THE TRANSMISSION OF PRICE VOLATILITY IN THE BEEF MARKETS

This paper reconsiders the implications of efficient markets for transmission of price volatility across markets. Tests of volatility transmission are based on conditional variances. Results are reported for key grain and beef markets. Transmission across cash, futures, and options is considered.Cointegration, GARCH, Market Efficiency, Beef Markets, Demand and Price Analysis, Livestock Production/Industries,

Commodity Price Volatility under New Market Orientations

Recent national and international regulatory reforms (e.g. U.S. FAIR and other GATT compliance reforms) in agricultural markets has led some observers to wonder whether the private sector is able to produce a level of price volatility that is socially acceptable. In this paper, we examine the post reform track record of price volatility and its transmission across vertically linked and geographically linked markets. Livestock, grain, and dairy market data (monthly) are considered across the U.S. and E.C. The standard commodity-pricing model supports the hypothesis that competitive storage acts to reduce the volatility of cash prices. Further, speculative attacks and stock outs have been shown to induce increased volatility. This motivates a scope of consideration that includes prices as well as stock levels to assess their contribution to price volatility. The paper considers evidence based on three decades of monthly data and advanced time series techniques. First, univariate volatility estimates based on the autoregressive conditional heteroskedasticity (GARCH) model are evaluated and compared to historical temporal variation to highlight the importance of well grounded estimation of volatility. Next, the relationships between stocks and the conditional mean, as well as the conditional and unconditional variances of the price series, are assessed for dairy and grain products. Finally, reform associated changes in the structure of the transmission of volatility through vertical markets are considered for dairy products and across geographic markets is considered for grains.Price volatility; price risk; inventories; commodity prices;

Multiple-Agency Delegations & One-Agency Chevron

Congress frequently delegates to agencies, and a host of Supreme Court decisions have articulated tests for determining what level of deference courts should give to agency interpretations of their statutory directives. Courts have historically undertaken these analyses in the context of a single agency. Congressional authorization of joint rulemaking authority is more complicated, however, and the traditional frameworks for review are inadequate. When Congress delegates authority to multiple agencies, courts should review the agencies\u27 rules with heightened deference. The traditional framework for judicial review of agency rules is ill equipped when rules are promulgated by multiple coordinated agencies. The prevalence of this type of delegation in recent legislation underscores the need to reconsider the framework under which courts review multiagency rules. For instance, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ( Dodd-Frank Act ) delegates broad authority to multiple agencies to promulgate rules jointly and in consultation with one another. One particularly contentious provision of the Dodd-Frank Act delegates authority to the Treasury Department, the Federal Reserve Board, the Comptroller of the Currency, the Federal Deposit Insurance Company, and the Securities and Exchange Commission to implement the Volcker Rule by issuing joint rules. Given the lengthy delays and contentious issues discussed during the notice-and-comment period, the Volcker Rule itself is sure to generate a substantial volume of litigation. The recent issuance of the final rule will likely bring to light unresolved issues in judicial review of multiagency rules

Ill Treatment as the Cause of Suicide

This paper attempts to summarize the law with respect to the liability of one whose ill treatment of another ultimately results in the suicidal death of such other

Attitude analysis of the Earth Radiation Budget Satellite (ERBS) yaw turn anomaly

The July 2 Earth Radiation Budget Satellite (ERBS) hydrazine thruster-controlled yaw inversion maneuver resulted in a 2.1 deg/sec attitude spin. This mode continued for 150 minutes until the spacecraft was inertially despun using the hydrazine thrusters. The spacecraft remained in a low-rate Y-axis spin of .06 deg/sec for 3 hours until the B-DOT control mode was activated. After 5 hours in this mode, the spacecraft Y-axis was aligned to the orbit normal, and the spacecraft was commanded to the mission mode of attitude control. This work presents the experience of real-time attitude determination support following analysis using the playback telemetry tape recorded for 7 hours from the start of the attitude control anomaly

Essential Learning Objectives For Graphic Designers, Post Secondary

Graphic designers today need to possess a wide variety of skill sets in order to adequately perform their duties. The skill sets include areas of study in Art, Design, Computer Technology, and Print Technology. My goal is to find what learning objectives in these areas and others are essential for a person to become a graphic designe

A Multi-Sensor Approach for VHR Vegetation Monitoring.

