Foreign Currency Options: Ex Post and Ex Ante Market Efficiency Tests

R. Stafford Johnson is Professor and Chair of the Department of Finance at Xavier University. Richard Zuber is Professor of Economics in the Department of Economics at the University of North Carolina at Charlotte. Lyle Fiore is Trust Fund Manager in the Trust Department of the First Third Bank in Cincinnati, Ohio. John Gandar is an Associate Professor of Economics in the Department of Economics at the University of North Carolina at Charloue

The genome of a tortoise herpesvirus (testudinid herpesvirus 3) has a novel structure and contains a large region that is not required for replication in vitro or virulence in vivo

Testudinid herpesvirus 3 (TeHV-3) is the causative agent of a lethal disease affecting several tortoise species. The threat that this virus poses to endangered animals is focusing efforts on characterizing its properties, in order to enable the development of prophylactic methods. We have sequenced the genomes of the two most studied TeHV-3 strains (1976 and 4295). TeHV-3 strain 1976 has a novel genome structure and is most closely related to a turtle herpesvirus, thus supporting its classification into genus Scutavirus, subfamily Alphaherpesvirinae, family Herpesviridae. The sequence of strain 1976 also revealed viral counterparts of cellular interleukin-10 and semaphorin, which have not been described previously in members of subfamily Alphaherpesvirinae. TeHV-3 strain 4295 is a mixture of three forms (m1, m2, and M), in which, in comparison to strain 1976, the genomes exhibit large, partially overlapping deletions of 12.5 to 22.4 kb. Viral subclones representing these forms were isolated by limiting dilution, and each replicated in cell culture comparably to strain 1976. With the goal of testing the potential of the three forms as attenuated vaccine candidates, strain 4295 was inoculated intranasally into Hermann's tortoises (Testudo hermanni). All inoculated subjects died, and PCR analyses demonstrated the ability of the m2 and M forms to spread and invade the brain. In contrast, the m1 form was detected in none of the organs tested, suggesting its potential as the basis of an attenuated vaccine candidate. Our findings represent a major step towards characterizing TeHV-3 and developing prophylactic methods against it. IMPORTANCE: Testudinid herpesvirus 3 (TeHV-3) causes a lethal disease in tortoises, several species of which are endangered. We have characterized the viral genome, and used this information to take steps towards developing an attenuated vaccine. We have sequenced the genomes of two strains (1976 and 4295), compared their growth in vitro, and investigated the pathogenesis of strain 4295, which consists of three deletion mutants. The major findings are: (i) TeHV-3 has a novel genome structure; (ii) its closest relative is a turtle herpesvirus; (iii) it contains interleukin-10 and semaphorin genes, the first time these have been reported in an alphaherpesvirus; (iv) a sizeable region of the genome is not required for viral replication in vitro or virulence in vivo; and (v) one of the components of strain 4295, which has a deletion of 22.4 kb, exhibits properties indicating that it may serve as the starting point for an attenuated vaccine

Seasonal variation in the relative dominance of herbivore guilds in an African savanna

African savannas are highly seasonal with a diverse array of both mammalian and invertebrate herbivores, yet herbivory studies have focused almost exclusively on mammals. We conducted a 2-yr exclosure experiment in South Africa's Kruger National Park to measure the relative impact of these two groups of herbivores on grass removal at both highly productive patches (termite mounds) and in the less productive savanna matrix. Invertebrate and mammalian herbivory was greater on termite mounds, but the relative importance of each group changed over time. Mammalian offtake was higher than invertebrates in the dry season, but can be eclipsed by invertebrates during the wet season when this group is more active. Our results demonstrate that invertebrates play a substantial role in savanna herbivory and should not be disregarded in attempts to understand the impacts of herbivory on ecosystems

