The market efficiency in the stock markets

We study the temporal evolution of the market efficiency in the stock markets using the complexity, entropy density, standard deviation, autocorrelation function, and probability distribution of the log return for Standard and Poor's 500 (S&P 500), Nikkei stock average index, and Korean composition stock price index (KOSPI). Based on the microscopic spin model, we also find that these statistical quantities in stock markets depend on the market efficiency.Comment: 8 pages, 5 figure

Adipokinetic hormone enhances nodule formation and phenoloxidase activation in adult locusts injected with bacterial lipopolysaccharide

Interactions between the locust endocrine and immune systems have been studied in vivo in relation to nodule formation and activation of the prophenoloxidase cascade in the haemolymph. Injection of bacterial lipopolysaccharide (LPS) extracted from Escherichia coli induces nodule formation in larval and adult locusts but does not increase phenoloxidase activity in the haemolymph. Nodule formation starts rapidly after injection of LPS and is virtually complete within 8 h, nodules occurring mainly associated with the dorsal diaphragm on either side of the heart, but sometimes with smaller numbers associated with the ventral diaphragm on either side of the nerve cord. Co-injection of adipokinetic hormone-I (Lom-AKH-I) with LPS stimulates greater numbers of nodules to be formed in larval and adult locusts, and activates phenoloxidase in the haemolymph of mature adults but not of nymphs. The effect of co-injection of Lom-AKH-I with LPS on nodule formation is seen at low doses of hormone; only 0.4 pmol of Lom-AKH-I per adult locust is needed to produce a 50% increase in the number of nodules formed. When different components of LPS from the E. coli Rd mutant are tested, the mono- and the diphosphoryl Lipid A components have similar effects to the intact LPS. Remarkably, detoxified LPS activates phenoloxidase in the absence of Lom-AKH-I, although co-injection with hormone does enhance this response. Both diphosphoryl Lipid A and detoxified LPS induce a level of nodule formation that is enhanced by co-injection of Lom-AKH-I, but monophosphoryl Lipid A does not initiate nodule formation even when injected with hormone. Co-injection of a water-soluble inhibitor of eicosanoid synthesis, diclofenac (2-[(2, 6-dichlorophenyl)amino] benzeneacetic acid), reduces nodule formation in response to injections of LPS (both in the absence and presence of hormone) in a dose-dependent manner, but does not prevent activation of phenoloxidase in adult locusts. It is shown that nodule formation and activation of the prophenoloxidase in locust haemolymph can both be enhanced by Lom-AKH–I, but it is argued that these processes involve distinct mechanisms in which eicosanoid synthesis is important for nodule formation, but not for the increased phenoloxidase activity

Carbon-dioxide emissions trading and hierarchical structure in worldwide finance and commodities markets

In a highly interdependent economic world, the nature of relationships between financial entities is becoming an increasingly important area of study. Recently, many studies have shown the usefulness of minimal spanning trees (MST) in extracting interactions between financial entities. Here, we propose a modified MST network whose metric distance is defined in terms of cross-correlation coefficient absolute values, enabling the connections between anticorrelated entities to manifest properly. We investigate 69 daily time series, comprising three types of financial assets: 28 stock market indicators, 21 currency futures, and 20 commodity futures. We show that though the resulting MST network evolves over time, the financial assets of similar type tend to have connections which are stable over time. In addition, we find a characteristic time lag between the volatility time series of the stock market indicators and those of the EU CO2 emission allowance (EUA) and crude oil futures (WTI). This time lag is given by the peak of the cross-correlation function of the volatility time series EUA (or WTI) with that of the stock market indicators, and is markedly different (>20 days) from 0, showing that the volatility of stock market indicators today can predict the volatility of EU emissions allowances and of crude oil in the near future.Comment: 4 figure

The Quantity Theory of Money is Valid. The New Keynesians are Wrong!

We test the quantity theory of money (QTM) using a novel approach and a large new sample. We do not follow the usual approach of first differentiating the logarithm of the Cambridge equation to obtain an equation relating the growth rate of real GDP, the growth rate of money and inflation. These variables must then again be ‘integrated’ by averaging in order to obtain stable relationships. Instead we suggest a much simpler procedure for testing directly the stability of the coefficient of the Cambridge equation. For 125 countries and post-war data we find the coefficient to be surprisingly stable. We do not select for high inflation episodes as was done in most empirical studies; inflation rates do not even appear in our data set. Much work supporting the QTM has been done by economic historians and at the University of Chicago by Milton Friedman and his associates. The QTM was a foundation stone of the monetarist revolution. Subsequently belief in it waned. The currently dominant New Keynesian School, implicitly or explicitly denies the validity of the QTM. We survey this history and argue that the QTM is valid and New Keynesians are wrong

