Day-of-the-week effects in selected East Asian stock markets
|
|
- Cuthbert Barker
- 5 years ago
- Views:
Transcription
1 MPRA Munich Personal RePEc Archive Day-of-he-week effecs in seleced Eas Asian sock markes Ricky Chee-Jiun Chia and Venus Khim-Sen Liew and Syed Azizi Wafa Syed Khalid Wafa Labuan School of Inernaional Business and Finance, Universii Malaysia Sabah. 007 Online a hp://mpra.ub.uni-muenchen.de/799/ MPRA Paper No. 799, posed. February :39 UTC
2 Day-of-he-week effecs in Seleced Eas Asian sock markes Ricky Chee-Jiun Chia Venus Khim-Sen Liew * Syed Azizi Wafa Syed Khalid Wafa Labuan School of Inernaional Business and Finance, Universii Malaysia Sabah, Jalan Sungai Pagar, Labuan, Malaysia. Absrac This sudy examines he day-of-he-week effecs in he Taiwan, Singapore, Hong Kong and Souh Korea sock markes. Various significan day-of-he-week effecs, including he ypical negaive Monday and posiive Friday effecs are deeced in he sock markes of Taiwan, Singapore and Hong Kong. Furher analysis shows ha only Friday effec in Taiwan is susainable while all oher effecs disappeared compleely afer accouning for equiy risks. Besides, his sudy also finds evidences of risk and reurn radeoff as well as asymmerical marke effecs. Corresponding auhor: Venus Khim-Sen Liew Labuan School of Inernaional Business and Finance, Universii Malaysia Sabah, Jalan Sungai Pagar, Labuan, Malaysia Tel: venusliew@ums.edu.my, venusliew@yahoo.com Fax: * Corresponding auhor.
3 Day-of-he-week effecs in Seleced Eas Asian sock markes I. Inroducion The day-of-he-week effec, in which he mean reurns are observed o be differen on each day of he week, is one of he mos well-known sock marke anomalies. The presence or absence of his effec has imporan implicaions for invesors. Their invesmen sraegies, porfolio selecion and managemen will vary in accord o differen effecs, o reap maximum profis. Due o is imporance, his issue has received exensive research in he pas. Mos empirical sudies repored significan negaive average daily reurn on Monday, alhough here is also some evidence of he lowes mean reurns on oher days of he week (see, Brooks and Persand, 00; Basher and Sadorsky, 006). Ineresingly, mos of he previous findings are obained by esimaion procedures ha do no allow for he consideraion of asymmeric behavior in sock reurns. However, here is no reason o pre-suppose ha he reurn in he sock marke is symmeric is naure. Indeed, Alexakis and Xanhaki (995), among he few, are able o find evidence of he asymmeric behavior in day-of-he-week effec in he Greek sock marke. Similar evidence from he sock markes of 9 developed counries is found in Balaban e al. (00). Working along his line of research, he major objecive of his paper is o sudy he asymmeric behavior in he sock markes of Hong Kong, Taiwan, Singapore and Souh Korea. The four economies are collecively known as Eas Asian One excepional case is he work of Basher and Sadorsky (006), who esimaed condiional models ha allow for asymmeric marke effecs. Few researchers like Engle and Ng (993), for insance, have poined ou ha he marke reacion on bad and good news appears o be asymmery in naure. Besides, Engle (00) argued ha marke paricipan reac differenly wih negaive and posiive reurn. Indeed, here are empirical findings o sugges asymmerical sock marke behavior. For insance, Nelson (99) found ha negaive reurns are followed by a higher volailiy han he posiive reurns. Glosen e al. (993) show ha posiive (negaive) unanicipaed reurns end o resul in downward (upward) marke revision.
4 Tigers for mainaining high growh raes and rapid indusrializaion beween he since early 960s 3. Today, hese markes are he main plaforms for foreign invesmens in he Eas Asian region 4, oher han he Tokyo Sock Exchange marke. Thus, i is worh o scruinize wheher here is any calendar anomaly (in he presen conex, day-of-he-week effec) in hese markes. Previously, some evidence of day-of-he-week effecs in hese four markes has been provided by Wong e al. (99), Choudhry (000), Brooks and Persand (00), jus o name a few, using various mehodologies 5. Noneheless, he above menioned sudies have no accouned for he asymmerical marke behavior. Hence, his sudy exends he sudy of day-of-he-week effecs in hese markes, by incorporaing asymmerical behavior. II. Daa and Mehodology The daa for his sudy consiss of daily closing composie indices on he Eas Asian Tigers sock markes, covering he period from s January 000 o 3 s December 006. This sudy adops he following commonly used model o examine he day-of-he-week effec: R = a + 5 k a δ + b R ε () i i i= i= i i + 3 See hp:// [Rerieved: ]. 4 According o he World Federaion of Exchange (007), as of he end of 006, he oal marke capializaion of hese four sock markes is USD 3.53 rillions, which is abou one-hird (one-half if Japan is excluded) of he oal marke capializaion in he Eas Asian region. 5 These auhors have included a leas one of he four Tigers markes in heir sudies, bu none of hese sudies are solely devoed o he sudy of he Tiger markes as a whole using comparable mehodology. 3
