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Long Memory in the Volatility of Indian Financial Market
An Empirical Analysis
by Dilip Kumar (Author)
Professorial Dissertation 2014 109 Pages
Business economics - Investment and Finance
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1.1 Volatility and long memory
1.2 Structure of the book
Chapter 2: Literature Review
2.1. Long range dependence in the financial time series
Chapter 3: Long memory tests
3.1. Long memory in a financial time series
3.2. R/S analysis
3.3. Modified R/S analysis (R/S-AL)
3.4. Detrending moving average analysis (DMA)
3.5. Generalized Hurst exponent
3.6. Lo's modified R/S analysis
3.7. Detrended fluctuation analysis (DFA)
3.8. Local Whittle method
3.9. Exact Local Whittle test
3.10. Discrete wavelet transform
3.11. Aggregated variance method
3.12. Geweke and Porter-Hudak (GPH) (1983) test
3.13. The autoregressive fractionally integrated moving average (ARFfMA) model
3.14. The fractionally integrated generalized autoregressive conditional heteroskedasticity (FIGARCH) model
3.15. The fractionally integrated exponential generalized autoregressive conditional heteroskedasticity (FIEGARCH) model
3.16. The fractionally integrated asymmetric power autoregressive conditional heteroskedasticity (FIAPARCH) model
Chapter 4: Long memory in the volatility of the Indian stock market
4.1. Abstract
4.2. Data description and computational details
4.3. Empirical results
4.3.1. Evidence from semi-parametric long memory test
4.3.2. Evidence from the FIGARCH model
4.4. Conclusion
Chapter 5: Long memory in the volatility of the Indian exchange rates
5.2. Monte Carlo experiment
5.4. Emp irical Results
5.4.1. Evidence from aggregated variance method
5.4.2. Evidence from semi-parametric (Geweke and Porter-Hudak (GPH) (1983)) long memory test
Chapter 6: Asymmetry and long memory in the volatility of the Indian banking sector
6.2. Data and computational details
6.3.1. Long memory in absolute daily returns and squared daily returns
6.3.2. Results of GARCHfamily models across the periods
6.3.3. Impact of sub-prime crisis on the volatility ofthe CNXBank Nifty index
6.3.4. Asymmetric long memory characteristics in volatility
Descriptive Statistics of Stock Returns
Results of Local Whittle test for estimation of parameter d
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models for S&P CNX Nifty under Gaussian distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models for CNX 100 under Gaussian distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models for CNX Nifty Junior under Gaussian distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models for CNX Midcap under Gaussian distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models for CNX Smallcap under Gaussian distrib ution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models under for S&P CNX Nifty Student-t distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models under for CNX 100 Student-t distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models under for CNX Nifty Junior Student-t distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models under for CNX Midcap Student-t distribution
Maximum likelihood parameter estimates of GARCH, IGARCH and FIGARCH models under for CNX Smallcap Student-t distrib ution
Standard deviation and mean absolute error for all the tests for varying sample size
Descriptive Statistics ofINR exchange rates
Results of Aggregate Variance method test for estimation of Hurst exponent H.
Results of GPH test for estimation of Hurst exponent H
The Hurst exponent for the sub-sample periods for various volatility proxies.. 77 Ranking the market efficiency during the sub-periods and the overall period
based on the estimated Hurst exponents
Estimat ion results and diagnostics for the pre-crisis period
Estimat ion results and diagnostics for the crisis period
Estimat ion results and diagnostics for the post-crisis period
Estimat ion results and diagnostics for the whole period
Estimat ion results for the FIGARCH model
Estimât ion results for the FIAPARCH model
Time plots of returns and prices data series for all the indices
ACF (Autocorrelation function) plots for all the indices. Horizontal dashed lines represent([Abbildung in dieser Leseprobe nicht enthalten])
Plots of the mean value and 95% confidence band (2.5% and 97.5% quantiles) of the estimated Hurst exponents for the Gaussian white noise and the fractional
Gaussian noise (for H = 0.4, 0.5 and 0.6) for aggregated variance method (AVM) and Geweke and Porter-Hudak (GPH) approaches
Comparison of the estimated power-law exponents for AVM and GPH approaches with ideal (Hin = Hout) values
Price and Return plots for all Indian exchange rates
ACF (Autocorrelation function) plots for all the exchange rates. Horizontal dashed lines represent ([Abbildung in dieser Leseprobe nicht enthalten])
Time plots of returns and prices data series
Volatility is considered to be an important ingredient of quantitative finance and a plethora of literature exist related to estimating, modeling and forecasting volatility. If we want to estimate daily volatility using daily closing prices, the most widely used estimators are the demeaned squared daily returns and the demeaned absolute daily returns. But these estimates of volatility are very noisy, inefficient and biased in nature. Another way of estimating volatility more precisely is to use intraday high frequency data. However, in many cases, high frequency data is not available at all or sometime it is available only over smaller intervals. High frequency data is generally very expensive and requires considerable computational resources for analysis. High frequency data also suffers from market microstructure issues which makes volatility estimation using high frequency data highly complex. Several studies have highlighted the importance of volatility estimators that utilize the opening, high, low and closing prices of an asset because they give rise to much more efficient estimates of volatility compared to volatility estimated using conventional return data. The opening, high, low and closing prices are also readily available for most of the tradable assets and indices in financial markets and potentially contain more information for estimating volatility when compared to the close to close return data that is conventionally made use of.
The Indian stock market has grown rapidly and significantly in the last decade and provides enormous opportunities to investors seeking high returns. Now, the Indian equity markets have global presence and have attracted the attention of global investors. Hence, it is essential to study the behavior of the volatility of returns from the Indian stock market. Long memory in the volatility of stock returns is one of the important stylized facts to consider. This has triggered the interests of researchers, market participants, practitioners and regulators to unravel the behavior of the equity markets. Being an emerging market, the Indian markets are characterized by high volatility, thin trading, high returns and various frictions. High volatility in the returns, in one sense, highlights the vulnerability of the markets and hence the respective economy.
The fluctuation in exchange rates can significantly impact the returns of an asset in foreign currency. The Indian exchange rate market has grown significantly in the last decade and provides enormous opportunities to investors. Like in other emerging markets, foreign investors also face higher risk when investing in India. So, to earn higher returns, it is essential to analyze the behavior of the volatility of Indian exchange rates relative to liquid currencies like US dollar, GBP, Euro and Japanese yen to develop meaningful investment and trading strategies and to mitigate the associated risks. The Indian banking sector has also experienced significant growth in the last decade and has become an important investment target, by providing enormous investment opportunities to investors and portfolio managers. Hence, it is essential to study the behavior of the volatility of returns from the Indian banking sector.
Volatility is an important input to various finance applications which includes portfolio selection and allocation, derivatives pricing, futures hedging, risk management, implementing trading strategies, asset pricing and asset allocation. It is to be noted that volatility of a market is not directly observable and hence the literature on volatility is devoted on the procedures to extract volatility from the observable data. This has resulted in the development of various volatility estimators and models to measure and forecast volatility.
Market inefficiency refers to the fact that the market does not react immediately as new information flows in but responds to it gradually over a period of time.
The violation of efficient market hypothesis supports the presence of persistence (long memory) or anti-persistence (mean reversion) in the stock market. In economics and finance, whether or not asset prices display long-range dependence is still an important area to explore in research because of its importance for capital market theories. The analysis related to the long memory property is realized through the estimation of the power-law scaling exponent or the Hurst exponent. The term power-law scaling exponent has its origin in physics (Hurst, 1951) but also finds application in financial markets (Mandelbrot, 1971, 1997). The subject of detecting long memory in a given time series was first studied by Hurst (1951), an English hydrologist, who proposed the concept of the Hurst exponent based on Einstein's contributions to the Brownian motion in physics to deal with the obstacles related to the reservoir control near the Nile river dam. Scaling exponents have characteristics that reflect facts having a bearing on market efficiency. The presence of long memory in the evolution of asset prices describes the higher-order correlation structure in the series and supports the possibility of predicting its behaviour in a market setting.
The study of long-range dependence in financial time-series has a long history and has remained an active topic of research in economics and finance (Mandelbrot (1971), Greene and Fielitz (1977), Cutland et al. (1995), Baillie et al. (1996)). The analysis related to the long memory property can be realized through the estimation of the fractional integration parameter or the Hurst exponent. It has been observed that the squared return, the absolute return and the logarithm of the squared return of financial assets or exchange rates exhibit serial correlations that show hyperbolic decay similar to those of an 1(d) process (Taylor (1986)). This persistence has a major impact on the future volatility of the stock markets, exchange rates and banking sector under the influence of shocks.
Asymmetric long memory in the volatility of stock returns is one of the important areas to explore in research. The asymmetric response of volatility to news indicates that the falling prices result in greater volatility than rising prices of the same magnitude. This phenomenon is known as leverage effect (Black, 1976 and Nelson, 1991). After the pioneering work of Black (1976), many studies have tried to examine the story behind the asymmetry of volatility. The literature talks about two possible explanations for the asymmetry in volatility, the first being operating and financial leverage effect (Black, 1976) and the second being the volatility feedback effect (Bekaert and Wu, 2000). The EGARCH model (Nelson, 1991), GJR-GARCH model (Glosten, Jagannathan and Runkle, 1993) and APARCH model (Ding, Granger and Engle, 1993) are popular asymmetric GARCH class models.
Varity of measures of long-range dependence are used in the finance literature. In the time domain, long memory of the financial time series is related to a hyperbolically decaying of the autocovariance function. On the other hand, in the frequency doma in, the presence of long memory in the financial time series is highlighted by a spectral density function that approaches infinity near the zero frequency; in other words, such series display power at low frequencies (Lo, 1991; Di Sario et al, 2009). Such developments in the literature have led researchers to develop stochastic models that can capture long memory characteristics of the financial time series, such as the fractionally-integrated I(d) time series models introduced to economics and finance by of Granger (1980), Granger and Joyeux (1980), and Hosking (1981). The commonly used measure of long memory is the Hurst exponent (H) or the self-similarity parameter which is a dimens ionless parameter and diverse methodologies exist to estimate it. The concept of the Hurst exponent finds its applications in many research fields including the field of financ ial studies due to the groundbreaking work of Mandelbrot (1963, 1997) and Peters (1991, 1994). The Hurst exponent lies in the range 0 < H < 1. If the Hurst exponent is 0.5 then the process is said to follow a random walk. When the Hurst exponent is greater than 0.5, it suggests positive long-range autocorrelation in the return series or persistence in the stock price series. On the other hand, when the Hurst exponent is smaller than 0.5, it suggests the presence of negative autocorrelation in the returns or mean reversion in the stock price series. The second measure, d, is the fractional integration parameter, which can be estimated from fitting an ARFIMA(p,d,q) model on volatility series or by applying Fractionally Integrated GARCH class models on the log-differenced series. As highlighted by the fractional integration theory that the fractional difference parameter is not an integer value (for example: 0 or 1) but a fractional value (see Baillie, 1996). The fractional differencing parameter indicates the order of integration of the financial time series. Fractionally integrated time series is different from both the stationary and the unit-root processes in a way that the fractionally integrated processes are persistent (i.e., they reflect long memory) and mean reverting. The fractionally integrated parameter is given as d e (0, 0.5). When d >0.5 the time series is considered to be non-stationary in nature and when d e (-0.5, 0) the time series is considered to be anti-persistent in nature. In this book, we have highlighted the popular approaches in the asset pricing literature to examine the long memory in the volatility.
