Fidelity in interpretation: Lord Hoffmann and the adventure of the empty house

This paper explores Dworkin's 'law as a chain novel' analogy and considers the recent work of Dworkin and MacCormick through close scrutiny of two recent judgments of Lord Hoffmann, in Barlow Clowes v Eurotrust International [2005] UKPC 37 and Barker v Corus [2006] UKHL 20. The aim is to examine Dworkin's theory in the context of recent English private law decisions and determine whether Lord Hoffmann's approach to interpretation is consistent with that of Dworkin (as his Lordship has contended in the past). It is argued that Lord Hoffmann's treatment of recent decisions on which he himself sat raises significant questions regarding fidelity, coherence and the institutional structure of the House of Lords.

Acclimation of photosynthesis to elevated CO2 in onion (Allium cepa) grown at a range of temperatures

Onion (Allium cepa) was grown in the field within temperature gradient tunnels (providing about -2.5degreesC to +2.5degreesC from outside temperatures) maintained at either 374 or 532 mumol mol(-1) CO2. Plant leaf area was determined non-destructively at 7 day intervals until the time of bulbing in 12 combinations of temperature and CO2 concentration. Gas exchange was measured in each plot at the time of bulbing, and the carbohydrate content of the leaf (source) and bulb (sink) was determined. Maximum rate of leaf area expansion increased with mean temperature. Leaf area duration and maximum rate of leaf area expansion were not significantly affected by CO2. The light-saturated rates of leaf photosynthesis (A(sat)) were greater in plants grown at normal than at elevated CO2 concentrations at the same measurement CO2 concentration. Acclimation of photosynthesis decreased with an increase in growth temperature, and with an increase in leaf nitrogen content at elevated CO2. The ratio of intercellular to atmospheric CO2 (C-i/C-a ratio) was 7.4% less for plants grown at elevated compared with normal CO2. A(sat) in plants grown at elevated CO2 was less than in plants grown at normal CO2 when compared at the same C-i Hence, acclimation of photosynthesis was due both to stomatal acclimation and to limitations to biochemical CO2 fixation. Carbohydrate content of the onion bulbs was greater at elevated than at normal CO2. In contrast, carbohydrate content was less at elevated compared with normal CO2 in the leaf sections in which CO2 exchange was measured at the same developmental stage. Therefore, acclimation of photosynthesis in fully expanded onion leaves was detected despite the absence of localised carbohydrate accumulation in these field-grown crops.

The structure and mechanism of serine acetyltransferase from Escherichia coli

Serine acetyltransferase (SAT) catalyzes the first step of cysteine synthesis in microorganisms and higher plants. Here we present the 2.2 Angstrom crystal structure of SAT from Escherichia coli, which is a dimer of trimers, in complex with cysteine. The SAT monomer consists of an amino-terminal alpha-helical domain and a carboxyl- terminal left-handed beta-helix. We identify His(158) and Asp(143) as essential residues that form a catalytic triad with the substrate for acetyl transfer. This structure shows the mechanism by which cysteine inhibits SAT activity and thus controls its own synthesis. Cysteine is found to bind at the serine substrate site and not the acetyl-CoA site that had been reported previously. On the basis of the geometry around the cysteine binding site, we are able to suggest a mechanism for the O-acetylation of serine by SAT. We also compare the structure of SAT with other left-handed beta-helical structures.

Acclimation of photosynthesis to elevated CO2 in onion (allium cepa) grown at a range of temperatures

Onion (Allium cepa) was grown in the field within temperature gradient tunnels (providing about -2.5 degrees C to +2.5 degrees C from outside temperatures) maintained at either 374 or 532 mumol mol (-1) CO2. Plant leaf area was determined non-destructively at 7 day intervals until the time of bulbing in 12 combinations of temperature and CO2 concentration. Gas exchange was measured in each plot at the time of bulbing, and the carbohydrate content of the leaf (source) and bulb (sink) was determined. Maximum rate of leaf area expansion increased with mean temperature. Leaf area duration and maximum rate of leaf area expansion were not significantly affected by CO2. The light-saturated rates of leaf photosynthesis (A(sat)) were greater in plants grown at normal than at elevated CO2 concentrations at the same measurement CO2 concentration. Acclimation of photosynthesis decreased with an increase in growth temperature, and with an increase in leaf nitrogen content at elevated CO2. The ratio of intercellular to atmospheric CO2 (C-i/C-a ratio) was 7.4% less for plants grown at elevated compared with normal CO2. A(sat) in plants grown at elevated CO2 was less than in plants grown at normal CO2 when compared at the same C-i Hence, acclimation of photosynthesis was due both to stomatal acclimation and to limitations to biochemical CO2 fixation. Carbohydrate content of the onion bulbs was greater at elevated than at normal CO2. In contrast, carbohydrate content was less at elevated compared with normal CO2 in the leaf sections in which CO2 exchange was measured at the same developmental stage. Therefore, acclimation of photosynthesis in fully expanded onion leaves was detected despite the absence of localised carbohydrate accumulation in these field-grown crops.