5 where R = 00 ln( I / I ) is he rae of reurn in period. I is he sock index a he end of period. a o a 5 represen he dummy variables for Tuesday o Friday 6. ε denoes he disurbance erm wih zero mean and consan variance. Besides, he following Exponenial Generalized Auoregressive Condiional Heeroscedasiciy in mean (EGARCH-M) model, which allows one o incorporae volailiy effec, risk premium as well as asymmerical behavior in esimaion, is also included in his sudy: R 5 = k i i i= i= i i d + d δ + e R + fσ + ξ () where p q 5 ξ i ξ i logσ = g + γ j logσ j + βi + ψi + h iδi (3) j= i= σ i π σ i i= where f measures he reward o risk raio, ξ is an error erm wih zero mean and condiional variance σ (see Nelson, 99 for deails). The signs of he esimaed f and ψ i are of paricular ineres. If f < 0, i indicaes ha here is a radeoff relaionship beween reurn and risk. If ψ i 0, i can be inerpreed as evidence of sock marke asymmeric behavior. 6 Monday dummy variable is excluded o avoid he dummy variable rap. 4
6 III. The Resuls Table conains summary saisics for he daily reurns for all he Eas Asian Tigers sock indices. Among ohers, he mos ineresing feaures revealed by his able include: Firs, Monday reurns are consisenly negaive while he Friday reurns are always posiive in hese markes. Second, all reurns have asymmerical disribuion as hey have non-zero skewness. These wo feaures sum up o sugges he presence of asymmerical day-of-he-week effecs in hese markes, which is confirmed by he succeeding formal analysis. [Inser Table here] Table presens he OLS resuls for he day-of-he-week effecs in his sudy. The resuls show ha he coefficien of inercep erm ( a ) ha represens he average daily reurn on he benchmark day of Monday is significanly negaive in he Taiwan (-0.6%) and Singapore (-0.3%) sock markes. This observaion is consisen wih previous finding of significan negaive Monday and posiive Friday effecs in mos sock markes. In he case of Hong Kong, here is a Friday effec, alhough negaive Monday effec is no presen. Besides, Tuesday and Thursday effecs in also found in Singapore. In addiion, Taiwan has significanly differen effecs hroughou he 5 rading days, while here is no effec a all in Souh Korea, however. I is noeworhy ha Brooks and Persand (00) also repored no day-of-he-week effec in Souh Korea. [Inser Table here] 5
7 In furher analysis, he significan mean reurns repored in Table are included as par of he explanaory variables in he EGARCH - M models, o deermine wheher he effecs are due o he equiy risks (Lucey, 000). The esimaed resuls are summarized in Table 3. Noe ha, if he included dummy variables (for days significan in OLS esimaion) are sill significan in he mean equaion of he EGARCH M model, i may be concluded ha he calendar effec is no due o he variaion in he equiy risk. By his principle, Table 3 reveals ha equiy risk can accoun for he all he idenified day-of he-week effecs in Taiwan, Hong Kong and Singapore sock markes, wih he excepion of Friday effec in Taiwan. In oher words, only he Friday effec in Taiwan is susainable afer adjusing for equiy risks 7. Besides, wo oher sylized feaures are observed in Table 3: Firs, he risk premium has negaive impac (indicaed by he sign of f ) on sock reurns in Taiwan (significan a 0% level), Singapore and Hong Kong. This implies a radeoff beween reurn and risk. Second, he hree marke reurns exhibi asymmerical behavior, since a leas one ψ is saisically differen from zero. Moreover, he saisically significan posiive values of ψ s in mos cases reveals ha posiive reurn will induce higher volailiy in reurn han negaive reurn in hese markes excep Souh Korea. [Inser Table 3 here] IV. Conclusion This sudy examines he day-of-he-week effecs in he Taiwan, Singapore, Hong Kong and Souh Korea sock markes. Among ohers, his sudy, in line wih mos previous sudies, finds he exisence of various significan day-of-he-week effecs, including he 7 This finding is consisen wih Basher and Sardorsky (006), which show ha day-of-he-week effecs are presen in, among ohers, Taiwan even afer adjusing for marke risk. 6
8 ypical negaive Monday and posiive Friday effecs, in all hese markes excep he Souh Korea sock marke. However, afer adjusing for equiy risks, only he Friday effec (posiive reurn) in Taiwan is susainable while all oher effecs disappeared compleely. Besides, his sudy also finds evidences of risk and reurn radeoff as well as asymmerical marke effecs. One major implicaion of hese findings is ha invesors in Taiwan, Singapore and Hong Kong may consider buying shares on Monday and selling hem on Friday, or conversely shor-selling on Friday and buying back on Monday. As for he Souh Korea sock marke, furher researches may be conduced o see wheher here are oher forms of anomalies o be exploied. References: Alexakis, P. and Xanhakis, M. (995) Day of he week effec on he Greek sock marke, Applied Financial Economics, 5, Balaban, E., Bayar, A. and Kan, O. Z. (00) Sock reurns, seasonaliy and asymmeric condiional volailiy in world equiy markes, Applied Economics Leers, 8, Basher, S. A. and Sadorsky, P. (006) Day-of-he-week effecs in emerging sock markes, Applied Economics Leers, 3, Brooks, C. and Persand, G. (00) Seasonaliy in Souheas Asian sock markes: some new evidence on day-of-he-week effecs, Applied Economics Leers, 8, Choudhry, T. (000) Day of he week effec in emerging Asian sock markes: evidence from he GARCH model, Applied Economics Leers, 0, Engle, R. (00) GARCH 0: The use of ARCH/GARCH models in Applied Economics, Journal of Economics Perspecive, 5, Engle, R. F. and Ng, V. K. (993) Meauring and Tesing he Impac of News on volailiy, Journal of Finance, 48,
