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Sample records for mixed water-borne volatile

  1. Using a biological aerated filter to treat mixed water-borne volatile organic compounds and assessing its emissions

    Institute of Scientific and Technical Information of China (English)

    CHENG Wen-Hsi

    2009-01-01

    A biological aerated filter (BAF) was evaluated as a fixed-biofilm processes to remove water-borne volatile organic compounds (VOCs) from a multiple layer ceramic capacitor (MLCC) manufacturing plant in southern Taiwan.The components of VOC were identified to be toluene,1,2,4-trimethylbenzene,1,3,5-trimethylbenzene,bromodichloromethane and isopropanol (IPA).The full-scale BAF was constructed of two separate reactors in series,respectively using 10-cm and 15-cm diameter polypropylene balls as the packing materials and a successful preliminary bench-scale experiment was performed to feasibility.Performance results show that the BAF removed over 90% chemical oxygen demand (COD) from the influent with (1188 ± 605) mg/L of COD.A total organic loading of 2.76 kg biochemical oxygen demand (BOD)/(m~3 packing·d) was determined for the packed bed,in which the flow pattern approached that of a mixed flow.A limited VOC concentration of (0.97 ± 0.29) ppmv (as methane) was emitted from the BAF system.Moreover,the emission rate of VOC was calculated using the proposed formula,based on an air-water mass equilibrium relationship,and compared to the simulated results obtained using the Water 9 model.Both estimation approaches of calculation and model simulation using Water 9 evaluating VOC emissions reveal that 0.1% IPA (0.0031-0.0037 kg/d) was aerated into a gaseous phase,and 30% to 40% (0.006-0.008 kg/d) of the toluene was aerated.

  2. Acrylic polymer nanocomposite resins for water borne coating applications

    NARCIS (Netherlands)

    Nobel, M.L.

    2007-01-01

    Due to environmental and safety regulations the use of volatile organic components (VOC's) containing lacquers for exterior automotive purposes is under growing pressure. As a consequence there is a demand for more environmentally friendly alternatives like water borne coatings, high solid coatings,

  3. Volatility and mixing states of ultrafine particles from biomass burning

    International Nuclear Information System (INIS)

    Maruf Hossain, A.M.M.; Park, Seungho; Kim, Jae-Seok; Park, Kihong

    2012-01-01

    Highlights: ► Size distribution, volatility, and mixing states of ultrafine particles emitted from rice straw, oak, and pine burning under different burning conditions were investigated. ► Smoldering combustion emitted larger mode particles in higher numbers than smaller mode particles, while the converse was true for flaming combustion. ► While the flaming combustion and open burning results imply there is internal mixing of OC and BC, smoldering combustion in rice straw produced ultrafine particles devoid of BC. ► Mixing state of ultrafine particles from biomass burning can alter the single scattering albedo, and might even change the sign of radiative forcing. - Abstract: Fine and ultrafine carbonaceous aerosols produced from burning biomasses hold enormous importance in terms of assessing radiation balance and public health hazards. As such, volatility and mixing states of size-selected ultrafine particles (UFP) emitted from rice straw, oak, and pine burning were investigated by using volatility tandem differential mobility analyzer (VTDMA) technique in this study. Rice straw combustion produced unimodal size distributions of emitted aerosols, while bimodal size distributions from combustions of oak (hardwood) and pine (softwood) were obtained. A nearness of flue gas temperatures and a lower CO ratio of flaming combustion (FC) to smoldering combustion (SC) were characteristic differences found between softwood and hardwood. SC emitted larger mode particles in higher numbers than smaller mode particles, while the converse was true for FC. Rice straw open burning UFPs exhibited a volatilization behavior similar to that between FC and SC. In addition, internal mixing states were observed for size-selected UFPs in all biomasses for all combustion conditions, while external mixing states were only observed for rice straw combustion. Results for FC and open burning suggested there was an internal mixing of volatile organic carbon (OC) and non-volatile core (e

  4. An investigation into the prevalence of water borne diseases in ...

    African Journals Online (AJOL)

    Water-borne diseases are the most prevalent infectious diseases in the developing countries especially in new settlements along the river. The present investigation was carried out to assess the prevalence rate of water-borne diseases among people residing near the left bank of River Ravi. This study has a descriptive ...

  5. Association of water-borne diseases morbidity pattern and water ...

    African Journals Online (AJOL)

    1Department of Env ronmental Management and Tox cology, Un vers ty of Agr culture, PMB 2240,. Abeokuta, Ogun .... and a modern sector) that has implications for ... plastered with cement. ..... residents are at–risk of water-borne diseases.

  6. Effects of mixed volatile fatty acid sodium salt on insulin-like growth ...

    African Journals Online (AJOL)

    Effects of mixed volatile fatty acid sodium salt on insulin-like growth factor-I (IGF-I) and insulin-like growth factor-binding protein-3 (IGFBP-3) in plasma and rumen tissue, and rumen epithelium development in lambs.

  7. Alcohol production through volatile fatty acids reduction with hydrogen as electron donor by mixed cultures

    NARCIS (Netherlands)

    Steinbusch, K.J.J.; Hamelers, H.V.M.; Buisman, C.J.N.

    2008-01-01

    In this research we demonstrated a new method to produce alcohols. It was experimentally feasible to produce ethanol, propanol and butanol from solely volatile fatty acids (VFAs) with hydrogen as electron donor. In batch tests, VFAs such as acetic, propionic and butyric acids were reduced by mixed

  8. Water born pollutants sampling using porous suction samples

    International Nuclear Information System (INIS)

    Baig, M.A.

    1997-01-01

    The common standard method of sampling water born pollutants in the vadoze zone is core sampling and it is followed by extraction of pore fluid. This method does not allow sampling at the same location next time and again later on. There is an alternative approach for sampling fluids (water born pollutants) from both saturated and unsaturated regions of vadose zone using porous suction samplers. There are three types of porous suction samplers, vacuum-operated, pressure-vacuum lysimeters, high pressure vacuum samples. The suction samples are operated in the range of 0-70 centi bars and usually consist of ceramic and polytetrafluorethylene (PTFE). The operation range of PTFE is higher than ceramic cups. These samplers are well suited for in situ and repeated sampling form the same location. This paper discusses the physical properties and operating condition of such samplers to the utilized under our environmental sampling. (author)

  9. Method development for the determination of volatile organic compounds in mixed waste

    International Nuclear Information System (INIS)

    Sandoval, W.F.; Rogers, Y.C.; Schappert, M.F.; Boland, K.S.; Spall, W.D.; Wilkerson, C.W. Jr.

    1993-01-01

    While analytical methods exist for the determination of Resource Conservation and Recovery Act (RCRA) listed organic and inorganic compounds in hazardous materials, equivalent methods suitable for the characterization of radioactively contaminated samples are not at the same level of maturity. The Mixed Waste Methods Development Lab. has been established at Los Alamos National Lab. to address the need for such procedures. This presentation will focus on the efforts that have been directed toward the determination of volatile organic compounds (VOCs) in mixed waste matrices. The capabilities of the Mixed Waste Methods Development Lab. will be outlined. Modifications to the containment boxes and analytical instrumentation required for the analyses will be described, as will experimental procedures and system performance benchmarks. Preliminary results from surrogate and real mixed waste matrices will be presented, and future directions for our method development effort will be discussed

  10. Volatility

    Directory of Open Access Journals (Sweden)

    María Sánchez

    2016-11-01

    Full Text Available The action consists of moving with small kicks a tin of cola refresh -without Brand-from a point of the city up to other one. During the path I avoid bollards, the slope differences between sidewalks, pedestrians, parked motorcycles, etc. Volatility wants to say exactly that the money is getting lost. That the money is losing by gentlemen and by ladies who are neither financial sharks, nor big businessmen… or similarly, but ingenuous people, as you or as me, who walk down the street.

  11. Downwind evolution of the volatility and mixing state of near-road aerosols near a US interstate highway

    Science.gov (United States)

    Saha, Provat K.; Khlystov, Andrey; Grieshop, Andrew P.

    2018-02-01

    We present spatial measurements of particle volatility and mixing state at a site near a North Carolina interstate highway (I-40) applying several heating (thermodenuder; TD) experimental approaches. Measurements were conducted in summer 2015 and winter 2016 in a roadside trailer (10 m from road edge) and during downwind transects at different distances from the highway under favorable wind conditions using a mobile platform. Results show that the relative abundance of semi-volatile species (SVOCs) in ultrafine particles decreases with downwind distance, which is consistent with the dilution and mixing of traffic-sourced particles with background air and evaporation of semi-volatile species during downwind transport. An evaporation kinetics model was used to derive particle volatility distributions by fitting TD data. While the TD-derived distribution apportions about 20-30 % of particle mass as semi-volatile (SVOCs; effective saturation concentration, C∗ ≥ 1µm-3) at 10 m from the road edge, approximately 10 % of particle mass is attributed to SVOCs at 220 m, showing that the particle-phase semi-volatile fraction decreases with downwind distance. The relative abundance of semi-volatile material in the particle phase increased during winter. Downwind spatial gradients of the less volatile particle fraction (that remaining after heating at 180 °C) were strongly correlated with black carbon (BC). BC size distribution and mixing state measured using a single-particle soot photometer (SP2) at the roadside trailer showed that a large fraction (70-80 %) of BC particles were externally mixed. Heating experiments with a volatility tandem differential mobility analyzer (V-TDMA) also showed that the nonvolatile fraction in roadside aerosols is mostly externally mixed. V-TDMA measurements at different distances downwind from the highway indicate that the mixing state of roadside aerosols does not change significantly (e.g., BC mostly remains externally mixed) within a

  12. Effect of Precursors on Volatile Compounds in Papaya Wine Fermented by Mixed Yeasts

    Directory of Open Access Journals (Sweden)

    Pin-Rou Lee

    2013-01-01

    Full Text Available The impact of the addition of fusel oil or amino acids on the volatile compounds in papaya wine fermented with a mixed culture of Saccharomyces cerevisiae var. bayanus R2 and Williopsis saturnus var. mrakii NCYC 2251 at a ratio of 1:1000 was studied. Fusel oil addition increased the fraction of alcohols and promoted the production of isoamyl octanoate, isoamyl decanoate and isobutyl decanoate, while decreased the fraction of ethyl acetate and 2-phenylethyl acetate. The addition of amino acids enhanced the formation of total volatile fatty acids, 2-phenylethanol and some ethyl esters. The papaya wine with added amino acids possessed more acidic and buttery notes than the control, while that with added fusel oil had an overall aroma profile comparable to that of the control. This study suggests that papaya juice fermentation with mixed yeasts in conjunction with the added fusel oil or selected amino acids may be another method of modulating the flavour of papaya wine.

  13. Bioconversion of mixed volatile fatty acids into microbial lipids by Cryptococcus curvatus ATCC 20509.

    Science.gov (United States)

    Liu, Jia; Yuan, Ming; Liu, Jia-Nan; Huang, Xiang-Feng

    2017-10-01

    The oleaginous yeast Cryptococcus curvatus ATCC 20509 can use 5-40g/L of acetic, propionic, or butyric acid as sole carbon source to produce lipids. High concentrations (30g/L) of mixed volatile fatty acids (VFAs) were used to cultivate C. curvatus to explore the effects of different ratios of mixed VFAs on lipid production and composition. When mixed VFAs (VFA ratio was 15:5:10) were used as carbon sources, the highest cell mass and lipid concentration were 8.68g/L and 4.93g/L, respectively, which were significantly higher than those when 30g/L of acetic acid was used as sole carbon source. The highest content and yield of odd-numbered fatty acids were 45.1% (VFA ratio was 0:15:15) and 1.62g/L (VFA ratio was 5:15:10), respectively. These results indicate that adjusting the composition ratios of mixed VFAs effectively improves microbial lipid synthesis and the yield of odd-numbered fatty acids. Copyright © 2017 Elsevier Ltd. All rights reserved.

  14. Volatile organic compound mixing ratios above Beijing in November and December 2016

    Science.gov (United States)

    Acton, William; Shaw, Marvin; Huang, Zhonghui; Wang, Zhaoyi; Wang, Xinming; Zhang, Yanli; Davison, Brian; Langford, Ben; Mullinger, Neil; Nemitz, Eiko; Fu, Pingqing; Squires, Freya; Carpenter, Lucy; Lewis, Alastair; Hewitt, Nick

    2017-04-01

    Volatile organic compounds (VOCs) are emitted into the atmosphere from vegetation and anthropogenic sources such as fossil fuel combustion, biomass burning and the evaporation of petroleum products. These compounds play an important role in the chemistry of the lower atmosphere through secondary organic aerosol (SOA) formation and facilitating the formation of tropospheric ozone. As well as their indirect impact on human health via the formation of ozone and SOA, some VOCs, including benzene, directly affect human health adversely. Here we report VOC mixing ratios measured in Beijing during a 5 week intensive field campaign from the 7th November to the 10th December 2016. This work was carried out as part of the Sources and Emissions of Air Pollutants in Beijing (AIRPOLL-Beijing) work project within the Air Pollution and Human Health in a Developing Megacity (APHH-Beijing) research programme. APHH is a large multi-institutional study which aims to record the concentrations and identify the sources of urban air pollutants in Beijing, determine exposure, understand their effects on human health, and to identify solutions. VOC mixing ratios were recorded using a Proton Transfer Reaction-Time of Flight-Mass Spectrometer (PTR-ToF-MS, Ionicon Analytik) and a Selected Ion Flow Tube-Mass Spectrometer (SIFT-MS, SYFT Technologies). During the measurement period Beijing was subject to multiple pollution events that alternated with periods of relatively good air quality, allowing the VOCs within the polluted air masses to be identified and quantified. VOCs were sampled at 102 m with additional gradient measurements made at 3, 15, 32 and 64 m providing a vertical profile of VOC mixing ratios. Mixing ratios of methanol, acetonitrile, acetaldehyde, acetone, isoprene and aromatics species will be reported together with a discussion of potential sources. Comparisons will then be drawn with other large cities.

