Intraday Dynamics of International Equity Markets

The increased availability of high frequency data sets have led to important new insights in understanding of financial markets. The use of high frequency data is interesting and persuasive, since it can reveal new information that cannot be seen in lower data aggregation. This dissertation explores some of the many important issues connected with the use, analysis and application of high frequency data. These include the effects of intraday seasonal, the behaviour of time varying volatility, the information content of various market data, and the issue of inter market linkages utilizing high frequency 5 minute observations from major European and the U.S stock indices, namely DAX30 of Germany, CAC40 of France, SMI of Switzerland, FTSE100 of the UK and SP500 of the U.S. The first essay in the dissertation shows that there are remarkable similarities in the intraday behaviour of conditional volatility across European equity markets. Moreover, the U.S macroeconomic news announcements have significant cross border effect on both, European equity returns and volatilities. The second essay reports substantial intraday return and volatility linkages across European stock indices of the UK and Germany. This relationship appears virtually unchanged by the presence or absence of the U.S stock market. However, the return correlation among the U.K and German markets rises significantly following the U.S stock market opening, which could largely be described as a contemporaneous effect. The third essay sheds light on market microstructure issues in which traders and market makers learn from watching market data, and it is this learning process that leads to price adjustments. This study concludes that trading volume plays an important role in explaining international return and volatility transmissions. The examination concerning asymmetry reveals that the impact of the positive volume changes is larger on foreign stock market volatility than the negative changes. The fourth and the final essay documents number of regularities in the pattern of intraday return volatility, trading volume and bid-ask spreads. This study also reports a contemporaneous and positive relationship between the intraday return volatility, bid ask spread and unexpected trading volume. These results verify the role of trading volume and bid ask quotes as proxies for information arrival in producing contemporaneous and subsequent intraday return volatility. Moreover, asymmetric effect of trading volume on conditional volatility is also confirmed. Overall, this dissertation explores the role of information in explaining the intraday return and volatility dynamics in international stock markets. The process through which the information is incorporated in stock prices is central to all information-based models. The intraday data facilitates the investigation that how information gets incorporated into security prices as a result of the trading behavior of informed and uninformed traders. Thus high frequency data appears critical in enhancing our understanding of intraday behavior of various stock markets’ variables as it has important implications for market participants, regulators and academic researchers.

Liquid-Liquid Interphase (Biphasic) as the Reaction Medium in the Assembly of a Hierarchy of Structures of 4,4 `-Azodibenzoic Acid with Zinc and Cadmium

The compounds Zn(C12H8N2)](2)C12N2H8(COO)(2)](2)center dot(C6H12O)center dot(H2O), I, Zn(C12H8N2)]C12N2H8(COO)(2)], II, Cd(C12H8N2)(H2O)]C12N2H8(COO)(2)]center dot(H2O), III, Zn(C10N2H8)]C12N2H8(COO)(2)]center dot 0.5(C10N2H8), IV, Cd(C12N2H8(COO)(2)center dot H2O], V, and Zn-3(mu(2)-O)(mu(3)-O)(3)]C12N2H8(COO)(2)], VI, have been synthesized by using a biphasic approach (I, III, V, VI) or regular hydrothermal method (II, IV). The compounds exhibit one (I and II), two (In), and three dimensionally (IV, V, VI) extended structures. The flexible azodibenzoate ligand gives rise to a 3-fold interpenetration (IV) when the synthesis was carried out using normal hydrothermal methods. The biphasic approach forms structures without any interpenetrations, especially in the three-dimensional structures of V and VI. Formation of Cd2O2 dimers in V and extended M-O(H)-M two-dimensional layers in VI suggests the subtle structural control achieved by the biphasic method. Transformation studies indicate that it is possible to transform I to II. Lewis acid catalytic studies have been performed to evaluate the role of the coordination environment in such reactions. All the compounds have been characterized by a variety of techniques that includes powder X-ray diffraction, infrared, thermogravitric analysis, UV-vis, photoluminescence studies.