American option valuation: implied calibration of GARCH pricing models

This study analyzes the issue of American option valuation when the underlying exhibits a GARCH-type volatility process. We propose the usage of Rubinstein's Edgeworth binomial tree (EBT) in contrast to simulation-based methods being considered in previous studies. The EBT-based valuation approach makes an implied calibration of the pricing model feasible. By empirically analyzing the pricing performance of American index and equity options, we illustrate the superiority of the proposed approach.

An examination of the complementary volume–volatility information theories

The volume–volatility relationship during the dissemination stages of information flow is examined by analyzing various theories relating volume and volatility as complementary rather than competing models. The mixture of distributions hypothesis, sequential arrival of information hypothesis, the dispersion of beliefs hypothesis, and the noise trader hypothesis all add to the understanding of how volume and volatility interact for different types of futures traders. An integrated picture of the volume–volatility relationship is provided by investigating the dynamic linear and nonlinear associations between volatility and the volume of informed (institutional) and uninformed (the general public) traders. In particular, the trading behavior explanation for the persistence of futures volatility, the effect of the timing of private information arrival, and the response of institutional traders to excess noise trading risk is examined

A simplified pricing model for volatility futures

We develop a general model to price VIX futures contracts. The model is adapted to test both the constant elasticity of variance (CEV) and the Cox–Ingersoll–Ross formulations, with and without jumps. Empirical tests on VIX futures prices provide out-of-sample estimates within 2% of the actual futures price for almost all futures maturities. We show that although jumps are present in the data, the models with jumps do not typically outperform the others; in particular, we demonstrate the important benefits of the CEV feature in pricing futures contracts. We conclude by examining errors in the model relative to the VIX characteristics

Persistence of volatility in futures markets

This article examines the characteristics of key measures of volatility for different types of futures contracts to provide a better foundation for modeling volatility behavior and derivative values. Particular attention is focused on analyzing how different measures of volatility affect volatility persistence relationships. Intraday realized measures of volatility are found to be more persistent than daily measures, the type of GARCH procedure used for conditional volatility analysis is critical, and realized volatility persistence is not coherent with conditional volatility persistence. Specifically, although there is a good fit between the realized and conditional volatilities, no coherence exists between their degrees of persistence, a counterintuitive finding that shows realized and conditional volatility measures are not a substitute for one another

Time of emergence of climate signals

The time at which the signal of climate change emerges from the noise of natural climate variability (Time of Emergence, ToE) is a key variable for climate predictions and risk assessments. Here we present a methodology for estimating ToE for individual climate models, and use it to make maps of ToE for surface air temperature (SAT) based on the CMIP3 global climate models. Consistent with previous studies we show that the median ToE occurs several decades sooner in low latitudes, particularly in boreal summer, than in mid-latitudes. We also show that the median ToE in the Arctic occurs sooner in boreal winter than in boreal summer. A key new aspect of our study is that we quantify the uncertainty in ToE that arises not only from inter-model differences in the magnitude of the climate change signal, but also from large differences in the simulation of natural climate variability. The uncertainty in ToE is at least 30 years in the regions examined, and as much as 60 years in some regions. Alternative emissions scenarios lead to changes in both the median ToE (by a decade or more) and its uncertainty. The SRES B1 scenario is associated with a very large uncertainty in ToE in some regions. Our findings have important implications for climate modelling and climate policy which we discuss.

Asparagus: a horticultural ballet

Asparagus: A Horticultural Ballet was a live performance and film narrating the rise of capital in the medium of asparagus. The project stemmed from an obscure reference to an art piece of the same name by Waw Pierogi of the band xex. However, the its re-enactment had little to do with the original exploration of the growth and branching patterns of the asparagus plant. Instead, a rigid choreography inspired by Oskar Schlemmer's Triadic Ballet and based on Karl Marx's Capital dictated the movements of six performers in asparagus costumes. Bringing together the organic and the geometric, the ballet investigated the transition from the Fordist assembly line to immaterial labour through a reanimation of modernist abstraction. Being itself the story of abstraction, Capital shows how human relationships are replaced by those between commodities in the joyless grind of endless accumulation. This process results in the transcendent mythical figure of capital, which frames, transfigures and even produces the natural world. Asparagus: A Horticultural Ballet was produced in collaboration with Montreal based band Les Georges Leningrad and commissioned by The Showroom Gallery, London. It was presented live at Conway Hall in London on 6.3.07 and at the Montreal Biennale at SAT on 12.5.07. The performance was accompanied by a film at the Showroom gallery and preceded by a production residency at the Pump House Gallery. The film has subsequently been shown at The Golden Thread Gallery, Bluecoat Liverpool and as part of A-Lot-Ment in Portsmouth. Props from Asparagus: A Horticultural Ballet, were included in The Eagle Document at the Stephen Lawrence Gallery, London.