9 Glosen, L. R., Jagannahan, R. and Runkle, D. E. (993) On he Relaion beween he Expeced Value and he Volailiy of he Nominal Excess Reurn on Sock, The Journal of Finance, 5, Lucey, B. M. (000) Anomalous daily seasonaliy in Ireland? Applied Economics Leers, 7, Nelson, D. B. (99) Condional heeroskedasiciy in asse reurns: A new approach, Economerica, 59, Wong, K.A., Hui, T.K. and Chan, C.Y. (99) Day-of-he-week effecs: evidence from developing sock markes, Applied Financial Economics,, World Federaion of Exchange (007) Equiy: Domesic Marke Capializaion. Available:hp:// [Rerieved: ]. 8
10 Table. Summary saisics on he day-of-he-week effecs in he Eas Asian Tigers sock markes Mean Sd. Dev Skewness Kurosis Jarque-Bera (P - value) Mean Reurn per uni of Risk Taiwan Monday (0.0000) Tuesday (0.0000) Wednesday (0.0000) Thursday (0.0000) Friday (0.0000) 0.76 Singapore Monday (0.0000) Tuesday (0.0000) Wednesday (0.0000) Thursday (0.0000) 0.09 Friday (0.0000) 0.8 Hong Kong Monday (0.0000) Tuesday (0.0000) Wednesday (0.0000) Thursday (0.0000) Friday (0.0000) Souh Korea Monday (0.0000) Tuesday (0.0000) Wednesday (0.0000) Thursday (0.0000) 0.06 Friday (0.0000)
11 Table. OLS resuls for day-of-he-week effecs Parameer Taiwan Singapore Hong Kong Souh Korea Consan * -0.54** a (0.003) (0.08) (0.4738) (0.55) Tuesday 0.49** 0.745** a (0.0369) (0.030) (0.398) (0.8) Wednesday * a 3 (0.008) (0.43) (0.6348) (0.05) Thursday a ** (0.063) 0.586** (0.0495) (0.7656) 0.73 (0.0) Friday 0.405* 0.53* 0.54*** 0.74 a 5 (0.0004) (0.007) (0.0987) (0.055) Reurn (-) b (0.7) (0.3540) (0.46) (0.887) Reurn (-) 0.055** b (0.049) (0.9076) (0.48) (0.09) Reurn (-3) ** b 3 (0.74) (0.0354) (0.89) (0.8004) Reurn (-4) * * b 4 (0.000) (0.0056) (0.3757) (0.936) ARCH-LM Saisic (p-value) a 5 lags lags Ljung-Box Q Saisic (p-value) b 5 lags lags Wald Tes (p-value) c F-saisic Chi square *, ** and *** denoe significan a, 5 and 0% level respecively. Numbers in parenheses depic p- values. a Tes for remaining ARCH effec. b Tes for serial correlaion. c Null hypohesis is: H = a = a = a = (same average daily reurn for he week) a5 0
12 Table 3. Esimaed EGARCH - Mean model Parameer Taiwan Singapore Hong Kong (p,q) (,4) (4,3) (3,3) Consan, d (0.5559) (0.4759) (0.67) Tuesday, d (0.564) (0.8408) -- Wednesday, d (0.864) Thursday, d (0.5430) (0.765) -- Friday, d (0.0508)*** (0.907) (0.47) Reurn (-), e (0.740) (0.7097) (0.480) Reurn (-), e (0.7890) (0.4550) (0.3) Reurn (-3), e (0.969) (0.8634) (0.060)*** Reurn (-4), e (0.0068)* (0.6) (0.734) f (0.095)*** (0.6305) (0.986)
13 Table 3. Esimaed EGARCH - Mean model (coninued) Variance Equaion Parameer Taiwan Singapore Hong Kong g (0.0000)* -0.9 (0.0000)* 0.8 (0.0000)* γ (0.0000)* (0.0000)* (0.0000)* γ (0.0000)* (0.983) γ (0.0000)* (0.0000)* 3 γ (0.0000)* -- 4 γ β.378 (0.0000)* (0.0000)* (0.0000)* β (0.0000)* (0.0000)* (0.0000)* β (0.0000)* 0.97 (0.0000)* (0.0000)* 3 β (0.0000)* β ψ 0.07 (0.0000)* (0.0000)* (0.0000)* ψ (0.0000)* (0.80) ψ (0.0000)* 0.4 (0.0000)* 3 ψ (0.0000)* -- Tuesday, h (0.0000)* (0.4350) -- Wednesday, h (0.0000)* Thursday, h (0.086)*** (0.0000)* -- Friday, h (0.0000)* (0.0000)* (0.0000)* ARCH-LM Saisic (p-value) a 5 lags lags Ljung-Box Q Saisic (p-value) b 5 lags lags Wald Tes (p-value) c F-saisic Chi square Noes: SIC is used o selec he bes fi GARCH (p, q) models, ou of he various combinaion of p and q, which range from o 5 in boh cases, see Lucey (000). *, ** and *** denoe significan a, 5 and 0% level respecively. Numbers in parenheses depic p-values. a Tes for remaining ARCH effec. b Tes for serial correlaion. c Tes he significance of he variance equaion.
On the disappearance of Tuesday effect in Australia
Edih Cowan Universiy Research Online ECU Publicaions Pre. 2011 2001 On he disappearance of Tuesday effec in Ausralia Chien-Ting Lin Lee Kian Lim Lin, C., & Lim, L. (2001). On he disappearance of Tuesday
More informationEstimating a Time-Varying Phillips Curve for South Africa
Esimaing a Time-Varying Phillips Curve for Souh Africa Alain Kabundi* 1 Eric Schaling** Modese Some*** *Souh African Reserve Bank ** Wis Business School and VU Universiy Amserdam *** World Bank 27 Ocober
More informationThis is the Pre-Published Version.
This is he Pre-Published Version. Xu, J. J., & Yip, T. L. (01). Ship invesmen a a sandsill? an analysis of shipbuilding aciviies and policies. Applied Economics Leers, 19(), 69-7. Ship Invesmen a a Sandsill?
More informationUsing Box-Jenkins Models to Forecast Mobile Cellular Subscription
Open Journal of Saisics, 26, 6, 33-39 Published Online April 26 in SciRes. hp://www.scirp.org/journal/ojs hp://dx.doi.org/.4236/ojs.26.6226 Using Box-Jenkins Models o Forecas Mobile Cellular Subscripion
More informationNotes on the Fourier Transform
Noes on he Fourier Transform The Fourier ransform is a mahemaical mehod for describing a coninuous funcion as a series of sine and cosine funcions. The Fourier Transform is produced by applying a series
More informationOn International Financial Spillovers to Frontier Markets
On Inernaional Financial Spillovers o Fronier Markes Galin Todorov Prasad Bidarkoa Florida Inernaional Universiy Fall 2010 Absrac We explore he degree o which sock index reurns and condiional volailiy
More informationAnswer Key for Week 3 Homework = 100 = 140 = 138
Econ 110D Fall 2009 K.D. Hoover Answer Key for Week 3 Homework Problem 4.1 a) Laspeyres price index in 2006 = 100 (1 20) + (0.75 20) Laspeyres price index in 2007 = 100 (0.75 20) + (0.5 20) 20 + 15 = 100
More informationP. Bruschi: Project guidelines PSM Project guidelines.