The long memory characteristics of the financial time series are widely studied and have implications for various economics and finance theories. The most important financial implication is related to the violation of the weak-form of market efficiency which encourages the traders, investors and portfolio managers to develop models for making predictions and to construct and implement speculative trading and investment strategies. In an efficient market, the price of an asset should follow a random walk process in which the price change is unaffected by its lagged price changes and has no memory. Random walks in stock prices and exchange rates present important challenges to market participants and analysts. If the random walk model holds then prediction by analysts is like that of astrologers. Traditional random walk tests (based on studies before 1980s) of asset returns were primarily based on the serial correlation of price changes. The pioneering work of Kendall and Hill (1953) and Fama (1965) present strong and voluminous evidence in favour of the random walk hypothesis which support the weak-form efficient market hypothesis. Past studies have provided evidence in support of the hypothesis that nominal exchange rate series follow random walks. See for instance, Bachelier (1900), Cootner (1964), Samuelson (1965), Malkiel and Fama (1970), Giddy and Dufey (1975), Roll (1979), Meese and Singleton (1982), Adler and Lehmann (1983), Darby (1983), Hsieh (1988) and Baillie and Bollerslev (1989). However, Huizinga (1987) and Grilli and Kaminsky (1991) find evidence against the random walk hypothesis for exchange rates. It is to be noted that pricing derivative securities with random walk process or Brownian motion process may not be appropriate if the true underlying stochastic process exhibits long memory property. Hence, it is important to consider the long memory property while exploring the characteristics of financial derivatives which has implications for the derivative market participants, risk managers and asset allocation decisions makers.
The book comprises of six chapters. The outlines of the chapters are as follow:
Chapter 1 highlights importance of volatility in various finance applications. It also provides the background information about market efficiency and long memory property in the financial time series.
Chapter 2 highlights the development in the literature related to the long memory property of the financial time series and estimation of long memory parameters.
In Chapter 3, we provide various approaches to estimate the long memory parameter in both the time and the frequency doma in.
In Chapter 4, we examine the long memory characteristics in the volatility of the Indian stock market. We apply both the semi-parametric method (the Local Whittle (LW) estimator) and the parametric method (GARCH class models) to accomplish our goal. Modeling long memory in the volatility of the Indian stock market has been a neglected area of research because very few studies exist in the literature mainly focused on the long memory property of volatility in the Indian stock market.
In Chapter 5, we examine the long memory characteristics in the volatility of the Indian exchange rates relative to US dollar, GBP, Euro and Japanese yen. We apply the aggregated variance method (AVM) and the Geweke and Porter- Hudak (GPH) (1983) analysis (a semi-parametric technique) to accomplish our goals. Modeling long memory in the volatility of the Indian exchange rates has been a neglected area of research because very few studies exist in the literature mainly focused on the long memory property of volatility in the Indian exchange rates. Hence, our study can be considered as a contribution on this topic which involves the analysis of the main proxies of volatility. On the other hand, this chapter also investigates the accuracy of the AVM and the GPH approaches by means of Monte Carlo simulation experiments.
In Chapter 6, we examine the asymmetric long memory characteristics in the volatility of the Indian banking sector and in particular, the CNX Bank Nifty index. We apply the Detrended Fluctuation Analysis (DFA) technique and the GARCH family of models (namely, GARCH (1,1), EGARCH (1,1), GJR-
GARCH (1,1), FIGARCH (l,d,l) and FIAPARCH (l,d,l)) to accomplish our goal. Modeling asymmetric long memory in the volatility of the Indian stock market has been a neglected area of research because very few studies exist in the literature that are mainly focused on the long memory property of volatility in the Indian stock market. Hence, our study can be considered as a contribution on this topic which involves the analysis of the main proxies of volatility and the asymmetric behavior of the conditional volatility.
The study of long-range dependence in financial time series has a long history and has remained an active topic of research in economics and finance. See, for instance, Mandelbrot (1971), Greene and Fielitz (1977) and Cutland, Kopp, and Willinger (1995). Mandelbrot (1972) finds that the R/S analysis shows superior properties over autocorrelation and variance analysis (because it can work with distributions with infinite variance) and spectral analysis (because it can detect non-periodic cycles). Greene and Fielitz (1977) utilize the Hurst rescaled-range (R/S) method and provide evidence in support of long memory in the daily stock return series. With the development of the log periodogram regression estimator by Geweke and Porter-Hudak (1983), based on the order of integration parameter d in the ARFIMA model of Granger and Joyeux (1980) and Hosking (1981), triggered the literature of the fractionally integrated models. Diebold and Rudebusch (1989) explore the long memory characteristics of the US real GNP data. Lo (1991) find that the classical R/S test used by Mandelbrot and Green and Fielitz suffers from a drawback in that it is unable to distinguish between long memory and short range dependence. Lo (1991) proposes a modified test of the R/S statistic which can distinguish between short term dependence and long memory and finds that daily stock returns do not show long-range dependence properties. Cheung and Lai (1995) analyze data from Austria, Italy, Japan and Spain and detect long memory in these markets. In addition, this finding was invariant to the choice of estimation methods employed. In particular, results from both the modified 'rescaled range' and the spectral regression method, which was used to model an ARFIMA process indicated the presence of long memory dynamics in the data. Willinger, Taqqu, and Teverovsky (1999) empirically find that Lo's modified R/S test leading to the acceptance of the null hypothesis of no long-range dependence for CSRP (Center for Research in Security Prices) data is less conclusive than it appears.
This is so because of the conservative nature of the test statistic in rejecting the null hypothesis of no long-range dependence, by attributing what is found in the data to short-term dependence instead. Peters (1991) use R/S approach to study the long memory characteristics of daily exchange rates data of US dollars, Japanese yen, British pounds, Euros and Singapore dollars, and finds evidence that support the presence of long memory properties in exchange rates. Baillie, Chung, and Tieslau (1996) investigate the long-range dependence properties in inflation time series and find positive results. Corazza and Malliaris (2002) carry out a study on foreign currency markets and find evidence of long memory. They also find that Hurst exponent does not remain fixed but changes dynamically with time. In addition, they provide evidence that foreign currency returns follow either a fractional Brownian motion or a Pareto-Levy stable distribution. Cajueiro and Tabak (2004) use the rolling sample approach to calculate Hurst exponents over the period October 1992 to October 1996 and provide evidence of long-range dependence in Asian markets. Carbone, Castelli, and Stanley (2004) propose the detrending moving average (DMA) algorithm to estimate the Hurst exponent, which does not require any assumption regarding the underlying stochastic process or the probability distribution function of the random variable. Matteo, Aste, and Dacorogna (2005) study the scaling properties of daily foreign exchange rates, stock market indices and fixed income instruments by using the generalized Hurst exponent approach and find that the scaling exponents can be used to differentiate markets in their stage of development. Cajueiro and Tabak (2005) study the possible sources of long- range dependence in returns of Brazilian stocks and find that firm specific variables can partially explain the long-range dependence measures, such as the Hurst exponent. Souza, Tabak, and Cajue iro (2008) study the evolution of long memory over time in returns and volatilities of British pound futures contracts by using the classic R/S approach, the detrended fluctuation analysis (DFA) approach and the generalized Hurst exponent (GHE) approach and find a change in the long memory characteristics of the British pound around the time of the European financial crisis. Serletis and Rosenberg (2009) use the detrending moving average (DMA) approach to calculated the Hurst exponent and find evidence in support of anti-persistence (mean reversion) in the US stock market. They also estimate the local Hurst exponent (on non-overlapping windows of 50 observations) to examine the evolution of efficiency characteristics of index returns over time. Kristoufek (2010) re-examines the results of Serletis and Rosenberg (2009) and finds that there are no signs of antipersistence in the US stock market.
After the Autoregressive Conditional Heteroskedasticity (ARCH) model and the Generalized ARCH (GARCH) model were introduced by Engle (1982) and Bollerslev (1986) respectively, numerous extensions of ARCH models have been proposed in the literature, by specifying the conditional mean and conditional variance equations, which are potentially helpful in forecasting the future volatility of stock prices. Engle and Bollerslev (1986) propose the Integrated GARCH (IGARCH) model to capture the impact of a shock on the future volatility over an infinite horizon. However, these GARCH and
IGARCH models are not able to capture the long memory property of volatility satisfactorily. To deal with this shortcoming, Baillie et al. (1996) propose the fractionally integrated GARCH (FIGARCH) model to allow for fractional orders I(d) of integration, where 0 < d < 1. This model estimates an intermediate process between GARCH and IGARCH. They apply the FIGARCH model to examine the persistence in Deutschmark - U.S. dollar exchange rates volatility. Vilasuso (2002) obtains the exchange rate volatility forecast by us ing FIGARCH model and finds that the FIGARCH model produces significantly better volatility forecasts (for 1-day and 10-days ahead) compared to GARCH and IGARCH. Kang and Yoon (2006) investigate the asymmetric long memory features in the volatility of Asian stock markets. Cheong, Nor and Isa (2007) investigate the asymmetry and long memory volatility behavior of the Malaysian Stock Exchange daily data by considering the financial crisis between 1991 to 2006 on various sub-periods (pre-crisis, crisis and post-crisis) and find mixed results.
