Palynology and foraminiferal geochemistry of the Lower Pleistocene Olduvai Subchron (ca. 1.8 Ma) in DSDP Hole 603C, western North Atlantic

Marine palynology and benthic and planktonic foraminiferal geochemistry are combined to reveal long- and short-term (Milankovitch-scale) paleoceanographic changes across the upper half of the Olduvai Subchron (ca. 1.86--1.77 Ma, lower Pleistocene) in DSDP Hole 603C from the lower New Jersey continental rise. Planktonic foraminiferal Mg/Ca ratios reveal annual sea-surface temperatures between 14.5° and 25°C, whereas modern values vary between 16° and 20°e. Despite evidence of downslope transport in much of the studied interval, dinoflagellate cyst and acritarch assemblages appear to reflect fluctuating temperate to subtropical water masses. These assemblages comprise both neritic and oceanic species, and are marked by a transition upsection from warm conditions, dominated by Lingulodinium machaerophorum, Polysphaeridium zoharyi and Cymatiosphaera? invaginata, to cooler conditions dominated by Filisphaera filifera. Combining dinoflagellate cyst proxies with planktonic foraminiferal geochemistry allows downslope transport events to be recognized during glacial episodes, and events dominated by intensified bottom-water circulation during interglacial episodes. Sixtytwo in-situ dinoflagellate cyst and acritarch taxa were recorded including several not previously described.

CENTRAL NORTH ATLANTIC PALEOCEANOGRAPHY DURING THE MIDDLE PLEISTOCENE (ca. 726–603 ka): INSIGHTS FROM THE DINOFLAGELLATE CYST RECORD

Integrated Ocean Drilling Program (IODP) Site U1313, located at the northern boundary of the subtropical gyre in the central North Atlantic, lies within the southern part of the ice-rafted debris belt. Seventy-three palynological samples were studied from an uninterrupted interval ca. 726–603 ka (upper Marine Isotope Stage [MIS] 18 through lower MIS 15) to resolve conflicting paleoceanographic interpretations. Glacial stages were characterized by high productivity surface waters reflecting a southward shift of the Arctic Front. Sea surface salinities (SSSs) and sea surface temperatures (SSTs) were obtained by transfer functions using the Modern Analogue Technique. The lowest SSTs of 9ºC (±1.3) and 10ºC (±1.3) were recorded in glacial MIS 16 and MIS 18 respectively. However, these reconstructions are influenced by abundant heterotrophic taxa and may reflect elevated nutrient levels rather than lowered temperatures. Reworked palynomorphs uniquely indicate a Cretaceous as well as Paleozoic provenance for the first Heinrich-like events.

Extraordinary Narrative of the Prince of Wales' Trip Across the Atlantic (1895)

Detailing what the Prince had to say about his travels.

Macroeconomic News and Exchange Rates: Evidence of Unstable Effect

Although the link between macroeconomic news announcements and exchange rates is well documented in recent literature, this connection may be unstable. By using a broad set of macroeconomic news announcements and high frequency forex data for the Euro/Dollar, Pound/Dollar and Yen/Dollar from Nov 1, 2004 to Mar 31, 2014, we obtain two major findings with regards to this instability. First, many macroeconomic news announcements exhibit unstable effects with certain patterns in foreign exchange rates. These news effects may change in magnitude and even in their sign over time, over business cycles and crises within distinctive contexts. This finding is robust because the results are obtained by applying a Two-Regime Smooth Transition Regression Model, a Breakpoints Regression Model, and an Efficient Test of Parameter Instability which are all consistent with each other. Second, when we explore the source of this instability, we find that global risks and the reaction by central bank monetary policy to these risks to be possible factors causing this instability.

A DYNAMIC FRAMEWORK FOR THE RELATIONS BETWEEN FOREIGN EXCHANGE RATES, SAVINGS AND INVESTMENTS

The Meese-Rogoff forecasting puzzle states that foreign exchange (FX) rates are unpredictable. Since one country’s macroeconomic conditions could affect the price of its national currency, we study the dynamic relations between the FX rates and some macroeconomic accounts. Our research tests whether the predictability of the FX rates could be improved through the advanced econometrics. Improving the predictability of the FX rates has important implications for various groups including investors, business entities and the government. The present thesis examines the dynamic relations between the FX rates, savings and investments for a sample of 25 countries from the Organization for Economic Cooperation and Development. We apply quarterly data of FX rates, macroeconomic indices and accounts including the savings and the investments over three decades. Through preliminary Augmented Dickey-Fuller unit root tests and Johansen cointegration tests, we found that the savings rate and the investment rate are cointegrated with the vector (1,-1). This result is consistent with many previous studies on the savings-investment relations and therefore confirms the validity of the Feldstein-Horioka puzzle. Because of the special cointegrating relation between the savings rate and investment rate, we introduce the savings-investment rate differential (SID). Investigating each country through a vector autoregression (VAR) model, we observe extremely insignificant coefficient estimates of the historical SIDs upon the present FX rates. We also report similar findings through the panel VAR approach. We thus conclude that the historical SIDs are useless in forecasting the FX rate. Nonetheless, the coefficients of the past FX rates upon the current SIDs for both the country-specific and the panel VAR models are statistically significant. Therefore, we conclude that the historical FX rates can conversely predict the SID to some degree. Specifically, depreciation in the domestic currency would cause the increase in the SID.

