International Stock Market Efficiency: A Non-Bayesian Time-Varying Model Approach

This paper develops a non-Bayesian methodology to analyze the time-varying structure of international linkages and market efficiency in G7 countries. We consider a non-Bayesian time-varying vector autoregressive (TV-VAR) model, and apply it to estimate the joint degree of market efficiency in the sense of Fama (1970, 1991). Our empirical results provide a new perspective that the international linkages and market efficiency change over time and that their behaviors correspond well to historical events of the international financial system.Comment: 21 pages, 2 tables, 6 figure

A preliminary investigation of Acceptance and Commitment Therapy as a treatment for chronic skin picking

The effectiveness of a deliberately limited version of Acceptance and Commitment Therapy for chronic skin picking was evaluated in a pair of multiple baseline across participants designs. Self monitoring of skin picking showed that four of the five participants reached near zero levels of picking by post-treatment, but these gains were not fully maintained for three of the four participants at follow-up. The findings of the self-reported skin picking were generally corroborated by ratings of photographs of the damaged areas and by ratings on a validated measure of skin picking severity. All participants rated the intervention as socially acceptable, and reductions were found on measures of anxiety, depression, and experiential avoidance for most participants as a result of the intervention. Results support the construction of more comprehensive ACT protocols for skin-picking

Increasing willingness to experience obsessions: Acceptance and Commitment Therapy as a treatment for obsessive compulsive disorder

The effectiveness of a deliberately limited version of Acceptance and Commitment Therapy for chronic skin picking was evaluated in a pair of multiple baseline across participants designs. Self monitoring of skin picking showed that four of the five participants reached near zero levels of picking by post-treatment, but these gains were not fully maintained for three of the four participants at follow-up. The findings of the self-reported skin picking were generally corroborated by ratings of photographs of the damaged areas and by ratings on a validated measure of skin picking severity. All participants rated the intervention as socially acceptable, and reductions were found on measures of anxiety, depression, and experiential avoidance for most participants as a result of the intervention. Results support the construction of more comprehensive ACT protocols for skin-picking

The role of psychological flexibility in the relationship between self-concealment and disordered eating symptoms

The present cross-sectional study investigated whether psychological flexibility mediates the association between self-concealment and disordered eating (DE) symptoms among non-clinical college students. Data of 209 male and female participants (nfemale = 165), aged 18-22 years old, were used for analyses. Self-concealment was found to be positively associated with DE symptoms (i.e., general eating disorder symptoms and eating disorder-related cognitions) and negatively associated with psychological flexibility. Psychological flexibility was inversely associated with DE symptoms. Finally, psychological flexibility was found to mediate the association between self-concealment and DE symptoms after accounting for gender, ethnic background, and body mass index (BMI)

Disordered eating-related cognition and psychological flexibility as predictors of psychological health among college students.

The present cross-sectional study investigated the relation among disordered eating-related cognition, psychological flexibility, and poor psychological outcomes among a non-clinical college sample. As predicted, conviction of disordered eating-related cognitions was positively associated with general psychological ill-health and emotional distress in interpersonal contexts. Disordered eating-related cognition was also inversely related to psychological flexibility, which was inversely related to poor psychological health and emotional distress in interpersonal contexts. The combination of disordered eating-related cognition and psychological flexibility accounted for the proportion of variance of these poor psychological outcomes greater than disordered eating-related cognition alone. Finally, psychological flexibility accounted for the proportion of variance of these negative psychological variables greater than did disordered eating-related cognition

Acceptance and commitment therapy for women diagnosed with binge eating disorder: A case-series study.