Granger and Ding (1995) utilize the Geweke and Porter-Hudak (1983) test to examine the presence of long-memory in absolute returns of the S&P 500 Index. The estimation of the long memory parameter d in the volatility series as per the Geweke and Poter-Hudak test involves an ordinary linear regression of the log periodogram of a volatility series (with the proxy being the absolute return or the squared return) with the log frequency as the explanatory variable. Lobato and Velasco (2000) apply a two-step semi-parametric estimator to obtain the long-memory parameter of stock market volatility and trading volume. They conduct the ir analysis in the frequency domain which involves tapering the data. Assaf and Cavalcante (2005) use the modified rescaled range (R/S) statistic of Lo (1991), the rescaled variance measure of Giraitis et al. (2000), and the semi-parametric estimator proposed by Robinson (1995) and the Fractionally Integrated Generalized Autoregressive Conditional
Heteroskedasticity (FIGARCH) by Baillie et al. (1996) to estimate the fractional parameter d for the Brazilian stock market. Kilic (2004) makes use of both parametric and nonparametric methods to examine the long memory characteristics in the volatility of the Istanbul Stock Exchange National 100 Index.
Gu and Zhou (2007) apply Detrended Fluctuation Analysis (DFA), R/S analysis and modified R/S analysis to study the long memory property of the volatility of 500 stocks traded on the Shanghai Stock Exchange (SHSE) and Shenzhen Stock Exchange (SZSE) and find strong evidence in support of long memory in the volatility of the 500 stocks. Dionisio et al. (2007) analyze the behavior of volatility for various international stock market indices in the context of non- stationarity and prefer the FIGARCH model over the GARCH and the IGARCH models for capturing the behavior of volatility. Bentes et al. (2008) use the FIGARCH model and entropy measures to study the long memory property of the volatility time series for S&P 500, NASDAQ 100 and Stoxx 50 indices to compare US and European Markets and find that both perspectives show nonlinear dynamics in the volatility time series. Oh et al. (2008) study the longterm memory in the KOSPI 1 - minute market index and exchange rates of six countries relative to US dollar (5-minutes data of exchange rates are used for Euro, UK GBP, Japanese Yen, Singapore SGD, Switzerland CHF and Australia AUD) using DFA and the FIGARCH model. The ir findings are supportive of long memory in the volatility series which can be attributed to the volatility clustering observed in the series. Di Sario et al. (2008) utilize approaches based on wavelets and aggregate series to test for long memory in the volatility of the Istanbul Stock Exchange National 100 Index. They make use of absolute returns, squared returns and log squared returns as proxies of volatility and find that all volatility series display long memory property. Kang et al. (2010) utilize two semi-parametric tests (the Geweke and Porter-Hudak (GPH) test and the Local Whittle (LW) test) and the FIGARCH model to examine the long memory property in the volatility of the Chinese stock market and find evidence of long memory features in the volatility time series and suggest that the assumption of non-normality provides better specifications regarding the long memory volatility processes. Fleming and Kirby (2011) apply fractional- integrated time series models on realized volatility and trading volume of 20 firms to investigate the joint dynamics of the trading volume of stocks and their volatility and find a strong degree of correlation between the innovations to volume and volatility. They suggest that trading volume can be used to obtain more precise estimates of daily volatility for cases in which high-frequency returns are unavailable.
Both time domain and frequency domain measures are available to detect the presence of long memory in the time series. In the time domain, a hyperbolically decaying autocovariance function characterizes the presence of long memory. Suppose xt is a stationary process and λτ is its autocovariance function at lag τ, then, the asymptotic property of the autocovariance function is given as:
where H e (0,1) is a long memory parameter and called the Hurst exponent.
In the frequency domain, the long memory is present when the spectral density function approaches infinity at low frequencies. Suppose f(X) is the spectral density function. The series xt is said to exhibit long memory if
where Cf> 0 and H e (0,1).
There exist various approaches to test the long memory property of the time series. In this chapter, we briefly explain the most popular approaches which include R/S analysis, modified R/S analysis, detrending moving average analysis, generalized Hurst exponent approach, Lo's modified R/S analysis, detrended fluctuation analysis, Local Whittle approach, exact Local whittle approach and discrete wavelet transform approach.
Mandelbrot and Wallis (1969) propose the R/S analysis based on Hurst (1951), which helps in the estimation of the self-similarity parameter and the long-range dependence parameter H in the time series. The procedure for using the R/S analysis is as follows:
First divide the time series (of returns) of length L into d subseries (Zj,m) of length n. For each subseries m — 1, ,d:
1. Find the mean (Em) and the standard deviation (Sm).
2. Next, normalize the data of subseries [Abbildung in dieser Leseprobe nicht enthalten] by subtracting the sample mean,
3. Find a cumulative time series [Abbildung in dieser Leseprobe nicht enthalten]
4. Find the range [Abbildung in dieser Leseprobe nicht enthalten]
5. Rescale the range [Abbildung in dieser Leseprobe nicht enthalten]
6. Calculate the mean value of the rescaled range for all sub-series of length n
R/S statistics asymptotically follows the relation:
The value of the Hurst exponent H can be estimated by running an ordinary least squares (OLS) linear regression over a sample of increasing time horizons.
Note that H — 0.5 for white noise. When the process is persistent (i.e., has long memory), then H > 0.5 and for an anti-persistent process (i.e., with mean reversion), H < 0.5.
In small samples, the R/S analysis can show a significant deviation of the estimates of the Hurst exponent from 0.5 even for the Gaussian white noise. To overcome this problem, Annis and Lloyd (1976) and Peters (1994) introduce a new formulation to improve the performance of R/S analysis for small n.
The Hurst exponent is calculated as 0.5 plus the slope of (R/S)n - E(R/S)n. The resulting statistics is known as R/S-AL.
In order to calculate the Hurst exponent, the detrending moving average (DMA) approach is used. Suppose xt is a financial time series with t = 1, , N.
The nth order moving average of xt is given by:
In finding xn t, the last point of the time window of size n is taken as the reference point. The series xt is detrended by subtracting xn t and the standard deviation of xt about the moving average xn t is computed as follows:
[Abbildung in dieser Leseprobe nicht enthalten] is computed for different values of the moving average window n over the interval (n, N). The Hurst exponent is computed as the slope of a log-log plot between aDMA and n. Arianos and Carbone (2007) show the power law behavior:
where His the Hurst exponent and 0 <H< 1.
Equation (6) can also be written as:
This linear relationship between aDMA and n on a log-log plot supports the presence of power law (fractal) scaling which indicates that there is selfsimilarity in the series. This means the fluctuations over small time scales are related to fluctuations over larger time scales. In particular, the Hurst exponent can be used to identify the long memory properties of the time series.
Di Matteo and Aste (2002) propose the generalized Hurst exponent (GHE) approach for financial time series which is based on the scaling of qth order moments of the distribution of the series. The GHE is a generalization of the approach proposed by Hurst (1951). Suppose xt is the time series of logarithmic exchange rates. The qth order moment of the distribution of the increments (with t = v, 2v, , T) of the time series xt is given by:
Where v is the time resolution and it is kept constant (here v = 1 day) and τ is the time interval which varies between v and ^ax.
The generalized Hurst exponent H(q) is defined from the scaling behaviour of Kqj (Barabási & Vicsek, 1991), which can be assumed to follow the relation
For q = 1, the generalized Hurst exponent approach yields the Hurst exponent (H(l)) which describes the scaling behaviour of the absolute values of increments and is similar to the Hurst exponent obtained from the R/S analysis. The scaling exponent for q = 2 is associated with the scaling of the autocorrelation function and is related to the spectral density function (Flandrin, 1989).
Lo (1989) proposes a modified R/S statistic which can be applied to distinguish between long-range and short-range dependence in a series. Suppose yt is the log difference time series with t = 1, , N, then range R is defined as:
Where у is the sample estimator of the population mean. The range is usually rescaled by the sample standard deviation σ to find the R/S statistic. Lo (1989) finds that the distributional properties of the rescaled range are affected by the presence of short-range dependence. Therefore, he proposes a modified R/S statistic Qn and its statistical behaviour is invariant over a general class of short memory processes, but deviates for long memory processes. The modified R/S statistic Qn is defined as:
Where ây and fj are the sample variance and autocovariance estimators of y and u)j(q) are the weights suggested by Newey and West (1986).
Under the null hypothesis of no long-term memory, the distribution of the random variable Vn(q) is
which converges to the Brownian Bridge. Vn(q) denotes the dependence of the modified R/S on the truncation lag. We compute Vn(q) for several different values of q to check the sensitivity of the statistic to the lag length. The null hypothesis is accepted at 99% confidence level if Vn(q) is contained in the interval (0.721, 2.098).
Peng et al. (1994) propose the Detrended Fluctuation Analysis (DFA) to examine the long-range dependence property in the time series. Suppose x(t) be the integrated financial time series of logarithm returns, i.e. x(t) — ln(P(t)) with t = 1, , N. In this method, the integrated time series is divided into blocks of the same length n. The ordinary least square method is used to estimate the trend in each block. In each block, the ordinary least square line is expressed as xn(t). The trend from the series is removed by subtracting xn(t) from the integrated series x(t) in each block. This procedure is applied to each block, and the fluctuation magnitude is defined as
This step is repeated for every scale n, and to estimate Hurst exponent, the following scaling relationship is defined as
Where H is the Hurst exponent and 0 < H < 1.
Equation (12) can also be written as:
This linear relationship between oDFA and и on a log-log plot supports the presence of power law (fractal) scaling which indicates that there is selfsimilarity in the series. This means the fluctuation over small time scales are related to fluctuations over larger time scales. The Hurst exponent can be used to identify the long memory properties of the time series.
We consider two extensions of Detrended Fluctuation Analysis (DFA) to deal with any short-range dependence in the series:
1) Apply DFA analysis to shuffled data: Divide the series in non-overlapping blocks of 5 observations. Shuffle the data in each block (permutation of data in each block) and apply DFA approach. The goal of shuffling the data series in each block is to destroy any structure of autocorrelation within these blocks (Cajueiro and Tabak, 2004, 2005).
2) Apply DFA analysis to aggregated data: Here also divide the series in non-overlapping blocks of 5 observations. Take the average of each block and apply DFA approach to calculate Hurst exponent (Cajueiro and Tabak, 2005).
ISBN (Book)
long memory volatility indian financial market empirical analysis
Dilip Kumar (Author)
2 titles published
Multivariate Analysis to get an Estimate of the Indian Stock Market Nifty Index
Value versus Growth - An Empirical Analysis of Equity Fund Managers´ Capabilities to Generate Alpha
Empirical Analysis of Backsourcing Rationale, Risks and Trends
Supporting and Opposing the Empire. Analysis of "A Pipe of Mystery" by G. A. Henty and "Shooting an Elephant" by George Orwell
Recovery of Financial Markets and Institutions and Challenges in Post-Crisis Era
The Swiss Banking System & Financial Market
Clearing Price Economics: Trading Strategies, Self-fulfilling Prophecies and Financial Markets
Financial Markets need to be put in their place by more regulation and higher equity capital requirements
Psychological Approaches applied on Financial Markets
Shadow banking. Financial Market Analysis
The Loudness War: A Game and Market Theory Analysis
Nokia's Marketing Strategy- Analysis and Recommondations
Managerial Finance Analysis of Wm Morrison PLC and Tesco PLC
Thoughts on Entry Regulation, Financial Market Competition and Financial Crisis
Testing the dynamics in the irregular fluctuations in the stock price changes of Indian stock market
Why New Zealand Companies Hold Cash: An Empirical Analysis
Analysis and evaluation of chosen resources of Volkswagen in Germany and in respect of the Indian minicar market and the role of Suzuki as a Joint Venture prospect
Management Functions of Shaukat Khanum Memorial Cancer Hospital and Research. An Analysis


