Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Inhibition of growth of Leishmania mexicana mexicana by Leishmania mexicana amazonensis during "in vitro" co-cultivation

Inhibition of one Leishmania subspecies by exometabolites of another subspecies, a phenomenon not previously reported, is suggested by our recent observations in cell cloning experiments with Leishmania mexicana mexicana and Leishmania mexicana amazonensis. Clones were identified using the technique of schizodeme analysis. The phenomenon observed is clearly relevant to studies of parasite isolation, leishmanial metabolism, cross-immunity and chemotherapy.

Cinéastes indépendants, politique fédérale du cinéma et co-production du 'Nouveau cinéma suisse', 1963-1970. Contribution à une sociologie de l'innovation artistique

Ce travail s'intéresse aux modalités d'émergence et d'institutionnalisation d'un nouveau régime de création artistique, plus connu sous le nom de «Nouveau cinéma suisse ».Dans les années 1960-1970, l'arrivée du Nouveau cinéma suisse a bouleversé les manières de faire du cinéma en Suisse et a attiré l'attention sur le septième art helvétique. Comment une innovation artistique parvient-elle à s'imposer ? Comment un consensus autour d'une nouvelle forme artistique et de son mode de production émerge et se stabilise-t-il ? Quel rôle jouent les acteurs et les institutions dans ce processus ? Enfin, quelles sont les relations entre cette situation en devenir et les oeuvres créées dans ces conditions ? Au delà dé ces interrogations, c'est un questionnement théorique, épistémologique qui a motivé cette recherche. A l'image de la sociologie elle-même, l'analyse sociologique de l'art a été traversée, ces dernières années, pas de nombreux débats. Trop souvent, la réflexion s'appuie - ou trébuche -sur des dichotomies convenues :analyse interne /externe de l'art, déterminisme /indétermination des acteurs, reflet /autonomie des oeuvres. Quels sont les outils et les approches que propose la discipline pour analyser un tel objet, quels enseignements peut-on titrer de leur mise à l'épreuve sur un cas concret ? Quel est le défi lancé par le Nouveau cinéma suisse à la sociologie de l'art ?Mais commençons par le début car le point initial de cette longue entreprise était en réalité tout autre.

Creation of an Age-Adjusted, Dual-Energy X-ray Absorptiometry-Derived Trabecular Bone Score Curve for the Lumbar Spine in Non-Hispanic US White Women.

The trabecular bone score (TBS, Med-Imaps, Pessac, France) is an index of bone microarchitecture texture extracted from anteroposterior dual-energy X-ray absorptiometry images of the spine. Previous studies have documented the ability of TBS of the spine to differentiate between women with and without fractures among age- and areal bone mineral density (aBMD)-matched controls, as well as to predict future fractures. In this cross-sectional analysis of data collected from 3 geographically dispersed facilities in the United States, we investigated age-related changes in the microarchitecture of lumbar vertebrae as assessed by TBS in a cohort of non-Hispanic US white American women. All subjects were 30 yr of age and older and had an L1-L4aBMDZ-score within ±2 SD of the population mean. Individuals were excluded if they had fractures, were on any osteoporosis treatment, or had any illness that would be expected to impact bone metabolism. All data were extracted from Prodigy dual-energy X-ray absorptiometry devices (GE-Lunar, Madison, WI). Cross-calibrations between the 3 participating centers were performed for TBS and aBMD. aBMD and TBS were evaluated for spine L1-L4 but also for all other possible vertebral combinations. To validate the cohort, a comparison between the aBMD normative data of our cohort and US non-Hispanic white Lunar data provided by the manufacturer was performed. A database of 619 non-Hispanic US white women, ages 30-90 yr, was created. aBMD normative data obtained from this cohort were not statistically different from the non-Hispanic US white Lunar normative data provided by the manufacturer (p = 0.30). This outcome thereby indirectly validates our cohort. TBS values at L1-L4 were weakly inversely correlated with body mass index (r = -0.17) and weight (r = -0.16) and not correlated with height. TBS values for all lumbar vertebral combinations decreased significantly with age. There was a linear decrease of 16.0% (-2.47 T-score) in TBS at L1-L4 between 45 and 90 yr of age (vs. -2.34 for aBMD). Microarchitectural loss rate increased after age 65 by 50% (-0.004 to -0.006). Similar results were obtained for other combinations of lumbar vertebra. TBS, an index of bone microarchitectural texture, decreases with advancing age in non-Hispanic US white women. Little change in TBS is observed between ages 30 and 45. Thereafter, a progressive decrease is observed with advancing age. The changes we observed in these American women are similar to that previously reported for a French population of white women (r(2) > 0.99). This reference database will facilitate the use of TBS to assess bone microarchitectural deterioration in clinical practice.

