Analysis of the Bovespa Futures and Spot Indexes With High Frequency Data. Chinese Business Review

Data from the World Federation of Exchanges show that Brazil’s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built: ARFIMA, vector autoregressive (VAR), and vector error correction (VEC). Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.

SPOT DEM

Resources created at the University of Southampton for the module Remote Sensing for Earth Observation

Cyber Enigmas? Passive Detection and Pedagogical Agents: Can Students Spot the fake?

This paper presents a study that was undertaken to examine human interaction with a pedagogical agent and the passive and active detection of such agents within a synchronous, online environment. A pedagogical agent is a software application which can provide a human like interaction using a natural language interface. These may be familiar from the smartphone interfaces such as ‘Siri’ or ‘Cortana’, or the virtual online assistants found on some websites, such as ‘Anna’ on the Ikea website. Pedagogical agents are characters on the computer screen with embodied life-like behaviours such as speech, emotions, locomotion, gestures, and movements of the head, the eye, or other parts of the body. The passive detection test is where participants are not primed to the potential presence of a pedagogical agent within the online environment. The active detection test is where participants are primed to the potential presence of a pedagogical agent. The purpose of the study was to examine how people passively detected pedagogical agents that were presenting themselves as humans in an online environment. In order to locate the pedagogical agent in a realistic higher education online environment, problem-based learning online was used. Problem-based learning online provides a focus for discussions and participation, without creating too much artificiality. The findings indicated that the ways in which students positioned the agent tended to influence the interaction between them. One of the key findings was that since the agent was focussed mainly on the pedagogical task this may have hampered interaction with the students, however some of its non-task dialogue did improve students' perceptions of the autonomous agents’ ability to interact with them. It is suggested that future studies explore the differences between the relationships and interactions of learner and pedagogical agent within authentic situations, in order to understand if students' interactions are different between real and virtual mentors in an online setting.

Infection dynamics of Marteilia refringens in flat oyster Ostrea edulis and copepod Paracartia grani in a claire pond of Marennes-Oleron Bay

The protozoan parasite Marteilia refringens has been partly responsible for the severe decrease in the production of the European flat oyster Ostrea edulis Linnaeus in France since the 1970s. The calanoid copepod Paracartia grani Sars was recently found to be a host for M refringens in French shallow-water oyster ponds ('claires'). This study reconsidered M refringens transmission dynamics in the light of this finding, taking into account not only oyster infection dynamics and environmental factors but also data concerning the copepod host. P. grani population dynamics in the claire under study revealed that this species is the dominant planktonic copepod in this confined ecosystem. During winter, M refringens overwintered in O. edulis, with P. grani existing only as resting eggs in the sediment. The increase in temperature in spring controlled and synchronized both the release of M refringens sporangia in the oyster feces, and the hatching of the benthic resting eggs of the copepod. Infection of oysters by M refringens was limited to June, July and August, coinciding with (1) the highest temperature recorded in the claire, and (2) the highest abundance of P. grani. PCR detection of M refringens in P. grani during the summer period was linked to the release of parasite sporangia by the oyster. Our results are supported by previous results on the effective transmission of this parasite from the oyster to the copepod.

Study of white spot disease in four native species in Persian Gulf by histopathology and PCR methods

