Empirical analysis of stock return synchronicity comparison of developed and emerging markets

This thesis analyses the stock market synchronicity of 34 emerging markets and compares the findings with seven developed markets. The study uses weekly stock return data and the final dataset includes approximately 20.8 million weekly observations for 40,014 firms across the world. Morck et al. (2000) are among the first to introduce the topic of stock market synchronisation and argue that stock markets in economies with high per capita GDP move in a relatively unsynchronised manner over time, in contrast to stock prices in low per capita GDP economies. They also suggest that stock synchronicity is associated with macroeconomic indicators including rule of law, inflation, corruption and geographical size. In addition, Skaife et al. (2006) propose a further measure of stock synchronicity based on the proportion of zero returns and argue that the zero-return measure is a superior measure of stock market co-movement. The study uses both measures proposed by Morck et al. (2000) and one measure proposed by Skaife et al. (2006) for synchronicity analysis and extends the analysis to cover a ten year period, a larger sample of shares and more recent measures of country specific characteristics. It is found that stock markets in emerging economies are more synchronous than in developed economies over the sample period using the classical measure. It is also found that over the 10-year study period the synchronicity measure is stationary. There is evidence of a statistically significant negative correlation between stock synchronicity and both government accountability and corruption for the emerging markets using the cross-sectional analysis. The R-square measure of stock synchronicity averages 0.091 for the emerging markets and 0.045 for the developed economies, suggesting that higher stock price co-movement is evident in emerging economies. Further, there is a statistically significant positive correlation between the R-square measure and both corruption and inflation. The study also uses the zero-return measure of stock synchronicity suggested by Skaife et al. (2006). It is found that the zero-return measure for emerging economies is higher than for developed economies. Surprisingly, China and the S&P 500 group of companies exhibit the lowest values for the zero-return measure during this period, which is inconsistent with the classical measure and the R-square measure. Further, panel data analysis shows that GDP per capita and trade openness have a strong effect on the zero-return measure. The Pearson correlation and Spearman rank correlation coefficient indicate that the classical measure and the R-square measure are positively correlated and appear to capture similar aspects of the markets in the study, which is also consistent with cross-sectional analysis results. In contrast, the zero-return measure shows either insignificant or negative correlation with the classical measure and the R-square measure for most sub-period and full period analysis. Finally, there is evidence that emerging stock markets are more synchronous over time than in developed financial markets. It is found that common-law country stock synchronicity is lower than in civil-law countries or post-communist countries using the classical measure and the R-square measure

Association between a functional interleukin 6 receptor genetic variant and risk of depression and psychosis in a population-based birth cohort

OBJECTIVE: Interleukin 6 (IL-6) levels are commonly elevated in patients with depression and psychosis and in people who are at risk of developing these disorders. A common, functional variant in the IL6R gene (IL6R Asp358Ala; rs2228145 A > C) is known to dampen down inflammation by impairing IL6R signaling. We have examined the association of Asp358Ala with diagnosis of depression and psychosis, serum IL-6, CRP levels, and a number of risk factors commonly linked with inflammation, depression or psychosis. We predicted that if IL-6 were related to depression/psychosis risk causally, rather than due to confounding, Asp358Ala would be associated with risk of these disorders, serum IL-6, CRP levels, but not with any of the confounders. METHOD: We used data from the population-based ALSPAC birth cohort. Serum IL-6 and CRP levels were measured at age 9 years. Psychotic disorder, ICD-10 diagnosis of severe depressive episode, and total depression score were assessed at age 18 years. IL6R Asp358Ala was genotyped using the Illumina HumanHap550 quad genome-wide SNP genotyping platform. Risk factors assessed include sex, body mass index, social class, ethnicity, maternal education, birth weight, gestational age, maternal post-natal depression, childhood psychological and behavioral problems, and total IQ score. RESULTS: Asp358Ala was associated with decreased risk of severe depression and/or psychosis; adjusted odds ratio for those with CC, compared with AA, genotype was 0.38 (95% CI, 0.15-0.94). The variant was associated with increased serum IL-6 levels (P = 5.5 × 10-22) but decreased serum CRP levels (P = 3.5 × 10-5), consistent with an anti-inflammatory effect downstream of IL-6. Asp358Ala was not associated with total depression score. Asp358Ala was not associated with any of the other risk factors commonly linked with inflammation, depression or psychosis (all P > 0.20). CONCLUSIONS: The findings provide further evidence that the IL-6/IL6R pathways are involved in pathogenesis of severe depression and psychosis, and may be novel therapeutic targets. Previously reported associations between IL-6, depression and psychosis are unlikely to be fully explained by confounding. Based on a small number of cases, findings from the current study need replication in other samples

AIR TEMPERATURE AND SUNLIGHT INTENSITY OF DIFFERENT GROWING PERIOD AFFECTS THE BIOMASS, LEAF COLOR AND BETACYANIN PIGMENT ACCUMULATIONS IN RED AMARANTH (AMARANTHUS TRICOLOR L.)

