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

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

The research program to investigate the technical and economic feasibility of producing solar-cell-quality sheet silicon by dip-coating one surface of carbonized ceramic substrates with a thin layer of large-grain polycrystalline silicon is reported. The initial effort concentrated on the design and construction of the experimental dip-coating facility. The design was completed and its experimental features are discussed. Current status of the program is reported, including progress toward solar cell junction diffusion and miscellaneous ceramic substrate procurement

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.+

A method to assess assembly complexity of industrial products in early design phase

Complexity is one of the factors, inducing high cost, operational issues, and increased lead time for product realization and continues to pose challenges to manufacturing systems. One solution to reduce the negative impacts of complexity is its assessment, which can help designers to compare and rationalize various designs that meet the functional requirements. In this paper, a systemic approach is proposed to assess complexity of a product's assembly. The approach is based on Hückel's molecular orbital theory and defines complexity as a combination of both the complexity of product entities and their topological connections. In this model, the complexity of product entities (i.e., components and liaisons) is defined as the degree to which the entity comprises structural characteristics that lead to challenges during handling or fitting operations. The characterization of entity complexities is carried out based on the widely used DFA principles. Moreover, the proposed approach is tested on two case studies from electronics industry for its validity. The results showed that the approach can be used at initial design stages to improve both the quality and assemblability of products by reducing their complexity and accompanying risks

Production Systems Involving Stocker Cattle and Soft Red Winter Wheat

A three year study at the Livestock and Forestry Research Station near Batesville, Arkansas evaluated production systems involving stocker cattle and soft red winter wheat. Grazing of soft red winter wheat forage from October through February followed by harvesting wheat grain or grazing through April with stocker cattle offers an alternative to conventional farming. Soft red winter wheat, when planted by September 15, produces an ample supply of high-quality forage that supports rapid growth of stocker cattle during October through April. Net income from stocker cattle averaged over $100 per acre. A normal wheat grain crop can also be harvested. These alternative production systems could increase the agricultural income by over$75,000,000 per year if 750,000 acres of wheat are grazed

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

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