Equity and ecotax reform in the EU: achieving a 10 per cent reduction in CO2 emissions using excise duties

This paper considers the distributional effects of imposing additional excise duties on energy products according to carbon content. The assumed duties escalate from 1999 to 2010 and achieve levels reducing CO2 emissions by 10 per cent below baseline by 2010 for 11 EU member states. By 2010, real personal disposable incomes are 1.6 per cent above baseline and employment is 1.2 per cent above, assuming that the change is tax-revenue-neutral. The study concludes that the changes will be weakly regressive for nearly all the member states in the study if revenues are used to reduce employers’ taxes and strongly progressive if they are given back lump-sum to households.

Extracting information from the signature of a financial data stream

Market events such as order placement and order cancellation are examples of the complex and substantial flow of data that surrounds a modern financial engineer. New mathematical techniques, developed to describe the interactions of complex oscillatory systems (known as the theory of rough paths) provides new tools for analysing and describing these data streams and extracting the vital information. In this paper we illustrate how a very small number of coefficients obtained from the signature of financial data can be sufficient to classify this data for subtle underlying features and make useful predictions. This paper presents financial examples in which we learn from data and then proceed to classify fresh streams. The classification is based on features of streams that are specified through the coordinates of the signature of the path. At a mathematical level the signature is a faithful transform of a multidimensional time series. (Ben Hambly and Terry Lyons \cite{uniqueSig}), Hao Ni and Terry Lyons \cite{NiLyons} introduced the possibility of its use to understand financial data and pointed to the potential this approach has for machine learning and prediction. We evaluate and refine these theoretical suggestions against practical examples of interest and present a few motivating experiments which demonstrate information the signature can easily capture in a non-parametric way avoiding traditional statistical modelling of the data. In the first experiment we identify atypical market behaviour across standard 30-minute time buckets sampled from the WTI crude oil future market (NYMEX). The second and third experiments aim to characterise the market "impact" of and distinguish between parent orders generated by two different trade execution algorithms on the FTSE 100 Index futures market listed on NYSE Liffe

Recent advances in understanding mammalian prion structure

Prions are lethal pathogens, which cause fatal neurodegenerative diseases in mammals. They are unique infectious agents and are composed of self-propagating multi-chain assemblies of misfolded host-encoded prion protein (PrP). Understanding prion structure is fundamental to understanding prion disease pathogenesis however to date, the high-resolution structure of authentic ex vivo infectious prions remains unknown. Advances in determining prion structure have been severely impeded by the difficulty in recovering relatively homogeneous prion particles from infected brain and definitively associating infectivity with the PrP assembly state. Recently, however, images of highly infectious ex vivo PrP rods that produce prion-strain specific disease phenotypes in mice have been obtained using cryo-electron microscopy and atomic force microscopy. These images have provided the most detailed description of ex vivo mammalian prions reported to date and have established that prions isolated from multiple strains have a common hierarchical structure. Misfolded PrP is assembled into 20 nm wide rods containing two fibers, each with double helical repeating substructure, separated by a characteristic central gap 8-10 nm in width. Irregularly structured material with adhesive properties distinct to that of the fibers is present within the central gap of the rod. Prions are clearly distinguishable from non-infectious recombinant PrP fibrils generated in vitro and from all other propagating protein structures so far described in other neurodegenerative diseases. The basic architecture of mammalian prions appears to be exceptional and fundamental to their lethal pathogenicity

Collaborating in (mis)translation: Opportunities lost and found during a multi year exchange program between Canada and China

Three Canadian education faculty, who collaborated with Chinese Canadian colleagues in leading trips to China during a multi-year exchange program discuss their perceptions and experiences. Storytelling and photo elicitation are used to build a visual and textual narrative. Narratives are used to map areas of familiarity, uncertainty, obstacles, and discovery. Photographic images provide a framework for examining social practices and interpreting personal experience through visible traces of teaching within physical and cultural spaces. A discussion on the role of translation is particularly important, to understand both opportunities grasped and opportunities missed. One of the primary goals of exchange programs between universities is to build relationships between institutions, between researchers, and between students. The authors provide recommendations for building successful collaborations despite asymmetrical relations of power

Parent stress and adaptive functioning of individuals with developmental disabilities

Research consistently indicates that parents of individuals with a developmental disability report considerably more stress associated with child characteristics than parents with typically developing children. It is commonly believed that the adaptive functioning of a child with a developmental disability plays a significant role in the stress a parent experiences. The present study examines adaptive functioning of individuals with a developmental disability, in an attempt to establish child characteristics that are predictors of parental stress. Participants consisted of a randomly selected group of 97 individuals (64 males, 33 females) with developmental disabilities, and their parents (90 mothers and 56 fathers) from across Ontario, Canada. Individuals with developmental disabilities ranged in age from 9.3 to 42.5 years, with an average age of 24.9 years (SD=8.6). The Full Scale IQ scores for participants with a developmental disability, ranged from 40 to 92, with a mean score of 53.9 (SD=12.7). Adaptive and Maladaptive Behaviour were assessed using the Adaptive Behavior Scales - Residential and Community Edition, Second Edition (Nihira, Leland & Lambert, 1993). The Parenting Stress Index, Third Edition (Abidin, 1995) was used as a measure of parental stress. The results established a relation between parental stress and adaptive behaviour of the child. Specifically, lower levels of adaptive functioning were predictive of higher levels of parental stress. The specific components of adaptive functioning that relate to parental stress are discussed

How Do Minimum Payment Changes Affect Credit Card Arbitrage?

This paper examines how changes in the minimum payment percentage and effective maturity of introductory offers affect credit card arbitrage.  Credit Card arbitrage involves taking a cash advance on, or making purchases against, a credit card that offers a low or zero percent introductory interest rate.  The proceeds are deposited into a Federal Deposit Insurance Corporation (FDIC) insured money market account.  Profits from this strategy are dependent on factors including the minimum payment due on the credit card each month.  Recently, under pressure from the U.S. Office of the Comptroller of the Currency, some banks have increased the minimum monthly payment percentage on their cards.  We measure the sensitivity of Credit Card arbitrage profits to changes in the offer maturity and the required minimum monthly credit card payment.  We also analyze how offer duration changes with changes in the minimum monthly payment.  These calculations represent an important contribution to the literature because of the unique pattern of credit card loan payments

Mediating and Moderating Effects on the Association between Vision Loss and Depression among an Older Population

The purpose of this study was to gain a more holistic view of the association between depression and visual functioning by examining possible mediating and moderating factors. Previous research has established a linkage between low life satisfaction and coping skills and depressive symptoms. Results of this study contribute to this literature by indicating that life satisfaction partially mediates the relationship between visual functioning and depression. Furthermore, a significant coping by visual functioning interaction was discovered, revealing that among this sample, visual impairment is associated with higher levels of depression among individuals with low coping skills; however, little effect was found for individuals with high coping skills. Results provide support for the importance of early screening of satisfaction with life and coping among older individuals experiencing age-related visual impairment