Information flow, trading activity and commodity futures volatility

Based on unique news data relating to gold and crude oil, we investigate how news volume and sentiment, shocks in trading activity, market depth and trader positions unrelated to information flow covary with realized volatility. Positive shocks to the rate of news arrival, and negative shocks to news sentiment exhibit the largest effects. After controlling for the level of news flow and cross-correlations, net trader positions play only a minor role. These findings are at odds with those of [Wang (2002a). The Journal of Futures Markets, 22, 427–450; Wang (2002b). The Financial Review, 37, 295–316], but are consistent with the previous literature which doesn't find a strong link between volatility and trader positions.

Commodity taxation and parallel imports

We examine the interaction between commodity taxes and parallel imports in a two-country model with imperfect competition. While governments determine non-cooperatively their commodity tax rate, the volume of parallel imports is determined endogenously by the retailing sector. We compare the positive and normative implications of having commodity taxes based on destination or origin principle. We show that, as the volume of parallel imports increases, non-cooperative origin taxes converge, while destination taxes diverge. Moreover, origin taxes are more similar and lead to higher aggregate welfare levels than destination taxes.

Low carbon fuels and commodity chemicals from waste gases – systematic approach to understand energy metabolism in a model acetogen

Gas fermentation using acetogenic bacteria offers a promising route for the sustainable production of low carbon fuels and commodity chemicals from abundant, inexpensive C1 feedstocks including industrial waste gases, syngas, reformed methane or methanol. Clostridium autoethanogenum is a model gas fermenting acetogen that produces fuel ethanol and 2,3-butanediol, a precursor for nylon and rubber. Acetogens have already been used in large scale industrial fermentations, they are ubiquitous and known to play a prominent role in the global carbon cycle. Still, they are considered to live on the thermodynamic edge of life and potential energy constraints when growing on C1 gases pose a major challange for the commercial production of fuels and chemicals. We have developed a systematic platform to investigate acetogenic energy metabolism, exemplified here by experiments contrasting heterotrophic and autotrophic metabolism. The platform is built from complete omics technologies, augmented with genetic tools and complemented by a manually curated genome-scale mathematical model. Together the tools enable the design and development of new, energy efficient pathways and strains for the production of chemicals and advanced fuels via C1 gas fermentation. As a proof-of-platform, we investigated heterotrophic growth on fructose versus autotrophic growth on gas that demonstrate the role of the Rnf complex and Nfn complex in maintaining growth using the Wood–Ljungdahl pathway. Pyruvate carboxykinase was found to control the rate-limiting step of gluconeogenesis and a new specialized glyceraldehyde-3-phosphate dehydrogenase was identified that potentially enhances anabolic capacity by reducing the amount of ATP consumed by gluconeogenesis. The results have been confirmed by the construction of mutant strains.

A moeda como um discurso : uma análise das representações de Otávio, Cleópatra e Marco Antônio

Abstract: The present article discusses about the representation of Octavius, Mark Antony and Cleopatra in three coins, to reflect about how the ancient mintage contributed for these personages could shape their images to the populus romanus in general.

Historia breve e authentica do Banco de Inglaterra :com dissertações sobre os metaes, moeda, e letras de cambio, e a carta de incorporação / por T. Fortune, author do Epitome dos Fundos, etc.; traduzida da segunda edição de Londres ; impressa por Ordem de S. Alteza Real O Principe Regente, Nosso Senhor, por Hypolito José da Costa Pereira

Referência: Diccionario Bibliographico Portuguez / Innocencio Francisco da Silva, 1859. v. 3, p. 198-199.

Palladium-Catalyzed Decarboxylative and Decarbonylative Transformations in the Synthesis of Fine and Commodity Chemicals

Decarboxylation and decarbonylation are important reactions in synthetic organic chemistry, transforming readily available carboxylic acids and their derivatives into various products through loss of carbon dioxide or carbon monoxide. In the past few decades, palladium-catalyzed decarboxylative and decarbonylative reactions experienced tremendous growth due to the excellent catalytic activity of palladium. Development of new reactions in this category for fine and commodity chemical synthesis continues to draw attention from the chemistry community.

The Stoltz laboratory has established a palladium-catalyzed enantioselective decarboxylative allylic alkylation of β-keto esters for the synthesis of α-quaternary ketones since 2005. Recently, we extended this chemistry to lactams due to the ubiquity and importance of nitrogen-containing heterocycles. A wide variety of α-quaternary and tetrasubstituted α-tertiary lactams were obtained in excellent yields and exceptional enantioselectivities using our palladium-catalyzed decarboxylative allylic alkylation chemistry. Enantioenriched α-quaternary carbonyl compounds are versatile building blocks that can be further elaborated to intercept synthetic intermediates en route to many classical natural products. Thus our chemistry enables catalytic asymmetric formal synthesis of these complex molecules.

In addition to fine chemicals, we became interested in commodity chemical synthesis using renewable feedstocks. In collaboration with the Grubbs group, we developed a palladium-catalyzed decarbonylative dehydration reaction that converts abundant and inexpensive fatty acids into value-added linear alpha olefins. The chemistry proceeds under relatively mild conditions, requires very low catalyst loading, tolerates a variety of functional groups, and is easily performed on a large scale. An additional advantage of this chemistry is that it provides access to expensive odd-numbered alpha olefins.

