Financial Contagion and Market Liquidity: Evidence from the Asian Crisis

Models of financial crisis and contagion predict that an economic crisis turns into a crisis of market liquidity in the presence of borrowing constraints, information asymmetry and risk aversion. Based on the firm-level data on a sample of exposed and unexposed US stocks to the Asian currency crisis, we find a significant increase (decrease) in the crisis period bid-ask spreads (depth) and their volatilities for both the groups. While our results underscore the imprints of flight to quality, we detect little causal patterns in liquidity innovations. An important implication of our findings, as evidenced by the recent crisis, is that regulatory response to enhance liquidity during a crisis should not be limited to the industries and markets directly exposed to the crisis. Finally, we find that the deterioration in market liquidity provides a partial explanation for the crisis-induced abnormal returns

A synthesis-based method for pitch extraction

A synthesis-based method for pitch extraction of the speech signal is proposed. The method synthesizes a number of log power spectra for different values of fundamental frequency and compares them with the log power spectrum of the input speech segment. The average magnitude (AM) difference between the two spectra is used for comparison. The value of fundamental frequency that gives the minimum AM difference between the synthesized spectrum and the input spectrum is chosen as the estimated value of fundamental frequency. The voiced/unvoiced decision is made on the basis of the value of the AM difference at the minimum. For synthesizing the log power spectrum, the speech signal is assumed to be the output of an all-pole filter. The transfer function of the all-pole filter is estimated from the input speech segment by using the autocorrelation method of linear prediction. The synthesis-based method is tried out on real speech data and the results are discussed

North-Holland Publishing Company SHORT COMMUNICATION EVALUATION OF VARIOUS LINEAR PREDICTION PARAMETRIC REPRESENTATIONS IN VOWEL RECOGNITION

Abstract. Several alternate linear prediction parametric representations are experimentally compared as to their vowel recognition performance. The speech data used for this purpose consist of 900 utterances of 10 different vowels spoken by 3 speakers in a/b/-vowel-/b/context. The cepstral coefficients representation is found to be the best linear prediction parametric representation. Zusammeniassu'ag. In diesem Beitrag werden verschiedene parametrische Darstellungen yon Sprachsignalen, die auf dem Prinzip der linearen Pr;,idiktion (LPC) basieren, auf ihre Verwendbarkeit in einem Spracherkennungssystem f~r Vokale experimentell untersucht. Das verwendete Sprachmaterial besteht hierbei aus 900 Beispielen yon 10 verschiedenen Vokale

Fano interference in quantum resonances from angle-resolved elastic scattering

Asymmetric spectral line shapes are a hallmark of interference of a quasi-bound state with a continuum of states. Such line shapes are well known for multichannel systems, for example, in photoionization or Feshbach resonances in molecular scattering. On the other hand, in resonant single channel scattering, the signature of such interference may disappear due to the orthogonality of partial waves. Here, we show that probing the angular dependence of the cross section allows us to unveil asymmetric Fano profiles also in a single channel shape resonance. We observe a shift in the peak of the resonance profile in the elastic collisions between metastable helium and deuterium molecules with detection angle, in excellent agreement with theoretical predictions from full quantum scattering calculations. Using a model description for the partial wave interference, we can disentangle the resonant and background contributions and extract the relative phase responsible for the characteristic Fano-like profiles from our experimental measurements

PHYLOGENETIC ANALYSIS OF COLD SHOCK PROTEINS IN PSEUDOMONAS SPECIES

Objective: The present study focuses on the determination of the relativity of the different types of cold shock proteins.Methods: Our study was to determine the relationship among the types of CSPs. Three different strains of pseudomonas genus, Pseudomonas fluorescens, Pseudomonas aeruginosa and Pseudomonas putida were chosen and molecular profiling was performed. The sequences thus obtained were subjected to multiple sequence analysis in ClustalW database. The molecular evolution and phylogenetic study have been carried out using phylodraw.Results: The phylogenetic analysis has clearly revealed the evolutionary pattern of cold shock proteins in pseudomonas species and the current stress of mutation among the strains.Conclusion: Phylogenetic analysis of cold shock proteins has clearly shown that important conserved sequences can be very useful to study the phylogeny of bacteria

Forecasting minimum temperature during winter and maximum temperature during summer at Delhi

A knowledge of minimum temperature during winter and maximum temperature during summer is a very useful for individuals, as well as for organisations whose workers and machines have to operate in the open, e.g. the armed forces, railways, roadways, tourism, etc. Accurate forecasts of minimum temperature during winter help in the prediction of cold-wave conditions and those of maximum temperature during summer help in the prediction of heat-wave conditions over northern India. Models for forecasting the minimum temperature during December and the maximum temperature during May at Delhi have been developed using surface and upper-air meteorological data from 1984-89. The results of testing the models on independent data from recent years (1994-95) are presented. The results are encouraging and more than 80% of the forecasts are correct within ±2°C. Possible reasons for large deviations are also investigated

Forecasting of thunderstorms in the pre-monsoon season at Delhi

Accurate prediction of thunderstorms during the pre-monsoon season (April-June) in India is essential for human activities such as construction, aviation and agriculture. Two objective forecasting methods are developed using data from May and June for 1985-89. The developed methods are tested with independent data sets of the recent years, namely May and June for the years 1994 and 1995. The first method is based on a graphical technique. Fifteen different types of stability index are used in combinations of different pairs. It is found that Showalter index versus Totals total index and Jefferson's modified index versus George index can cluster cases of occurrence of thunderstorms mixed with a few cases of non-occurrence along a zone. The zones are demarcated and further sub-zones are created for clarity. The probability of occurrence/non-occurrence of thunderstorms in each sub-zone is then calculated. The second approach uses a multiple regression method to predict the occurrence/nonoccurrence of thunderstorms. A total of 274 potential predictors are subjected to stepwise screening and nine significant predictors are selected to formulate a multiple regression equation that gives the forecast in probabilistic terms. Out of the two methods tested, it is found that the multiple regression method gives consistently better results with developmental as well as independent data sets; it is a potential method for operational use

Transparent Light-Emitting Electrochemical Cells

Single layer light-emitting electrochemical cells (LECs) are amongst the simplest electroluminescent devices and operate with air-stable electrodes. Transparent light-emitting devices are of great interest as they can enable new applications in consumer electronics. In this work, a transparent ionic transition metal complex based LEC is fabricated by developing a transparent top contact based on tin (IV) oxide (SnO2) and indium-tin oxide, processed by low-temperature atomic layer deposition and pulsed laser deposition, respectively. The resulting devices present transparency in excess of 75% over the full visible spectrum (380-750 nm), with 82% transmission at the emission peak (563 nm). The devices emit from the front and the rear with high luminance (260 cd m−2) and long lifetime (176 h). These parameters place them among the highest performing single layer transparent electroluminescent devices