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The accuracy of financial analysts and market responseYang, Zhaochun (Fiona) 23 June 2006 (has links)
Financial analysts play an intermediary role in financial markets, resulting in two steps for information to be fully absorbed into the stock price: analysts reaction to information, and investors reaction to analysts recommendations. Thus any observed inefficiency in stock pricing could result from two possibilities: analysts failed to fully incorporate the market information into their stock analysis, or the information released in the analysts report is not fully believed by investors. <p>The documented optimism of financial analysts may suggest the possibility of the later case. To test the accuracy of analysts from another perspective, we follow a market microstructure model and use intraday market data to estimate the probability of an information event, the probability of good or bad news, and the rates that different traders arrive at the market. <p>By comparing those estimates based on days with and without recommendation changes, we find inconsistent results with regard to a difference in the probability of an information event. For some stocks, we do observe an increase in the likelihood of news on days when analysts change their recommendations, but this is not the case for most stocks. However, even though they are inaccurate most of the time, uninformed investors usually believe financial analysts. Furthermore, it seems that uninformed investors disbelieve analyst recommendation changes at those instances when analysts are most accurate. <p>
Because of this, we hypothesise that market makers might suspect that orders in the opposite direction of an analysts recommendation change are more likely to come from informed traders. This is consistent with the intuition that most traders are uninformed and will simply follow the advice of a perceived expert, and therefore those that dont follow that advice may be more likely to have special information of their own. We check whether there are any differences in the probability of information-based trading (PIN) and for the conditional probability of information-based trading conditioned on sell (PIN|sell) and buy (PIN|buy) between days with and without recommendation changes. We did not find any significant difference, indicating that although we may observe a higher arrival rate of informed traders on recommendation change days, the probabilities of information-based trading do not change substantially. More informed traders seem to come to the market merely because the higher arrival rate of uninformed traders on recommendation days gives them a good opportunity to camouflage their behaviour. And the specialists likely would not have to change their behaviour on those days by increasing or shifting bid-ask spreads since the increased costs from the higher volume of informed trading are balanced by increased profits from the higher volume of uninformed trading. <p>Furthermore, regression of the probabilities of informed trading (conditional or unconditional) on firm size, trading volume, and volatility of daily return shows nothing significant, so we werent able to identify influential factors that affect informed trading or explain differences in informed trading between firms.
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Barriers to implementing holistic, community-based treatment for offenders with fetal alcohol conditionsMitten, H. Rae 02 February 2007 (has links)
The thesis contends that holistic, community-based treatment is preferable to carceral options for offenders with fetal alcohol conditions, presents emerging support for this contention, identifies barriers to the implementation of community-based treatment, and culminates with analyses of ways of influencing policy reform or of legally mandating non-carceral treatment options. Potential avenues that will be examined include:<P>
•   Charter of Rights and Freedoms, s. 15, including an analysis from Eldridge, Law, and Auton, based on the duty to accommodate disabilities;<BR>
•   Constitution Act, 1982, s. 35 and its recognition and affirmation of such relevant treaty right as the alcohol ban, particularly as the ban operates as a contextual factor in a s. 15 Charter analysis as applied to affected treaty beneficiaries; and<BR>
•   Articles 23, 24 and 40 of the Convention on the Rights of the Child, and Article 12(1) of the International Covenant on Economic, Social and Cultural Rights, particularly as they influence the s. 1 analysis under the Charter.
<P>
A remedy mandating a positive state obligation to provide community-based treatment likely would require favourable cost-benefit analyses, as well as evidence of effectiveness of the treatment (the latter to be studied in a subsequent interdisciplinary Ph.D. program using qualitative research techniques). The implications of a finding of disability and mental disorder related to fetal alcohol conditions will be examined. The present research topic is at the interface of health and justice, and indeed is multidisciplinary in nature as fetal alcohol influences every aspect of affected individuals' lives. Moreover, the problem is situated in its historical, ideological, global, and trans-disciplinary context.
