Testing for weak-form efficiency of crude palm oil spot and future markets: new evidence from a GARCH unit root test with multiple structural breaks

There is a sizeable literature that tests for weak-form efficiency in commodity and energy spot and future prices. While many studies now allow for multiple structural breaks to address the criticism that conventional unit root tests have low power to reject the unit root null in the presence of structural change, the extant literature overlooks the fact that conventional unit root tests are biased in the presence of conditional heteroscedasticity. We apply a recently developed generalized autoregressive conditional heteroscedasticity (GARCH) unit root test with multiple structural breaks to crude palm oil spot and future prices and find much more evidence against weak-form efficiency than that found using tests that fail to allow for conditional heteroscedasticity. Our results point to the importance of allowing for heteroscedasticity when testing for efficiency in commodity and energy spot and future prices.     

积极拓展结合第二课堂 推动高职院校学风建设

针对目前高职院校学生存在的学风问题,将第二课堂与学风建设结合起来,开拓以学科竞赛、艺体活动、荣誉表彰为主要内容的第二课堂可以提高大学生自主学习意识进而有利于学风建设。     

母语迁移对二语习得的作用与影响

在第二语言的学习过程中,母语知识与目标语的习得有着诸多关联。本文通过分析母语正迁移作用对二语习得的积极影响与负迁移作用对二语习得的消极影响,指出正确对待母语迁移作用的重要性。     

Exenatide BID and liraglutide QD treatment patterns among type 2 diabetes patients in Germany

Abstract

Objectives:

This study evaluated patient and prescriber characteristics, treatment patterns, average daily dose (ADD), and glycemic control of patients initiating glucagon-like peptide 1 (GLP-1) receptor agonists in Germany.

Methods:

The LifeLink? EMR-EU database was searched to identify patients initiating exenatide twice daily (BID) or liraglutide once daily (QD) during the index period (January 1, 2009–April 4, 2010). Eligible patients had ≥180 days pre-index history, ≥90 days post-index follow-up, and a pre-index type 2 diabetes diagnosis. Univariate tests were conducted at α?=?0.05.

Results:

Six hundred and ninety-two patients were included (exenatide BID 292, liraglutide QD 400): mean (SD) age 59 (10) years, 59% male. Diabetologists prescribed liraglutide QD to a larger share of patients (65% vs 35% exenatide BID) than non-diabetologists (51% vs 49%). GLP-1 receptor agonist choice was not associated with age (p?=?0.282), gender (p?=?0.960), number of pre-index glucose-lowering medications (2.0 [0.9], p?=?0.159), pre-index HbA1c (8.2 [1.5%], p?=?0.231) or Charlson Comorbidity Index score (0.45 [0.78], p?=?0.547). Mean (SD) ADD was 16.7?mcg (9.2, label range 10–20?mcg) for exenatide BID and 1.4?mg (0.7, label range 0.6–1.8?mg) for liraglutide QD. Among patients with post-index HbA1c tests, mean unadjusted values did not differ between cohorts. Exenatide BID patients were more likely than liraglutide QD patients to continue pre-index glucose-lowering medications (67.1% vs 60.3%, p?=?0.027) or to start concomitant glucose-lowering medications at index (32.2% vs 25.0%, p?=?0.013); exenatide BID patients were less likely to augment treatment with another drug post-index (15.8% vs 22.5%, p?=?0.027).

Limitations:

Results may not be generalizable. Lab measures for clinical outcomes were available only for a sub-set of patients.

Conclusions:

Results suggested that some differences exist between patients initiating exenatide BID or liraglutide QD, with respect to prescribing physician specialty and pre- and post-index treatment patterns. Both GLP-1 receptor agonists showed comparable post-index HbA1c values in a sub-set of patients.     

South Africa has Second Homes Too! An Exploration of the Unexplored

The aim of this investigation is to make a contribution towards addressing the paucity of academic reflection on second home development in South Africa. More specifically, the paper aims to provide some preliminary insights into the question of what types of second homes there are in South Africa and what impacts second home development holds for different types of urban settlements. The examples drawn upon in this investigation cover diverse urban settings. These case studies include (1) a small rural town in the eastern Free State province – Clarens; (2) a small coastal village in KwaZulu-Natal – Zinkwazi; and (3) a neighbourhood in the Cape Town Metropolitan area – De Waterkant. While the case studies elucidate unique development characteristics and impacts, the investigations also highlight some commonalities. In particular, it is firstly argued that second home development in South Africa demonstrates similarities to developments found internationally; and secondly, that the near-generic impacts of second homes found elsewhere are echoed in the South African context too. Here, in particular, the generation of employment and property price appreciation stand out as key similarities.     

CENTRAL AND EAST EUROPEAN TRADE ORIENTATION AND FDI FLOWS: PREPARATION FOR EU MEMBERSHIP

At the June 1997 Amsterdam Intergovernmental Conference (IGC) the heads of state of the 15 European Union (EU) nations decided to expand to the East. At the Luxembourg IGC in December 1997, they invited the Czech Republic, Hungary, Poland, Estonia, and Solvenia from Central and East Europe (CEE) and Cyprus from the Mediterranean region to begin admission talks in early 1998. Efficient involvement in international trade and the division of labor through foreign direct investment (FDI) are two of the most important prerequisites to economic transformation, modernization, and sustained economic growth. Thus, trade reorientation by the CEE nations from the former Council for Mutual Economic Assistance (CMEA) region to the OECD region in general and the EU in particu lar, as well as the volume and nature of inbound FDI are among the most reliable indicators of these countries' abilities to meet the EU admission standards. Trade reorientation by the CEE nations and FDI inflows between 1990 1995 have established a sound basis for effective economic transformation and modernization. It has also increased the ability of selected industries to compete in the EU Single Market. By 1997 the CEE nations were in a good position to generate sustained economic growth and to gradually meet the EU admission requirements.     

法定计量单位的基本使用方法

我国国家标准GB3100-93《国际单位制及其应用》和GB3101-93《有关量、单位和符号的一般原则》,对SI单位的使用方法作了规定,并与国际标准ISO1000:1992和ISO31-0:1992的规定一致。现简述法定计量单位的基本使用方法。     

关于第二类stirling数的几个恒等式的证明

第二类stirling数的计算一般都较为繁琐,文章给出了计算第二类stirling数比较简捷的算法,从而提高了第二类stirling数的计算速度,并由此推出了一个第二类stirling数的恒等式.     

一种新型无线数字窄带通信系统的设计与实现

提出了一种新型无线窄带通信系统的设计方案,该方案基于数字化的信源和信道编码 方法,采用了两点调制和二次调制等技术,可兼容欧洲公众数字对讲机标准(DPMR),并通过 研制得以实现。实测结果表明,系统接收灵敏度达-110 dBm,可满足远距离无线语音通 信和 中低码率的数据通信的要求。     

基站内置多通道AISG控制单元的应用与设计

为减少外置设备的使用和网管平台的统一,基站需要设计内置的AISG控制器。给出 了基站内置多通道AISG控制单元的应用模式,分析了AISG接口电路的参数选择方法。计算表 明,通过软件控制可以降低对基站电源的容量和过流门限的需求。软件中包括了设备的快速 扫描方法,能够有效处理双向和单向会话,并实现了协议的兼容性。