Testing for non-stationarity and cointegration allowing for the possibility of a structural break: an application to EuroSterling interest rates

In this paper we examine the order of integration of EuroSterling interest rates by employing techniques that can allow for a structural break under the null and/or alternative hypothesis of the unit-root tests. In light of these results, we investigate the cointegrating relationship implied by the single, linear expectations hypothesis of the term structure of interest rates employing two techniques, one of which allows for the possibility of a break in the mean of the cointegrating relationship. The aim of the paper is to investigate whether or not the interest rate series can be viewed as I(1) processes and furthermore, to consider whether there has been a structural break in the series. We also determine whether, if we allow for a break in the cointegration analysis, the results are consistent with those obtained when a break is not allowed for. The main results reported in this paper support the conjecture that the ‘short’ Euro-currency rates are characterised as I(1) series that exhibit a structural break on or near Black Wednesday, 16 September 1992, whereas the ‘long’ rates are I(1) series that do not support the presence of a structural break. The evidence from the cointegration analysis suggests that tests of the expectations hypothesis based on data sets that include the ERM crisis period, or a period that includes a structural break, might be problematic if the structural break is not explicitly taken into account in the testing framework.

Consumer robotic products: studying the factors that influence market adoption

The aim of this article is to identify the key factors that are associated with the adoption of a commercial robot in the home. This article is based on the development of the robot product Cybot by the University of Reading in conjunction with a publisher (Eaglemoss International Ltd.). The robots were distributed through a new part-work magazine series (Ultimate Real Robots) that had long-term customer usage and retention. A part-work is a serial publication that is issued periodically (e.g., every two weeks), usually in magazine format, and builds into a complete collection. This magazine focused on robotics and was accompanied by cover-mounted component parts that could be assembled, with instructions, by the user to build a working robot over the series. In total, the product contributed over half a million operational domestic robots to the world market, selling over 20 million robot part-work magazines across 18 countries, thereby providing a unique breadth of insight. Gaining a better understanding of the overall attitudes that customers of this product had toward robots in the home, their perception of what such devices could deliver and how they would wish to interact with them should provide results applicable to the domestic appliance, assistance/care, entertainment, and educational markets.

The dynamics of commodity prices

In this paper we study the stochastic behavior of the prices and volatilities of a sample of six of the most important commodity markets and we compare these properties with those of the equity market. we observe a substantial degree of heterogeneity in the behavior of the series. Our findings show that it is inappropriate to treat different kinds of commodities as a single asset class as is frequently the case in the academic literature and in the industry. We demonstrate that commodities can be a useful diversifier of equity volatility as well as equity returns. Options pricing and hedging applications exemplify the economic impacts of the differences across commodities and between model specifications.

NLO QCD Corrections to the Polarized Photo- and Hadroproduction of Heavy Quarks

The complete details of our calculation of the NLO QCD corrections to heavy flavor photo- and hadroproduction with longitudinally polarized initial states are presented. The main motivation for investigating these processes is the determination of the polarized gluon density at the COMPASS and RHIC experiments, respectively, in the near future. All methods used in the computation are extensively documented, providing a self-contained introduction to this type of calculations. Some employed tools also may be of general interest, e.g., the series expansion of hypergeometric functions. The relevant parton level results are collected and plotted in the form of scaling functions. However, the simplification of the obtained gluon-gluon virtual contributions has not been completed yet. Thus NLO phenomenological predictions are only given in the case of photoproduction. The theoretical uncertainties of these predictions, in particular with respect to the heavy quark mass, are carefully considered. Also it is shown that transverse momentum cuts can considerably enhance the measured production asymmetries. Finally unpolarized heavy quark production is reviewed in order to derive conditions for a successful interpretation of future spin-dependent experimental data.

Storytelling in song: television music, narrative and allusion in 'The O.C.'