Estudi de la reductibilitat de catalitzadors basats en cobalt i el seu comportament en la reacció de desplaçament de gas d'aigua de CO

Projecte de recerca elaborat a partir d’una estada a la universitat d'Udine, Itàlia, entre setembre i desembre del 2006.S'han caracteritzat mitjançant la reducció a temperatura programada i tests catalítics catalitzadors en pols basats en cobalt i supostats en òxid de zinc i monòlits ceràmics funcionaliltzats també amb cobalt i òxid de zinc. L'addició de promotors (manganès, crom i ferro ) als catalitzadors en pols, preparats per impregnació i precipitació, no afecta significativament ni la temperatura a la qual té lloc la reducció ni al percentatge global de reducció. En els cicles de reducció-oxidació sí que s'observen diferències entre el primer perfil de reducció i els següents, especialment en el cas de la mostra que té ferro com a promotor, on les diferències s'accentuen en cicles successius (fins al quart). S'ha evaluat l'activitat d'aquests catalitzadors en la reacció de desplaçament de gas d'aigua, obtenint uns resultats satisfactoris. Finalment s'han realitzat reduccions a temperatura programada i tests catalítics en la reacció de desplaçament de gas d'aigua amb monòlits funcionalitzats amb cobalt i òxid de zinc (en cap d'ells s'ha introduït promotors). El nivell de conversió assolit és menor que en el cas de catalitzadors en pols, fet que s'associa a la geometria d'aquests sistemes catalítics, però la relació CH4/CO2 és més favorable que en els catalitzadors en pols, el que els converteix en sistemes molt selectius.

Interest Rate Co-movements, Global Factors and the Long End of the Term Spread

The disconnect between rising short and low long interest rates has been a distinctive feature of the 2000s. Both research and policy circles have argued that international forces, such as global monetary policy (e.g. Rogoff, 2006); international business cycles (e.g. Borio and Filardo, 2007); or a global savings glut (e.g Bernanke, 2005) may be responsible. In this paper, we employ recent advances in panel data econometrics to document the disconnect and link it explicitly to the existence of a global latent factor that dominates the long end of the term spread for the recent period; the saving glut story emerges as the most likely contender for the global factor.

Creation of a carrier-grade telco based on a voice over IP backbone

En aquesta memòria l'autor, fent servir un enfoc modern, redissenya i implementa la plataforma que una empresa de telecomunicacions del segle 21 necessita per poder donar serveis de telefonia i comunicacions als seus usuaris i clients. Al llarg d'aquesta exposició es condueix al lector des d'una fase inicial de disseny fins a la implementació i posada en producció del sistema final desenvolupat, centrant-nos en solucionar les necessitats actuals que això implica. Aquesta memòria cubreix el software, hardware i els processos de negoci associats al repte de fer realitat aquest objectiu, i presenta al lector les múltiples tecnologies emprades per aconseguir-ho, fent emfàsi en la convergència actual de xarxes cap al concepte de xarxes IP i basant-se en aquesta tendència i utilitzant aquesta tecnologia de veu sobre IP per donar forma a la plataforma que finalment, de forma pràctica, es posa en producció.

