Testing the bivariate distribution of daily equity returns using copulas: an application to the Spanish stock market

In this paper we deal with the identification of dependencies between time series of equity returns. Marginal distribution functions are assumed to be known, and a bivariate chi-square test of fit is applied in a fully parametric copula approach. Several families of copulas are fitted and compared with Spanish stock market data. The results show that the t-copula generally outperforms other dependence structures, and highlight the difficulty in adjusting a significant number of bivariate data series

Morphological and Magnetic Properties of Superparamagnetic Carbon-Coated Fe Nanoparticles Produced by Arc Discharge.

Spherical carbon coated iron particles of nanometric diameter in the 510 nm range have been produced by arc discharge at near-atmospheric pressure conditions (using 58·10 4 Pa of He). The particles exhibit a crystalline dense iron core with an average diameter 7.4 ± 2.0 nm surrounded by a sealed carbon shell, shown by transmission electron microscopy (TEM), selected-area diffrac- tion (SAED), energy-dispersive X-ray analysis (STEM-EDX) and electron energy loss spectroscopy (EELS). The SAED, EDX and EELS results indicate a lack of traces of core oxidized phases showing an efficient protection role of the carbon shell. The magnetic properties of the nanoparticles have been investigated in the 5300 K temperature range using a superconducting quantum interference device (SQUID). The results reveal a superparamagnetic behaviour with an average monodomain diameter of 7.6 nm of the nanoparticles. The zero field cooled and field cooled (ZFC-FC)magnetization curves show a blocking temperature (TB)at room temperature very suitable for biomedical applications (drug delivery, magnetic resonance imaging MRI, hyperthermia).

The effects of monetary policy on stock market bubbles: Some evidence

We estimate the response of stock prices to exogenous monetary policy shocks usinga vector-autoregressive model with time-varying parameters. Our evidence points toprotracted episodes in which, after a a short-run decline, stock prices increase persistently in response to an exogenous tightening of monetary policy. That responseis clearly at odds with the "conventional" view on the effects of monetary policy onbubbles, as well as with the predictions of bubbleless models. We also argue that it isunlikely that such evidence be accounted for by an endogenous response of the equitypremium to the monetary policy shocks.

Carbon and nitrogen partitioning during post-anthesis is conditioned by N fertilization and sink strength in three cereals

Further knowledge of the processes conditioning nitrogen use efficiency (NUE) is of great relevance to crop productivity. The aim of this paper was characterise C and N partitioning during grain filling and their implications for NUE. Cereals such as bread wheat (Triticum aestivum L. cv Califa sur), triticale (× Triticosecale Wittmack cv. Imperioso) and tritordeum (× Tritordeum Asch. & Graebn line HT 621) were grown under low (LN, 5 mm NH4NO3) and high (HN, 15 mm NH4NO3) N conditions. We conducted simultaneous double labelling (12CO2 and 15NH415NO3) in order to characterise C and N partitioning during grain filling. Although triticale plants showed the largest total and ear dry matter values in HN conditions, the large investment in shoot and root biomass negatively affected ear NUE. Tritordeum was the only genotype that increased NUE in both N treatments (NUEtotal), whereas in wheat, no significant effect was detected. N labelling revealed that N fertilisation during post-anthesis was more relevant for wheat and tritordeum grain filling than for triticale. The study also revealed that the investments of C and N in flag leaves and shoots, together with the"waste" of photoassimilates in respiration, conditioned the NUE of plants, and especially under LN. These results suggest that C and N use by these plants needs to be improved in order to increase ear C and N sinks, especially under LN. It is also remarkable that even though tritordeum shows the largest increase in NUE, the low yield of this cereal limits its agronomic value.