Projec guidelines. 1. Rules for he execuion of he projecs Projecs are opional. Their aim is o improve he sudens knowledge of he basic full-cusom design flow. The final score of he exam is no affeced by
More informationHong Kong Statistical Society
1 香港統計學會 Hong Kong Saisical Sociey c/o Deparmen of Saisics & Acuarial Science, The Universiy of Hong Kong, Pokfulam Road, Hong Kong hp://www.hkss.org.hk Bullein Volume 6 No. December 003 Edior's Foreword
More informationMemorandum on Impulse Winding Tester
Memorandum on Impulse Winding Teser. Esimaion of Inducance by Impulse Response When he volage response is observed afer connecing an elecric charge sored up in he capaciy C o he coil L (including he inside
More informationEE201 Circuit Theory I Fall
EE1 Circui Theory I 17 Fall 1. Basic Conceps Chaper 1 of Nilsson - 3 Hrs. Inroducion, Curren and Volage, Power and Energy. Basic Laws Chaper &3 of Nilsson - 6 Hrs. Volage and Curren Sources, Ohm s Law,
More informationVolume Author/Editor: Simon Kuznets, assisted by Elizabeth Jenks. Volume URL:
This PDF is a selecion from an ou-of-prin volume from he Naional Bureau of Economic Research Volume Tile: Shares of Upper Income Groups in Income and Savings Volume Auhor/Edior: Simon Kuznes, assised by
More informationAuthor contact details Farid Khan, Curtin University, Ruhul Salim, Curtin University,
The Public R&D and Produciviy Growh in Ausralian Broadacre Agriculure: A Coinegraion and Causaliy Approach Farid Khan and Ruhul Salim Auhor conac deails Farid Khan, Curin Universiy, faridecoru@yahoo.co.uk
More informationSquare Waves, Sinusoids and Gaussian White Noise: A Matching Pursuit Conundrum? Don Percival
Square Waves, Sinusoids and Gaussian Whie Noise: A Maching Pursui Conundrum? Don Percival Applied Physics Laboraory Deparmen of Saisics Universiy of Washingon Seale, Washingon, USA hp://faculy.washingon.edu/dbp
More information(This lesson plan assumes the students are using an air-powered rocket as described in the Materials section.)
The Mah Projecs Journal Page 1 PROJECT MISSION o MArs inroducion Many sae mah sandards and mos curricula involving quadraic equaions require sudens o solve "falling objec" or "projecile" problems, which
More informationErrata and Updates for ASM Exam MLC (Fourteenth Edition) Sorted by Page
Erraa for ASM Exam MLC Sudy Manual (Foureenh Ediion) Sored by Page 1 Erraa and Updaes for ASM Exam MLC (Foureenh Ediion) Sored by Page Pracice Exam 7:25 (page 1386) is defecive, Pracice Exam 5:21 (page
More informationWP Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns. Jan Jakobsen & Torben Voetmann
WP 000-3 Volailiy-Adjused Performance: An Alernaive Approach o Inerpre Long-Run Reurns af Jan Jakobsen & orben Voemann INSIU FOR FINANSIERING, Handelshøjskolen i København Solbjerg Plads 3, 000 Frederiksberg
More informationMarch 13, 2009 CHAPTER 3: PARTIAL DERIVATIVES AND DIFFERENTIATION
March 13, 2009 CHAPTER 3: PARTIAL DERIVATIVES AND DIFFERENTIATION 1. Parial Derivaives and Differeniable funcions In all his chaper, D will denoe an open subse of R n. Definiion 1.1. Consider a funcion
More informationOn the relationship between innovation and export: the case of Australian SMEs
On he relaionship beween innovaion and expor: he case of Ausralian SMEs Alfons Palangkaraya Melbourne Insiue of Applied Economic and Social Research & Inellecual Propery Research Insiue of Ausralia The
More informationThe University of Melbourne Department of Mathematics and Statistics School Mathematics Competition, 2013 JUNIOR DIVISION Time allowed: Two hours
The Universiy of Melbourne Deparmen of Mahemaics and Saisics School Mahemaics Compeiion, 203 JUNIOR DIVISION Time allowed: Two hours These quesions are designed o es your abiliy o analyse a problem and
More informationIranian Journal of Economic Studies. The Role of ICT Indices in Tourism Demand of Iran (The FMOLS Co-integrating Approach)
Iranian Journal of Economic Sudies, 5(2) 2016, 209-221 Iranian Journal of Economic Sudies Journal homepage: ijes.shirazu.ac.ir The Role of ICT Indices in Tourism Demand of Iran (The FMOLS Co-inegraing
More informationDevelopment and Validation of Flat-Plate Collector Testing Procedures
Developmen and Validaion of Fla-Plae Collecor Tesing Procedures Repor for November, 2006 Focus on Energy (FOE) suppors solar hermal sysems ha displace convenional fuels by offering cash-back rebaes ha
More informationEstimation of production function and labor productivity rate in Aghajari Oil and Gas Production Company
VOL. 5, NO. 2, 207 Singaporean Journal of BuSineSS Economics, and managemen sudies (sjbem) DOI: 0.286/0039976 Research Research Aricle Aricle NBL NLB Esimaion of producion funcion and labor produciviy
More informationBRAZILIAN BUSINESS CYCLES AND GROWTH FROM 1850 TO 2000 *
BRAZILIAN BUSINESS CYCLES AND GROWTH FROM 1850 TO 2000 * Eurilon Araújo Luciane Carpena Alexandre Cunha Ibmec São Paulo BNDES Faculdades Ibmec/RJ Faculdades Ibmec/RJ Av. Rio Branco 108/2 o andar Rio de
More informationAN303 APPLICATION NOTE
AN303 APPLICATION NOTE LATCHING CURRENT INTRODUCTION An imporan problem concerning he uilizaion of componens such as hyrisors or riacs is he holding of he componen in he conducing sae afer he rigger curren
More informationThe Relationship Between Creation and Innovation
The Relaionship Beween Creaion and DONG Zhenyu, ZHAO Jingsong Inner Mongolia Universiy of Science and Technology, Baoou, Inner Mongolia, P.R.China, 014010 Absrac:Based on he compleion of Difference and
More information5 Spatial Relations on Lines
5 Spaial Relaions on Lines There are number of useful problems ha can be solved wih he basic consrucion echniques developed hus far. We now look a cerain problems, which involve spaial relaionships beween
More informationECE-517 Reinforcement Learning in Artificial Intelligence
ECE-517 Reinforcemen Learning in Arificial Inelligence Lecure 11: Temporal Difference Learning (con.), Eligibiliy Traces Ocober 8, 2015 Dr. Iamar Arel College of Engineering Deparmen of Elecrical Engineering
More informationLab 3 Acceleration. What You Need To Know: Physics 211 Lab
b Lab 3 Acceleraion Wha You Need To Know: The Physics In he previous lab you learned ha he velociy of an objec can be deermined by finding he slope of he objec s posiion vs. ime graph. x v ave. = v ave.
