title: The investor recognition hypothesis: the New Zealand case

authors: Chai, Daniel J.P.

subjects: economics

abstract: Recently, Kaniel et al. (2005) find that the Investor Recognition Hypothesis (IRH) is valid across countries. The New Zealand (NZ) stock market is among the developed countries which exhibit significant High-Volume Return Premiums (HVRP) supporting the IRH. In this article, we reexamine Kaniel et al.'s finding for the NZ stock market. We confirm that HVRP does exist in NZ stocks. However, when we classify NZ stocks into large, medium and small size categories, the HVRP exists actually only in medium sized stocks. When we further partition NZ medium size stocks into penny and nonpenny stocks, the HVRP exists only in nonpenny stocks.

text: The investor recognition hypothesis: the New Zealand case Recently, Kaniel et al. (2005) find that the Investor Recognition Hypothesis (IRH) is valid across countries. The New Zealand (NZ) stock market is among the developed countries which exhibit significant High-Volume Return Premiums (HVRP) supporting the IRH. In this article, we reexamine Kaniel et al.'s finding for the NZ stock market. We confirm that HVRP does exist in NZ stocks. However, when we classify NZ stocks into large, medium and small size categories, the HVRP exists actually only in medium sized stocks. When we further partition NZ medium size stocks into penny and nonpenny stocks, the HVRP exists only in nonpenny stocks.

year: 2010

title: Prediction Intervals for Class Probabilities

authors: Yu, Xiaofeng

subjects: bayesian classifier

abstract: Prediction intervals for class probabilities are of interest in machine learning because they
can quantify the uncertainty about the class probability estimate for a test instance. The
idea is that all likely class probability values of the test instance are included, with a
pre-specified confidence level, in the calculated prediction interval. This thesis proposes a
probabilistic model for calculating such prediction intervals. Given the unobservability of
class probabilities, a Bayesian approach is employed to derive a complete distribution of the
class probability of a test instance based on a set of class observations of training instances
in the neighbourhood of the test instance. A random decision tree ensemble learning
algorithm is also proposed, whose prediction output constitutes the neighbourhood that
is used by the Bayesian model to produce a PI for the test instance. The Bayesian
model, which is used in conjunction with the ensemble learning algorithm and the standard
nearest-neighbour classifier, is evaluated on artificial datasets and modified real datasets.

text: Prediction Intervals for Class Probabilities Prediction intervals for class probabilities are of interest in machine learning because they
can quantify the uncertainty about the class probability estimate for a test instance. The
idea is that all likely class probability values of the test instance are included, with a
pre-specified confidence level, in the calculated prediction interval. This thesis proposes a
probabilistic model for calculating such prediction intervals. Given the unobservability of
class probabilities, a Bayesian approach is employed to derive a complete distribution of the
class probability of a test instance based on a set of class observations of training instances
in the neighbourhood of the test instance. A random decision tree ensemble learning
algorithm is also proposed, whose prediction output constitutes the neighbourhood that
is used by the Bayesian model to produce a PI for the test instance. The Bayesian
model, which is used in conjunction with the ensemble learning algorithm and the standard
nearest-neighbour classifier, is evaluated on artificial datasets and modified real datasets.

year: 2007

title: Indigenous perspectives and gene editing in Aotearoa New Zealand

authors: Hudson, Maui

subjects: Science & Technology

abstract: Gene editing is arguably the most significant recent addition to the modern biotechnology toolbox, bringing both profoundly challenging and enabling opportunities. From a technical point of view the specificity and relative simplicity of these new tools has broadened the potential applications. However, from an ethical point of view it has re-ignited the debates generated by earlier forms of genetic modification. In New Zealand gene editing is currently considered genetic modification and is subject to approval processes under the Environmental Protection Authority (EPA). This process requires decision makers to take into account Māori perspectives. This article outlines previously articulated Māori perspectives on genetic modification and considers the continuing influence of those cultural and ethical arguments within the new context of gene editing. It also explores the range of ways cultural values might be used to analyse the risks and benefits of gene editing in the Aotearoa New Zealand context. Methods used to obtain these perspectives consisted of (a) review of relevant literature regarding lessons learned from the responses of Maori to genetic modification, (b) interviews of selected ‘key Maori informants’ and (c) surveys of self-selected individuals from groups with interests in either genetics or environmental management. The outcomes of this pilot study identified that while Māori informants were not categorically opposed to new and emerging gene editing technologies a priori, they suggest a dynamic approach to regulation is required where specific uses or types of uses are approved on a case by case basis. This study demonstrates how the cultural cues that Māori referenced in the genetic modification debate continue to be relevant in the context of gene editing but that further work is required to characterize the strength of various positions across the broader community.

text: Indigenous perspectives and gene editing in Aotearoa New Zealand Gene editing is arguably the most significant recent addition to the modern biotechnology toolbox, bringing both profoundly challenging and enabling opportunities. From a technical point of view the specificity and relative simplicity of these new tools has broadened the potential applications. However, from an ethical point of view it has re-ignited the debates generated by earlier forms of genetic modification. In New Zealand gene editing is currently considered genetic modification and is subject to approval processes under the Environmental Protection Authority (EPA). This process requires decision makers to take into account Māori perspectives. This article outlines previously articulated Māori perspectives on genetic modification and considers the continuing influence of those cultural and ethical arguments within the new context of gene editing. It also explores the range of ways cultural values might be used to analyse the risks and benefits of gene editing in the Aotearoa New Zealand context. Methods used to obtain these perspectives consisted of (a) review of relevant literature regarding lessons learned from the responses of Maori to genetic modification, (b) interviews of selected ‘key Maori informants’ and (c) surveys of self-selected individuals from groups with interests in either genetics or environmental management. The outcomes of this pilot study identified that while Māori informants were not categorically opposed to new and emerging gene editing technologies a priori, they suggest a dynamic approach to regulation is required where specific uses or types of uses are approved on a case by case basis. This study demonstrates how the cultural cues that Māori referenced in the genetic modification debate continue to be relevant in the context of gene editing but that further work is required to characterize the strength of various positions across the broader community.

year: 2019