On the correlation structure of microstructure noise in theory and practice

We argue for incorporating the financial economics of market microstructure into the financial econometrics of asset return volatility estimation. In particular, we use market microstructure theory to derive the cross-correlation function between latent returns and market microstructure noise, which feature prominently in the recent volatility literature. The cross-correlation at zero displacement is typically negative, and cross-correlations at nonzero displacements are positive and decay geometrically. If market makers are sufficiently risk averse, however, the cross-correlation pattern is inverted. Our results are useful for assessing the validity of the frequently-assumed independence of latent price and microstructure noise, for explaining observed cross-correlation patterns, for predicting as-yet undiscovered patterns, and for making informed conjectures as to improved volatility estimation methods

Spin-Lattice Relaxation in Metal-Organic Platinum(II) Complexes

The dynamics of spin-lattice relaxation (slr) of metal-organic Pt(II) compounds is studied. Often, such systems are characterized by pronounced zero-field splittings (zfs) of the lowest-lying triplets. Previous expressions for the Orbach slr process do not allow to treat such splitting patterns properly. We discuss the behavior of a modified Orbach expression for a model system and present results of a fit of the temperature dependence of the spin-lattice relaxation rate of Pt(2-thpy)$_2$ based on the modified expression.Comment: 9 pages, 3 figures (made from 4 .eps files), elsart.cls. Using dvips (dvipsk 5.58f), it may be necessary to manually edit the generated file letter.ps to change in the first line from PS-Adobe-2.0 to PS-Adobe-3.0. Chemical Physics Letters, in pres

On the Correlation Structure of Microstructure Noise in Theory and Practice

We argue for incorporating the financial economics of market microstructure into the financial econometrics of asset return volatility estimation. In particular, we use market microstructure theory to derive the cross-correlation function between latent returns and market microstructure noise, which feature prominently in the recent volatility literature. The cross-correlation at zero displacement is typically negative, and cross-correlations at nonzero displacements are positive and decay geometrically. If market makers are sufficiently risk averse, however, the cross-correlation pattern is inverted. Our results are useful for assessing the validity of the frequently-assumed independence of latent price and microstructure noise, for explaining observed crosscorrelation patterns, for predicting as-yet undiscovered patterns, and for making informed conjectures as to improved volatility estimation methods.Realized volatility, Market microstructure theory, High-frequency data, Financial econometrics

Corporate Spheres of Responsibility: Architects, Cowboys, and Eco-Warriors in Myanmar's Oil & Gas Industry

Myanmar's recently opened economy is flush with incoming investment and activity. World leaders advocate that all businesses entering the country must operate in a "socially responsible manner." However, the history of corporate social responsibility (CSR) in Myanmar is undefined, contradictory, and complex. Thus, to get a handle around what it means to be “responsible,” this paper investigates the collective way in which actors in the petroleum industry in Myanmar enact CSR from 1990 to 2014. The oil and gas (O&G) industry is the most lucrative, and arguably powerful, national sector. The practice and philosophy of CSR, which originated in this industry, is now proclaimed to be the starting point for this newly charted course of responsible business in Myanmar. Yet, activists and critics maintain that CSR is an insincere PR measure of profit maximization whereby companies can conduct business as normal. I argue that CSR in the Myanmar petroleum industry is influenced by more complex factors than profit maximization or image management. CSR initiatives are sculpted by (1) the geography of petroleum extraction, (2) corporate philosophies and company national origins, and (3) type of company operations. The petroleum industry's CSR activities to date, in terms of geographic span and development targets, all fit into a spectrum of assumed spheres of corporate responsibility that have been forged by the corporate ‘architects' and tempered by geographic and global forces

Inflammatory bowel disease-specific autoantibodies in HLA-B27-associated spondyloarthropathies: Increased prevalence of ASCA and pANCA

