Highlights of the Science and Life of Peter Varga (1946—2018)

Peter Varga has passed on October 27, 2018. His pioneering discoveries of chemical resolution at the atomic scale on surface alloys, atomic resolution of ultrathin alkali halides, nucleation of bcc iron in ultrathin films, and the microscopic structure of ultrathin alumina films stimulated worldwide research. In recognition of his outstanding scientific contributions, in December 2017 the Japanese Society for the Promotion of Science (JSPS) awarded him a prize for his distinguished contribution on the clarification of surface phenomena by atomic level investigations and the development of novel functional materials. This contribution highlights the life of Peter Varga as a scientist and as a person. With his elegance, his energy, his wit, and his generosity he was a close friend and role model to many of us, and showed us how to combine scientific curiosity and creativity with the lightness of being

A No-Arbitrage Approach to Range-Based Estimation of Return Covariances and Correlations

We extend the important idea of range-based volatility estimation to the multivariate case. In particular, we propose a range-based covariance estimator that is motivated by financial economic considerations (the absence of arbitrage), in addition to statistical considerations. We show that, unlike other univariate and multivariate volatility estimators, the range-based estimator is highly efficient yet robust to market microstructure noise arising from bid-ask bounce and asynchronous trading. Finally, we provide an empirical example illustrating the value of the high-frequency sample path information contained in the range-based estimates in a multivariate GARCH framework.Range-based estimation, volatility, covariance, correlation, absence of arbitrage, exchange rates, stock returns, bond returns, bid-ask bounce, asynchronous trading

A No-Arbitrage Approach to Range-Based Estimation of Return Covariances and Correlations

We extend range-based volatility estimation to the multivariate case. In particular, we propose a range-based covariance estimator motivated by a key financial economic consideration, the absence of arbitrage, in addition to statistical considerations. We show that this estimator is highly efficient yet robust to market microstructure noise arising from bid-ask bounce and asynchronous trading.Range-based estimation, volatility, covariance, correlation, absence of arbitrage, exchange rates, stock returns, bond returns, bid-ask bounce, asynchronous trading

A No-Arbitrage Approach to Range-Based Estimation of Return Covariances and Correlations

We extend range-based volatility estimation to the multivariate case. In particular, we propose a range-based covariance estimator motivated by a key financial economic consideration, the absence of arbitrage, in addition to statistical considerations. We show that this estimator is highly efficient yet robust to market microstructure noise arising from bid-ask bounce and asynchronous trading.

Range-Based Estimation of Stochastic Volatility Models or Exchange Rate Dynamics are More Interesting Than You Think

We propose using the price range, a recently-neglected volatility proxy with a long history in finance, in the estimation of stochastic volatility models. We show both theoretically and empirically that the log range is approximately Gaussian, in sharp contrast to popular volatility proxies, such as log absolute or squared returns. Hence Gaussian quasi-maximum likelihood estimation based on the range is not only simple, but also highly efficient. We illustrate and enrich our theoretical results with a Monte Carlo study and a substantive empirical application to daily exchange rate volatility. Our empirical work produces sharp conclusions. In particular, the evidence points strongly to the inadequacy of one-factor volatility models, favoring instead two-factor models with one highly persistent factor and one quickly mean reverting factor.

The development of the Canadian Mobile Servicing System Kinematic Simulation Facility

Canada will develop a Mobile Servicing System (MSS) as its contribution to the U.S./International Space Station Freedom. Components of the MSS will include a remote manipulator (SSRMS), a Special Purpose Dexterous Manipulator (SPDM), and a mobile base (MRS). In order to support requirements analysis and the evaluation of operational concepts related to the use of the MSS, a graphics based kinematic simulation/human-computer interface facility has been created. The facility consists of the following elements: (1) A two-dimensional graphics editor allowing the rapid development of virtual control stations; (2) Kinematic simulations of the space station remote manipulators (SSRMS and SPDM), and mobile base; and (3) A three-dimensional graphics model of the space station, MSS, orbiter, and payloads. These software elements combined with state of the art computer graphics hardware provide the capability to prototype MSS workstations, evaluate MSS operational capabilities, and investigate the human-computer interface in an interactive simulation environment. The graphics technology involved in the development and use of this facility is described

