Price Discovery in Canadian Government Bond Futures and Spot Markets

In this paper we look at the relative information content of cash and futures prices for Canadian Government bonds. We follow the information-share approaches introduced by Hasbrouck (1995) and Harris et al (1995), applying the techniques in Gonzalo-Granger (1995), to evaluate the relative contributions of trading in the cash and futures markets to the price discovery process. Both approaches estimate a vector error correction model that permits the separation of long-run price movements from short-run market microstructure effects. As well, we follow Yan and Zivot (2004) who introduce size measures of a market's adjustment to a new equilibrium during the price discovery process. We find that, on an average day, just over 70% of price discovery occurs on the futures market where bid-ask spreads are lower and trading activity is higher. The size of the responses to shocks and the time taken to adjust to a new equilibrium are found to be significantly larger for the cash market.Financial markets; Market structure and pricing

A new flux conserving Newton's method scheme for the two-dimensional, steady Navier-Stokes equations

A new numerical method is developed for the solution of the two-dimensional, steady Navier-Stokes equations. The method that is presented differs in significant ways from the established numerical methods for solving the Navier-Stokes equations. The major differences are described. First, the focus of the present method is on satisfying flux conservation in an integral formulation, rather than on simulating conservation laws in their differential form. Second, the present approach provides a unified treatment of the dependent variables and their unknown derivatives. All are treated as unknowns together to be solved for through simulating local and global flux conservation. Third, fluxes are balanced at cell interfaces without the use of interpolation or flux limiters. Fourth, flux conservation is achieved through the use of discrete regions known as conservation elements and solution elements. These elements are not the same as the standard control volumes used in the finite volume method. Fifth, the discrete approximation obtained on each solution element is a functional solution of both the integral and differential form of the Navier-Stokes equations. Finally, the method that is presented is a highly localized approach in which the coupling to nearby cells is only in one direction for each spatial coordinate, and involves only the immediately adjacent cells. A general third-order formulation for the steady, compressible Navier-Stokes equations is presented, and then a Newton's method scheme is developed for the solution of incompressible, low Reynolds number channel flow. It is shown that the Jacobian matrix is nearly block diagonal if the nonlinear system of discrete equations is arranged approximately and a proper pivoting strategy is used. Numerical results are presented for Reynolds numbers of 100, 1000, and 2000. Finally, it is shown that the present scheme can resolve the developing channel flow boundary layer using as few as six to ten cells per channel width, depending on the Reynolds number

Clinical considerations in transitioning patients with epilepsy from clonazepam to clobazam: a case series.

IntroductionIn treating refractory epilepsy, many clinicians are interested in methods used to transition patients receiving clonazepam to clobazam to maintain or increase seizure control, improve tolerability of patients' overall drug therapy regimens, and to enhance quality of life for patients and their families. However, no published guidelines assist clinicians in successfully accomplishing this change safely.Case presentationsThe following three case reports provide insight into the transition from clonazepam to clobazam. First, an 8-year-old Caucasian boy with cryptogenic Lennox-Gastaut syndrome beginning at 3.5 years of age, who was experiencing multiple daily generalized tonic-clonic, absence, myoclonic, and tonic seizures at presentation. Second, a 25-year-old, left-handed, White Hispanic man with moderate mental retardation and medically refractory seizures that he began experiencing at 1 year of age, secondary to tuberous sclerosis. When first presented to an epilepsy center, he had been receiving levetiracetam, valproate, and clonazepam, but reported having ongoing and frequent seizures. Third, a 69-year-old Korean woman who had been healthy until she had a stroke in 2009 with subsequent right hemiparesis; as a result, she became less physically and socially active, and had her first convulsive seizure approximately 4 months after the stroke.ConclusionsFrom these cases, we observe that a rough estimate of final clobazam dosage for each mg of clonazepam under substitution is likely to be at least 10-fold, probably closer to 15-fold for many patients, and as high as 20-fold for a few. Consideration and discussion of the pharmacokinetic, pharmacologic, and clinical properties of 1,4- and 1,5-benzodiazepine action provide a rationale on why and how these transitions were successful

Update on the Juncture Flow PIV Results and Future Plans

A novel, embedded, 2D Particle Image Velocimetry system has been developed and implemented to obtain off-body velocity measurements in the junction of an 8% wing-body configuration in the NASA Langley Research Center 14- by 22-Foot Subsonic Tunnel. Although the initial purpose for implementing the system during this test was to evaluate system performance and identify potential risks, a considerable amount of data were obtained in the wing-fuselage junction near the trailing edge at a Reynolds Number of 2.4 Million and angle of attack of 5 degrees. In addition to providing notable efficiencies with regard to image acquisition and test operations, the PIV system captured unique details of the flow separation to complement the extensive suite of measurement techniques applied during the test. Instantaneous PIV vector fields reveal that the flow separation is not stationary but rather highly dynamic. Mean flow statistics calculated from the PIV measurements highlight where reverse flow and Reynolds stresses are concentrated in the separated region and agree well with results from the embedded Laser Doppler Velocimeter system and Computational Fluid Dynamics. The comparisons and ional insight gained during this effort will help guide system improvements for the upcoming entry in 2020

