Information Spillover, Volatility and the Currency Markets for the Binary Choice Model

We use an impulse response methodology to analyse the effects of U.S. macroeconomic news announcements on the volatilities of three major exchange rates (Euro, Pound Sterling and Yen). Our data consist of 5 minute returns on exchange rates as well as the times of news announcements. In the definition of impulse responses, we allow for different types of news, and consider two categories in the application: those considered positive or negative for the U.S. economy. Using a multivariate GARCH model with exogenous news effects, we find that the initial impact of positive news on the volatility of the Pound is higher than that of the Euro, whereas the persistence of shocks is highest for the Yen. For negative news, we find that an important part of the impact on the Yen and Pound is induced by volatility spillover from the Euro.Information, Volatility, Impulse Response Function, Foreign Exchange

Expert system-based approach to automate the design process of power electronics converters

The design of power electronics converters is still an ad-hoc process. Usually, this process is accomplished virtually using existing simulation packages before the real implementation. Despite, the use of these packages, the process is proved to be time consuming and bulky task. This paper describes an expert system approach to ease this cumbersome process by automating the design procedure. The present approach combines expert system techniques with object-oriented paradigm. The designer has firstly to choose the appropriate application of the converter. Then the system suggests the most appropriate (according to the user's specifications) topology that is formed in a schematic file accepted by the Pspice simulation package. The topology is displayed within the Schematic environment containing all the circuit parameters and components including the best (optimum) switching devices and control circuits, here the simulation is launched automatically in order to investigate the outputs. The topologies constitute the knowledge base of the system represented as objects. The switching devices are stored in database module accessed by the inference engine to select the optimum switch for a certain topology. This approach could be a kernel of a power electronics converters design aid tool, whereby the complexity of the design process can be reduced dramatically

Frequency-spectra-based high coding capacity chipless RFID using an UWB-IR approach

A novel methodology is proposed to reliably predict the resonant characteristics of a multipatch backscatter-based radio frequency identification (RFID) chipless tag. An ultra-wideband impulsion radio (UWB-IR)-based reader interrogates the chipless tag with a UWB pulse, and analyzes the obtained backscatter in the time domain. The RFID system consists of a radar cross-section (RCS)-based chipless tag containing a square microstrip patch antenna array in which the chipless tag is interrogated with a UWB pulse by an UWB-IR-based reader. The main components of the backscattered signal, the structural mode, and the antenna mode were identified and their spectral quality was evaluated. The study revealed that the antenna-mode backscatter includes signal carrying information, while the structural mode backscatter does not include any tag information. The simulation findings were confirmed by experimental measurements obtained in an anechoic chamber environment using a 6-bit multipatch chipless RFID tag. Finally, the novel technique does not use calibration tags and can freely orient tags with respect to the reader.This research work was supported by FCT through grant SFRH/BD/116554/2016 and by the Center for Microelectromechanical Systems Research CMEMS-UMinho

Information Spillover, Volatility and the Currency Markets

We use an impulse response methodology to analyse the effects of U.S. macroeconomic news announcements on the volatilities of three major exchange rates (Euro, Pound Sterling and Yen). Our data consist of 5 minute returns on exchange rates as well as the times of news announcements. In the definition of impulse responses, we allow for different types of news, and consider two categories in the application: those considered positive or negative for the U.S. economy. Using a multivariate GARCH model with exogenous news effects, we find that the initial impact of positive news on the volatility of the Pound is higher than that of the Euro, whereas the persistence of shocks is highest for the Yen. For negative news, we find that an important part of the impact on the Yen and Pound is induced by volatility spillover from the Euro

Tissue-specific down-regulation of LjAMT1;1 compromises nodule function and enhances nodulation in Lotus japonicus

Plant ammonium transporters of the AMT1 family are involved in N-uptake from the soil and ammonium transport, and recycling within the plant. Although AMT1 genes are known to be expressed in nitrogen-fixing nodules of legumes, their precise roles in this specialized organ remain unknown. We have taken a reverse-genetic approach to decipher the physiological role of LjAMT1;1 in Lotus japonicus nodules. LjAMT1;1 is normally expressed in both the infected zone and the vascular tissue of Lotus nodules. Inhibition of LjAMT1;1 gene expression, using an antisense gene construct driven by a leghemoglobin promoter resulted in a substantial reduction of LjAMT1;1 transcript in the infected tissue but not the vascular bundles of transgenic plants. As a result, the nitrogen-fixing activity of nodules was partially impaired and nodule number increased compared to control plants. Expression of LjAMT1;1-GFP fusion protein in plant cells indicated a plasma-membrane location for the LjAMT1;1 protein. Taken together, the results are consistent with a role of LjAMT1;1 in retaining ammonium derived from symbiotic nitrogen fixation in plant cells prior to its assimilation

Capital structure revisited. Do crisis and competition matter in a Keiretsu corporate structure?

The file attached to this record is the author's final peer reviewed version.open accessWe investigate firm-level determinants of capital structure using a large sample of 4,284 Japanese firms over a nineteen-year period (i.e., over 61,000 firm-year observations), a hitherto less examined sample for this purpose. We conduct our analysis and interpret our findings predominantly within the pecking order, the trade-off and the agency theoretical frameworks. We uncover three new findings. First, our evidence indicates that insights derived from the extant literature on capital structure are cross-national and are applicable in the context of Japan, despite the unique characteristics of Japanese firms. Second, financial crisis significantly impacts the relationship between leverage and firm-level determinants, particularly accentuating the effect of asset tangibility and growth. Third, product market competition significantly impacts the observed relationship between firm-level determinants and leverage. Our results are robust, controlling for the joint effects of competition and crisis

Endophytic actinomycetes from spontaneous plants of Algerian Sahara: indole-3-acetic acid production and tomato plants growth promoting activity

Twenty-seven endophytic actinomycete strains were isolated from five spontaneous plants well adapted to the poor sandy soil and arid climatic conditions of the Algerian Sahara. Morphological and chemotaxonomical analysis indicated that twenty-two isolates belonged to the Streptomyces genus and the remaining five were non- Streptomyces. All endophytic strains were screened for their ability to produce indole-3-acetic acid (IAA) in vitro on a chemically defined medium. Eighteen strains were able to produce IAA and the maximum production occurred with the Streptomyces sp. PT2 strain. The IAA produced was further extracted, partially purified and confirmed by thin layer chromatography (TLC) analysis. The 16S rDNA sequence analysis and phylogenetic studies indicated that strain PT2 was closely related to Streptomyces enissocaecilis NRRL B 16365T, Streptomyces rochei NBRC 12908T and Streptomyces plicatus NBRC 13071T, with 99.52 % similarity. The production of IAA was affected by cultural conditions such as temperature, pH, incubation period and L-tryptophan concentration. The highest level of IAA production (127 lg/ml) was obtained by cultivating the Streptomyces sp. PT2 strain in yeast extract-tryptone broth supplemented with 5 mg L-tryptophan/ ml at pH 7 and incubated on a rotary shaker (200 rpm) at 30°C for 5 days. Twenty-four-hour treatment of tomato cv. Marmande seeds with the supernatant culture of Streptomyces sp. PT2 that contained the crude IAA showed the maximum effect in promoting seed germination and root elongation