A Theoretical Comparison Between Integrated and Realized Volatilies

In this paper, we provide both qualitative and quantitative measures of the cost of measuring the integrated volatility by the realized volatility when the frequency of observation is fixed. We start by characterizing for a general diffusion the difference between the realized and the integrated volatilities for a given frequency of observations. Then, we compute the mean and variance of this noise and the correlation between the noise and the integrated volatility in the Eigenfunction Stochastic Volatility model of Meddahi (2001a). This model has, as special examples, log-normal, affine, and GARCH diffusion models. Using some previous empirical works, we show that the standard deviation of the noise is not negligible with respect to the mean and the standard deviation of the integrated volatility, even if one considers returns at five minutes. We also propose a simple approach to capture the information about the integrated volatility contained in the returns through the leverage effect.

Asymptotic Approximations in the Near-Integrated Model with a Non-Zero Initial Condition

This paper considers various asymptotic approximations in the near-integrated firstorder autoregressive model with a non-zero initial condition. We first extend the work of Knight and Satchell (1993), who considered the random walk case with a zero initial condition, to derive the expansion of the relevant joint moment generating function in this more general framework. We also consider, as alternative approximations, the stochastic expansion of Phillips (1987c) and the continuous time approximation of Perron (1991). We assess how these alternative methods provide or not an adequate approximation to the finite-sample distribution of the least-squares estimator in a first-order autoregressive model. The results show that, when the initial condition is non-zero, Perron's (1991) continuous time approximation performs very well while the others only offer improvements when the initial condition is zero.

ARMA Representation of Integrated and Realized Variances

This paper derives the ARMA representation of integrated and realized variances when the spot variance depends linearly on two autoregressive factors, i.e., SR SARV(2) models. This class of processes includes affine, GARCH diffusion, CEV models, as well as the eigenfunction stochastic volatility and the positive Ornstein-Uhlenbeck models. We also study the leverage effect case, the relationship between weak GARCH representation of returns and the ARMA representation of realized variances. Finally, various empirical implications of these ARMA representations are considered. We find that it is possible that some parameters of the ARMA representation are negative. Hence, the positiveness of the expected values of integrated or realized variances is not guaranteed. We also find that for some frequencies of observations, the continuous time model parameters may be weakly or not identified through the ARMA representation of realized variances.

Compact amplifier integrated microstrip antenna

compact microstrip antenna integrated with an amplifier having an area reduction of 70%, compared to the standard circular microstrip patch antenna, is presented. The antenna also provides an enhanced gain of 10-dB more than its passive counter part. The measured 2:1 VSWR band width is -4% at 790 MHz, which is 2.5 times larger than that of the passive microstrip antenna

Integrated internal PIFA for UMTS operation of clamshell mobile phones

novel design of at internal PIFA integrated with an RF-shielding metal case for application in a clamshell or fielder-tvpe mobile phone is presented. The integrated PIFA has a bent and tapered radiating arm in order to easily fit in the casing of the clamshell mobile phone as an internal antenna. The integrated PlEA can also provide a wide operating bandwidth fir UM7S (1920-2170 MHz) operation. In addition, for the clamshell mobile phone in either the talk or standby condition, only a small effect on the operating bandwidth of the integrated PIFA is obtained. The experimental results of the proposed design are presented

A Sub-block Based Image Retrieval Using Modified Integrated Region Matching.

