Does consumption-wealth ratio signal stock returns? VECM results for Germany

This paper studies the signalling effect of the consumption−wealth ratio (cay) on German stock returns via vector error correction models (VECMs). The effect of cay on U.S. stock returns has been recently confirmed by Lettau and Ludvigson with a two−stage method. In this paper, performance of the VECMs and the two−stage method are compared in both German and U.S. data. It is found that the VECMs are more suitable to study the effect of cay on stock returns than the two−stage method. Using the Conditional−Subset VECM, cay signals real stock returns and excess returns in both data sets significantly. The estimated coefficient on cay for stock returns turns out to be two times greater in U.S. data than in German data. When the two−stage method is used, cay has no significant effect on German stock returns. Besides, it is also found that cay signals German wealth growth and U.S. income growth significantly.

Impact of serving method on the consumption of nutritional supplement drinks: randomised trial in older adults with cognitive impairment

Aim: To analyse the influence of serving method on compliance and consumption of nutritional supplement drinks in older adults with cognitive impairment. Background: Oral nutritional supplement drinks have positive benefits on increasing nutritional status within undernourished elderly people leading to weight gain. However, consumption of these drinks is low and therefore limits their effectiveness. Design: This study was a non blind randomised control trial where participants either consumed nutritional supplement drinks in a glass/beaker or consumed them through a straw inserted directly into the container. Method: Participants with longstanding cognitive impairment were recruited from nursing homes (n=31) and hospitals (n=14). Participants were randomised to serving method. Nursing and care staff were instructed to give the supplement drinks three times per day on alternate days over a week by the allocated serving method. The researcher weighed the amount of supplement drink remaining after consumption. Data were collected over 12 months in 2011-2012. Results: 45 people participated in this study mean age 86.7 (SD 7.5 ) years. After randomisation there was no significant difference between the baseline characteristics of the two groups. Participants randomised to consume nutritional drinks from a glass / beaker drank significantly more than those who consumed them via a straw inserted directly into the container. However, supplements allocated to be given in a glass/beaker were more frequently omitted. Conclusion: Nutritional supplement drinks should be given to people with dementia who are able to feed themselves in a glass or a beaker if staffing resources allow (NIHR CSP ref 31101).

Film as literature, or the Truffaldian Malaise

This chapter looks at L’Homme qui aimait les femmes (1977) as a privileged instance of the self-effacing, obliquely disruptive, reflexive aesthetics that characterizes Truffaut’s cinema, by means of an intermedial approach. Although an original story, written by Truffaut in collaboration with Suzanne Schiffman and Michel Fermaud, the film’s subject is the writing of a book containing the protagonist’s story. More importantly, its mode of address presents this story as literature, through a complex network of flashbacks and voiceover narrations that comment on and make sense of the fragmentary present-tense action scenes. As well as a film, this method resulted in an actual novel, or cinéroman, this time authored exclusively by the director under the same title of L’Homme qui aimait les femmes, thus giving material form to the literary aim of the cinematic enterprise: a book.

Rumo a uma definição positiva de world cinema

However common it has become, the term World Cinema still lacks a proper, positive definition. Despite its all-encompassing, democratic vocation, it is not usually employed to mean cinema worldwide. On the contrary, the usual way of defining it is restrictive and negative, as ‘the non-Hollywood cinema’. Needless to say, negation here translates a positive intention to turn difference from the dominant model into a virtue to be rescued from an unequal competition. However, it unwittingly sanctions the American way of looking at the world, according to which Hollywood is the centre and all other cinemas are the periphery. As an alternative to this model, this chapter proposes: • World Cinema is simply the cinema of the world. It has no centre. It is not the other, but it is us. It has no beginning and no end, but is a global process. World Cinema, as the world itself, is circulation. • World Cinema is not a discipline, but a method, a way of cutting across film history according to waves of relevant films and movements, thus creating flexible geographies. • As a positive, inclusive, democratic concept, World Cinema allows all sorts of theoretical approaches, provided they are not based on the binary perspective.

Going global: the Brazilian scripted film

This article departs from the assumption that a certain section of world cinema, usually defined as ‘independent’, has been evolving on the basis of good scripts. Between the late 1980s and early 90s, there has been a boom of new cinemas in the world, such as the new Iranian, Taiwanese, Japanese, Mexican, Argentine and Brazilian cinemas. A significant part of this production shows a renewed interest in local and national peculiarities of their respective countries, going against the grain of globalisation and its typical cultural dilution. Most of these films are also engaged in reassessing narrative cinema, as a kind of reaction against the deconstructive work carried out by postmodern cinema of the 1980s.Recent new cinemas are supported by a combination of local and international resources, derived from public and private sponsors at home, and funding agencies, festivals and TV channels abroad. In most cases funds are granted after the film script has been analysed and approved by commissions of experts. The New Brazilian Cinema, or cinema da retomada as it is locally called, has been enormously affected by this scheme, which has even caused a ‘script boom’ in Brazil in the past decade. The chapter examins the results of this process.

A dwelling-level investigation into the physical and socio-economic drivers of domestic energy consumption in England

The UK Government's Department for Energy and Climate Change has been investigating the feasibility of developing a national energy efficiency data framework covering both domestic and non-domestic buildings. Working closely with the Energy Saving Trust and energy suppliers, the aim is to develop a data framework to monitor changes in energy efficiency, develop and evaluate programmes and improve information available to consumers. Key applications of the framework are to understand trends in built stock energy use, identify drivers and evaluate the success of different policies. For energy suppliers, it could identify what energy uses are growing, in which sectors and why. This would help with market segmentation and the design of products. For building professionals, it could supplement energy audits and modelling of end-use consumption with real data and support the generation of accurate and comprehensive benchmarks. This paper critically examines the results of the first phase of work to construct a national energy efficiency data-framework for the domestic sector focusing on two specific issues: (a) drivers of domestic energy consumption in terms of the physical nature of the dwellings and socio-economic characteristics of occupants and (b) the impact of energy efficiency measures on energy consumption.

