The canonical econophysics approach to the flash crash of May 6, 2010

We carry out a statistical physics analysis of the flash crash of May 6, 2010 using data from the Dow Jones Industrial Average index sampled at a one-minute frequency from September 1, 2009 to May 31, 2010. We evaluate the hypothesis of a non-Gaussian Levy-stable distribution to model the data and pay particular attention to the distribution-tail behavior. We conclude that there is non-Gaussian scaling and thus that the flash crash cannot be considered an anomaly. From the study of tails, we find that the flash crash followed a power-law pattern outside the Levy regime, which was not the inverse cubic law. Finally, we show that the time-dependent variance of the DJIA-index returns, not tracked by the Levy, can be modeled in a straightforward manner by a GARCH (1, 1) process.flash crash; econophysics; stable distribution; extreme events

Estratégias de valor e crescimento no mercado acionário brasileiro

TCC (graduação) - Universidade Federal de Santa Catarina. Centro Sócio-Econômico. Economia.Este trabalho teve como objetivo calcular e comparar o risco e o retorno de duas estratégias de investimentos em ações. Uma composta por carteiras com ações de baixa razão PNPA e P/L, denominadas de ações de Valor; e outra composta por carteiras com ações de alta razão P/VPA e P/L, denominadas de ações de Crescimento. As estratégias foram aplicadas com base em amostras retiradas das ações negociadas na Bolsa de Valores de São Paulo no período de 1995 a 2002. Primeiramente, foram revistos os principais tópicos da Moderna Teoria de Finanças, bem como modelos de avaliação e indicadores utilizados no mercado financeiro. Também foi apresentada uma revisão dos estudos sobre as ações de Valor e Crescimento aplicados ao mercado brasileiro. Posteriormente, realizou-se os procedimentos empíricos que identificaram a superioridade, estatisticamente significativa, dos retornos das carteiras de Valor em relação às carteiras de Crescimento, sendo que a estratégia de Valor mostrou-se menos arriscada, apesar de que a diferença dos riscos não foi significativa. Os resultados obtidos parecem contrariar a relação risco-retorno estabelecida pelo modelo CAPM. No entanto é preciso ter cautela, pois o nível de significância obtido não foi muito alto

Febre aftosa e seu impacto sobre a volatilidade dos preços da carne suína e bovina

Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Sócio-Econômico. Programa de Pós-Graduação em Economia.Os mercados de carnes, nos últimos anos, vêm enfrentando perdas econômicas relacionadas a doenças como o mal da vaca louca, febre aftosa e a gripe aviária. O Brasil, após dois anos sem registrar focos de febre aftosa, voltou a registrar a doença em 2004, provocando o embargo dos principais importadores da carne brasileira. O presente estudo investiga o comportamento da volatilidade dos preços pagos ao produtor da carne suína e bovina, no período de 1984 a 2006, procurando evidências de que este evento sanitário constitui-se em um fator de instabilidade dos preços. Por meio de um modelo GARCH, adicionando uma variável que indica a presença da aftosa no modelo, confirmou-se a hipótese de que o reaparecimento da doença está vinculado ao aumento da variabilidade dos preços da carne suína. The meat market has been facing economic losses in the last years related to diseases as the mad cow, foot and mouth disease (FMD) and avian influenza. Brazil registered the disease in 2004 after two years without registering FMD focus causing impediment from major importers of Brazilian meat. This present study aims to investigate the beef and pork farm prices volatility behaviour in the period of 1984 to 2006, searching for evidences that may show that this event is a factor of prices instability. In order to do this, GARCH model was used, including one dummy variable for measuring the FMD presence in the model, confirmimg the hypothesis that the disease reappearance is linked to the pork meat prices volatility

Febre aftosa e volatilidade dos preços do produtor de carne suína

FMD focuses were found again in Brazil in 2004 and 2005, which caused embargo for Brazilian exports of pork meat. This paper investigates the volatility of prices received by pig producers after the FMD focus were found. Using a GARCH model, including a variable indicating FMD events, we cannot reject the hypothesis that the disease caused high pork price volatility. The conclusion is the FMD disease is related not only to losses due to embargoes but also to the increase of pork price volatility, which brings about instability to businesses and to pig producers income.Foot and mouth disease, Pork, Volatility, GARCH, Demand and Price Analysis,

