Direction-of-Change Forecasts for Asian Equity Markets Based on Conditional Variance, Skewness and Kurtosis Dynamics: Evidence from Hong Kong and Singapore

Recent theoretical work has revealed a direct connection between asset return volatility forecastability and asset return sign forecastability. This suggests that the pervasive volatility forecastability in equity returns could, via induced sign forecastability, be used to produce direction-ofchange forecasts useful for market timing. We attempt to do so in the context of two key Asian equity markets, with some success, as assessed by formal probability forecast scoring rules such as the Brier score. An important ingredient is our conditioning not only on conditional variance information, but also conditional skewness and kurtosis information, when forming direction-of-change forecasts.Volatility, variance, skewness, kurtosis, market timing, asset management, asset allocation, portfolio management.

Direction-of-Change Forecasts Based on Conditional Variance, Skewness and Kurtosis Dynamics: International Evidence

Recent theoretical work has revealed a direct connection between asset return volatility forecastability and asset return sign forecastability. This suggests that the pervasive volatility forecastability in equity returns could, via induced sign forecastability, be used to produce direction-of change forecasts useful for market timing. We attempt to do so in an international sample of developed equity markets, with some success, as assessed by formal probability forecast scoring rules such as the Brier score. An important ingredient is our conditioning not only on conditional mean and variance information, but also conditional skewness and kurtosis information, when forming direction-of-change forecasts.Volatility, variance, skewness, kurtosis, market timing, asset management, asset allocation, portfolio management

Direction-of-Change Forecasts Based on Conditional Variance, Skewness and Kurtosis Dynamics : International Evidence

Recent theoretical work has revealed a direct connection between asset return volatility forecastability and asset return sign forecastability. This suggests that the pervasive volatility forecastability in equity returns could, via induced sign forecastability, be used to produce direction-of-change forecasts useful for market timing. We attempt to do so in an international sample of developed equity markets, with some success, as assessed by formal probability forecast scoring rules such as the Brier score. An important ingredient is our conditioning not only on conditional mean and variance information, but also conditional skewness and kurtosis information, when forming direction-of-change forecasts.Volatility, variance, skewness, kurtosis, market timing, asset management, asset allocation, portfolio management

Direction-of-Change Forecasts Based on Conditional Variance, Skewness and Kurtosis Dynamics : International Evidence

Recent theoretical work has revealed a direct connection between asset return volatility forecastability and asset return sign forecastability. This suggests that the pervasive volatility forecastability in equity returns could, via induced sign forecastability, be used to produce direction-of change forecasts useful for market timing. We attempt to do so in an international sample of developed equity markets, with some success, as assessed by formal probability forecast scoring rules such as the Brier score. An important ingredient is our conditioning not only on conditional mean and variance information, but also conditional skewness and kurtosis information, when forming direction-of-change forecasts.Volatility, variance, skewness, kurtosis, market timing, asset management, asset allocation, portfolio management

A nanoleakage perspective on bonding to oxidized dentin

The mechanism responsible for sodium-hypochlorite-induced reduction in dentin bond strength and its reversal with reducing agents is unknown. This study examined the relationship between nanoleakage and reversal of compromised bonding to oxidized dentin. Acid-etched dentin was completely depleted of demineralized collagen matrix when sodium hypochlorite was used. Specimens were bonded with two single-bottle dentin adhesives. They were immersed in ammoniacal silver nitrate for 24 hrs before being processed for transmission electron microscopy. For both adhesives, tensile bond strengths of acid-etched dentin were significantly reduced after sodium hypochlorite treatment, but were reversed when sodium ascorbate was used. After sodium hypochlorite application, reticular nanoleakge patterns in hybrid layers were replaced by vertical, shag-carpet-like patterns along the demineralization front. This type of nanoleakage was completely eliminated after sodium ascorbate treatment with the materials tested. Residual sodium hypochlorite within the porosities of mineralized dentin may result in incomplete resin polymerization, and hence compromised bond strength.published_or_final_versio

End-to-End Joint Antenna Selection Strategy and Distributed Compress and Forward Strategy for Relay Channels