  15. Adaptive hierarchical grid model of water-borne pollutant dispersion

    Science.gov (United States)

    Borthwick, A. G. L.; Marchant, R. D.; Copeland, G. J. M.

    Water pollution by industrial and agricultural waste is an increasingly major public health issue. It is therefore important for water engineers and managers to be able to predict accurately the local behaviour of water-borne pollutants. This paper describes the novel and efficient coupling of dynamically adaptive hierarchical grids with standard solvers of the advection-diffusion equation. Adaptive quadtree grids are able to focus on regions of interest such as pollutant fronts, while retaining economy in the total number of grid elements through selective grid refinement. Advection is treated using Lagrangian particle tracking. Diffusion is solved separately using two grid-based methods; one is by explicit finite differences, the other a diffusion-velocity approach. Results are given in two dimensions for pure diffusion of an initially Gaussian plume, advection-diffusion of the Gaussian plume in the rotating flow field of a forced vortex, and the transport of species in a rectangular channel with side wall boundary layers. Close agreement is achieved with analytical solutions of the advection-diffusion equation and simulations from a Lagrangian random walk model. An application to Sepetiba Bay, Brazil is included to demonstrate the method with complex flows and topography.

  16. Electrical charging characteristics of the hetero layer film for reducing water-borne paint contamination in electrostatic rotary atomizers

    Energy Technology Data Exchange (ETDEWEB)

    Yamada, Y.; Imanishi, T.; Yoshida, O.; Mizuno, A. [ABB Japan, Tokyo (Japan)

    2010-07-01

    The electrostatic rotary atomizer is the most efficient of all liquid spray painting methods. Its use minimizes the waste of paint and reduces emissions of volatile organic compounds (VOCs). Water-borne painting processes which use water-soluble paint also reduce VOC emissions, but the atomizer body is easily contaminated by the paint mists. The Institute of Electrical and Electronics Engineers (IEEE) considered the causes of water-borne paint contamination and presented the experimental results of a contamination proof system in which the atomizer is surrounded by the repelling film that is charged and repels the incoming paint droplets. Among the key factors for repelling film were electrical properties, such as low capacitance and high insulation to keep high surface potential. Charging uniformity was found to be among the most important characteristic to avoid contamination. The pulse electro-acoustic (PEA) method was used to check these features using space charge measurements inside the repelling film. It was concluded that hetero layer films have more uniform charging characteristics than single layer films.

  17. Comparison of Flavour and Volatile Flavour Compounds of Mixed Elderberry Juices

    Directory of Open Access Journals (Sweden)

    Eva Vítová

    2015-01-01

    Full Text Available The aim of this work was to find the best composition for fruit drink based on elderberries with optimal flavour characteristics. For this purpose elderberry juice was mixed with various fruit juices (grape, black currant, apple, orange, carrot in various ratios, flavour was evaluated sensorially and instrumentally as the content of aroma compounds. Five flavour characteristics (sweet, acid/sour, bitter, astringent, characteristic elderberry, off-flavour, odour, texture (mouth-feel, colour and overall acceptability were evaluated sensorially using scale. Aroma compounds were extracted by solid phase microextraction and assessed by gas chromatography with flame ionization detection and gas chromatography-mass spectrometry. The significant differences (P < 0.05 in flavour were found between samples, which could be explained by differences in their volatile profiles. In total 57 compounds were identified in fruit juices and included 20 alcohols, 10 aldehydes, 8 ketones, 7 acids, 7 esters and 5 other compounds. Alcohols were quantitatively the most important group of all juices. The grape-elderberry juice, in optimum ratio 7:3 (70% v/v of elderberry, was proposed for practical use owing to the pleasant sweetish, elderberry flavour, and excellent other sensory characteristics.

  18. Volatile organic compound emmission rates from mixed deciduous and coniferous foest in Northern Wisconsin, USA

    Science.gov (United States)

    J. G. Isebrands; A. B. Guenther; P. Harley; D. Helmig; L. Klinger; L. Vierling; P. Zimmerman; C. Geron

    1999-01-01

    Biogenic emissions of volatile organic compounds {VOC) from forests play an important role in regulating the atmospheric trace gas composition including global tropospheric ozone concentrations. However, more information is needed on VOC emission rates from different forest regions of the world to understand regional and global impacts and to implement possible...

  19. The automated sample preparation system MixMaster for investigation of volatile organic compounds with mid-infrared evanescent wave spectroscopy.

    Science.gov (United States)

    Vogt, F; Karlowatz, M; Jakusch, M; Mizaikoff, B

    2003-04-01

    For efficient development assessment, and calibration of new chemical analyzers a large number of independently prepared samples of target analytes is necessary. Whereas mixing units for gas analysis are readily available, there is a lack of instrumentation for accurate preparation of liquid samples containing volatile organic compounds (VOCs). Manual preparation of liquid samples containing VOCs at trace concentration levels is a particularly challenging and time consuming task. Furthermore, regularly scheduled calibration of sensors and analyzer systems demands for computer controlled automated sample preparation systems. In this paper we present a novel liquid mixing device enabling extensive measurement series with focus on volatile organic compounds, facilitating analysis of water polluted by traces of volatile hydrocarbons. After discussing the mixing system and control software, first results obtained by coupling with an FT-IR spectrometer are reported. Properties of the mixing system are assessed by mid-infrared attenuated total reflection (ATR) spectroscopy of methanol-acetone mixtures and by investigation of multicomponent samples containing volatile hydrocarbons such as 1,2,4-trichlorobenzene and tetrachloroethylene. Obtained ATR spectra are evaluated by principal component regression (PCR) algorithms. It is demonstrated that the presented sample mixing device provides reliable multicomponent mixtures with sufficient accuracy and reproducibility at trace concentration levels.

  20. Water-borne radon and hydrogeochemical based uranium exploration in Rajamundry sandstone, W. Godavari district, Andhra Pradesh

    International Nuclear Information System (INIS)

    Jeyagopal, A.V.; Rajaraman, H.S.; Som, Anjan

    2010-01-01

    The lithology and sedimentary structures of the Rajamundry Formation of the Mio-Pliocene age covering an area of 1100 sq.km. indicate that it may be a typical valley fill sediment. It is about 600 m thick comprising sandstone and clay with lignite as the main lithounits. It is continental in onshore and marine in the offshore and is in contact with Gondwana sediments and Rajamundry traps. Tertiary sandstones are important hosts for uranium mineralisation. The reducing gas (Methane or other volatile hydrocarbon) moving to uraniferous oxidising water has precipitated uranium in the sediments in South Texas and Northwest Colorado, USA: (a) along faults, (b) above petroliferous aquifers, (c) vertically above hydrocarbon accumulations and (d) oil-water interface at hydrocarbon accumulations i.e., at the points of introduction of reducent into oxidising ground waters. In this context, Rajamundry sandstone lying above the natural gas and petroleum bearing Krishna Godavari basin with faults is an important geological setting for uranium mineralisation. The exploration strategies of hydrogeochemical survey and water-borne Radon (Rn) surveys were selected in this soil-covered area. Hydrogeochemical survey carried out in the Rajamundry sandstone has brought out four hydro-uranium anomalous zones with water samples (10-45ppb) falling around Kadiyadda, Madhavaram, Erramalla and Chinna Malapalle areas of West Godavari district, Andhra Pradesh. The zones vary from 9 to 24 sq km area. Water-borne Radon was utilized as a tool for exploration of uranium in this soil covered terrain. Rn contours cluster around two zones around Kadiyadda and SW of Gollagudem wherein the Rn value is >60 counts/50 sec/500 ml. These Rn anomalies fall within the above mentioned hydrouranium anomalous zones. Gamma-ray logging of private bore wells has recorded relatively higher radioactivity in Kommugudem, which also falls in the high hydrouranium - high waterborne radon zone. These data and

  1. Enzymatic activities produced by mixed Saccharomyces and non-Saccharomyces cultures: relationship with wine volatile composition.

    Science.gov (United States)

    Maturano, Yolanda Paola; Assof, Mariela; Fabani, María Paula; Nally, María Cristina; Jofré, Viviana; Rodríguez Assaf, Leticia Anahí; Toro, María Eugenia; Castellanos de Figueroa, Lucía Inés; Vazquez, Fabio

    2015-11-01

    During certain wine fermentation processes, yeasts, and mainly non-Saccharomyces strains, produce and secrete enzymes such as β-glucosidases, proteases, pectinases, xylanases and amylases. The effects of enzyme activity on the aromatic quality of wines during grape juice fermentation, using different co-inoculation strategies of non-Saccharomyces and Saccharomyces cerevisiae yeasts, were assessed in the current study. Three strains with appropriate enological performance and high enzymatic activities, BSc562 (S. cerevisiae), BDv566 (Debaryomyces vanrijiae) and BCs403 (Candida sake), were assayed in pure and mixed Saccharomyces/non-Saccharomyces cultures. β-Glucosidase, pectinase, protease, xylanase and amylase activities were quantified during fermentations. The aromatic profile of pure and mixed cultures was determined at the end of each fermentation. In mixed cultures, non-Saccharomyces species were detected until day 4-5 of the fermentation process, and highest populations were observed in MSD2 (10% S. cerevisiae/90% D. vanrijiae) and MSC1 (1% S. cerevisiae/99% C. sake). According to correlation and multivariate analysis, MSD2 presented the highest concentrations of terpenes and higher alcohols which were associated with pectinase, amylase and xylanase activities. On the other hand, MSC1 high levels of β-glucosidase, proteolytic and xylanolytic activities were correlated to esters and fatty acids. Our study contributes to a better understanding of the effect of enzymatic activities by yeasts on compound transformations that occur during wine fermentation.

  2. FORMATION CONDITIONS OF ICY MATERIALS IN COMET C/2004 Q2 (MACHHOLZ). I. MIXING RATIOS OF ORGANIC VOLATILES

    International Nuclear Information System (INIS)

    Kobayashi, Hitomi; Kawakita, Hideyo

    2009-01-01

    We observed comet C/2004 Q2 (Machholz) with the Keck II telescope in late 2005 January and we obtained the spectra of C/2004 Q2 including many emission lines of volatile species such as H 2 O, HCN, C 2 H 2 , NH 3 , CH 4 , C 2 H 6 , CH 3 OH, and H 2 CO with high-signal-to-noise ratios. Based on our observations, we determined the mixing ratios of the molecules relative to H 2 O in C/2004 Q2. Since C/2004 Q2 is one of Oort Cloud comets, it is interesting to compare our results with other Oort Cloud comets. The mixing ratios of C 2 H 2 /H 2 O and C 2 H 6 /H 2 O in C/2004 Q2 are lower than typical Oort Cloud comets. Especially, C 2 H 2 /H 2 O ratio in C/2004 Q2 is as lower as Jupiter Family comets. However, mixing ratios of other molecules in C/2004 Q2 are similar to typical Oort Cloud comets. C/2004 Q2 might be the intermediate type between Oort Cloud and Jupiter Family comets. To investigate the formation conditions of such intermediate type comet, we focused on the (C 2 H 2 +C 2 H 6 )/H 2 O ratios and C 2 H 6 /(C 2 H 6 +C 2 H 2 ) ratios in comets from the viewpoint of conversion from C 2 H 2 to C 2 H 6 in the precometary ices. We found that (C 2 H 2 +C 2 H 6 )/H 2 O ratio in C/2004 Q2 is lower than the ratio in typical Oort Cloud comets while C 2 H 6 /(C 2 H 6 +C 2 H 2 ) ratio in C/2004 Q2 is consistent with the ratio of the typical Oort Cloud comets and Jupiter family comets. If we assume that the cometary volatiles such as H 2 O, CH 4 , and C 2 H 2 formed similar environment, the C 2 H 6 /(C 2 H 6 +C 2 H 2 ) ratio might not be sensitive in the temperature range where hydrogen-addition reactions occurred and cometesimals formed (∼30 K). We employed the dynamical-evolutional model and the chemical-evolutional model to determine the formation region of C/2004 Q2 more precisely. We found that comet C/2004 Q2 might have formed in relatively inner region of the solar nebula than the typical Oort Cloud comet (but slightly further than 5 AU from the proto-Sun).

  3. Water-borne hyphomycetes in tree canopies of Kaiga (Western Ghats, India

    Directory of Open Access Journals (Sweden)

    Naga M. Sudheep

    2013-12-01

    Full Text Available The canopy samples such as trapped leaf litter, trapped sediment (during summer, stemflow and throughfall (during monsoon from five common riparian tree species (Artocarpus heterophyllus, Cassia fistula, Ficus recemosa, Syzygium caryophyllatum and Xylia xylocarpa in Kaiga forest stand of the Western Ghats of southwest India were evaluated for the occurrence of water-borne hyphomycetes. Partially decomposed trapped leaf litter was incubated in bubble chambers followed by filtration to assess conidial output. Sediments accumulated in tree holes or junction of branches were shaken with sterile leaf disks in distilled water followed by incubation of leaf disks in bubble chamber and filtration to find out colonized fungi. Stemflow and throughfall samples were filtered directly to collect free conidia. From five canopy niches, a total of 29 water-borne hyphomycetes were recovered. The species richness was higher in stemflow and throughfall than trapped leaf litter and sediments (14-16 vs. 6-10 species. Although sediments of Syzygium caryophyllatum were acidic (5.1, the conidial output was higher than other tree species. Stemflow and throughfall of Xylea xylocarpa even though alkaline (8.5-8.7 showed higher species richness (6-12 species as well as conidial load than rest of the tree species. Flagellospora curvula and Triscelophorus acuminatus were common in trapped leaf litter and sediments respectively, while conidia of Anguillospora crassa and A. longissima were frequent in stemflow and throughfall. Diversity of water-borne hyphomycetes was highest in throughfall of Xylea xylocarpa followed by throughfall of Ficus recemosa. Our study reconfirms the occurrence and survival of diverse water-borne hyphomycetes in different niches of riparian tree canopies of the Western Ghats during wet and dry regimes and predicts their possible role in canopy as saprophytes, endophytes and alternation of life cycle between canopy and aquatic habitats.