Review of the efficacy and safety of over-the-counter medicine

;Os medicamentos isentos de prescrição são disponíveis sem prescrição médica devido a sua efetividade e segurança, para tratar sintomas e males menores. O objetivo deste trabalho é revisar a disponibilidade e qualidade das revisões sistemáticas publicadas sobre medicamentos isentos de prescrição, identificando os grupos para os quais há lacunas de evidência. Foram identificados artigos publicados através da ;Cochrane Database of Systematic Review; e MEDLINE (via PubMed) desde o início da base até maio de 2012, utilizando os termos ";nonprescription drugs;," ";over the counter;," ";OTC;". Foram procurados artigos que descrevessem revisão sistemática abordando a eficácia e segurança dos medicamentos dispensados sem prescrição, de acordo com as listas publicadas pela ;Association of the European Self-Medication Industry; e no Brasil, nas condições clínicas constantes na lista de Grupos e Indicações Terapêuticas Especificadas. Foram incluídos 49 artigos, 18 artigos eram de qualidade moderada e 31 de alta qualidade. 74,5% dos estudos demonstraram eficácia favorável ao uso do medicamento avaliado. Dos 24 estudos que avaliaram segurança, 21% mostraram evidência desfavorável ao uso do medicamento. No geral, a evidência encontrada nos estudos incluídos nesta revisão é favorável ao uso dos medicamentos avaliados. Entretanto, há grupos terapêuticos para os quais há lacunas na evidência.;Over-the-counter medicines are available without prescription because of their safety and effectiveness, to treat minor ailments and symptoms. The objective of the study was to analyze the availability and quality of systematic reviews published about nonprescription medicines, identifying the groups for which there are gaps in evidence. We identified published articles through the Cochrane Database of Systematic Review and MEDLINE, from the start of the database until May 2012, using the search terms "nonprescription drugs," "over the counter," and "OTC." We searched for articles that describe systematic reviews addressing the efficacy and safety of drugs dispensed without a prescription, according to the lists published by the Association of the European Self-Medication Industry and in Brazil, in the clinical conditions listed in Groups and Specified Therapeutic Indications. We included 49 articles, 18 articles were of moderate quality and 31 of high quality. Of the studies, 74.5% demonstrated efficacy in favor of the use of drugs evaluated. Of the 24 studies that evaluated safety, 21% showed evidence unfavorable to the drug. Overall, the evidence found in the studies included in the overview is favorable to the use of the drugs evaluated. However, there are gaps in evidence for some therapy groups

大学サッカー選手における第5中足骨疲労骨折の発生因子

BACKGROUND: The pathogenesis of fifth metatarsal stress fractures remains uncertain. HYPOTHESIS: Physical characteristics and environmental factors, which have received limited attention in the literature thus far, might be involved in the development of fifth metatarsal stress fractures. STUDY DESIGN: Case-control study; Level of evidence, 3. METHODS: To test the study hypothesis, a medical examination and survey of the living environment of collegiate soccer players was conducted and correlated with the existence of fifth metatarsal stress fractures. The survey and measurements were conducted in 273 male athletes from the same college soccer team between 2005 and 2013. A medical examination comprising assessment of stature, body weight, body mass index, foot-arch height ratio, toe-grip strength, quadriceps angle, leg-heel angle, functional reach test, single-leg standing time with eyes closed, straight-leg raise angle, finger-floor distance, heel-buttock distance, ankle joint range of motion, and a general joint laxity test were performed once a year, along with a questionnaire survey. The survey was also repeated when a fifth metatarsal stress fracture was diagnosed. The study participants were separated into a fifth metatarsal stress fracture injury group and a noninjury group. The measurement items and survey items were compared, and the association between the factors and the presence or absence of injuries was analyzed. RESULTS: Toe-grip strength was significantly weaker in the injury group compared with the noninjury group, suggesting that weak toe-grip is associated with fifth metatarsal stress fracture (P < .05). In addition, fifth metatarsal stress fractures were more common in the nondominant leg (P < .05). Between-group comparisons of the other items showed no statistically significant differences. CONCLUSION: The association between weak toe-grip strength and fifth metatarsal fracture suggests that weak toe-grip may lead to an increase in the load applied onto the lateral side of the foot, resulting in stress fracture. The finding of stress fracture being more common in the nondominant leg needs further study.博士（医学）・甲第660号・平成28年11月24日© The Author(s) 2015 : This open-access article is published and distributed under the Creative Commons Attribution - NonCommercial - No Derivatives License (http://creativecommons.org/ licenses/by-nc-nd/3.0/), which permits the noncommercial use, distribution, and reproduction of the article in any medium, provided the original author and source are credited. You may not alter, transform, or build upon this article without the permission of the Author(s). For reprints and permission queries, please visit SAGE’s Web site at http://www.sagepub.com/journalsPermissions.nav