More informationMODELING OF CROSS-REGULATION IN MULTIPLE-OUTPUT FLYBACK CONVERTERS
MODELING OF CROSS-REGULATION IN MULTIPLE-OUTPUT FLYBACK CONVERTERS Dragan Maksimovićand Rober Erickson Colorado Power Elecronics Cener Deparmen of Elecrical and Compuer Engineering Universiy of Colorado,
More informationECMA st Edition / June Near Field Communication Wired Interface (NFC-WI)
ECMA-373 1 s Ediion / June 2006 Near Field Communicaion Wired Inerface (NFC-WI) Sandard ECMA-373 1 s Ediion / June 2006 Near Field Communicaion Wired Inerface (NFC-WI) Ecma Inernaional Rue du Rhône 114
More informationPulse Train Controlled PCCM Buck-Boost Converter Ming Qina, Fangfang Lib
5h Inernaional Conference on Environmen, Maerials, Chemisry and Power Elecronics (EMCPE 016 Pulse Train Conrolled PCCM Buck-Boos Converer Ming Qina, Fangfang ib School of Elecrical Engineering, Zhengzhou
More informationEXCHANGE RATE PASS-THROUGH INTO IMPORT PRICES: EVIDENCE FROM CENTRAL ASIA
EXCHANGE RATE PASSTHROUGH INTO IMPORT PRICES: EVIDENCE FROM CENTRAL ASIA Gulnara Moldasheva KIMEP Universiy/Bang College of Business mgulnara@kimep.kz Absrac This paper esimaes he degree of exchange rae
More informationHow to Shorten First Order Unit Testing Time. Piotr Mróz 1
How o Shoren Firs Order Uni Tesing Time Pior Mróz 1 1 Universiy of Zielona Góra, Faculy of Elecrical Engineering, Compuer Science and Telecommunicaions, ul. Podgórna 5, 65-246, Zielona Góra, Poland, phone
More informationComparing image compression predictors using fractal dimension
Comparing image compression predicors using fracal dimension RADU DOBRESCU, MAEI DOBRESCU, SEFA MOCAU, SEBASIA ARALUGA Faculy of Conrol & Compuers POLIEHICA Universiy of Buchares Splaiul Independenei 313
More informationEvaluation of Instantaneous Reliability Measures for a Gradual Deteriorating System
General Leers in Mahemaic, Vol. 3, No.3, Dec 27, pp. 77-85 e-issn 259-9277, p-issn 259-9269 Available online a hp:\\ www.refaad.com Evaluaion of Insananeous Reliabiliy Measures for a Gradual Deerioraing
More informationCycles of Technology, Natural Resources and Economic Growth
Cycles of Technology, Naural Resources and Economic Growh By Susanna Lundsröm Α Deparmen of Economics Göeborg Universiy June, 22 Β Prepared for he 22 World Congress of Environmenal and Resource Economiss,
More informationFuzzy Inference Model for Learning from Experiences and Its Application to Robot Navigation
Fuzzy Inference Model for Learning from Experiences and Is Applicaion o Robo Navigaion Manabu Gouko, Yoshihiro Sugaya and Hiroomo Aso Deparmen of Elecrical and Communicaion Engineering, Graduae School
More informationBalassa-Samuelson: Still haven t found what we re looking for?
Balassa-Samuelson: Sill haven found wha we re looking for? rond-arne Borgersen Øsfold Universiy College Faculy of Economics, Social Sciences and Languages Remmen N- 1757 Halden e-mail: rondaborgersen@hiofno
More informationAdaptive Approach Based on Curve Fitting and Interpolation for Boundary Effects Reduction
Adapive Approach Based on Curve Fiing and Inerpolaion for Boundary Effecs Reducion HANG SU, JINGSONG LI School of Informaion Engineering Wuhan Universiy of Technology 122 Loushi Road, Wuhan CHINA hangsu@whu.edu.cn,
More informationRevision: June 11, E Main Suite D Pullman, WA (509) Voice and Fax
2.5.3: Sinusoidal Signals and Complex Exponenials Revision: June 11, 2010 215 E Main Suie D Pullman, W 99163 (509) 334 6306 Voice and Fax Overview Sinusoidal signals and complex exponenials are exremely
More informationA WIDEBAND RADIO CHANNEL MODEL FOR SIMULATION OF CHAOTIC COMMUNICATION SYSTEMS
A WIDEBAND RADIO CHANNEL MODEL FOR SIMULATION OF CHAOTIC COMMUNICATION SYSTEMS Kalle Rui, Mauri Honanen, Michael Hall, Timo Korhonen, Veio Porra Insiue of Radio Communicaions, Helsini Universiy of Technology
More informationDAGSTUHL SEMINAR EPIDEMIC ALGORITHMS AND PROCESSES: FROM THEORY TO APPLICATIONS
DAGSTUHL SEMINAR 342 EPIDEMIC ALGORITHMS AND PROCESSES: FROM THEORY TO APPLICATIONS A Sysems Perspecive Pascal Felber Pascal.Felber@unine.ch hp://iiun.unine.ch/! Gossip proocols Inroducion! Decenralized
More informationLecture September 6, 2011
cs294-p29 Seminar on Algorihmic Game heory Sepember 6, 2011 Lecure Sepember 6, 2011 Lecurer: Chrisos H. Papadimiriou Scribes: Aloni Cohen and James Andrews 1 Game Represenaion 1.1 abular Form and he Problem
More informationExplanation of Maximum Ratings and Characteristics for Thyristors
8 Explanaion of Maximum Raings and Characerisics for Thyrisors Inroducion Daa shees for s and riacs give vial informaion regarding maximum raings and characerisics of hyrisors. If he maximum raings of
More informationChannel Estimation for Wired MIMO Communication Systems
Channel Esimaion for Wired MIMO Communicaion Sysems Final Repor Mulidimensional DSP Projec, Spring 2005 Daifeng Wang Absrac This repor addresses raining-based channel modeling and esimaion for a wired
More informationMobile Robot Localization Using Fusion of Object Recognition and Range Information
007 IEEE Inernaional Conference on Roboics and Auomaion Roma, Ialy, 10-14 April 007 FrB1.3 Mobile Robo Localizaion Using Fusion of Objec Recogniion and Range Informaion Byung-Doo Yim, Yong-Ju Lee, Jae-Bok
More informationDirect Analysis of Wave Digital Network of Microstrip Structure with Step Discontinuities
Direc Analysis of Wave Digial Nework of Microsrip Srucure wih Sep Disconinuiies BILJANA P. SOŠIĆ Faculy of Elecronic Engineering Universiy of Niš Aleksandra Medvedeva 4, Niš SERBIA MIODRAG V. GMIROVIĆ
More informationMATLAB/SIMULINK TECHNOLOGY OF THE SYGNAL MODULATION
J Modern Technology & Engineering Vol2, No1, 217, pp76-81 MATLAB/SIMULINK TECHNOLOGY OF THE SYGNAL MODULATION GA Rusamov 1*, RJ Gasimov 1, VG Farhadov 1 1 Azerbaijan Technical Universiy, Baku, Azerbaijan
More informationTEST OF THE NOVAERUS AIR CLEANING SYSTEM IN THE DEPARTMENT OF CLINICAL MEDICINE.
