title: Cross-sectional and time-series momentum returns and market dynamics: evidence from Japan

authors: Cheema, Muhammad A.

subjects: Momentum returns

abstract: We test the behavioural theories of overconfidence and underreaction on cross-sectional (CS) and time-series (TS) momentum returns in the Japanese stock markets. Both CS and TS momentum returns are large and significant when the market continues in the same state and turns into losses when the market transitions to another state, consistent with the overconfidence but not the underreaction model. We find that TS conditional momentum returns exceed conditional CS momentum returns because of its active position since TS takes a net long (short) position following UP (DN) markets while CS is a zero-cost strategy irrespective of the market state. Finally, we find no relation between idiosyncratic volatility (IV) and momentum returns which is not supportive of either the overconfidence or underreaction model but implies that IV is not a significant limit to arbitrage in Japan.

text: Cross-sectional and time-series momentum returns and market dynamics: evidence from Japan We test the behavioural theories of overconfidence and underreaction on cross-sectional (CS) and time-series (TS) momentum returns in the Japanese stock markets. Both CS and TS momentum returns are large and significant when the market continues in the same state and turns into losses when the market transitions to another state, consistent with the overconfidence but not the underreaction model. We find that TS conditional momentum returns exceed conditional CS momentum returns because of its active position since TS takes a net long (short) position following UP (DN) markets while CS is a zero-cost strategy irrespective of the market state. Finally, we find no relation between idiosyncratic volatility (IV) and momentum returns which is not supportive of either the overconfidence or underreaction model but implies that IV is not a significant limit to arbitrage in Japan.

year: 2017

title: Challenges in interface and interaction design for context-aware augmented memory systems

authors: Schweer, Andrea

subjects: computer science

abstract: The human long-term memory is astonishingly powerful but fallible at the same time. This makes it very easy to forget information one is sure one actually knows. We propose context-aware augmented memory systems as a solution to this problem. In this paper, we analyse the user interface and interaction design challenges that need to be overcome to build such a system. We hope for fruitful interdisciplinary discussions on how best to address these challenges.

text: Challenges in interface and interaction design for context-aware augmented memory systems The human long-term memory is astonishingly powerful but fallible at the same time. This makes it very easy to forget information one is sure one actually knows. We propose context-aware augmented memory systems as a solution to this problem. In this paper, we analyse the user interface and interaction design challenges that need to be overcome to build such a system. We hope for fruitful interdisciplinary discussions on how best to address these challenges.

year: 2007

title: Boat electrofishing survey of fish abundance in the Ohau Channel, Rotorua, in 2017

authors: Hicks, Brendan J.

abstract: The aim of the survey was to provide on-going monitoring of the fish communities and abundance by boat electrofishing in the Ohau Channel, especially fish species that are taonga to Maori (tuna, or eels, morihana, or goldfish, and kōura, or freshwater crayfish). In the current study, we present the findings from the eleventh year of sampling (2017) and a summary of previous surveys.
We used the University of Waikato’s 4.5 m-long, aluminium-hulled electrofishing boat to catch a total of 1,110 fish and 3 kōura (18.2 kg in total) from 11 sites on 5 December 2017. The sites comprised 2,909 lineal m and 11,636 m2 in area. Kōura (freshwater crayfish) and 6 fish species were present, with common bully the most abundant species (up to 29.6 fish 100 m⁻² at the site 8, edge habitat). Goldfish (up to 14.2 100 m⁻²) was the next most abundant species, with most goldfish at sites 8 and 11 in and around the side channel. Common smelt were next the most abundant species (up to 11.4 fish 100 m⁻²). Mean density of bullies (7.8 fish 100 m⁻²) was much higher than for smelt (1.69 fish 100 m⁻²). Kōura had a patchy distribution with only 3 individuals were caught at two sites.
Comparing catches over the 11 years of sampling, the mean abundance of common bullies in 2017 was consistent with densities in most post-wall years (after 2007), but lower than in 2007 before wall closure (Newman-Keuls multiple range test, P = 0.034). The cause of fluctuating bully abundance is not known, and was not accounted for by changes in water clarity expressed as black disc distance (BDD), water temperature, or water conductivity. Poor water clarity can reduce the efficiency of electrofishing, but low BDD did not correspond with low common bully densities. In 2017, smelt abundance had recovered somewhat from the low catches from 2014 to 2016.
Goldfish biomass increased initially (2009-2010) because of targeted fishing in the side channel (site 11), which has dense macrophytes and offers good habitat for goldfish with no flow. However, the continued rise in goldfish density from 2012 on suggests a real increase in goldfish numbers. In contrast to most previous years, no eels were caught in 2017.
Analysis of fish densities before and after wall closure is hampered by the single data point before closure. However, we now have 10 years of post-wall data, and comparisons of means and standard deviations suggest that the number of bullies have been lower since 2008 with the exception of 2015, when bully densities were the same as 2007, i.e., before wall closure. The large number of small juvenile bullies (<30 mm) suggests that recruitment is taking place in the channel, so fluctuating bully abundance is likely to be controlled by factors other than wall closure.

text: Boat electrofishing survey of fish abundance in the Ohau Channel, Rotorua, in 2017 The aim of the survey was to provide on-going monitoring of the fish communities and abundance by boat electrofishing in the Ohau Channel, especially fish species that are taonga to Maori (tuna, or eels, morihana, or goldfish, and kōura, or freshwater crayfish). In the current study, we present the findings from the eleventh year of sampling (2017) and a summary of previous surveys.
We used the University of Waikato’s 4.5 m-long, aluminium-hulled electrofishing boat to catch a total of 1,110 fish and 3 kōura (18.2 kg in total) from 11 sites on 5 December 2017. The sites comprised 2,909 lineal m and 11,636 m2 in area. Kōura (freshwater crayfish) and 6 fish species were present, with common bully the most abundant species (up to 29.6 fish 100 m⁻² at the site 8, edge habitat). Goldfish (up to 14.2 100 m⁻²) was the next most abundant species, with most goldfish at sites 8 and 11 in and around the side channel. Common smelt were next the most abundant species (up to 11.4 fish 100 m⁻²). Mean density of bullies (7.8 fish 100 m⁻²) was much higher than for smelt (1.69 fish 100 m⁻²). Kōura had a patchy distribution with only 3 individuals were caught at two sites.
Comparing catches over the 11 years of sampling, the mean abundance of common bullies in 2017 was consistent with densities in most post-wall years (after 2007), but lower than in 2007 before wall closure (Newman-Keuls multiple range test, P = 0.034). The cause of fluctuating bully abundance is not known, and was not accounted for by changes in water clarity expressed as black disc distance (BDD), water temperature, or water conductivity. Poor water clarity can reduce the efficiency of electrofishing, but low BDD did not correspond with low common bully densities. In 2017, smelt abundance had recovered somewhat from the low catches from 2014 to 2016.
Goldfish biomass increased initially (2009-2010) because of targeted fishing in the side channel (site 11), which has dense macrophytes and offers good habitat for goldfish with no flow. However, the continued rise in goldfish density from 2012 on suggests a real increase in goldfish numbers. In contrast to most previous years, no eels were caught in 2017.
Analysis of fish densities before and after wall closure is hampered by the single data point before closure. However, we now have 10 years of post-wall data, and comparisons of means and standard deviations suggest that the number of bullies have been lower since 2008 with the exception of 2015, when bully densities were the same as 2007, i.e., before wall closure. The large number of small juvenile bullies (<30 mm) suggests that recruitment is taking place in the channel, so fluctuating bully abundance is likely to be controlled by factors other than wall closure.

year: 2018