This paper proposes a content based image retrieval (CBIR) system using the local colour and texture features of selected image sub-blocks and global colour and shape features of the image. The image sub-blocks are roughly identified by segmenting the image into partitions of different configuration, finding the edge density in each partition using edge thresholding, morphological dilation. The colour and texture features of the identified regions are computed from the histograms of the quantized HSV colour space and Gray Level Co- occurrence Matrix (GLCM) respectively. A combined colour and texture feature vector is computed for each region. The shape features are computed from the Edge Histogram Descriptor (EHD). A modified Integrated Region Matching (IRM) algorithm is used for finding the minimum distance between the sub-blocks of the query and target image. Experimental results show that the proposed method provides better retrieving result than retrieval using some of the existing methods

Integrated Livelihoods and Landscape Approach for Smallholders in Northern Thailand

This paper examines the strategies and techniques researched and implemented by the International Union for Conservation of Nature (IUCN) in villages in the vicinity of Doi Mae Salong in Chiang Rai Province, Thailand. The strategies revolve around the paradigm linking poverty alleviation, conservation and landscape restoration. IUCN and its partners specifically researched and implemented schemes directed toward diversification of the household economy through alternative and sustainable intensified agriculture techniques based on balancing conservation and livelihood objectives. The projects aimed to reduce poverty and build the resilience of smallholders through decentralised governance arrangements including land use planning schemes and stakeholder negotiation. Considering the agro-ecological system on a catchment-wide scale enhances the conceptual understanding of each component, collectively forming a landscape matrix with requisite benefits for biodiversity, smallholder livelihoods and ecosystem services. In particular, the role of enhancing ecosystem services and functions in building socio-ecological resilience to vulnerabilities such as climate and economic variability is paramount in the process.

A method to obtain the integrated contour image in colour scenes

This paper describes a method to achieve the most relevant contours of an image. The presented method proposes to integrate the information of the local contours from chromatic components such as H, S and I, taking into account the criteria of coherence of the local contour orientation values obtained from each of these components. The process is based on parametrizing pixel by pixel the local contours (magnitude and orientation values) from the H, S and I images. This process is carried out individually for each chromatic component. If the criterion of dispersion of the obtained orientation values is high, this chromatic component will lose relevance. A final processing integrates the extracted contours of the three chromatic components, generating the so-called integrated contours image

Stock return comovements and integration within the Latin American integrated market

Financial integration has been pursued aggressively across the globe in the last fifty years; however, there is no conclusive evidence on the diversification gains (or losses) of such efforts. These gains (or losses) are related to the degree of comovements and synchronization among increasingly integrated global markets. We quantify the degree of comovements within the integrated Latin American market (MILA). We use dynamic correlation models to quantify comovements across securities as well as a direct integration measure. Our results show an increase in comovements when we look at the country indexes, however, the increase in the trend of correlation is previous to the institutional efforts to establish an integrated market in the region. On the other hand, when we look at sector indexes and an integration measure, we find a decreased in comovements among a representative sample of securities form the integrated market.

DAI-DEPUR: an integrated and distributed architecture for wastewater treatment plants supervision

The activated sludge process - the main biological technology usually applied to wastewater treatment plants (WWTP) - directly depends on live beings (microorganisms), and therefore on unforeseen changes produced by them. It could be possible to get a good plant operation if the supervisory control system is able to react to the changes and deviations in the system and can take the necessary actions to restore the system’s performance. These decisions are often based both on physical, chemical, microbiological principles (suitable to be modelled by conventional control algorithms) and on some knowledge (suitable to be modelled by knowledge-based systems). But one of the key problems in knowledge-based control systems design is the development of an architecture able to manage efficiently the different elements of the process (integrated architecture), to learn from previous cases (spec@c experimental knowledge) and to acquire the domain knowledge (general expert knowledge). These problems increase when the process belongs to an ill-structured domain and is composed of several complex operational units. Therefore, an integrated and distributed AI architecture seems to be a good choice. This paper proposes an integrated and distributed supervisory multi-level architecture for the supervision of WWTP, that overcomes some of the main troubles of classical control techniques and those of knowledge-based systems applied to real world systems

New insights into boar sperm function and survival from integrated field and laboratory studies

