Time varying volatility transmission: the case of emerging equity markets in Asia and Latin America, 1984 – 2004

Using a multivariate BEKK GARCH model, we investigate volatility transmission i.e. spillover effects within and between emerging equity markets in Asia and Latin America. Our approach allows cross-border spillover effects to vary over time and we break the time series of market returns into four distinct time intervals which correspond with periods of equity market segmentation, liberalisation, financial crisis, and economic recovery. Generally, volatility transmission is time varying in emerging markets but it does not necessarily increase following equity market liberalisation. Our estimates suggest there are some differences in the evolution of volatility transmission between Asian and Latin markets. However, we find evidence of cross-border interdependencies between Asian and Latin equity markets

Volatility transmission and changes in stock market interdependence in the European Community

A multivariate BEKK GARCH representation is employed to model stock market interdependence in groups of EC stock markets between 1987 and 2003. Using daily data, we estimate the effect that news or information spillovers from one market has on the next day returns in other markets. We quantify the sources of volatility transmission as price changes and noise. Our models allow interdependencies to vary over time allowing us to investigate whether interdependence changes following the introduction of the single currency. Generally, stock market integration increases after 1999 although there are differences in the levels of interdependence between (and within) northern and southern European markets. Information spillovers are tend to be transmitted more through noise than price changes though volatility transmission between Germany, Europe’s leading economic power, and the UK, Europe’s leading financial power, is through price changes after 1999. The results support the view that financial deregulation leads to financial market integration implying that further deregulatory acts can be expected to realise positive outcomes. The major European markets are increasingly integrated with the international (US) market. We observe the main transmission mechanism between Germany and the US is noise whereas it is price changes between the UK and US. Whereas US information influences UK returns more than UK information affects US returns, innovations in Germany are at least as important as US news is on next day German returns. Our conjecture is that the information content of European markets is not homogeneous to international markets

External vs. Innate: Sources of Resiliency Among Emerging Adults, Black Gay and Bisexual Men

The purpose of this research was to examine the main sources and origins of resiliency that are present among Black gay and bisexual men. Resiliency refers to one’s response to adversity and ability to positively adapt to difficult situations. Twenty participants ranging in age between 18-25 years old (M = 22.8 years, SD = 1.7 years) participated in a semi-structured interview. Participants indicated varying sources of resiliency, which they utilize to encounter hardships. Innate sources (i.e., I was born this way) and external sources (i.e., music, my grandmother’s spirit) were conveyed by participants as mechanisms to overcome adversity. The current findings seek to increase social understanding of the means through which these emerging adults overcome adversity, in effort to decrease social marginalization, stigmatization, and discrimination

Strange form factors of the nucleon in a two-component model

The strange form factors of the nucleon are studied in a two-component model consisting of a three-quark intrinsic structure surrounded by a meson cloud. A comparison with the available experimental world data from the SAMPLE, PVA4, HAPPEX and G0 collaborations shows a good overall agreement. The strange magnetic moment is found to be positive, 0.315 nm.Comment: 11 pages, 2 tables, 5 figures, accepted for publication in J. Phys. G. Revised version, new figures, extra table, new results, updated reference

Effect of CRINA RUMINANTS AF, a Mixture of Essential Oil Compounds, on Ruminal Fermentation and Digestibility

Eight ruminally fistulated steers were used in a metabolism experiment to determine effects of an essential oil feed additive in altering steer ruminal fermentation characteristics and nutrient digestibilities. Yearling steers were fed three treatments: 1) Control (CON) 2) CRINA RUMINANTS AF (CRINA) and 3) Rumensin® (RUM). There were no differences in DMI, OM intake, total tract DM and OM digestibilities, or pH among treatments. Steers receiving the CRINA treatment consumed 24.5% fewer meals than CON. Ruminal acetate was greatest and total VFA concentrations tended to be greatest for CRINA treatment. Acetate:propionate was 1.68, 1.49, and 1.43 for CON, CRINA, and RUM, respectively, suggesting addition of CRINA RUMINANTS AF favorably alters rumen fermentation end products without negatively affecting intake or rumen pH

The Effect of Chronic Digitoxin Administration on the Contractile State of Normal and Nonfailing Hypertrophied Myocardium