Binge eating disorder (BED) is an eating disorder marked by a recurrence of eating unusually large amounts of food in one sitting along with feeling a loss of control over eating and experiencing marked distress. Outcomes from two adult women with BED who voluntarily participated in 10 weekly sessions of Acceptance and Commitment Therapy are presented. Binge eating was self-monitored daily prior to and throughout treatment. The average frequency of weekly binge eating across both participants at pre-treatment was 5.7 times, which decreased to 2.5 per week at post-treatment, and 1.0 per week at follow-up. The improvements were particularly significant for Participant 1, who no longer met criteria for BED at post-treatment and follow-up. Similarly, both participants demonstrated improvements in body image flexibility throughout the course of study. A discussion of the results is presented along with implications for clinical practice and future directions in research

Random Matrix Theory Analysis of Cross Correlations in Financial Markets

We confirm universal behaviors such as eigenvalue distribution and spacings predicted by Random Matrix Theory (RMT) for the cross correlation matrix of the daily stock prices of Tokyo Stock Exchange from 1993 to 2001, which have been reported for New York Stock Exchange in previous studies. It is shown that the random part of the eigenvalue distribution of the cross correlation matrix is stable even when deterministic correlations are present. Some deviations in the small eigenvalue statistics outside the bounds of the universality class of RMT are not completely explained with the deterministic correlations as proposed in previous studies. We study the effect of randomness on deterministic correlations and find that randomness causes a repulsion between deterministic eigenvalues and the random eigenvalues. This is interpreted as a reminiscent of ``level repulsion'' in RMT and explains some deviations from the previous studies observed in the market data. We also study correlated groups of issues in these markets and propose a refined method to identify correlated groups based on RMT. Some characteristic differences between properties of Tokyo Stock Exchange and New York Stock Exchange are found.Comment: RevTex, 17 pages, 8 figure

Comparison of the Halpha equivalent width of HII regions in a flocculent and a grand design galaxy: possible evidences for IMF variations

We present here a study of the Halpha equivalent widths of the flocculent galaxy NGC 4395 and the grand design galaxy NGC 5457. A difference between the mean values of the Halpha equivalent widths for the two galaxies has been found. Several hypotheses are presented in order to explain this difference: differences in age, metallicity, star formation rate, photon leakage and initial mass function. Various tests and Monte Carlo models are used to find out the most probable cause of this difference. The resultsshow that the possible cause for the difference could be a variation in the initial mass function. This difference is such that it seems to favor a fraction of more massive stars in the grand design galaxy when compared with the flocculent galaxy. This could be due to a change of the environmental conditions due to a density wave.Comment: 29 pages, 19 figures, accepted for publication in Ap

Hyaluronan concentration and size distribution in human knee synovial fluid: variations with age and cartilage degeneration.

BackgroundOne potential mechanism for early superficial cartilage wear in normal joints is alteration of the lubricant content and quality of synovial fluid. The purpose of this study was to determine if the concentration and quality of the lubricant, hyaluronan, in synovial fluid: (1) was similar in left and right knees; (2) exhibited similar age-associated trends, whether collected postmortem or antemortem; and (3) varied with age and grade of joint degeneration.MethodsHuman synovial fluid of donors (23-91 years) without osteoarthritis was analyzed for the concentrations of protein, hyaluronan, and hyaluronan in the molecular weight ranges of 2.5-7 MDa, 1-2.5 MDa, 0.5-1 MDa, and 0.03-0.5 MDa. Similarity of data between left and right knees was assessed by reduced major axis regression, paired t-test, and Bland-Altman analysis. The effect of antemortem versus postmortem collection on biochemical properties was assessed for age-matched samples by unpaired t-test. The relationships between age, joint grade, and each biochemical component were assessed by regression analysis.ResultsJoint grade and the concentrations of protein, hyaluronan, and hyaluronan in the molecular weight ranges of 2.5-7 MDa, 1-2.5 MDa, and 0.5-1 MDa in human synovial fluid showed good agreement between left and right knees and were similar between age-matched patient and cadaver knee joints. There was an age-associated decrease in overall joint grade (-15 %/decade) and concentrations of hyaluronan (-10.5 %/decade), and hyaluronan in the molecular weight ranges of 2.5-7 MDa (-9.4 %/decade), 1-2.5 MDa (-11.3 %/decade), 0.5-1 MDa (-12.5 %/decade), and 0.03-0.5 MDa (-13.0 %/decade). Hyaluronan concentration and quality was more strongly associated with age than with joint grade.ConclusionsThe age-related increase in cartilage wear in non-osteoarthritic joints may be related to the altered hyaluronan content and quality of synovial fluid