Causality Between Market Liquidity and Depth for Energy and Grains

This paper examines the roles of futures prices of crude oil, gasoline, ethanol, corn, soybeans and sugar in the energy-grain nexus. It also investigates the own- and cross-market impacts for lagged grain trading volume and open interest in the energy and grain markets. According to the results, the conventional view, for which the impacts are from oil to gasoline to ethanol to grains in the energy-grain nexus, does not hold well in the long run because the oil price is influenced by gasoline, soybeans and oil. Moreover, gasoline is preceded by only the oil price and ethanol is not foreshadowed by any of the prices. However, in the short run, two-way feedback in both directions exists in all markets. The grain trading volume effect across oil and gasoline is more pronounced in the short run than the long run, satisfying both the overconfidence/disposition and new information hypotheses across markets. The results for the ethanol open interest shows that money flows out of this market in both the short and long run, but no results suggest across market inflows or outflows to the other grain markets.energy;Causality;depth;grains;market liquidity

Risk Spillovers in Oil-Related CDS, Stock and Credit Markets

This paper examines risk transmission and migration among six US measures of credit and market risk during the full period 2004-2011 period and the 2009-2011 recovery subperiod, with a focus on four sectors related to the highly volatile oil price. There are more long-run equilibrium risk relationships and short-run causal relationships among the four oil-related Credit Default Swaps (CDS) indexes, the (expected equity volatility) VIX index and the (swaption expected volatility) SMOVE index for the full period than for the recovery subperiod. The auto sector CDS spread is the most error-correcting in the long run and also leads in the risk discovery process in the short run. On the other hand, the CDS spread of the highly regulated, natural monopoly utility sector does not error correct. The four oil-related CDS spread indexes are responsive to VIX in the short- and long-run, while no index is sensitive to SMOVE which, in turn, unilaterally assembles risk migration from VIX. The 2007-2008 Great Recession seems to have led to “localization†and less migration of credit and market risk in the oil-related sectors.adjustments;MOVE;SMOVE;VIX;risk,;sectoral CDS

The Dynamics of Energy-Grain Prices with Open Interest

This paper examines the short- and long-run daily relationships for a grain-energy nexus that includes the prices of corn, crude oil, ethanol, gasoline, soybeans, and sugar, and their open interest. The empirical results demonstrate the presence of these relationships in this nexus, and underscore the importance of ethanol and soybeans in all these relationships. In particular, ethanol and be considered as a catalyst in this nexus because of its significance as a loading factor, a long-run error corrector and a short-run adjuster. Ethanol leads all commodities in the price discovery process in the long run. The negative cross-price open interest effects suggest that there is a money outflow from all commodities in response to increases in open interest positions in the corn futures markets, indicating that active arbitrage activity takes place in those markets. On the other hand, an increase in the soybean open interest contributes to fund inflows in the corn futures market and the other futures markets, leading to more speculative activities in these markets. In connection with open interest, the ethanol market fails because of its thin market. Finally, it is interesting to note that the long-run equilibrium (cointegrating relationship), speeds of adjustment and open interest across markets have strengthened significantly during the 2009-2011 economic recovery period, compared with the full and 2007-2009 Great Recession periods.

Association between disability measures and healthcare costs after initial treatment for acute stroke

<p><b>Background and Purpose:</b> The distribution of 3-month modified Rankin scale (mRS) scores has been used as an outcome measure in acute stroke trials. We hypothesized that hospitalization and institutional care home stays within the first 90 days after stroke should be closely related to 90-day mRS, that each higher mRS category will reflect incremental cost, and that resource use may be less clearly linked to the National Institutes of Health Stroke Scale (NIHSS) or Barthel index.</p> <p><b>Methods:</b> We examined resource use data from the GAIN International trial comparing 90-day mRS with total length of stay in hospital or other institutions during the first 90 days. We repeated analyses using NIHSS and Barthel index scores. Relationships were examined by analysis of variance (ANOVA) with Bonferroni contrasts of adjacent score categories. Estimated costs were based on published Scottish figures.</p> <p><b>Results:</b> We had full data from 1717 patients. Length of stay was strongly associated with final mRS (P<0.0001). Each mRS increment from 0 to 1–2 to 3–4 was significant (mean length of stay: 17, 25, 44, 58, 79 days; P<0.0005). Ninety-five percent confidence limits for estimated costs (£) rose incrementally: 2493 to 3412, 3369 to 4479, 5784 to 7008, 7300 to 8512, 10 095 to 11 141, 11 772 to 13 560, and 2623 to 3321 for mRS 0 to 5 and dead, respectively. Weaker relationships existed with Barthel and NIHSS.</p> <p><b>Conclusions:</b> Each mRS category reflects different average length of hospital and institutional stay. Associated costs are meaningfully different across the full range of mRS outcomes. Analysis of the full distribution of mRS scores is appropriate for interpretation of treatment effects after acute stroke and more informative than Barthel or NIHSS end points.</p&gt