Television’s long-form storytelling has the potential to allow the rippling of music across episodes and seasons in interesting ways. In the integration of narrative, music and meaning found in The O.C. (Fox, FOX 2003-7), popular song’s allusive and referential qualities are drawn upon to particularly televisual ends. At times embracing its ‘disruptive’ presence, at others suturing popular music into narrative, at times doing both at once. With television studies largely lacking theories of music, this chapter draws on film music theory and close textual analysis to analyse some of the programme's music moments in detail. In particular it considers the series-spanning use of Jeff Buckley’s cover of ‘Hallelujah’ (and its subsequent oppressive presence across multiple televisual texts), the end of episode musical montage and the use of recurring song fragments as theme within single episodes. In doing so it highlights music's role in the fragmentation and flow of the television aesthetic and popular song’s structural presence in television narrative. Illustrating the multiplicity of popular song’s use in television, these moments demonstrate song’s ability to provide narrative commentary, yet also make particular use of what Ian Garwood describes as the ability of ‘a non-diegetic song to exceed the emotional range displayed by diegetic characters’ (2003:115), to ‘speak’ for characters or to their feelings, contributing to both teen TV’s melodramatic affect and narrative expression.

Trevor Griffiths' 'Absolute Beginners': socialist humanism and the television studio

This article examines how conventional studio production strategies were active in the construction of political meaning in the 1974 television play 'Absolute Beginners' written by Trevor Griffiths. Produced for the BBC anthology series Fall of Eagles, the play dramatises Lenin's involvement with the Russian Social Democratic Workers Party (RSDWP) and explores the contradictions between personal ethics and political necessity. Through close textual analysis and contextual discussion of other plays in the series, this piece demonstrates how shot patterns and spatial and performative devices in 'Absolute Beginners' supported the drama's socialist-humanist themes. Drawing on existing writing about the studio mode, it argues that the qualities of intimacy and presentational distance that it engendered were highly appropriate for the personal and the political dialectic in 'Absolute Beginners'. While using authorship as a convenient category for referring to the coherence of Griffiths' thematic concerns and dramatic structure during this period, the article complicates notions of the television dramatist as author by arguing for the importance of visual style and showing how 'ordinary' studio form was operational in the play's political meanings.

Deriving a sea surface temperature record suitable for climate change research from the along-track scanning radiometers

We describe the approach to be adopted for a major new initiative to derive a homogeneous record of sea surface temperature for 1991–2007 from the observations of the series of three along-track scanning radiometers (ATSRs). This initiative is called (A)RC: (Advanced) ATSR Re-analysis for Climate. The main objectives are to reduce regional biases in retrieved sea surface temperature (SST) to less than 0.1 K for all global oceans, while creating a very homogenous record that is stable in time to within 0.05 K decade−1, with maximum independence of the record from existing analyses of SST used in climate change research. If these stringent targets are achieved, this record will enable significantly improved estimates of surface temperature trends and variability of sufficient quality to advance questions of climate change attribution, climate sensitivity and historical reconstruction of surface temperature changes. The approach includes development of new, consistent estimators for SST for each of the ATSRs, and detailed analysis of overlap periods. Novel aspects of the approach include generation of multiple versions of the record using alternative channel sets and cloud detection techniques, to assess for the first time the effect of such choices. There will be extensive effort in quality control, validation and analysis of the impact on climate SST data sets. Evidence for the plausibility of the 0.1 K target for systematic error is reviewed, as is the need for alternative cloud screening methods in this context.

The look: style, technology and televisuality in the New Who

This chapter explores the distinctive qualities of the Matt Smith era Doctor Who, focusing on how dramatic emphases are connected with emphases on visual style, and how this depends on the programme's production methods and technologies. Doctor Who was first made in the 1960s era of live, studio-based, multi-camera television with monochrome pictures. However, as technical innovations like colour filming, stereo sound, CGI and post-production effects technology have been routinely introduced into the programme, and now High Definition (HD) cameras, they have given Doctor Who’s creators new ways of making visually distinctive narratives. Indeed, it has been argued that since the 1980s television drama has become increasingly like cinema in its production methods and aesthetic aims. Viewers’ ability to view the programme on high-specification TV sets, and to record and repeat episodes using digital media, also encourage attention to visual style in television as much as in cinema. The chapter evaluates how these new circumstances affect what Doctor Who has become and engages with arguments that visual style has been allowed to override characterisation and story in the current Doctor Who. The chapter refers to specific episodes, and frames the analysis with reference to earlier years in Doctor Who’s long history. For example, visual spectacle using green-screen and CGI can function as a set-piece (at the opening or ending of an episode) but can also work ‘invisibly’ to render a setting realistically. Shooting on location using HD cameras provides a rich and detailed image texture, but also highlights mistakes and especially problems of lighting. The reduction of Doctor Who’s budget has led to Steven Moffat’s episodes relying less on visual extravagance, connecting back both to Russell T. Davies’s concern to show off the BBC’s investment in the series but also to reference British traditions of gritty and intimate social drama. Pressures to capitalise on Doctor Who as a branded product are the final aspect of the chapter’s analysis, where the role of Moffat as ‘showrunner’ links him to an American (not British) style of television production where the preservation of format and brand values give him unusual power over the look of the series.

