Equity trading volume and volatility: Latent information arrivals and common long-run dependencies

This article examines the behavior of equity trading volume and volatility for the individual firms composing the Standard & Poor's 100 composite index. Using multivariate spectral methods, we find that fractionally integrated processes best describe the long-run temporal dependencies in both series. Consistent with a stylized mixture-of-distributions hypothesis model in which the aggregate "news"-arrival process possesses long-memory characteristics, the long-run hyperbolic decay rates appear to be common across each volume-volatility pair.

Terminating links between emission trading programs

© 2015 Elsevier Inc.Links between emission trading programs are not immutable, as highlighted by New Jersey's exit from the Regional Greenhouse Gas Initiative in 2011. This raises the question of what to do with existing permits that are banked for future use-choices that have consequences for market behavior in advance of, or upon speculation about, delinking. We consider two delinking policies. One differentiates banked permits by origin, the other treats banked permits the same. We describe the price behavior and relative cost-effectiveness of each policy. Treating permits differently generally leads to higher costs, and may lead to price divergence, even with only speculation about delinking.

New insights into Hoogsteen base pairs in DNA duplexes from a structure-based survey.

Hoogsteen (HG) base pairs (bps) provide an alternative pairing geometry to Watson-Crick (WC) bps and can play unique functional roles in duplex DNA. Here, we use structural features unique to HG bps (syn purine base, HG hydrogen bonds and constricted C1'-C1' distance across the bp) to search for HG bps in X-ray structures of DNA duplexes in the Protein Data Bank. The survey identifies 106 A•T and 34 G•C HG bps in DNA duplexes, many of which are undocumented in the literature. It also uncovers HG-like bps with syn purines lacking HG hydrogen bonds or constricted C1'-C1' distances that are analogous to conformations that have been proposed to populate the WC-to-HG transition pathway. The survey reveals HG preferences similar to those observed for transient HG bps in solution by nuclear magnetic resonance, including stronger preferences for A•T versus G•C bps, TA versus GG steps, and also suggests enrichment at terminal ends with a preference for 5'-purine. HG bps induce small local perturbations in neighboring bps and, surprisingly, a small but significant degree of DNA bending (∼14°) directed toward the major groove. The survey provides insights into the preferences and structural consequences of HG bps in duplex DNA.

Search for maximal flavor violating scalars in same-charge lepton pairs in pp̄ collisions at s=1.96TeV

Models of maximal flavor violation (MxFV) in elementary particle physics may contain at least one new scalar SU(2) doublet field ΦFV=(η0,η+) that couples the first and third generation quarks (q1, q3) via a Lagrangian term LFV=ξ13ΦFVq1q3. These models have a distinctive signature of same-charge top-quark pairs and evade flavor-changing limits from meson mixing measurements. Data corresponding to 2fb-1 collected by the Collider Dectector at Fermilab II detector in pp̄ collisions at s=1.96TeV are analyzed for evidence of the MxFV signature. For a neutral scalar η0 with mη0=200GeV/c2 and coupling ξ13=1, ∼11 signal events are expected over a background of 2.1±1.8 events. Three events are observed in the data, consistent with background expectations, and limits are set on the coupling ξ13 for mη0=180-300GeV/c2. © 2009 The American Physical Society.

Polychlorinated Biphenyl DDT And Dieldrin Residues In Grey Seal (Halichoerus-Grypus) Males Females And Mother-Foetus Pairs Sampled At The Farne Islands England During The Breeding-Season

PCB, DDT, DDE, dieldrin and total non-polar organohalogen residues have been determined in the blubber-lipid of grey seals (Halichoerus grypus) sampled during the 1972 breeding season (November) at the Farne Islands off the north eastern coast of England. PCBs were analysed by gas-liquid chromatography linked to a chlorine- and carbon-selective microwave plasma detector and total organohalogen residues were determined by microcoulometry. Total organohalogen residues were negatively correlated with blubber thickness and positively correlated with age in males (aged 1 to 24 y) and females (aged 5 to 38 y). However, the correlation of blubber-lipid residue with age in males depended upon the inclusion of immature (aged < 6 y) animals, and in females reflected only a small residue increment. The mean blubber organohalogen concentration of the males was significantly greater than that of the females. PCB and DDT group residue concentrations were significantly correlated. PCB, DDT, DDE and dieldrin were detected in the liver of mother/foetus pairs demonstrating transplacental movement of these residues. The possibility of the condition of the seals at breeding time influencing residue levels and of these residues influencing the health of the population is discussed.

The Trading of Unlimited Liability Bank Shares in Nineteenth Century Ireland: The Bagehot Hypothesis

In the mid-1820s, banks became the first businesses in Great Britain and Ireland to be allowed to form freely on an unlimited liability joint-stock basis. Walter Bagehot warned that their shares would ultimately be owned by widows, orphans, and other impecunious individuals. Another hypothesis is that the governing bodies of these banks, constrained by special legal restrictions on share trading, acted effectively to prevent such shares being transferred to the less wealthy. We test both conjectures using the archives of an Irish joint-stock bank. The results do not support Bagehot's hypothesis.