Infection of Soybean and Pea Nodules by \u3cem\u3eRhizobium\u3c/em\u3e spp. Purine Auxotrophs in the Presence of 5-aminoimidazole-4-Carboxamide Riboside

Purine auxotrophs of various Rhizobium species are symbiotically defective, usually unable to initiate or complete the infection process. Earlier studies demonstrated that, in the Rhizobium etli-bean symbiosis, infection by purine auxotrophs is partially restored by supplementation of the plant medium with 5-amino-imidazole-4-carboxamide (AICA) riboside, the unphosphorylated form of the purine biosynthetic intermediate AICAR. The addition of purine to the root environment does not have this effect. In this study, purine auxotrophs of Rhizobium fredii HH303 and Rhizobium leguminosarum 128C56 (bv. viciae) were examined. Nutritional and genetic characterization indicated that each mutant was blocked in purine biosynthesis prior to the production of AICAR. R. fredii HH303 and R. leguminosarum 128C56 appeared to be deficient in AICA riboside transport and/or conversion into AICAR, and the auxotrophs derived from them grew very poorly with AICA riboside as a purine source. All of the auxotrophs elicited poorly developed, uninfected nodules on their appropriate hosts. On peas, addition of AICA riboside or purine to the root environment led to enhanced nodulation; however, infection threads were observed only in the presence of AICA riboside. On soybeans, only AICA riboside was effective in enhancing nodulation and promoting infection. Although AICA riboside supplementation of the auxotrophs led to infection thread development on both hosts, the numbers of bacteria recovered from the nodules were still 2 or more orders of magnitude lower than in fully developed nodules populated by wild-type bacteria. The ability to AICA riboside to promote infection by purine auxotrophs, despite serving as a very poor purine source for these strains, supports the hypothesis that AICAR plays a role in infection other than merely promoting bacterial growth

In Quest for Proper Mediums for Technology Transfer in Software Engineering

Successful transfer of the results of research projects into practice is of great interest to all project participants. It can be assumed that different transfer mediums fulfill technology transfer (TT) with different levels of success and that they are impaired by different kinds of barriers. The goal of this study is to gain a better understanding about the different mediums used for TT in software engineering, and to identify barriers weakening the success of the application of such mediums. We conducted an exploratory study implemented by a survey in the context of a German research project with a broad range of used mediums. The main reported barriers were low expectations of usefulness, no awareness of existence, lack of resources, or inadequateness in terms of outdated material or being in an immature state. We interpreted our results as symptoms of a lack of a dissemination plan in the project. Further work will be needed to explore the implications for the transfer of research results (knowledge and techniques) to practice.Comment: Proceedings of the International Conference on Empirical Software Engineering and Measurement, 201

Course Allocation via Stable Matching

The allocation of students to courses is a wide-spread and repeated task in higher education, often accomplished by a simple first-come first-served (FCFS) procedure. FCFS is neither stable nor strategy-proof, however. The Nobel Prize in Economic Sciences was awarded to Al Roth and Lloyd Shapley for theirwork on the theory of stable allocations. This theory was influential in many areas, but found surprisingly little application in course allocation as of yet. In this paper, different approaches for course allocation with a focus on appropriate stablematchingmechanisms are surveyed. Two such mechanisms are discussed in more detail, the Gale- Shapley student optimal stable mechanism (SOSM) and the efficiency adjusted deferred acceptance mechanism (EADAM). EADAM can be seen as a fundamental recent contribution which recovers efficiency losses from SOSM at the expense of strategy-proofness. In addition to these two important mechanisms, a survey of recent extensions with respect to the assignment of schedules of courses rather than individual courses is provided. The survey of the theoretical literature is complemented with results of a field experiment, which help understand the benefits of stable matching mechanisms in course allocation applications