Magnetic inclination compass: A basis for the migratory orientation of birds in the Northern and Southern Hemisphere

We conducted orientation experiments with Silvereyes,Zosterops lateralis, Australian passerine migrants, to see whether birds living in the Southern Hemisphere in a magnetic field with an upward inclination orient in the same way as birds in the Northern Hemisphere that experience a downward inclination of the magnetic field. Tested indoors in the local geomagnetic field, the birds preferred southerly directions corresponding to their migratory direction in spring. In a magnetic field with a reversed vertical component, they reversed their directional tendencies. This shows that the magnetic compass of Silvereyes also functions as an inclination compass based on the inclination of the field lines instead of the polarity.     

A magnetic pulse leads to a temporary deflection in the orientation of migratory birds

Migratory Australian Silvereyes were treated with a strong magnetic pulse designed to alter the magnetization of the small magnetite particles that are found in birds' heads. Prior to the treatment, the birds preferred the northeasterly migratory direction. The pulse initially resulted in a 90° clockwise shift of orientation; however, within about a week, the birds seemed to return to their original headings. These findings, which seem to suggest an involvement of magnetite in migratory orientation, are in contrast with previous findings which indicated that it is a light-dependent process. They are discussed in view of the current concepts on magnetoreception and on the role of magnetic information in avian orientation.     

Nonlinearities in the CAPM: Evidence from Developed and Emerging Markets

This paper examines the forecasting ability of the nonlinear specifications of the market model. We propose a conditional two‐moment market model with a time‐varying systematic covariance (beta) risk in the form of a mean reverting process of the state‐space model via the Kalman filter algorithm. In addition, we account for the systematic component of co‐skewness and co‐kurtosis by considering higher moments. The analysis is implemented using data from the stock indices of several developed and emerging stock markets. The empirical findings favour the time‐varying market model approaches, which outperform linear model specifications both in terms of model fit and predictability. Precisely, higher moments are necessary for datasets that involve structural changes and/or market inefficiencies which are common in most of the emerging stock markets. Copyright © 2016 John Wiley & Sons, Ltd.