd health and welfare assessment in im-proving animal welfare on organic dairy farms, using qualitative interviews.

During winter 2002-03, 15 organic dairy farms in SW England participated in a herd health and welfare assessment and benchmarking study. A second assessment was carried out on 14 of the original 15 farms and on 14 new farms during winter 2003-04. The effectiveness of the herd health and welfare as-sessments and benchmarking in delivering animal health and welfare improvements was investigated by means of qualitative research interviews. The inter-views were conducted between August and November 2004. The average length of interview was one hour and fifteen minutes. Five common themes were iden-tified and headed ‘Sensitivities and misgivings’; ‘Ac-ceptability of scoring methodology and indicators assessed’; ‘Raised awareness and motivation to im-prove’; ‘Veterinary support and herd health planning’ and ‘Value of assessment and benchmarking’. It was apparent that farmers, who took part voluntarily in the study, took the results of the herd health and welfare assessments very seriously and were clearly motivated by the process. The main focus for change was related to housing issues. The main constraints to welfare improvement were a shortage of finance to affect change beyond relatively simple alterations and a lack of information on the identification of changes likely to improve animal welfare in given situations

Magnetic neutron scattering from transition metal alloys

Imperial Users onl

A culture for all: Servant class behaviour at the Swan river in the context of the British Empire

Tim Mazzarol’s 1978 paper ‘Tradition, Environment and the Indentured Labourer in early Western Australia’1 is one of the earliest specific works that attempted to identify the psyche of the first British colonists at Swan River and the ‘cultural baggage’—those fears, beliefs and backgrounds—they brought with them. About 80 per cent of the adult colonists to the Swan River were described by authorities as belonging to laboring and trade occupations. These might be called the servant or working classes, and are hereafter simply referred to in this paper as the servant class. Mazzarol discussed the interaction of the servant class with the middle-to-upper classes—the colony’s professionals and agriculturalists—in the context of the new cultural environment that formed with the new settlement

Rules for Minimal Atomic Multipole Expansion of Molecular Fields

A non-empirical minimal atomic multipole expansion (MAME) defines atomic charges or higher multipoles that reproduce electrostatic potential outside molecules. MAME eliminates problems associated with redundancy and with statistical sampling, and produces atomic multipoles in line with chemical intuition.Comment: 3.5 pages, 3 color PS figures embedde