Cross-correlations and cross-bicorrelations in Sterling exchange rates

This paper proposes two new tests for linear and nonlinear lead/lag relationships between time series based on the concepts of cross-correlations and cross-bicorrelations, respectively. The tests are then applied to a set of Sterling-denominated exchange rates. Our analysis indicates that there existed periods during the post-Bretton Woods era where the temporal relationship between different exchange rates was strong, although these periods have become less frequent over the past 20 years. In particular, our results demonstrate the episodic nature of the nonlinearity, and have implications for the speed of flow of information between financial series. The method generalises recently proposed tests for nonlinearity to the multivariate context.

Testing for non-linearity in daily sterling exchange rates

A number of tests for non-linear dependence in time series are presented and implemented on a set of 10 daily sterling exchange rates covering the entire post Bretton-Woods era until the present day. Irrefutable evidence of non-linearity is shown in many of the series, but most of this dependence can apparently be explained by reference to the GARCH family of models. It is suggested that the literature in this area has reached an impasse, with the presence of ARCH effects clearly demonstrated in a large number of papers, but with the tests for non-linearity which are currently available being unable to classify any additional non-linear structure.

Antioxidant capacity and phenolic composition of different woods used in cooperage

This study has investigated the antioxidant capacity of different woods used in cooperage and the effect of the botanical species of wood on this capacity. Quercus robur and Castanea sativa were the species with the highest antioxidant capacity, due to their relatively high content of phenolic compounds. However, the phenolic content of Prunus avium samples was very low, also reflected in its antioxidant capacity. All measurements of antioxidant capacity were consistent with the content and composition of the phenolic compounds detected in the wood samples. The major contributors to the antioxidant capacity were identified as phenolic acids, including gallic, protocatechuic, p-coumaric and ellagic acid and all the ellagitannins, due to their characteristic structure.