text:
Vendetta: Lucky's Revenge is a 1996 novel by Jackie Collins and the fourth in her Santangelo novels series.

In the movie Eurotrip, the character Scotty is reading this book on the train from Paris.

1996 British novels
Santangelo novels
Macmillan Publishers books

redpajama_set_name: RedPajamaWikipedia


An illustrated history of the Harley-Davidson motorcycle. Includes a catalog of every production model manufactured from 1903 through the year 2000.
This is a comprehensive encyclopedia of America's dream machine: developments, specifications and design history with 570 photographs. This is the complete history and evolution of Harley-Davidson, from its humble beginnings to its role as a cultural icon. It is a visual directory of the motorcycle, presenting every model ever produced. It is illustrated with over 570 photographs that show each machine to perfection, together with text detailing the technical specifications, key design elements, engineering standards, notable attributes and history. Special features include the development of the Harley-Davidson V-twin engine, its racing history, its riders, its significant roles in various eras (including two World Wars), and much more. This is the ultimate reference book for aficionados of the most revered motorcycle in the world. This book celebrates the most famous motorcycle in the world, from its nuts and bolts, to its cultural significance as a true American icon. Appealing to enthusiasts, riders, historians and collectors, the book covers the history of the machine, from its simple origins, through its rise to become the largest motorcycle company in the world, to its bankruptcy and near demise in the 1980s, and to its eventual rebirth in the 1990s. It includes a comprehensive and chronological illustrated directory of every Harley model ever produced. Packed with informative text and over 570 photographs, the book captures the spirit of this legendary motorcycle.
First published in 1994, Harley - The Ultimate Machine rapidly established itself as a definitive work on the world's most famous motorcycle maker. Skilfully blending rare historical archive pictures, specially commissioned colour studio portraits of landmark models, lifestyle pictures of riders, Harleys and the open road, and quotes and reminiscences from people in the know, it provided a gloriously rounded picture of a company that is so much more than just a motorcycle producer. It succeeded in getting behind the magic of the Harley Davidson brand name and explaining why the Harley lifestyle has come to represent something quintessentially American. Now updated and expanded to take account of the very latest developments, this 200-page edition of Harley - The Ultimate Machine focuses especially on what has been happening with the new models for 2000 and 2001. The big news is the release of an 88-inch V-twin engine called the Twin Cam 88 which has replaced the 80-inch Evolution as the power plant for all Harley's big twins. It also looks forward to 2003 when Harley-Davidson will celebrate a special anniversary - 100 years in the business.
History, mechanics, an A-Z directory of marques and special focus on Harley, with 1200 photographs.
Every gearhead bike enthusiast will love this title for its rich history of the legacy brand known as Harley-Davidson. This title profiles some of the company's most iconic models, from the debut 1911 Model 7D to today's sleek and modern VRSCA V-Rod. Readers can immerse themselves in details such as horsepower, torque, transmission types, exhaust systems, wheelbase measurements, and speed. For more info, there is also a spec sheet on each model. The showroom-worthy images of each of these beautiful bikes make this book a must-read for anyone interested in the Harley legacy.
Discover the best of the Harley-Davidson Archive Collection. Portrait-quality photography reveals the remarkable journey of America's motorcycle company, from its humble beginnings to its nearly century-long dominance of an entire industry.
This illustrated guide is packed with interesting facts and follows the history of the famous Harley-Davidson company and the development of its famous bikes, which have earned a special place in the hearts of enthusiasts everywhere. The story dates from 1903 when Bill Harley and the Davidson brothers, with no thought of fame or fortune, decided to build a motorcycle that really worked. So successful was it, that it led to the gradual formation of a company that has survived through good times and bad. Through good times and bad, losing and winning back police contracts, as well as weathering various other vicissitudes, the company has achieved lasting success. In the end, Harley-Davidson came to the ultimate decision of giving its customers what they really wanted, not by providing year-on-year innovations, but by remaining true to the Founders' original concept. The result, as everyone knows, are bikes of mythic status, imbued with a mysterious quality of their own and generating a passion in enthusiasts amounting almost to a love affair. The name has come to personify America and is up there alongside Coca-Cola, Ford and McDonald's. The bikes are described in detail, not only in mechanical terms, but also with glorious photographs, and will be of interest to everyone who loves motorbikes: even aficionados of Japanese and European bikes, who have never even ridden a Harley-Davidson, will be able to recognize the unique marriage of style and nostalgia and the fact that there are no other bikes quite like them.