  4. Competence in water-borne heating systems in buildings; Kompetanse innen vannbaarene varmesystemer i bygg

    Energy Technology Data Exchange (ETDEWEB)

    Jarstein, Stig; Palm, Linn Therese; Naess, Bente Haukland; Nossum, Aase; Johnsen, Morten

    2009-01-15

    Trade participants in water-borne heating systems in buildings has experienced mistakes in all phases and of all participants of a project. When water-borne heating system functions, there is almost no follow up. This report is based on a qualitative survey where a several central participants, who on a daily basis are involved in projects with water-borne heating systems, are interviewed or have participated in focus group meetings. Following points illustrate experiences made by the operators in occasions where competence in trade is insufficiencies and mistakes occur: - Property developer lacks ordering competence and has problems in ordering quality. Consultant submit services of minor quality. Performance is of another quality than the supplier. Administration / maintenance lacks competence in how to run the system and without introduction and training in the heating system they take over a system that is over dimensioned and hard to regulate. The trade as a whole knows all the challenges, but the participants gives mainly the impression that the fault is lac of competence for all the other participants - not them self. This report points out measures and Enova can support competence improving measures which on long term will improve the quality from the participants. The trade is recommended to look into project execution, how competence is involved at the right moment, improving of control and documentation routines and at termination / hand over. (AG).14 refs., 14 figs., 2 tabs

  5. Supported Mixed Oxide Catalysts for the Total Oxidation of Volatile Organic Compounds

    Czech Academy of Sciences Publication Activity Database

    Kovanda, F.; Jirátová, Květa

    2011-01-01

    Roč. 176, č. 1 (2011), s. 110-115 ISSN 0920-5861. [International Symposium on Air Pollution Abatement Catalysis (APAC) /2./. Cracow, 08.09.2010-10.09.2010] R&D Projects: GA ČR GAP106/10/1762; GA ČR GA106/09/1664 Institutional research plan: CEZ:AV0Z40720504 Keywords : layered double hydroxides * mixed oxides * ethanol total oxidation Subject RIV: CI - Industrial Chemistry, Chemical Engineering Impact factor: 3.407, year: 2011

  6. Mixing ratios and eddy covariance flux measurements of volatile organic compounds from an urban canopy (Manchester, UK

    Directory of Open Access Journals (Sweden)

    B. Langford

    2009-03-01

    Full Text Available Mixing ratios and fluxes of six selected volatile organic compounds (VOCs were measured above the city of Manchester (UK during the summer of 2006. A proton transfer reaction-mass spectrometer was used for the measurement of mixing ratios, and fluxes were calculated from these using both the disjunct and the virtual disjunct eddy covariance techniques. The two flux systems, which operated in alternate half hours, showed good agreement, with R2 values ranging between 0.74 and 0.9 for the individual analytes. On average, fluxes measured in the disjunct mode were approximately 20% lower than those measured in the virtual mode. This difference is due to both the dampening of the VOC signal by the disjunct flux sampler and carry over from one sample to the next. Correcting for these effects reduced the difference to less than 7%. Observed fluxes are thought to be largely controlled by anthropogenic sources, with vehicle emissions the major contributor. However, both evaporative and biogenic emissions may account for some of the VOCs present. Concentrations and fluxes of the oxygenated compounds were highest on average, ranging between 0.15 to 1 mg m−2 h−1; the fluxes of aromatic compounds were lower, between 0.12 to 0.28 mg m−2 h−1. The observed fluxes were up-scaled to give city wide emission estimates for each compound and the results compared to estimates made by the National Atmospheric Emission Inventory (NAEI for the same flux footprint. Fluxes of toluene and benzene compared most closely differing by approximately 50%, while in contrast the oxygenated fluxes were found to be between 3.6–6.3 times larger than the annual average predicted by the NAEI.

  7. Epidemicity thresholds for water-borne and water-related diseases.

    Science.gov (United States)

    Mari, Lorenzo; Casagrandi, Renato; Rinaldo, Andrea; Gatto, Marino

    2018-06-14

    Determining the conditions that favor pathogen establishment in a host community is key to disease control and eradication. However, focusing on long-term dynamics alone may lead to an underestimation of the threats imposed by outbreaks triggered by short-term transient phenomena. Achieving an effective epidemiological response thus requires to look at different timescales, each of which may be endowed with specific management objectives. In this work we aim to determine epidemicity thresholds for some prototypical examples of water-borne and water-related diseases, a diverse family of infections transmitted either directly through water infested with pathogens or by vectors whose lifecycles are closely associated with water. From a technical perspective, while conditions for endemicity are determined via stability analysis, epidemicity thresholds are defined through generalized reactivity analysis, a recently proposed method that allows the study of the short-term instability properties of ecological systems. Understanding the drivers of water-borne and water-related disease dynamics over timescales that may be relevant to epidemic and/or endemic transmission is a challenge of the utmost importance, as large portions of the developing world are still struggling with the burden imposed by these infections. Copyright © 2018 Elsevier Ltd. All rights reserved.

  8. A status survey of common water-borne diseases in desert city Bikaner (NW Rajasthan, India).

    Science.gov (United States)

    Saxena, M M; Chhabra, Chetna

    2004-03-01

    Water is scarce and, in general, a low quality resource in desert areas and the Indian desert is no exception. With this in view, the present study was taken up to survey the status of common water-borne diseases epidemiological trends in the desert city Bikaner (NW Rajasthan). In the city, 15.5 per cent population and 44.5 per cent families were found to suffer from one or more common water-borne diseases including amoebiasis, diarrhoea, dysentery, jaundice and typhoid. No case of fluorosis was recorded. The highest incidence was that of diarrhoea (5.4 per cent population). The worst affected and safe zones in the city were identified and the trends of different diseases in different zones of the city are discussed. The highest incidence of diseases was noted during summer (58.8 per cent) followed by winter (34.1 per cent) and monsoon (7.0 per cent). Relationship of diseases with population attributes like age, education, economy and family size are also discussed. Attributes for contamination of drinking water have been tried to identify and safety measures suggested.

  9. Water-borne sperm trigger vitellogenic egg growth in two sessile marine invertebrates.

    Science.gov (United States)

    Bishop, J D; Manríquez, P H; Hughes, R N

    2000-06-22

    A diverse array of sessile marine invertebrates mate by passive dispersal of sperm which fertilize the brooded eggs of neighbours. In two such species, a sea-mat (phylum Bryozoa) and an ascidian (phylum Chordata), vitellogenic egg growth is absent in reproductively isolated specimens, but is triggered by a water-borne factor released by conspecifics. In both of these colonial, hermaphroditic species, the active factor can be removed from water by filtration. The effect involves self-/non-self-recognition: water conditioned by a separate subcolony of the same genetic individual does not prompt oocyte growth. In each species, allosperm move from the surrounding water to the ovary and are then stored in close association with the growing oocytes. We concluded that sperm themselves are the water-borne factor that triggers the major phase of female reproductive investment. This mechanism is, to our knowledge, previously undescribed in animals, but has parallels with the initiation of maternal investment in flowering plants following the receipt of compatible pollen. The species studied may be representative of many other aquatic invertebrates which mate in a similar way. The stimulation of egg growth by allosperm could lead to intersexual conflict during oogenesis.

  10. New system for higher recovery rate of water borne Cryptosporidium oocysts and Giardia cysts

    DEFF Research Database (Denmark)

    Al-Sabi, Mohammad Nafi Solaiman; Gad, Jens; Klinting, Mette

    2012-01-01

    Background: The two most common water borne pathogenic protozoa, Cryptosporidium and Giardia, cause diarrhea worldwide. Detecting these parasites in water samples depends on effective parasite recovery from the water matrix. The reported low recovery rates of the currently used filter methods...... motivate the development of systems with higher recovery rates. Materials and methods: Five replicates of IMS purified Cryptosporidium oocysts and Giardia cysts (N=2x103) were injected into a specially coated filter unit with a carefully chosen pore size. Following filtration, sonication was performed...... were 85% were recorded when the filter was sonicated. Sonication usually affects parasite viability but could be tuned into a useful tool for enhanced backwash collection of parasites using a specially constructed filter unit and a sonication protocol. The filtration...

  11. Development of water-borne thermosetting paint by radiation-induced emulsion polymerization

    International Nuclear Information System (INIS)

    Makuuchi, K.; Katakai, A.; Nakayama, H.

    1981-01-01

    In previous papers the features of γ-ray induced emulsion polymerization were studied to use the emulsion as vehicles for water-borne paint. In this paper, the physical properties of thermosetting paints made with emulsions containing N-(n-butoxymethyl)acrylamide (NBM) and hydroxyl and carboxyl functionality were investigated. Since NBM moieties can react with amide, hydroxyl, and carboxyl groups, NBM copolymer emulsions prepared in this study have the self-crosslinking capability. As far as it was investigated, it was difficult to prepare a stable emulsion containing 10% of NBM by the conventional emulsion polymerization by using a water soluble radical initiator such as persulfate. In addition to 1-liter reactor, a pilot-scale plant of 70 liters reactor was used for γ-ray induced emulsion polymerization. Experimental details are given, and results are discussed. (author)

  12. EFFECT OF WATER BORNE DISEASES ON INDIAN ECONOMY: A COST- BENEFIT ANALYSIS

    Directory of Open Access Journals (Sweden)

    PATHAK Hemant

    2015-06-01

    Full Text Available This paper expressed the effect of water borne diseases, risk assessment and potential consequences on Indian economy. In Indian sub-continent higher burden of waterborne diseases due to a deteriorating public drinking water distribution system, increasing numbers of unregulated private water systems, and a limited, passive waterborne disease surveillance system. This shows that degraded water quality can contribute to water scarcity as it limits its availability for both human use and for the ecosystem. It isn’t cheap to treat water so that it is safe to drink. But it also isn’t cheap to treat everyone who becomes ill during a waterborne illness outbreak. As the level of protection becomes more effective, the cost of water treatment generally rises, as well. Unfortunately, government agencies generally attempt to minimize costs while the health effects have not been properly assessed.

  13. Hydroclimatic drivers, Water-borne Diseases, and Population Vulnerability in Bengal Delta

    Science.gov (United States)

    Akanda, A. S.; Jutla, A. S.

    2012-04-01

    Water-borne diarrheal disease outbreaks in the Bengal Delta region, such as cholera, rotavirus, and dysentery, show distinct seasonal peaks and spatial signatures in their origin and progression. However, the mechanisms behind these seasonal phenomena, especially the role of regional climatic and hydrologic processes behind the disease outbreaks, are not fully understood. Overall diarrheal disease prevalence and the population vulnerability to transmission mechanisms thus remain severely underestimated. Recent findings suggest that diarrheal incidence in the spring is strongly associated with scarcity of freshwater flow volumes, while the abundance of water in monsoon show strong positive correlation with autumn diarrheal burden. The role of large-scale ocean-atmospheric processes that tend to modulate meteorological, hydrological, and environmental conditions over large regions and the effects on the ecological states conducive to the vectors and triggers of diarrheal outbreaks over large geographic regions are not well understood. We take a large scale approach to conduct detailed diagnostic analyses of a range of climate, hydrological, and ecosystem variables to investigate their links to outbreaks, occurrence, and transmission of the most prevalent water-borne diarrheal diseases. We employ satellite remote sensing data products to track coastal ecosystems and plankton processes related to cholera outbreaks. In addition, we investigate the effect of large scale hydroclimatic extremes (e.g., droughts and floods, El Nino) to identify how diarrheal transmission and epidemic outbreaks are most likely to respond to shifts in climatic, hydrologic, and ecological changes over coming decades. We argue that controlling diarrheal disease burden will require an integrated predictive surveillance approach - a combination of prediction and prevention - with recent advances in climate-based predictive capabilities and demonstrated successes in primary and tertiary prevention

  14. Study on heat transfer performance of water-borne and oily graphene coatings using anti-/de-icing component

    Science.gov (United States)

    Chen, Long; Zhang, Yidu; Wu, Qiong; Jie, Zhang

    2018-02-01

    A graphene coating anti-/de-icing experiment was proposed by employing water-borne and oily graphene coatings on the composite material anti-/de-icing component. Considering the characteristics of helicopter rotor sensitivity to icing, a new graphene coating enhancing thermal conductivity of anti-/de-icing component was proposed. The anti-/de-icing experiment was conducted to validate the effectiveness of graphene coating. The results of the experiment show that the graphene coatings play a prominent role in controlling the heat transfer of anti-/de-icing component. The anti-/de-icing effect of oily graphene coating is superior to water-borne graphene.