The objectives of this study were to determine the effects of daily air temperature and sunlight intensity variations on biomass production, leaf color and betacyanin accumulations in red amaranth (Amaranthus tricolor L.). For this purpose, two improved cultivars; BARI-1 and Altopati were grown in seven different period (from April to October, 2006) under vinyl house condition in the experimental facilities of Gifu University, Japan. The mean daily temperatures fluctuated from 18 (growing month- April) to 29ºC (August), while the mean sunlight intensities varied from 850 (October) to 1257 μmol m-2 S-1 (August). The highest biomass yield and betacyanin accumulation was obtained in the warmer growing period (July and August) at 28 to 29ºC mean air temperatures and 1240 to 1257 μmol m-2 S-1 sunlight intensity. At the warmer growing period red amaranth produced red leaves with high color index, which enhanced the betacyanin accumulations. The biomass yield and betacyanin accumulations were reduced significantly in the growing period/month April and October under low temperature regimes (mean air temperature 18 and 19ºC, respectively). However, growing period’s air temperature contributed more for biomass and betacyanin accumulations in red amaranth than sunlight intensity. Comparing two cultivars the biomass yield of BARI-1 was higher biomass yield than that of Altopati and Altopati highlighted with the higher betacyanin accumulations than that of BARI-1 in all growing period. Quantification of the effects of daily air temperature and sunlight intensity on biomass and betacyanin accumulation is important for growers producing these crops for fresh market and also optimize the best growing period. Therefore the influence of air temperatures and sunlight intensity should be considered while grown red amaranth for maximum yield with bioactive compounds like betacyanin and should be grown in between 28 to 29ºC air temperature and 1240 to 1257 μmol.m-2.S-1. of sunlight intensity

STR-920: STRUCTURAL BEHAVIOUR OF REINFORCED HIGH PERFORMANCE CONCRETE COLUMNS SUBJECTED TO MONOTONIC AXIAL LOADING

This paper presents the results of experimental and analytical investigations on the structural performance of high performance reinforced concrete (HPC) columns subjected to monotonic axial loading. Reinforced columns made of self-consolidating concrete (SCC), engineered cementitious composite (ECC) and ultra-high performance concrete (UHPC) were tested to failure under axial loading. The test variables included concrete strength and length/slenderness of columns (classified as short and long columns). The UHPC and ECC columns demonstrated excellent ductility and higher energy absorbing capacity compared to their SCC counterparts. UHPC columns also illustrated higher ultimate load capacity compared to both ECC and SCC columns. The efficiency of UHPC and ECC columns was also judged based on strength and ductility ratio compared to their SCC counterparts. Existing models and other Code based equations were used to predict the axial load capacity as a part of analytical investigation. The predictions suggested the need for the modification of existing models/Code based equations for UHPC and ECC columns

Childhood inflammatory markers and intelligence as predictors of subsequent persistent depressive symptoms: a longitudinal cohort study

BACKGROUND: To identify developmental sub-groups of depressive symptoms during the second decade of life, a critical period of brain development, using data from a prospective birth cohort. To test whether childhood intelligence and inflammatory markers are associated with subsequent persistent depressive symptoms. METHODS: IQ, a proxy for neurodevelopment, was measured at age 8 years. Interleukin 6 (IL-6) and C-reactive protein, typical inflammatory markers, were measured at age 9 years. Depressive symptoms were measured six times between 10 and 19 years using the short mood and feelings questionnaire (SMFQ), which were coded as binary variable and then used in latent class analysis to identify developmental sub-groups of depressive symptoms. RESULTS: Longitudinal SMFQ data from 9156 participants yielded three distinct population sub-groups of depressive symptoms: no symptoms (81.2%); adolescent-onset symptoms (13.2%); persistent symptoms (5.6%). Lower IQ and higher IL-6 levels in childhood were independently associated with subsequent persistent depressive symptoms in a linear, dose-response fashion, but not with adolescent-onset symptoms. Compared with the group with no symptoms the adjusted odds ratio for persistent depressive symptoms per s.d. increase in IQ was 0.80 (95% CI, 0.68-0.95); that for IL-6 was 1.20 (95% CI, 1.03-1.39). Evidence for an association with IL-6 remained after controlling for initial severity of depressive symptoms at 10 years. There was no evidence that IL-6 moderated or mediated the IQ-persistent depressive symptom relationship. CONCLUSIONS: The results indicate potentially important roles for two distinct biological processes, neurodevelopment and inflammation, in the aetiology of persistent depressive symptoms in young people

Neutrons transition densities for the 2+−8+2^+-8^+ multiplet of states in 90^{90}Zr

The neutron transition densities of the $2^+-8^+$ levels in $^{90}$Zr were extracted in the process of analysing ({\bf p},p') scattering at 400 Mev. Its comparison with the proton transition densities for these levels was undertaken. The radial shapes of the experimental neutron and proton transition densities for each state were found to be different.Comment: 9 pages, 4 figure