text:
The Stillingfleet Tragedy, 1833
"We were the Singers…"
About the Stillingfleet Tragedy…
The Accident – York Courant, December 28th, 1833
Ouse at Kelfield, in winter
It is this week our painful duty to present our readers with the details of an event which happened on Thursday afternoon, on the river Ouse, about seven miles from this city, more dreadful in regard to the extent of its fatality, and somewhat resembling in circumstances, the heart-rending accident which occurred opposite Acomb landing in the summer of 1830.
Like that afflictive dispensation of Divine Providence, it took place on the same day of the week, and about half-past four, nearly the same hour of the day, It has been an annual custom for the singers of the church at Stillingfleet, at Christmas time, to visit the principal farmers within the parish, which includes the villages of Stillingfleet, Moreby, Acaster-Selby, and Kelfield.
On Wednesday last, (Christmas day) the party aided the solemn services of the church by singing the Christmas Hymn, and on the same evening they were entertained at the Rectory, where they supped, and afterwards passed the evening in singing the praises of God. Thursday was the day appointed for their annual excursion, and they set out under emotions of innocent pleasure, little dreaming of the dark dispensation of Providence which was to clothe the evening of that day, to them with the darkness of the night of death, and fill their happy villages, and quiet homes with lamentation, and mourning, and woe.
They had been to Acaster, and the party consisting of FOURTEEN PERSONS, got into a boat the property of a fisherman named Turner, for the purpose of proceeding to Stillingfleet ferry, where they intended to land. At a place called Mill Mouth, about a quarter of a mile from Acaster, they met a vessel, coal- laden, coming down the river, – hauled by a horse. The party in the boat called out to Stephen Green, the hauling man, to hold the line tight, so as to allow them to go under it. Green replied that he would not do that, – for if they attempted to do so, he should sweep them out of the boat. He therefore slackened the rope, to let the boat go over it, – when one of the men in the boat seized the rope, and attempted to throw it over the boat; – in this he failed, and the line catched the stern of the boat, which being thrown on her broadside, instantly filled with water, and capsized.
The boat in which the sufferers had embarked was one of rather small dimensions. The current was running at the rate of five miles and hour, – the boat consequently going at a rapid pace, and in about the centre of the river. The vessel had the current against it, and was on the off side; and the party in the boat unhappily came inside. When the line got under the boat, one of the men attempted to clear it, by throwing it over the boat. After the boat was swamped, the unhappy people, as they were dragged by the current, in the most heart-rending manner called for assistance, but in vain.
The boat belonging to the vessel had been lost from its moorings; but by what means the sailors could not explain; it is most probable that they had unfortunately let go the painter, by mistake, in their endeavours to throw out lines to save the sufferers. – Turner's boat had turned [ ] uppermost, and was found at Cawood, by George Liddle, waterman, and Thomas Smith, labourer. When found, she was floating rapidly down the river, and on being righted, the fishing net belonging to its owner was found in it.
At the time of the accident it was quite dusk, and it was with difficulty that the towing rope could be seen. The following is a correct list of the sufferers: – Henry Spence [sic], labourer, aged about 50; and his two daughters, Sarah aged 16; and Bessy, aged 15; Christopher Spence, [sic] brother to Henry, labourer, aged about 40; John Turner, fisherman, and common carrier, aged about 59; and Jane Turner, his daughter, aged 16; Thomas Webster, labourer; William Bristow, officiating parish clerk; Sarah Eccles, aged 16, daughter of George Eccles, one of the survivors; Elizabeth Buckle, aged 15, daughter of Mr. Buckle, inkeeper; Clarissa Sturdy, aged 17, daughter of Mr. Sturdy, schoolmaster, and formerly of this city, linen-draper. Within a quarter of an hour, and not more than a quarter of a mile from the fatal place the body of Miss Sturdy was picked up, when floating, by a vessel in the river, which was coming up shortly after. She was quite dead. The mother of this unfortunate young woman, at the time of the accident was in this city attending the funeral of a nephew, when the dreadful event was made known to her.The following are the names of the three survivors: – George Eccles, Richard Toes, and John Fisher, – all agricultural labourers, with wives and families. Eccles has a large family of seven or eight children; Toes has a wife and four children; Fisher has a wife and two children.The men who have suffered, have left the following families: – Christopher Spence, a wife and four children; Henry Spence, a wife and eight children – five of whom are under his parental roof, and were dependant upon his labours for support; John Turner, was a widower, and left two daughters – one married and the other single; Thomas Webster, a wife and one child; Thos Bristow, [sic] a wife and three children.
The moment the news of this afflictive catastrophe was circulated the greatest gloom and affliction prevailed, in the respective villages, and on Friday morning by four o'clock several parties had arrived at the fatal spot from Cawood, Lower Acaster, Nun Appleton, and the neighbourhood, in boats, and commenced dragging the river, – but without success, until about ten o'clock, when Christopher Spence was found, in a place called the Willow Hole, about half a mile from where the accident happened. Turner and Webster were found soon after, a little lower down the river, and were brought up by one drag. It is supposed they had been clasped together, and sunk in each other's arms. About half past eleven o'clock, a shawl was found belonging to Sarah Eccles, and shortly afterwards the bodies of Henry Spence, a fine robust man, – and Jane Turner were found. A little after two o'clock, Bessy Spence, one of the daughters of Henry Spence, was found. This family was sorely afflicted. The disconsolate widow, who has a child at her breast, and is herself in a delicate state of health, having recently been a patient in the County Hospital. At the same time that Bessy Spence was found – another body was also found, which turned out to be that of the parish clerk, William Bristow. Both bodies, as well as all the others, were conveyed to their respective homes.Great praise is due to the Rev. D.F. Markham, the worthy vicar of the place, for his kind and sensible attention to the distressed relatives of the deceased. With all the benevolence of feeling, which may be expected of a spiritual pastor, he visited each, and administered, so far as human aid could do it, the consolations of religion, and pointed out to them to unerring wisdom of that kind Providence who has promised to make all things work together for good to those who, in humble resignation, place their confidence in him. Mr M. we hear, also ordered mourning to be provided for them, at his own expense.
To Paul Beilby Thompson, Esqu., M.P., equal praise is due; for he was personally indefatigable in the search for the bodies of the unfortunate people. We understand that he not only engaged and paid the labourers who dragged the river, but also, at his own expense, has provided the coffins, and the requisite appendages, and we have no doubt but he will hereafter aid, by his princely fortune, the hapless widows and helpless orphans of the deceased.
THE INQUEST
At six o'clock on Friday evening, John Wood, Esq., Coroner [ ] Stillingfleet, and immediately the constable summoned the following Jury, who were sworn :-
William Triffit, (Foreman,) Mr. William Cooke, Mr Thos [ ], Mr William Camidge, Mr Thomas Hornshaw, Mr Francis Robinson, Mr. Thomas Brown, Mr George Lazenby, Mr [ ] Creaser, Mr John Thompson, Mr Thomas Simpson, Mr [ ] Lazenby, Mr Robert Nottingham.
On the return of the Coroner and the Jury to the White Swan inn, the examination of the witnesses was proceeded with.John Fisher was the first witness examined; having been sworn, he stated as follows:
-I am a labourer, and reside at Stillingfleet; I am one of the singers at the parish church, and went along with the deceased persons whose bodies are found, and George Eccles, Richard Toes, Sarah Spencer, and Sarah Eccles, to sign the Christmas hymn; we set out yesterday, about half-past one o'clock in the afternoon, as we had done for the last two years at Christmas; we were the singers at Stillingfleet church; we first went to a house at Moreby, near the river, and afterwards crossed the river at Low Acaster, in a boat belonging to John Turner, the deceased; about four o'clock, or a little after, we all returned , and got in the boat to re-cross the river, at Stillingfleet-landing, which required us to sail down the river about half a mile, to reach it; George Eccles and I were rowing the boat: we met a vessel soon after we got into the boat, coming up the river; it was drawn by a horse and a line; Eccles and I wanted to keep on the off-side of the vessel, that is, towards the Stillingfleet side, the horse being on the Acaster side; John Turner said we were to row to the other side; I told Eccles to ease his oar, and I would pull; we did so, and came to the inside of the vessel; Turner said we could clear them easy enough, and called to the man with the horse to slacken his line, fancying, as I believe, that we could get over the line; the ebb ran sharp, and the vessel was going up; I saw danger, and caught hold of the line, and lifted it up, in order to clear it from the boat, and throw it over our heads; in consequence of the boat running down so very fast, the line caught hold of the side of the boat, and threw her over, and we were all instantly pitched into the water; I still kept hold of the line, and I thought I heard one of the sailors call out "Hold thy hold, lad" and, I did so; they then drew me and Richard Toes out, by the line onto the vessel, and we were both, in consequence, saved; after I had got on the vessel, I thought I saw three men's heads, as though they were on the bottom of the boat; they were some distance down the river, and I saw no more of them, it was getting very dark, and we had drunk a little ale during the day, but we were all perfectly sober, and every one was as capable of helping himself or herself, as though we had not had any.
William Rogerson deposed;
I reside at South Hindley, nearBarnsley: I am captain of the Perseverance, belonging to John Jewitt, of York; I was coming up the River Ouse yesterday, with my vessel, about four o'clock in the afternoon; when near Low Acaster, we met a boat with several persons in it; it was nearly dusk at the time; my vessel was drawn by one horse and a line; and the wind was blowing very strong in our favour at the time, we had our sails up; the boat was coming down, and the two men were rowing, and we endeavoured to keep clear of them; in consequence of the men in the boat calling out to slack the line, we immediately ran to loose the line on the vessel, and the man on the shore did the same. The rope was considerably slackened, and astern the vessel some way, before the boat reached it, but in consequence of the strength of the current, it did not sink; when the boat came into contact with the line it upset her and, all the people were thrown into the water; my man and myself pulled out Fisher and Toes, with the line they had laid hold of; we ran the vessel ashore for the purpose of getting into our boat to render assistance; when just as we had loosed our boat, we saw the two men holding by the line, and we had ran to draw them out, without having sufficiently secured the boat, as afterwards appeared; when we had got the two men out, we ran to get into our own boat, when we discovered she had washed loose, and was gone adrift to the other side of the river; and by running the vessel on shore she had stuck fast, so that we could not get her off; we were thus prevented from rendering further assistance; we could see two or three men hanging to the boat bottom, and going down the river, until they reached a corner of the bank called the 'Ness End', and then we lost sight of them; the man with the horse stopped immediately; he was told to do so, and I do not think there was any blame attributable to him: in endeavouring to pass the vessel with the boat they should not have come on the inside; they ought to have been on the off-side; in that case it is probable no accident could have happened, as the rope could not have touched them, and there was plenty of room for them to have passed.
George Eccles, of Stillingfleet, labourer, deposed;
I was one of the party that was in the boat yesterday, when the accident happened; we then set out from Stillingfleet, and went to a house in Moreby; we then crossed the river in Turner's boat, for Low Acaster; and about four o'clock again got in the boat to return, intending to go to Stillingfleet landing; it was about dusk; a little after we got into the boat we met a vessel; John Fisher and I were rowing the boat towards the off-side of the vessel, when John Turner called out for us to keep at the inside; Turner was accustomed to the river, being a fisherman, and it being his boat, we complied with his directions, because we thought he understood it better than we did, as we were quite unacquainted with managing the boat; we went on the inside; some one called out to the hauling-man to lower the line of the vessel; the line was lowered and John Fisher and, I think, John Turner also, got hold of the line to throw it over our heads, but the current was so strong, and the boat went so fast, that they could not clear it, and the boat was upset; I continued to keep hold of the oar with which I had been rowing; I also got to the boat, which was upsidedown, and I got hold of her with my other hand, and I held there as long as I could; William Bristow had likewise hold of her; the boat turned over several times, and he and I at length got into her, she being then full of water; in that state we went down the river about two hundred yards; she then turned over again, and we both lost our hold of the boat, but I still continued to hold by the oar; I never saw any more of Bristow after the boat had turned over; after holding by the oar for some time, the other oar came near me, and I caught hold of it with my other hand; I was supported by the two oars until I saw another vessel coming up, and then I called out for help; the captain got into his boat, and got me out of the water; after I had got into the boat I saw something floating before us, and I desired the captain to assist me in reaching it. We first overtook two hats, the next was the body of Clarissa Sturdy, who was floating on the surface of the water, and we took her onto the boat. She was quite dead. I afterwards got into the cabin of his vessel, and sat by the fire, until we got to Acaster ferry, and I then went on shore. And two neighbours led me home. My own daughter was drowned, and her body has not yet been found.
BY A JUROR – I cannot say that there was any blame to be attributed either to the people on the vessel, or to the hauling-man.
JOHN FISHER was recalled by a juror, and also interrogated as to the conduct of the watermen, and the man who had the charge of the hauling horse. He said, he did not think there was any blame to be attributed to them.Stephen Green said, I live at Cawood, and am a hauler and labourer. I was driving the horse which drew the vessel. When the boat came up to the vessel, some of them called out to lighten the rope; I thought they said "Tighten it". I replied, it was impossible to lighten it, without throwing them over, but I would slacken it, and they might go over it. I did slacken it immediately, I ran to my horse's head, and held him. I cannot say whether the boat would have gone over the line or not, if the men had not lifted it up. The reason the rope was so slack when the boat came up, was, that they had been letting me some line out from the vessel. The current would not let the line sink.John Fisher , stated, that Turner called out for the rope to be slackened, and he called for it to be tightened. MR CORONER WOOD, said, this appeared to be the case. If necessary he would read the evidence; but he thought it hardly was, as the jury had paid great attention to it [sic]. In his opinion it was clearly an accident, – if they were satisfied it was so, it would not be necessary to make any further comment.
They would return a verdict of accidental death, and find a deodand on the boat, which was the moving cause of the accident, as a forfeiture to the crown. It was the province of the jury to fix the amount of the deodand. The jury, without hesitation, returned a verdict in each case, of ACCIDENTALLY DROWNED, – with a deodand of 1s on the boat. The indentures of inquisition were then filled up, and signed by the Jurors, – in which their verdict was recorded in the following manner: -
" We find that on the 26th day of December, being in a certain boat then belonging to John Turner, of Stillingfleet, and now the property of his legal representatives, and sailing therein on the river Ouse there, it so happened that the said boat was accidentally upset, and by reason thereof the said deceased were accidentally drowned in the waters of the said river; and do find that the said boat was moving to the death of the said deceased, and is of the value of one shilling." The inquiry terminated about eleven o'clock at night.
THE FUNERALThe Coroner granted his warrants for the interment of the unfortunate sufferers, – which is expected to take place at Stillingfleet on Sunday afternoon (to-morrow) at two o'clock.