Seasonal dynamics and net production of disolved organic carbon in an oligotrophic coastal environment

To understand dissolved organic carbon (DOC) seasonal dynamics in a coastal oligotrophic site in the north-western Mediterranean Sea, we monitored DOC concentrations monthly over 3 yr, together with the meteorological data and the food-web-related biological processes involved in DOC dynamics. Additional DOC samples were taken in several inshore−offshore transects along the Catalan coast. We found DOC concentrations of ~60 µmol C l−1 in winter, with increasing values through the summer and autumn and reaching 100 to 120 µmol C l−1 in November. There was high inter-annual variability in this summer DOC accumulation, with values of 36, 69 and 13 µmol C l−1 for 2006, 2007 and 2008, respectively. The analysis of the microbial food-web processes involved in the DOC balance did not reveal the causes of this accumulation, since the only occasion on which we observed net DOC production (0.3 ± 1 µmol C l−1 d−1 on average) was in 2007, and the negative DOC balance of 2006 and 2008 did not prevent DOC accumulating. The DOC accumulation episodes coincided with low rates of water renewal (average 0.037 ± 0.021 d−1 from May to October) compared with those of winter to early spring (average 0.11 ± 0.048 d−1 from November to April). Indeed, the amount of DOC accumulated each year was inversely correlated with the average summer rainfall. We hypothesize that decreased DOC turn-over due to photochemical or biological processes mostly active during the summer and low water renewal rate combine to determine seasonal DOC accumulation and influence its inter-annual variability.

Growth and functionalization of carbon nanotubes on quartz filter for environmental applications

Background: Air pollution has become an important issue worldwide due to its adverse health effects. Among the different air contaminants, volatile organic compounds (VOCs) are liquids or solids with a high vapor pressure at room temperature that are extremely dangerous for human health. Removal of these compounds can be achieved using nanomaterials with tailored properties such as carbon nanotubes. Methods: Vertically-aligned multiwall carbon nanotubes (CNTs) were successfully grown on quartz filters by means of plasma enhanced chemical vapor deposition (PECVD). Furthermore, a plasma treatment was performed in order to modify the surface properties of the CNTs. The adsorption/desorption processes of three chlorinated compounds (trichloroethylene, 1,2-dichlorobenzene and chloroform) on the CNTs were studied using mass spectrometry measurements with a residual gas analyzer. Results: The adsorption capability of the CNTs increased after functionalization of their surface with a water plasma treatment. In addition, it was found that the presence of aromatic rings, water solubility and polarity of the VOCs play an important role on the adsorption/desorption kinetics at the CNTs surface. Conclusions: This study demonstrates the applicability of CNTs deposited on quartz filters for the removal or selective detection of volatile organic compounds (VOCs). The presence of aromatic rings in VOCs results in π -stacking interactions with a significant increase of their adsorption. On the other hand, it was found that CNTs surface interactions increase with water solubility and polarity of the VOC.

Stable carbon isotopes in archaeobotanical remains and palaeoclimate

Es descriu una metodologia recent per a inferir la precipitació en el passat basada en l’anàlisi de la composició isotòpica del carboni (δ13C) en restes arqueobotàniques. Un cop descrita la base fisiològica de la tècnica, s’il·lustra l’aplicabilitat de δ13C mitjançant un exemple referent al NE peninsular. Hom pretén proporcionar una estimació quantitativa de l’evolució de la precipitació estacional (primavera) i anual al llarg dels darrers quatre mil anys basada en δ13C. Les mostres analitzades comprenen carbons (pi blanc) i llavors carbonitzades (blat i ordi), i s’obtenen estimes pluviomètriques superiors en el passat que actualment, amb una tendència gradual cap a condicions progressivament més àrides. No obstant això, aquesta tendència no esdevé uniforme, i es detecten dues fases de major precipitació (1800-900 aC; 300 aC - 300 dC) alternadament amb períodes relativament secs (900-300 aC; 900 dC - present). Dels resultats presentats també es desprèn que la importància relativa de la pluja primaveral en el passat fou variable. Des d’aproximadament el 300 aC en endavant, el període primaveral subministrà una major proporció de pluja anual que actualment. Contràriament, durant el període 1800-800 dC la seva contribució va esdevenir inferior, i va aparèixer una fase transitòria (800-300 aC) que mostra una recuperació sobtada en aportació primaveral. Posteriorment a aquesta fase la sincronia de canvis en δ13C en granes i carbons suggereix l’arribada del clima mediterrani a la regió.

