Stock Market Wealth and the Real Economy: A Local Labor Market Approach

We provide evidence of the stock market consumption wealth effect by using a local labor market analysis. An increase in local stock wealth driven by aggregate stock prices increases local employment and payroll in nontradable industries and in total, with no effect on employment in tradable industries. In a model of geographic heterogeneity in stock wealth, these responses imply an MPC of 3.2 cents per year and that a 20 percent increase in stock valuations, unless countered by monetary policy, increases the aggregate labor bill by at least 1.7 percent and aggregate hours by at least 0.7 percent two years after the shock. (JEL E21, E24, E52, G12, G51, R22, R23 )

Genetic structure of rainbow trout Oncorhynchus mykiss (Salmoniformes, Salmonidae) from aquaculture by DNA-markers

The rational use of valuable fish species from aquaculture is difficult to implement without knowledge of the state of the genetic structure of local stocks. Different types of DNA markers can be used to achieve the goals of selection and breeding work. The genetic structure of a local stock of rainbow trout (Oncorhynchus mykiss Walbaum, 1792) (Salmoniformes, Salmonidae) farmed in Ukraine was studied using DNA-markers: microsatellite (SSR-markers – simple-sequence repeats-markers) and intermicrosatellite (ISSR – inter-simple sequence repeat). Five fragments of trinucleotide microsatellite motifs with a single anchor nucleotide at the 3'-end were used as a primer for analysis by the ISSR-PCR method. Totally, 85 amplicons were obtained across the five loci, of which 92.9% were polymorphic. The total number of alleles ranged from 10 (marker (ACC)₆G) to 23 (marker (AGC)₆G). The following monomorphic amplicons were determined for the studied local stock of rainbow trout: according to marker (CTC)₆C – 770 and 520 bp bands, for the marker (GAG)₆C – 345, 295 and 260 bp, and for the marker (AGC)₆C – 350 bp. The average number of polymorphic bands per locus was 15.8. The selected ISSR primers had a level of polymorphic information content above the average. The most effective markers for molecular-genetic analysis of rainbow trout were (AGC)₆G and (AGC)₆C according to the percentage of polymorphic bands, marker index, effective multiplex ratio and resolving power. The selected ISSR loci allow the genetic structure of the studied local stock to be characterized using the total and the effective number of alleles per locus (Na and Ne were 1.9 and 1.4, respectively), the Shannon index (average value I was 0.4) and the unbiased expected heterozygosity (mean uHe = 0.3). Microsatellite-based analysis showed features of the genetic structure of the local stock of rainbow trout at six microsatellite loci (OMM 1032, OMM 1077, OMM 1088, Str 15, Str 60, Str 73). Allelic diversity was established and alleles with the highest frequency and most typical for the given stock were identified. The Shannon index and unbiased expected heterozygosity were determined using SSR-markers and were 1.42 and 0.79, respectively. This depicts the complexity of the population structure, a high level of genetic diversity and indicates a high level of heterozygosity of local stock. The “gene pool profile” established as a result of ISSR-PCR in the future will help to differentiate local stocks of rainbow trout in aquaculture of Ukraine. Microsatellite markers provide the ability to determine individual features of genetic variation of local populations and to conduct the management of genetic resources on fish farms.

Universal portfolios generated by rational functions

The f -divergence of Csiszar is defined for a non-negative convex function on the positive axis. A pseudo f -divergence can be defined for a convex function not satisfying the usual requirements. A rational function where both the numerator and the denominator are non-integer polynomials will be used to generate universal portfolios. Five stock-price data sets from the local stock exchange are selected for the empirical study. Empirical results are obtained by running the generated portfolios on these data sets. The empirical results demonstrate that it is possible for the investors to increase their wealth by using the portfolios in investment.

Universal portfolios generated by an inequality involving the Kullback-Leibler and chi-square divergences

An inequality involving the Kullback-Leibler and chi-square divergences is used to generate new universal portfolios for investment. The stationary vector of an objective function is determined for the purpose of deciding the next-day portfolio given the current-day portfolio and the current-day price relative vector. The two-parameter portfolio is studied empirically by running the portfolio on selected stock-price data sets from the local stock exchange. It is demonstrated that the wealth of the investor can be increased by using the proposed universal portfolio.

Crinoids from the Lower (Pragian–Emsian) and Middle (early Eifelian) Devonian of Bolivia (Icla and Belén formations, Malvinokaffric Realm)

Two new families and three new genera and species of Crinoidea from the Icla and Belén formations, Bolivian Devonian, are described. The material is identified as Meperocrinus angelina n. gen. n. sp., from the Icla Formation of the Sub-Andina region, Tuberocrinus lapazensis n. gen. n. sp. and Aenigmaticumcrinus rochacamposi n. gen. n. sp., both from the Belén Formation of the Bolivian Altiplano. Meperocrinus angelina n. gen. n. sp. is an Emperocrinidae, a family described from the Silurian of the United States of America. Tuberocrinus lapazensis n. gen. n. sp. is assigned to a new family of Dimerocrinitacea, the Tuberocrinidae n. fam., which is closely related to Pterinocrinidae that already has representatives in Bolivia (Apurocrinus sucrei McIntosh), Argentina (Pterinocrinus? australis Haude), and Colombia (Bogotacrinus scheibei McIntosh). Aenigmaticumcrinus rochacamposi n. gen. n. sp. is also as assigned to a new family of Dimerocrinitacea, the Aenigmaticumcrinidae n. fam.; a family with very distinctive features. These data demonstrate that the Malvinokaffric crinoid fauna in Bolivia has a mixed origin, with forms that arrived in South America from Europe (Old World Realm) and United States of America (Eastern America Realm) during the late Silurian or earliest Devonian, as well as a local stock, which evolved to highly endemic lineages.UUID: http://zoobank.org/f03120c6-264a-4ae9-81e0-46bfe844e65e.