En aquesta tesi s'han dut a terme dos tipus d'estudis diferents. L'objectiu del primer era la preservació del semen de porcí a 15ºC i el del segon eren els co-cultius homòlegs de cèl·lules epitelials de l'oviducte i espermatozoides de porcí. Pel que fa al primer estudi, s'ha observat que l'addició de la prostaglandina F2α i àcid hialurònic a les dosis seminals no malmena la qualitat espermàtica i que la tolerància dels espermatozoides als canvis d'osmolalitat del medi es pot correlacionar proves de fertilitat i prolificitat.. Respecte el segon, s'ha determinat que les cèl·lules oviductals afecten els paràmetres espermàtics i que la presència d'espermatozoides sobreexpressa els gens que codifiquen per les proteïnes de xoc tèrmic. Així, se suggereix que aquestes proteïnes tenen algun paper en els processos reproductius que tenen lloc a l'oviducte, malgrat que s'hagi observat, mitjançant la tècnica de la interferència de l'RNA, que la HSP90AA1 no està implicada en el perllongament de la viabilitat espermàtica.

Integrated educational opportunities in the Universal Museum: five ways forward

Whatever the other characteristics of the universal museum, education must be one of its core functions. That is, education both of regular visitors and those who are not but who are members of the local, regional or national communities served by the museum. In this sense, universal refers to making the museum accessible to all: accessible physically and intellectually. This relates to what I mean by education. It is far broader than what takes place between teachers and pupils in a formal setting. Education is also about providing environments where people will be inspired or provoked to know, to question. To reflect about themselves and the wider human and natural world. A universal museum should be a great facilitator of these learning processes. In this paper I shall focus on five ways in which there can be integration of educational opportunities in the universal museum. For examples to illustrate these themes I shall draw on practices in a small sample of museums in Europe and the USA.

Banking Union: Ireland vs. Nevada, an illustration of the importance of an integrated banking system. CEPS Commentary, 18 October 2012

Despite their surprising similarities – in size and their housing booms – Ireland and the American state of Nevada sharply parted company when it came to who bore responsibility for bailing out their failed banks when the booms turned to bust. This latest Commentary by Daniel Gros vividly illustrates the importance of that difference and thus the shock-absorbing capacity of an integrated banking system and a banking union.

An Integrated Traffic and Pedestrian Model_based Vision System

The paper describes a novel integrated vision system in which two autonomous visual modules are combined to interpret a dynamic scene. The first module employs a 3D model-based scheme to track rigid objects such as vehicles. The second module uses a 2D deformable model to track non-rigid objects such as people. The principal contribution is a novel method for handling occlusion between objects within the context of this hybrid tracking system. The practical aim of the work is to derive a scene description that is sufficiently rich to be used in a range of surveillance tasks. The paper describes each of the modules in outline before detailing the method of integration and the handling of occlusion in particular. Experimental results are presented to illustrate the performance of the system in a dynamic outdoor scene involving cars and people.

Controlling nitrate pollution: an integrated approach

The introduction of the EU Water Framework Directive requires policy to address non-point source pollution as part of an overall integrated strategy to improve the ecological status of water bodies. In this paper, we combine an economic optimisation framework with a dynamic simulation model of N transport in the Kennet Catchment to link decisions taken at the farm level to reductions in nitrate concentrations in the River Kennet. We examine a variety of policies targeted at reducing fertiliser use and changing the way in which farm land is used. We find that a tax on nitrogen emerges as the best policy both in terms of cost- and environmental effectiveness. Such a policy involves a considerable reduction in fertiliser use, as well as, a restructuring of land-use away from arable towards increased use of set-aside. Budgetary implications of such a radical move towards set-aside would be huge and hence unlikely to be politically palatable given the objective of reducing the EU budgetary allocation to agriculture. Additionally, the current rise in world demand for food may also mitigate calls for increasing the proportion of land taken out of agricultural production. Although the study succeeds in establishing a link between actions on the farm and nitrate concentrations in the stream water, further work is required to explore the effect of the retention of nitrates in the unsaturated zone and groundwater on this link.