Effects of NHC-Backbone Substitution on Efficiency in Ruthenium-Based Olefin Metathesis

series of ruthenium olefin metathesis catalysts bearing N-heterocyclic carbene (NHC) ligands with varying degrees of backbone and N-aryl substitution have been prepared. These complexes show greater resistance to decomposition through C−H activation of the N-aryl group, resulting in increased catalyst lifetimes. This work has utilized robotic technology to examine the activity and stability of each catalyst in metathesis, providing insights into the relationship between ligand architecture and enhanced efficiency. The development of this robotic methodology has also shown that, under optimized conditions, catalyst loadings as low as 25 ppm can lead to 100% conversion in the ring-closing metathesis of diethyl diallylmalonate

Microarray Analysis of PBMC after Plasmodium falciparum Infection: Molecular Insights into Disease Pathogenesis

Our laboratory’s previous microarray analysis of subjects with Plasmodium falciparum revealed up-regulation of Toll-like receptor, NF-kB, TNF-α, IFN-γ, IL-1β, p38 MAPK, and MHC molecules. We performed further time-course microarray analysis focusing on malaria pathogenesis by using peripheral leukocytes as a cellular model. We found up-regulation of coagulation-related genes (SERPINB2, thrombomodulin, thrombospondin), heat shock proteins, glycolytic enzymes, glucose transporters, and vacuolar H+-ATPases in acute febrile malaria. In early malaria, prior to detectable parasitemia, CD36 and ICAM1 were up-regulated. During acute malaria, a correlation was observed between IL-1ß and heat shock proteins, suggesting heat shock protein response may be in the febrile response induced by IL-1ß. CD163, a hemoglobin scavenger receptor, was up-regulated in acute malaria to potentially facilitate free hemoglobin up-take by peripheral leukocytes. In acute malaria, high MafB gene expression was negatively correlated with down-regulation of hemoglobin and platelet counts. Consistent with a down-regulation of hemoglobin expression, peripheral RBC counts tended to increase during the acute malaria. In our model, up-regulations of RBC and/or leucocyte binding mediators like CD36, ICAM1, thrombospondin, and thrombomodulin may contribute to the pathogenesis of cerebral malaria. Similarly, up-regulation of genes coding for glycolytic enzymes, glucose transporter and H+-ATPases may contribute to the hypoglycemia and metabolic acidosis frequently observed in seriously ill malaria patients. Overall gender effects on gene expression profiles between male and female subjects were not apparent, except that some hemoglobins were significantly down-regulated in male versus female; suggesting males may be more prone to the development of malaria associate anemia

Computer control of a PBX washout plant

A fully automated, computer controlled plant has been designed specifically for safe removal of plastic bonded explosives (PBX) from obsolete military munitions. This PBX washout plant consists of a two stage delivery system and robotically operated high pressure waterjet lance. The assigned task was to develop control packages for each component. The first stage of the delivery system is a battery operated overhead trolley. Its control package consist of a dedicated computer, DC motor and custom positioning subprograms. The dedicated computer communicates through an infrared link to the operator\u27s computer. This link was developed due to requirements of a hazardous environment. Probable software solutions for the communication are presented given current system configurations. The trolley positions the munition directly above a hydraulically operated table - the second stage of the delivery system. This stage\u27s control package incorporates three closed loop, first order circuits and software. The table positions the munition for explosive removal by the waterjet. The robotic waterjet lance is hydraulically controlled through four closed loop, first order circuits. The concepts of its controlling software is presented to better understand the currently developed software

From Paper to Practice: Key Lessons for Foundations Deploying Complex Strategies

As the philanthropic field continues to explore ways to increase impact and improve outcomes, more attention has focused on models that prioritize supporting grantee cohorts and collaborative efforts with shared intent over individual grantees and isolated projects. Public policy grantmaking, field-building, collective impact and public willbuilding all offer ready examples of these kinds of complex models and approaches.While each of these models and approaches has their own nuances, they have many commonalities in how they are planned and implemented. This report explores those commonalities through the lens of one foundation's experience in implementing a complex, multi-year public will-building strategy, and what that experience suggests be in place for effective implementation. The findings highlighted in this report are specifically intended for staff of foundations and other organizations interested in learning about the deployment of strategies that rely on building a cohort of established organizations to pursue a shared intent.