After serious disease outbreak, caused by new virus (WSV), has been occurring among cultured penaeid shrimps in Asian countries like China since 1993 and then in Latin American countries, during June till July 2002 a rapid and high mortality in cultured Penaeus indicus in Abadan region located in south of Iran with typical signs and symptoms of White Spot Syndrome Virus was confirmed by different studies of Histopathology, PCR, TEM, Virology. This study was conducted for the purpose of determination of prevalence(rate of infection)/ROI and grading severity (SOI) of WSD to five species: 150 samples of captured shrimps and 90 samples of cultured ones; Penaeus indicus, P. semisulcatus, P. merguiensis, Parapenaopsis styliferus, and Metapenaeus affinis in 2005. 136 of 240 samples have shown clinical and macroscopical signs & symptoms including; white spots on carapase (0.5-2 mm), easily removing of cuticule, fragility of hepatopancreas and red color of motility limbs. Histopathological changes like specific intranuclear inclusion bodies (cowdry-type A) were observed in all target tissues (gill, epidermis, haemolymph and midgut) but not in hepatopancreas, among shrimps collected from various farms in the south and captured ones from Persian Gulf, even ones without clinical signs. ROI among species estimated, using the NATIVIDAD & LIGHTNER formula(1992b) and SOI were graded, using a generalized scheme for assigning a numerical qualitative value to severity grade of infection which was provided by LIGHTNER(1996), in consideration to histopathology and counting specific inclusion bodies in different stages(were modified by B. Gholamhoseini). Samples with clinical signs, showed grades more than 2. Most of the P. semisulcatus and M. affinis samples showed grade of 3, in the other hand in most of P. styliferus samples grade of 4 were observed, which can suggest different sensitivity of different species. All samples were tested by Nested PCR method with IQTm 2000 WSSV kit and 183 of 240 samples were positive and 3 1evel of infection which was shown in this PCR confirmed our SOI grades, but they were more specified.

Induction of apoptosis by UV in the flat oyster, Ostrea edulis

Apoptosis is a fundamental feature in the development of many organisms and tissue systems. It is also a mechanism of host defense against environmental stress factors or pathogens by contributing to the elimination of infected cells. Hemocytes play a key role in defense mechanisms in invertebrates and previous studies have shown that physical or chemical stress can increase apoptosis in hemocytes in mollusks. However this phenomenon has rarely been investigated in bivalves especially in the flat oyster Ostrea edulis. The apoptotic response of hemocytes from flat oysters, O. edulis, was investigated after exposure to UV and dexamethasone, two agents known to induce apoptosis in vertebrates. Flow cytometry and microscopy were combined to demonstrate that apoptosis occurs in flat oyster hemocytes. Investigated parameters like intracytoplasmic calcium activity, mitochondrial membrane potential and phosphatidyl-serine externalization were significantly modulated in cells exposed to UV whereas dexamethasone only induced an increase of DNA fragmentation. Morphological changes were also observed on UV-treated cells using fluorescence microscopy and transmission electron microscopy. Our results confirm the apoptotic effect of UV on hemocytes of O. edulis and suggest that apoptosis is an important mechanism developed by the flat oyster against stress factors.

Can survival of European flat oysters following experimental infection with Bonamia ostreae be predicted using QTLs?

The present study identifies quantitative trait loci (QTLs) in response to an experimental infection with the parasite responsible for bonamiosis, Bonamia ostreae, in two segregating families of the European flat oyster, Ostrea edulis. We first constructed a genetic-linkage map for each studied family and improved the existing genetic-linkage map for the European flat oyster with a set of SNP markers. This latter map now combines the best accuracy and the best estimate of the genome coverage available for an oyster species. Secondly, by comparing the QTLs detected in this study with those previously published for O. edulis in similar experimental conditions, we identified several potential QTLs that were identical between the different families, and also new specific QTLs. We also detected, within the confidence interval of several QTL regions, some previously predicted candidate genes differentially expressed during an infection with B. ostreae, providing new candidate genome regions which should now be studied more specifically.

Experimental pathogenecity of white spot syndrome virus (WSSV) in Litopenaeus vannamei

The pathogenecity of white spot syndrome virus (WSV) was studied experimentally with challenge exposure of two hundred shrimp with average weight 10 to 12 grams of Litopenaeus vannamei. The shrimp L. vannamei before introducing examined with IQ 2000 detection Kit for WSV. The Fenneropenaeus indicus that showed the clinical sign and PCR positive of white spot disease (WSD) was used the source of WSV. The challenge exposures were accomplished by feeding minced tissue of F. indicus for 24 hours. The result showed L. vannamei after three days revealed the clinical sign of WSV, the PCR examined was positive and all shrimp died after ten days. The shrimp that showed sign of disease were collected for histpathology in Davidson fixator and a part of samples preserved in Ethyl alcohol %75to %90 for PCR. The histopathology showed the effect of virus and cowdly type A inclusion body can see in all tissue except hepatopancreas. The PCR also indicate the virus infected the shrimp Litpeneaus vannamei after 3 days. The SOI and ROI determined the severity of infection and rate of infection in different tissue.