Multi-hop relay channels use multiple relay stages, each with multiple relay nodes, to facilitate communication between a source and destination. Previously, distributed space-time codes were proposed to maximize the achievable diversity-multiplexing tradeoff, however, they fail to achieve all the points of the optimal diversity-multiplexing tradeoff. In the presence of a low-rate feedback link from the destination to each relay stage and the source, this paper proposes an end-to-end antenna selection (EEAS) strategy as an alternative to distributed space-time codes. The EEAS strategy uses a subset of antennas of each relay stage for transmission of the source signal to the destination with amplify and forwarding at each relay stage. The subsets are chosen such that they maximize the end-to-end mutual information at the destination. The EEAS strategy achieves the corner points of the optimal diversity-multiplexing tradeoff (corresponding to maximum diversity gain and maximum multiplexing gain) and achieves better diversity gain at intermediate values of multiplexing gain, versus the best known distributed space-time coding strategies. A distributed compress and forward (CF) strategy is also proposed to achieve all points of the optimal diversity-multiplexing tradeoff for a two-hop relay channel with multiple relay nodes.Comment: Accepted for publication in the special issue on cooperative communication in the Eurasip Journal on Wireless Communication and Networkin

In vivo and in vitro permeability of one-step self-etch adhesives

Adhesive dentistry should effectively restore the peripheral seal of dentin after enamel removal. We hypothesize that non-rinsing, simplified, one-step self-etch adhesives are effective for minimizing dentin permeability after tooth preparation procedures. Crown preparations in vital human teeth were sealed with Adper Prompt, Xeno III, iBond, or One-Up Bond F. Epoxy resin replicas were produced from polyvinyl siloxane impressions for SEM examination. Dentin surfaces from extracted human teeth were bonded with these adhesives and connected to a fluid-transport model for permeability measurements and TEM examination. Dentinal fluid droplets were observed from adhesive surfaces in resin replicas of in vivo specimens. In vitro fluid conductance of dentin bonded with one-step self-etch adhesives was either similar to or greater than that of smear-layer-covered dentin. TEM revealed water trees within the adhesives that facilitate water movement across the polymerized, highly permeable adhesives. Both in vitro and in vivo results did not support the proposed hypothesis.published_or_final_versio

Induced Metric And Matrix Inequalities On Unitary Matrices

Recently, Chau [Quant. Inform. & Comp. 11, 721 (2011)] showed that one can define certain metrics and pseudo-metrics on U(n), the group of all $n\times n$ unitary matrices, based on the arguments of the eigenvalues of the unitary matrices. More importantly, these metrics and pseudo-metrics have quantum information theoretical meanings. So it is instructive to study this kind of metrics and pseudo-metrics on U(n). Here we show that any symmetric norm on ${\mathbb R}^n$ induces a metric on U(n). Furthermore, using the same technique, we prove an inequality concerning the eigenvalues of a product of two unitary matrices which generalizes a few inequalities obtained earlier by Chau [arXiv:1006.3614v1].Comment: 6 pages, extensively rewritten with an earlier error fixed. It generalizes and simplifies the mathematical results concerning certain matrix inequalities originally reported in arXiv:1006.3614v1. To appear in J.Phys.

Lowest-lying Tetra-Quark Hadrons in Anisotropic Lattice QCD

We present a detailed study of lowest-lying $q^{2}\bar{q}^{2}$ hadrons in quenched improved anisotropic lattice QCD. Using the $\pi\pi$ and diquark-antidiquark local and smeared operators, we attempt to isolate the signal for $I(J^{P})=0(0^{+}), 2(0^{+})$ and $1(1^{+})$ states in two flavour QCD. In the chiral limit of light-quark mass region, the lowest scalar $4q$ state is found to have a mass, $m^{I=0}_{4q}=927(12)$ MeV, which is slightly lower than the experimentally observed $f_{0}(980)$. The results from our variational analysis do not indicate a signature of a tetraquark resonance in I=1 and I=2 channels. After the chiral extrapolation the lowest $1(1^{+})$ state is found to have a mass, $m^{I=1}_{4q}=1358(28)$ MeV. We analysed the static $4q$ potential extracted form a tetraquark Wilson loop and illustrated the behaviour of the $4q$ state as a bound state, unbinding at some critical diquark separation. From our analysis we conclude that scalar $4q$ system appears as a two-pion scattering state and that there is no spatially-localised $4q$ state in the light-quark mass region.Comment: 9 pages, 10 figure