Are tightened trading rules always bad? Evidence from the Chinese index futures market

This paper investigates the impact of tightened trading rules on the market efficiency and price discovery function of the Chinese stock index futures in 2015. The market efficiency and the price discovery of Chinese stock index futures do not deteriorate after these rule changes. Using variance ratio and spectral shape tests, we find that the Chinese index futures market becomes even more efficient after the tightened rules came into effect. Furthermore, by employing Schwarz and Szakmary [J. Futures Markets, 1994, 14(2), 147–167] and Hasbrouck [J. Finance, 1995, 50(4), 1175–1199] price discovery measures, we find that the price discovery function, to some extent, becomes better. This finding is consistent with Stein [J. Finance, 2009, 64(4), 1517–1548], who documents that regulations on leverage can be helpful in a bad market state, and Zhu [Rev. Financ. Stud., 2014, 27(3), 747–789.], who finds that price discovery can be improved with reduced liquidity. It also suggests that the new rules may effectively regulate the manipulation behaviour of the Chinese stock index futures market during a bad market state, and then positively affect its market efficiency and price discovery function

Rapid discrimination of eucalypt species using a handheld near-infrared instrument

Eucalypt trees are a key feature of many Australian ecosystems; however, it can be difficult to identify the various species based on their leaves alone. The rapid, non-destructive analytical technique of near-infrared spectroscopy (NIRS) has shown promise for discrimination of similar species in other flora types; thus this study investigated the prospect of using NIRS to differentiate between the leaves of six eucalypt species from two genera (Corymbia and Eucalyptus). The results showed good results for the discrimination of genera using PLS-DA (98 % accuracy) and SIMCA (72–90 % accuracy). Moving window analysis showed that the region between 1300 and 1500 nm – which includes CH and OH bonds – had the largest influence on model accuracy. Discrimination of the six species was more challenging, with PLS-DA showing accuracies of 83–97 % for cross-validation. However, SIMCA showed more acceptable results, with accuracies of 100 % for cross-validation and 79–90 % for a dependent test set. These results suggest that NIRS combined with appropriate chemometric methods may be suitable for the rapid discrimination of leaves from different eucalypt genera and possibly different species

Global synchronization for discrete-time stochastic complex networks with randomly occurred nonlinearities and mixed time delays

In this paper, the problem of stochastic synchronization analysis is investigated for a new array of coupled discretetime stochastic complex networks with randomly occurred nonlinearities (RONs) and time delays. The discrete-time complex networks under consideration are subject to: 1) stochastic nonlinearities that occur according to the Bernoulli distributed white noise sequences; 2) stochastic disturbances that enter the coupling term, the delayed coupling term as well as the overall network; and 3) time delays that include both the discrete and distributed ones. Note that the newly introduced RONs and the multiple stochastic disturbances can better reflect the dynamical behaviors of coupled complex networks whose information transmission process is affected by a noisy environment (e.g., internet-based control systems). By constructing a novel Lyapunov-like matrix functional, the idea of delay fractioning is applied to deal with the addressed synchronization analysis problem. By employing a combination of the linear matrix inequality (LMI) techniques, the free-weighting matrix method and stochastic analysis theories, several delay-dependent sufficient conditions are obtained which ensure the asymptotic synchronization in the mean square sense for the discrete-time stochastic complex networks with time delays. The criteria derived are characterized in terms of LMIs whose solution can be solved by utilizing the standard numerical software. A simulation example is presented to show the effectiveness and applicability of the proposed results

Forecasting inflation: The use of dynamic factor analysis and nonlinear combinations

This paper considers the problem of forecasting inflation in the United States, the euro area, and the United Kingdom in the presence of possible structural breaks and changing parameters. We examine a range of moving window techniques that have been proposed in the literature. We extend previous works by considering factor models using principal components and dynamic factors. We then consider the use of forecast combinations with time-varying weights. Our basic finding is that moving windows do not produce a clear benefit to forecasting. Time-varying combination of forecasts does produce a substantial improvement in forecasting accuracy

Computational intelligence and security: International conference, CIS 2006, Guangzhou, China, November 3-6, 2006: Revised selected papers

The International Conference on Computational Intelligence and Security was held in Guangzhou, China, in November 2006. The conference brought together leading minds in computing, programming, and security to discuss the latest developments, applications, and challenges in the field. This volume constitutes the refereed post-proceedings of the conference. The 116 papers contained in this volume were submitted to two rounds of careful review and revision. Collectively, they represent some of the most important developments and new applications in the field.The papers are organized into topical sections covering bio-inspired computing, evolutionary computation, learning systems and multi-agents, cryptography, information processing and intrusion detection, systems and security, image and signal processing, and pattern recognition

Powering future body sensor network systems: A review of power sources

© 2020 Elsevier B.V. Body sensor network is a promising medical technology to address the overwhelming global aging, which requires advanced micro power sources with high energy density, long lifetime and good biocompatibility. Potential candidates include batteries, fuel cells, energy harvesters and supercapacitors, each of which have their own merits and demerits. Batteries are currently the most mature product which has been extensively employed in the body sensor network, but the improvement of their energy density is relatively sluggish due to the cumbersome material storage. On the contrary, micro fuel cells can achieve much higher energy density because of their lightweight fuel and oxidant, which can be refueled instantly when applied in wearable sensors. For implanted devices, both abiotic and biotic fuel cells can utilize the dissolved glucose in the body fluid as fuel. As for energy harvesters, they can receive energy from both the external environment such as solar and radiofrequency, and the human body itself such as body heat and motion. Finally, supercapacitor is an effective energy storage component especially for energy harvesters, which can achieve excellent cycle stability. In general, the selection of micro power sources should consider the specific requirement from the specific sensor node, so that a body sensor network with hybrid power supply is much more reliable than that with single type of energy supply. With the continuous development of different power technologies, the body sensor network is expected to be more lightweight, unobtrusive and reliable, leading to a low-cost and ubiquitous healthcare in the near future

