This study analyses risk-return trade-off and behaviour of various volatility dynamics including: volatility, its persistence, mean reversion and speed of mean reversion along with asymmetry and leverage effect on the Pakistani stock market by employing aggregate (aggregate market level) and disaggregate (sectoral level) monthly data for the period from 1998 to 2012. Three generalised autoregressive conditional heteroscedasticity models were applied: GARCH (1,1) for various volatility dynamics; EGARCH for asymmetric and leverage effect and GARCH-M for pricing of risk. The outcomes of the study are as follows: first, the volatility shocks are quite persistent but with varying degrees across the sectors. Both the ARCH effect (short-term effect) and GARCH effect (long-term effect) play their role in generating conditional future stock returns volatility. Further, overall the volatility process is mean reverting; however, the speed of mean reversion varies across the sectors. Secondly, the current study finds little evidence of asymmetry and leverage effect at both aggregate and disaggregates data. Thirdly, the pricing of risk (positive risk premium) is also evident, particularly at the disaggregate data in the Pakistani stock market. Finally, this research study sets the implications for both the policy makers and investors.
Locating the marine target in a quick and precise way is the crucial point of implementing SAR (search and rescue) at sea, which involves aspects of developing SAR strategy and detects the marine targets. As the effect of marine target detection restricts the SAR result directly, the study has focused on reviewing the previous research about marine target detection, especially dim marine target detection. What's more, small target detection under complex sea status is one of the severe challenges which is research's hotspot and needs more endeavor. Current research results and future research directions are discussed in the paper. The findings can provide systematic view of implementing maritime search and rescue for field researchers and governors.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.