Comparative Studies on the Bioremediation of Hexavalent and Trivalent Chromium using Citrobacter freundii: Part I-Effect of parameters controlling Biosorption

The potential of Citrobacter freundii, a Gram negative bacteria for the remediation of hexavalent chromium (Cr(VI)) and trivalent chromium (Cr(III))) from aqueous solutions was investigated. Bioremediation of Cr(VI) involved both biosorption and bioreduction processes, as compared to only biosorption process observed with respect to Cr(III) bioremediation. In the case of Cr(VI) bioremediation studies, about 59 % biosorption was achieved at an equilibrium time of 2 h, initial Cr(VI) concentration of 4 mg/L, pH 1 and a biomass loading of 5x10(11) cells/mL. The remainder, 41 %, was found to be in the form of Cr(111) ions owing to bioreduction of Cr(VI) by the bacteria resulting in the absence of Cr(VI) ions in the residue, there by meeting the USEPA specifications. Similar studies were carried out using Cr(III) solution for an equilibrium time of 2 h, Cr(III) concentration of 4 mg/L, pH 3 and a biomass loading of 6.3x10(11) cells/mL., wherein a maximum biosorption of about 30 % was achieved.

Dynamics of rotationally resolved multiphoton ionization processes in molecules

This dissertation presents the results of studies of several rotationally- resolved resonance enhanced multiphoton ionization (REMPI) processes in some simple molecular systems. The objective of these studies is to quantitatively identify the underlying dynamics of this highly state-specific process which utilizes the narrow bandwidth radiation of a laser to ionize a molecule by first preparing an excited state via multiphoton absorption and subsequently ionizing that state before it can decay. Coupled with high-resolution photoelectron spectroscopy, REMPI is clearly an important probe of molecular excited states and their photoioniza tion dynamics.

A key feature of our studies is that they are carried out using accurate Hartree-Fock orbitals to describe the photoelectron orbitals of the molecular ions. The use of such photoelectron orbitals is important in rotationally-resolved studies where the angular momentum coupling in the photoelectron orbital plays a significant role in the photoionization dynamics. In these studies the Hartree-Fock molecular molecular photoelectron orbitals are obtained by numerical solution of a Lippmann-Schwinger integral equation.

Studies reported here include investigations of (i) ionic rotational branching ratios and their energy dependence for REMPI via the A^2Σ^+(3sσ) and D^2Σ^+(3pσ)states of NO, (ii) the influence of angular momentum constraints on branching ratios at low photoelectron energies for REMPI via low-J levels of the resonant intermediate state, (iii) the strong dependence of photoelectron angular distributions on final ionic rotational state and on the alignment in REMPI of the A^2Σ^+ state of NO, (iv) vibrational state dependence of ionic rotational branching ratios arising from rapid orbital evolution in resonant states (E'^2Σ^+(3pσ) of CH), (v) the influence of rovibronic interactions on the rotational branching ratios seen in REMPI via the D^2Σ^+(3pσ) state of NO, and (vi) effects of laser intensity on the photoionization dynamics of REMPI.

Measurement of the band bending and surface dipole at chemically functionalized Si(111)/vacuum interfaces

The core-level energy shifts observed using X-ray photoelectron spectroscopy (XPS) have been used to determine the band bending at Si(111) surfaces terminated with Si-Br, Si-H, and Si-CH₃ groups, respectively. The surface termination influenced the band bending, with the Si 2p_3/2 binding energy affected more by the surface chemistry than by the dopant type. The highest binding energies were measured on Si(111)-Br (whose Fermi level was positioned near the conduction band at the surface), followed by Si(111)-H, followed by Si(111)-CH₃ (whose Fermi level was positioned near mid-gap at the surface). Si(111)-CH₃ surfaces exposed to Br₂(g) yielded the lowest binding energies, with the Fermi level positioned between mid-gap and the valence band. The Fermi level position of Br₂(g)-exposed Si(111)-CH₃ was consistent with the presence of negatively charged bromine-containing ions on such surfaces. The binding energies of all of the species detected on the surface (C, O, Br) shifted with the band bending, illustrating the importance of isolating the effects of band bending when measuring chemical shifts on semiconductor surfaces. The influence of band bending was confirmed by surface photovoltage (SPV) measurements, which showed that the core levels shifted toward their flat-band values upon illumination. Where applicable, the contribution from the X-ray source to the SPV was isolated and quantified. Work functions were measured by ultraviolet photoelectron spectroscopy (UPS), allowing for calculation of the sign and magnitude of the surface dipole in such systems. The values of the surface dipoles were in good agreement with previous measurements as well as with electronegativity considerations. The binding energies of the adventitious carbon signals were affected by band bending as well as by the surface dipole. A model of band bending in which charged surface states are located exterior to the surface dipole is consistent with the XPS and UPS behavior of the chemically functionalized Si(111) surfaces investigated herein.

