Are equity market daily price indices and returns in the major european markets european markets cointegrated? Tests and evidence.

This paper examines the relationship between the stock market price indices and index returns in three major European equity markets, FTSE100 (U.K), DAX (Germany), and CAC40 (France). Our results, obtained using a vector autoregressive (VAR) model, indicate that while the price indices of the three markets are cointegrated, returns on the indices are not cointegrated. These findings are not in agreement with the earlier studies that reported cointegration in the returns of the three indices. The sample period for the earlier studies ranges from mid-1980s to mid-1990s. Our results, using the sample period from late 1990 to early 2002, clearly indicate that there is no long run equilibrium relationship between the index returns on the three markets, although the three price indices are cointegrated.Unit root, stationarity, co-integration

Evaluating the efficiency of Latin American banks

Latin American banking sector has undergone tremendous changes over the years as a result of changes in regulation, globalization and developments in Telecommunications and Information Technology. A very important development has been financial liberalization where Latin America opened its doors to foreign banks. An important issue that needs to be addressed is whether the local commercial banks are efficient enough in their operations to be economically viable in a highly competitive environment. The objective of this study is to examine the factors behind bank profitability, following financial liberalization in five countries, Honduras, Mexico, Paraguay, Peru, and Venezuela, using 2004 financial data.Banking efficiency; financial liberalization; Latin American banking

Theoretical and global scale model studies of the atmospheric sulfur/aerosol system

The primary focus during the third-phase of our on-going multi-year research effort has been on 3 activities. These are: (1) a global-scale model study of the anthropogenic component of the tropospheric sulfur cycle; (2) process-scale model studies of the factors influencing the distribution of aerosols in the remote marine atmosphere; and (3) an investigation of the mechanism of the OH-initiated oxidation of DMS in the remote marine boundary layer. In this paper, we describe in more detail our research activities in each of these areas. A major portion of our activities during the fourth and final phase of this project will involve the preparation and submission of manuscripts describing the results from our model studies of marine boundary-layer aerosols and DMS-oxidation mechanisms

A mass-balance/photochemical assessment of DMS sea-to-air flux as inferred from NASA GTE PEM-West a and B observations

This study reports dimethyl sulfide (DMS) sea-to-air fluxes derived from a mass-balance/photochemical-modeling approach. The region investigated was the western North Pacific covering the latitude range of 0°-30°N. Two NASA airborne databases were used in this study: PEM-West A in September-October 1991 and PEM-West B in February-March 1994. A total of 35 boundary layer (BL) sampling runs were recorded between the two programs. However, after filtering these data for pollution impacts and DMS lifetime considerations, this total was reduced to 13. Input for each analysis consisted of atmospheric DMS measurements, the equivalent mixing depth (EMD) for DMS, and model estimated values for OH and NO3. The evaluation of the EMD took into account both DMS within the BL as well as that transported into the overlying atmospheric buffer layer (BuL). DMS fluxes ranged from 0.6 to 3.0 μmol m-2d-1 for PEM-West A (10 sample runs) and 1.4 to 1.9 μmol m-2d-1 for PEM-West B (3 sample runs). Sensitivity analyses showed that the photochemically evaluated DMS flux was most influenced by the DMS vertical profile and the diel profile for OH. A propagation of error analysis revealed that the uncertainty associated with individual flux determinations ranged from a factor of 1.3 to 1.5. Also assessed were potential systematic errors. The first of these relates to our noninclusion of large-scale mean vertical motion as it might appear in the form of atmospheric subsidence or as a convergence. Our estimates here would place this error in the range of O to 30%. By far the largest systematic error is that associated with stochastic events (e.g., those involving major changes in cloud coverage). In the latter case, sensitivity tests suggested that the error could be as high as a factor of 2. With improvements in such areas as BL sampling time, direct observations of OH, improved DMS vertical profiling, direct assessment of vertical velocity in the field, and preflight (24 hours) detailed meteorological data, it appears that the uncertainty in this approach could be reduced to ±25%. Copyright 1999 by the American Geophysical Union

Empirical evidence on the relationships between concentration and profitability in Latin American banking

There has been growth in globalization as a result of increased liberalization. This has also resulted in an increase in the role of financial institutions, such as banks. It is the purpose of this study to test Classen’s (2001) hypothesis that increase foreign bank presence has positive welfare implications and that the functioning of national banking markets are improved as a result. Using financial data for 2003 this paper will examine the influence of foreign bank entry on Latin American domestic markets.Latin American banking; Concentration and Profitability; Foreign Bank Influence

Magnitude, trends, and impacts of ambient long-term ozone exposure in the United States from 2000 to 2015

Long-term exposure to ambient ozone (O3) is associated with a variety of impacts, including adverse humanhealth effects and reduced yields in commercial crops. Ground-level O3 concentrations for assessments are typically predicted using chemical transport models; however such methods often feature biases that can influence impact estimates. Here, we develop and apply artificial neural networks to empirically model long-term O3 exposure over the continental United States from 2000 to 2015, and we generate a measurement-based assessment of impacts on human-health and crop yields. Notably, we found that two commonly used human-health averaging metrics, based on separate epidemiological studies, differ in their trends over the study period. The population-weighted, April–September average of the daily 1 h maximum concentration peaked in 2002 at 55.9 ppb and decreased by 0.43 [95 % CI: 0.28, 0.57] ppb yr−1 between 2000 and 2015, yielding an ∼ 18 % decrease in normalized human-health impacts. In contrast, there was little change in the population-weighted, annual average of the maximum daily 8 h average concentration between 2000 and 2015, which resulted in a ∼ 5 % increase in normalized human-health impacts. In both cases, an aging population structure played a substantial role in modulating these trends. Trends of all agriculture-weighted crop-loss metrics indicated yield improvements, with reductions in the estimated national relative yield loss ranging from 1.7 % to 1.9 % for maize, 5.1 % to 7.1 % for soybeans, and 2.7 % for wheat. Overall, these results provide a measurement-based estimate of long-term O3 exposure over the United States, quantify the historical trends of such exposure, and illustrate how different conclusions regarding historical impacts can be made through the use of varying metrics