Grain yield, carbon isotope discrimination and mineral content in mature kernels of barley under irrigated and rainfed conditions

The relationship between yield, carbon isotope discrimination and ash content in mature kernels was examined for a set of 13 barley (Hordeum vulgare) cultivars. Plants were grown under rainfed and well-irrigated conditions in a Mediterranean area. Water deficit caused a decrease in both grain yield and carbon isotope discrimination (Δ). The yield was positively related to Δ and negatively related to ash content, across genotypes within each treatment. However, whereas the correlation between yield and Δ was higher for the set of genotypes under well-irrigated (r=0.70, P<0.01) than under rainfed (r=0.42) conditions, the opposite occurred when yield and ash content were related, ie r=-0.38 under well-irrigated and r=-0.73, (P<0.01) under rainfed conditions. Carbon isotope discrimination and ash content together account for almost 60% of the variation in yield, in both conditions. There was no significant relationship (r=-0.15) between carbon isotope discrimination and ash content in well-irrigated plants, whereas in rainfed plants, this relationship, although significant (r=-0.54, P< 0.05), was weakly negative. The concentration of several mineral elements was measured in the same kernels. The mineral that correlated best with ash content, yield and A, was K. For yield and Δ, although the relationship with K followed the same pattern as the relationhip with ash content, the correlation coefficients were lower. Thus, mineral accumulation in mature kernels seems to be independent of transpiration efficiency. In fact, filling of grains takes place through the phloem pathway. The ash content in kernels is proposed as a complementary criterion, in addition to kernel Δ, to assess genotype differences in barley grain yield under rainfed conditions.

Genetic variation for carbon isotope composition in Juglans regia L.: relationships with growth, phenology and climate of origin

Among the traits of breeding interest for the common walnut tree Juglans regia L., characteristics such as timing of budbreak and leaf fall, water-use efficiency and growth performance are regarded as being of utmost relevance in Mediterranean conditions. The authors evaluated intraspecific variation in $\delta$13C (carbon isotope composition, surrogate of intrinsic water-use efficiency, WUE$_{\rm i}$) for 22 J. regia families grown in a progeny test under supplementary irrigation, and investigated whether such variation correlated with climatic indicators of native habitats. The genetic relationships between $\delta$13C, growth and phenology were also assessed during two consecutive years. Overall, the most water-use-efficient families (i.e. with higher $\delta$13C), which originated mainly from drought-prone provenance regions which have a high vapour pressure deficit and low rainfall, exhibited less height growth and smaller DBH. Using a stepwise regression procedure, $\delta$13C was included as the main explanatory variable of genotypic variation in growth traits, together with growing season duration (for DBH in both years) and flushing (for height in 2007). It was concluded that WUE$_{\rm i}$ is largely unconnected to phenology effects in the explanation of growth performance for J. regia, therefore suggesting the opportunity of simultaneously selecting for low WUE$_{\rm i}$ and extended growing period to maximise productivity in non-water-limited environments.

Otolith shape analysis as a tool for population discrimination of the white grunt (Haemulon plumieri) stock in the northern coast of the Yucatan Peninsula, Mexico

In this study, the population structure of the white grunt (Haemulon plumieri) from the northern coast of the Yucatan Peninsula was determined through an otolith shape analysis based on the samples collected in three locations: Celestún (N 20°49",W 90°25"), Dzilam (N 21°23", W 88°54") and Cancún (N 21°21",W 86°52"). The otolith outline was based on the elliptic Fourier descriptors, which indicated that the H. plumieri population in the northern coast of the Yucatan Peninsula is composed of three geographically delimited units (Celestún, Dzilam, and Cancún). Significant differences were observed in mean otolith shapes among all samples (PERMANOVA; F2, 99 = 11.20, P = 0.0002), and the subsequent pairwise comparisons showed that all samples were significantly differently from each other. Samples do not belong to a unique white grunt population, and results suggest that they might represent a structured population along the northern coast of the Yucatan Peninsula

