An Asymmetric Block Dynamic Conditional Correlation Multivariate GARCH Model

The Block DCC model for determining dynamic correlations within and between groups of financial asset returns is extended to account for asymmetric effects. Simulation results show that the Asymmetric Block DCC model is competitive in in-sample forecasting and performs better than alternative DCC models in out-of-sample forecasting of conditional correlation in the presence of asymmetric effect between blocks of asset returns. Empirical results demonstrate that the model is able to capture the asymmetries in conditional correlations of some blocks of currencies in East Asia in the turbulent years of the late 1990s.asymmetric effect; block dynamic conditional correlation; multivariate GARCH

An Asymmetric Block Dynamic Conditional Correlation Multivariate GARCH Model

The Block DCC model for determining dynamic correlations within and between groups of financial asset returns is extended to account for asymmetric effects. Simulation results show that the Asymmetric Block DCC model is competitive in in-sample forecasting and performs better than alternative DCC models in out-of-sample forecasting of conditional correlation in the presence of asymmetric effect between blocks of asset returns. Empirical results demonstrate that the model is able to capture the asymmetries in conditional correlations of some blocks of currencies in East Asia in the turbulent years of the late 1990s

What Drives the Dynamic Conditional Correlation of Foreign Exchange and Equity Returns?

This paper establishes the link of microstructure and macroeconomic factors to the time-varying conditional correlation of foreign exchange and excess equity returns. By using the proposed DCC model with exogenous variables, capital flows and interest rate differentials are shown to be significant factors in driving this conditional correlation. Furthermore, using this model it provides evidence of the dynamic behavior of global investors as they seek parity in equity returns between home and foreign markets to reduce exchange rate risks

An Asymmetric Block Dynamic Conditional Correlation Multivariate GARCH Model

The Block DCC model for determining dynamic correlations within and between groups of financial asset returns is extended to account for asymmetric effects. Simulation results show that the Asymmetric Block DCC model is competitive in in-sample forecasting and performs better than alternative DCC models in out-of-sample forecasting of conditional correlation in the presence of asymmetric effect between blocks of asset returns. Empirical results demonstrate that the model is able to capture the asymmetries in conditional correlations of some blocks of currencies in East Asia in the turbulent years of the late 1990s

Macroeconomic Determinants of the Movement of the Yield Curve

Monetary policy has a significant effect on long-term interest rates and shocks due to inflation and monetary policy have the largest impact on the volatility of long-term interest rates. Long-term interest rates provide significant upward momentum on short-term interest rates and shocks to peso-dollar exchange rate and budget deficit have the strongest impact on the volatility of short-term interest rates. Inflation, peso-dollar exchange rate and non-performing loans significantly drive the medium-term interest rates and shocks due to these are the largest source of volatility for medium-term interest rates

Thermal properties of honey as affected by the addition of sugar syrup

[EN] Ensuring the authenticity of honey is a priority for producers and regulatory authorities. The aim of this work was to evaluate the thermal properties (using a Differential Scanning Calorimeter DSC ) of ten types of sugar syrup, six types of honey and mixtures of sunflower honey with all these syrups at different proportions simulating the adulteration of honey (ratio honey/syrup: 80/20; 90/10; 95/05). The glass transition temperature (Tg midpoint) ranged from 60.2 C to 67.3 C in honey samples and from 32.8 C to 95.8 C in syrup samples. The differences in sugar composition of the syrups mainly affect their thermal properties. In the adulterated samples, the glass transition temperature was affected by the type of syrup, proportionally to the adulteration level. These results offer compelling evidence that the DSC can be used for the identification of addition of syrup to honey, although to be conclusive a greater number of honey types must be considered.The authors thank the Generalitat Valenciana and the Spanish Government for funding the AICO/2015/104 project.Sobrino-Gregorio, L.; Vargas, M.; Chiralt, A.; Escriche Roberto, MI. (2017). Thermal properties of honey as affected by the addition of sugar syrup. Journal of Food Engineering. 213:69-75. https://doi.org/10.1016/j.jfoodeng.2017.02.014S697521

Hallazgo de Blastocystis sp. en bivalvos del género Donax

Although commonly detected in humans, microorganisms identified as Blastocystis have also been isolated from a wide range of animals, such as primates, pigs, cattle, birds, amphibians and, less frequently, rodents and insects. In the present paper, we describe the detection of Blastocystis sp. in bivalve mollusks of the genus Donax from the Peruvian northern coast. This finding extends the host range of this pathogen, opening the possibility of Blastocytis transmission to human beings by marine mollusks.Aunque es detectado generalmente en seres humanos, los microorganismos identificados como Blastocystis han sido aislados de un amplio rango de hospedadores, tales como primates, cerdos, ganado, aves, anfibios y menos frecuentemente roedores e insectos.En el presente trabajo, se describe la detección de Blastocystis sp. en bivalvos del género Donax de la costa norteña peruana. Este hallazgo amplía el espectro de hospedadores para este enteropatógeno y abre la posibilidad de considerar la posible transmisión de Blastocystis en el hombre a partir de moluscos marinos

Phosphor Dysprosium-Doped Layered Double Hydroxides Exchanged with Different Organic Functional Groups

The layers of a Zn/Al layered double hydroxide (LDH) were doped with Dy3+ cations. Among some compositions, the Zn2+ : Al3+ : Dy3+ molar ratio equal to 30 : 9 : 1 presented a single crystalline phase. Organic anions with carboxylic, amino, sulfate, or phosphate functional groups were intercalated as single layers between LDH layers as confirmed by X-ray diffraction and infrared spectroscopy. Photoluminescence spectra of the nitrate intercalated LDH showed a wide emission band with strong intensity in the yellow region (around 574 nm), originated due to symmetry distortion of the octahedral coordination in dysprosium centers. Moreover, a broad red band emission was also detected apparently due to the presence of zinc oxide. The distorted symmetry of the dysprosium coordination environment, also confirmed by X-ray photoelectron spectroscopy analysis, was modified after the intercalation with phenyl phosphonate (PP), aspartate (Asp), adipate (Adip), and serinate (Ser) anions; the emission as measured from PL spectra of these LDH was more intense in the blue region (ca. 486 nm), thus indicating an increase in symmetry of dysprosium octahedrons. The red emission band from zinc oxide kept the same intensity after intercalation of dodecyl sulfate (DDS). An additional emission of unknown origin at λ = 767 nm was present in all LDHs

Distinct Campylobacter fetus lineages adapted as livestock pathogens and human pathobionts in the intestinal microbiota

Campylobacter fetus is a venereal pathogen of cattle and sheep, and an opportunistic human pathogen. It is often assumed that C. fetus infection occurs in humans as a zoonosis through food chain transmission. Here we show that mammalian C. fetus consists of distinct evolutionary lineages, primarily associated with either human or bovine hosts. We use whole-genome phylogenetics on 182 strains from 17 countries to provide evidence that C. fetus may have originated in humans around 10,500 years ago and may have "jumped" into cattle during the livestock domestication period. We detect C. fetus genomes in 8% of healthy human fecal metagenomes, where the human-associated lineages are the dominant type (78%). Thus, our work suggests that C. fetus is an unappreciated human intestinal pathobiont likely spread by human to human transmission. This genome-based evolutionary framework will facilitate C. fetus epidemiology research and the development of improved molecular diagnostics and prevention schemes for this neglected pathoge