Long-Memory Models in Testing the Efficiency Market Hypothesis of the Algerian Exchange Market

The purpose of this study is to examine the Efficiency Market Hypothesis (EMH) from the perspective of the Algerian exchange rate market. We apply different tests of dependence, long memory, volatility clustering and unit root tests over the three main Algerian exchange rate returns series vis–à-vis the US Dollar, the Euro, and the British Pound. Empirical findings suggest that combined Autoregressive Moving Average (ARMA)-Fractionally Integrated Generalized Autoregressive Conditional Heteroskedastic (FIGARCH) models were the most appropriate to represent the behavior of exchange rate returns. We also compare the predictive qualities of the estimated models and the Random Walk (RW) in terms of out-of-sample forecasting. The results are held to imply the rejection of the EMH in the Algerian exchange rate market. Therefore, the exchange rates fluctuations can be predicted, which may help public authorities intervene in the exchange market and assess the consequences of different economic policies

Chemical composition, in vitro antioxidant and anti-inflammatory activities of Juniperus oxycedrus subsp. oxycedrus extracts from Algeria

This study was conducted to examine chemical compositions, the anti-oxidant and anti-inflammatory properties of methanolic and aqueous extracts from aerial parts of Juniperus oxycedrus subsp oxycedrus growing in Mascara, Algeria. The quantitative assessment indicated that methanol extract was the most concentrated in phenolic, flavonoid and tannin contents (167.77±5.12 mg GAE/g DW, 90.56±2.23 mg QE/g DE and 110.21±2.38 mg CE/g DE respectively). The chromatographic analysis by HPLC showed quantitative differences in phenolic constutents, noting that Chlorogenic acid was the major compound of both extracts. Moreover, methanolic extract exhibited the highest antioxidant activity than the aqueous extract when tested by the 1,1-diphenyl-2-picrylhydrazyl (IC50 4.45±0.001 μg/mL) and phosphomolybdenum (328.52±0.071 mg of GAE/g DW) assays. Furthermore, the in vitro anti-inflammatory activity showed a strong inhibition of albumin denaturation by the methanolic extract at different concentrations when compared to standard drug diclofenac sodium. These findings confirm the richness of Algerian Juniperus oxycedrus extracts in bioactive compounds with antioxidant and anti-inflammatory capacities. These results are compatible with the use of the plant in traditional medicine. DOI: http://dx.doi.org/10.5281/zenodo.713528