The canonical econophysics approach to the flash crash of May 6, 2010

We carry out a statistical physics analysis of the flash crash of May 6, 2010 using data from the Dow Jones Industrial Average index sampled at a one-minute frequency from September 1, 2009 to May 31, 2010. We evaluate the hypothesis of a non-Gaussian Levy-stable distribution to model the data and pay particular attention to the distribution-tail behavior. We conclude that there is non-Gaussian scaling and thus that the flash crash cannot be considered an anomaly. From the study of tails, we find that the flash crash followed a power-law pattern outside the Levy regime, which was not the inverse cubic law. Finally, we show that the time-dependent variance of the DJIA-index returns, not tracked by the Levy, can be modeled in a straightforward manner by a GARCH (1, 1) process

Chemical synthesis of novel taurine-containing uridine derivatives

Recently, novel taurine-containing uridine derivatives were discovered in mammalian mitochondrial tRNAs, and these modified ribonucleosides existed at the first position of the anti-codon. This paper describes the chemical synthesis of these novel uridine derivatives, 5-taurinomethyluridine (τm5U) and 5-taurinomethyl-2-thiouridine (τm5s2U). These taurine-containing uridine derivatives were synthesized in the good yields by the reaction of the corresponding S-hydroxymethyluridine derivatives with taurine under basic conditions

Three new triterpenes from the resinous bark of Protium kleinii and their antinociceptive activity

Three novel pentacyclic triterpenes have been isolated from the resin of Protium kleinii and their structures elucidated by NMR spectroscopy as 3-oxo-11beta,16beta-dihydroxy-urs-12-ene (1), 3-oxo-11beta-hydroxy-urs-12-ene (2) and 3-oxo-11beta-hydroxy-olean-12-ene (3). The systemic administration of the above compounds (10-100 mg kg-1, i.p.) was able to inhibited both first and second phase of the formalin-induced nociception in mice. The known triterpenes 3beta,16beta-dihydroxy-olean-12-ene (brein) (4) and a mixture of alpha (5)- and beta-amyrin (6) were also found. Três triterpenos pentacíclicos inéditos foram isolados da resina de Protium kleinii. Suas estruturas, 3-oxo-11beta,16beta-diidróxi-urs-12-eno (1), 3-oxo-11beta-hidróxi-urs-12-eno (2) e 3-oxo-11beta-hidróxi-olean-12-eno (3), foram elucidadas por espectroscopia de RMN. A administração sistêmica destes compostos (10-100 mg kg-1, i.p.) foi capaz de inibir tanto a primeira quanto a segunda fase da nocicepção induzida pela formalina em camundongos. Em adição, foram isolados os triterpenos conhecidos 3beta,16beta-dihidróxi-urs-12-eno (breina) (4) e uma mistura de alfa (5)- e beta-amirina (6)

Systematic review and meta-analysis of the efficacy and safety of amfepramone and mazindol as a monotherapy for the treatment of obese or overweight patients

The aim of this study was to evaluate efficacy and safety of amfepramone, fenproporex and mazindol as a monotherapy for the treatment of obese or overweight patients. A systematic review of primary studies was conducted, followed by a direct meta-analysis (random effect) and mixed treatment comparison. Medline and other databases were searched. Heterogeneity was explored through I2 associated with a p-value. Of 739 identified publications, 25 were included in the meta-analysis. The global evaluation of Cochrane resulted in 19 studies with a high level of bias and six with unclear risk. Due to the lack of information in primary studies, direct meta-analyses were conducted only for amfepramone and mazindol. Compared to placebo, amfepramone resulted in higher weight loss in the short-term