A trading strategy based on the lead–lag relationship between the spot index and futures contract for the FTSE 100

This paper examines the lead–lag relationship between the FTSE 100 index and index futures price employing a number of time series models. Using 10-min observations from June 1996–1997, it is found that lagged changes in the futures price can help to predict changes in the spot price. The best forecasting model is of the error correction type, allowing for the theoretical difference between spot and futures prices according to the cost of carry relationship. This predictive ability is in turn utilised to derive a trading strategy which is tested under real-world conditions to search for systematic profitable trading opportunities. It is revealed that although the model forecasts produce significantly higher returns than a passive benchmark, the model was unable to outperform the benchmark after allowing for transaction costs.

State-resolved gas-surface reactivity of methane in the symmetric C-H stretch vibration on Ni(100)

The state-resolved reactivity of CH4 in its totally symmetric C-H stretch vibration (�1) has been measured on a Ni(100) surface. Methane molecules were accelerated to kinetic energies of 49 and 63:5 kJ=mol in a molecular beam and vibrationally excited to �1 by stimulated Raman pumping before surface impact at normal incidence. The reactivity of the symmetric-stretch excited CH4 is about an order of magnitude higher than that of methane excited to the antisymmetric stretch (�3) reported by Juurlink et al. [Phys. Rev. Lett. 83, 868 (1999)] and is similar to that we have previously observed for the excitation of the first overtone (2�3). The difference between the state-resolved reactivity for �1 and �3 is consistent with predictions of a vibrationally adiabatic model of the methane reaction dynamics and indicates that statistical models cannot correctly describe the chemisorption of CH4 on nickel.

Aquaporin 2 expression increased by glucagon in normal rat inner medullary collecting ducts

Yano Y, Cesar KR, Araujo M, Rodrigues Jr. AC, Andrade LC, Magaldi AJ. Aquaporin 2 expression increased by glucagon in normal rat inner medullary collecting ducts. Am J Physiol Renal Physiol 296: F54-F59, 2009. First published October 1, 2008; doi: 10.1152/ajprenal.90367.2008.-It is well known that Glucagon (Gl) is released after a high protein diet and participates in water excretion by the kidney, principally after a protein meal. To study this effect in in vitro perfused inner medullary collecting ducts (IMCD), the osmotic water permeability (Pf; mu m/s) at 37 degrees C and pH 7.4 in normal rat IMCDs (n = 36) perfused with Ringer/HCO(3) was determined. Gl (10(-7) M) in absence of Vasopressin (AVP) enhanced the Pf from 4.38 +/- 1.40 to 11.16 +/- 1.44 mu m/s (P < 0.01). Adding 10(-8), 10(-7), and 10(-6) M Gl, the Pf responded in a dose-dependent manner. The protein kinase A inhibitor H8 blocked the Gl effect. The specific Gl inhibitor, des-His(1)-[Glu(9)] glucagon (10(-7) M), blocked the Gl-stimulated Pf but not the AVP-stimulated Pf. There occurred a partial additional effect between Gl and AVP. The cAMP level was enhanced from the control 1.24 +/- 0.39 to 59.70 +/- 15.18 fm/mg prot after Gl 10(-7) M in an IMCD cell suspension. The immunoblotting studies indicated an increase in AQP2 protein abundance of 27% (cont 100.0 +/- 3.9 vs. Gl 127.53; P = 0.0035) in membrane fractions extracted from IMCD tubule suspension, incubated with 10(-6) M Gl. Our data showed that 1) Gl increased water absorption in a dose-dependent manner; 2) the anti-Gl blocked the action of Gl but not the action of AVP; 3) Gl stimulated the cAMP generation; 4) Gl increased the AQP2 water channel protein expression, leading us to conclude that Gl controls water absorption by utilizing a Gl receptor, rather than a AVP receptor, increasing the AQP2 protein expression.