  15. Two-component mantle melting-mixing model for the generation of mid-ocean ridge basalts: Implications for the volatile content of the Pacific upper mantle

    Science.gov (United States)

    Shimizu, Kei; Saal, Alberto E.; Myers, Corinne E.; Nagle, Ashley N.; Hauri, Erik H.; Forsyth, Donald W.; Kamenetsky, Vadim S.; Niu, Yaoling

    2016-03-01

    We report major, trace, and volatile element (CO2, H2O, F, Cl, S) contents and Sr, Nd, and Pb isotopes of mid-ocean ridge basalt (MORB) glasses from the Northern East Pacific Rise (NEPR) off-axis seamounts, the Quebrada-Discovery-GoFar (QDG) transform fault system, and the Macquarie Island. The incompatible trace element (ITE) contents of the samples range from highly depleted (DMORB, Th/La ⩽ 0.035) to enriched (EMORB, Th/La ⩾ 0.07), and the isotopic composition spans the entire range observed in EPR MORB. Our data suggest that at the time of melt generation, the source that generated the EMORB was essentially peridotitic, and that the composition of NMORB might not represent melting of a single upper mantle source (DMM), but rather mixing of melts from a two-component mantle (depleted and enriched DMM or D-DMM and E-DMM, respectively). After filtering the volatile element data for secondary processes (degassing, sulfide saturation, assimilation of seawater-derived component, and fractional crystallization), we use the volatiles to ITE ratios of our samples and a two-component mantle melting-mixing model to estimate the volatile content of the D-DMM (CO2 = 22 ppm, H2O = 59 ppm, F = 8 ppm, Cl = 0.4 ppm, and S = 100 ppm) and the E-DMM (CO2 = 990 ppm, H2O = 660 ppm, F = 31 ppm, Cl = 22 ppm, and S = 165 ppm). Our two-component mantle melting-mixing model reproduces the kernel density estimates (KDE) of Th/La and 143Nd/144Nd ratios for our samples and for EPR axial MORB compiled from the literature. This model suggests that: (1) 78% of the Pacific upper mantle is highly depleted (D-DMM) while 22% is enriched (E-DMM) in volatile and refractory ITE, (2) the melts produced during variable degrees of melting of the E-DMM controls most of the MORB geochemical variation, and (3) a fraction (∼65% to 80%) of the low degree EMORB melts (produced by ∼1.3% melting) may escape melt aggregation by freezing at the base of the oceanic lithosphere, significantly enriching it in

  16. Structural and functional analysis of Aplysia attractins, a family of water-borne protein pheromones with interspecific attractiveness

    NARCIS (Netherlands)

    Painter, S.D.; Cummins, S.F.; Nichols, A.E.; Akalal, D.B.G.; Schein, C.H.; Braun, W.; Smith, J.S.; Susswein, A.J.; Levy, M.; de Boer, P.A.C.M.; ter Maat, A.; Miller, M.W.; Scanlan, C.; Milberg, R.M.; Sweedler, J.V.; Nagle, G.T.

    2004-01-01

    Mate attraction in Aplysia involves a long-distance water-borne signal (the protein pheromone attractin), which is released during egg laying. Aplysia californica attractin attracts species that produce closely related attractins, such as Aplysia brasiliana, whose geographic distribution does not

  17. A multiplex PCR/LDR assay for simultaneous detection and identification of the NIAID category B bacterial food and water-borne pathogens.

    Science.gov (United States)

    Rundell, Mark S; Pingle, Maneesh; Das, Sanchita; Hussain, Aashiq; Ocheretina, Oksana; Charles, Macarthur; Larone, Davise H; Spitzer, Eric D; Golightly, Linnie; Barany, Francis

    2014-06-01

    Enteric pathogens that cause gastroenteritis remain a major global health concern. The goal of this study was to develop a multiplex PCR/ligation detection reaction (LDR) assay for the detection of all NIAID category B bacterial food and water-borne pathogens directly from stool specimens. To validate the PCR/LDR assay, clinical isolates of Campylobacter spp., Vibrio spp., Shigella spp., Salmonella spp., Listeria monocytogenes, Yersinia enterocolitica, and diarrheagenic Escherichia coli were tested. The sensitivity and specificity of the assay were assessed using a large number of seeded culture-negative stool specimens and a smaller set of clinical specimens from Haiti. The overall sensitivity ranged from 91% to 100% (median 100%) depending on the species. For the majority of organisms, the sensitivity was 100%. The overall specificity based on initial testing ranged from 98% to 100% depending on the species. After additional testing of discordant samples, the lowest specificity was 99.4%. PCR/LDR detected additional category B agents (particularly diarrheagenic E. coli) in 11/40 specimens from Haiti that were culture-positive for V. cholerae and in approximately 1% of routine culture-negative stool specimens from a hospital in New York. This study demonstrated the ability of the PCR/LDR assay to detect a large comprehensive panel of category B enteric bacterial pathogens as well as mixed infections. This type of assay has the potential to provide earlier warnings of possible public health threats and more accurate surveillance of food and water-borne pathogens. Copyright © 2014 Elsevier Inc. All rights reserved.

  18. Separation and concentration of water-borne contaminants utilizing insulator-based dielectrophoresis.

    Energy Technology Data Exchange (ETDEWEB)

    Lapizco-Encinas, Blanca Hazalia; Fiechtner, Gregory J.; Cummings, Eric B.; Davalos, Rafael V.; Kanouff, Michael P.; Simmons, Blake Alexander; McGraw, Gregory J.; Salmi, Allen J.; Ceremuga, Joseph T.; Fintschenko, Yolanda

    2006-01-01

    This report focuses on and presents the capabilities of insulator-based dielectrophoresis (iDEP) microdevices for the concentration and removal of water-borne bacteria, spores and inert particles. The dielectrophoretic behavior exhibited by the different particles of interest (both biological and inert) in each of these systems was observed to be a function of both the applied electric field and the characteristics of the particle, such as size, shape, and conductivity. The results obtained illustrate the potential of glass and polymer-based iDEP devices to act as a concentrator for a front-end device with significant homeland security and industrial applications for the threat analysis of bacteria, spores, and viruses. We observed that the polymeric devices exhibit the same iDEP behavior and efficacy in the field of use as their glass counterparts, but with the added benefit of being easily mass fabricated and developed in a variety of multi-scale formats that will allow for the realization of a truly high-throughput device. These results also demonstrate that the operating characteristics of the device can be tailored through the device fabrication technique utilized and the magnitude of the electric field gradient created within the insulating structures. We have developed systems capable of handling numerous flow rates and sample volume requirements, and have produced a deployable system suitable for use in any laboratory, industrial, or clinical setting.

  19. River Networks As Ecological Corridors for Species, Populations and Pathogens of Water-Borne Disease

    Science.gov (United States)

    Rinaldo, A.

    2014-12-01

    River basins are a natural laboratory for the study of the integration of hydrological, ecological and geomorphological processes. Moving from morphological and functional analyses of dendritic geometries observed in Nature over a wide range of scales, this Lecture addresses essential ecological processes that take place along dendritic structures, hydrology-driven and controlled, like e.g.: population migrations and human settlements, that historically proceeded along river networks to follow water supply routes; riparian ecosystems composition that owing to their positioning along streams play crucial roles in their watersheds and in the loss of biodiversity proceeding at unprecedented rates; waterborne disease spreading, like epidemic cholera that exhibits epidemic patterns that mirror those of watercourses and of human mobility and resurgences upon heavy rainfall. Moreover, the regional incidence of Schistosomiasis, a parasitic waterborne disease, and water resources developments prove tightly related, and proliferative kidney disease in fish thrives differently in pristine and engineered watercourses: can we establish quantitatively the critical linkages with hydrologic drivers and controls? How does connectivity within a river network affect community composition or the spreading mechanisms? Does the river basin act as a template for biodiversity or for species' persistence? Are there hydrologic controls on epidemics of water-borne disease? Here, I shall focus on the noteworthy scientific perspectives provided by spatially explicit eco-hydrological studies centered on river networks viewed as ecological corridors for species, populations and pathogens of waterborne disease. A notable methodological coherence is granted by the mathematical description of river networks as the support for reactive transport. The Lecture overviews a number of topics idiosyncratically related to my own research work but ideally aimed at a coherent body of materials and methods. A

  20. Removal of the microorganisms from water. Part 1: Introduction, water-borne disease and the microorganisms involved.

    CSIR Research Space (South Africa)

    Duuren, FR

    1967-01-01

    Full Text Available coccosis Infectious hepatitis Lepto. spirosis Paratyphoid fever Poliomye? lids Schistoso miasis Shigellosis Taeniasis and Cysticer cosis Tularemia Typhoid fever Fun gal Wide clinical F. nte nc Intestinal Sub cutaneous Liver... in the spread (this) disease. Forward strides taken since, in sanitation and water ply practice, have all but eliminated the incidence of ~h major water-borne diseases as cholera and typhoid er in the western world. The improvements which ye been effected...

  1. Supported Layered Double Hydroxide-Related Mixed Oxides and Their Application in the Total Oxidation of Volatile Organic Compounds

    Czech Academy of Sciences Publication Activity Database

    Kovanda, F.; Jirátová, Květa

    2011-01-01

    Roč. 53, č. 2 (2011), s. 305-316 ISSN 0169-1317 R&D Projects: GA ČR GAP106/10/1762; GA ČR GA106/09/1664 Institutional research plan: CEZ:AV0Z40720504 Keywords : layered double hydroxides * hydrothermal reaction * mixed oxides Subject RIV: CI - Industrial Chemistry, Chemical Engineering Impact factor: 2.474, year: 2011

  2. Effect of mixed liquor volatile suspended solids (MLVSS and hydraulic retention time (HRT on the performance of activated sludge process during the biotreatment of real textile wastewater

    Directory of Open Access Journals (Sweden)

    Kapil Kumar

    2014-03-01

    Full Text Available Adequate information is available on colour and organics removal in batch mode using pure microbial cultures from dye contaminated wastewater. There was a need to develop environment friendly and cost effective treatment technique for actual field conditions. Therefore, the present study was undertaken with an aim to evaluate the potential of acclimatized mixed microbial consortia for the removal of colour and organics from real textile wastewater. Experiments were performed in laboratory scale activated sludge process (ASP unit under steady state condition, varying mixed liquor volatile suspended solids (MLVSS (2500, 3500 and 5000 mg/l and hydraulic retention time (HRT (18, 24 and 36 h. The results showed that decolourization and chemical oxygen demand (COD removal increased with increase in MLVSS and HRT. At 18 h HRT, decolourization was found to be 46, 54 and 67%, which increased to 67, 75 and 90% (36 h HRT at 2500, 3500 and 5000 mg/l MLVSS, respectively. COD removal was found to be 62, 73 and 77% (at 18 h HRT which increased to 77, 85 and 91% (36 h HRT at 2000, 3500 and 5000 mg/l MLVSS, respectively. On the basis of the results obtained in this study suitable treatment techniques can be developed for the treatment of wastewater contaminated with variety of dyes in continuous mode of operation. This shall have the advantage of treatment of larger quantity of wastewater in shorter duration.

  3. Experimental apparatus and analysis technique for studying the low Reynolds number hydrodynamic behavior of water-borne particulates

    International Nuclear Information System (INIS)

    Chase, R.R.P.; Tisue, G.T.

    1975-01-01

    A unique laboratory apparatus has been designed, constructed, and tested for analyzing the low Reynolds number hydrodynamic behavior of water-borne particulates. The system consists of an isothermal sedimentation chamber, collimated light sources, photographic optics, and monitoring devices. This apparatus is capable of providing dynamic information on water-borne particulates in the size range 2 μm to 700 μm, while simulating a realistic environment. Because of its flexibility, the equipment is being used to determine the kinematic behavior of gravitationally unstable organic mineral aggregates. The importance of organic mineral aggregates has been well established during the past decade. This material is believed to be a potential food source for marine biota at the lowest levels of the food chain. Organic mineral aggregates are also known to concentrate trace elements and other toxic substances and may be part of the control mechanism by which elemental concentrations are maintained in the water column. The benthic fluid mud layer and deep pelagic nepholoid layer consist, in part, of these sediments. Subsea petroleum reserves are thought to be the result of biogeochemical cycling of the organic-mineral complex. Undoubtedly, a fundamental study of these aggregates would be of value to many research interests

  4. Effects of particle size and dry matter content of a total mixed ration on intraruminal equilibration and net portal flux of volatile fatty acids in lactating dairy cows

    DEFF Research Database (Denmark)

    Storm, Adam Christian; Kristensen, Niels Bastian

    2010-01-01

    Effects of physical changes in consistency of ruminal contents on intraruminal equilibration and net portal fluxes of volatile fatty acids (VFA) in dairy cows were studied. Four Danish Holstein cows (121 ± 17 d in milk, 591 ± 24 kg of body weight, mean ± SD) surgically fitted with a ruminal cannula...... and permanent indwelling catheters in the major splanchnic blood vessels were used. The experimental design was a 4 × 4 Latin square with a 2 × 2 factorial design of treatments. Treatments differed in forage (grass hay) particle size (FPS; 3.0 and 30 mm) and feed dry matter (DM) content of the total mixed...... ration (44.3 and 53.8%). The feed DM did not affect chewing time, ruminal variables, or net portal flux of VFA. However, decreasing the FPS decreased the overall chewing and rumination times by 151 ± 55 and 135 ± 29 min/d, respectively. No effect of the reduced chewing time was observed on ruminal p...