Transforming Growth Factor β1 Inhibits Fas Ligand Expression and Subsequent Activation-induced Cell Death in T Cells via Downregulation of c-Myc

Activation-induced cell death (AICD) is a process that regulates the size and the duration of the primary immune T cell response. In this report, we investigated the mechanisms involved in the regulation of AICD by transforming growth factor β1 (TGF-β1). We found that TGF-β1 decreased apoptosis of human T cells or T cell hybridomas after activation by anti-CD3. This decrease was associated with inhibition of Fas (Apo-1/CD95) ligand (FasL) expression, whereas Fas signaling was not affected by TGF-β1. In parallel, TGF-β1 inhibited c-Myc expression in T cell hybridomas, and ectopic expression of a chimeric molecule composed of c-Myc and the steroid binding domain of the estrogen receptor (Myc-ER) blocked both the inhibition of FasL and the decrease of AICD induced by TGF-β1, providing that 4-hydroxytamoxifen was present. These results identify one mechanism by which TGF-β1 blocks AICD to allow the clonal expansion of effector T cells and the generation of memory T cells during immune responses

Theory of Universality

This theory is an attempt to describe the universal phenomena like space, time, matter and energy as an inter-relationship bound by a newly discovered force named as the universal force. The universal force is shown to be the force of gravitation, electricity, magnetism, strong nuclear and weak nuclear forces. I believe any other force, hitherto fore not discovered; also, can be explained in terms of this universal force. Liberal use of wave-particle duality, relativity, quantum concepts is made to achieve a harmonious and comprehensive synthesis of all the existing beliefs in physics into a new theory with some new concepts added here and there. While adding new concepts, enormous care has been taken to ensure that the existing beliefs are not contradicted. Moreover, the new concepts are proved to be correct theoretically by deriving the constants like G, σ, etc

Shifting patterns of oil palm driven deforestation in Indonesia and implications for zero-deforestation commitments

Oil palm plantations in Indonesia have been linked to substantial deforestation in the 1990s and 2000s, though recent studies suggest that new plantations are increasingly developed on non-forest land. Without nationwide data to establish recent baseline trends, the impact of commitments to eliminate deforestation from palm oil supply chains could therefore be overestimated. We examine the area and proportion of plantations replacing forests across Sumatra, Kalimantan, and Papua up to 2015, and map biophysically suitable areas for future deforestation-free expansion. We created new maps of oil palm plantations for the years 1995, 2000, 2005, 2010 and 2015, and examined land cover replaced in each period. Nationwide, oil palm plantation expansion occurred at an average rate of 450,000 ha yr−1, and resulted in an average of 117,000 ha yr−1 of deforestation, during 1995–2015. Our analysis of the most recent five-year period (2010–2015) shows that the rate of deforestation due to new plantations has remained relatively stable since 2005, despite large increases in the extent of plantations. As a result, the proportion of plantations replacing forests decreased from 54% during 1995–2000, to 18% during 2010–2015. In addition, we estimate there are 30.2 million hectares of non-forest land nationwide which meet biophysical suitability criteria for oil palm cultivation. Our findings suggest that recent zero-deforestation commitments may not have a large impact on deforestation in Sumatra, where plantations have increasingly expanded onto non-forest land over the past twenty years, and which hosts large potentially suitable areas for future deforestation-free expansion. On the other hand, these pledges could have more influence in Kalimantan, where oil palm driven deforestation increased over our study period, and in Papua, a new frontier of expansion with substantial remaining forest cover

Global estimation of burned area using MODIS active fire observations

We present a method for estimating monthly burned area globally at 1° spatial resolution using Terra MODIS data and ancillary vegetation cover information. Using regression trees constructed for 14 different global regions, MODIS active fire observations were calibrated to burned area estimates derived from 500-m MODIS imagery based on the assumption that burned area is proportional to counts of fire pixels. Unlike earlier methods, we allow the constant of proportionality to vary as a function of tree and herbaceous vegetation cover, and the mean size of monthly cumulative fire-pixel clusters. In areas undergoing active deforestation, we implemented a subsequent correction based on tree cover information and a simple measure of fire persistence. Regions showing good agreement between predicted and observed burned area included Boreal Asia, Central Asia, Europe, and Temperate North America, where the estimates produced by the regression trees were relatively accurate and precise. Poorest agreement was found for southern-hemisphere South America, where predicted values of burned area are both inaccurate and imprecise; this is most likely a consequence of multiple factors that include extremely persistent cloud cover, and lower quality of the 500-m burned area maps used for calibration. Application of our approach to the nine remaining regions yielded comparatively accurate, but less precise, estimates of monthly burned area. We applied the regional regression trees to the entire archive of Terra MODIS fire data to produce a monthly global burned area data set spanning late 2000 through mid-2005. Annual totals derived from this approach showed good agreement with independent annual estimates available for nine Canadian provinces, the United States, and Russia. With our data set we estimate the global annual burned area for the years 2001-2004 to vary between 2.97 million and 3.74 million km², with the maximum occurring in 2001. These coarse-resolution burned area estimates may serve as a useful interim product until long-term burned area data sets from multiple sensors and retrieval approaches become available