Microstructure noise, realized volatility, and optimal sampling

Recorded prices are known to diverge from their "efficient" values due to the presence of market microstructure contaminations. The microstructure noise creates a dichotomy in the model-free estimation of integrated volatility. While it is theoretically necessary to sum squared returns that are computed over very small intervals to better identify the underlying quadratic variation over a period, the summing of numerous contaminated return data entails substantial accumulation of noise. Using asymptotic arguments as in the extant theoretical literature on the subject, we argue that the realized volatility estimator diverges to infinity almost surely when noise plays a role. While realized volatility cannot be a consistent estimate of the quadratic variation of the log price process, we show that a standardized version of the realized volatility estimator can be employed to uncover the second moment of the (unobserved) noise process. More generally, we show that straightforward sample moments of the noisy return data provide consistent estimates of the moments of the noise process. Finally, we quantify the finite sample bias/variance trade-off that is induced by the accumulation of noisy observations and provide clear and easily implementable directions for optimally sampling contaminated high frequency return data for the purpose of volatility estimationMicrostructure noise, realized volatility

Forecasting Transaction Rates: The Autoregressive Conditional Duration Model

This paper will propose a new statistical model for the analysis of data that does not arrive in equal time intervals such as financial transactions data, telephone calls, or sales data on commodities that are tracked electronically. In contrast to fixed interval analysis, the model treats the time between observation arrivals as a stochastic time varying process and therefore is in the spirit of the models of time deformation initially proposed by Tauchen and Pitts (1983), Clark (1973) and more recently discussed by Stock (1988), Lamoureux and Lastrapes (1992), Muller et al. (1990) and Ghysels and Jasiak (1994) but does not require auxiliary data or assumptions on the causes of time flow. Strong evidence is provided for duration clustering beyond a deterministic component for the financial transactions data analyzed. We will show that a very simple version of the model can successfully account for the significant autocorrelations in the observed durations between trades of IBM stock on the consolidated market. A simple transformation of the duration data allows us to include volume in the model.

Creating a Caring Culture: Exploring the Implications of Gratitude in Adult Education

Viewing classrooms as a culture, we sought to determine if gratitude could be a meaningful resource for creating a “caring” culture within the classroom setting. Findings suggest that gratitude promotes prosocial behaviors, builds stronger relationships, and helps to develop a greater sense of well-being (McCullough, Emmons, & Tsang, 2002; Emmons, 2008)

C.A.R.I.N.G: A Conceptual Model for Promoting Student Well-Being

From our own experiences as educators, we found that many college students seemed overwhelmed and stressed from a myriad of academic and personal responsibilities. The C.A.R.I.N.G. model provides a new lens for promoting student well-being through the utilization of adult learning principles

Correlates to Performance on Field Tests of Muscular Strength

Field tests of upper body muscular strength and endurance (UBMSE) are often administered to children, but little is known about the determinants of performance on these tests. Therefore the purpose of this investigation was to examine potential determinants of performance on several common field tests of UBMSE including pull-ups, flexed-arm hang, push-ups, and two types of modified pull-ups. Subjects were 56 girls, and 38 boys, ages 9 to 11 years. Potential determinants assessed were age, height, weight, gender, % fat, physical activity, and laboratory measures of muscular strength and endurance. Multiple regression analysis revealed that the laboratory measures of UBMSE failed to account for significant fractions of variance in performance on four of the five tests. However, % fat was significantly associated with performance on four of five tests. These results indicate that factors other than muscular strength and endurance account for most of the variance in performance, and that % fat appears to be a particularly important determinant of performance

STING-dependent recognition of cyclic di-AMP mediates type I interferon responses during Chlamydia trachomatis infection.