  5. Mixed

    Directory of Open Access Journals (Sweden)

    Pau Baya

    2011-05-01

    Full Text Available Remenat (Catalan (Mixed, "revoltillo" (Scrambled in Spanish, is a dish which, in Catalunya, consists of a beaten egg cooked with vegetables or other ingredients, normally prawns or asparagus. It is delicious. Scrambled refers to the action of mixing the beaten egg with other ingredients in a pan, normally using a wooden spoon Thought is frequently an amalgam of past ideas put through a spinner and rhythmically shaken around like a cocktail until a uniform and dense paste is made. This malleable product, rather like a cake mixture can be deformed pulling it out, rolling it around, adapting its shape to the commands of one’s hands or the tool which is being used on it. In the piece Mixed, the contortion of the wood seeks to reproduce the plasticity of this slow heavy movement. Each piece lays itself on the next piece consecutively like a tongue of incandescent lava slowly advancing but with unstoppable inertia.

  6. Canopy-scale flux measurements and bottom-up emission estimates of volatile organic compounds from a mixed oak and hornbeam forest in northern Italy

    Directory of Open Access Journals (Sweden)

    W. J. F. Acton

    2016-06-01

    Full Text Available This paper reports the fluxes and mixing ratios of biogenically emitted volatile organic compounds (BVOCs 4 m above a mixed oak and hornbeam forest in northern Italy. Fluxes of methanol, acetaldehyde, isoprene, methyl vinyl ketone + methacrolein, methyl ethyl ketone and monoterpenes were obtained using both a proton-transfer-reaction mass spectrometer (PTR-MS and a proton-transfer-reaction time-of-flight mass spectrometer (PTR-ToF-MS together with the methods of virtual disjunct eddy covariance (using PTR-MS and eddy covariance (using PTR-ToF-MS. Isoprene was the dominant emitted compound with a mean daytime flux of 1.9 mg m−2 h−1. Mixing ratios, recorded 4 m above the canopy, were dominated by methanol with a mean value of 6.2 ppbv over the 28-day measurement period. Comparison of isoprene fluxes calculated using the PTR-MS and PTR-ToF-MS showed very good agreement while comparison of the monoterpene fluxes suggested a slight over estimation of the flux by the PTR-MS. A basal isoprene emission rate for the forest of 1.7 mg m−2 h−1 was calculated using the Model of Emissions of Gases and Aerosols from Nature (MEGAN isoprene emission algorithms (Guenther et al., 2006. A detailed tree-species distribution map for the site enabled the leaf-level emission of isoprene and monoterpenes recorded using gas-chromatography mass spectrometry (GC–MS to be scaled up to produce a bottom-up canopy-scale flux. This was compared with the top-down canopy-scale flux obtained by measurements. For monoterpenes, the two estimates were closely correlated and this correlation improved when the plant-species composition in the individual flux footprint was taken into account. However, the bottom-up approach significantly underestimated the isoprene flux, compared with the top-down measurements, suggesting that the leaf-level measurements were not representative of actual emission rates.

  7. Canopy-scale flux measurements and bottom-up emission estimates of volatile organic compounds from a mixed oak and hornbeam forest in northern Italy

    Science.gov (United States)

    Acton, W. Joe F.; Schallhart, Simon; Langford, Ben; Valach, Amy; Rantala, Pekka; Fares, Silvano; Carriero, Giulia; Tillmann, Ralf; Tomlinson, Sam J.; Dragosits, Ulrike; Gianelle, Damiano; Hewitt, C. Nicholas; Nemitz, Eiko

    2016-06-01

    This paper reports the fluxes and mixing ratios of biogenically emitted volatile organic compounds (BVOCs) 4 m above a mixed oak and hornbeam forest in northern Italy. Fluxes of methanol, acetaldehyde, isoprene, methyl vinyl ketone + methacrolein, methyl ethyl ketone and monoterpenes were obtained using both a proton-transfer-reaction mass spectrometer (PTR-MS) and a proton-transfer-reaction time-of-flight mass spectrometer (PTR-ToF-MS) together with the methods of virtual disjunct eddy covariance (using PTR-MS) and eddy covariance (using PTR-ToF-MS). Isoprene was the dominant emitted compound with a mean daytime flux of 1.9 mg m-2 h-1. Mixing ratios, recorded 4 m above the canopy, were dominated by methanol with a mean value of 6.2 ppbv over the 28-day measurement period. Comparison of isoprene fluxes calculated using the PTR-MS and PTR-ToF-MS showed very good agreement while comparison of the monoterpene fluxes suggested a slight over estimation of the flux by the PTR-MS. A basal isoprene emission rate for the forest of 1.7 mg m-2 h-1 was calculated using the Model of Emissions of Gases and Aerosols from Nature (MEGAN) isoprene emission algorithms (Guenther et al., 2006). A detailed tree-species distribution map for the site enabled the leaf-level emission of isoprene and monoterpenes recorded using gas-chromatography mass spectrometry (GC-MS) to be scaled up to produce a bottom-up canopy-scale flux. This was compared with the top-down canopy-scale flux obtained by measurements. For monoterpenes, the two estimates were closely correlated and this correlation improved when the plant-species composition in the individual flux footprint was taken into account. However, the bottom-up approach significantly underestimated the isoprene flux, compared with the top-down measurements, suggesting that the leaf-level measurements were not representative of actual emission rates.

  8. Soybean oil in water-borne coatings and latex film formation study by AC impedance

    Science.gov (United States)

    Jiratumnukul, Nantana

    Conventional coalescing agents such as butyl cellosolve, butyl carbitol, and TexanolRTM are widely use in the latex coatings industry to facilitate film formation at ambient temperature. Coalescent aids are composed of solvents with low evaporation rates. After water evaporates, coalescent aids would help soften polymer molecules and form continuous films, then gradually evaporates from the film. Coalescent aids, therefore, are considered as volatile organic compounds (VOC), which are of environmental concern. The main purpose of this research project was to prepare a fatty acid glycol ester from soybean oil and glycol (polyols). The soybean oil glycol ester can be used as a coalescent aid in latex paint formulation. The soybean oil glycol ester not only lowered the minimum film formation temperature of latex polymers and continuous film formed at ambient temperature, but also after it has facilitated film formation, does not substantially evaporate, but becomes part of the film. Soybean oil glycol esters, therefore, can reduce the VOC levels and facilitate film formation of latex paints. In the second part of this research AC-Impedance was used to investigate the efficiency of soybean oil coalescent aid in latex film formation relative to the conventional ones. The coating resistance showed that the efficiency of film formation was increased as a function of dry time. The coating resistance also exhibited the effect of soybean oil ester in latex film formation in the same fashion as a conventional coalescent aid, TexanolRTM.

  9. Volatility Discovery

    DEFF Research Database (Denmark)

    Dias, Gustavo Fruet; Scherrer, Cristina; Papailias, Fotis

    The price discovery literature investigates how homogenous securities traded on different markets incorporate information into prices. We take this literature one step further and investigate how these markets contribute to stochastic volatility (volatility discovery). We formally show...... that the realized measures from homogenous securities share a fractional stochastic trend, which is a combination of the price and volatility discovery measures. Furthermore, we show that volatility discovery is associated with the way that market participants process information arrival (market sensitivity......). Finally, we compute volatility discovery for 30 actively traded stocks in the U.S. and report that Nyse and Arca dominate Nasdaq....

  10. Characterization of major lithologic units underlying the lower American River using water-borne continuous resistivity profiling, Sacramento, California, June 2008

    Science.gov (United States)

    Ball, Lyndsay B.; Teeple, Andrew

    2013-01-01

    The levee system of the lower American River in Sacramento, California, is situated above a mixed lithology of alluvial deposits that range from clay to gravel. In addition, sand deposits related to hydraulic mining activities underlie the floodplain and are preferentially prone to scour during high-flow events. In contrast, sections of the American River channel have been observed to be scour resistant. In this study, the U.S. Geological Survey, in cooperation with the U.S. Army Corps of Engineers, explores the resistivity structure of the American River channel to characterize the extent and thickness of lithologic units that may impact the scour potential of the area. Likely lithologic structures are interpreted, but these interpretations are non-unique and cannot be directly related to scour potential. Additional geotechnical data would provide insightful data on the scour potential of certain lithologic units. Additional interpretation of the resistivity data with respect to these results may improve interpretations of lithology and scour potential throughout the American River channel and floodplain. Resistivity data were collected in three profiles along the American River using a water-borne continuous resistivity profiling technique. After processing and modeling these data, inverted resistivity profiles were used to make interpretations about the extent and thickness of possible lithologic units. In general, an intermittent high-resistivity layer likely indicative of sand or gravel deposits extends to a depth of around 30 feet (9 meters) and is underlain by a consistent low-resistivity layer that likely indicates a high-clay content unit that extends below the depth of investigation (60 feet or 18 meters). Immediately upstream of the Watt Avenue Bridge, the high-resistivity layer is absent, and the low-resistivity layer extends to the surface where a scour-resistant layer has been previously observed in the river bed.

  11. Virtual volatility

    Science.gov (United States)

    Silva, A. Christian; Prange, Richard E.

    2007-03-01

    We introduce the concept of virtual volatility. This simple but new measure shows how to quantify the uncertainty in the forecast of the drift component of a random walk. The virtual volatility also is a useful tool in understanding the stochastic process for a given portfolio. In particular, and as an example, we were able to identify mean reversion effect in our portfolio. Finally, we briefly discuss the potential practical effect of the virtual volatility on an investor asset allocation strategy.

  12. Iodine volatility

    International Nuclear Information System (INIS)

    Beahm, E.C.; Shockley, W.E.

    1984-01-01

    The ultimate aim of this program is to couple experimental aqueous iodine volatilities to a fission product release model. Iodine partition coefficients, for inorganic iodine, have been measured during hydrolysis and radiolysis. The hydrolysis experiments have illustrated the importance of reaction time on iodine volatility. However, radiolysis effects can override hydrolysis in determining iodine volatility. In addition, silver metal in radiolysis samples can react to form silver iodide accompanied by a decrease in iodine volatility. Experimental data are now being coupled to an iodine transport and release model that was developed in the Federal Republic of Germany

  13. Fluxes of ozone and Biogenic Volatile Organic Compounds in a mixed Mediterranean forest over a transition period between summer and fall

    Science.gov (United States)

    Fares, S.; Schnitzhofer, R.; Hansel, A.; Petersson, F.; Matteucci, G.; Scarascia Mugnozza, G.; Jiang, X.; Guenther, A. B.; Loreto, F.

    2012-12-01

    Mediterranean plant ecosystems are exposed to abiotic stressors that may be exacerbated by climate change dynamics. Moreover, plants need now to cope with increasing anthropogenic pressures, often associated with expanding impacts of urbanization. Anthropogenic stressors include harmful gases (e.g. ozone,) that are transported from anthropogenic pollution sources to the vegetation. They may alter ecophysiology and compromise metabolism of Mediterranean plants. A disproportionate number of Mediterranean ecosystems, many dominated by forest trees, are being transformed into "urban or pre-urban forests". This is in particular the case for Castelporziano Estate, a 6,000 ha Mediterranean forest located just 25 km from Rome downtown at the coast of the Mediterranean Sea. In September 2011 an intensive field campaign was performed in Castelporziano to investigate ozone deposition and biogenic emissions of volatile organic compounds (BVOC) from a mixed Mediterranean forest, mainly composed by Quercus suber, Quercus ilex, Pinus pinea. Measurements were performed at canopy level with fast real-time instruments (a fast ozone analyzer and a Proton Transfer Reaction-Time of Flight Mass Spectrometer) that allowed eddy covariant flux measurements of ozone and BVOC. In the transitional period from a warm and dry summer to a wet and moderately cool fall we typically observed tropospheric ozone volume mixing ratios (VMR) of 60 ppb at around noon, with high deposition fluxes (up to -10 nmol m-2 s-1) into the forest canopy. Canopy models were used to to calculate that up to 90% of ozone uptake can be attributed to non-stomatal sinks, suggesting that chemical reactions between ozone and reactive BVOC may have played an important role. The concentrations of reactive isoprenoids (e.g. sesquiterpenes) were indeed observed to decrease during the central hours of the day, in coincidence with increased ozone concentrations. Concentrations and fluxes of isoprenoid

  14. Water-Borne Diseases and Extreme Weather Events in Cambodia: Review of Impacts and Implications of Climate Change

    Directory of Open Access Journals (Sweden)

    Grace I. Davies

    2014-12-01

    Full Text Available Cambodia is prone to extreme weather events, especially floods, droughts and typhoons. Climate change is predicted to increase the frequency and intensity of such events. The Cambodian population is highly vulnerable to the impacts of these events due to poverty; malnutrition; agricultural dependence; settlements in flood-prone areas, and public health, governance and technological limitations. Yet little is known about the health impacts of extreme weather events in Cambodia. Given the extremely low adaptive capacity of the population, this is a crucial knowledge gap. A literature review of the health impacts of floods, droughts and typhoons in Cambodia was conducted, with regional and global information reviewed where Cambodia-specific literature was lacking. Water-borne diseases are of particular concern in Cambodia, in the face of extreme weather events and climate change, due to, inter alia, a high pre-existing burden of diseases such as diarrhoeal illness and a lack of improved sanitation infrastructure in rural areas. A time-series analysis under quasi-Poisson distribution was used to evaluate the association between floods and diarrhoeal disease incidence in Cambodian children between 2001 and 2012 in 16 Cambodian provinces. Floods were significantly associated with increased diarrhoeal disease in two provinces, while the analysis conducted suggested a possible protective effect from toilets and piped water. Addressing the specific, local pre-existing vulnerabilities is vital to promoting population health resilience and strengthening adaptive capacity to extreme weather events and climate change in Cambodia.