A Câmara Municipal do Rio de Janeiro, das invasões corsárias ao governo de Luis Vahia Monteiro (1710 a 1732): uma história de conflitos pelo uso do território colonial.

As câmaras municipais constituíram-se em um dos mais notáveis mecanismos de manutenção do vasto império ultramarino português. Originavam-se dos antigos conselhos medievais, aglutinavam os interesses das elites coloniais ao serem compostas pelos homens bons da colônia, detinham considerável poder sobre a sociedade local além de terem a liberdade de representar ao rei de Portugal seus anseios ou dificuldades. Paralelo, ao poder do senado da câmara municipal, encontravam-se as autoridades nomeadas pelo rei de Portugal: governadores coloniais. Este compartilhamento do poder na colônia gerava, muitas vezes, conflitos entre a câmara municipal e os funcionários régios. No Rio de Janeiro, setecentista, vários fatores internos e externos à colônia deterioraram as relações entre os governadores coloniais e os membros do senado.Tal situação agrava-se com as incursões corsárias francesas de 1710 e 1711 que demonstraram a fragilidade do império português que há muito deixara de ter um poder naval significativo, perdendo espaços para potências como a França, Inglaterra e Holanda. Incapaz de conter os inimigos no vasto oceano, desprovido de meios navais capazes de patrulhar os litorais de suas colônias na África, Ásia e América, em especial o do Brasil, o império português dependia cada vez mais dos recursos humanos de suas colônias para a manutenção do seu território ultramarino. A corte portuguesa sofreu duro impacto com a conquista da cidade do Rio de Janeiro por Duguay-Trouin e, ao longo dos próximos anos, procurou fortalecer o sistema defensivo de sua colônia com o envio de tropas e navios além da construção de novas fortalezas e o reaparelhamento do sistema defensivo já existente.Todo este esforço para a guerra era bancado, em sua maior parte, com recursos da própria colônia do Rio de Janeiro. Obviamente este ônus não agradava a incipiente elite mercantil que florescia na colônia resultando no fato de que a política de enclausurar o Rio de Janeiro entre muralhas e fortificações, ás custas da economia colonial, colocou em campos opostos os funcionários do rei e os membros do senado por várias vezes nas primeiras décadas do século XVIII. Surgiram inevitáveis conflitos pelo uso e posse do território urbano do Rio de Janeiro cada vez mais pontilhado por fortalezas, sulcado por extensas valas e trincheiras a impedir-lhe o crescimento urbano. Além do conflito territorial, em função da expansão da atividade mercantil desenvolvida pelos colonos, as disputas comerciais envolveram as elites locais, ávidas por lucros e impulsionadas ao comércio devido à descoberta do ouro na região das Minas, e as autoridades e comerciantes lusos, uns querendo controlar a atividade comercial que crescia em acelerado ritmo, outros querendo lucrar e disputar espaços com as elites coloniais locais. No meio destes embates encontrava-se a Câmara Municipal do Rio de Janeiro, objetivo maior desta pesquisa, a defender os interesses das elites da colônia, pois delas era representante. Era uma disputa em que, muitas vezes, seus membros pagaram com a perda da liberdade e dos seus bens frente a governadores coloniais mais intolerantes

„Livre des merveilles”. Burgundzka wizja Orientu późnego średniowiecza w miniaturach manuskryptu fr. 2810 z Bibliothèque nationale de France

