The structure and resilience of financial market networks

Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience. (C) 2012 American Institute of Physics. [doi:10.1063/1.3683467]

CNO and F abundances in the globular cluster M22 (NGC 6656)

Context. Recent studies have confirmed the long standing suspicion that M 22 shares a metallicity spread and complex chemical enrichment history similar to that observed in omega Cen. M 22 is among the most massive Galactic globular clusters and its color-magnitude diagram and chemical abundances reveal the existence of sub-populations. Aims. To further constrain the chemical diversity of M 22, necessary to interpret its nucleosynthetic history, we seek to measure relative abundance ratios of key elements (carbon, nitrogen, oxygen, and fluorine) best studied, or only available, using high-resolution spectra at infrared wavelengths. Methods. High-resolution (R = 50 000) and high S/N infrared spectra were acquired of nine red giant stars with Phoenix at the Gemini-South telescope. Chemical abundances were calculated through a standard 1D local thermodynamic equilibrium analysis using Kurucz model atmospheres. Results. We derive [Fe/H] = -1.87 to -1.44, confirming at infrared wavelengths that M 22 does present a [Fe/H] spread. We also find large C and N abundance spreads, which confirm previous results in the literature but based on a smaller sample. Our results show a spread in A(C+N+O) of similar to 0.7 dex. Similar to mono-metallic globular clusters, M 22 presents a strong [Na/Fe]-[O/Fe] anticorrelation as derived from Na and CO lines in the K band. For the first time we recover F abundances in M 22 and find that it exhibits a 0.6 dex variation. We find tentative evidence for a flatter A(F)-A(O) relation compared to higher metallicity globular clusters. Conclusions. Our study confirms and expands upon the chemical diversity seen in this complex stellar system. All elements studied to date show large abundance spreads which require contributions from both massive and low mass stars.

Anthropogenic influences in a lagoonal environment: a multiproxy approach at the valo grande mouth, Cananéia-Iguape system (SE Brazil)

The Cananeia-Iguape system, SE Brazil, consists of a complex of lagoonal channels, located in a United Nations Educational, Scientific and Cultural Organization (UNESCO) Biosphere Reserve. Nevertheless, important environmental changes have occurred in approximately the last 150 yrs due to the opening of an artificial channel, the Valo Grande, connecting the Ribeira de Iguape River to the lagoonal system. Our objective is to assess the historical record of the uppermost layers of the sedimentary column of the lagoonal system in order to determine the history of environmental changes caused by the opening of the artificial channel. In this sense, an integrated geochemical-faunal approach is used. The environmental changes led significant modifications in salinity, in changes of the depositional patterns of sediments and foraminiferal assemblages (including periods of defaunation), and, more drastically, in the input of heavy metals to the coastal environment. The concentrations Pb in the core analyzed here were up to two times higher than the values measured in contaminated sediments from the Santos estuary, the most industrialized coastal zone in Brazil.

Effect of the interaction between food state and the action of estrogen on oxytocinergic system activity

Increased plasma osmolality by food intake evokes augmentation of plasma oxytocin (OT). Ovarian steroids may also influence the balance of body fluids by acting on OT neurones. Our aim was to determine if estrogen influences the activity of OT neurones in paraventricular nucleus (PVN) and supraoptic nucleus (SON) under different osmotic situations. Ovariectomized rats (OVX) were treated with either estradiol (E-2) or vehicle and were divided into three groups: group I was fed ad libitum, group II underwent 48 h of fasting, and group III was refed after 48 h of fasting. On the day of the experiment, blood samples were collected to determine the plasma osmolality and OT. The animals were subsequently perfused, and OT/FOS immunofluorescence analysis was conducted on neurones in the PVN and the SON. When compared to animals which were fasted or fed ad libitum, the plasma osmolality of refed animals was higher, regardless of whether they were treated with vehicle or E-2. We observed neural activation of OT cells in vehicle-or E-2-treated OVX rats refed after 48 h of fasting, but not in animals fed ad libitum or in animals that only underwent 48 h of fasting. Finally, the percentage of neurones that co-expressed OT and FOS was lower in both the PVN and the SON of animals treated with E-2 and refed, when compared to vehicle-treated animals. These results suggest that E-2 may have an inhibitory effect on OT neurones and may modulate the secretion of OT in response to the increase of osmolality induced by refeeding. Journal of Endocrinology (2012) 212, 129-138