Information Shocks, Jumps, and Price Discovery -- Evidence from the U.S. Treasury Market

We examine large price changes, known as jumps, in the U.S. Treasury market. Using recently developed statistical tools, we identify price jumps in the 2-, 3-, 5-, 10-year notes and 30-year bond during the period of 2005-2006. Our results show that jumps mostly occur during prescheduled macroeconomic announcements or events. Nevertheless, market surprise based on preannouncement surveys is an imperfect predictor of bond price jumps. We find that a macroeconomic news announcement is often preceeded by an increase in market volatility and a withdrawal of liquidity, and that liquidity shocks play an important role for price jumps in U.S. Treasury market. More importantly, we present evidence that jumps serve as a dramatic form of price discovery in the sense that they help to quickly incorporate market information into bond prices.Financial markets

The Study of Administration Extract Kebar\u27s Grass on Number Leydig Cells and Sertoli Cells in Rat Rattus Norvegicus That Exposed with Cigarette Smoke

This research aimed to study on the microscopic changes of number leydig cells and sertoli cells. A factorial CRD with periode of treatment and sample collection was applied in this study. An exposure of cigarette smoke was carried out at 10 cigarettes/rat/day for 2.5 hours in a smoking chamber. Extract kebar\u27s grass given was 0.0945 mg/g body weight/day. Twenty seven (27) of male rats were divided into four groups. N group was untreated animals, 20h group is group that was expose to cigarette smoke for 20 days then given administration extract kebar\u27s grass for 20 days and stopping treatment for 20 days and 60h group is group that was expose to cigarette smoke for 60 days then given administration extract kebar\u27s grass 60 days and stopping treatment for 60 days. Data collection was carried out at twice that after cigarette smoke exposure (T0), second after administration extract kebar\u27s grass (T1) and third after stopping treatment (T2). The parameters measured were the number of leydig cells and sertoli cells. That increasing number leydig cells and sertoli cells of rat exposed to cigarette smoke after giving seaweed extract kebar\u27s grass for 20 days and 60 day

Dynamic control of selectivity in the ubiquitination pathway revealed by an ASP to GLU substitution in an intra-molecular salt-bridge network

Ubiquitination relies on a subtle balance between selectivity and promiscuity achieved through specific interactions between ubiquitin-conjugating enzymes (E2s) and ubiquitin ligases (E3s). Here, we report how a single aspartic to glutamic acid substitution acts as a dynamic switch to tip the selectivity balance of human E2s for interaction toward E3 RING-finger domains. By combining molecular dynamic simulations, experimental yeast-two-hybrid screen of E2-E3 (RING) interactions and mutagenesis, we reveal how the dynamics of an internal salt-bridge network at the rim of the E2-E3 interaction surface controls the balance between an “open”, binding competent, and a “closed”, binding incompetent state. The molecular dynamic simulations shed light on the fine mechanism of this molecular switch and allowed us to identify its components, namely an aspartate/glutamate pair, a lysine acting as the central switch and a remote aspartate. Perturbations of single residues in this network, both inside and outside the interaction surface, are sufficient to switch the global E2 interaction selectivity as demonstrated experimentally. Taken together, our results indicate a new mechanism to control E2-E3 interaction selectivity at an atomic level, highlighting how minimal changes in amino acid side-chain affecting the dynamics of intramolecular salt-bridges can be crucial for protein-protein interactions. These findings indicate that the widely accepted sequence-structure-function paradigm should be extended to sequence-structure-dynamics-function relationship and open new possibilities for control and fine-tuning of protein interaction selectivity

Formula pricing of class 1 milk in the Boston milkshed

Thesis (M.A.)--Boston University, 1950The aim of this thesis is to point out the defects of the Class I milk price formula inaugurated in the Boston Federal milk market April 1948. This formula has three general features, one of which is a formula index derived by taking simple average of the Bureau of Labor Statistics United States Wholesale Commodity Price Index, the Index of Department Store Sales in the Federal Reserve District of Boston and the Grain-Labor Index computed by the Boston Federal Milk Advertising Administrator's Office. Each of these indices are averaged. The resulting formula index is multiplied by the base period price of $3.19 to obtain the minimum basic price that can be paid the producer for Class I milk. A seasonal provision in the formula provides for the payment of seasonal price differences to the producer in order to achieve less seasonal fluctuation in the production of milk than existed during and immediately after World War II. The third feature, a safeguard, in the demand-supply provision which provides for the reducing or increasing of the price of Class I milk price whenever the percentage of surplus milk to total milk in the Boston market exceeds an upper limit of 41 percent or goes below a lower limit of 53 percent

Traffic jams and intermittent flows in microfluidic networks

We investigate both experimentally and theoretically the traffic of particles flowing in microfluidic obstacle networks. We show that the traffic dynamics is a non-linear process: the particle current does not scale with the particle density even in the dilute limit where no particle collision occurs. We demonstrate that this non-linear behavior stems from long range hydrodynamic interactions. Importantly, we also establish that there exists a maximal current above which no stationary particle flow can be sustained. For higher current values, intermittent traffic jams form thereby inducing the ejection of the particles from the initial path and the subsequent invasion of the network. Eventually, we put our findings in the broader context of the transport proccesses of driven particles in low dimension

Large second harmonic generation enhancement in SiN waveguides by all-optically induced quasi phase matching

Integrated waveguides exhibiting efficient second-order nonlinearities are crucial to obtain compact and low power optical signal processing devices. Silicon nitride (SiN) has shown second harmonic generation (SHG) capabilities in resonant structures and single-pass devices leveraging intermodal phase matching, which is defined by waveguide design. Lithium niobate allows compensating for the phase mismatch using periodically poled waveguides, however the latter are not reconfigurable and remain difficult to integrate with SiN or silicon (Si) circuits. Here we show the all-optical enhancement of SHG in SiN waveguides by more than 30 dB. We demonstrate that a Watt-level laser causes a periodic modification of the waveguide second-order susceptibility. The resulting second order nonlinear grating has a periodicity allowing for quasi phase matching (QPM) between the pump and SH mode. Moreover, changing the pump wavelength or polarization updates the period, relaxing phase matching constraints imposed by the waveguide geometry. We show that the grating is long term inscribed in the waveguides, and we estimate a second order nonlinearity of the order of 0.3 pm/V, while a maximum conversion efficiency (CE) of 1.8x10-6 W-1 cm-2 is reached