M.S. Thesis. University of Hawaiʻi at Mānoa 2017

Flow Cytometric Analysis of Avian Blood Cells: Differentiation of Erythrocytes and Leukocytes by Fluorescence.

Automated analyzers have revolutionized diagnostic hematology in mammalian species. These commercial instruments utilize flow cytometric technology to enumerate blood cell concentrations. Because of the nuclei present in most non-mammalian erythrocytes and thrombocytes, these instruments are unable to calculate leukocyte counts in birds, amphibians, reptiles, and fish. These investigations sought to determine if three commonly used methodologies in flow cytometry could sufficiently differentiate avian erythrocytes, leukocytes, and thrombocytes, and ultimately form a basis for performing total leukocyte counts. Fluorescein isothiocyanate (FITC) and thiazole orange (TO) were used to stain samples of whole, erythrocyte-, and leukocyte-enriched chicken blood. Although fluorescent microscopic and flow cytometric results obtained using both stains suggested a higher propensity for these dyes in leukocytes and thrombocytes, the difference in fluorescence intensity with erythrocytes was not sufficient to assess their concentration. Furthermore, leukocytes stained with FITC were found consistently in the large erythrocyte peak in cell sorting experiments. Cell counts performed on a population of cells defined by higher TO staining correlated poorly with manual total leukocyte counts. Chicken blood cells were also examined for reactivity with anti-spectrin, anti-vimentin, and anti-$\beta$-tubulin antibodies. Leukocytes demonstrated a higher non-specific staining with secondary antibodies. The inclusion of normal serum as a blocking step essentially eliminated this reactivity. The non-specific staining was not detected by flow cytometry. Although these investigations verified that standard flow cytometric techniques may be utilized to analyze avian leukocytes, sufficient differentiation of these cells from erythrocytes was not achievable for quantitative purposes. Methods with increased sensitivity of fluorescence detection or improved specificity of leukocyte staining are needed to develop a system by which this important diagnostic evaluation can be automated in non-mammalian hematology

A Qualitative Investigation into the Active Level of Perception of Dissociation of Source from Content Under Narrative Conditions

This thesis explores what media users perceive about the authors and creators of narrative media based solely on the content of that media itself. It contrasts traditional notions of source credibility (established via rhetoric or debate) versus models of media effects which exert themselves through mere exposure to message, and where a direct evaluation of the message source may be neither salient nor possible. A sample of nine undergraduates were individually interviewed in order to investigate the thematic trends associated with the perceptions of credibility and of authorial source while exposed to narrative. The interviews gave rise to the notion that narratives are subject to credibility judgments based on the emotional salience of the characters\u27 responses plot elements, rather than on the factuality of the material, or rather than upon any perceptions of authorial expertise with regards to the subjects broached by the narrativ

A Qualitative Investigation into the Active Level of Perception of Dissociation of Source from Content Under Narrative Conditions

This thesis explores what media users perceive about the authors and creators of narrative media based solely on the content of that media itself. It contrasts traditional notions of source credibility (established via rhetoric or debate) versus models of media effects which exert themselves through mere exposure to message, and where a direct evaluation of the message source may be neither salient nor possible. A sample of nine undergraduates were individually interviewed in order to investigate the thematic trends associated with the perceptions of credibility and of authorial source while exposed to narrative. The interviews gave rise to the notion that narratives are subject to credibility judgments based on the emotional salience of the characters\u27 responses plot elements, rather than on the factuality of the material, or rather than upon any perceptions of authorial expertise with regards to the subjects broached by the narrativ