Co-movements in Real Effective Exchange Rates: Evidence from the Dynamic Hierarchical Factor Model

We analyze and quantify co-movements in real effective exchange rates while considering the regional location of countries. More specifically, using the dynamic hierarchical factor model (Moench et al. (2011)), we decompose exchange rate movements into several latent components; worldwide and two regional factors as well as country-specific elements. Then, we provide evidence that the worldwide common factor is closely related to monetary policies in large advanced countries while regional common factors tend to be captured by those in the rest of the countries in a region. However, a substantial proportion of the variation in the real exchange rates is reported to be country-specific; even in Europe country-specific movements exceed worldwide and regional common factors.

Primary Commodity Prices: Co-movements, Common Factors and Fundamentals

The behavior of commodities is critical for developing and developed countries alike. This paper contributes to the empirical evidence on the co-movement and determinants of commodity prices. Using nonstationary panel methods, we document a statistically significant degree of co-movement due to a common factor. Within a Factor Augmented VAR approach, real interest rate and uncertainty, as postulated by a simple asset pricing model, are both found to be negatively related to this common factor. This evidence is robust to the inclusion of demand and supply shocks, which both positively impact on the co-movement of commodity prices.

Co-Movement, Spillovers and Excess Returns in Global Bond Markets

This paper investigates global term structure dynamics using a Bayesian hierarchical factor model augmented with macroeconomic fundamentals. More than half of the variation in bond yields of seven advanced economies is due to global co-movement, which is mainly attributed to shocks to non-fundamentals. Global fundamentals, especially global inflation, affect yields through a ‘policy channel’ and a ‘risk compensation channel’, but the effects through two channels are offset. This evidence explains the unsatisfactory performance of fundamentals-driven term structure models. Our approach delineates asymmetric spillovers in global bond markets connected to diverging monetary policies. The proposed model is robust as identified factors has significant explanatory power of excess returns. The finding that global inflation uncertainty is useful in explaining realized excess returns does not rule out regime changing as a source of non-fundamental fluctuations.

Sobrequés la malària

Treball de recerca realitzat per alumnes d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. Aquest treball consisteix en la creació d'una pàgina web de difusió científica sobre la malària i la tasca d'investigació del doctor Pedro Alonso. Es tracta de la continuació de la participació dels autors en el projecte Investiga la Investigació (www.investigalainvestigacio.cat), organitzat des de l'Euro Science Open Forum (ESOF2008) i que consistia en treballar conjuntament amb altres instituts de Catalunya per fer un reportatge al voltant d'un científic de renom, utilitzant les noves tecnologies digitals. La pàgina web creada -www.sobremalaria.co.cc- està estructurada en 3 apartats: en primer lloc, la presentació del projecte i l'explicació de la metodologia de treball, després el recull de la documentació del treball (informació sobre la malària, entrevistes...) i per últim un vídeo divulgatiu sobre la malària, producte del projecte Investiga la Investigació.

A modified assay for measuring thymocyte co-stimulatory activity

The observation that murine thymocytes increase their proliferation to interleukin 1 (IL-1) in the presence of phytohemagglutinin (PHA) when pre-incubated with interleukin 2 (IL-2) allowed the introduction of a modified assay for the measurement of IL-1 or the search of thymocyte-inducing proliferative activities in biological samples. Pre-incubation of thymocytes for 24 hr with 50 u/ml IL-2, followed by washings, elicited their maximal response to IL-1 in the usual lymphocyte activating factor (LAF) assay. This suggests that sequential events lead to thymocyte activation. The responsiveness is three to five fold greater than, and the total time of assay is the same as that of the LAF assay. Interestingly, pre-incubation with IL-2 renders thymocytes more sensitive than responsive to crude monocyte conditioned media. The use of the MTT colorimetric method for the assessment of thymocyte proliferation, and of the lectin jacalin as a co-mitogen are suggested as alternatives to be used in co-stimulatory assays.