TEST OF THE NOVAERUS AIR CLEANING SYSTEM IN THE DEPARTMENT OF CLINICAL MEDICINE. Performed by he Laboraory of Infecion Hygiene, Deparmen of Clinical Microbiology, Danish Naional Hospial. Responsible: Chief
More informationInstitutional Assessment Report Texas Southern University College of Pharmacy and Health Sciences "P1-Entering Class Fall 2013
Insiuional Assessmen Repor Texas Souhern Universiy College of Pharmacy and Healh Sciences "P1-Enering Class Fall 2013 Correlaions Fall 2013 GPA Calculaions PODA I To. Ps. To. Ps. (PHAR (PHAR-438) 433)
More informationA3-305 EVALUATION OF FAILURE DATA OF HV CIRCUIT-BREAKERS FOR CONDITION BASED MAINTENANCE. F. Heil ABB Schweiz AG (Switzerland)
21, rue d'arois, F-75008 Paris hp://www.cigre.org A3-305 Session 2004 CIGRÉ EVALUATION OF FAILURE DATA OF HV CIRCUIT-BREAKERS FOR CONDITION BASED MAINTENANCE G. Balzer * D. Drescher Darmsad Universiy of
More informationParameters Affecting Lightning Backflash Over Pattern at 132kV Double Circuit Transmission Lines
Parameers Affecing Lighning Backflash Over Paern a 132kV Double Circui Transmission Lines Dian Najihah Abu Talib 1,a, Ab. Halim Abu Bakar 2,b, Hazlie Mokhlis 1 1 Deparmen of Elecrical Engineering, Faculy
More informationINVESTIGATION ON THE CAUSAL RELATIONSHIP BETWEEN INFLATION, OUTPUT GROWTH AND THEIR UNCERTAINTIES IN ROMANIA
Volume 9, Issue 1, pp.71-89, 2016 ISSN-1843-763X DOI 10.1515/rebs-2016-0026 INVESTIGATION ON THE CAUSAL RELATIONSHIP BETWEEN INFLATION, OUTPUT GROWTH AND THEIR UNCERTAINTIES IN ROMANIA Carmen PINTILESCU
More informationJacek Cukrowski. Financing Budget Deficit by Central Bank Seigniorage in Selected Transitional Economies: A Comparative Study
37 Jacek Cukrowski Financing Budge Defici by Cenral Bank Seigniorage in Seleced Transiional Economies: A Comparaive Sudy W a r s a w, 2 0 0 1 Responsibiliy for he informaion and views se ou in he paper
More informationLecture #7: Discrete-time Signals and Sampling
EEL335: Discree-Time Signals and Sysems Lecure #7: Discree-ime Signals and Sampling. Inroducion Lecure #7: Discree-ime Signals and Sampling Unlike coninuous-ime signals, discree-ime signals have defined
More informationThe Relationship between the Hybrid New Keynesian Phillips Curve and the NAIRU over Time
The Relaionship beween he Hybrid New Keynesian Phillips Curve and he NAIRU over Time Lena Vogel * Ocober Absrac New Keynesian models of he Phillips curve in he spiri of Galí and Gerler (999) generally
More informationInnovation and absorptive capacity: What is the role of technological frontier?
Innovaion and absorpive capaciy: Wha is he role of echnological fronier? Verònica Gombau, Agusí Segarra Universia Rovira i Virgil Deparamen d Economia, CREIP, XREAP, Grup de Recerca d Indúsria i Terriori
More informationEE 40 Final Project Basic Circuit
EE 0 Spring 2006 Final Projec EE 0 Final Projec Basic Circui Par I: General insrucion 1. The final projec will coun 0% of he lab grading, since i s going o ake lab sessions. All oher individual labs will
More informationEE 330 Lecture 24. Amplification with Transistor Circuits Small Signal Modelling
EE 330 Lecure 24 Amplificaion wih Transisor Circuis Small Signal Modelling Review from las ime Area Comparison beween BJT and MOSFET BJT Area = 3600 l 2 n-channel MOSFET Area = 168 l 2 Area Raio = 21:1
More information4.5 Biasing in BJT Amplifier Circuits
4/5/011 secion 4_5 Biasing in MOS Amplifier Circuis 1/ 4.5 Biasing in BJT Amplifier Circuis eading Assignmen: 8086 Now le s examine how we C bias MOSFETs amplifiers! f we don bias properly, disorion can
More informationNegative frequency communication
Negaive frequency communicaion Fanping DU Email: dufanping@homail.com Qing Huo Liu arxiv:2.43v5 [cs.it] 26 Sep 2 Deparmen of Elecrical and Compuer Engineering Duke Universiy Email: Qing.Liu@duke.edu Absrac
More informationCOMPLEMENTARITY EFFECTS OF R&D AND INFORMATION TECHNOLOGY ON FIRM MARKET
COMPLEMENTARITY EFFECTS OF R&D AND INFORMATION TECHNOLOGY ON FIRM MARKET VALUE INDRANIL BARDHAN SCHOOL OF MANAGEMENT, SM 41 THE UNIVERSITY OF TEXAS AT DALLAS RICHARDSON, TX 75083-0688, USA E-MAIL: BARDHAN@UTDALLAS.EDU
More informationOpenStax-CNX module: m Elemental Signals. Don Johnson. Perhaps the most common real-valued signal is the sinusoid.