Finally, combining features of both projects, we applied a small-scale decarbonylative dehydration reaction to the synthesis of α-vinyl carbonyl compounds. Direct α-vinylation is challenging, and asymmetric vinylations are rare. Taking advantage of our decarbonylative dehydration chemistry, we were able to transform enantioenriched δ-oxocarboxylic acids into quaternary α-vinyl carbonyl compounds in good yields with complete retention of stereochemistry. Our explorations culminated in the catalytic enantioselective total synthesis of (–)-aspewentin B, a terpenoid natural product featuring a quaternary α-vinyl ketone. Both decarboxylative and decarbonylative chemistries found application in the late stage of the total synthesis.

A demanda por moeda no Brasil no período 1974-2008: estimativas sob expectativas adaptativas e racionais

O objetivo principal desta dissertação é analisar a demanda por moeda no Brasil no período 1974 a 2008, lembrando que ele inclui sub-períodos de inflação elevada, e baixa, e levando em conta hipóteses alternativas quanto à formação de expectativas. A especificação adotada é a de Tourinho (1995), que generaliza a de Cagan (1956) para permitir uma forma funcional mais flexível e incorporar outras variáveis, além da inflação esperada, como variáveis explicativas. Verifica-se que estas extensões são importantes para modelar a demanda por saldos monetários reais no período aqui considerado. A forma funcional semi-log de Cagan é rejeitada, em favor de uma forma funcional flexível Box-Cox, e os coeficientes da taxa de juros real e da variância da inflação são significativos, mostrando a importância destas variáveis serem inseridas ao modelo. A função estimada para o período completo é comparada com aquelas estimadas para os sub-periodos de inflação alta e moderada, para verificar a estabilidade da formulação adotada. Conclui-se que se pode rejeitar a hipótese de que ela é estável. O modelo de Cagan é generalizado aqui em outra dimensão, considerando mecanismos alternativos de formação de expectativas, que podem ser adaptativas, como no modelo original, ou racionais. A hipótese de que expectativas adaptativas sejam racionais é também considerada. Conclui-se que a imposição da condição de racionalidade ao modelo com expectativas adaptativas não produz alterações importantes nos valores estimados.

Os dois lados da moeda: a Comissão de Melhoramentos da Cidade do Rio de Janeiro e o discurso de higiene e saneamento no século XIX

Este trabalho tem por objetivo estudar, tendo como objeto a Comissão de Melhoramentos da Cidade do Rio de Janeiro, a construção do discurso da higiene e urbanização que se delineou no Rio de Janeiro a partir da epidemia de 1849 e construiu ao longo do século XIX um discurso de cidade civilizada e moderna a partir de planos de melhoramentos urbanos e sanitários, em um movimento liderado por engenheiros e sanitaristas, em sua maioria, ligados ao poder público, discurso este que irá se materializar, efetivamente, no início do século XX com o Prefeito Francisco Pereira Passos.

Commodity and product identification for value chain analysis.

This commodity and product identification research was undertaken in the context of the CGIAR Research Program on Aquatic Agricultural Systems (AAS). AAS seeks to reduce poverty and improve food security for the millions of small-scale fishers and farmers who depend on the world’s floodplains, deltas and coasts. The objective of this research is to strengthen the capacity of AAS to undertake value chain studies with high potential impact on smallholders. The capacity-building aspect of this research was focused on the process of commodity and product identification for value chain analysis. Its scope was limited to fish and other aquatic animals and products in the Tonle Sap area identified for AAS intervention. The result of the identification process was the selection of a number of commodities and products that were deemed to involve a high number of smallholders along the value chain and that have high market development potential.

Global commodity chains and the development of poor fisherfolk in Uganda

The Ugandan fishery, heavily influenced by the emergence of global markets, is extremely dynamic. In recent years a major export trade, principally in Nile perch fillets from Lake Victoria, has expanded markedly. The growth of this factory based processing industry has had a marked impact on the pre-existing artisanal fishery, which has become increasingly dependent on supplying the export market instead of its traditional local small-scale markets. The industrial fishery developed as a response to the liberalisation of the management of the Ugandan economy and the consequent opening up of the export markets in North America and Europe. The emergence of the export industry has resulted in the creation of a dual structure in the fisheries sector, with the Nile perch catching and processing chain operating to European standards, whilst the artisanal sub-sector still utilises traditional methods. This dual structure is a potential source of disadvantage to the artisanal fishery which has command over fewer financial assets than the export fishery.

A PCSR model to improve performance of the fish commodity system

There is now, more than ever before, a growing demand in this country for research to be directed towards the development programmes of the country. Researchers have come under increasing pressure to relate their work to specific development problems and design their investigations to produce results which will be applicable in addressing these problems. The Fish Commodity Systems Economics (U) Project is an attempt to strengthen the focus of studies at UFFRO and elsewhere within the fish system towards the problems of the fish commodity sub-sector in Uganda in order to formulate measures which will improve the performance of the sub-sector in alleviating some of the nation's socio-economic problems

Can exchange rates forecast commodity prices?

We show that "commodity currency" exchange rates have surprisingly robust power in predicting global commodity prices, both in-sample and out-of-sample, and against a variety of alternative benchmarks. This result is of particular interest to policy makers, given the lack of deep forward markets in many individual commodities, and broad aggregate commodity indices in particular. We also explore the reverse relationship (commodity prices forecasting exchange rates) but find it to be notably less robust. We offer a theoretical resolution, based on the fact that exchange rates are strongly forward-looking, whereas commodity price fluctuations are typically more sensitive to short-term demand imbalances. © 2010 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.