Morphometric analysis of the urethra of castrated female rats treated with tamoxifen

Objectives: The aim of this study was to evaluate the effects of tamoxifen on the weight and thickness of the urethral epithelium of castrated female rats. Methods: Forty castrated adult female Wistar-Hannover rats were randomly divided into two groups: Group I (n = 20) in which the animals received only the vehicle (propylene glycol) and Group 11 (n = 20) in which the rats received tamoxifen 250 mu g/day by gavage. After 30 days of treatment, all animals were sacrificed and the urethra was immediately removed for weighing. Next, the urethra was divided into the proximal and distal segments, which were fixed in 10% formaldehyde and submitted to routine histological techniques for morphometric study. The data were analyzed using the weighted minimum mean-square error method and Student`s t-test for two independent samples (p < 0.05). Results: There was a significant increase in the mean weight of the urethra in the rats of Group 11 compared to the control group, 32.0 +/- 2.0 mg and 22.0 +/- 1.6 mg, respectively (p < 0.001). The mean thickness of the distal urethral epithelium of the animals treated with tamoxifen was significantly greater than that of the control group, 42.8 +/- 2.0 mu m and 36.6 +/- 1.5 mu m, respectively (p < 0.001). There was no statistically significant difference between the two groups with respect to the epithelial thickness of the proximal urethra (p = 0.514). Conclusion: Treating castrated adult rats with 250 mu g/day of tamoxifen for 30 days may increase the weight of the urethra and the thickness of the distal urethral epithelium. (c) 2008 Elsevier Ireland Ltd. All rights reserved.

Avaliação de espécies silvestres e cultivares de amendoim para resistência a Enneothrips flavens Moulton

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Secagem do resíduo de acerola (Malphigia emarginata D.C.): estudo do processo e avaliação do impacto sobre o produto final

Brazil, one of the largest agricultural producers in the world, has managed in recent years to significantly improve its production. However, in response to this advance in the agro-industrial sector, the generation of agro-industrial residues has also increased. New technological alternatives have to be implemented in order to bring economic and rational use of this material and drying is one of the possible choices. Considering the great importance that bioactive compounds present for food science and technology, this research aims to evaluate the air-drying process of acerola residue in a tray convective drier under controlled temperature (60, 70 e 80ºC), air velocity (4.0, 5.0 e 6.0 m/s) and material width (0.5, 0.62 e 0.75 cm) by applying an experimental planning 23 + 3. Based on that, the impact on physical-chemical characteristics, color, bioactive compounds concentration and antioxidant activity of dried acerola waste was evaluated, having the in natura and freeze dried waste as control groups. Dried acerola residue presented natural pigments, mainly carotenoids (143.68 - 68.29 mg/g) and anthocyanins (290.92 - 90.11 mg/100 g), which explain the red and yellow instrumental color parameters observed. The acerola residue powder is also rich in phenolic compounds (3261.11 -2692.60 mgGAEeq/100g), proanthocyanidins (61.33-58.46 eq/100g), ascorbic acid (389.44 739.29 mg/100 g) and DPPH antioxidant activity (20.91 24.72 μg Trolox eq/g). Results show decreased concentration of phenolic compounds, anthocyanins, carotenoids, proanthocyanidins and ascorbic acid caused by the air-drying process. However, even after the observed drying losses, the acerola residue powder can be considered a high value food ingredient, considering the high bioactive compounds concentration found in the final product, as well as the colorimetric characterization and microbiological stability of the dried powder

New constraints on ages of glasses proposed as reference materials for fission-track dating

New analyses have been performed in order to enhance the data-set on the independent ages of four glasses that have been proposed as reference materials for fission-track dating. The results are as follows. Moldavite - repeated (40)Ar/(39)Ar age determinations on samples from deposits from Bohemia and Moravia yielded an average of 14.34 +/- 0.08 Ma. This datum agrees with other recent determinations and is significantly younger than the (40)Ar/(39)Ar age of 15.21 +/- 0.15 Ma determined in the early 1980s. Macusanite (Peru) -four K-Ar ages ranging from 5.44 +/- 0.06 to 5.72 +/- 0.12 Ma have been published previously. New (40)Ar/(39)Ar ages gave an average of 5.12 +/- 0.04 Ma. Plateau fission-track ages determined using the IRMM-540 certified glass and U and Th thin films for neutron fluence measurements agree better with these new (40)Ar/(39)Ar ages than the previously published ages. Roccastrada glass (Italy) - a new (40)Ar/(39)Ar age, 2.45 +/- 0.04 Ma, is consistent with previous determinations. The Quiron obsidian (Argentina) is a recently discovered glass that has been proposed as an additional reference material for its high spontaneous track density (around 100 000 cm(-2)). Defects that might produce spurious tracks are virtually absent. An independent (40)Ar/(39)Ar age of 8.77 +/- 0.09 Ma was determined and is recommended for this glass. We believe that these materials, which will be distributed upon request to fission-track groups, will be very useful for testing system calibrations and experimental procedures.

