Long-Term Dependence Characteristics of European Stock Indices

In this paper we show the degrees of persistence of the time series if eight European stock market indices are measured, after their lack of ergodicity and stationarity has been established. The proper identification of the nature of the persistence of financial time series forms a crucial step in deciding whether econometric modeling of such series might provide meaningful results. Testing for ergodicity and stationarity must be the first step in deciding whether the assumptions of numerous time series models are met. Our results indicate that ergodicity and stationarity are very difficult to establish in daily observations of these market indexes and thus various time-series models cannot be successfully identified. However, the measured degrees of persistence point to the existence of certain dependencies, most likely of a nonlinear nature, which, perhaps can be used in the identification of proper empirical econometric models of such dynamic time paths of the European stock market indexes. The paper computes and analyzes the long- term dependence of the equity index data as measured by global Hurst exponents, which are computed from wavelet multi-resolution analysis. For example, the FTSE turns out to be an ultra-efficient market with abnormally fast mean-reversion, faster than theoretically postulated by a Geometric Brownian Motion. Various methodologies appear to produce non-unique empirical measurement results and it is very difficult to obtain definite conclusions regarding the presence or absence of long term dependence phenomena like persistence or anti-persistence based on the global or homogeneous Hurst exponent. More powerful methods, such as the computation of the multifractal spectra of financial time series may be required. However, the visualization of the wavelet resonance coefficients and their power spectrograms in the form of localized scalograms and average scalegrams, forcefully assist with the detection and measurement of several nonlinear types of market price diffusion.Long-Term Dependence, European Stock Indices

Accumulation of 5-hydroxynorvaline in maize (Zea mays) leaves is induced by insect feeding and abiotic stress.

Plants produce a wide variety of defensive metabolites to protect themselves against herbivores and pathogens. Non-protein amino acids, which are present in many plant species, can have a defensive function through their mis-incorporation during protein synthesis and/or inhibition of biosynthetic pathways in primary metabolism. 5-Hydroxynorvaline was identified in a targeted search for previously unknown non-protein amino acids in the leaves of maize (Zea mays) inbred line B73. Accumulation of this compound increases during herbivory by aphids (Rhopalosiphum maidis, corn leaf aphid) and caterpillars (Spodoptera exigua, beet armyworm), as well as in response to treatment with the plant signalling molecules methyl jasmonate, salicylic acid and abscisic acid. In contrast, ethylene signalling reduced 5-hydroxynorvaline abundance. Drought stress induced 5-hydroxynorvaline accumulation to a higher level than insect feeding or treatment with defence signalling molecules. In field-grown plants, the 5-hydroxynorvaline concentration was highest in above-ground vegetative tissue, but it was also detectable in roots and dry seeds. When 5-hydroxynorvaline was added to aphid artificial diet at concentrations similar to those found in maize leaves and stems, R. maidis reproduction was reduced, indicating that this maize metabolite may have a defensive function. Among 27 tested maize inbred lines there was a greater than 10-fold range in the accumulation of foliar 5-hydroxynorvaline. Genetic mapping populations derived from a subset of these inbred lines were used to map quantitative trait loci for 5-hydroxynorvaline accumulation to maize chromosomes 5 and 7

Prompt neutrino fluxes in the atmosphere with PROSA parton distribution functions

Effects on atmospheric prompt neutrino fluxes of present uncertainties affecting the nucleon composition are studied by using the PROSA fit to parton distribution functions (PDFs). The PROSA fit extends the precision of the PDFs to low x, which is the kinematic region of relevance for high-energy neutrino production, by taking into account LHCb data on charm and bottom hadroproduction. In the range of neutrino energies explored by present Very Large Volume Neutrino Telescopes, it is found that PDF uncertainties are far smaller with respect to those due to renormalization and factorization scale variation and to assumptions on the cosmic ray composition, which at present dominate and limit our knowledge of prompt neutrino fluxes. A discussion is presented on how these uncertainties affect the expected number of atmospheric prompt neutrino events in the analysis of high-energy events characterized by interaction vertices fully contained within the instrumented volume of the detector, performed by the IceCube collaboration.Comment: 36 pages, 17 figures, 1 tabl