Camera and performer: energetic engagement with the shield

The stylistic strategies, in particular those concerning camera placement and movement, of The Shield (FX, 2002-08) seem to directly fit into an aesthetic tradition developed by US cop dramas like Hill Street Blues (NBC, 1981-87), Homicide: Life on the Street (NBC, 1993-99) and NYPD Blue (ABC, 1993-2005). In these precinct dramas, decisions concerning spatial arrangements of camera and performer foreground a desire to present and react to action while it is happening, and with a minimum of apparent construction. As Jonathan Bignell (2009) has argued, the intimacy and immediacy of this stylistic approach, which has at its core an attempt at a documentary-like realism, is important to the police drama as a genre, while also being tendencies that have been taken as specific characteristics of television more generally. I explore how The Shield develops this tradition of a reactive camera style in its strategy of shooting with two cameras rather than one, with specific attention to how this shapes the presentation of performance. Through a detailed examination of the relationship between performer and camera(s) the chapter considers the way the series establishes access to the fictional world, which is crucial to the manner of police investigation central to its drama, and the impact of this on how we engage with performance. The cameras’ placement appears to balance various impulses, including: the demands of attending to an ensemble cast, spontaneous performance style, and action that is physically dynamic and involving. In a series that makes stylistic decisions around presentation of the body on-screen deliberately close yet obstructive, involving yet fleeting, the chapter explores the affect of this on the watching experience.

A comparative analysis of the accuracy and uncertainty in real estate and macroeconomic forecasts

We compare and contrast the accuracy and uncertainty in forecasts of rents with those for a variety of macroeconomic series. The results show that in general forecasters tend to be marginally more accurate in the case of macro-economic series than with rents. In common across all of the series, forecasts tend to be smoothed with forecasters under-estimating performance during economic booms, and vice-versa in recessions We find that property forecasts are affected by economic uncertainty, as measured by disagreement across the macro-forecasters. Increased uncertainty leads to increased dispersion in the rental forecasts and a reduction in forecast accuracy.

The spaces of the Wednesday Play (BBC TV 1964–1970): production, technology and style

The BBC television drama anthology The Wednesday Play, broadcast from 1964-70 on the BBC1 channel, was high-profile and often controversial in its time and has since been central to accounts of British television’s ‘golden age’. This article demonstrates that production technologies and methods were more diverse at that time than is now acknowledged, and that The Wednesday Play dramas drew both approving but also very critical responses from contemporary viewers and professional reviewers. This article analyses the ways that the physical spaces of production for different dramas in the series, and the different technologies of shooting and recording that were adopted in these production spaces, are associated with but do not determine aesthetic style. The adoption of single-camera location filming rather than the established production method of multi-camera studio videotaping in some of the dramas in the series has been important to The Wednesday Play’s significance, but each production method was used in different ways. The dramas drew their dramatic forms and aesthetic emphases from both theatre and cinema, as well as connecting with debates about the nature of drama for television. Institutional and regulatory frameworks such as control over staff working away from base, budgetary considerations and union agreements also impacted on decisions about how programmes were made. The article makes use of records from the BBC Written Archives Centre, as well as published scholarship. By placing The Wednesday Play in a range of overlapping historical contexts, its identity can be understood as transitional, differentiated and contested.