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Investigating the operating mechanism of a diffraction based biosensorValiani, Jahangir Jafferali 01 November 2007 (has links)
In this work, we describe our recent efforts aimed at determining the mechanism of signal change for a diffraction-based sensor (DBS) system. The DBS detects analyte-binding events by monitoring the change in diffraction efficiency that takes place when analyte molecules adsorb to target molecules that have been patterned onto a surface. The exact parameters that affect the intensity of the diffraction intensity are currently not well understood.<p>In this work, the formalism used to describe the behaviour of volume-phase holography is used to understand the parameters that effect the diffraction intensity. It is hypothesized that the major factors that effect the diffraction intensity are the differences in optical path length between the wave trains that reflect off the diffraction grating and those that reffect off the substrate surface. Also key is the difference in refractive index between the two media. Two approaches were developed to investigate this hypothesis; the first was to develop a series of gratings of varying thickness using polyelectrolyte multilayers. The indices of refraction of these gratings were adjusted
by the incorporation of charged gold nanoparticles. Since DBS systems operate by monitoring the binding of analyte molecules, a second series of experiments were developed to investigate the changes in diffraction intensity as micometer sized carboxylated beads were loaded onto an avidin grating. The first aspect that was investigated was the effect of adding more particles onto the grating surface on diffraction intensity. Second, the extent to which the particles reduced the periodicity of the diffraction grating, and the effect on the observed intensity of the diffraction signal were also investigated. Finally, this work shows the first use of a DBS system to extract the rate of and the maximum surface coverage of a specific binding reaction.
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An agent-based simulation model of structural change in agricultureStolniuk, Peter Charles 04 April 2008 (has links)
Like many North American agricultural regions, Saskatchewan has experienced significant fundamental structural changes in farming. Structural change encompasses evolution in distribution of farm sizes, land tenure and financial characteristics, as well as variations in demographic and production characteristics. These issues are often a source of discontent among farm populations as it implies these populations are forced to adapt in a number of potentially unpleasant ways. These changes have profound and sometimes poorly understood effects on the rural economy for example, structural change affects rural population and therefore demand for rural infrastructure. <p>Traditional agricultural farm level analysis is often conducted using a representative farm or group, but this framework cannot capture the growing heterogeneity of modern farm operators or the current operating environment in agricultural regions. Farm profiles vary by demographic characteristics, such as age and education, and resource endowments. Agent-based simulation captures this heterogeneity through a farm by farm analysis, where after initialization, the regional economy evolves over time.<p>A synthetic population is created based on survey data and the land characteristics based on the actual land data in CAR 7B of Saskatchewan. A number of different price and yield time paths were created using a bootstrap procedure on historical data and the model evolved to potential agriculture structures that may occur in the model region, 30 years in the future.<p>Structural change occurs endogenously as farms interact in land markets, and make decisions on land use. Agents compete for available land in a purchase and lease market with land selling to the highest bidder. The dynamic nature of agent-based models allows individual farms to adjust land use in response to changing economic conditions and individual preferences. How individuals organize their resources will be critical to farm survival and growth.<p>The results indicate that many of the trends are the same under the different price and yield time paths, however the rate of change is significantly impacted by the price and yield time path that occurs. The model predicted the trend to fewer and larger farms will continue into the future. The forecasted distribution of smaller farms will decline and proportion of large farms will increase, while mid sized farms will remain relatively unchanged. The proportion of mixed farms, land use, and total livestock numbers depend significantly on the price and yield time path. The actual structure that will occur will be the result of the actual individual price and yield time path that occurs.