Reexposure and advection of C-14-depleted organic carbon from old deposits at the upper continental slope

Outcrops of old strata at the shelf edge resulting from erosive gravity-driven flows have been globally described on continental margins. The reexposure of old strata allows for the reintroduction of aged organic carbon (OC), sequestered in marine sediments for thousands of years, into the modern carbon cycle. This pool of reworked material represents an additional source of C-14-depleted organic carbon supplied to the ocean, in parallel with the weathering of fossil organic carbon delivered by rivers from land. To understand the dynamics and implications of this reexposure at the shelf edge, a biogeochemical study was carried out in the Gulf of Lions (Mediterranean Sea) where erosive processes, driven by shelf dense water cascading, are currently shaping the seafloor at the canyon heads. Mooring lines equipped with sediment traps and current meters were deployed during the cascading season in the southwestern canyon heads, whereas sediment cores were collected along the sediment dispersal system from the prodelta regions down to the canyon heads. Evidence from grain-size, X-radiographs and Pb-210 activity indicate the presence in the upper slope of a shelly-coarse surface stratum overlying a consolidated deposit. This erosive discontinuity was interpreted as being a result of dense water cascading that is able to generate sufficient shear stress at the canyon heads to mobilize the coarse surface layer, eroding the basal strata. As a result, a pool of aged organic carbon (Delta C-14 = -944.5 +/- 24.7%; mean age 23,650 +/- 3,321 ybp) outcrops at the modern seafloor and is reexposed to the contemporary carbon cycle. This basal deposit was found to have relatively high terrigenous organic carbon (lignin = 1.48 +/- 0.14 mg/100 mg OC), suggesting that this material was deposited during the last low sea-level stand. A few sediment trap samples showed anomalously depleted radiocarbon concentrations (Delta C-14 = -704.4 +/- 62.5%) relative to inner shelf (Delta C-14 = -293.4 +/- 134.0%), mid-shelf (Delta C-14 = -366.6 +/- 51.1%), and outer shelf (Delta C-14 = -384 +/- 47.8%) surface sediments. Therefore, although the major source of particulate material during the cascading season is resuspended shelf deposits, there is evidence that this aged pool of organic carbon can be eroded and laterally advected downslope.

El show de las stock options

El presente artículo comenta las consecuencias tributarias en Derecho español del uso de stock options.

Effects of inorganic nitrogen (NH4Cl) and biodegradable organic carbon (CH3COONa) additions on a pilot-scale seawater biofilter

Biofilters degrade only a small fraction of the natural organic matter (NOM) contained in seawater which is the leading cause of biofouling in downstream processes. This work studies the effects of chemical additions on NOM biodegradation by biofilters. In this work, biofiltration of seawater with an empty bed contact time (EBCT) of 6 min and a hydraulic loading rate of 10 m h-1 reduces the biological oxygen demand (BOD7) by 8%, the dissolved organic carbon (DOC) by 6% and the UV absorbance at 254 nm (A254) by 7%. Different amounts of ammonium chloride are added to the seawater (up to twice the total dissolved nitrogen in untreated seawater) to study its possible effect on the removal of NOM by a pilot-scale biofilter. Seawater is amended with different amounts of easily biodegradable dissolved organic carbon (BDOC) supplied as sodium acetate (up to twice the DOC) for the same purpose. The results of this work reveal that the ammonium chloride additions do not significantly affect NOM removal and the sodium acetate is completely consumed by the biofiltration process. For both types of chemical additions, the BOD7, DOC and A254 in the outlet stream of the biofilter are similar to the values for the untreated control. These results indicate that this biofilter easily removes the BDOC from the seawater when the EBCT is not above 6 min. Furthermore, nitrogen does not limit the NOM biodegradation in seawater under these experimental conditions.