Queering Philip Roth: homosocial discourse in 'An actor’s life for me', 'Letting go', 'Sabbath’s theater' and the 'American trilogy'

Much has been written on Roth’s representation of masculinity, but this critical discourse has tended to be situated within a heteronormative frame of reference, perhaps because of Roth’s popular reputation as an aggressively heterosexual, libidinous, masculinist, in some versions sexist or even misogynist author. In this essay I argue that Roth’s representation of male sexuality is more complex, ambiguous, and ambivalent than has been generally recognized. Tracing a strong thread of what I call homosocial discourse running through Roth’s oeuvre, I suggest that the series of intimate relationships with other men that many of Roth’s protagonists form are conspicuously couched in this discourse and that a recognition of this ought to reconfigure our sense of the sexual politics of Roth’s career, demonstrating in particular that masculinity in his work is too fluid and dynamic to be accommodated by the conventional binaries of heterosexual and homosexual, feminized Jew and hyper-masculine Gentile, the “ordinary sexual man” and the transgressively desiring male subject.

TOWARD UNDERSTANDING THE B[e] PHENOMENON. III. PROPERTIES OF THE OPTICAL COUNTERPART OF IRAS 00470+6429

FS CMa type stars are a group of Galactic objects with the B[e] phenomenon. They exhibit strong emission-line spectra and infrared excesses, which are most likely due to recently formed circumstellar dust. The group content and identification criteria were described in the first two papers of the series. In this paper we report our spectroscopic and photometric observations of the optical counterpart of IRAS 00470+6429 obtained in 2003-2008. The optical spectrum is dominated by emission lines, most of which have P Cyg type profiles. We detected significant brightness variations, which may include a regular component, and variable spectral line profiles in both shape and position. The presence of a weak Li I 6708 angstrom line in the spectrum suggests that the object is most likely a binary system with a B2-B3 spectral-type primary companion of a luminosity log L/L(circle dot) = 3.9 +/- 0.3 and a late-type secondary companion. We estimate a distance toward the object to be 2.0 +/- 0.3 kpc from the Sun.

Paleoamerican Morphology in the Context of European and East Asian Late Pleistocene Variation: Implications for Human Dispersion Into the New World

Early American crania show a different morphological pattern from the one shared by late Native Americans. Although the origin of the diachronic morphological diversity seen on the continents is still debated, the distinct morphology of early Americans is well documented and widely dispersed. This morphology has been described extensively for South America, where larger samples are available. Here we test the hypotheses that the morphology of Early Americans results from retention of the morphological pattern of Late Pleistocene modern humans and that the occupation of the New World precedes the morphological differentiation that gave rise to recent Eurasian and American morphology. We compare Early American samples with European Upper Paleolithic skulls, the East Asian Zhoukoudian Upper Cave specimens and a series of 20 modern human reference crania. Canonical Analysis and Minimum Spanning Tree were used to assess the morphological affinities among the series, while Mantel and Dow-Cheverud tests based on Mahalanobis Squared Distances were used to test different evolutionary scenarios. Our results show strong morphological affinities among the early series irrespective of geographical origin, which together with the matrix analyses results favor the scenario of a late morphological differentiation of modern humans. We conclude that the geographic differentiation of modern human morphology is a late phenomenon that occurred after the initial settlement of the Americas. Am J Phys Anthropol 144:442-453, 2011. (c) 2010 Wiley-Liss, Inc.

How grain boundaries modify the high-temperature dielectric response of ferroelectric electroceramics like BaTiO(3)?

Dielectric properties of BaTiO(3) ferroelectric ceramics were studied over wide frequency and temperature ranges. The materials showed complex dielectric behaviors, which included an anomalous increase of permittivity towards higher temperatures. Important, this property tended however to saturate to values that varied with grain-boundary density. Application of impedance spectroscopy and consideration of the series-layer model allowed a coherent discussion of these and other interesting observations from this work. In particular, analysis of the relationship existing in this model between macroscopic and microscopic dielectric properties rendered possible to account for grain vs. grain-boundary dielectric behaviors, in harmony with microstructure features, and to know the dielectric anomaly strength to be in fact expected from grain boundaries in such polycrystalline materials. (C) 2010 Elsevier Ltd. All rights reserved.