Is idiosyncratic volatility priced in commodity futures markets?

This article investigates the relationship between expected returns and past idiosyncratic volatility in commodity futures markets. Measuring the idiosyncratic volatility of 27 commodity futures contracts with traditional pricing models that fail to account for backwardation and contango leads to the puzzling finding that idiosyncratic volatility is significantly negatively priced cross-sectionally. However, idiosyncratic volatility is not priced when the phases of backwardation and contango are suitably factored in the pricing model. A time-series portfolio analysis similarly suggests that failing to recognize the fundamental risk associated with the inexorable phases of backwardation and contango leads to overstated profitability of the idiosyncratic volatility mimicking portfolios

Study of star-forming galaxies in SDSS up to redshift 0.4: I. Metallicity evolution

The chemical composition of the gas in galaxies versus cosmic time provides a very important tool for understanding galaxy evolution. Although there are many studies at high redshift, they are rather scarce at lower redshifts. However, low redshift studies can provide important clues about the evolution of galaxies, furnishing the required link between local and high redshift universe. In this work we focus on the metallicity of the gas of star-forming galaxies at low redshift, looking for signs of chemical evolution. To analyze the metallicity contents star-forming galaxies of similar luminosities and masses at different redshifts. With this purpose, we present a study of the metallicity of relatively massive (log(M_star/M_sun)>10.5) star forming galaxies from SDSS--DR5 (Sloan Digital Sky Survey--Data Release 5), using different redshift intervals from 0.04 to 0.4. We used data processed with the STARLIGHT spectral synthesis code, correcting the fluxes for dust extinction, estimating metallicities using the R_23 method, and segregating the samples with respect to the value of the [NII]6583/[OII]3727 line ratio in order to break the R_23 degeneracy selecting the upper branch. We analyze the luminosity and mass-metallicity relations, and the effect of the Sloan fiber diameter looking for possible biases. By dividing our redshift samples in intervals of similar magnitude and comparing them, significant signs of metallicity evolution are found. Metallicity correlates inversely with redshift: from redshift 0 to 0.4 a decrement of ~0.1 dex in 12+log(O/H) is found.Comment: 11 pages, 9 figures, Accepted for publication in A&

Water loss in horticultural products. Modelling, data analysis and theoretical considerations

The water loss of individual fruit (melon, plum and mandarin) was analysed using the traditional diffusion based approach and a kinetic approach. Applying simple non linear regression, both approaches are the same, resulting in a quite acceptable analysis. However, by applying mixed effects non linear regression analysis, explicitly including the variation over the individuals, the kinetic approach was found to reflect the processes occurring during mass loss better than the diffusion approach. All the variation between the individuals in a batch could be attributed to the initial mass or size of the individuals. The fraction of the fruit mass that is available for transpiration is the key item in the water loss process, rather than the skin resistance and fruit area. Obtained explained parts are well over 99%

Assessment of Emotional Experience and Emotional Recognition in Complicated Grief

There is substantial evidence of bias in the processing of emotion in people with complicated grief (CG). Previous studies have tended to assess the expression of emotion in CG, but other aspects of emotion (mainly emotion recognition, and the subjective aspects of emotion) have not been addressed, despite their importance for practicing clinicians. A quasi-experimental design with two matched groups (Complicated Grief, N D 24 and Non-Complicated Grief, N D 20) was carried out. The Facial Expression of Emotion Test (emotion recognition), a set of pictures from the International Affective Picture System (subjective experience of emotion) and the Symptom Checklist 90 Revised (psychopathology) were employed. The CG group showed lower scores on the dimension of valence for specific conditions on the IAPS, related to the subjective experience of emotion. In addition, they presented higher values of psychopathology. In contrast, statistically significant results were not found for the recognition of emotion. In conclusion, from a neuropsychological point of view, the subjective aspects of emotion and psychopathology seem central in explaining the experience of those with CG. These results are clinically significant for psychotherapists and psychoanalysts working in the field of grief and loss