Financial Development and the Sensitivity of Stock Markets to External Influences

We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.Financial Development, Stock Markets, External Influences

Financial development and stock returns: A cross country analysis

We examine stock returns in a cross section of emerging and mature markets (49 countries) over 1980-99. Stock returns are found to be significantly related to the degree of financial development. In general, a deeper and higher quality banking system is associated with lower volatility of stock returns and a greater synchronization in the movements of domestic and world returns. International synchronization is also greater the more liquid the stock market.financial development; stock returns

Superlattices and NiPi structures in new forms of cascade solar cells

The activity in the field of photovoltaic semiconductor superstructures is described. Progress was accomplished in the two principal directions previously defined in our initial proposal, i.e.: (1) Theoretical investigation of the optical properties of superlattices; and (2) New solar cell concepts and device modeling. Although important information concerning the optical constants of superlattices and multiple quantum well structures was obtained from our computer model, most of the theoretical efforts have progressively shifted from the former to the latter aspect of the project because of the discovery of a new kind of photovoltaic device which may exhibit improved performances with respect to conventional solar cells

Deal or no deal: can incentives encourage widespread adoption of intelligent speed adaptation devices?

Given the burden of injury, economic, environmental and social consequences associated with speeding, reducing road traffic speed remains a major priority. Intelligent speed adaptation (ISA) is a promising but controversial new in-vehicle system that provides drivers with support on the speed-control task. In order to model potential system uptake, this paper explores drivers’ preferences for two different types of ISA given a number of alternative fiscal incentives and non-fiscal measures, using a stated preference approach. As would be expected with such a contentious issue, the analysis revealed the presence of significant variations in sensitivities and preferences in the sample. While a non-negligible part of the sample population has such strong opposition to ISA that no reasonable discounts or incentives would lead to them buying or accepting such a system, there is also a large part of the population that, if given the right incentives, would be willing or even keen to equip their vehicle with an ISA device

Estimating Monthly GDP In A General Kalman Filter Framework: Evidence From Switzerland

In this paper, we estimate deseasonalized monthly series for Swiss Gross Domestic Product at constant prices of 1990 for the period 1980-1998. They are consistent with the quarterly figures estimated by the Federal Office for Economic Development and Labour and are obtained by including information contained in related series. We present a general approach using the Kalman Filter technique nesting a great variety of interpolation setups. We evaluate competing models and provide a time series that can be used by other researchers.Interpolation, Kalman filter, National accounting.

Campylobacter jejuni colonization promotes the translocation of Escherichia coli to extra-intestinal organs and disturbs the short-chain fatty acids profiles in the chicken gut

For a long time Campylobacter was only considered as a commensal microorganism in avian hosts restricted to the ceca, without any pathogenic features. The precise reasons for the symptomless chicken carriers are still unknown, but investigations of the gastrointestinal ecology of broiler chickens may improve our understanding of the microbial interactions with the host. Therefore, the current studies were conducted to investigate the effects of Campylobacter jejuni colonization on Escherichia coli translocation and on the metabolic end products (short-chain fatty acids, SCFAs). Following oral infection of 14 day old broiler chickens with 1 × 108 CFU of Campylobacter jejuni NCTC 12744 in two independent animal trials, it was found that C. jejuni heavily colonized the intestine and disseminate to extra-intestinal organs. Moreover, in both animal trials, the findings revealed that C. jejuni promoted the translocation of E. coli with a higher number encountered in the spleen and liver at 14 days post infection (dpi). In addition, Campylobacter affected the microbial fermentation in the gastrointestinal tract of broilers by reducing the amount of propionate, isovalerate, and isobutyrate in the cecal digesta of the infected birds at 2 dpi and, at 7 and 14 dpi, butyrate, isobutyrate, and isovalerate were also decreased. However, in the jejunum, the C. jejuni infection lowered only butyrate concentrations at 14 dpi. These data indicated that C. jejuni may utilize SCFAs as carbon sources to promote its colonization in the chicken gut, suggesting that Campylobacter cannot only alter gut colonization dynamics but might also influence physiological processes due to altered microbial metabolite profiles. Finally, the results demonstrated that C. jejuni can cross the intestinal epithelial barrier and facilitates the translocation of Campylobacter itself as well as of other enteric microorganisms such as E. coli to extra-intestinal organs of infected birds. Altogether, our findings suggest that the Campylobacter carrier state in chicken is characterised by multiple changes in the intestinal barrier function, which supports multiplication and survival within the host

Applications of tunable high energy/pressure pulsed lasers to atmospheric transmission and remote sensing

Atmospheric transmission of high energy C12 O2(16) lasers were improved by pulsed high pressure operation which, due to pressure broadening of laser lines, permits tuning the laser 'off' atmospheric C12 O2(16) absorption lines. Pronounced improvement is shown for horizontal transmission at altitudes above several kilometers, and for vertical transmission through the entire atmosphere. The atmospheric transmission of tuned C12 O2(16) lasers compares favorably with C12 O2(18) isotope lasers and CO lasers. The advantages of tunable, high energy, high pressure pulsed lasers over tunable diode lasers and waveguide lasers, in combining high energies with a large tuning range, are evaluated for certain applications to remote sensing of atmospheric constituents and pollutants. Pulsed operation considerably increases the signal to noise ratio without seriously affecting the high spectral resolution of signal detection obtained with laser heterodyning

Possible Experience: from Boole to Bell

Mainstream interpretations of quantum theory maintain that violations of the Bell inequalities deny at least either realism or Einstein locality. Here we investigate the premises of the Bell-type inequalities by returning to earlier inequalities presented by Boole and the findings of Vorob'ev as related to these inequalities. These findings together with a space-time generalization of Boole's elements of logic lead us to a completely transparent Einstein local counterexample from everyday life that violates certain variations of the Bell inequalities. We show that the counterexample suggests an interpretation of the Born rule as a pre-measure of probability that can be transformed into a Kolmogorov probability measure by certain Einstein local space-time characterizations of the involved random variables.Comment: Published in: EPL, 87 (2009) 6000