A B S T R A C T To determine the effect of prolonged digitoxin administration on contractile function of nonfailing myocardium, right ventricular papillary muscle mechanics were examined after 6 or 24 wk of glycoside administration to control and pulmonary artery banded cats. Resting length-tension relations were not affected by digitoxin; however, isometrically developed force and the maximal rate of force development at the peak of the length-tension curve were increased in all treated groups. In untreated animals, banding resulted in a 28% incidence of deaths from heart failure. 6 wk after constriction, contractile function was depressed whereas normal function was observed 24 wk after banding. Digitoxin significantly reduced mortality from heart failure and enhanced the recovery of contractile function; contractile function in the 6 wk banded treated group approached that of untreated control and 24-wk banded groups. The long-term effects of digitoxin on contractile function were not importantly related to the temporal association between banding and institution of glycoside administration. Development of myocardial hypertrophy was comparable in treated and untreated banded groups. These results demonstrate that a significant positive inotropic effect persists in both normal and nonfailing hypertrophied myocardium during chronic digitoxin administration

Personality Traits in Juvenile Delinquents: Associations with Peer and Family Relations

Objective: To establish family and peer correlates of personality traits shown to be predictive of future criminal recidivism. Method: 137 incarcerated boys aged 13-18 (x = 16 ± 1.2), 35% black, 21% Hispanic, 43% white, and 1% other completed the Weinberger Adjustment Inventory (WAI) and a psychosocial history obtained by a social worker. Records were summarized using two raters who assigned numerical ratings to dimensions of family and peer relations. Results: As expected, observer ratings of family and peer relationships were correlated with the personality characteristics of distress, denial and restraint as measured by the WAI. Conclusion: Family and peer relations are associated with certain personality traits that are predictive of criminal recidivism in delinquents. This study further expands the knowledge base regarding the social and interpersonal correlates of individual traits predicting criminal recidivism

Searching for life with rovers: exploration methods and science results from the 2004 field campaign of the “Life in the Atacama” project and applications to future Mars Missions

LITA develops and field tests a long-range automated rover and a science payload to search for microbial life in the Atacama. The Atacama's evolution provides a unique training ground for designing and testing exploration strategies and life detection methods for the search for life on Mars

Electron Volt Spectroscopy On The SNS: Initial Facilities and Functional Design

A brief description is presented of the instrument which it is anticipated will be available at the beginning of SNS operations for the development and scientific use of electron volt inelastic neutron spectroscopy

Diverse peptide hormones affecting root growth identified in the Medicago truncatula secreted peptidome

Multigene families encoding diverse secreted peptide hormones play important roles in plant development. A need exists to efficiently elucidate the structures and post-translational-modifications of these difficult-to-isolate peptide hormones in planta so that their biological functions can be determined. A mass spectrometry and bioinformatics approach was developed to comprehensively analyze the secreted peptidome of Medicago hairy root cultures and xylem sap. We identified 759 spectra corresponding to the secreted products of twelve peptide hormones including four CEP (C-TERMINALLY ENCODED PEPTIDE), two CLE (CLV3/ENDOSPERM SURROUNDING REGION RELATED) and six XAP (XYLEM SAP ASSOCIATED PEPTIDE) peptides. The MtCEP1, MtCEP2, MtCEP5 and MtCEP8 peptides identified differed in post-translational-modifications. Most were hydroxylated at conserved proline residues but some MtCEP1 derivatives were tri-arabinosylated. In addition, many CEP peptides possessed unexpected N- and C-terminal extensions. The pattern of these extensions suggested roles for endo- and exoproteases in CEP peptide maturation. Longer than expected, hydroxylated and homogeneously modified mono- and tri-arabinosylated CEP peptides corresponding to their in vivo structures were chemically synthesized to probe the effect of these post-translational-modifications on function. The ability of CEP peptides to elevate root nodule number was increased by hydroxylation at key positions. MtCEP1 peptides with N-terminal extensions or with tri-arabinosylation modification, however, were unable to impart increased nodulation. The MtCLE5 and MtCLE17 peptides identified were of precise size, and inhibited main root growth and increased lateral root number. Six XAP peptides, each beginning with a conserved DY sulfation motif, were identified including MtXAP1a, MtXAP1b, MtXAP1c, MtXAP3, MtXAP5 and MtXAP7. MtXAP1a and MtXAP5 inhibited lateral root emergence. Transcriptional analyses demonstrated peptide hormone gene expression in the root vasculature and tip. Since hairy roots can be induced on many plants, their corresponding root cultures may represent ideal source materials to efficiently identify diverse peptide hormones in vivo in a broad range of species.This work was supported by ARC grants to MAD: DP150104050 and LP150100826. NP was partly supported by an Endeavor Fellowship. NAMR was supported by an ANU Ph.D. scholarship supported by DP120101893. AI was supported by an Australian Post-graduate Award and an AW Howard Memorial Award. LC was supported by the Bruce-Veness Chandler and the John A. Lamberton research scholarship