Wydział Historyczny: Instytut Historii Sztuki

Christian Witness on the Plateau Vivarais-Lignon: Narrative, Nonviolence, and the Formation of Character

This dissertation analyzes the theological and ethical convictions that led the people of the Plateau Vivarais-Lignon to shelter thousands of refugees between 1939 and 1945. It does so by examining the themes of narrative identity, hospitality, character formation, nonviolence, and the contextual witness of church tradition. Though a number of studies have been published about the rescue activity in this region of France during World War II, none have thoroughly analyzed the theological nature of this activity. Using the Plateau Vivarais-Lignon as a case study in theological ethics, the dissertation draws on historical sources as well as the work of contemporary theologians and ethicists to understand, interpret, and analyze the witness of this community. After situating its rescue and resistance work within the Huguenot narrative of persecution and exile, I examine the theological convictions of the Reformed pastor of Le Chambon-sur-Lignon, André Trocmé, who played a key role in making the Plateau a place of refuge during the Holocaust. The study highlights the importance of narrative in the actions of this community and discusses the relationship between narrative, character, and ethics. It then examines the nonviolent commitments of key leaders of the rescue effort, using this analysis as a springboard to engage in broader theological reflection about the ethics of nonviolence. After examining the radical hospitality practiced on the Plateau in light of biblical narratives and Reformed history, I investigate the counter-cultural nature of Christian hospitality. The study concludes by analyzing the nature and witness of the church in light of the legacy of the Plateau Vivarais-Lignon. The dissertation suggests that increased academic and ecclesial attention be given to the relationship between narrative and character, the counter-cultural shape of Christian hospitality, and the active nature of nonviolence. It presents an in-depth analysis of the theological and ethical convictions of the people of the Plateau Vivarais-Lignon, arguing that their witness has ongoing significance for communities of faith as they grapple with how to form disciples, relate to the wider society, welcome strangers, and communicate God's shalom in a world of violence.

Sugar matrices in stabilization of bioactives by dehydration

Development of functional foods with bioactive components requires component stability in foods and ingredients. Stabilization of sensitive bioactive components can be achieved by entrapment or encapsulation of these components in solid food matrices. Lactose or trehalose was used as the structure-forming material for the entrapment of hydrophilic ascorbic acid and thiamine hydrochloride or the encapsulation of oil particles containing hydrophobic α-tocopherol. In the delivery of hydrophobic components, milk protein isolate, soy protein isolate, or whey protein isolate were used as emulsifiers and, in some cases, applied in excess amount to form matrices together with sugars. Dehydrated amorphous structures with bioactives were produced by freezing and freeze-drying. Experimental results indicated that: (i) lactose and trehalose showed similar water sorption and glass transition but very different crystallization behavior as pure sugars; (ii) the glass transition of sugar-based systems was slightly affected by the presence of other components in anhydrous systems but followed closely that of sugar after water plasticization; (iii) sugar crystallization in mixture systems was composition-dependent; (iv) the stability of bioactives was better retained in the amorphous matrices, although small losses of stability were observed for hydrophilic components above glass transition and for hydrophobic components as a function of water activity; (v) sugar crystallization caused significant loss of hydrophilic bioactives as a result of the exclusion from the continuous crystalline phase; (vi) loss of hydrophobic bioactives upon sugar crystallization was a result of dramatic change of emulsion properties and the exclusion of oil particles from the protecting structure; (vii) the double layers at the hydrophilic-hydrophobic interfaces improved the stability of hydrophobic bioactives in dehydrated systems. The present study provides information on the physical and chemical stability of sugar-based dehydrated delivery systems, which could be helpful in designing foods and ingredients containing bioactive components with improved storage stability.

