What do asset prices have to say about risk appetite and uncertainty?

Implied volatility indices should have information about risk parameters, once they are cleansed of the influence of normal volatility dynamics and macro-economic uncertainty. Building on intuition from the dynamic asset pricing literature, we uncover unobserved risk aversion and fundamental uncertainty from the observed time series of the VIX and the credit spreads while controlling for realized volatility, expectations about the macroeconomic outlook, and interest rates. We apply this methodology to monthly data from both Germany and the US. We find that implied volatilities contain a substantial amount of information regarding risk aversion whereas credit spreads have a lot to say about both risk aversion and uncertainty. Moreover, there is a significant comovement in the German and US risk aversion. JEL Classification:Credit Spread, Economic uncertainty, risk aversion, Time variation in risk and return, Volatility dynamics

Human and Professional Sustainable Development by Using the EFI ROM Creative Method

AbstractElaborated for the human and professional sustainable development of human resources within innovative enterprises by using creative techniques for rendering efficient own activities. A solution for promoting innovative management in the field of human resources in these units is the use of the own original creative method EFI-ROM. It can be applied to selfmanagement and all management hierarchical levels with responsibilities in short, medium and long-term decision. It was tested on the occasion of carrying out some innovative project. In the present paper we present an improved variant and adjusted to the specifics of innovative organizations

CemOrange2 fusions facilitate multifluorophore subcellular imaging in C. elegans

Due to its ease of genetic manipulation and transparency, Caenorhabditis elegans (C. elegans) has become a preferred model system to study gene function by microscopy. The use of Aequorea victoria green fluorescent protein (GFP) fused to proteins or targeting sequences of interest, further expanded upon the utility of C. elegans by labeling subcellular structures, which enables following their disposition during development or in the presence of genetic mutations. Fluorescent proteins with excitation and emission spectra different from that of GFP accelerated the use of multifluorophore imaging in real time. We have expanded the repertoire of fluorescent proteins for use in C. elegans by developing a codon-optimized version of Orange2 (CemOrange2). Proteins or targeting motifs fused to CemOrange2 were distinguishable from the more common fluorophores used in the nematode; such as GFP, YFP, and mKate2. We generated a panel of CemOrange2 fusion constructs, and confirmed they were targeted to their correct subcellular addresses by colocalization with independent markers. To demonstrate the potential usefulness of this new panel of fluorescent protein markers, we showed that CemOrange2 fusion proteins could be used to: 1) monitor biological pathways, 2) multiplex with other fluorescent proteins to determine colocalization and 3) gain phenotypic knowledge of a human ABCA3 orthologue, ABT-4, trafficking variant in the C. elegans model organism

A contextual framework for the development of a building sustainability assessment method for Iran

As one of the fastest growing countries in the Middle East, and the one most vulnerable to climate change, the main challenge now facing Iran today is how to house its growing population in a socially, economically, and environmentally sustainable way. However, in the absence of a national framework to guide the sustainable development of the built environment, responding to this challenge is problematic. The articulation of a comprehensive assessment method that would enable issues of sustainability to be addressed and incorporated within building construction projects is urgently required. The research that underpins this paper takes account of current tools in aiming to support the development of a national building sustainability assessment method (BSAM) for use in Iran that involves the identification of sources of impact, specific benchmarks, and priorities for a weighting system for assessment criteria. This paper profiles the basis of a contextual framework that will inform the development of such a regional-based tool, taking account of Iran’s current climate change adaptation policies and priorities, its environmental conditions and socio-economic challenges, building typologies, standards and benchmarks

Microwave-assisted Fischer Indole Synthesis of 1,2,3,4-tetrahydrocarbazole using Pyridinium-based Ionic Liquids