Leaf response to water deficits in soybeans

Soybeans [Glycine max (L.) Merrill cv. Wayne] plants were subjected to an extended drying cycle in the field to investigate the leaf sensitivity to water deficits. Soybeans in irrigated plots were superior to those in non-irrigated plots in the average size and number of leaflets per plant. Apparent differences in the leaf area distributions in the canopy seemed to be mediated by moisture stress effects associated with leaf senescence and light penetration in the lower depths of the canopy. A major decrease in leaf enlargement occurred near a leaf-water potential of -8 bars, and at - 12 bars, the growth was completely halted. Similar decreases were observed at a stomatal conductance of 0.4 cm/s and at 0.2 cm/s no enlargement was observe

Growth analysis in the potato crop under different irrigation levels

Conduziu-se um experimento na Fazenda São Manoel, localizada em São Manuel, SP, pertencente à Faculdade de Ciências Agronômicas da Universidade Estadual Paulista, com o objetivo de avaliar os efeitos de diferentes lâminas de irrigação no crescimento da cultura da batata (Solanum tuberosum ssp. tuberosum), cultivar Aracy. O ensaio foi instalado em um Latossolo Vermelho-Escuro, textura arenosa, sob uma cobertura de plástico. O delineamento experimental utilizado foi o de blocos ao acaso, com cinco tratamentos, cinco coletas de plantas para fins de análise de crescimento, e quatro repetições. Os tratamentos consistiam em irrigar a batata quando a tensão da água no solo atingia 15, 35, 55, 75 e 1.500 kPa. O aumento nas lâminas de irrigação induz incremento no índice de área foliar, na duração da área foliar, na taxa de crescimento relativo e na taxa assimilatória líquida. _________________________________________________________________________________________ ABSTRACT: An experiment was carried out at Fazenda São Manoel, pertaining to the Faculdade de Ciências Agronômicas of the Universidade Estadual Paulista, São Manuel, SP, Brazil, to evaluate irrigation levels in the potato (Solanum tuberosum ssp. tuberosum) growth, cv. Aracy. This work was installed in a sandy Dark-Red Latosol, under a plastic cover. The experimental design was an entirely randomized block composed by irrigation in the potato plots when the soil water potential has reached 15, 35, 55, 75 and 1,500 kPa, and five plant sampling time with four replicates. It was found that higher irrigation levels led to increase of the leaf area index, leaf area duration, relative growth rate and net assimilation rate

A method to determine the displacement velocity field in the apical region of the Arabidopsis root

In angiosperms, growth of the root apex is determined by the quiescent centre. All tissues of the root proper and the root cap are derived from initial cells that surround this zone. The diversity of cell lineages originated from these initials suggests an interesting variation of the displacement velocity within the root apex. However, little is known about this variation, especially in the most apical region including the root cap. This paper shows a method of determination of velocity field for this region taking the Arabidopsis root apex as example. Assuming the symplastic growth without a rotation around the root axis, the method combines mathematical modelling and two types of empirical data: the published velocity profile along the root axis above the quiescent centre, and dimensions of cell packet originated from the initials of epidermis and lateral root cap. The velocities, calculated for points of the axial section, vary in length and direction. Their length increases with distance from the quiescent centre, in the root cap at least twice slower than in the root proper, if points at similar distance from the quiescent centre are compared. The vector orientation depends on the position of a calculation point, the widest range of angular changes, reaching almost 90°, in the lateral root cap. It is demonstrated how the velocity field is related to both distribution of growth rates and growth-resulted deformation of the cell wall system. Also changes in the field due to cell pattern asymmetry and differences in slope of the velocity profile are modelled. ELECTRONIC SUPPLEMENTARY MATERIAL: The online version of this article (doi:10.1007/s00425-012-1707-x) contains supplementary material, which is available to authorized users

Binomial Interest Rate Trees: A Synopsis of Uses and Estimation Approaches

The option features embedded in many intermediate and long-term bonds and fixed-income securities have made the binomial interest rate tree approach to bond valuation the standard model for pricing debt securities. This paper reviews how the binomial model is used to price bonds with option features and mortgage-backed securities and how it is estimated