redpajama_set_name: RedPajamaCommonCrawl


January 13, 2014: A Jon Kay commentary incorrectly claimed Israel has "Jew-only roads" whereas there are only roads for Israelis, where religion is not a consideration. After HRC intervention, the commentary was corrected.
Mar 20 2009: "The Canadian Federation of Students – Ontario states the Conservative Party is engaged in a "plan to undermine democratic decision-making on Canadian campuses." The federal Canadian Federation of Students is a separately incorporated and directed union of student governments. A Page One story yesterday did not distinguish between the two. Also a characterization of the CFS as "staunchly anti-Zionist" was inaccurate. Neither organization takes an official position on the Mideast conflict." Correction issued.
Sept 10 2008: "The story originally incorrectly said Michael Ignatieff attended the pro-Lebanon rally in Montreal two years ago." Correction issued.
Aug 19 2008: "Hal Turner is the anti-Semitic author whose writing, republished in a newspaper sold by Toronto's homeless, prompted the Canadian Jewish Congress to complain to police. An incorrect name appeared in an editorial yesterday in the National Post." Correction issued.
Apr 15 2008: "A Barbara Kay column on Nov. 21, 2007, misstated the wording of a placard hoisted during a march in Montreal of Hezbollah supporters attended by some Quebec political party leaders. The placard read, Juifs assassins (Jewish assassins)." Correction issued.
June 17 2008: "Due to an editing error, the words "was destroyed by Israeli forces in Gaza city, killing 11 civilians" were incorrectly inserted in a letter to the editor by Stephen Tannenbaum in Thursday's National Post. In fact, on Tuesday, either nine or 11 people, of whom two or three were Islamic Jihad terrorists, were killed after the Israeli Air Force attacked a van in Gaza under the control of an Islamic Jihad cell and containing Katyusha rockers for use against Israel. The Post regrets the error." Correction issued.
Mar 4 2008: "Incorrect information appeared in a review of Anna Porter's book, Kasztner's Train, in Saturday's Books pages. It was the Mapai (Labour) government that launched a libel suit against Malkiel Gruenwald; and three assailants shot Rezso Kasztner dead." Correction issued.
Jan 18 2007: "Article said only 140 Israelis died in Israeli-Hezbollah war this past summer, in reality 159 Israelis died in the 34-day war. Follow-up article included revised numbers." Correction issued.
March 21 2006: "Adam Budzanowski is the Canadian aid worker who was kidnapped and later released in Gaza last week. An incorrect first name appeared in the Post of March 17." Correction issued.
Jan 19 2006: "A photograph showing a Palestinian youth throwing a stone was mistakenly used to accompany a brief news story in yesterday's Post about Jewish youths in Hebron throwing rocks at Israeli police." Correction issued.
Sept 30 2005: "Sasson Nuriel, the Israeli manufacturer murdered last week by a cell of the terrorist group Hamas, lived in the Jerusalem neighborhood of Pisgat Ze'ev. He was incorrectly described as a settler in yesterday's National Post. The Post regrets the error." Correction issued.
July 15 2005: "The Israel Defense Forces (IDF) conducted a raid on Wednesday in Tulkarm, in the West Bank, against Islamic Jihad, in order to disrupt and thwart future terrorist attacks, after a suicide bombing by an Islamic Jihad member in Netanya, Israel, on Tuesday. The IDF did not call this raid a retaliation for the suicide bombing, notwithstanding the wording of a Reuters story that was included in a story in Wednesday's National Post." Correction issued.


text:
COVID-19 - what do all these Greek letters mean?
The initial outbreak of COVID-19 was in Wuhan, China, and many people referred to the disease and any subsequent variants by the city or country of origin. The World Health Organisation (WHO) felt this caused undue discrimination and stigma against certain countries and places, and may deter them from declaring new variants they had found.
They needed to find a naming framework that avoided causing offence to any cultural, ethnic or social groups, and decided to name each variant after a letter of the Greek alphabet.
The initial virus was called novel coronavirus, or SARS-CoV-2 – not too catchy, so you may not have heard of it. Subsequent variants were named Alpha, Beta, Gamma, and Delta and are to continue in this manner.
I heard they skipped over some letters?
Notably, when naming the most recent variant, Omicron, the WHO skipped over both Nu and Xi letters. Nu was skipped as it was too similar to 'new' or 'novel', the initial name. 'Xi' was avoided as it is a common first name in China, including that of President Xi Jinping.
There are official scientific names that are still present but are too complicated for general use, therefore the Greek naming system remains an easier and unbiased approach.
There are 24 letters of the Greek alphabet and considering we may skip some more, what happens when that runs out? Well, scientists have hinted that they may start using constellations next.
Hopefully, we don't have to get to that.


Ross Bailes of Clover, SC., came home in the second spot as he challenged Davenport a few times on restarts but could never make it stick. Jimmy Owens of Newport, TN., swapped the second and third spots with Bailes several times and finally had to settle for third, fourth to Michael Page of Douglasville, GA., who was making his first appearance at the South Carolina track and brought home a fourth place finish and David Breazeale of Four Corners, MS., finished in the fifth spot as he was making his first visit to the South Carolina track.
Dustin Mitchell finished in the sixth spot Chris Madden seventh, Brandon Overton eighth, Riley Hickman ninth and Zach Leonhardi tenth.