Detection of viral diseases in shrimp Litopenaeus vannamei in Iran with emphasis on white spot disease prevention by using marine alga extract

Nowadays, following was expanded shrimp breeding and culture; viral diseases have been main problem which threatened shrimp industry in the country. Therefore, shrimp samples were obtained from different stages of Litopenaeus vannmei life cycle (larval, post larval, juveniles, adults and broodstocks) based on clinical signs in the breeding center and shrimp farming from Bushehr, Khozestan and Sistan and Baluchestan provinces. Viral diseases were detected by PCR (Polymerase Chain Reaction), histopathology and transmission electron microscopy (TEM) methods. Results of the PCR were indicated present white spot virus (WSV) in juveniles, sub adults and adults shrimp with medium intensity from three provinces, but it was not showed in larval and post larval stages. Histopathological sections were indicated hypertrophy and basophilic Cowdry type A formation in nucleus cells of gill, haematopoietic, lymphoid and epithelial's cuticles and intestinal tissues which was associated with small vacuoles increased in B cells of hepatopancreas tissue of infection shrimps. Transmission electronic microscopic studies were demonstrated that the length and diameter virus was detected, respectively, 300 ± 20 nm and 75 ± 5 nm. Considerable, results of the PCR were only displayed IHHNV in juvenile, adult and broodstock shrimps from breeding and farming center of Bushehr province. The main lesion pathology was formed eosinophilic Cowdry type A in nucleus cells of gill, haematopoietic, lymphoid and epithelial's cuticles and intestinal tissues. Whereas penaeid shrimps are lack specific immune system, hence, in the present study was used of marine alga (Lurensia snideria) collected from along costal Persian Gulf of Bushehr province for viral diseases were prevented. Powder alga extract were added with a ratio of 1 % to shrimp diet. Total haemocyte count (THC) and total protein plasma (TPP) were increased after 5 days of oral administration diets. When shrimps were infected by with spot virus experimentally, THC and TPP gradually were increased in both two groups (shrimps fed with diet containing alga extract and without alga extract) after 48h. Nevertheless; THC, TPP and survival of shrimp fed with diet containing alga extract were more than shrimp control in 15 days. So, oral administration Lurensia snideria extract was capable prevention infected L. vannamei via stimulant specific immune system.

Protection of white leg shrimp (Litopenaeus vannamei) against white spot disease virus using oral recombinant bioencapsulated VP28

Aquaculture, is perceived as having the greatest potential to meet the growing demand for aquatic food. Crustaceans form one of the main value added components in aquaculture and among them, shrimp aquaculture is the predominant one. Industrial shrimp fanning, in combination with poor management in shrimp aquaculture, has quickly led to severe pollution in shrimp ponds, thereby creating a suitable environment for development of bacterial and virus diseases. White spot disease is one of the most deadly diseases that are caused heavy loss in all Penaeid shrimps family. In Iran during 2002 to 2004 in the Kuzestan province and in 2005 in Bushehr province, the most ponds and farms infected with white spot and the entire industry was facing threat of closure. Owing to the impact of WSSV infection to shrimp aquaculture, there is an urgent need to develop suitable strategies to protect cultured shrimps and make aquaculture more sustainable. Therefore, this study aimed to examine the possibility of protecting shrimp against white spot syndrome virus using bioencapsulated Anemia with E. coil containing the recombinant protein VP28, designed. Virus genome was extracted from naturally infected Litopenaeus vannamei in the Choebdch farms and VP28 gene by designed primers was amplified, extracted, purified and cloned in E. coli TGI. Protein expression evaluated and inactivated bacteria containing recombinant protein encapsulated in Artemia nauplii. White shrimp post larvae stage 5 were fed for 5 days with recombinant nauplii and twice on days 7 and 25 after feeding with Artemia nauplii were challenged with white spot virus. The results of the first experiment revealed that cumulative mortality percent in the group receiving the bacteria containing recombinant plasmid (pMal + VP28) was %14.44±1.11 and the relative percent survival %80.30±1.51. In this group the mortality rates in the various repetitions varied from the 13.33% to 16.66% and relative percent survival of 77.27% to 81.81%. in the Non-recombinant plasmid group (pMal) Mean percent mortality was% 33.33±3.84 and the Relative Percent Survival %54.54±5.24 and in the group that received bacteria contained no recombinant plasmid the Mean cumulative mortality percent was%48.88 ± 5.87 and Relative Percent Survival%33.33± 8.01.