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Effect of graded levels of wheat-based dried distiller's grains in a barley ration on the growth performance, carcass quality and rumen characteristics of feedlot steersBeliveau, Renee Maxine 10 September 2008 (has links)
Two trials were conducted to evaluate the effects of titrated levels of wheat-based dried distillers grains on feedlot performance, carcass characteristics and rumen fermentation parameters of cattle fed wheat-based dried distillers grains with solubles (DDGS). In trial 1, a barley grain-based diet (0% DDGS) was used as a control. It was formulated to 12% CP and 1.52 and 0.93 Mcal kg-1 net energy of maintenance (NEm ) and net energy of gain( NEg) respectively, during the backgrounding period and to 13% crude protein (CP) and 1.90 and 1.26 Mcal kg-1 NEm and NEg respectively, during finishing. Wheat-based DDGS replaced on a dry matter basis (DM) barley grain at levels of 8, 16, 24 and 32% during backgrounding and 6, 12, 18 and 23% during finishing. During backgrounding dry matter intake (P = 0.02), ADG (P = 0.04), and ultrasounded (US) longissimus. dorsi gain (P = 0.02) exhibited a cubic response to DDGS inclusion level with theoretical minima at 6.9, 8.1 and 6.9% DDGS respectively, and theoretical maxima responses at 27.2, 30.8 and 23.9% DDGS, respectively. Feed efficiency exhibited a quadratic response (P = 0.02) to DDGS inclusion level with a theoretical poorest response at 13.1% DDGS. Similar responses were noted during the first 56 d of the finishing period, however over the course of the finishing period no effect of DDGS inclusion level was noted on average daily gain (ADG), DMI, feed efficiency (FE), ultrasound measurements or on any carcass traits. <p>Trial 2 examined the effects of graded levels of wheat-based DDGS (0, 7, 14, 21% DM basis) on rumen fermentation characteristics using rumen cannulated heifers. Rumen pH measurements indicated that the pH mean at or below 5.8 and 5.5 decreased as DDGS inclusion level increased to 14% DM. The highest values (P<0.05) for pH area between the benchmarks of 5.5 and 5.2, pH area below 5.2 and time below pH 5.2 were found at the 14% DDGS inclusion level, pointing to rumen fermentation characteristics associated with severe rumen acidosis. Ammonia nitrogen levels, percent acetate, percent butyrate and the acetate: propionate ratio increased linearly (P < 0.0001) with DDGS. Propionate concentration decreased linearly (P = 0.006) as the level of DDGS increased. In situ rumen degradation kinetics showed that the DM and CP soluble fraction of DDGS to be significantly higher than that of rolled barley, however effective degradability of dry matter (EDDM) and effective degradability of crude protein (EDCP) were greater for barley.
The results of this trial indicate that wheat-based DDGS has an energy value at least equal to that of barley grain with no adverse effects on cattle performance or carcass quality. Furthermore, since all treatments showed equal susceptibility to sub-acute ruminal acidosis (SARA) and therefore, wheat-based DDGS as a dietary ingredient is unable to mitigate rumen fermentation conditions associated with SARA.
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Three approaches to outdoor education : a Whiteheadian interpretation of their potential for practiceShe, Yubo 14 September 2010 (has links)
This thesis considers outdoor education as a pedagogical approach which enables students to explore the natural world and learn its value when guided by an adult, be they teacher or community member. In order to provide a full account of this distinctive pedagogy, the thesis critically examines three approaches to outdoor education: a discipline-based approach used in a course on phenology at Capital Normal University in Beijing; a multidisciplinary approach currently utilized at the Outdoor School in Saskatoon; and a place-based approach as exemplified in the CO-SEED project (Community-Based School Environmental Education project) in the United States. The theoretical framework used throughout the thesis is the philosophy of education of Alfred North Whitehead coupled with concepts from his philosophy of organism. It is within this framework that each approach is interpreted and its strengths and weaknesses explained.<p>
Based on consideration of the three examples and on an analysis of the literature concerning outdoor education, I argue that outdoor education is not fully recognized by educators as a way for students to learn to appreciate their connection with nature. The educational value of outdoor education has yet to be acknowledged, and as a result students with little or no regular outdoor experience tend to feel alienated from nature, and are losing any sense of connectedness and rootedness to the places where they live. By way of contrast, outdoor education has the potential to restore students appreciation of nature.<p>
I propose that a place-based approach to outdoor education is the most inclusive and adequate of the three approaches. At the same time, this approach would benefit from a full understanding and integration of Whiteheads key concepts of the rhythmic cycles of growth, internal relations, wisdom, value, and the art of life. Together they would strengthen place-based education, making it an effective approach to outdoor education.