I have a friend who is about to become a turbine refugee. I'll call her Jenny because her peace and privacy have already been violated enough; but I assure you she is very real.
In case you think the term refugee is an exaggeration, look up the definition. It denotes someone who flees their home to avoid danger or to find a place of safety and asylum. If you want to really hear Jenny's stories with an open heart, ask yourself what could cause you to leave your family, your home and your friends.
Jenny moved to this area over 30 years ago, when she got married and finished school. She dreamed of being an architect; but like so many of us, life had other plans for her. She and her husband ended up buying a home and raising a family. She started a small but successful business, working outdoors with plants and flowers, which she loves. She also grew to love her quiet little, coastal New England town with its cast of quirky but endearing characters, and the peaceful, beautiful vistas of life along the coast.
About nine years ago, Jenny and her husband had a chance to buy a parcel of land in an especially quiet area with plenty of open space between neighbors. Even better, she got the chance to design her own home, one that would fit her and her family's lifestyle, like hand in glove. Nothing is perfect, but it was a very good home and a good life. As her son grew older, Jenny dreamed that someday he would get married right on this property, at the home she had designed—a summer wedding with enough flowers to remember for a lifetime. That was the dream that was about to turn into a hellish nightmare in just a few short days.
About 2 years ago, one of her neighbors signed a contract with a private wind developer to site a 1.5MW industrial wind turbine just 1300 feet from her beloved home. Jenny was not fearful at first because she did not know that turbines are intensely toxic for some people; nor did she know that she was a "sensitive receptor." Jenny's life turned instantly for the worse when the turbine started spinning. The turbine affected her husband, too; but not with same severity as her. It was still just the beginning of a long, steady, irresistible downward spiral to hell.
One sleepless night turned into another. She often awakened with that strange feeling of dizziness that you sometimes get when you are disturbed from a deep sleep, only it didn't go away after a few minutes. There was the strange feeling of anxiety, too, as though something was terribly wrong but she was unable to put her finger on it. Her energy level sagged from lack of sleep. The strange "thrumming" sensation was all around, like it was inside her head and chest, too. Even when the turbine was not spinning, she was stressed and anxious, wondering when it would start again.
She tried everything to cope, hoping she might gradually get used to it. Noise machines, sleeping pills, nothing seemed to help. She began sleeping in the basement because sometimes the vibrating thrum from the turbine was not quite so bad—sometimes. Naturally, this took its toll on her marriage. The relentless thrum was taking its toll on her business, her health, and her coping mechanisms, as well. Gradually, she began to sink into depression.
As days turned to weeks, and weeks to months, it slowly dawned on Jenny that she was in a fight for her life and stopping the turbine was the only way to win. She tried reasoning with her neighbor, who dismissed her as a crackpot or hypochondriac. After all, it didn't make him sick. She tried to get help from town officials, but they were too busy putting up turbines of their own to listen to a handful of disgruntled residents. Finally, she tried suing her neighbor. She watched as her rainy-day savings dwindled away. Five, ten, fifteen, then twenty thousand; but the turbine kept spinning. Justice turns much more slowly than turbines. In despair, Jenny began to have what psychiatrists call "suicidal ideation." In fact, it was much more that ideation. She was stockpiling her sleeping pills.
Ironically, her mother began to suffer from a debilitating illness that prevented her from living alone any longer. Jenny could not go through with her plans just yet. By putting her mother's needs first, her own daily existence became an agonizing test of endurance. Then, mercifully, the town decided to curtail the operation of all turbines to consider the impact on public health. But his fragile flame of hope was soon snuffed out. After a couple of months of respite, the town decided to restart the turbines, citing the urgent financial needs of the town.
I had hoped that Jenny would not return to her darkest thoughts, but my hopes were in vain. Deciding to give it one last try, she went to a public meeting in town setup to "build consensus" about what to do about the turbines. It is hard to listen to debate about megawatts, decibels, revenue shortfalls and energy costs being discussed as though they are all just as important as your health, your life. People do not understand or simply refuse to believe that your life is hanging in the balance. To many, you are just collateral damage in the war to save the planet.
But she is left with only one option. Escape. She had been ready to move to the mid-West, where she knows no one; but it was the only place where she could afford a small place to start over on her own. Her funds are nearly exhausted. Her husband felt he could not leave with her because he is just three years from his retirement benefits, the last financial leg they have to stand on. Luckily, his heart overruled his head after rushing her to the hospital the other night. He is cashing in what little benefits he is eligible for, so they can find a small place together where no turbines can be built. They do not expect to get much for their place—assuming they can even sell it.
It is hardly a Hollywood ending. With no money to retire on, the prospect of finding work when you are approaching retirement in a down economy is grim—but it is still better than the alternative ending they had in store. At least they are together, for better or worse.
When people are forced to leave behind everything they have loved and worked for, so hard, in order to save their lives, there is no other word for it—they are refugees. There are thousands in the same situation as Jenny, all around the world. Every day, a few more of them are forced to abandon their homes to save themselves. When we build turbines too close to vulnerable people, we exact a terrible price on our neighbors to ease our own conscience about our energy gluttony.
I am deeply saddened to see my friend leave like this and I'm afraid Jenny will not be the last. Unless something is done to stop the turbines, I'm sure I will be saying farewell to more of my friends in Little Bay soon.
This is a tragedy that is literally bound to have happened and bound to happen again. Where are the lawyers? Is there not a civil (if not a criminal) case in this? Sue the bastards!
Curt, bless you for your great heart! I'm infuriated with the vaunted "town fathers" who have allowed themselves to be turned into evil androids by the the Big Wind deceivers. They have struck Faustian deals and thrown the very people that they have taken oaths to protect under the bus of "progress". They have agreed to operate merciless steamrollers over the lives of people who cannot protect themselves in this brutal, selfish, and greedy society. They have settled for the job of being the engineers that drive the trains of cattle cars filled with victims. Monsters!
I believe a day is coming soon when there will be a reckoning. America is not immune. It happens from time to time, and from place to place. Because windpower kills communities that stand in its path, it will receive a special reckoning.
Thank you so much for your courage, your tenacity.
Thank you for giving us all a 'voice' in your blog. Thank you for your consistent defense of those who need defending. And Jenny, thank you for trying—over and over again—to bring attention to this issue. You are tucked into my heart and I'm here for you. If there is something I'm able to do to help you, please just say the word.
We MUST make this right. The wind industry's power and ability to manipulate governments and the public must come to an end. We cannot back down, because our power is in educating the public. They've believed the loudest voices, and the voices that promised wealth. They must hear our voices—which speak of facts, and science, and humanity.
We've got to stand together. Hang tough. No quarter given. No more Americans can be sacrificed. No more Australians, or Scots, or Canadians or New Zealanders. No more women, men, children. We must not allow our health to be wrenched from us, our peace of mind taken away, our quality of life stolen.
We have a Constitutional right to defend our homes and our families. We have a right to the peaceful and healthful enjoyment of our homes. And we have a right to remove from office those who are ignoring the oaths they swore to when elected, who are no longer safeguarding the people they swore to defend and whose best interests they promised to represent.
Jenny…my thoughts and prayers are with you and your family. I'm scared, though—and I need your help and the help of everyone on this planet who knows the facts about industrial wind. Without huge and vocal support, my own homestead and those of my friends and family could soon be ringed by several industrial wind developments—and I'm talking about DOZENS and DOZENS of these machines in almost every direction. Iberdrola Renewables, Independence Wind (of Angus King fame), First Wind, Eolian, Patriot Renewables, Trans-Canada…and more—they have all targeted these mountain ridges, and they assume that those of us in small rural communities won't have a chance in hell of stopping their wind projects.
I'm not willing to see my loved ones become victims of wind turbines' unique noises. From my front porch, I can hear a logging truck as it heads down over the Height of Land, almost 5 miles away as the crow flies. I can hear it as it travels approx. 15 miles down through the canyon until it reaches the Flats in Lexington. That tells me something. If I can clearly hear one tractor engine at that distance, then a half-mile "setback" is not going to protect the people in the western mountains of Maine from the sound emissions of dozens and dozens of industrial wind turbines.
Maine's iconic mountain ridges have been sacrificed for this one industry, after we worked together for decades to protect our forests and mountains and waters—those resources which make Maine a special place. But current law supports the development of massive wind facilities in 2/3 of this state. Many people have opposed the sacrifice of our mountain summits—with good reason.
But what about the sacrifices of health, well-being and quality of life? No one has the right to take those from us.
I won't give those up to the wind industry. I may LOSE them in this fight, but I will not give them up.
Thanks to those of you who are standing up to the bullies. Let's take courage from each other, okay? Let's NOT BACK DOWN.
I am sending your story to Ken Lewenza, president of the Canadian counterpart to the United Auto Workers. He has erected a 35-story turbine in our resort neighbourhood on the grounds of their $70 M resort hotel and conference centre, against elected officials' and residents' protests. It is set to start in 3 weeks. It's the symbol of union support for the provincial government's green energy fallicy. 60 families live within 1800 feet. 4,000 people live within 6,600 ft, which is our town's safety setback policy. 10 families have left homes 15 miles away in several large turbine developments.
Thank you for inspiring us to keep fighting. God bless.
TOTAL BAN IS THE ONLY REASONABLE WAY TO GO.
THERE IS NOTHING GREEN OR GOOD ABOUT WIND TURBINES.
SOMEHOW WE NEED TO HANG IN THERE WITH LOTS OF LOVE AND HOPE.
Sadly, I am not surprised by this story – in Australia, people have been similarly seriously mentally and physically unwell, desperate and unheard by the health and noise regulatory authorities who are failing in their legal duty of care by refusing to even investigate or measure the full sound spectrum, inside homes, let alone document the serious new mental and physical illnesses, let alone noticeable exacerbations of existing conditions, which people living near turbines have been reporting to their treating doctors and local health authorities for years.
But there is HOPE for those who have been so appallingly treated, for so long.
For anyone in similarly desperate circumstances, they need to understand that survival and self preservation is the most important thing, and if they can somehow get right away from the operating wind turbines, even if only for short periods of time, and get the health care they need, especially if depression is involved, it will help them start to get better. Then they can fight more effectively, if they want to.
To leave one's home in such circumstances is not "defeat" or "giving up", it is a conscious act of self preservation, a deliberate choice to help regain their health. Reducing exposure to infrasound and low frequency noise (ILFN) has been shown time and time again by practical experience to be the only thing which consistently helps people to regain their health. This happens when the turbines are off, or when people remove themselves from the vicinity of operating wind turbines, and from other sources of ILFN.
Thanks to the information provided by affected residents, and the work by the increasing number of acousticians, clinicians and researchers working in this area, we now collectively have a much better idea of what we think is going on acoustically and clinically for people affected by the wind turbines.
In a nutshell, it is becoming clear that it is the sound frequencies between 0 – 200Hz being emitted by the wind turbines which are directly causing these health problems, which worsen with cumulative exposure. Some of us believe that the reason this is occurring is because of the known and documented link between ILFN and chronic physiological stress, (this stress is being observed in animals as well as humans, and has been documented in some experiments for many years – see NIEHS 2001 publication on Toxicology of infrasound, and the Leventhall, Benton and Pelmear report on Low Frequency noise for the UK's DEFRA from 2003).
Keeping detailed personal health journals of what is happening to you and your family AT THE TIME IT IS HAPPENING is the start of educating yourselves and your health practitioners. It is also collecting evidence which can be used in future legal action against the developers and the turbine hosts, if that is what you choose to do in future. Ensuring that your health care providers are very aware of all your symptoms and the pattern of their occurrence with exposure to operating wind turbines is very important.
Many health practitioners are not aware of what IS already known, and do not have lots of time to investigate themselves, so their patients can play a vital role in helping to educate these clinicians by both providing relevant information directly to their doctors, but also ensuring their doctors know about their specific symptoms, and the pattern of their occurrence, which correlates so closely to operating wind turbines, and in some circumstances ILFN from other sources (eg substations, other large compressors). The reported symptoms need to be fully documented by the clinicians, and health problems investigated. This is not only good thorough clinical care, but again will be vital legal evidence of documented harm to health and wellbeing, where that is occurring.
For those who can afford to do so, collection of acoustic evidence by independent acousticians which measures the full acoustic sound and vibration spectrum the residents are exposed to across a range of weather and wind conditions, INSIDE and OUTSIDE homes concurrently, preferably with a detailed diary of symptoms at the time the monitoring is being conducted, will also be invaluable.
The aim of documents such as the Personal Health Journals and the Suggested Health Guidelines is to assist both residents and their treating doctors to understand more about what is known, what to investigate, and what might be useful to document in the medical records.
Such information and legal evidence has been "successful" in the past, in that the developers have chosen to "settle" (albeit with binding confidentiality clauses) rather than continue on with high profile court cases, such as Julian and Jane Davis in the UK High Court, which was settled by the wind developer in December 2011. Acoustic and clinical evidence have played a crucial role in cases such as these. The fact that they have been "settled" rather than thrown out of court, and that the developers have insisted on binding confidentiality clauses would infer that the developers are well aware of the problems and are very concerned about opening the "floodgates" of litigation.
performed by acousticians who are INDEPENDENT of the wind industry, and who are trusted by the residents, who have the necessary specialised acoustic monitors and microphones to measure the 0 – 200 Hz frequencies.
Such results must be made fully available to the impacted residents themselves.
At the moment, all that most regulatory guidelines measure is in dBA (ie 200Hz and above) OUTSIDE THE HOME, which bears no relationship to the symptoms and problems people are experiencing. It is rare that such data is ever made available to affected residents in Australia, and I suspect this is also the case internationally. The acoustic study by Rob Rand and Steven Ambrose at Falmouth, and work done by Steven Cooper in Australia, is confirming that the acoustic energy inside homes is coming from the wind turbines, and is correlating with people's symptoms.
Hello, This is such a heartfelt story. This is indeed going on in our little Town of Fairhaven, MA. Curt could not have written a better story. With these turbines, even if just one person is sick, one is too many. As Curt said, names have been changed, but we all know of friends and neighbors that will be affected by these monsters.
We all need to stick together and get out and fight. We will not win if we step back. We need to get our strong support back that we had months ago.
May God help us that these things don't even get going.
I sit here after reading Curt's story, with tears in my eyes. How can our towns disregard the health of their residents? This is more than frustrating; it truly is a matter of life and death to some who have become ill.
Thank you, I am affirmed in what I always sensed. I am from "the city" in Ontario Canada. I drive out often to get away from the noise and electromagnetic disturbances here that sicken me terribly. Driving by the miles of wind farms, I am horrified by what I see and feel. I feel that anxiety, that uneasiness, that mental instability. Sometimes I take a pill—anti-anxiety medication—to calm down.
I thought it was just my personal reaction to the sight of these god-awful things, to the sight of obvious greed, and to the realisation that there is almost nowhere to run from the noise and electromagnetic disturbance. Now I know what I have suspected about these things since I first approached one and felt immediately anxious and ill in the 1990's.
To Jenny and to all of those sensitive enough to suffer, my heart is with you and so is my support. I have wanted to purchase property away from the city for years and have not been able to afford to, but have always been looking, anyway. I know now not to move near the turbines; they stretch on for miles.
Here in the city, I live by a major airport (and dizzy and sick a lot due to it) and to radio towers and other problematic contraptions. Believe me when I say, it is not just those in the small towns or country who feel they are helpless against these horrors.
If I cannot tear down the radio towers looming outside of my windows, I will help tear down those turbines. No compromise.
Please don't come to Wisconsin as you search to start over in the midwest. In western Wisconsin, just due east of Minnneapolis/St. Paul, MN, a wind developer is trying to force a 102.5 MW project on our small rural community. We stopped it on a local level; however the developer simply added more turbines and took the project to the state for permitting. Many more wind projects exist in southern and eastern Wisconsin. Many more suffer, but we continue to fight.
Don't try Minnesota, either. There, in Goodhue County, a wind development company fronting T. Boone Pickens is trying to force a wind project on another unwilling community.
In Illinois, it appears many rural residents have been affected by wind turbines, especially in DeKalb. One such family kept an online diary of their unrelenting adverse health experiences. We hear they were bought out, likely with a gag order—and the online diary has disappeared from the Internet.
Michigan? They are fighting, too, in many beautiful rural areas.
Thank you, Curt, for the article. Thank you, Jenny, for not ending your life. Thank you to everyone fighting this land-grabbing scam, investment bubble, and constitutional rights attack.
I just wanted to take a moment to thank everyone for their kind words and warm wishes for Jenny. I have forwarded many of your thoughtful comments and well-wishes to her by email in the hope that she will appreciate just how much her courage in sharing her story has meant to so many.
My very best to all of you. Know that you are not alone in this struggle.
Thanks for sharing this disturbing story.
– wind turbines are the ONLY source of electrical energy that does not incorporate a bulk storage mechanism: hydro, coal, nuclear, geothermal, even your little petrol generator have a means of storing energy until it is required. To my mind, this is the elephant in the wind energy's living room. A lack of storage means the energy must be used when it is produced; this requires a large interconnected grid, with all the inefficiencies that go along with it. Even then, energy must be dumped sometimes, and backup is required so that the lights stay on when it's not windy.
If wind energy made a difference to our energy problems, the choice between destroying some communities for the greater good may be more difficult: but as it is, there is no greater good served by wind turbines, only a greater greed. There is no reason to put them anywhere. History will judge us harshly for this dalliance with these useless behemoths.
I wish Jenny and her family success and happiness in their new home.
PS – even if there was a mega-battery that we could connect to wind turbines, thereby elevating their utility to something comparable with other forms of electricity generation (in that an "on-demand" capability would be provided), we STILL wouldn't need them near communities – they could be subject to the same siting regulations and expectations as any other form of power station: the storage capacity and generation capacity could be balanced to suit demand and the available wind resource at acceptable locations. But, because at present big wind wants society to buy half a solution to a perceived problem, that won't work.
I found the article about Jenny to be heartbreaking. I cannot imagine those ugly monoliths so close to homes. I've studied the wind energy debacle for over 3 years now and I have read about all the physical maladies. Of course, the government/public officials only believe it when it comes out of the mouths of the wind developers. WE know it is true. Jenny will be vindicated one day! Until that day, she just has to do whatever is needed to stay well.
I have been fighting a wind farm for over 3 years, without the assistance of an attorney. I lost, of course. I am not giving up, although they will begin erecting the turbines in the next two months.
We have our farm for sale, but we don't hold out much hope of any buyer. It breaks my heart that my scenic rural lifestyle will be devastated, soon. No one in my area really cares—they are apathetic or GREEDY—don't care or will be getting lease money.
I will NEVER stop fighting the FRAUD of large-scale industrial wind energy. NEVER!
But..there may be a solution! Turbine companies need land…land is often provided at nominal lease rates by landowners. SUE, yes I mean a lawsuit,..sue the landowners for loss of enjoyment of your property, and for your ensuing health issues, and costs of living elsewhere while you resolve this, etc.. If enough farmers and landowners were afraid of the pending lawsuits, they might think twice before signing those tempting lease arrangements. No land=no turbines! After all, eventually their land becomes de-valued also, as many neighbours have to sell out at rock bottom prices to move into the city to escape these advancing turbines. We have learned that here in Ontario, many larger landowners don't even live on their rural acreages…they themselves live in towns and nearby cities, and rent out the houses on their rural properties to unsuspecting tenants. Then, when tenants leave, the landowner severs and sells the house and an acre or two of land to unsuspecting victims. Gradually these properties de-value, as new purchasers become more difficult to find. A property tax revolt should soon be in the offing too. Who will be willing to continue paying the present level of taxation on their properties, as they are constantly being de-valued? Organize, Sue, and Revolt!!
An Urban supporter of Stop the Wind!!!
Best of luck to Jenny and her family. My thoughts and support are with them.