Influence of alkaline extraction on the characteristics of humic substances in Brazilian soils

An investigation was made of the influence of alkaline extraction on the characteristics of humic substances extracted from Brazilian soil samples. Humic substances (HS) from seven different soils samples collected in Brazil were extracted using the procedure recommended by the International Humic Substances Society (IHSS). Soils, HS and humins were characterized by thermogravimetry and differential thermal analysis. About 8 mg of each material (soil, HS and humin) were placed in a platinum crucible and heated continuously from 20 to 750 degrees C at a heating rate of 10 degrees C min(-1) in an atmosphere of synthetic air (100 ml min(-1)). A thermal analysis revealed a difference between the content and structural characteristics of organic matter present in HS and humin fractions in relation to their soils. The results indicated that alkaline extraction alters the characteristics of humic substances during the extraction process, underlining the importance of developing methodologies and analytical procedures that allow organic matter in soils to be studied without extracting it. (c) 2005 Elsevier B.V. All rights reserved.

Occurrence of yeasts, enterococci and other enteric bacteria in subgingival biofilm of HIV-positive patients with chronic gingivitis and necrotizing periodontitis

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Comparing three indices of catch per unit effort using Bayesian geostatistics

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Physicochemical characterization of nanoparticles formed between DNA and phosphorylcholine substituted chitosans

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Efeitos de reguladores e estimulantes vegetais no desenvolvimento do milho (Zea mays L. cv. c-525)

Estudou-se, sob condições de casa de vegetação, o efeito da aplicação de reguladores e estimulantes vegetais no desenvolvimento do milho cultivar Cargill -525. Os reguladores e estimulantes utilizados foram: giberelina 100 ppm, ethephon 600 ppm, Agrostemin 0,8 g/l e Triacontanol 0,5 mg/l; aplicados por pulverização 34 dias após a semeadura, além do controle, foram determinados os parâmetros relativos a altura da planta, número de folhas, área foliar e peso da materia seca de raiz, caule e folhas. A partir dos dados de área foliar e peso da matéria seca total obtidos em 4coletas realizadas com intervalos de 14 dias, foram calculadas a taxa assimilatória líquida (TAL), taxa de crescimento relativo (TCR) e razão de área foliar (RAF). Giberelina 100 ppm aumentou inicialmente a altura das plantas de milho, sendo que ethephon 600 ppm reduziu a altura média do milho. 0 número de folhas foi diminuído nas plantas tratadas com giberelina, tendendo a aumentar no tratamento com ethephon. Giberelina reduziu o peso da matéria seca das plantas de milho, sendo que ethephon incrementou o peso de raízes, colmo e folhos. Triacontanol promoveu redução na TAL e na TCR do milho 'Cargill - 525' . Giberelina e ethephon tenderam a diminuir a RAF das plantas de Zea mays L.

Distribuição de metais e caracterização das constantes de troca entre espécies metálicas e frações húmicas aquáticas de diferentes tamanhos moleculares

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Reversible intermittent flow-injection determination of mercury in sediments and vinasses by cold vapor atomic absorption spectrometry

A reversible intermittent pow-injection procedure is proposed for the automated determination of mercury in sediments and vinasses by cold vapor atomic absorption spectrometry, CVAAS. Solutions of sample and stannous chloride are carried by two air streams and sequentially injected into the generator/separator chamber in a segmented asynchronous merging zone configuration. The intermittent flow in the forward direction carries the mercury vapor through the flow cell, and in the backward direction, if aspirates the the remaining solution from the vessel to waste. We investigated composition and concentration of reagents, pow rates, commutation times, reactor configuration, and conditions for mercury release. The accuracy was checked by mercury determination in a certified sediment and spiked vinasses and river waters. The system handles about 100 samples per hour (0.50-5.00 mu g L-1), consuming ca. 2.5 mL of sample and 50 mg of SnCl2 per determination; Good recoveries (92-103%) were obtained with spiked samples. Results are precise (RSD <3% for 2.5 mu g Hg L-1, n = 12) and in agreement with values for certified reference material at 95% confidence level. (C) 1999 John Wiley & Sons, Inc.