The intrinsic value of gold: an exchange rate-free price index

This is the author accepted manuscript. The final version is available from Elsevier via the DOI in this record.In this paper, we propose a gold price index that enables market participants to separate the change in the ‘intrinsic’ value of gold from changes in global exchange rates. The index is a geometrically weighted average of the price of gold denominated in different currencies, with weights that are proportional to the market power of each country in the global gold market. Market power is defined as the impact that a change in a country’s exchange rate has on the price of gold expressed in other currencies. We use principal components analysis to reduce the set of global exchange rates to four currency ‘blocs’ representing the U.S. dollar, the euro, the commodity currencies and the Asian currencies, respectively. We estimate the weight of each currency bloc in the index in an error correction framework using a broad set of variables to control for the unobserved intrinsic value. We show that the resulting index is less volatile than the USD price of gold and, in contrast with the USD price of gold, has a strong negative relationship with global equities and a strong positive relationship with the VIX index, both of which underline the role of gold as a safe haven asset

The SIB Swiss Institute of Bioinformatics Semantic Web of data

The SIB Swiss Institute of Bioinformatics (https://www.sib.swiss/) is a federation of bioinformatics research and service groups. The international life science community in academia and industry has been accessing the freely available databases provided by SIB since its inception in 1998. In this paper we present the 11 databases which currently offer semantically enriched data in accordance with the FAIR principles (Findable, Accessible, Interoperable, Reusable), as well as the Swiss Personalized Health Network initiative (SPHN) which also employs this enrichment. The semantic enrichment facilitates the manipulation of large data sets from public databases and private data sets. Examples are provided to illustrate that the data from the SIB databases can not only be queried using precise criteria individually, but also across multiple databases, including a variety of non-SIB databases. Data manipulation, be it exploration, extraction, annotation, combination, and publication, is possible using the SPARQL query language. Providing documentation, tutorials and sample queries makes it easier to navigate this web of semantic data. Through this paper, the reader will discover how the existing SIB knowledge graphs can be leveraged to tackle the complex biological or clinical questions that are being addressed today

Soft power and exchange rate volatility

This is the author accepted manuscript. The final version is available from Wiley via the DOI in this recordStandard models—based exclusively on macro-financial variables—have made little progress in explaining the behaviour of exchange rates. In this paper, we introduce a neglected set of ‘soft power’ factors capturing a country's demographic, institutional, political, and social underpinnings to shed some light on the ‘missing’ determinants of exchange rate volatility over time and across countries. Based on a balanced panel dataset comprising 115 countries during the period 1996–2015, the empirical results are generally robust across different estimation methodologies and show a high degree of persistence in exchange rate volatility. After controlling for standard macroeconomic factors, we find that the ‘soft power’ variables—such as an index of voice and accountability, life expectancy, educational attainments, fragility of the banking sector, financial openness, and the share of agriculture relative to services—have a statistically significant influence on the level of exchange rate volatility across countries. In other words, countries with greater ‘soft power’ (i.e. better institutional quality) tend to experience a lower degree of exchange rate volatility

Circus Practices In The "loom" Of Initial Training In Physical Education: New Textures In Addition To The Canvas

This paper analyzes the processes of implementation of circus practices in initial training in Physical Education at higher education institutions in the State of Sao Paulo, Brazil. The document analysis of the political-pedagogic projects of the institutions and programs of disciplines related to the subject of circus were interwoven to narrative interviews with teachers, managers and students. The processes investigated were found to be based on intense stories of mobilizations and clashes, on research trajectories seeking to build solid knowledge beyond the limits imposed by institutional times and spaces.2218719

