Stock Market Calendar Anomalies: Evidence from ASEAN-5 Stock Markets

To challenge the appropriateness of the theory of the weak-form market efficiency, this study examines the day-of-the-week effect and the twist-of-the-Monday effect for the ASEAN – 5 stock markets for the period June 10, 2002 through August 21, 2009. Our Kruskal-Wallis statistic test finds support for the day-of-the-week effect in Malaysia and Thailand stock markets. In addition, the Wilcoxon Rank Sum Test shows that Monday has significantly lower returns compared to Thursday and Friday returns in Malaysian stock market. On the other hand, Friday has the highest returns in a week and this is significantly different compared with other days in Thailand stock market. This study also found evidence on the twist-of-the-Monday effect, where returns on Mondays are influenced by the previous week's returns in Indonesia, Malaysia and the Philippines stock markets.Calendar Anomalies, Day-of-the-week, Twist-of-the-Monday, Non-parametric test

Stock Market Anomalies in South Africa and its Neighbouring Countries

This study adopted the alternative approach called closure test principle which is proposed by Alt et al. (2011) to examine the stock market anomalies in South Africa and its Neighbouring Countries. Overall, Egypt is the only country that has a strong Monday effect. On the other hand, weak Monday effect is found in Mauritius, Nigeria and Tunisia stock markets. When the time-varying volatility in the market returns is taken into account by the EGARCH – M model, strong Monday volatility is found in Egypt while Kenya and Nigeria is found to have weak Monday volatility.Monday Effect, Multiple Hypotheses Testing, Closed Test Procedures

Long-run Validity of Export-Led Growth: An Empirical Reinvestigation from Linear and Nonlinear Cointegration Test

This study is able to uncover long-run cointegration relationship for Singapore and South Korea, based on the Breitung (2001) rank test procedures. Breitung (2001) rank test can detect both linear and nonlinear cointegration relationships, added value to the literature with strong evidences of nonlinear cointegration on GDP growth and export.Export-led growth; Cointegration; Johansen; Nonlinear; Rank Tests

Excitonic energy transfer in light-harvesting complexes in purple bacteria

Two distinct approaches, the Frenkel-Dirac time-dependent variation and the Haken-Strobl model, are adopted to study energy transfer dynamics in single-ring and double-ring light-harvesting systems in purple bacteria. It is found that inclusion of long-range dipolar interactions in the two methods results in significant increases in intra- or inter-ring exciton transfer efficiency. The dependence of exciton transfer efficiency on trapping positions on single rings of LH2 (B850) and LH1 is similar to that in toy models with nearest-neighbor coupling only. However, owing to the symmetry breaking caused by the dimerization of BChls and dipolar couplings, such dependence has been largely suppressed. In the studies of coupled-ring systems, both methods reveal interesting role of dipolar interaction in increasing energy transfer efficiency by introducing multiple intra/inter-ring transfer paths. Importantly, the time scale (~4ps) of inter-ring exciton transfer obtained from polaron dynamics is in good agreement with previous studies. In a double-ring LH2 system, dipole-induced symmetry breaking leads to global minima and local minima of the average trapping time when there is a finite value of non-zero dephasing rate, suggesting that environment plays a role in preserving quantum coherent energy transfer. In contrast, dephasing comes into play only when the perfect cylindrical symmetry in the hypothetic system is broken. This study has revealed that dipolar interaction between chromophores may play an important part in the high energy transfer efficiency in the LH2 system and many other natural photosynthetic systems.Comment: 14 pages 9 figure

A re-examination of the calendar anomalies during the Asian financial crisis: Some empirical evidence from the closure test principle and the EGARCH-mean model

The Asian financial crisis was a remarkable financial crisis that hit many East Asia economies and prompted large financial bailouts. The financial crisis started in Thailand in July 1997 with slumping currency, devalued stock market and other asset prices. Indonesia, South Korea, Hong Kong, Malaysia and the Philippines were also hurt by the slump due to financial contagion. The financial crisis also put pressure on the United States, as its market was severely hit in October 1997. The movement of the major Asian indices and the Chicago Board Option Exchange (CBOE) Volatility Index (VIX), which is often referred to as the fear index, are plotted in Figure 5.1. As seen in Figure 5.1, the financial markets were calm from June to early October 1997, with major indices in a decreasing trend. However, the crisis changed the trend, the markets became extremely volatile and stock prices of a few markets dropped significantly towards the end of October 1997

Effectiveness and safety of erythropoiesis-stimulating agent use in the perioperative period

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Detection of Gravitational Wave - An Application of Relativistic Quantum Information Theory

We show that a passing gravitational wave may influence the spin entropy and spin negativity of a system of $N$ massive spin-1/2 particles, in a way that is characteristic of the radiation. We establish the specific conditions under which this effect may be nonzero. The change in spin entropy and negativity, however, is extremely small. Here, we propose and show that this effect may be amplified through entanglement swapping. Relativistic quantum information theory may have a contribution towards the detection of gravitational wave.Comment: 9 page

Transcriptionally active HERV-H retrotransposons demarcate topologically associating domains in human pluripotent stem cells.

Chromatin architecture has been implicated in cell type-specific gene regulatory programs, yet how chromatin remodels during development remains to be fully elucidated. Here, by interrogating chromatin reorganization during human pluripotent stem cell (hPSC) differentiation, we discover a role for the primate-specific endogenous retrotransposon human endogenous retrovirus subfamily H (HERV-H) in creating topologically associating domains (TADs) in hPSCs. Deleting these HERV-H elements eliminates their corresponding TAD boundaries and reduces the transcription of upstream genes, while de novo insertion of HERV-H elements can introduce new TAD boundaries. The ability of HERV-H to create TAD boundaries depends on high transcription, as transcriptional repression of HERV-H elements prevents the formation of boundaries. This ability is not limited to hPSCs, as these actively transcribed HERV-H elements and their corresponding TAD boundaries also appear in pluripotent stem cells from other hominids but not in more distantly related species lacking HERV-H elements. Overall, our results provide direct evidence for retrotransposons in actively shaping cell type- and species-specific chromatin architecture