Theories of risk: testing investor behaviour on the Taiwan stock and stock index futures markets

This paper considers four utility functions - concave, convex, S-shaped, and reverse S-shaped - to analyze the behavior of different types of investors on the Taiwan stock index and its corresponding index futures. Using stochastic dominance (SD) rules, we show that the existence of all four investor types is plausible. Risk averters prefer spot to futures, whereas risk seekers prefer futures to spot. Investors with S-shaped utility functions prefer spot (futures) to futures (spot) when markets move upward (downward). Investors with reverse S-shaped utility functions prefer futures (spot) to spot (futures) when markets move upward (downward). We show that both spot and futures markets can exist when only risk averters are present, but futures can dominate spot only if there is some risk seeking behavior. These results are robust with respect to sub-periods, spot returns including dividends and diversification

Fast block-based image restoration employing the improved best neighborhood matching approach

2005-2006 > Academic research: refereed > Publication in refereed journalVersion of RecordPublishe

A Hessenberg Markov chain for fast fibre delay line length optimization

In this paper we present an approach to compute the invariant vector of the N + 1 state Markov chain P presented in (Rogiest et al., Lecture Notes in Computer Science, NET-COOP 2007 Special Issue, pp. 4465:185-194) to determine the loss rate of an FDL buffer consisting of N lines, by solving a related Hessenberg system (i.e., a Markov chain skip-free in one direction). This system is obtained by inserting additional time instants in the sample paths of P and allows us to compute the loss rate for various FDL lengths by solving a single system. This is shown to be especially effective in reducing the computation time of the heuristic LRA algorithm presented in (Lambert et al., Proc. NAEC 2005, pp. 545-555) to optimize the FDL lengths, where improvements of several orders of magnitude can be realized

Expression and distribution of HIF-1α, HIF-2α, VEGF, VEGFR-2 and HIMF in the kidneys of Tibetan sheep, plain sheep and goat

Background: The objective of this study was to detect the expression and distribution characteristics of five proteins (the hypoxia-inducible factor 1alpha [HIF-1a], HIF-2a, vascular endothelial growth factor [VEGF], VEGF-2 receptor [VEGFR-2] and hypoxia-induced mitogenic factor [HIMF]) in kidney of Tibetan sheep, plain sheep and goat. The results will provide the basic information for the comparative study of sheep breeds living at different altitudes.Materials and methods: The kidney tissues were collected from healthy adult Tibetan sheep, plain sheep and goats and made into paraffin sections. Histological characteristics were assessed by haematoxylin and eosin staining. Expressions of HIF-1a, HIF-2a, VEGF, VEGFR-2 and HIMF proteins were measured by immunohistochemical staining.Results: Immunohistochemistry results showed that the positive expression signals of HIF-1a, HIF-2a, VEGF and VEGFR-2 were detected in epithelial cells of renal tubules and collecting tubules, renal corpuscles in the kidneys of the three sheep breeds. Positive expression signals of HIMF were detected in epithelial cells of proximal tubules and distal tubules in Tibetan sheep and epithelial cells of distal tubules in goat. Immunostaining intensity of HIF-1a, HIF-2a, VEGF and VEGFR-2 proteins in Tibetan sheep was significantly higher than that in both plain sheep and goat (p < 0.05). Immunostaining intensity of HIMF in Tibetan sheep was higher than goat (p < 0.05). Positive expression signals of HIMF were not detected in plain sheep.Conclusions: The expression and distribution characteristics of HIF-1a, HIF-2a, VEGF, VEGFR-2 and HIMF in the studied kidney tissues suggested that these proteins may be related to the physiological regulation of Tibetan sheep kidney in hypoxia environment, and therefore might be important regulating proteins for Tibetan sheep to adapt to high altitude hypoxia environment

Variational upper bounds for low-lying states of lithium

We present improved calculations of variational energy eigenvalues for the 1s22s2S, 1s23s2S, and 1s22p2P states of lithium using basis sets with up to 30 224 terms in Hylleraas coordinates. The nonrelativistic energies for infinite nuclear mass are -7.4780603239101437(45) a.u. for 1s22s2S, -7. 3540984214443164(32) a.u. for 1s23s2S, and -7.4101565326516(5) a.u. for 1s22p2P, which represent the most accurate variational upper bounds to date. An important advantage of the basis sets with multiple distance scales is their exceptional numerical stability. © 2011 American Physical Society