Global yield curve dynamics and interactions: a dynamic Nelson-Siegel approach

The popular Nelson-Siegel (1987) yield curve is routinely fit to cross sections of intra-country bond yields, and Diebold and Li (2006) have recently proposed a dynamized version. In this paper we extend Diebold-Li to a global context, modeling a potentially large set of country yield curves in a framework that allows for both global and country-specific factors. In an empirical analysis of term structures of government bond yields for the Germany, Japan, the U.K. and the U.S., we find that global yield factors do indeed exist and are economically important, generally explaining significant fractions of country yield curve dynamics, with interesting differences across countries

Global Yield Curve Dynamics and Interactions: A Dynamic Nelson-Siegel Approach

The popular Nelson-Siegel (1987) yield curve is routinely fit to cross sections of intra-country bond yields, and Diebold and Li (2006) have recently proposed a dynamized version. In this paper we extend Diebold-Li to a global context, modeling a potentially large set of country yield curves in a framework that allows for both global and country-specific factors. In an empirical analysis of term structures of government bond yields for the Germany, Japan, the U.K. and the U.S., we find that global yield factors do indeed exist and are economically important, generally explaining significant fractions of country yield curve dynamics, with interesting differences across countries.Term Structure, Interest Rate, Dynamic Factor Model, Global Yield, World Yield, Bond Market

Alien Registration- Beaulieu, Francis Z. (Lewiston, Androscoggin County)

https://digitalmaine.com/alien_docs/30548/thumbnail.jp

Biology and assessment of the painted sweetlips (Diagramma pictum (Thunberg, 1792)) and the spangled emperor (Lethrinus nebulosus (Forsskål, 1775)) in the southern Arabian Gulf

The population biology and status of the painted sweeplips (Diagramma pictum) and spangled emperor (Lethrinus nebulosus) in the southern Arabian Gulf were established by using a combination of size-frequency, biological, and size-at-age data. Transverse sections of sagittal otoliths were characterized by alternating translucent and opaque bands that were validated as annuli. Comparisons of growth characteristics showed that there were no significant differences (P>0.05) between sexes. There were well defined peaks in the reproductive cycle, spawning occurred from April to May for both species, and the mean size at which females attained sexual maturity was 31.8 cm fork length (LF) for D. pictum and 27.6 cm (LF) for L. nebulosus. The mean sizes at first capture (21.1 cm LF for D. pictum and 26.4 cm LF for L. nebulosus) were smaller than the sizes for both at first sexual maturity and those at which yield per recruit would be maximized. The range of fishing-induced mortality rates for D. pictum (0.37−0.62/yr) was substantially greater than the target (Fopt=0.07/yr) and limit (Flimit=0.09/ yr) estimates. The range of fishing-induced mortality rates for L. nebulosus (0.15/yr to 0.57/yr) was also in excess of biological reference points (Fopt=0.10/yr and Flimit=0.13/yr). In addition to growth overfishing, the stocks were considered to be recruitment overfished because the biomass per recruit was less than 20% of the unexploited levels for both species. The results of the study are important to fisheries management authorities in the region because they indicate that both a reduction in fishing effort and mesh-size regulations are required for the demersal trap fishery

17,000 acres of the famous Warren Ranch : located nine to fifteen miles northeast of Muleshoe, in the shallow water belt.

28 pages (24 pdf pages) : illustrations ; 21 cmItem advertises lands for sale in Bailey, Lamb, Parmer and Castro counties.9 pages missing between pages 11 and 19.TEX 53 F198 B62

Action And Motivation: Measuring Perception Or Strategies?

It has been suggested that when judging the distance to a desirable object, motivated distortions of perceived distance occur, and that these distortions can be measured by actions, such as throwing a beanbag. The results of two new experiments suggest that reported variations in beanbag performance may instead depend on instructional effects, such as ones that emphasize proximity rather than accuracy. When the goal was to be closest to the target, underthrowing was observed, whether the target was intrinsically valuable or not. When the goal was to hit the target, however, throwing performance was unbiased

Effects of a saponin fraction extracted from Trigonella foenum-graecum L. and two commercially available saponins on sex ratio and gonad histology of Nile tilapa fry, Oreochromis niloticus (L.)

Over three million tonnes (t) of tilapia, mostly Nile tilapia (Oreochromis niloticus, L.), are produced annually making it the second most abundantly produced freshwater fish (FAO, 2010). Tilapia are mouthbreeders that often produce stunted populations under pond conditions; one means of prevention is to produce all-male fish with the additional advantage that males usually grow faster than females. All-male populations can be achieved by supplementing feed with androgens such as 17-α-Methyltestosterone (MT) during days 10–25 post-hatch (Pandian and Sheela, 1995). However, MT is considered to be carcinogenic (Velazquez and Alter, 2004), and Hulak et al. (2008) also showed that effluents of systems in which carp were fed diets containing MT caused masculinization of female fish. Furthermore, in aquaculture the application of hormones to fish destined for human consumption is prohibited in the European Union under directive 96/22/EC, article 5, which also prohibits import of animal products produced with hormones. Kwon et al. (2000) showed that Fadrozole, a non-steroidal compound, caused masculinization in tilapia by inhibiting aromatase, which is the enzyme responsible for the conversion of endogenous androgens to estrogens. Steinbronn et al. (2004) were able to show that a dose of 2000 ppm Quillaja saponins (Sigma S-2149) inhibited reproduction of tilapia after dietary application for 32 days to first-feeding fry, suggesting saponins as a possible alternative to MT. These secondary plant compounds consist of either a steroid or triterpenoid basic structure (aglycone or sapogenin) plus one or more sugar side chains (Francis et al., 2002a). In a previous experiment a saponin fraction from the soapbark tree (Quillaja saponaria M.) inhibited aromatase in vitro (Golan et al., 2008). The fenugreek plant (Trigonella foenum-graecum L), widely cultivated in the Middle East and Asia, also has a high saponin content. The experiment was therefore conducted to test whether saponin fractions from Q. saponaria and from T. foenum-graecum were able to influence the sex ratio and gonad histology of Nile tilapia

Relationship Between Cognitive Deficits and Duration of Illness in Early-Phase Schizophrenia

poster abstractSchizophrenia is a chronic and disabling illness in which the etiology is unknown and there is no cure; approximately 1% of people have this disorder that costs an estimated $60 billion annually. The cognitive deficits associated with schizophrenia are a major facet of the disease and attribute to dysfunction in areas of attention, memory, and language. The inconsistencies and scarcity of literature examining the relationship between these cognitive deficits and duration of illness indicate need for this type of research. The primary aim of this study is to determine the correlation between cognitive deficits and duration of illness in early-phase schizophrenia. It is hypothesized that cognition and duration are indirectly related; this hypothesis will be tested using baseline cognitive data from A Double-Blind Trial of Adjunctive Valacyclovir to Improve Cognition in Early Phase Schizophrenia. These correlations can ultimately lead to the next step in discovering the cure for schizophrenia