OpenSax-CNX module: m0004 Elemenal Signals Don Johnson This work is produced by OpenSax-CNX and licensed under he Creaive Commons Aribuion License.0 Absrac Complex signals can be buil from elemenal signals,
More informationECMA-373. Near Field Communication Wired Interface (NFC-WI) 2 nd Edition / June Reference number ECMA-123:2009
ECMA-373 2 nd Ediion / June 2012 Near Field Communicaion Wired Inerface (NFC-WI) Reference number ECMA-123:2009 Ecma Inernaional 2009 COPYRIGHT PROTECTED DOCUMENT Ecma Inernaional 2012 Conens Page 1 Scope...
More informationA Multi-model Kalman Filter Clock Synchronization Algorithm based on Hypothesis Testing in Wireless Sensor Networks
nd Inernaional Conference on Elecronic & Mechanical Engineering and Informaion Technology (EMEIT-) A Muli-model Kalman Filer Clock Synchronizaion Algorihm based on Hypohesis Tesing in Wireless Sensor Neworks
More informationEXPERIMENT #9 FIBER OPTIC COMMUNICATIONS LINK
EXPERIMENT #9 FIBER OPTIC COMMUNICATIONS LINK INTRODUCTION: Much of daa communicaions is concerned wih sending digial informaion hrough sysems ha normally only pass analog signals. A elephone line is such
More informationA Hybrid Method to Improve Forecasting Accuracy in the Case of Sanitary Materials Data
(IJACSA) Inernaional Journal of Advanced Compuer Science and Applicaions, Vol., No., 04 A Hybrid Mehod o Improve Forecasing Accuracy in he Case of Saniary Maerials Daa Daisuke Takeyasu Graduae School of
More informationAlternative hypotheses of cross-country convergence. A non-parametric analysis of manufacturing sectors
Alernaive hypoheses of cross-counry convergence. A non-parameric analysis of manufacuring secors Silvia Dal Bianco Universiy of Pavia December 2, 21 Absrac I adop he disribuion dynamics framework o sudy
More informationNo 1015 / February Inflation forecasting in. Member States. by Olga Arratibel, Christophe Kamps and Nadine Leiner-Killinger
Working Paper Series No 1015 / Inflaion forecasing in he New EU Member Saes by Olga Arraibel, Chrisophe Kamps and Nadine Leiner-Killinger WORKING PAPER SERIES NO 1015 / FEBRUARY 2009 INFLATION FORECASTING
More informationInvestor protection and corporate governance in family firms: Evidence from China
Invesor proecion and corporae governance in family firms: Evidence from China Absrac: This paper examines he impac of invesor proecion on he governance arrangemens of family businesses by using a unique
More informationTransmit Beamforming with Reduced Feedback Information in OFDM Based Wireless Systems
Transmi Beamforming wih educed Feedback Informaion in OFDM Based Wireless Sysems Seung-Hyeon Yang, Jae-Yun Ko, and Yong-Hwan Lee School of Elecrical Engineering and INMC, Seoul Naional Universiy Kwanak
More information16.5 ADDITIONAL EXAMPLES
16.5 ADDITIONAL EXAMPLES For reiew purposes, more examples of boh piecewise linear and incremenal analysis are gien in he following subsecions. No new maerial is presened, so readers who do no need addiional
More informationJohn F. Kennedy School of Government Harvard University Faculty Research Working Papers Series
John F. Kennedy School of Governmen Harvard Universiy Faculy Research Working apers Series Commodiy Money Inflaion: Theory and Evidence from France in 35-436 Joseph Zeira February 22 RW2-8 The views expressed
More informationSocial-aware Dynamic Router Node Placement in Wireless Mesh Networks
Social-aware Dynamic Rouer Node Placemen in Wireless Mesh Neworks Chun-Cheng Lin Pei-Tsung Tseng Ting-Yu Wu Der-Jiunn Deng ** Absrac The problem of dynamic rouer node placemen (dynrnp) in wireless mesh
More informationTHE OSCILLOSCOPE AND NOISE. Objectives:
-26- Preparaory Quesions. Go o he Web page hp://www.ek.com/measuremen/app_noes/xyzs/ and read a leas he firs four subsecions of he secion on Trigger Conrols (which iself is a subsecion of he secion The
More informationKnowledge Transfer in Semi-automatic Image Interpretation
Knowledge Transfer in Semi-auomaic Image Inerpreaion Jun Zhou 1, Li Cheng 2, Terry Caelli 23, and Waler F. Bischof 1 1 Deparmen of Compuing Science, Universiy of Albera, Edmonon, Albera, Canada T6G 2E8
More informationRevista de Métodos Cuantitativos para la Economía y la Empresa E-ISSN: X Universidad Pablo de Olavide España
Revisa de Méodos Cuaniaivos para la Economía y la Empresa E-ISSN: 1886-516X ed_revmecuan@upo.es Universidad Pablo de Olavide España Glynn, John; Perera, Nelson; Verma, Reeu Uni Roo Tess and Srucural Breaks:
More informationSecure Data Aggregation Technique for Wireless Sensor Networks in the Presence of Collusion Attacks
Purdue Universiy Purdue e-pubs Cyber Cener Publicaions Cyber Cener 1-13-2015 Secure Daa Aggregaion Technique for Wireless Sensor Neworks in he Presence of Collusion Aacks Mohsen Rezvani Universiy of New
More informationForeign Fiber Image Segmentation Based on Maximum Entropy and Genetic Algorithm
Journal of Compuer and Communicaions, 215, 3, 1-7 Published Online November 215 in SciRes. hp://www.scirp.org/journal/jcc hp://dx.doi.org/1.4236/jcc.215.3111 Foreign Fiber Image Segmenaion Based on Maximum
More information10. The Series Resistor and Inductor Circuit
Elecronicsab.nb 1. he Series esisor and Inducor Circui Inroducion he las laboraory involved a resisor, and capacior, C in series wih a baery swich on or off. I was simpler, as a pracical maer, o replace
More informationGroup Delay Compensation in AltBOC Receivers to Mitigate the Effect of Frequency Selective Propagation Delay Distortions