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Delelopment of an x-ray prism for a combined diffraction enhanced imaging and fluorescence imaging systemBewer, Brian Edward 25 February 2011 (has links)
Analyzer crystal based imaging techniques such as diffraction enhanced imaging (DEI) and multiple imaging radiography (MIR) utilize the Bragg peak of perfect crystal diffraction to convert angular changes into intensity changes. These X-ray techniques extend the capability of conventional radiography, which derives image contrast from absorption, by providing a large change in intensity for a small angle change introduced by the X-ray beam traversing the sample. Objects that have very little absorption contrast may have considerable refraction and ultra small angle
X-ray scattering (USAXS) contrast thus improving visualization and extending the utility of X-ray imaging. To improve on the current DEI technique this body of work describes the design of an X-ray prism (XRP) included in the imaging system which allows the analyzer crystal to be aligned anywhere on the rocking curve without moving the analyzer from the Bragg angle. By using the XRP to set the rocking curve alignment rather than moving the analyzer crystal physically the needed angle sensitivity is changed from ìradians for direct mechanical movement of the analyzer
crystal to milliradian control for movement the XRP angle. In addition to using an XRP for the traditional DEI acquisition method of two scans on opposite sides of the rocking curve preliminary tests will be presented showing the potential of using an XRP to scan quickly through the entire rocking curve. This has the benefit of
collecting all the required data for image reconstruction in a single fast measurement
thus removing the occurrence of motion artifacts for each point or line used during a scan. The XRP design is also intended to be compatible with combined imaging systems where more than one technique is used to investigate a sample. Candidates for complimentary techniques are investigated and measurements from a combined
X-ray imaging system are presented.
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Självscanning – Ur butikens perspektiv / Self-scanning systems – In a smaller scale of real lifeJohansson, Sandra, Brønsten, Line January 2011 (has links)
The underlying aim of this paper is to find out how the management and employees in a grocery store on a relatively small community in Sweden is experiencing Technology-Based Self-Service (TBSS), and self-scanning. And how store management and employees experience that the self-scanning ability is received by their respective consumers. Several open individual interviews were conducted with the administrative head of sales and various employees working at different departments at Coop Forum in Skara In offering self-scanning, we believe that the store provides consumers with an opportunity to perform their daily purchases by an easy and flexible approach, which we believe will have a positive impact on the entire store visit. A positive store visit, we believe play a major role in consumers choosing to do their shopping in the store. The issue to be elucidated in this paper is; How do management and employees in a grocery store perceive that self-scanning influence consumers' purchase and the service the shop offers? Why would a supermarket use self-scanning as part of the service they offer to their consumers? The report concludes the similarities and differences experienced by administrative sales manager and employees compared to previous research on the subject. Employees at Coop Forum possessed good knowledge of the subject area, sales manager realized current problems and difficulties, but as Coop Forum is one of many chain stores, the individual opportunities were limited. The idea behind the TBSS and self-scanning includes aspects such as cost savings, improved customer service with wider and better service to consumers.
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Novel Skeletal Representation for Articulated CreaturesBrostow, Gabriel Julian 12 April 2004 (has links)
This research examines an approach for capturing 3D surface and structural data of moving articulated creatures. Given the task of non-invasively and automatically capturing such data, a methodology and the associated experiments are presented, that apply to multiview videos of the subjects motion. Our thesis states: A functional structure and the timevarying surface of an articulated creature subject are contained in a sequence of its 3D data. A functional structure is one example of the possible arrangements of internal mechanisms (kinematic joints, springs, etc.) that is capable of performing the motions observed in the input data.
Volumetric structures are frequently used as shape descriptors for 3D data. The capture of such data is being facilitated by developments in multi-view video and range scanning, extending to subjects that are alive and moving. In this research, we examine vision-based modeling and the related representation of moving articulated creatures using Spines. We define a Spine as a branching axial structure representing the shape and topology of a 3D objects limbs, and capturing the limbs correspondence and motion over time.
The Spine concept builds on skeletal representations often used to describe the internal structure of an articulated object and the significant protrusions. Our representation of a Spine provides for enhancements over a 3D skeleton. These enhancements form temporally consistent limb hierarchies that contain correspondence information about real motion data. We present a practical implementation that approximates a Spines joint probability function to reconstruct Spines for synthetic and real subjects that move. In general, our approach combines the objectives of generalized cylinders, 3D scanning, and markerless motion capture to generate baseline models from real puppets, animals, and human subjects.
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noneFan, Chi-Chun 27 June 2010 (has links)
none
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