Macroeconomic News Effects and Foreign Exchange Jumps

This thesis investigates how macroeconomic news announcements affect jumps and cojumps in foreign exchange markets, especially under different business cycles. We use 5-min interval from high frequency data on Euro/Dollar, Pound/Dollar and Yen/Dollar from Nov. 1, 2004 to Feb. 28, 2015. The jump detection method was proposed by Andersen et al. (2007c), Lee & Mykland (2008) and then modified by Boudt et al. (2011a) for robustness. Then we apply the two-regime smooth transition regression model of Teräsvirta (1994) to explore news effects under different business cycles. We find that scheduled news related to employment, real activity, forward expectations, monetary policy, current account, price and consumption influences forex jumps, but only FOMC Rate Decisions has consistent effects on cojumps. Speeches given by major central bank officials near a crisis also significantly affect jumps and cojumps. However, the impacts of some macroeconomic news are not the same under different economic states.

Macroeconomic News and LOB in Foreign Exchange ECN Market

We investigate the macroeconomic news effect on the dynamics of the limit order books (LOB) for euro-dollar ECN market in different economic states between Jan. 2006 to Dec. 2009. Using a VAR-STR model on the news surprise, pure news, aggregated good and bad news, we show that news effects on the LOB dynamics vary in different states of economy. The LOB dynamics are measured by depth, spread, slope and volatility. In contract to slope and volatility, depth and spread strongly respond to news surprise and pure news during recession and expansion. These characteristics are more affected by aggregated good and bad news during expansion. News effects are robust to alternative characteristic measures, the different sides of the LOB and the different levels in the LOB.

Efecto del tamaño del minitubérculo de papa (Solanum tuberosum L.) de segunda generación, Var. Atlantic, en el rendimiento de minitubérculo de tercera generación bajo microtúneles por Markis Adames Mancebo

Tesis (Maestría en Ciencias con la Especialidad en Producción Agrícola) U.A.N.L.

Memoirs of the Mexican Revolution : including a narrative of the expedition of General Xavier Mina. To which are annexed some observations on the practicability of opening a commerce between the Pacific and Atlantic oceans, through the Mexican isthmus, in the province of Oaxaca, and at the Lake of Nicaragua; and the vast importance of such commerce to the civilized world.

UANL

Core Retionalizability in Two-Agent Exchange Economies.

We provide a characterization of selection correspondences in two-person exchange economies that can be core rationalized in the sense that there exists a preference profile with some standard properties that generates the observed choices as the set of core elements of the economy for any given initial endowment vector. The approach followed in this paper deviates from the standard rational choice model in that a rationalization in terms of a profile of individual orderings rather than in terms of a single individual or social preference relation is analyzed.

Explaining the Transition Between Exchange Rate Regimes

This paper studies the transition between exchange rate regimes using a Markov chain model with time-varying transition probabilities. The probabilities are parameterized as nonlinear functions of variables suggested by the currency crisis and optimal currency area literature. Results using annual data indicate that inflation, and to a lesser extent, output growth and trade openness help explain the exchange rate regime transition dynamics.

The Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities: a Quantitative Investigation.

This paper studies a dynamic-optimizing model of a semi-small open economy with sticky nominal prices and wages. the model exhibits exchange rate overshooting in response to money supply shocks. the predicted variability of nominal and real exchange rates is roughly consistent with that of G7 effective exchange rates during the post-Bretton Woods era.

Le nouvel article 14a-8(i)(8) du Securities Exchange Act de 1934 ou l’angoisse contemporaine de la démocratie actionnariale dans les entreprises nord-américaines

La Securities and Exchange Commission vient d’étendre la possibilité pour les sociétés américaines cotées de refuser d’inclure dans les sollicitations de procuration les propositions des actionnaires concernant l’élection des administrateurs. Alors que ce thème fait débat et que l’autorité américaine ne s’était que peu prononcée, celle-ci propose une rédaction nouvelle de l’article 14a-8(i)(8) applicable depuis le 10 janvier 2008. Cette prise de position de la Securities and Exchange Commission offre l’opportunité d’analyser l’état de la gouvernance des entreprises américaines en matière d’élection de la direction et de constater que le pouvoir des actionnaires, bien que restreint par cette modification règlementaire, est revigoré en parallèle par le développement du « majority vote system ». La confrontation de ces deux orientations fait apparaître leur complémentarité sous-jacente et le fait que les actionnaires sont, au final, loin d’être dépourvus de moyens efficaces pour mettre en œuvre un activisme. C’est autour des mutations profondes que subit le paysage juridique entourant le pouvoir des actionnaires au moment de l’élection du conseil d’administration que cet écrit est orienté.