AbstractMicrowave-assisted organic synthesis using ionic liquids is believed to enhance efficiency of the reaction leading to a cleaner method, higher product yields and shorter reaction times. Six pyridinium-based ionic liquids were prepared from 2-methylpyridine and a series of alkyl bromides (R: n-C4, sec-C4, t-C4, C6, C8 and Bn) by oil bath heating at 80, 90, 100 and 110°C. The ionic liquids product yield efficiency has direct relationship with heating temperatures affording highest yields at 110°C of 71.15%, 8.20%, 45.96%, 57.75%, 48.02% and 80.45% for each respective alkyl bromides. The catalytic activities of the synthesized ionic liquids in the Fischer indole synthesis of THC were examined. The highest yield of 67.82% is found to be less satisfactory compared to the use of the Lewis acid standard, ZnCl2, which gave 79.89%. On the other hand, the use of the pyridinium-based ionic liquids in conjunction with ZnCl2 afforded better yields than individual test catalysts resulting to 89.66% of the THC. Structural effects such as branching and chain length of the alkyl bromides for the synthesis of ionic liquids and the THC have negative effects on the product yields

Far From Home: Suite for Jazz Big Band

Far From Home: Suite for Jazz Big Band is a large scale, four movement suite for large jazz ensemble of five saxophones with various woodwind doubles, four trombones, four trumpets with flugelhorn doubles, and rhythm section consisting of bass, guitar, piano, and drums. Each movement is an original composition that can be presented as a standalone piece though collectively the piece is programmatic in nature and tells a story. The goal of this work is to present a story that each listener can take and make their own. While each movement was written with a personal interpretation in mind, the listener should use their own personal experiences to create their story using the music as a guide. The piece has a runtime of approximately 23-25 minutes and features many members of the ensemble either as presenters of the melody or improvised soloists. Far From Home is meant to encapsulate what it is like to be on a journey, a path where one must take a leap of faith into the unknown in order to better themselves. “Home” in the title does not explicitly mean where you live. “Home” is meant to convey where you want to be, where you need to be, where you once were, or where you can be most successful, personally or professionally. Each movement takes an aspect of the journey and puts it into music. For example, the first movement Distance, is a slow and dark intro to the work. The first melody note is a minor ninth above the bass note, giving the music a heavy sense of dissonance. This movement shows the weariness and anxiousness of taking that leap of faith. The movement is in a 3/4 time signature but every fourth measure, a quarter note is added making it a 4/4 measure. This represents the unsteadiness of the start of a journey. All movements of Far From Home have their own melody that is first presented by one or two members of the ensemble then by a larger group of players. While each movement has its own harmonic language, there are similarities between each movement such as open fifths in the lower horns and bass rhythm voices, or similar chord qualities such as Major 7th chords. The melodic content of each movement is meant to be clear and simple with a single challenging aspect to give the listeners a motive that is easy to grasp but is still interesting to listen to. There are also aleatoric or improvised chance music in each movement which represents the unknown aspects of a journey. This suite’s first two movements are centered in minor keys, Bb minor and E minor respectively, with the third movement being based in a major key, G major. The final movement uses harmonic elements of each of the previous movements and has heavy use of modal mixture, moving between Db major and Db minor. Collectively, these pieces tell a story and provide performers with accessible and challenging music and gives listeners a music guide to create their own story

Distributional Patterns of Pseudacteon Associated with the Solenopsis saevissima Complex in South America

Classical biological control efforts against imported fire ants have largely involved the use of Pseudacteon parasitoids. To facilitate further exploration for species and population biotypes a database of collection records for Pseudacteon species was organized, including those from the literature and other sources. These data were then used to map the geographical ranges of species associated with the imported fire ants in their native range in South America. In addition, we found geographical range metrics for all species in the genus and related these metrics to latitude and host use. Approximately equal numbers of Pseudacteon species were found in temperate and tropical regions, though the majority of taxa found only in temperate areas were found in the Northern Hemisphere. No significant differences in sizes of geographical ranges were found between Pseudacteon associated with the different host complexes of fire ants despite the much larger and systemic collection effort associated with the S. saevissima host group. The geographical range of the flies was loosely associated with both the number of hosts and the geographical range of their hosts. Pseudacteon with the most extensive ranges had either multiple hosts or hosts with broad distributions. Mean species richnesses of Pseudacteon in locality species assemblages associated with S. saevissima complex ants was 2.8 species, but intensively sampled locations were usually much higher. Possible factors are discussed related to variation in the size of geographical range, and areas in southern South America are outlined that are likely to have been under-explored for Pseudacteon associated with imported fire ants