Investor preferences for oil spot and futures based on mean-variance and stochastic dominance

This paper examines investor preferences for oil spot and futures based on mean-variance (MV) and stochastic dominance (SD). The mean-variance criterion cannot distinct the preferences of spot and market whereas SD tests leads to the conclusion that spot dominates futures in the downside risk while futures dominate spot in the upside profit. It is also found that risk-averse investors prefer investing in the spot index, whereas risk seekers are attracted to the futures index to maximize their expected utilities. In addition, the SD results suggest that there is no arbitrage opportunity between these two markets. Market efficiency and market rationality are likely to hold in the oil spot and futures markets.stochastic dominance;futures market;risk averter;risk seeker;spot market;G15;C14;G12

Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach

This paper examines the market efficiency of oil spot and futures prices by using a stochastic dominance (SD) approach. As there is no evidence of an SD relationship between oil spot and futures, we conclude that there is no arbitrage opportunity between these two markets, and that both market efficiency and market rationality are not rejected in the oil spot and futures markets.stochastic dominance;futures market;risk averter;risk seeker;spot market

Reduction of Coincident Photomultiplier Noise Relevant to Astroparticle Physics Experiment

In low background and low threshold particle astrophysics experiments using observation of Cherenkov or scintillation light it is common to use pairs or arrays of photomultipliers operated in coincidence. In such circumstances, for instance in dark matter and neutrino experiments, unexpected PMT noise events have been observed, probably arising from generation of light from one PMT being detected by one or more other PMTs. We describe here experimental investigation of such coincident noise events and development of new techniques to remove them using novel pulse shape discrimination procedures. When applied to data from a low background NaI detector with facing PMTs the new procedures are found to improve noise rejection by a factor of 20 over conventional techniques, with significantly reduced loss of signal events.Comment: Submitted to NIM

Analytical solution of the tooling/workpiece contact interface shape during a flow forming operation

Flow forming involves complicated tooling/workpiece interactions. Purely analytical models of the tool contact area are difficult to formulate, resulting in numerical approaches that are case-specific. Provided are the details of an analytical model that describes the steady-state tooling/workpiece contact area allowing for easy modification of the dominant geometric variables. The assumptions made in formulating this analytical model are validated with experimental results attained from physical modelling. The analysis procedure can be extended to other rotary forming operations such as metal spinning, shear forming, thread rolling and crankshaft fillet rolling.Comment: 28 pages, 11 figure

Global Symposium on Women in Fisheries

All over the world, women contribute in multiple ways to the production, processing, marketing and management of fish and other living aquatic resources. The first ever Global Symposium on Women in Fisheries, held in Kaohsiung, Taiwan on 29 November 2001 generated the present collection of papers on women in fisheries. The reader of this volume will find in it a wealth of information, albeit in a very heterogeneous form, that the authors have had to draw from many different sources. Some are primary research studies whereas most are historical reviews from first hand experience of the authors or derived from other written materials, often contained in reports of fisheries development projects, newspapers and source materials well outside the fish sectors.Women, Participation, Sustainability, Poverty, Fisheries, Development projects, Fishery technology

Robust Estimation and Forecasting of the Capital Asset Pricing Model

In this paper, we develop a modified maximum likelihood (MML) estimator for the multiple linear regression model with underlying student t distribution. We obtain the closed form of the estimators, derive the asymptotic properties, and demonstrate that the MML estimator is more appropriate for estimating the parameters of the Capital Asset Pricing Model by comparing its performance with least squares estimators (LSE) on the monthly returns of US portfolios. The empirical results reveal that the MML estimators are more efficient than LSE in terms of the relative efficiency of one-step-ahead forecast mean square error in small samples

Profiteering from the Dot-com Bubble, Sub-Prime Crisis and Asian Financial Crisis

This paper explores the characteristics associated with the formation of bubbles that occurred in the Hong Kong stock market in 1997 and 2007, as well as the 2000 dot-com bubble of Nasdaq. It examines the profitability of Technical Analysis (TA) strategies generating buy and sell signals with knowing and without trading rules. The empirical results show that by applying long and short strategies during the bubble formation and short strategies after the bubble burst, it not only produces returns that are significantly greater than buy and hold strategies, but also produces greater wealth compared with TA strategies without trading rules. We conclude these bubble detection signals help investors generate greater wealth from applying appropriate long and short Moving Average (MA) strategies

Is induction of very rapid sustained VT significant in patients with syncope?

Review of: Santos Rego, M. A. (Ed.) (2016). A investigación educativa en Galicia 2002-2014. Vigo: Galaxia. 518 pp. ISBN: 978-84-9865-697-8. Depósito legal: VG 253-2016.This is a work that gathers the main contributions to educational research in Galicia between 2002 and 2014. They listed the main point made research, doctoral theses, books, chapters of books/monographs, articles published in relation to the main areas and core themes related to education as psychology and education, learning disabilities, developmental disorders, educational technology, teacher training, theoretical, philosophical and sociological foundations of education; teaching, school organization and educational innovation... This is a work/book aimed at anyone interested in educational issues in different areas and with the aim of adapting education to social needs Galicia today. Reseña de: Santos Rego, M. A. (Ed.) (2016). A investigación educativa en Galicia 2002-2014. Vigo: Galaxia. 518 pp. ISBN: 978-84-9865-697-8. Depósito legal: VG 253-2016.Se trata de la obra que recoge las principales aportaciones a la investigación educativa en Galicia entre los años 2002 y 2014. Se relacionan las principales investigaciones realizadas, las tesis doctorales leídas,  los libros, capítulos de libros/monografías, artículos publicados en relación con las principales áreas y núcleos temáticos relacionados con la educación como, entre otras, la psicología y la educación, las dificultades de aprendizaje, trastornos del desarrollo, tecnología educativa, formación de profesores, fundamentos teóricos, filosóficos y sociológicos de la educación; didáctica,  organización escolar e innovación educativa… Es una obra dirigida a toda persona interesada por los temas educativos en sus diferentes ámbitos y con el objetivo de adecuar la educación en Galicia  a las necesidades sociales en la actualidad

Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach

This paper examines the market efficiency of oil spot and futures prices by using a stochastic dominance (SD) approach. As there is no evidence of an SD relationship between oil spot and futures, we conclude that there is no arbitrage opportunity between these two markets, and that both market efficiency and market rationality are not rejected in the oil spot and futures markets

Investor preferences for oil spot and futures based on mean-variance and stochastic dominance

This paper examines investor preferences for oil spot and futures based on mean-variance (MV) and stochastic dominance (SD). The mean-variance criterion cannot distinct the preferences of spot and market whereas SD tests leads to the conclusion that spot dominates futures in the downside risk while futures dominate spot in the upside profit. It is also found that risk-averse investors prefer investing in the spot index, whereas risk seekers are attracted to the futures index to maximize their expected utilities. In addition, the SD results suggest that there is no arbitrage opportunity between these two markets. Market efficiency and market rationality are likely to hold in the oil spot and futures markets