The effects of anxiety on temporal attention for emotive and neutral faces in children

OBJECTIVES: Cognitive theories suggest that the aetiology and maintenance of anxiety are associated with biases of attention for threatening information. However, findings relating to studies in child populations are inconsistent and the majority of such research has focused on spatial attentional biases. Consequently, the aim here was to investigate the effects of anxiety on temporal biases of attention for emotive stimuli in children. METHODS: A total of 53 children, aged eight to eleven, were preselected for levels of trait anxiety to participate in an attentional blink task. On each trial, two target stimuli (i.e., a neutral face and either a happy or angry face) appeared in a stream of consecutively presented distracters (i.e., scrambled face stimuli). Participants were required to report which face(s) they had seen. RESULTS: A mixed analysis of variance revealed a significant interaction between anxiety and trial type, such that high trait anxiety was associated with facilitated engagement towards angry, compared with happy and neutral, faces. In addition, high trait, relative to low trait, anxious participants displayed facilitated engagement towards neutral faces. CONCLUSIONS: Findings offer support for cognitive theories, which purport that attentional bias for threat is an innate phenomenon and moderated according to anxiety level. The neutral face finding may further suggest that maladaptive assumptions/beliefs, particularly concerning ambiguous situations, play a role in the aetiology and/or maintenance of anxiety disorders. This research offers important clinical implications in relation to attention retraining that has been used to successfully attenuate such biases in anxious adults.N/

A Critical Appraisal and Evaluation of Modern PDFs

We review the present status of the determination of parton distribution functions (PDFs) in the light of the precision requirements for the LHC in Run 2 and other future hadron colliders. We provide brief reviews of all currently available PDF sets and use them to compute cross sections for a number of benchmark processes, including Higgs boson production in gluon-gluon fusion at the LHC. We show that the differences in the predictions obtained with the various PDFs are due to particular theory assumptions made in the fits of those PDFs. We discuss PDF uncertainties in the kinematic region covered by the LHC and on averaging procedures for PDFs, such as advocated by the PDF4LHC15 sets, and provide recommendations for the usage of PDF sets for theory predictions at the LHC.Comment: 70 pages pdflatex, 19 figures, 17 tables; final versio

A foundation for provitamin A biofortification of maize: genome-wide association and genomic prediction models of carotenoid levels.

Efforts are underway for development of crops with improved levels of provitamin A carotenoids to help combat dietary vitamin A deficiency. As a global staple crop with considerable variation in kernel carotenoid composition, maize (Zea mays L.) could have a widespread impact. We performed a genome-wide association study (GWAS) of quantified seed carotenoids across a panel of maize inbreds ranging from light yellow to dark orange in grain color to identify some of the key genes controlling maize grain carotenoid composition. Significant associations at the genome-wide level were detected within the coding regions of zep1 and lut1, carotenoid biosynthetic genes not previously shown to impact grain carotenoid composition in association studies, as well as within previously associated lcyE and crtRB1 genes. We leveraged existing biochemical and genomic information to identify 58 a priori candidate genes relevant to the biosynthesis and retention of carotenoids in maize to test in a pathway-level analysis. This revealed dxs2 and lut5, genes not previously associated with kernel carotenoids. In genomic prediction models, use of markers that targeted a small set of quantitative trait loci associated with carotenoid levels in prior linkage studies were as effective as genome-wide markers for predicting carotenoid traits. Based on GWAS, pathway-level analysis, and genomic prediction studies, we outline a flexible strategy involving use of a small number of genes that can be selected for rapid conversion of elite white grain germplasm, with minimal amounts of carotenoids, to orange grain versions containing high levels of provitamin A