Aims: An association between inflammatory bowel disease (IBD) and spondyloarthropathies (SpA) has repeatedly been reported. The aim of the present study was to investigate whether serologic markers of IBD, e. g. antibodies against Saccharomyces cerevisiae (ASCA), antibodies against exocrine pancreas (PAB) and perinuclear antineutrophil cytoplasmic antibodies (pANCA) are present in HLA-B27-associated SpA. Methods: 87 patients with HLA-B27-positive SpA and 145 controls were tested for ASCA, PAB and pANCA employing ELISA or indirect immunofluorescence, respectively. Antibody-positive patients were interviewed regarding IBD-related symptoms using a standardized questionnaire. Results/Conclusion: When compared to the controls, ASCA IgA but not ASCA IgG levels were significantly increased in patients with SpA, in particular in ankylosing spondylitis (AS) and undifferentiated SpA (uSpA). pANCA were found in increased frequency in patients with SpA whereas PAB were not detected. The existence of autoantibodies was not associated with gastrointestinal symptoms but sustains the presence of a pathophysiological link between bowel inflammation and SpA. Copyright (C) 2004 S. Karger AG, Basel

Effects of Developmental Conditions on Nestling American Kestrel (\u3cem\u3eFalco Sparverius\u3c/em\u3e) Corticosterone Concentrations

How nestling birds respond to stressful situations may constitute an important survival component that has lasting developmental effects on the hypothalamic pituitary adrenal (HPA) axis. As birds are exposed to increasing amounts of potential anthropogenic stressors through land use change, understanding how these factors contribute to HPA development is important. We examined whether conditions experienced during the nestling stage affected free-living American Kestrel (Falco sparverius) HPA activity prior to fledging. Kestrels experienced varying levels of human disturbance around their nest and we classified this environmental exposure as high or low environmental human disturbance based on traffic patterns and land use. We then exposed some broods from high and low disturbance areas to a standardized disturbance protocol. Prior to fledging we collected blood samples from 25-day-old nestlings immediately after capture and 15 min post-capture. Corticosterone (CORT) did not vary with environmental human disturbance levels, disturbance protocol treatment, or with an interaction between environmental human disturbance and disturbance protocol treatment suggesting that nestling kestrels may not perceive external conditions related to human disturbance as stressful or kestrels may acclimate to disturbance. We also compared the relative effects of environmental human disturbance outside the nest cavity, conditions within the nest cavity (brood size), and individual condition (nestling fat scores) on baseline and stress-induced CORT. Baseline CORT did not vary with human disturbance level, brood size or fat score. Fat scores best explained stress-induced CORT with nestlings in better condition displaying elevated CORT. These results suggest that individual variation is more likely to explain HPA development compared to nest conditions or the external environment. This study demonstrates the importance of considering the effects of developmental conditions on the stress response at several scales

1420 MHz Continuum Absorption Towards Extragalactic Sources in the Galactic Plane

We present a 21-cm emission-absorption study towards extragalactic sources in the Canadian Galactic Plane Survey (CGPS). We have analyzed HI spectra towards 437 sources with S > 150 mJy, giving us a source density of 0.6 sources per square degree at arcminute resolution. We present the results of a first analysis of the HI temperatures, densities, and feature statistics. Particular emphasis is placed on 5 features with observed spin temperatures below 40 K. We find most spin temperatures in the range from 40 K to 300 K. A simple HI two-component model constrains the bulk of the cold component to temperatures (T_c) between 40 K and 100 K. T_c peaks in the Perseus arm region and clearly drops off with Galactocentric radius, R, beyond that. The HI density follows this trend, ranging from a local value of 0.4 cm^{-3} to less than 0.1 cm^{-3} at R = 20 kpc. We find that HI emission alone on average traces about 75% of the total HI column density, as compared to the total inferred by the emission and absorption. Comparing the neutral hydrogen absorption to CO emission no correlation is found in general, but all strong CO emission is accompanied by a visible HI spectral feature. Finally, the number of spectral HI absorption features per kpc drop off exponentially with increasing R.Comment: 13 pages, 13 figures, Accepted for March 2004 Ap