UnlabelledSTING (stimulator of interferon [IFN] genes) initiates type I IFN responses in mammalian cells through the detection of microbial nucleic acids. The membrane-bound obligate intracellular bacterium Chlamydia trachomatis induces a STING-dependent type I IFN response in infected cells, yet the IFN-inducing ligand remains unknown. In this report, we provide evidence that Chlamydia synthesizes cyclic di-AMP (c-di-AMP), a nucleic acid metabolite not previously identified in Gram-negative bacteria, and that this metabolite is a prominent ligand for STING-mediated activation of IFN responses during infection. We used primary mouse lung fibroblasts and HEK293T cells to compare IFN-β responses to Chlamydia infection, c-di-AMP, and other type I IFN-inducing stimuli. Chlamydia infection and c-di-AMP treatment induced type I IFN responses in cells expressing STING but not in cells expressing STING variants that cannot sense cyclic dinucleotides but still respond to cytoplasmic DNA. The failure to induce a type I IFN response to Chlamydia and c-di-AMP correlated with the inability of STING to relocalize from the endoplasmic reticulum to cytoplasmic punctate signaling complexes required for IFN activation. We conclude that Chlamydia induces STING-mediated IFN responses through the detection of c-di-AMP in the host cell cytosol and propose that c-di-AMP is the ligand predominantly responsible for inducing such a response in Chlamydia-infected cells.ImportanceThis study shows that the Gram-negative obligate pathogen Chlamydia trachomatis, a major cause of pelvic inflammatory disease and infertility, synthesizes cyclic di-AMP (c-di-AMP), a nucleic acid metabolite that thus far has been described only in Gram-positive bacteria. We further provide evidence that the host cell employs an endoplasmic reticulum (ER)-localized cytoplasmic sensor, STING (stimulator of interferon [IFN] genes), to detect c-di-AMP synthesized by Chlamydia and induce a protective IFN response. This detection occurs even though Chlamydia is confined to a membrane-bound vacuole. This raises the possibility that the ER, an organelle that innervates the entire cytoplasm, is equipped with pattern recognition receptors that can directly survey membrane-bound pathogen-containing vacuoles for leaking microbe-specific metabolites to mount type I IFN responses required to control microbial infections

Devils, Witches, Pagans and Vampires: Studies in the Magical World View (Dr. Caligari\u27s Carnival of Shadows Halloween Festival Fort Hays State University)

This volume of Fort Hays Studies, then, does not appear in a vacuum; it is a contribution to a legitimate and growing corpus of works which explore a part of social history and literature too often ignored. The authors of the essays in this special collection have all participated in an interdisciplinary event at Fort Hays State University which, for lack of a more precise appellation, has been called the university Halloween Festival.https://scholars.fhsu.edu/fort_hays_studies_series/1028/thumbnail.jp

Energetic Adaptations along a Broad Latitudinal Gradient: Implications for Widely Distributed Assemblages

Most community-based models in ecology assume that all individuals within a species respond similarly to environmental conditions and thereby exert identical effects as consumers or prey. Rather, individuals differ among systems, with important implications for population demographics and community interactions. For widely distributed assemblages made up of poikilotherms with high first-year mortality, species-specific differences in growth reaction norms as affected by both temperature and genotype will influence biotic interactions. For a broadly distributed fish assemblage, first-year growth does not vary with latitude for a planktivorous prey species, but declines with increasing latitude for a terminal piscivore. Size-based competitive interactions between these species are likely to be more intense at high latitudes, as they spend an extended time sharing resources during early life. Such patterns probably are pervasive and must be considered when seeking to understand species interactions. Improving our knowledge of how temperature and local adaptations affect size-based interactions should enhance our ability to manage and conserve widespread assemblages

Heroic Helping: The Effects of Priming Superhero Images on Prosociality

Two experiments examined how exposure to superhero images influences both prosociality and meaning in life. In Experiment 1 (N = 246) exposed individuals to scenes with superhero images or neutral images. Individuals primed with superhero images reported greater helping intentions relative to the control group, which, in turn, were associated with increased meaning in life (indirect effect only; no direct effect). In Experiment 2 (N = 123), individuals exposed to a superhero poster helped an experimenter in a tedious task more than those exposed to a bicycle poster, though no differences were found for meaning in life. These results suggest that subtle activation of superhero stimuli increases prosocial intentions and behavior

Modeling and Design of Polythiophene Gate Electrode ChemFETs for Environmental Pollutant Sensing

Water-borne pollutants such as volatile organic compounds are a serious environmental concern, which has increased the demand for chemical sensing elements. Solidstate sensors based on catalytic gate devices are a subject of current research, however they are restricted in practical applications because of their inability to operate at room temperature. Conducting polymer FETs, which employ a conducting gate polymer, have received much attention due to their unique electronic and optical properties. Polythiophene is chosen as the semi-conductive gate polymer in this work. A functional group attached to the polythiophene is used to detect analytes (i.e., mercury in this work) of interest. The selectivity of the derivitized polythiophene to mercury can he rationalized based on the size of the ring, presence of oxygen and nitrogen donor atoms. In this paper, the modeling and design of a polythiophene gate electrode ChemFET will he discussed. Specifically the model development and resultant device simulations using Silvaco TCAD will be presented. Using this model various current-voltage characteristics of the ChemFET corresponding to parameters such as substrate doping, gate oxide thickness, various gate stacks, and device geometries are presented