Range extension and reproduction of the barnacle Balanus perforatus in the eastern English Channel

The distribution of the warm-water barnacle, Balanus perforatus, was surveyed along the south coast of England and the north-east coast of France between 1993 and 2001, repeating work carried out between the 1940s and 1960s. The species has recovered from catastrophic mortality during the severe winter of 1962–1963 and was found over 120 km (UK) and 190 km (France) east of previous records on both sides of the Channel. The presence of the species in the eastern Channel refutes suggestions in the 1950s that larvae, and hence adults, would not be found east of the Isle of Wight because of reproductive sterility close to the limits of distribution. Brooding of specimens translocated to Bembridge, Isle of Wight, commenced in May, earlier than previously observed in British waters, and continued until September. The stage of embryo development at Bembridge in mid-August was comparable to that of the large population at Lyme Regis, Dorset 100 km further west. However the size of brood per standard body weight was greater at Lyme Regis. Factors influencing the rate of colonization and further geographic range extension of the species as a possible result of climate change, are discussed.

Rubén Darío's new unpublished and unknown documents: on La "Isla de Oro", the "Poema del Otoño" and the years of "Mundial"

This article studies and reproduces a group of documents that includes some hand-written and typed texts most likely authored by Rubén Darío, along with others where Darío’s authorship can be easily contested. These documents seem to have originated during the years of Mundial Magazine (1912-1914), and besides the interest for their probably unpublished nature, they also show the cooperation between Darío and his collaborators in the preparation of his original manuscripts right before being sent to the publishers.

Species distribution and coordination of uranyl chloro complexes in acetonitrile

The complex formation of the uranyl ion, UO22+, with chloride ions in acetonitrile has been investigated by factor analysis of UV-vis absorption and U L-3 edge EXAFS (extended X-ray absorption fine structure) spectra. As a function of increasing [Cl-]/[UO22+] ratio, the five monomeric species [UO2(H2O)(5)](2+), [UO2Cl(H2O)(2)(MeCN)(2)](+), [UO2Cl2(H2O)(MeCN)(2)], [UO2Cl3(MeCN)(2)](-), and [UO2Cl4](2-) have been observed. The distances determined in the first coordination sphere are: U-O-ax = 1.77 angstrom, U-O-H2O = 2.43 angstrom, U-N-MeCN = 2.53 angstrom, and U-Cl = 2.68 angstrom. A crystalline material has been obtained from the intermediate solution with the [Cl-]/[UO22+] ratio of similar to 2, where [UO2Cl2(H2O)(MeCN)(2)] is the dominating species. The crystal structure analysis of this material revealed a tetrameric complex, [(UO2)(4)(mu(2)-Cl)(4)(mu(3)-O)(2)(H2O)(2)(CH3CN)(4)]center dot(CH3CN). The crystal data are: monoclinic, space group P2(1)/n, a 10.6388(5) angstrom, b = 14.8441(5) angstrom, c = 10.8521(5) angstrom, beta = 109.164(5)degrees, and Z = 2. The U(VI) coordination of the solution species [UO2Cl2(H2O)(MeCN)(2)] changes during the crystallization by replacing one MeCN molecule with a bridging mu(3)-O atom in the tetramer.

Anti-Semitism in France: Past and present

This article discusses the so-called newness of today's antisemitism through the historical and social specificities of antisemitism in French society. It casts light on the continuities of antisemitic discourse in France, but also its transformation in relation to the French colonial heritage and the recent ‘communitarianisation’ of France's social life. This analysis of antisemitism is furthered by the presentation of two case-studies: the controversial discourses of comedian Dieudonné and Kémi Séba, leader of a black supremacist movement called Tribu KA which stirred controversies in the 2000s. These two examples emphasise the fact that antisemitic discourse is better understood as a narrative about downward social mobility and status, which hardly makes antisemitism new.

Politics and Literary Prizes:A Case Study of Spanish America and the Premio Cervantes

The Premio Cervantes, one of the most prestigious prizes awarded for literature in the Spanish language, was established in 1976 as Spain negotiated the Transition to democracy in the post-Franco era. This article examines the context in which the prize was created and subsequently used to negotiate inter-continental relations between Spain and Latin America. The article highlights the exchanges of economic, political and symbolic capital which took place between the Spanish State, its representative, the King of Spain, and winning Latin American authors. Significantly, the involvement of the Spanish State is shown to bring political capital into play in a way that commercial prizes do not. In so doing, the Premio Cervantes gives those formerly at the colonial periphery the opportunity to speak out and negotiate the terms of a new kind of relationship with the former colonial center.