  15. Water-borne diseases and extreme weather events in Cambodia: review of impacts and implications of climate change.

    Science.gov (United States)

    Davies, Grace I; McIver, Lachlan; Kim, Yoonhee; Hashizume, Masahiro; Iddings, Steven; Chan, Vibol

    2014-12-23

    Cambodia is prone to extreme weather events, especially floods, droughts and typhoons. Climate change is predicted to increase the frequency and intensity of such events. The Cambodian population is highly vulnerable to the impacts of these events due to poverty; malnutrition; agricultural dependence; settlements in flood-prone areas, and public health, governance and technological limitations. Yet little is known about the health impacts of extreme weather events in Cambodia. Given the extremely low adaptive capacity of the population, this is a crucial knowledge gap. A literature review of the health impacts of floods, droughts and typhoons in Cambodia was conducted, with regional and global information reviewed where Cambodia-specific literature was lacking. Water-borne diseases are of particular concern in Cambodia, in the face of extreme weather events and climate change, due to, inter alia, a high pre-existing burden of diseases such as diarrhoeal illness and a lack of improved sanitation infrastructure in rural areas. A time-series analysis under quasi-Poisson distribution was used to evaluate the association between floods and diarrhoeal disease incidence in Cambodian children between 2001 and 2012 in 16 Cambodian provinces. Floods were significantly associated with increased diarrhoeal disease in two provinces, while the analysis conducted suggested a possible protective effect from toilets and piped water. Addressing the specific, local pre-existing vulnerabilities is vital to promoting population health resilience and strengthening adaptive capacity to extreme weather events and climate change in Cambodia.

  16. Unstable volatility

    DEFF Research Database (Denmark)

    Casas, Isabel; Gijbels, Irène

    2012-01-01

    The objective of this paper is to introduce the break-preserving local linear (BPLL) estimator for the estimation of unstable volatility functions for independent and asymptotically independent processes. Breaks in the structure of the conditional mean and/or the volatility functions are common...... in Finance. Nonparametric estimators are well suited for these events due to the flexibility of their functional form and their good asymptotic properties. However, the local polynomial kernel estimators are not consistent at points where the volatility function has a break. The estimator presented...

  17. Chasing volatility

    DEFF Research Database (Denmark)

    Caporin, Massimiliano; Rossi, Eduardo; Santucci de Magistris, Paolo

    The realized volatility of financial returns is characterized by persistence and occurrence of unpreditable large increments. To capture those features, we introduce the Multiplicative Error Model with jumps (MEM-J). When a jump component is included in the multiplicative specification, the condi......The realized volatility of financial returns is characterized by persistence and occurrence of unpreditable large increments. To capture those features, we introduce the Multiplicative Error Model with jumps (MEM-J). When a jump component is included in the multiplicative specification...... estimate alternative specifications of the model using a set of daily bipower measures for 7 stock indexes and 16 individual NYSE stocks. The estimates of the jump component confirm that the probability of jumps dramatically increases during the financial crisis. Compared to other realized volatility...... models, the introduction of the jump component provides a sensible improvement in the fit, as well as for in-sample and out-of-sample volatility tail forecasts....

  18. The effects of a ration change from a total mixed ration to pasture on rumen fermentation, volatile fatty acid absorption characteristics, and morphology of dairy cows.

    Science.gov (United States)

    Schären, M; Seyfang, G M; Steingass, H; Dieho, K; Dijkstra, J; Hüther, L; Frahm, J; Beineke, A; von Soosten, D; Meyer, U; Breves, G; Dänicke, S

    2016-05-01

    To investigate the effect of the change from a concentrate and silage-based ration (total mixed ration, TMR) to a pasture-based ration, a 10-wk trial (wk 1-10) was performed, including 10 rumen- and duodenum-fistulated German Holstein dairy cows (182±24 d in milk, 23.5±3.5kg of milk/d; mean ± standard deviation). The cows were divided in either a pasture group (PG, n=5) or a confinement group (CG, n=5). The CG stayed on a TMR-based ration (35% corn silage, 35% grass silage, 30% concentrate; dry matter basis), whereas the PG was gradually transitioned from a TMR to a pasture-based ration (wk 1: TMR only; wk 2: 3 h/d on pasture wk 3 and 4: 12 h/d on pasture wk 5-10: pasture only). Ruminal pH, volatile fatty acids (VFA), NH3-N, and lipopolysaccharide (LPS) concentrations were measured in rumen fluid samples collected medially and ventrally on a weekly basis. Ruminal pH was continuously recorded during 1 to 4 consecutive days each week using ruminal pH measuring devices. In wk 1, 5, and 10, rumen contents were evacuated and weighed, papillae were collected from 3 locations in the rumen, and subsequently a VFA absorption test was performed. In the PG, mean rumen pH and molar acetate proportions decreased, and molar butyrate proportions increased continuously over the course of the trial, which can most likely be ascribed to an increased intake of rapidly fermentable carbohydrates. During the first weeks on a full grazing ration (wk 5-7), variation of rumen pH decreased, and in wk 5 a lower rumen content, papillae surface area, and potential for VFA absorption were observed. In wk 8 to 10, variation of rumen pH and total VFA concentrations increased again, and acetate/propionate ratio decreased. In wk-10 rumen content, papillae area and VFA absorption characteristics similar to initial levels were observed. Although continuous rumen pH assessments and LPS concentrations did not reveal an increased risk for subacute rumen acidosis (SARA) during the adaption period

  19. Water borne epidemic of gastroenteritis in Ghallour sub-centre of Jawalamukhi block, Kangra District, Himachal Pradesh, India

    Directory of Open Access Journals (Sweden)

    Surender Nikhil Gupta

    2015-01-01

    Full Text Available Background: On August 31, 2014, eighty cases of the gastroenteritis were reported in Ghallour sub-center area. We investigated the outbreak to identify the source, propose control, and preventive measures. Materials and Methods: We defined a case as occurrence of three or more watery stools with or without vomiting, w.e.f January 27, till February 2, 2014 in residents of Ghallour sub-center area of Jawalamukhi block. We hypothesized it as a water borne outbreak. We determined age and sex specific attack rate. We collected information about personal history on age, sex, residence, and date of onset of symptom from case patient and established line list. We collected nine stool samples/rectal swabs from the cases; three pre and four post chlorination water samples and sent them for microbiological testing. We mapped water supply pipelines of the area and reviewed the water chlorination record. Results: We identified 390 cases in 16 villages under the sub center. The overall attack rate was 8% with a range of 1.3% to 36%. The cases patients were reported from all age groups and both the genders with the youngest student; 1-year old to the oldest one as 88 years. Two-third of the cases reported vomiting with some complaining of pain abdomen. Villages like Jathman, Khattni, Rajol Patta, Kohara has 100% case patients of loose motions while villages like Dhroli, (100%, Sasan (63% and Ghallour (50%, etc., have combined symptoms of loose motions and vomiting. No fatality was reported. Escherichia coli was detected in the samples from water samples. Records of chlorination were not properly maintained. Conclusion / Recommendation: The outbreak was associated due to contamination of water at the source in Jolly Khad. Regular treatment of the water needs to be done right at the source before being lifted.

  20. Volatility in energy prices

    International Nuclear Information System (INIS)

    Duffie, D.

    1999-01-01

    This chapter with 58 references reviews the modelling and empirical behaviour of volatility in energy prices. Constant volatility and stochastic volatility are discussed. Markovian models of stochastic volatility are described and the different classes of Markovian stochastic volatility model are examined including auto-regressive volatility, option implied and forecasted volatility, Garch volatility, Egarch volatility, multivariate Garch volatility, and stochastic volatility and dynamic hedging policies. Other volatility models and option hedging are considered. The performance of several stochastic volatility models as applied to heating oil, light oil, natural gas, electricity and light crude oil are compared

  1. Stochastic volatility of volatility in continuous time

    DEFF Research Database (Denmark)

    Barndorff-Nielsen, Ole; Veraart, Almut

    This paper introduces the concept of stochastic volatility of volatility in continuous time and, hence, extends standard stochastic volatility (SV) models to allow for an additional source of randomness associated with greater variability in the data. We discuss how stochastic volatility...... of volatility can be defined both non-parametrically, where we link it to the quadratic variation of the stochastic variance process, and parametrically, where we propose two new SV models which allow for stochastic volatility of volatility. In addition, we show that volatility of volatility can be estimated...

  2. Fermentative capabilities and volatile compounds produced by Kloeckera/Hanseniaspora and Saccharomyces yeast strains in pure and mixed cultures during Agave tequilana juice fermentation.

    Science.gov (United States)

    González-Robles, Ivonne Wendolyne; Estarrón-Espinosa, Mirna; Díaz-Montaño, Dulce María

    2015-09-01

    The fermentative and aromatic capabilities of Kloeckera africana/Hanseniaspora vineae K1, K. apiculata/H. uvarum K2, and Saccharomyces cerevisiae S1 and S2 were studied in pure and mixed culture fermentations using Agave tequila juice as the culture medium. In pure and mixed cultures, Kloeckera/Hanseniaspora strains showed limited growth and sugar consumption, as well as low ethanol yield and productivity, compared to S. cerevisiae, which yielded more biomass, ethanol and viable cell concentrations. In pure and mixed cultures, S. cerevisiae presented a similar behaviour reaching high biomass production, completely consuming the sugar, leading to high ethanol production. Furthermore, the presence of S. cerevisiae strains in the mixed cultures promoted the production of higher alcohols, acetaldehyde and ethyl esters, whereas Kloeckera/Hanseniaspora strains stimulated the production of ethyl acetate and 2-phenyl ethyl acetate compounds.

  3. Labour Demand and Exchange Rate Volatility

    OpenAIRE

    Udo Broll; Sabine Hansen

    2004-01-01

    The purpose of this paper is to assess under what conditions exchange rate volatility exerts a positive effect on a firm's labour demand. As the exchange rate volatility increases, so does the value of the export option provided the firm under study is flexible. Flexibility is important because it gives the firm option value. Higher volatility increases the potential gains from trade and may increase the demand for labour. This may explain part of the mixed empirical findings regarding the ef...

  4. Dysfunctions at human intestinal barrier by water-borne protozoan parasites: lessons from cultured human fully differentiated colon cancer cell lines.

    Science.gov (United States)

    Liévin-Le Moal, Vanessa

    2013-06-01

    Some water-borne protozoan parasites induce diseases through their membrane-associated functional structures and virulence factors that hijack the host cellular molecules and signalling pathways leading to structural and functional lesions in the intestinal barrier. In this Microreview we analyse the insights on the mechanisms of pathogenesis of Entamoeba intestinalis, Giardia and Cryptosporidium observed in the human colon carcinoma fully differentiated colon cancer cell lines, cell subpopulations and clones expressing the structural and functional characteristics of highly specialized fully differentiated epithelial cells lining the intestinal epithelium and mimicking structurally and functionally an intestinal barrier. © 2013 John Wiley & Sons Ltd.

  5. Combined polyhydroxyalkanoates (PHA) and 1,3-propanediol production from crude glycerol: Selective conversion of volatile fatty acids into PHA by mixed microbial consortia

    DEFF Research Database (Denmark)

    Burniol Figols, Anna; Varrone, Cristiano; Le, Simone Balzer

    2018-01-01

    in the supernatant by means of mixed microbial consortia selection strategies. The process showed highly reproducible results in terms of PHA yield, 0.99 ± 0.07 Cmol PHA/Cmol S (0.84 g COD PHA/g COD S), PHA content (76 ± 3.1 g PHA/100 g TSS) and 1,3-PDO recovery (99 ± 2.1%). The combined process had an ultimate...

  6. The effects of a ration change from a total mixed ration to pasture on rumen fermentation, volatile fatty acid absorption characteristics, and morphology of dairy cows

    NARCIS (Netherlands)

    Schären, M.; Seyfang, G.M.; Steingass, H.; Dieho, K.; Dijkstra, J.; Hüther, L.; Frahm, J.; Beineke, A.; Soosten, von D.; Meyer, U.; Breves, G.; Dänicke, S.

    2016-01-01

    To investigate the effect of the change from a concentrate and silage-based ration (total mixed ration, TMR) to a pasture-based ration, a 10-wk trial (wk 1-10) was performed, including 10 rumen- and duodenum-fistulated German Holstein dairy cows (182 ± 24 d in milk, 23.5 ± 3.5 kg of milk/d; mean

  7. Pricing Volatility Referenced Assets

    Directory of Open Access Journals (Sweden)

    Alan De Genaro Dario

    2006-12-01

    Full Text Available Volatility swaps are contingent claims on future realized volatility. Variance swaps are similar instruments on future realized variance, the square of future realized volatility. Unlike a plain vanilla option, whose volatility exposure is contaminated by its asset price dependence, volatility and variance swaps provide a pure exposure to volatility alone. This article discusses the risk-neutral valuation of volatility and variance swaps based on the framework outlined in the Heston (1993 stochastic volatility model. Additionally, the Heston (1993 model is calibrated for foreign currency options traded at BMF and its parameters are used to price swaps on volatility and variance of the BRL / USD exchange rate.

  8. Comparison of the Emulsion Mixing and In Situ Polymerization Techniques for Synthesis of Water- Borne Reduced Graphene Oxide/Polymer Composites: Advantages and Drawbacks

    Czech Academy of Sciences Publication Activity Database

    Arzac, A.; Leal, G.L.; Fajgar, Radek; Tomovska, R.

    2014-01-01

    Roč. 31, č. 1 (2014), s. 143-151 ISSN 0934-0866 Grant - others:BG(ES) NanoIker 2012–2013; NATO(US) SfP 984399 Institutional support: RVO:67985858 Keywords : polymerization * composite films * latex blends Subject RIV: CA - Inorganic Chemistry Impact factor: 3.081, year: 2014

  9. Cognitive disparities, lead plumbing, and water chemistry: prior exposure to water-borne lead and intelligence test scores among World War Two U.S. Army enlistees.