Dynamic Factor Long Memory Volatility

ArticleThis is the author accepted manuscript. The final version is available from Taylor & Francis (Routledge) via the DOI in this record.In this paper, we develop a long memory orthogonal factor (LMOF) multivariate volatility model for forecasting the covariance matrix of financial asset returns. We evaluate the LMOF model using the volatility timing framework of Fleming et al. (2001) and compare its performance with that of both a static investment strategy based on the unconditional covariance matrix and a range of dynamic investment strategies based on existing short memory and long memory multivariate conditional volatility models. We show that investors should be willing to pay to switch from the static strategy to a dynamic volatility timing strategy and that, among the dynamic strategies, the LMOF model consistently produces forecasts of the covariance matrix that are economically more useful than those produced by the other multivariate conditional volatility models, both short memory and long memory. Moreover, we show that combining long memory volatility with the factor structure yields better results than employing either long memory volatility or the factor structure alone. The factor structure also significantly reduces transaction costs, thus increasing the feasibility of dynamic volatility timing strategies in practice. Our results are robust to estimation error in expected returns, the choice of risk aversion coefficient, the estimation window length and sub-period analysis

Embracing additive manufacture: implications for foot and ankle orthosis design

<p>Abstract</p> <p>Background</p> <p>The design of foot and ankle orthoses is currently limited by the methods used to fabricate the devices, particularly in terms of geometric freedom and potential to include innovative new features. Additive manufacturing (AM) technologies, where objects are constructed via a series of sub-millimetre layers of a substrate material, may present the opportunity to overcome these limitations and allow novel devices to be produced that are highly personalised for the individual, both in terms of fit and functionality.</p> <p>Two novel devices, a foot orthosis (FO) designed to include adjustable elements to relieve pressure at the metatarsal heads, and an ankle foot orthosis (AFO) designed to have adjustable stiffness levels in the sagittal plane, were developed and fabricated using AM. The devices were then tested on a healthy participant to determine if the intended biomechanical modes of action were achieved.</p> <p>Results</p> <p>The adjustable, pressure relieving FO was found to be able to significantly reduce pressure under the targeted metatarsal heads. The AFO was shown to have distinct effects on ankle kinematics which could be varied by adjusting the stiffness level of the device.</p> <p>Conclusions</p> <p>The results presented here demonstrate the potential design freedom made available by AM, and suggest that it may allow novel personalised orthotic devices to be produced which are beyond the current state of the art.</p

The masculine logic of DDR and SSR in the Rwanda Defence Force

Since the 1994 genocide and civil war, the Rwandan government has implemented an externally funded Demobilisation, Demilitarisation and Reintegration (DDR)/Security Sector Reform (SSR) program culminating in the consolidation of armed groups into a new, professionalised Rwanda Defence Force (RDF). Feminists argue that DDR-SSR initiatives that exclude combatant women and girls or ignore gendered security needs fail to transform the political conditions that led to conflict. Less attention has been paid to how gendered relations of power play out through gender sensitive DDR and SSR initiatives that seek to integrate women and transform hyper-masculine militarised masculinities. This article investigates how Rwanda’s DDR-SSR program is governed by an oppressive masculine logic. Drawing on critical studies on men and masculinities and feminist work on peacebuilding, myths and the politics of belonging, it is argued that Rwanda’s locally-owned DDR-SSR program places the military and militarisation at the centre of the nation-building program. Through various ‘boundary construction’ practices, the Rwandan government attempts to stabilise the post-1994 gender order and entrench the hegemony of a new militarised masculinity in Rwandan society. The case study draws on field research conducted in 2014 and 2015 and a discourse analysis of RDF historical accounts, policy documents and training materials

Aptamer base: a collaborative knowledge base to describe aptamers and SELEX experiments

Over the past several decades, rapid developments in both molecular and information technology have collectively increased our ability to understand molecular recognition. One emerging area of interest in molecular recognition research includes the isolation of aptamers. Aptamers are single-stranded nucleic acid or amino acid polymers that recognize and bind to targets with high affinity and selectivity. While research has focused on collecting aptamers and their interactions, most of the information regarding experimental methods remains in the unstructured and textual format of peer reviewed publications. To address this, we present the Aptamer Base, a database that provides detailed, structured information about the experimental conditions under which aptamers were selected and their binding affinity quantified. The open collaborative nature of the Aptamer Base provides the community with a unique resource that can be updated and curated in a decentralized manner, thereby accommodating the ever evolving field of aptamer research