Neural Networks in Narrow Stock Markets

Narrow markets are typically considered those that due to limited liquidity or peculiarities in its investor base, such as a particularly high concentration of retail investors, make the stock market less efficient and arguably less predictable. We show in this article that neural networks, applied to narrow markets, can provide relatively accurate forecasts in narrow markets. However, practical considerations such as potentially suboptimal trading infrastructure and stale prices should be taken into considerations. There is ample existing literature describing the use of neural network as a forecasting tool in deep stock markets. The application of neural networks to narrow markets have received much less literature coverage. It is however an important topic as having reliable stock forecasting tools in narrow markets can help with the development of the local stock market, potentially also helping the real economy. Neural networks applied to moderately narrow markets generated forecasts that appear to be comparable, but typically not as accurate, as those obtained in deep markets. These results are consistent across a wide range of learning algorithms and other network features such as the number of neurons. Selecting the appropriate network structure, including deciding what training algorithm to use, is a crucial step in order to obtain accurate forecasts.

Protecting the Rights of Local Shareholders under the Saudi rules for Qualified Foreign Financial Institutions Investments in Listed Shares: قانون الاستثمار الأجنبي في سوق الأسهم السعودية: دراسة تأصيلية مقارنة مع دول مجلس التعاون الخليجي ودولة استراليا

Recently, the Saudi Capital Market Authority (CMA) opened the door for foreign investors to invest directly in the stock exchange market (Tadawul) to gain more welfare from their investments. Along with this step, the CMA released a set of Rules for Qualified Foreign Financial Institutions Investments (RQFFII) in Listed Shares 2015 that aimed to attract and protect the shareholders' rights. In this research project, the RQFFII have been examined to discover the level of attraction that these Saudi rules offer to foreign investment. The project also aimed to highlight strengths and weaknesses in the rules with regard to the protection shareholders' rights. This thesis explored the possible influence of foreign investments in the Saudi stock exchange. The research project aimed to increase the CMA and shareholders' awareness and knowledge in regard to these rules which lead to more protection of the local stock exchange. In order to achieve this goal, this thesis used a qualitative method by comparing these rules to the regulations of other countries that have a successful record, such as the Gulf Countries Council (GCC) and Australia. It has also analysed reports of the international organization to support the findings. The findings showed that on the one hand the current rules are not sufficiently attractive, and on the other hand are restricted and able to provide enough protection to the domestic market and shareholders. In addition, the results support the positive role of foreign investors on the local stock exchange market and its regulations. The findings implied a correlation between regulations and foreign investment flows in regard to attracting foreign investments and protecting the local economy. Hence, Saudi policymakers use the gradual opening of foreign investors to its stock exchange, this project found that the amended rules in 2016 may lead to more foreign investment inflow.

Cross-Regional Differences in News Tone and Local Stock Ownership

This study examines cross-regional differences in news tone for the same news event and relates it to local stock ownership of individual investors using a combination of detailed investor and media data. The results show that news tone amplifies the overall attention effect and decreases the difference between the trading activities of local and nonlocal investors when locally sourced news is republished across regions. In general, trading activity decreases for given republished news, but it still exists because the same news event garners attention as it diffuses to other regional outlets in a different news tone. Overall, individual investors seem to realize that the news is stale but expect subsequent price reversals following the republished news, thus showing news-contrarian trading behavior. Furthermore, they distinguish good firms from bad firms, indicating that adverse selection is partially responsible for the observed news-contrarian trading behaviors. This paper was accepted by David Simchi-Levi, finance.

Pigs’ Feed Fermentation Model with Antimicrobial Lactic Acid Bacteria Strains Combination by Changing Extruded Soya to Biomodified Local Feed Stock

The aim of this study was to apply newly isolated antimicrobial characteristic possessing lactic acid bacteria (LAB) starters (Lactobacillus plantarum LUHS122, Lactobacillus casei LUHS210, Lactobacillus farraginis LUHS206, Pediococcus acidilactici LUHS29, L. plantarum LUHS135, and Lactobacillus uvarum LUHS245) for local stock (rapeseed meal) fermentation and to evaluate the influence of changing from an extruded soya to biomodified local stock in a feed recipe on piglets’ fecal microbiota, health parameters, growth performance, and ammonia emission. In addition, biomodified rapeseed meal characteristics (acidity and microbiological) were analyzed. The 36-day experiment was conducted using 25-day-old Large White/Norwegian Landrace (LW/NL) piglets, which were randomly distributed into two groups: a control group fed with basal diet and a treated group fed with fermented feed (500 g/kg of total feed). The study showed that the selected LAB starter combination can be recommended for rapeseed meal fermentation (viable LAB count in fermented feed 8.5 ± 0.1 log10 CFU/g and pH 3.94 ± 0.04). At the beginning of the in vivo experiment, the microbial profiles in both piglet groups were very similar: The highest prevalence was Prevotella (34.6–38.2%) and Lactobacillus (24.3–29.7%). However, changing from an extruded soya to fermented rapeseed meal in the feed recipe led to desirable changes in piglets’ fecal microbiota. There was a more than four-fold higher Lactobacillus count compared to the control group. Furthermore, there was significantly lower ammonia emission (20.6% reduction) in the treated group section. Finally, by changing from an extruded soya to cheaper rapeseed meal and applying the fermentation model with the selected LAB combination, it is possible to feed piglets without any undesirable changes in health and growth performance, as well as in a more sustainable manner.