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Overnight futures trading is available in USA, France and Australia. The overnight prices can be used to compute 24 h returns for two international markets over exactly the same time interval, even though the countries in which these markets operate are in completely different time zones. These synchronous returns make it possible to compute accurate daily correlation measures, which can for example be used for daily value-at-risk (VaR). Using Australian overnight index futures prices we find the correlation between USA and Australia to be about 55%, in stark contrast to near-zero correlation measures obtained from non-synchronous closing prices.

This study investigates the tax efficiency of actively managed equity funds by conducting a previously unaddressed natural experiment. Specifically, we examine whether asset sales were timed to take advantage of the introduction of a substantial discount to realized capital gains when the holding period was at least 1 year. Institutional equity fund management in Australia is principally focused on the pre-fee and pre-tax performance surveys of leading asset consultants. Given this industry setting, our study is important because tax efficiency is not accounted for directly in the reported performance numbers, and is thus opaque. We find that active fund managers overall have significantly increased the proportion of long-term capital gains realized after the change in taxation code, although there are significant variations across funds. We also find that active fund managers realize more long-term gains on both large capitalization and low volatility stocks.

Publisher Summary This chapter discusses brain CaM-kinase II with a particular focus on its unique regulatory properties, its regulation in cultured brain cells, and its physiological functions. CaM-kinase II has widespread tissue distribution as oligomeric isozyme forms and is particularly abundant in the brain. In certain regions of the brain, such as hippocampus, it constitutes up to 2% of total protein, which probably makes it the most abundant enzyme in these tissues. CaM-kinase II is localized presynaptically where it is involved in Ca 2+ -dependent regulation of neurotransmitter biosynthesis and exocytosis. At excitatory synapses in forebrain, there is a thickening of the postsynaptic membrane called the postsynaptic density (PSD), and CaM-kinase II constitutes about 30–50% of the protein in the PSD. These excitatory synapses are subject to a usage-dependent enhancement of synaptic transmission called long-term potentiation (LTP)—a popular model for learning and memory.