Analysis of volatility transmissions in integrated and interconnected markets: The case of the Iberian and French markets

This paper models the mean and volatility spillovers of prices within the integrated Iberian and the interconnected Spanish and French electricity markets. Using the constant (CCC) and dynamic conditional correlation (DCC) bivariate models with three different specifications of the univariate variance processes, we study the extent to which increasing interconnection and harmonization in regulation have favoured price convergence. The data consist of daily prices calculated as the arithmetic mean of the hourly prices over a span from July 1st 2007 until February 29th 2012. The DCC model in which the variances of the univariate processes are specified with a VARMA(1,1) fits the data best for the integrated MIBEL whereas a CCC model with a GARCH(1,1) specification for the univariate variance processes is selected to model the price series in Spain and France. Results show that there are significant mean and volatility spillovers in the MIBEL, indicating strong interdependence between the two markets, while there is a weaker evidence of integration between the Spanish and French markets. We provide new evidence that the EU target of achieving a single electricity market largely depends on increasing trade between countries and homogeneous rules of market functioning.

Early Functional Deficit and Microglial Disturbances in a Mouse Model of Amyotrophic Lateral Sclerosis

11 p.

Papel de la N-nervonil esfingomielina en la organización lateral y la estabilidad nanomecánica de bicapas lipídicas

Los lípidos de las membranas biológicas no son perfectamente miscibles entre sí, con frecuencia dan origen a “dominios” bidimensionales separados lateralmente cuando se resuspenden en agua. Las mezclas esfingomielina/dioleilfosfatidilcolina/colesterol dan origen con frecuencia a dominios, pero esto no ocurre cuando la esfingomielina es insaturada (p. ej. N-nervonil esfingomielina). En este trabajo se han aplicado técnicas calorimétricas y estructurales para estudiar el comportamiento de mezclas N-nervonil esfingomielina/dioleilfosfatidilcolina/colesterol/ceramida. En presencia de ceramida y de N-nervonil esfingomielina se observa formación de dominios laterales, al contrario de lo que ocurría en ausencia de ceramida.

Metallic thin fi lms on stepped surfaces: lateral scattering of quantum well states

Quantum well states of Ag films grown on stepped Au(111) surfaces are shown to undergo lateral scattering, in analogy with surface states of vicinal Ag(111). Applying angle resolved photoemission spectroscopy we observe quantum well bands with zone-folding and gap openings driven by surface/interface step lattice scattering. Experiments performed on a curved Au(111) substrate allow us to determine a subtle terrace-size effect, i.e., a fine step-density-dependent upward shift of quantum well bands. This energy shift is explained as mainly due to the periodically stepped crystal potential offset at the interface side of the film. Finally, the surface state of the stepped Ag film is analyzed with both photoemission and scanning tunneling microscopy. We observe that the stepped film interface also affects the surface state energy, which exhibits a larger terrace-size effect compared to surface states of bulk vicinal Ag(111) crystals

Double proximity effect in lateral S-NF-S junctions

We investigate planar Josephson junctions where the intermediate spacer between the two superconductors is an hybrid structure made by a normal metal and a ferromagnet. The different behaviors of the S-N-S junctions with thicknesses of 50 nm in both Cu and Nb layers, and S-N/F-S junctions with 10 nm of Co, 50 nm of Cu and 50 nm of Nb are studied. In this way, we analyze the influence of the ferromagnetic exchange interaction on the proximity effect. A dramatic supression of the josephson critical current of the Nb-(Cu/Co)-Nb junctions is observed. We believe that the reason for this is due to the length scale of the superconducting correlations of the electrons and holes of the weak link is larger than the thickness of Cu/Co bilayer.