Do fat tails matter in GARCH estimation? Testing market efficiency in two transition economies

The use of the GARCH-class of models is commonplace when examining stockmarket returns. In this paper we use data on stock markets in two transitioneconomies, the Czech Republic and Romania, to demonstrate the importance ofusing the correct GARCH specification. When residuals are characterised by ‘fattails’ or kurtosis, the use of a GARCH-t specification is appropriate. Diagnostictests suggest that the GARCH-t specification is appropriate for modelling stockmarket returns in Romania, whilst the standard GARCH specification is adequatefor the Czech Republic. Using a standard GARCH specification leads torejection of the null hypothesis of market efficiency in Romania, whereas thisnull hypothesis cannot be rejected using the GARCH-t specification. The nullhypothesis of efficiency cannot be rejected in the Czech Republic using eitherspecification. Thus, we find that the presence of ‘fat tails’ can have importantimplications for inference in the analysis of stock market returns

Zapotec Language Activism And Talking Dictionaries

Online dictionaries have become a key tool for some indigenous communities to promote and preserve their languages, often in collaboration with linguists. They can provide a pathway for crossing the digital divide and for establishing a first-ever presence on the internet. Many questions around digital lexicography have been explored, although primarily in relation to large and well-resourced languages. Lexical projects on small and under-resourced languages can provide an opportunity to examine these questions from a different perspective and to raise new questions (Mosel, 2011). In this paper, linguists, technical experts, and Zapotec language activists, who have worked together in Mexico and the United States to create a multimedia platform to showcase and preserve lexical, cultural, and environmental knowledge, share their experience and insight in creating trilingual online Talking Dictionaries in several Zapotec languages. These dictionaries sit opposite from big data mining and illustrate the value of dictionary projects based on small corpora, including having the flexibility to make design decisions to maximize community impact and elevate the status of marginalized languages

The future design direction of smart clothing development

Literature indicates that Smart Clothing applications, the next generation of clothing and electronic products, have been struggling to enter the mass market because the consumers’ latent needs have not been recognised. Moreover, the design direction of Smart Clothes remains unclear and unfocused. Nevertheless, a clear design direction is necessary for all product development. Therefore, this research aims to identify the design directions of the emerging Smart Clothes industry by conducting a questionnaire survey and focus groups with its major design contributors. The results reveal that the current strategy of embedding a wide range of electronic functions in a garment is not suitable. This is primarily because it does not match the users’ requirements, purchasing criteria and lifestyle. The results highlight the respondents’ preference for personal healthcare and sportswear applications that suit their lifestyle, are aesthetically attractive, and provide a practical function

Dip coating process: Silicon sheet growth development for the large-area silicon sheet task of the low-cost silicon solar array project

To date, an experimental dip-coating facility was constructed. Using this facility, relatively thin (1 mm) mullite and alumina substrates were successfully dip-coated with 2.5 - 3.0 ohm-cm, p-type silicon with areas of approximately 20 sq cm. The thickness and grain size of these coatings are influenced by the temperature of the melt and the rate at which the substrate is pulled from the melt. One mullite substrate had dendrite-like crystallites of the order of 1 mm wide and 1 to 2 cm long. Their axes were aligned along the direction of pulling. A large variety of substrate materials were purchased or developed enabling the program to commence a substrate definition evaluation. Due to the insulating nature of the substrate, the bottom layer of the p-n junction may have to be made via the top surface. The feasibility of accomplishing this was demonstrated using single crystal wafers

Following one's heart: cardiac rhythms gate central initiation of sympathetic reflexes

Central nervous processing of environmental stimuli requires integration of sensory information with ongoing autonomic control of cardiovascular function. Rhythmic feedback of cardiac and baroreceptor activity contributes dynamically to homeostatic autonomic control. We examined how the processing of brief somatosensory stimuli is altered across the cardiac cycle to evoke differential changes in bodily state. Using functional magnetic resonance imaging of brain and noninvasive beat-to-beat cardiovascular monitoring, we show that stimuli presented before and during early cardiac systole elicited differential changes in neural activity within amygdala, anterior insula and pons, and engendered different effects on blood pressure. Stimulation delivered during early systole inhibited blood pressure increases. Individual differences in heart rate variability predicted magnitude of differential cardiac timing responses within periaqueductal gray, amygdala and insula. Our findings highlight integration of somatosensory and phasic baroreceptor information at cortical, limbic and brainstem levels, with relevance to mechanisms underlying pain control, hypertension and anxiety

Extent of Fermi-surface reconstruction in the high-temperature superconductor HgBa2_2CuO4+δ_{4+\delta}

High magnetic fields have revealed a surprisingly small Fermi-surface in underdoped cuprates, possibly resulting from Fermi-surface reconstruction due to an order parameter that breaks translational symmetry of the crystal lattice. A crucial issue concerns the doping extent of this state and its relationship to the principal pseudogap and superconducting phases. We employ pulsed magnetic field measurements on the cuprate HgBa$_2$CuO$_{4+\delta}$ to identify signatures of Fermi surface reconstruction from a sign change of the Hall effect and a peak in the temperature-dependent planar resistivity. We trace the termination of Fermi-surface reconstruction to two hole concentrations where the superconducting upper critical fields are found to be enhanced. One of these points is associated with the pseudogap end-point near optimal doping. These results connect the Fermi-surface reconstruction to both superconductivity and the pseudogap phenomena.Comment: 5 pages. 3 Figures. PNAS (2020

Semantic categories underlying the meaning of ‘place’

This paper analyses the semantics of natural language expressions that are associated with the intuitive notion of ‘place’. We note that the nature of such terms is highly contested, and suggest that this arises from two main considerations: 1) there are a number of logically distinct categories of place expression, which are not always clearly distinguished in discourse about ‘place’; 2) the many non-substantive place count nouns (such as ‘place’, ‘region’, ‘area’, etc.) employed in natural language are highly ambiguous. With respect to consideration 1), we propose that place-related expressions should be classified into the following distinct logical types: a) ‘place-like’ count nouns (further subdivided into abstract, spatial and substantive varieties), b) proper names of ‘place-like’ objects, c) locative property phrases, and d) definite descriptions of ‘place-like’ objects. We outline possible formal representations for each of these. To address consideration 2), we examine meanings, connotations and ambiguities of the English vocabulary of abstract and generic place count nouns, and identify underlying elements of meaning, which explain both similarities and differences in the sense and usage of the various terms

Maxwell Fields in Spacetimes Admitting Non-Null Killing Vectors

We consider source-free electromagnetic fields in spacetimes possessing a non-null Killing vector field, $\xi^a$. We assume further that the electromagnetic field tensor, $F_{ab}$, is invariant under the action of the isometry group induced by $\xi^a$. It is proved that whenever the two potentials associated with the electromagnetic field are functionally independent the entire content of Maxwell's equations is equivalent to the relation \n^aT_{ab}=0. Since this relation is implied by Einstein's equation we argue that it is enough to solve merely Einstein's equation for these electrovac spacetimes because the relevant equations of motion will be satisfied automatically. It is also shown that for the exceptional case of functionally related potentials \n^aT_{ab}=0 implies along with one of the relevant equations of motion that the complementary equation concerning the electromagnetic field is satisfied.Comment: 7 pages,PACS numbers: 04.20.Cv, 04.20.Me, 04.40.+