2,541 research outputs found

    Testing stock market convergence: a non-linear factor approach

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    This paper applies the Phillips and Sul (Econometrica 75(6):1771–1855, 2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US between 1973 and 2008. We carry out the analysis on both sectors and individual industries within sectors. As a first step, we use the Stock and Watson (J Am Stat Assoc 93(441):349–358, 1998) procedure to filter the data in order to extract the long-run component of the series; then, following Phillips and Sul (Econometrica 75(6):1771–1855, 2007), we estimate the relative transition parameters. In the case of sectoral indices we find convergence in the middle of the sample period, followed by divergence, and detect four (two large and two small) clusters. The analysis at a disaggregate, industry level again points to convergence in the middle of the sample, and subsequent divergence, but a much larger number of clusters is now found. Splitting the cross-section into two subgroups including euro area countries, the UK and the US respectively, provides evidence of a global convergence/divergence process not obviously influenced by EU policies

    The determinants of vulnerability to currency crises: country-specific factors versus regional factors

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    We investigate the determinants of exchange market pressures (EMP) for some new EU member states at both the national and regional levels, where macroeconomic and financial variables are considered as potential sources. The regional common factors are extracted from these variables by using dynamic factor analysis. The linear empirical analysis, in general, highlights the importance of country-specific factors to defend themselves against vulnerability in their external sectors. Yet, given a significant impact of the common component in credit on EMP, a contagion effect is apparent through the conduit of credit market integration across these countries under investigation

    Biological Synthesis of Size-Controlled Cadmium Sulfide Nanoparticles Using ImmobilizedRhodobacter sphaeroides

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    Size-controlled cadmium sulfide nanoparticles were successfully synthesized by immobilizedRhodobacter sphaeroidesin the study. The dynamic process that Cd2+was transported from solution into cell by livingR. sphaeroideswas characterized by transmission electron microscopy (TEM). Culture time, as an important physiological parameter forR. sphaeroidesgrowth, could significantly control the size of cadmium sulfide nanoparticles. TEM demonstrated that the average sizes of spherical cadmium sulfide nanoparticles were 2.3 ± 0.15, 6.8 ± 0.22, and 36.8 ± 0.25 nm at culture times of 36, 42, and 48 h, respectively. Also, the UV–vis and photoluminescence spectral analysis of cadmium sulfide nanoparticles were performed

    Topological Interactions in Warped Extra Dimensions

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    Topological interactions will be generated in theories with compact extra dimensions where fermionic chiral zero modes have different localizations. This is the case in many warped extra dimension models where the right-handed top quark is typically localized away from the left-handed one. Using deconstruction techniques, we study the topological interactions in these models. These interactions appear as trilinear and quadrilinear gauge boson couplings in low energy effective theories with three or more sites, as well as in the continuum limit. We derive the form of these interactions for various cases, including examples of Abelian, non-Abelian and product gauge groups of phenomenological interest. The topological interactions provide a window into the more fundamental aspects of these theories and could result in unique signatures at the Large Hadron Collider, some of which we explore.Comment: 40 pages, 10 figures, 2 tables; modifications in the KK parity discussion, final version at JHE

    B12Hn and B12Fn: planar vs icosahedral structures

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    Using density functional theory and quantum Monte Carlo calculations, we show that B12Hn and B12Fn (n = 0 to 4) quasi-planar structures are energetically more favorable than the corresponding icosahedral clusters. Moreover, we show that the fully planar B12F6 cluster is more stable than the three-dimensional counterpart. These results open up the possibility of designing larger boron-based nanostructures starting from quasi-planar or fully planar building blocks

    Metabolic profiling of HepG2 cells incubated with S(−) and R(+) enantiomers of anti-coagulating drug warfarin

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    Warfarin is a commonly prescribed oral anticoagulant with narrow therapeutic index. It achieves anti-coagulating effects by interfering with the vitamin K cycle. Warfarin has two enantiomers, S(−) and R(+) and undergoes stereoselective metabolism, with the S(−) enantiomer being more effective. We reported the intracellular metabolic profile in HepG2 cells incubated with S(−) and R(+) warfarin by GCMS. Chemometric method PCA was applied to analyze the individual samples. A total of 80 metabolites which belong to different categories were identified. Two batches of experiments (with and without the presence of vitamin K) were designed. In samples incubated with S(−) and R(+) warfarin, glucuronic acid showed significantly decreased in cells incubated with R(+) warfarin but not in those incubated with S(−) warfarin. It may partially explain the lower bio-activity of R(+) warfarin. And arachidonic acid showed increased in cells incubated with S(−) warfarin but not in those incubated with R(+) warfarin. In addition, a number of small molecules involved in γ-glutamyl cycle displayed ratio variations. Intracellular glutathione detection further validated the results. Taken together, our findings provided molecular evidence on a comprehensive metabolic profile on warfarin-cell interaction which may shed new lights on future improvement of warfarin therapy

    Understanding large plastic deformation of SiC nanowires at room temperature

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    Tensile behaviors of SiC [111] nanowires with various possible microstructures have been investigated by molecular-dynamics simulations. The results show that the large plastic deformation in these nanowires is induced by the anti-parallel sliding of 3C grains along an ultra- thin intergranular amorphous film parallel to the (11¯1) plane and inclined at an angle of 19.47◦ with respect to the nanowire axis. The resulting large plastic deformation of SiC nanowires at room temperature is attributed to the stretching, breaking and re-forming of Si–C bonds in the intergranular amorphous film, which is also evident from the sawtooth jumps in the stress-strain response

    A Mathematical model for Astrocytes mediated LTP at Single Hippocampal Synapses

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    Many contemporary studies have shown that astrocytes play a significant role in modulating both short and long form of synaptic plasticity. There are very few experimental models which elucidate the role of astrocyte over Long-term Potentiation (LTP). Recently, Perea & Araque (2007) demonstrated a role of astrocytes in induction of LTP at single hippocampal synapses. They suggested a purely pre-synaptic basis for induction of this N-methyl-D- Aspartate (NMDA) Receptor-independent LTP. Also, the mechanisms underlying this pre-synaptic induction were not investigated. Here, in this article, we propose a mathematical model for astrocyte modulated LTP which successfully emulates the experimental findings of Perea & Araque (2007). Our study suggests the role of retrograde messengers, possibly Nitric Oxide (NO), for this pre-synaptically modulated LTP.Comment: 51 pages, 15 figures, Journal of Computational Neuroscience (to appear
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