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text:
Q: Dedicated domain for admin backend I have Symfony2.8 application installed on my server. To make things easier, let's assume that in /very-long-path/web directory. I also have domain for this directory - eg. example.com. Page at example.com is accessible by all my users. Application has also backend for admins at example.com/admin. I think this is common configuration for many webpages.
What I want to do is:

*

*Buy second domain eg. admin-of-example.com.

*Disable access to the example.com/admin (or configure redirect to admin-of-example.com)

*Make backend for admins accessible only via this second domain.

Is it possible and how? I completely don't know how to do that? Probably mod_rewrite?
What may be important? Symfony base on fron controller, therefore example.com/admin not directs to real folder - there is no /very-long-path/web/admin directory. Frontend for users and backend for admins are parts of one application, therefore I cannot move backend to other hosting/domain physically.

A: You can restrict routes to be matched only when the request is for a particular hostname: http://symfony.com/doc/current/routing/hostname_pattern.html

redpajama_set_name: RedPajamaStackExchange


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Royal Blood return to NZ!!!!
One of the world's fastest-rising rock acts is on its way to New Zealand - but there's a royal wait involved for those who want to see them.
Royal Blood have announced plans to play their first headlining shows in Auckland and Wellington after last performing here as one of the highlights of the 2015 Laneway Festival.
But it's not happening for a while. The Brighton duo of Mike Kerr and Ben Thatcher aren't scheduled to play until May.
They'll hit Auckland's Logan Campbell Centre on May 1, and Wellington's TSB Bank Arena on May 3. Tickets are on sale from August 2, with a pre-sale beginning on July 26.
They'll be playing in support of their second album How Did We Get So Dark, the follow-up to their self-titled debut that includes he singles Lights Out and Hook Line & Sinker.
It's had rave reviews since its release in June, with Q Magazine declaring "the gut-level punch of Kerr's bass and the thunderstruck gallop of Thatcher's drumming cannot be denied" and AllMusic describing it as "ambitious and satisfying".
Bring on next year!!!
Source: nzherald.co.nz


Chapter Hotels now have their second property open. This is the magnificent Magdalen Chapter hotel in Exeter, England. The hotel features a wonderful blend of new and old, of history and technology.
The Magdelan Chapter occupies a beautiful building constructed in the 19th century. Previously the building was used as the West England Eye Hospital. Thanks to efforts of architects that building was turned into a 59-guestroom hotel.
The design of the building will bring you back to Victorian times, but inner decoration of the hotel is quite the opposite. Guests will see modern art and urban furniture. Lightning, which was made by Russell Pinch, is very interesting in this hotel and helps making public places really bright.
The design of guestrooms includes oak flooring and walls are made various tones to help the hotel look even more modern.
The hotel's lounge zone is also very interesting. It has large floor-to-ceiling windows and a huge terrace, where guests will enjoy sculptural chairs, floral murals and interesting lights. The heart of the building hides the bar. Here guests will find cozy atmosphere with an open fire. There is also an installation by glass artist Kate Maestri. Guests are also welcome to visit the library that is made in silver tones and is illuminated by large windows that face the south. Dining facilities of the hotel are also worth your attention. The restaurant has an unusual circus-top ceiling. Guests are also welcome to have their food on a terrace. The Magdalen Chapter has been also equipped with a new indoor-outdoor pool that is warmed by an open fire.