A new error measure for forecasts of household-level, high resolution electrical energy consumption

As low carbon technologies become more pervasive, distribution network operators are looking to support the expected changes in the demands on the low voltage networks through the smarter control of storage devices. Accurate forecasts of demand at the single household-level, or of small aggregations of households, can improve the peak demand reduction brought about through such devices by helping to plan the appropriate charging and discharging cycles. However, before such methods can be developed, validation measures are required which can assess the accuracy and usefulness of forecasts of volatile and noisy household-level demand. In this paper we introduce a new forecast verification error measure that reduces the so called “double penalty” effect, incurred by forecasts whose features are displaced in space or time, compared to traditional point-wise metrics, such as Mean Absolute Error and p-norms in general. The measure that we propose is based on finding a restricted permutation of the original forecast that minimises the point wise error, according to a given metric. We illustrate the advantages of our error measure using half-hourly domestic household electrical energy usage data recorded by smart meters and discuss the effect of the permutation restriction.

Phenolic acid intake, delivered via moderate champagne wine consumption, improves spatial working memory via the modulation of hippocampal and cortical protein expression/activation.

Aims: While much data exist for the effects of flavonoid-rich foods on spatial memory in rodents, there are no such data for foods/beverages predominantly containing hydroxycinnamates and phenolic acids. To address this, we investigated the effects of moderate Champagne wine intake, which is rich in these components, on spatial memory and related mechanisms relative to the alcohol- and energy-matched controls. Results: In contrast to the isocaloric and alcohol-matched controls, supplementation with Champagne wine (1.78 ml/kg BW, alcohol 12.5% vol.) for 6 weeks led to an improvement in spatial working memory in aged rodents. Targeted protein arrays indicated that these behavioral effects were paralleled by the differential expression of a number of hippocampal and cortical proteins (relative to the isocaloric control group), including those involved in signal transduction, neuroplasticity, apoptosis, and cell cycle regulation. Western immunoblotting confirmed the differential modulation of brain-derived neurotrophic factor, cAMP response-element-binding protein (CREB), p38, dystrophin, 2',3'-cyclic-nucleotide 3'-phosphodiesterase, mammalian target of rapamycin (mTOR), and Bcl-xL in response to Champagne supplementation compared to the control drink, and the modulation of mTOR, Bcl-xL, and CREB in response to alcohol supplementation. Innovation: Our data suggest that smaller phenolics such as gallic acid, protocatechuic acid, tyrosol, caftaric acid, and caffeic acid, in addition to flavonoids, are capable of exerting improvements in spatial memory via the modulation in hippocampal signaling and protein expression. Conclusion: Changes in spatial working memory induced by the Champagne supplementation are linked to the effects of absorbed phenolics on cytoskeletal proteins, neurotrophin expression, and the effects of alcohol on the regulation of apoptotic events in the hippocampus and cortex. Antioxid. Redox Signal. 00, 000-000.

Analysis and modeling of active occupancy of the residential sector in Spain: an indicator of residential electricity consumption

The growing energy consumption in the residential sector represents about 30% of global demand. This calls for Demand Side Management solutions propelling change in behaviors of end consumers, with the aim to reduce overall consumption as well as shift it to periods in which demand is lower and where the cost of generating energy is lower. Demand Side Management solutions require detailed knowledge about the patterns of energy consumption. The profile of electricity demand in the residential sector is highly correlated with the time of active occupancy of the dwellings; therefore in this study the occupancy patterns in Spanish properties was determined using the 2009–2010 Time Use Survey (TUS), conducted by the National Statistical Institute of Spain. The survey identifies three peaks in active occupancy, which coincide with morning, noon and evening. This information has been used to input into a stochastic model which generates active occupancy profiles of dwellings, with the aim to simulate domestic electricity consumption. TUS data were also used to identify which appliance-related activities could be considered for Demand Side Management solutions during the three peaks of occupancy.

The Impact of office productivity cloud computing on energy consumption and greenhouse gas emissions

Cloud computing is usually regarded as being energy efficient and thus emitting less greenhouse gases (GHG) than traditional forms of computing. When the energy consumption of Microsoft’s cloud computing Office 365 (O365) and traditional Office 2010 (O2010) software suites were tested and modeled, some cloud services were found to consume more energy than the traditional form. The developed model in this research took into consideration the energy consumption at the three main stages of data transmission; data center, network, and end user device. Comparable products from each suite were selected and activities were defined for each product to represent a different computing type. Microsoft provided highly confidential data for the data center stage, while the networking and user device stages were measured directly. A new measurement and software apportionment approach was defined and utilized allowing the power consumption of cloud services to be directly measured for the user device stage. Results indicated that cloud computing is more energy efficient for Excel and Outlook which consumed less energy and emitted less GHG than the standalone counterpart. The power consumption of the cloud based Outlook (8%) and Excel (17%) was lower than their traditional counterparts. However, the power consumption of the cloud version of Word was 17% higher than its traditional equivalent. A third mixed access method was also measured for Word which emitted 5% more GHG than the traditional version. It is evident that cloud computing may not provide a unified way forward to reduce energy consumption and GHG. Direct conversion from the standalone package into the cloud provision platform can now consider energy and GHG emissions at the software development and cloud service design stage using the methods described in this research.