    Science.gov (United States)

    Ferrie, Joseph P; Rolf, Karen; Troesken, Werner

    2012-01-01

    Higher prior exposure to water-borne lead among male World War Two U.S. Army enlistees was associated with lower intelligence test scores. Exposure was proxied by urban residence and the water pH levels of the cities where enlistees lived in 1930. Army General Classification Test scores were six points lower (nearly 1/3 standard deviation) where pH was 6 (so the water lead concentration for a given amount of lead piping was higher) than where pH was 7 (so the concentration was lower). This difference rose with time exposed. At this time, the dangers of exposure to lead in water were not widely known and lead was ubiquitous in water systems, so these results are not likely the effect of individuals selecting into locations with different levels of exposure. Copyright © 2011 Elsevier B.V. All rights reserved.

  10. Endogenous Lunar Volatiles

    Science.gov (United States)

    McCubbin, F. M.; Liu, Y.; Barnes, J. J.; Boyce, J. W.; Day, J. M. D.; Elardo, S. M.; Hui, H.; Magna, T.; Ni, P.; Tartese, R.; hide

    2017-01-01

    The chapter will begin with an introduction that defines magmatic volatiles (e.g., H, F, Cl, S) versus geochemical volatiles (e.g., K, Rb, Zn). We will discuss our approach of understanding both types of volatiles in lunar samples and lay the ground work for how we will determine the overall volatile budget of the Moon. We will then discuss the importance of endogenous volatiles in shaping the "Newer Views of the Moon", specifically how endogenous volatiles feed forward into processes such as the origin of the Moon, magmatic differentiation, volcanism, and secondary processes during surface and crustal interactions. After the introduction, we will include a re-view/synthesis on the current state of 1) apatite compositions (volatile abundances and isotopic compositions); 2) nominally anhydrous mineral phases (moderately to highly volatile); 3) volatile (moderately to highly volatile) abundances in and isotopic compositions of lunar pyroclastic glass beads; 4) volatile (moderately to highly volatile) abundances in and isotopic compositions of lunar basalts; 5) volatile (moderately to highly volatile) abundances in and isotopic compositions of melt inclusions; and finally 6) experimental constraints on mineral-melt partitioning of moderately to highly volatile elements under lunar conditions. We anticipate that each section will summarize results since 2007 and focus on new results published since the 2015 Am Min review paper on lunar volatiles [9]. The next section will discuss how to use sample abundances of volatiles to understand the source region and potential caveats in estimating source abundances of volatiles. The following section will include our best estimates of volatile abundances and isotopic compositions (where permitted by available data) for each volatile element of interest in a number of important lunar reservoirs, including the crust, mantle, KREEP, and bulk Moon. The final section of the chapter will focus upon future work, outstanding questions

  11. Asymmetric Realized Volatility Risk

    Directory of Open Access Journals (Sweden)

    David E. Allen

    2014-06-01

    Full Text Available In this paper, we document that realized variation measures constructed from high-frequency returns reveal a large degree of volatility risk in stock and index returns, where we characterize volatility risk by the extent to which forecasting errors in realized volatility are substantive. Even though returns standardized by ex post quadratic variation measures are nearly Gaussian, this unpredictability brings considerably more uncertainty to the empirically relevant ex ante distribution of returns. Explicitly modeling this volatility risk is fundamental. We propose a dually asymmetric realized volatility model, which incorporates the fact that realized volatility series are systematically more volatile in high volatility periods. Returns in this framework display time varying volatility, skewness and kurtosis. We provide a detailed account of the empirical advantages of the model using data on the S&P 500 index and eight other indexes and stocks.

  12. Volatile compound fingerprinting of mixed cultutre fermentations

    NARCIS (Netherlands)

    Bok, de F.A.M.; Janssen, P.W.M.; Bayjanov, J.R.; Sieuwerts, S.; Lommen, A.; Hylckama, van J.; Molenaar, D.

    2011-01-01

    With the advent of the -omics era, classical technology platforms, such as hyphenated mass spectrometry, are currently undergoing a transformation toward high-throughput application. These novel platforms yield highly detailed metabolite profiles in large numbers of samples. Such profiles can be

  13. Endogenous Lunar Volatiles

    Science.gov (United States)

    McCubbin, F. M.; Liu, Y.; Barnes, J. J.; Anand, M.; Boyce, J. W.; Burney, D.; Day, J. M. D.; Elardo, S. M.; Hui, H.; Klima, R. L.; Magna, T.; Ni, P.; Steenstra, E.; Tartèse, R.; Vander Kaaden, K. E.

    2018-04-01

    This abstract discusses numerous outstanding questions on the topic of endogenous lunar volatiles that will need to be addressed in the coming years. Although substantial insights into endogenous lunar volatiles have been gained, more work remains.

  14. Hospitalization records as a tool for evaluating performance of food- and water-borne disease surveillance systems: a Massachusetts case study.

    Science.gov (United States)

    Mor, Siobhan M; DeMaria, Alfred; Naumova, Elena N

    2014-01-01

    We outline a framework for evaluating food- and water-borne surveillance systems using hospitalization records, and demonstrate the approach using data on salmonellosis, campylobacteriosis and giardiasis in persons aged ≥65 years in Massachusetts. For each infection, and for each reporting jurisdiction, we generated smoothed standardized morbidity ratios (SMR) and surveillance to hospitalization ratios (SHR) by comparing observed surveillance counts with expected values or the number of hospitalized cases, respectively. We examined the spatial distribution of SHR and related this to the mean for the entire state. Through this approach municipalities that deviated from the typical experience were identified and suspected of under-reporting. Regression analysis revealed that SHR was a significant predictor of SMR, after adjusting for population age-structure. This confirms that the spatial "signal" depicted by surveillance is in part influenced by inconsistent testing and reporting practices since municipalities that reported fewer cases relative to the number of hospitalizations had a lower relative risk (as estimated by SMR). Periodic assessment of SHR has potential in assessing the performance of surveillance systems.

  15. Hospitalization records as a tool for evaluating performance of food- and water-borne disease surveillance systems: a Massachusetts case study.

    Directory of Open Access Journals (Sweden)

    Siobhan M Mor

    Full Text Available We outline a framework for evaluating food- and water-borne surveillance systems using hospitalization records, and demonstrate the approach using data on salmonellosis, campylobacteriosis and giardiasis in persons aged ≥65 years in Massachusetts. For each infection, and for each reporting jurisdiction, we generated smoothed standardized morbidity ratios (SMR and surveillance to hospitalization ratios (SHR by comparing observed surveillance counts with expected values or the number of hospitalized cases, respectively. We examined the spatial distribution of SHR and related this to the mean for the entire state. Through this approach municipalities that deviated from the typical experience were identified and suspected of under-reporting. Regression analysis revealed that SHR was a significant predictor of SMR, after adjusting for population age-structure. This confirms that the spatial "signal" depicted by surveillance is in part influenced by inconsistent testing and reporting practices since municipalities that reported fewer cases relative to the number of hospitalizations had a lower relative risk (as estimated by SMR. Periodic assessment of SHR has potential in assessing the performance of surveillance systems.

  16. The water-borne protein signals (pheromones) of the Antarctic ciliated protozoan Euplotes nobilii: structure of the gene coding for the En-6 pheromone.

    Science.gov (United States)

    La Terza, Antonietta; Dobri, Nicoleta; Alimenti, Claudio; Vallesi, Adriana; Luporini, Pierangelo

    2009-01-01

    The marine Antarctic ciliate, Euplotes nobilii, secretes a family of water-borne signal proteins, denoted as pheromones, which control vegetative proliferation and mating in the cell. Based on the knowledge of the amino acid sequences of a set of these pheromones isolated from the culture supernatant of wild-type strains, we designed probes to identify their encoding genes in the cell somatic nucleus (macronucleus). The full-length gene of the pheromone En-6 was determined and found to contain an open-reading frame specific for the synthesis of the En-6 cytoplasmic precursor (pre-pro-En-6), which requires 2 proteolytic cleavages to remove the signal peptide (pre) and the prosegment before secretion of the mature protein. In contrast to the sequence variability that distinguishes the secreted pheromones, the pre- and pro-sequences appear to be tightly conserved and useful for the construction of probes to clone every other E. nobilii pheromone gene. Potential intron sequences in the coding region of the En-6 gene imply the synthesis of more En-6 isoforms.

  17. Occurrence of water-borne enteric viruses in two settlements based in Eastern Chad: analysis of hepatitis E virus, hepatitis A virus and human adenovirus in water sources.

    Science.gov (United States)

    Guerrero-Latorre, Laura; Carratala, Anna; Rodriguez-Manzano, Jesus; Calgua, Byron; Hundesa, Ayalkibet; Girones, Rosina

    2011-09-01

    Hepatitis E virus (HEV) is a common cause of water-borne acute hepatitis in areas with poor sanitation. In 2004 an outbreak of HEV infection affected around 2,000 people in Eastern Chad (Dar Sila). This paper describes the decrease in the incidence of acute jaundice syndrome (AJS) from 2004 until 2009 when a mean incidence of 0.48 cases/1,000 people/year was recorded in the region. Outbreaks of AJS were identified in some of the camps in 2007 and 2008. Moreover, water samples from drinking water sources were screened for human adenoviruses considered as viral indicators and for hepatitis A virus and HEV. Screening of faecal samples from donkeys for HEV gave negative results. Some of the samples were also analysed for faecal coliforms showing values before disinfection treatment between 3 and >50 colony forming units per 100 mL. All water samples tested were negative for HEV and HAV; however, the presence of low levels of human adenoviruses in 4 out of 16 samples analysed indicates possible human faecal contamination of groundwater. Consequently, breakdowns in the treatment of drinking water and/or increased excretion of hepatitis viruses, which could be related to the arrival of a new population, could spread future outbreaks through drinking water.

  18. Testing for the induction of anti-herbivory defences in four Portuguese macroalgae by direct and water-borne cues of grazing amphipods

    Science.gov (United States)

    Yun, Hee Young; Cruz, Joana; Treitschke, Michaela; Wahl, Martin; Molis, Markus

    2007-09-01

    Herbivory is a key factor in regulating plant biomass, thereby driving ecosystem performance. Algae have developed multiple adaptations to cope with grazers, including morphological and chemical defences. In a series of experiments we investigated whether several species of macroalgae possess anti-herbivore defences and whether these could be regulated to demand, i.e. grazing events. The potential of direct grazing on defence induction was assessed for two brown ( Dictyopteris membranacea, Fucus vesiculosus) and two red seaweeds ( Gelidium sesquipedale, Sphaerococcus coronopifolius) from São Rafael and Ria Formosa, Portugal. Bioassays conducted with live algal pieces and agar-based food containing lipophilic algal extracts were used to detect changes in palatability after exposure to amphipod attacks (=treatment phase). Fucus vesiculosus was the only species significantly reducing palatability in response to direct amphipod-attacks. This pattern was observed in live F. vesiculosus pieces and agar-based food containing a lipophilic extract, suggesting that lipophilic compounds produced during the treatment phase were responsible for the repulsion of grazers. Water-borne cues of grazed F. vesiculosus as well as non-grazing amphipods also reduced palatability of neighbouring conspecifics. However, this effect was only observed in live tissues of F. vesiculosus. This study is the first to show that amphipods, like isopods, are capable to induce anti-herbivory defences in F. vesiculosus and that a seasonally variable effectiveness of chemical defences might serve as a dynamic control in alga-herbivore interactions.

  19. Range-based volatility, expected stock returns, and the low volatility anomaly

    Science.gov (United States)

    2017-01-01

    One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics. PMID:29190652

  20. Range-based volatility, expected stock returns, and the low volatility anomaly.

    Science.gov (United States)

    Blau, Benjamin M; Whitby, Ryan J

    2017-01-01

    One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics.

  1. Range-based volatility, expected stock returns, and the low volatility anomaly.

    Directory of Open Access Journals (Sweden)

    Benjamin M Blau

    Full Text Available One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility, which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics.

  2. Nonvolatile, semivolatile, or volatile: redefining volatile for volatile organic compounds.

    Science.gov (United States)

    Võ, Uyên-Uyén T; Morris, Michael P

    2014-06-01

    Although widely used in air quality regulatory frameworks, the term "volatile organic compound" (VOC) is poorly defined. Numerous standardized tests are currently used in regulations to determine VOC content (and thus volatility), but in many cases the tests do not agree with each other, nor do they always accurately represent actual evaporation rates under ambient conditions. The parameters (time, temperature, reference material, column polarity, etc.) used in the definitions and the associated test methods were created without a significant evaluation of volatilization characteristics in real world settings. Not only do these differences lead to varying VOC content results, but occasionally they conflict with one another. An ambient evaporation study of selected compounds and a few formulated products was conducted and the results were compared to several current VOC test methodologies: SCAQMD Method 313 (M313), ASTM Standard Test Method E 1868-10 (E1868), and US. EPA Reference Method 24 (M24). The ambient evaporation study showed a definite distinction between nonvolatile, semivolatile, and volatile compounds. Some low vapor pressure (LVP) solvents, currently considered exempt as VOCs by some methods, volatilize at ambient conditions nearly as rapidly as the traditional high-volatility solvents they are meant to replace. Conversely, bio-based and heavy hydrocarbons did not readily volatilize, though they often are calculated as VOCs in some traditional test methods. The study suggests that regulatory standards should be reevaluated to more accurately reflect real-world emission from the use of VOC containing products. The definition of VOC in current test methods may lead to regulations that exclude otherwise viable alternatives or allow substitutions of chemicals that may limit the environmental benefits sought in the regulation. A study was conducted to examine volatility of several compounds and a few formulated products under several current VOC test

  3. Normalization for Implied Volatility

    OpenAIRE

    Fukasawa, Masaaki

    2010-01-01

    We study specific nonlinear transformations of the Black-Scholes implied volatility to show remarkable properties of the volatility surface. Model-free bounds on the implied volatility skew are given. Pricing formulas for the European options which are written in terms of the implied volatility are given. In particular, we prove elegant formulas for the fair strikes of the variance swap and the gamma swap.