Drivers and spillover effects of inflation: The United States, the euro area, and the United Kingdom

We investigate the drivers of the recent inflation in three currency areas: the United States, the euro area, and the United Kingdom. To do so, we use a VAR set-up to examine the nature of the shocks that underpinned the recent inflation. We apply-two methods to calculate shocks – the standard Cholesky decomposition and a new method that captures more realistic shocks by solving the VAR backwards. We also use spatial modelling to investigate cross-country inflation spillovers. We find the inflationary shocks in the United States are transmitted to the euro area and the United Kingdom in a powerful and consistent way. The euro area transmits inflation to the other regions but to a lesser extent, while the inflation in the United Kingdom has little effect on the other two regions

‘You don't know what you don't know’: The essential role of management exposure, understanding and commitment in peer workforce development

The peer workforce has increased significantly in recent years; however, structured development and support for the roles are lacking. This paper explores the role of executive and senior management understanding in the employment of peer roles. In-depth, semi-structured interviews and one focus group were conducted with 29 participants from a range of nongovernment and public mental health services within Queensland, Australia. Findings of this study suggest management exposure to and understanding of peer work are essential to the development of an effective peer workforce. Exposure and understanding of peer roles reportedly led to greater acceptance and commitment from management. This commitment inspired action in the form of; enhanced support including advocacy/championing, increased development of roles and influenced culture within the organization to be more accepting of peer work. There was a perception that developing an ‘accepting’ organizational culture supported the integrity and expansion of peer roles including designated ‘peer management’ positions. Development of peer management positions is suggested as an effective means of improving the impact of peer perspectives, advocating for peer work and providing ongoing and timely supervision. Recommendations include the need for training and information for management on the unique function, purpose and value of peer roles; and the development of networks, including mentoring opportunities, for organizations with limited experience to gain support and advice from those with greater experience developing peer roles. © 2018 Australian College of Mental Health Nurses Inc

The potential role of p53 and MAPK pathways in the hepatotoxicity of deep-fried oil and in resistant starch-induced protection

In this study, rats with a fresh oil diet, a deep-fried oil diet, and a deep-fried oil and resistant starch (RS) diet were investigated for revealing the effects of deep-fried oil to the metabolic system and if RS could effectively attenuate metabolic dysfunction caused by deep-fried oil. The results showed that DO feeding led to significant increases of liver biomarkers of alanine aminotransferase (ALT) and aspartate transaminase (AST), accompanied by consistent reduction of total antioxidation (T-AOC) and glutathione peroxidase (GSH-Px) activity compared to the rats feeding with unheated canola oil (FO group) (p<0.05). Liver histology of rats in DO group exhibited membrane blebbing and boundary ambiguity, indicating DO might exert significant hepatotoxic effects. However, RS intervention (DO-RS group) significantly reversed these changes. Furthermore, the results in this study revealed that p53 and MAPK signaling pathways presented in the significantly enriched KEGG pathways list in FO versus DO group, but not in FO versus DO-RS group, suggesting RS intervention modulated these two signaling pathways. This is the first study to investigate RS intervention on the attenuation of hepatotoxicity induced by DO intake in the dietary. Practical applications: This study investigates the toxic effects of deep-fried oil consumption on health, in particular on hepatic immune system and the related mechanisms involved in this process. The main target of this research work is to contribute with useful information of deep-fried oil intake to the food industry and to find out effective ways to ameliorate the risk of deep-fried oil diet. A deep-fried oil diet can cause hepatotoxicity; in contrast, rats fed a deep-fried oil and RS diet are protected. The modulation of p53 and MAPK pathways might be one of the key regulations for RS intervention to attenuate liver dysfunction biomarkers (ALT and AST)

Vaginal (type-II) mucosa acts as an inductive site during the generation of primary CD8+ T cell mucosal immune responses (P3186)

It is widely believed that primary immune induction in type-II mucosa (vagina, mouth & cornea) occurs in the draining LNs due to a lack of mucosa-associated lymphoid tissue. In this process, naïve T cells located in the draining LNs are primed by antigen (Ag)-bearing dendritic cells migrating from the Ag-exposed mucosa. Primed T cells then travel to the mucosal site through the bloodstream. In contrast to this paradigm, we show that vaginal mucosa itself can act as an immune inductive site for generation of primary CD8+ T cell mucosal immunity. As evidence, we found that naïve CD8+ T cells routinely migrated to the female reproductive tract and that Ag-specific CD8+ T cells could be generated in the LN-deficient mice after intravaginal immunization. Further, the adoptively transferred naïve OT-1 CD8+ T cells were activated in the vaginal mucosa but not in the draining LNs at 24 hours after intravaginal immunization, even in the presence of FTY720, a drug blocking the egress of T cells from LNs. In addition, the Ag-bearing cells isolated from immunized vaginal mucosa were able to stimulate naïve TCR-transgenic RT-1 CD8+ T cells to secret IFN-γ and undergo proliferation. Finally, vaginal mucosa largely supported the expansion of Ag-specific CD8+ T cells. In conclusion, we present evidence for a new paradigm for primary CD8+ T cell immune induction in type-II mucosa of the vagina, one that occurs locally without the help of draining LNs or mucosa-associated lymphoid tissue