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

Hybrid Flow Battery and Mn/Mn Electrolyte System

An electrolyte system for a hybrid flow battery has a manganese based anolyte and a manganese based catholyte

Fluorinated Coal Derived Carbons and Electrodes for Use in Battery Systems and Similar

An electrode including fluorinated and surface defluorinated coal is described, as well as methods of producing such and employing such within an electrical system. The coal in the electrodes is fluorinated at an amount of between 0.3 and 1 .4. The resulting coal products can be further surface defluorinated and maintain functionality within an electrical system

Reading sentences with a late closure ambiguity: does semantic information help?

Stowe (1989) reported that semantic information eliminates garden paths in sentences with the direct-object vs. subject ambiguity, such as Even before the police stopped the driver was very frightened. Three experiments are presented which addressed some methodological problems in Stowe's study. Experiment 1, using a word-by-word, self-paced reading task with grammaticality judgements, manipulated animacy of the first subject noun while controlling for the plausibility of the transitive action. The results suggest that initial sentence analysis is not guided by animacy. Experiment 2 and 3, using the self-paced task with grammaticality judgements and eye-tracking, varied the plausibility of the direct-object nouns to test revision effects. Plausibility was found to facilitate revision without fully eliminating garden paths, in line with various revision models. The findings support the view of a sentence processing system relying heavily on syntactic information, with semantic information playing a weaker role both in initial analysis and during revision, thus supporting serial, syntax-first models and ranked-parallel models relying on structural criteria

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