The Other January Effect: International Evidence

This paper investigates the predictive power of stock market returns in January for the subsequent eleven months' returns across 19 countries, thereby contributing to the literature on stock market seasonalities. Only two out of 19 countries' stock markets exhibit a robust Other January Eect. In light of this evidence, we conclude that the Other January Eect is not an international phenomenon.Stock market efciency, Other January Efect, Stock market anomalies

Do Individual Index Futures Investors Destabilize the Underlying Spot Market?

This paper investigates the impact of introducing index futures trading on the volatility of the underlying stock market. We exploit a unique institutional setting in which presumably uninformed individuals are the dominant trader type in the futures markets. This enables us to investigate the destabilization hypothesis more accurately than previous studies do and to provide evidence for or against the in uence of individuals trading in index futures on spot market volatility. To overcome econometric shortcomings of the existing literature we employ a Markov-switching-GARCH approach to endogenously identify distinct volatility regimes. Our empirical evidence for Poland surprisingly suggests that the introduction of index futures trading does not destabilize the spot market. This nding is robust across 3 stock market indices and is corroborated by further analysis of a control group.Individual Investors, Uninformed Trading, Stock Index Futures, Emerging Capital Markets, Stock Market Volatility, Markov-Switching-GARCH Model

Metal contacts to lowly doped Si and ultra thin SOI

We present our investigations on the fabrication of ohmic and Schottky contacts of several metals on lowly doped bulk Si and SOI wafers. Through this paper we evaluate the fabrication of rectifying devices in which no doping is intentionally introduced

High-Performance Deep SubMicron CMOS Technologies with Polycrystalline-SiGe Gates

The use of polycrystalline SiGe as the gate material for deep submicron CMOS has been investigated. A complete compatibility to standard CMOS processing is demonstrated when polycrystalline Si is substituted with SiGe (for Ge fractions below 0.5) to form the gate electrode of the transistors. Performance improvements are achieved for PMOS transistors by careful optimization of both transistor channel profile and p-type gate workfunction, the latter by changing Ge mole fraction in the gate. For the 0.18 ¿m CMOS generation we record up to 20% increase in the current drive, a 10% increase in the channel transconductance and subthreshold swing improvement from 82 mV/dec to 75 mV/dec resulting in excellent ¿on¿/¿off¿ currents ratio. At the same time, NMOS transistor performance is not affected by gate material substitutio

Increased Dementia Mortality in West Virginia Counties with Mountaintop Removal Mining?

(MTM), a practice that has been ongoing in some counties of West Virginia (WV) USA since the 1970s. PM inhalation has been linked to central nervous system pathophysiology, including cognitive decline and dementia. Here we compared county dementia mortality statistics in MTM vs. non-MTM WV counties over a period spanning 2001–2015. We found significantly elevated age-adjusted vascular or unspecified dementia mortality/100,000 population in WV MTM counties where, after adjusting for socioeconomic variables, dementia mortality was 15.60 (±3.14 Standard Error of the Mean (S.E.M.)) times higher than that of non-MTM counties. Further analyses with satellite imaging data revealed a highly significant positive correlation between the number of distinct mining sites vs. both mean and cumulative vascular and unspecified dementia mortality over the 15 year period. This was in contrast to finding only a weak relationship between dementia mortality rates and the overall square kilometers mined. No effect of living in an MTM county was found for the rate of Alzheimer’s type dementia and possible reasons for this are considered. Based on these results, and the current literature, we hypothesize that inhalation of PM associated with MTM contributes to dementia mortality of the vascular or unspecified types. However, limitations inherent in ecological-type studies such as this, preclude definitive extrapolation to individuals in MTM-counties at this time. We hope these findings will inspire follow-up cohort and case-controlled type studies to determine if specific causative factors associated with living near MTM can be identified. Given the need for caregiving and medical support, increased dementia mortality of the magnitude seen here could, unfortunately, place great demands upon MTM county public health resources in the future

Nutrient loss pathways from grazed grasslands and the effects of decreasing inputs: experimental results for three soil types

Agriculture is a main contributor of diffuse emissions of N and P to the environment. For N the main loss pathways are NH3-volatilization, leaching to ground and surface water and N-2(O) emissions. Currently, imposing restraints on farm inputs are used as policy tool to decrease N and P leaching to ground water and to surface water, and the same measure is suggested to combat emissions of N2O. The response, however, to these measures largely depends on the soil type. In this study nutrient flows of three dairy farms in The Netherlands with comparable intensity on sand, peat and clay soils were monitored for at least 2 years. The first aim was to provide quantitative data on current nutrient loss pathways. The second aim was to explore the responses in partitioning of the nutrient loss pathways when farm inputs were altered. Mean denitrification rates ranged from 103 kg N ha(-1) year(-1) for the sandy soil to 170 kg N ha(-1) year(-1) for the peat soil and leaching to surface water was about 73 kg N ha(-1) year(-1) for the sandy soil, 15 kg N ha(-1) year(-1) for the clay soil and 38 kg N ha(-1) year(-1) for the peat soil. For P, leaching to surface water ranged from 2 kg P ha(-1) year(-1) for the sandy site to 5 kg P ha(-1) year(-1) for the peat site. The sandy soil was most responsive to changes in N surpluses on leaching to surface water, followed by the peat soil and least responsive was the clay soil. For P, a similar sequence was found. This article demonstrates that similar reductions of N and P inputs result in different responses in N and P loss pathways for different soil types. These differences should be taken into account when evaluating measures to improve environmental performance of (dairy) farm