Group Delay Compensaion in AlBOC Receivers o Miigae he Effec of Frequency Selecive Propagaion Delay Disorions Nagaraj C Shivaramaiah (Suden Member) and Andrew G Dempser (Senior Member) School of Surveying
More informationBrigitte Unger and Martin Zagler* Working Paper No. 74 December 2000
Vienna Universiy of Economics & B.A. Deparmen of Economics Working Paper Series ORGANIZATIONAL VERSUS TECHNOLOGICAL DETERMINANTS OF INNOVATION Brigie Unger and Marin Zagler* Working Paper No. 74 December
More informationNET Institute*
NET Insiue* www.netins.org Working Paper #07-43 November 2007 Sofware Exclusiviy and he Scope of Indirec Nework Effecs in he U.S. Home Video Game Marke Kenneh S. Cors and Mara Lederman Roman School of
More informationTRIPLE-FREQUENCY IONOSPHERE-FREE PHASE COMBINATIONS FOR AMBIGUITY RESOLUTION
TRIPL-FRQCY IOOSPHR-FR PHAS COMBIATIOS FOR AMBIGITY RSOLTIO D. Odijk, P.J.G. Teunissen and C.C.J.M. Tiberius Absrac Linear combinaions of he carrier phase daa which are independen of he ionospheric delays
More informationChapter 2 Introduction: From Phase-Locked Loop to Costas Loop
Chaper 2 Inroducion: From Phase-Locked Loop o Cosas Loop The Cosas loop can be considered an exended version of he phase-locked loop (PLL). The PLL has been invened in 932 by French engineer Henri de Belleszice
More informationDead Zone Compensation Method of H-Bridge Inverter Series Structure
nd Inernaional Conference on Elecrical, Auomaion and Mechanical Engineering (EAME 7) Dead Zone Compensaion Mehod of H-Bridge Inverer Series Srucure Wei Li Insiue of Elecrical Engineering and Informaion
More informationDouble Tangent Sampling Method for Sinusoidal Pulse Width Modulation
Compuaional and Applied Mahemaics Journal 2018; 4(1): 8-14 hp://www.aasci.org/journal/camj ISS: 2381-1218 (Prin); ISS: 2381-1226 (Online) Double Tangen Sampling Mehod for Sinusoidal Pulse Widh Modulaion
More informationEffectiveness of Business Innovation and R&D in Emerging Economies: The Evidence from Panel Data Analysis
Journal of Economics, Business and Managemen, Vol. 3, No. 4, April 2015 Effeciveness of Business Innovaion and R&D in Emerging Economies: The Evidence from Panel Daa Analsis M. Marin Absrac The problems
More informationACTIVITY BASED COSTING FOR MARITIME ENTERPRISES
ACTIVITY BASED COSTING FOR MARITIME ENTERPRISES 1, a 2, b 3, c 4, c Sualp Omer Urkmez David Sockon Reza Ziarai Erdem Bilgili a, b De Monfor Universiy, UK, c TUDEV, Insiue of Mariime Sudies, Turkey 1 sualp@furrans.com.r
More informationStudy on the Wide Gap Dielectric Barrier Discharge Device Gaofeng Wang
Sudy on he Wide Gap Dielecric Barrier Discharge Device Gaofeng Wang School of Informaion Engineering, Zhengzhou Universiy, Zhengzhou 450001, China 932167312@qq.com Keywords: DBD; Wide air gap; Plasma body;
More informationComparative Analysis of the Large and Small Signal Responses of "AC inductor" and "DC inductor" Based Chargers
Comparaive Analysis of he arge and Small Signal Responses of "AC inducor" and "DC inducor" Based Chargers Ilya Zelser, Suden Member, IEEE and Sam Ben-Yaakov, Member, IEEE Absrac Two approaches of operaing
More informationAutomated oestrus detection method for group housed sows using acceleration measurements
Auomaed oesrus deecion mehod for group housed sows using acceleraion measuremens C. Cornou and T. Heiskanen Deparmen of Large Animal Sciences, Faculy of Life Sciences, Universiy of Copenhagen, Groennegaardsvej,
More information# $%&' &!(! $% $ )) ) * )! "
# $%&'!( $%))*! " INNOVATION AND ECONOMIC GROWTH: WHAT IS THE ACTUAL IMPORTANCE OF R&D? Argenino Pessoa Faculdade de Economia do Poro Rua Dr. Robero Frias 4200-464 Poro, Porugal Email: apessoa@fep.up.p
More informationExperiment 6: Transmission Line Pulse Response
Eperimen 6: Transmission Line Pulse Response Lossless Disribued Neworks When he ime required for a pulse signal o raverse a circui is on he order of he rise or fall ime of he pulse, i is no longer possible
More informationThe regsubseq Package
The regsubseq Package Sepember 30, 2007 Type Package Tile Deec and Tes Regular Sequences and Subsequences Version 0.10 Dae 2007-09-27 Auhor Mainainer For a sequence of even occurence
More informationA neurofuzzy color image segmentation method for wood surface defect detection
neurofuzzy color image segmenaion mehod for wood surface defec deecion Gonzalo. Ruz Pablo. Esévez Claudio. Perez bsrac crucial sep in developing auomaed visual inspecion sysems for wood boards is image
More informationDetecting Multi-Channel Wireless Microphone User Emulation Attacks in White Space with Noise
Endorsed Transacions on Research Aricle Deecing Muli-Channel Wireless Microphone User Emulaion Aacks in Whie Space wih Noise Dan Shan, Kai Zeng, Weidong Xiang, Paul Richardson 49 Evergreen Rd, Dearborn,
More informationHIGH THROUGHPUT EVALUATION OF SHA-1 IMPLEMENTATION USING UNFOLDING TRANSFORMATION
VOL., NO. 5, MARCH 26 ISSN 89-668 26-26 Asian Research Publishing Nework (ARPN). All righs reserved. HIGH THROUGHPUT EVALUATION OF SHA- IMPLEMENTATION USING UNFOLDING TRANSFORMATION Shamsiah Bini Suhaili
More informationA Segmentation Method for Uneven Illumination Particle Images
Research Journal of Applied Sciences, Engineering and Technology 5(4): 1284-1289, 2013 ISSN: 2040-7459; e-issn: 2040-7467 Maxwell Scienific Organizaion, 2013 Submied: July 17, 2012 Acceped: Augus 15, 2012
More information