PENGARUH PERILAKU PEMERIKSA PAJAK DAN PROFESIONALISME PEMERIKSA PAJAK TERHADAP KINERJA PEMERIKSA PAJAK (Studi Pada KPP Pratama Bandung Karees )

ABSTRAK Penelitian ini bertujuan untuk mengetahui seberapa besar pengaruh perilaku pemeriksa pajak terhadap profesionalisme pemeriksa pajak dampaknya pada kinerja pemeriksa pajak dan untuk mengetahui seberapa besar pengaruh perilaku pemeriksa pajak dan profesionalisme pemeriksa pajak terhadap kinerja pemeriksa pajak . Metode penelitian yang digunakan adalah analisis deskriptif dan verifikatif. Populasi dari penelitian ini adalah pemeriksa pajak di KPP Pratama Bandung Karees yang berjumlah 30 responden. Te knik sampling yang digunakan adalah teknik sampling jenuh yaitu keseluruhan populasi dijadikan sampel penelitian. Analisis data dilakukan dengan menggunakan analisis path dan analisis regresi linier berganda. Hasil penelitian menunju k kan bahwa Perilaku Pemeriksa Pajak masuk ke dalam Kriteria cukup baik karena nilai rata - rata sebesar 33,77 berada pada interval 26,1 s/d 34. Secara parsial Perilaku Pemeriksa Pajak berpengaruh signifikan terhadap Kinerja Pemeriksa Pajak dengan kontribusi pengaruh sebesar 21, 6%. Profesionalisme Pemeriksa Pajak masuk ke dalam Kriteria cukup tinggi karena nilai rata - rata sebesar 47,8 berada pada interval 36,6 s/d 47,8 . Secara parsial Profesionalisme Pemeriksa Pajak berpengaruh signifikan terhadap Kinerja Pemeriksa Pajak dengan k ontribusi pengaruh sebesar 37,2%. Secara simultan Pengaruh Perilaku Pemeriksa Pajak dan Profesionalisme Pemeriksa Pajak terhadap Kinerja Pemeriksa Pajak adalah Perilaku Pemeriksa Pajak dan Profesionalisme Pemeriksa Pajak berpengaruh signifikan terhadap K inerja Pemeriksa Pajak dengan kontribusi pengaruh sebesar 59%. Pengaruh tidak langsung Perilaku Pemeriksa Pajak terhadap Kinerja Pemeriksa Pajak melalui Profesionalisme Pemeriksa Pajak sebesar 26,3%. Total pengaruh Perilaku Pemeriksa Pajak, Profesionalism e Pemeriksa Pajak terhadap Kinerja Pemeriksa Pajak sebesar 47,9%. Kata kunci : Perilaku Pemeriksa Pajak , Profesionalisme Pemeriksa Pajak dan Kinerja Pemeriksa Pajak

Evolutionary games on graphs

Game theory is one of the key paradigms behind many scientific disciplines from biology to behavioral sciences to economics. In its evolutionary form and especially when the interacting agents are linked in a specific social network the underlying solution concepts and methods are very similar to those applied in non-equilibrium statistical physics. This review gives a tutorial-type overview of the field for physicists. The first three sections introduce the necessary background in classical and evolutionary game theory from the basic definitions to the most important results. The fourth section surveys the topological complications implied by non-mean-field-type social network structures in general. The last three sections discuss in detail the dynamic behavior of three prominent classes of models: the Prisoner's Dilemma, the Rock-Scissors-Paper game, and Competing Associations. The major theme of the review is in what sense and how the graph structure of interactions can modify and enrich the picture of long term behavioral patterns emerging in evolutionary games.Comment: Review, final version, 133 pages, 65 figure

Fatty-Acid Preference Changes during Development in Drosophila melanogaster

Fatty-acids (FAs) are required in the diet of many animals throughout their life. However, the mechanisms involved in the perception of and preferences for dietary saturated and unsaturated FAs (SFAs and UFAs, respectively) remain poorly explored, especially in insects. Using the model species Drosophila melanogaster, we measured the responses of wild-type larvae and adults to pure SFAs (14, 16, and 18 carbons) and UFAs (C18 with 1, 2, or 3 double-bonds). Individual and group behavioral tests revealed different preferences in larvae and adults. Larvae preferred UFAs whereas SFAs tended to induce both a strong aversion and a persistent aggregation behavior. Adults generally preferred SFAs, and laid more eggs and had a longer life span when ingesting these substances as compared to UFAs. Our data suggest that insects can discriminate long-chain dietary FAs. The developmental change in preference shown by this species might reflect functional variation in use of FAs or stage-specific nutritional requirements, and may be fundamental for insect use of these major dietary components