The Southeast Indian Ridge between 88°E and 118°E: Gravity anomalies and crustal accretion at intermediate spreading rates

Although slow spreading ridges characterized by a deep axial valley and fast spreading ridges characterized by an axial bathymetric high have been extensively studied, the transition between these two modes of axial morphology is not well understood. We conducted a geophysical-survey of the intermediate spreading rate Southeast Indian Ridge between 88 degrees E and 118 degrees E, a 2300-km-long section of the ridge located between the Amsterdam hot spot and the Australian-Antarctic Discordance where satellite gravity data suggest that the Southeast Indian Ridge (SEIR) undergoes a change from an axial high in the west to an axial valley in the east. A basic change in axial morphology is found near 103 degrees 30'E in the shipboard data; the axis to the west is marked by an axial high, while a valley is found to the east. Although a well-developed axial high, characteristic of the East Pacific Rise (EPR), is occasionally present, the more common observation is a rifted high that is lower and pervasively faulted, sometimes with significant (> 50 m throw) faults within a kilometer of the axis. A shallow axial valley (< 700 m deep) is observed from 104 degrees E to 114 degrees E with a sudden change to a deep (>1200 m deep) valley across a transform at 114 degrees E. The changes in axial morphology along the SEIR are accompanied by a 500 m increase in near-axis ridge flank depth from 2800 m near 88 degrees E to 3300 m near 114 degrees E and by a 50 mGal increase in the regional level of mantle Bouguer gravity anomalies over the same distance, The regional changes in depth and mantle Bouguer anomaly (MBA) gravity can be both explained by a 1.7-2.4 km change in crustal thickness or by a mantle temperature change of 50 degrees C-90 degrees C. In reality, melt supply (crustal thickness) and mantle temperature are linked, so that changes in both may occur simultaneously and these estimates serve as upper bounds. The along-axis MBA gradient is not uniform. Pronounced steps in the regional level of the MBA gravity occur at 103 degrees 30'E-104 degrees E and at 114 degrees E-116 degrees E and correspond to the changes in the nature of the axial morphology and in the amplitude of abyssal hill morphology suggesting that the different forms of morphology do not grade into each other but rather represent distinctly different forms of axial (s)tructure and tectonics with a sharp transition between them. The change from an axial high to an axial valley requires a threshold effect in which the strength of the lithosphere changes quickly. The presence or absence of a quasi-steady state magma chamber may provide such a mechanism. The different forms of axial morphology are also associated with different intrasegment MBA gravity patterns. Segments with an axial high have an MBA low located at a depth minimum near the center of the segment, At EPR-like segments, the MBA low is about 10 mGal with along-axis gradients of 0.15-0.25 mGal/km, similar to those observed at the EPR, Rifted highs have a shallower low and lower gradients suggesting an attenuated composite magma chamber and a reduced and perhaps episodic melt supply. Segments with a shallow axial valley have very flat along-axis MBA profiles with little correspondence between axial depth and axial MBA gravity.

On local flat-plate similarity in the hypersonic boundary layer,

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Efectos espaciales en la formación de precios de oferta en mercados spot de generación eléctrica

El mecanismo de fijación del precio de oferta en el mercado eléctrico colombiano exhibe comportamientos estratégicos inherente a la estructura oligopólica de este mercado, no solo por su alto porcentaje hidrológico, aproximadamente 80%, sino también debido a la localización geográfica de las plantas de generación eléctrica cercanas a la Región Andina. En esta investigación se diseña una matriz de pesos espaciales, que recoge características de la localización geográfica de las plantas de generación eléctrica, la cual se incorpora en un panel espacial de tipo Durbin para identificar dichos comportamientos de la geografía económica, además de las variables fundamentales que explican la formación del precio en este mercado.