Gaze modulated disambiguation technique for gesture control in 3D virtual objects selection

© 2017 IEEE. Inputs with multimodal information provide more natural ways to interact with virtual 3D environment. An emerging technique that integrates gaze modulated pointing with mid-air gesture control enables fast target acquisition and rich control expressions. The performance of this technique relies on the eye tracking accuracy which is not comparable with the traditional pointing techniques (e.g., mouse) yet. This will cause troubles when fine grainy interactions are required, such as selecting in a dense virtual scene where proximity and occlusion are prone to occur. This paper proposes a coarse-to-fine solution to compensate the degradation introduced by eye tracking inaccuracy using a gaze cone to detect ambiguity and then a gaze probe for decluttering. It is tested in a comparative experiment which involves 12 participants with 3240 runs. The results show that the proposed technique enhanced the selection accuracy and user experience but it is still with a potential to be improved in efficiency. This study contributes to providing a robust multimodal interface design supported by both eye tracking and mid-air gesture control

Scattering of the tsunami wave impinging into a forest for damage prevention

Paper presented at the 9th International Conference on Heat Transfer, Fluid Mechanics and Thermodynamics, Malta, 16-18 July, 2012.A tsunami originated in a deep sea due to the tectonic activity such as earthquake is the transport phenomena of great scale energy, which makes much damage to sea-bounded area since its wave height becomes higher approaching the sea shore. Therefore, the tsunami wave is a kind of shallow water wave, and the characteristics similar with the shock wave in gas dynamics should be noted so remarkably that there exists a sharp discontinuity before and after the wave front. Actually there is a mathematical similarity between the equations of shallow water waves and gas dynamics. In this research, the existing code concerning the computation of unsteady shock waves is improved to simulate the propagation of tsunami waves. With this code, reflection, diffraction, and scattering of an incident shock wave are studied in the view point of physics, and the basic parameter analysis of stand density and the distance between trees is made for the application in the future.dc201

An Absolute Calibration of the p+d High-Energy Polarimeters

This research was sponsored by the National Science Foundation Grant NSF PHY-931478

Risk Spillovers in Oil-Related CDS, Stock and Credit Markets

This paper examines risk transmission and migration among six US measures of credit and market risk during the full period 2004-2011 period and the 2009-2011 recovery subperiod, with a focus on four sectors related to the highly volatile oil price. There are more long-run equilibrium risk relationships and short-run causal relationships among the four oil-related Credit Default Swaps (CDS) indexes, the (expected equity volatility) VIX index and the (swaption expected volatility) SMOVE index for the full period than for the recovery subperiod. The auto sector CDS spread is the most error-correcting in the long run and also leads in the risk discovery process in the short run. On the other hand, the CDS spread of the highly regulated, natural monopoly utility sector does not error correct. The four oil-related CDS spread indexes are responsive to VIX in the short- and long-run, while no index is sensitive to SMOVE which, in turn, unilaterally assembles risk migration from VIX. The 2007-2008 Great Recession seems to have led to “localization” and less migration of credit and market risk in the oil-related sectors

Statistics of Coulomb blockade peak spacings for a partially open dot

We show that randomness of the electron wave functions in a quantum dot contributes to the fluctuations of the positions of the conductance peaks. This contribution grows with the conductance of the junctions connecting the dot to the leads. It becomes comparable with the fluctuations coming from the randomness of the single particle spectrum in the dot while the Coulomb blockade peaks are still well-defined. In addition, the fluctuations of the peak spacings are correlated with the fluctuations of the conductance peak heights.Comment: 13 pages, 1 figur