Spillover effects from London and Frankfurt to Central and Eastern European stock markets

This paper investigates comovement in stock markets between the emerging economies of Central and Eastern Europe (CEE) and the developed markets of Western Europe. Three approaches are employed to examine this issue. The first two approaches, time-varying realised correlation ratios and cointegration statistics, use a two-step technique to derive timevarying estimates of the comovement between returns on CEE and EU stock exchanges. The first step uses common factor analysis to define the factors driving CEE stock exchanges, while the second step evaluates the relationship between the leading principal factor for CEE countries and the DAX and FTSE using time-varying realised correlation and rolling cointegration statistics. The third approach employs multivariate GARCH techniques to obtain estimates of mean and variance spillover effects

Stock market co-movement in the Caribbean

This paper investigates co-movement in five Caribbean stock markets (Barbados, Jamaica and Trinidad and Tobago, The Bahamas and Guyana) using common factor analysis. The common factors are obtained using principal component analysis and therefore account for the maximum portion of the variance present in the stock exchanges investigated. We break our analysis down and test for co-movement in different periods so as to ascertain any changes that have taken place from one period to the next. In particular we examine 10-year, 5-year and 3-year periods. We also specify a vector autoregression model and test for co-movement between the five markets during the sample period through impulse response functions. Both of our tests fail to find any evidence of co-movement between the exchanges over the entire sample period. However, we find evidence of periodic co-movement, particularly between exchanges in Barbados, Jamaica and Trinidad and Tobago

Working Effectively with People who are Blind or Visually Impaired

This brochure on peoples who are blind or visually impaired and The Americans with Disabilities Act (ADA) is one of a series on human resources practices and workplace accommodations for persons with disabilities edited by Susanne M. Bruyère, Ph.D., CRC, SPHR, Director, Program on Employment and Disability, School of Industrial and Labor Relations – Extension Division, Cornell University

Application of redundancy in the Saturn 5 guidance and control system

The Saturn launch vehicle's guidance and control system is so complex that the reliability of a simplex system is not adequate to fulfill mission requirements. Thus, to achieve the desired reliability, redundancy encompassing a wide range of types and levels was employed. At one extreme, the lowest level, basic components (resistors, capacitors, relays, etc.) are employed in series, parallel, or quadruplex arrangements to insure continued system operation in the presence of possible failure conditions. At the other extreme, the highest level, complete subsystem duplication is provided so that a backup subsystem can be employed in case the primary system malfunctions. In between these two extremes, many other redundancy schemes and techniques are employed at various levels. Basic redundancy concepts are covered to gain insight into the advantages obtained with various techniques. Points and methods of application of these techniques are included. The theoretical gain in reliability resulting from redundancy is assessed and compared to a simplex system. Problems and limitations encountered in the practical application of redundancy are discussed as well as techniques verifying proper operation of the redundant channels. As background for the redundancy application discussion, a basic description of the guidance and control system is included

Remote sensor imagery in urban research - Some potentialities and problem

Imaging techniques of urban data collection for development and plannin

Melting of Branched RNA Molecules

Stability of the branching structure of an RNA molecule is an important condition for its function. In this letter we show that the melting thermodynamics of RNA molecules is very sensitive to their branching geometry for the case of a molecule whose groundstate has the branching geometry of a Cayley Tree and whose pairing interactions are described by the Go model. Whereas RNA molecules with a linear geometry melt via a conventional continuous phase transition with classical exponents, molecules with a Cayley Tree geometry are found to have a free energy that seems smooth, at least within our precision. Yet, we show analytically that this free energy in fact has a mathematical singularity at the stability limit of the ordered structure. The correlation length appears to diverge on the high-temperature side of this singularity.Comment: 4 pages, 3 figure