  4. Realized Volatility Risk

    NARCIS (Netherlands)

    D.E. Allen (David); M.J. McAleer (Michael); M. Scharth (Marcel)

    2013-01-01

    textabstractIn this paper we document that realized variation measures constructed from highfrequency returns reveal a large degree of volatility risk in stock and index returns, where we characterize volatility risk by the extent to which forecasting errors in realized volatility are substantive.

  5. Detection of Water Borne Protozoa

    DEFF Research Database (Denmark)

    Al-Sabi, Mohammad Nafi Solaiman; Enemark, Heidi L.; Kurtzhals, J.A.L.

    technique has defined sensitivity and specificity and the decision to use certain techniques depends on several practicalities such as reason for analysis, sample size, time, cost, and logistic requirements. In this work we present and discuss existing criteria for the differentiation of waterborne...

  6. Perch, Perca fluviatilis show a directional preference for, but do not increase attacks toward, prey in response to water-borne cortisol

    Directory of Open Access Journals (Sweden)

    Lindsay J. Henderson

    2017-10-01

    Full Text Available In freshwater environments, chemosensory cues play an important role in predator-prey interactions. Prey use a variety of chemosensory cues to detect and avoid predators. However, whether predators use the chemical cues released by disturbed or stressed prey has received less attention. Here we tested the hypothesis that the disturbance cue cortisol, in conjunction with visual cues of prey, elevates predatory behavior. We presented predators (perch, Perca fluviatilis with three chemosensory choice tests and recorded their location, orientation, and aggressive behavior. We compared the responses of predators when provided with (i visual cues of prey only (two adjacent tanks containing sticklebacks; (ii visual and natural chemical cues of prey vs. visual cues only; and (iii visual cues of prey with cortisol vs. visual cues only. Perch spent a significantly higher proportion of time in proximity to prey, and orientated toward prey more, when presented with a cortisol stimulus plus visual cues, relative to presentations of visual and natural chemical cues of prey, or visual cues of prey only. There was a trend that perch directed a higher proportion of predatory behaviors (number of lunges toward sticklebacks when presented with a cortisol stimulus plus visual cues, relative to the other chemosensory conditions. But they did not show a significant increase in total predatory behavior in response to cortisol. Therefore, it is not clear whether water-borne cortisol, in conjunction with visual cues of prey, affects predatory behavior. Our results provide evidence that cortisol could be a source of public information about prey state and/or disturbance, but further work is required to confirm this.

  7. High Charge-Carrier Mobility of 2.5 cm(2) V(-1) s(-1) from a Water-Borne Colloid of a Polymeric Semiconductor via Smart Surfactant Engineering.

    Science.gov (United States)

    Cho, Jangwhan; Cheon, Kwang Hee; Ahn, Hyungju; Park, Kwang Hun; Kwon, Soon-Ki; Kim, Yun-Hi; Chung, Dae Sung

    2015-10-07

    Semiconducting polymer nanoparticles dispersed in water are synthesized by a novel method utilizing non-ionic surfactants. By developing a smart surfactant engineering technique involving a selective post-removal process of surfactants, an unprecedentedly high mobility of 2.51 cm(2) V(-1) s(-1) from a water-borne colloid is demonstrated for the first time. © 2015 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.

  8. Diarrhoeal Health Risks Attributable to Water-Borne-Pathogens in Arsenic-Mitigated Drinking Water in West Bengal are Largely Independent of the Microbiological Quality of the Supplied Water

    Directory of Open Access Journals (Sweden)

    Debapriya Mondal

    2014-04-01

    Full Text Available There is a growing discussion about the possibility of arsenic mitigation measures in Bengal and similar areas leading to undesirable substitution of water-borne-pathogen attributable risks pathogens for risks attributable to arsenic, in part because of uncertainties in relative pathogen concentrations in supplied and end-use water. We try to resolve this discussion, by assessing the relative contributions of water supply and end-user practices to water-borne-pathogen-attributable risks for arsenic mitigation options in a groundwater arsenic impacted area of West Bengal. Paired supplied arsenic-mitigated water and end-use drinking water samples from 102 households were collected and analyzed for arsenic and thermally tolerant coliforms [TTC], used as a proxy for microbiological water quality, We then estimated the DALYs related to key sequelae, diarrheal diseases and cancers, arising from water-borne pathogens and arsenic respectively. We found [TTC] in end-use drinking water to depend only weakly on [TTC] in source-water. End-user practices far outweighed the microbiological quality of supplied water in determining diarrheal disease burden. [TTC] in source water was calculated to contribute <1% of total diarrheal disease burden. No substantial demonstrable pathogen-for-arsenic risk substitution attributable to specific arsenic mitigation of supplied waters was observed, illustrating the benefits of arsenic mitigation measures in the area studied.

  9. Volatility in Equilibrium

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Sizova, Natalia; Tauchen, George

    Stock market volatility clusters in time, carries a risk premium, is fractionally inte- grated, and exhibits asymmetric leverage effects relative to returns. This paper develops a first internally consistent equilibrium based explanation for these longstanding empirical facts. The model is cast i......, and the dynamic cross-correlations of the volatility measures with the returns calculated from actual high-frequency intra-day data on the S&P 500 aggregate market and VIX volatility indexes....

  10. Understanding Financial Market Volatility

    NARCIS (Netherlands)

    A. Opschoor (Anne)

    2014-01-01

    markdownabstract__Abstract__ Volatility has been one of the most active and successful areas of research in time series econometrics and economic forecasting in recent decades. Loosely speaking, volatility is defined as the average magnitude of fluctuations observed in some phenomenon over

  11. Improving Garch Volatility Forecasts

    NARCIS (Netherlands)

    Klaassen, F.J.G.M.

    1998-01-01

    Many researchers use GARCH models to generate volatility forecasts. We show, however, that such forecasts are too variable. To correct for this, we extend the GARCH model by distinguishing two regimes with different volatility levels. GARCH effects are allowed within each regime, so that our model

  12. Asymmetric Realized Volatility Risk

    NARCIS (Netherlands)

    D.E. Allen (David); M.J. McAleer (Michael); M. Scharth (Marcel)

    2014-01-01

    markdownabstract__Abstract__ In this paper we document that realized variation measures constructed from high-frequency returns reveal a large degree of volatility risk in stock and index returns, where we characterize volatility risk by the extent to which forecasting errors in realized

  13. The volatility of HOL

    International Nuclear Information System (INIS)

    Wren, D.J.; Sanipelli, G.

    1985-01-01

    The volatility of HOI has been measured using a mass spectrometer to analyze the gas phase above an aqueous solution. The HOI in solution was generated continuously in a flow reactor that combined I/sup -/ and OCl/sup -/ solutions. The analysis has resulted in a lower limit of 6X10/sup 3/ mol . dm/sup -3/ . atm/sup -1/ for the equilibrium constant for the reaction HOI(g)/equilibrium/HOI(aq). This value is a factor 30 greater than the best previous estimate. This new limit for HOI volatility results in higher total iodine partition coefficients, particularly for solutions with pH>8. The upper limit for the equilibrium constant is consistent with essentially zero volatility for HOI. The effect of HOI volatility on total iodine volatility is briefly discussed as a function of solution chemistry and kinetics

  14. Interior Volatile Reservoirs in Mercury

    Science.gov (United States)

    Anzures, B. A.; Parman, S. W.; Milliken, R. E.; Head, J. W.

    2018-05-01

    More measurements of 1) surface volatiles, and 2) pyroclastic deposits paired with experimental volatile analyses in silicate minerals can constrain conditions of melting and subsequent eruption on Mercury.

  15. Pluto's Volatile Transport

    Science.gov (United States)

    Young, Leslie

    2012-10-01

    Pluto's varying subsolar latitude and heliocentric distance leads to large variations in the surface volatile distribution and surface pressure. I present results of new volatile transport models (Young 2012a, b). The models include insolation, thermal emission, subsurface conduction, heating of a volatile slab, internal heat flux, latent heat of sublimation, and strict global mass balance. Numeric advances include initial conditions that allow for rapid convergence, efficient computation with matrix arithmetic, and stable Crank-Nicholson timesteps for both bare and volatile-covered areas. Runs of the model show six distinct seasons on Pluto. (1) As Pluto approaches perihelion, the volatiles on the old winter pole (the Rotational North Pole, RNP) becomes more directly illuminated , and the pressure and albedo rise rapidly. (2) When a new ice cap forms on the Rotational South Pole, RSP, volatiles are exchanged between poles. The pressure and albedo change more slowly. (3) When all volatiles have sublimed from the RNP, the albedo and pressure drop rapidly. (4-6) A similar pattern is repeated near aphelion with a reversal of the roles and the poles. I will compare results with earlier Pluto models of Hansen and Paige (1996), show the dependence on parameters such as substrate inertia, and make predictions for the New Horizons flyby of Pluto in 2015. This work was supported, in part, by funding from NASA Planetary Atmospheres Grant NNG06GF32G and the Spitzer project (JPL research support Agreement 1368573). Hansen, C. J. and D. A. Paige 1996. Seasonal Nitrogen Cycles on Pluto. Icarus 120, 247-265. Young, L. A. 2012a. Volatile transport on inhomogeneous surfaces: I - Analytic expressions, with application to Pluto’s day. Icarus, in press Young, L. A. 2012b. Volatile transport on inhomogeneous surfaces: II. Numerical calculations, with application to Pluto's season. In preparation.

  16. Non-volatile memories

    CERN Document Server

    Lacaze, Pierre-Camille

    2014-01-01

    Written for scientists, researchers, and engineers, Non-volatile Memories describes the recent research and implementations in relation to the design of a new generation of non-volatile electronic memories. The objective is to replace existing memories (DRAM, SRAM, EEPROM, Flash, etc.) with a universal memory model likely to reach better performances than the current types of memory: extremely high commutation speeds, high implantation densities and retention time of information of about ten years.

  17. American options under stochastic volatility

    NARCIS (Netherlands)

    Chockalingam, A.; Muthuraman, K.

    2011-01-01

    The problem of pricing an American option written on an underlying asset with constant price volatility has been studied extensively in literature. Real-world data, however, demonstrate that volatility is not constant, and stochastic volatility models are used to account for dynamic volatility

  18. Forecasting Covariance Matrices: A Mixed Frequency Approach

    DEFF Research Database (Denmark)

    Halbleib, Roxana; Voev, Valeri

    This paper proposes a new method for forecasting covariance matrices of financial returns. The model mixes volatility forecasts from a dynamic model of daily realized volatilities estimated with high-frequency data with correlation forecasts based on daily data. This new approach allows for flexi......This paper proposes a new method for forecasting covariance matrices of financial returns. The model mixes volatility forecasts from a dynamic model of daily realized volatilities estimated with high-frequency data with correlation forecasts based on daily data. This new approach allows...... for flexible dependence patterns for volatilities and correlations, and can be applied to covariance matrices of large dimensions. The separate modeling of volatility and correlation forecasts considerably reduces the estimation and measurement error implied by the joint estimation and modeling of covariance...

  19. Measurements of non-volatile aerosols with a VTDMA and their correlations with carbonaceous aerosols in Guangzhou, China

    Science.gov (United States)

    Cheung, Heidi H. Y.; Tan, Haobo; Xu, Hanbing; Li, Fei; Wu, Cheng; Yu, Jian Z.; Chan, Chak K.

    2016-07-01

    Simultaneous measurements of aerosol volatility and carbonaceous matters were conducted at a suburban site in Guangzhou, China, in February and March 2014 using a volatility tandem differential mobility analyzer (VTDMA) and an organic carbon/elemental carbon (OC / EC) analyzer. Low volatility (LV) particles, with a volatility shrink factor (VSF) at 300 °C exceeding 0.9, contributed 5 % of number concentrations of the 40 nm particles and 11-15 % of the 80-300 nm particles. They were composed of non-volatile material externally mixed with volatile material, and therefore did not evaporate significantly at 300 °C. Non-volatile material mixed internally with the volatile material was referred to as medium volatility (MV, 0.4 transported at low altitudes (below 1500 m) for over 40 h before arrival. Further comparison with the diurnal variations in the mass fractions of EC and the non-volatile OC in PM2.5 suggests that the non-volatile residuals may be related to both EC and non-volatile OC in the afternoon, during which the concentration of aged organics increased. A closure analysis of the total mass of LV and MV residuals and the mass of EC or the sum of EC and non-volatile OC was conducted. It suggests that non-volatile OC, in addition to EC, was one of the components of the non-volatile residuals measured by the VTDMA in this study.

  20. Volatility Properties of Polonium

    International Nuclear Information System (INIS)

    Eichler, B.

    2002-06-01

    Thermodynamical constants to describe evaporation processes of polonium are summarized and critically discussed. Additionally, systematic changes of the properties of the chalcogenes are analyzed, empirical correlations are proofed and cyclic processes are balanced. Accordingly, the existing values of entropies for polonium are acceptable. Questionable, however, are those values of enthalpies, which have been deduced from results of the experimental investigations of the vapor pressure temperature dependency, of the melting point, and of the boiling temperatures. Technical difficulties and possible error sources of the measurements resulting from the radioactive decay properties of 210 Po are discussed. Using extrapolative standard enthalpies and entropies as well as their temperature dependency, the equilibrium partial pressure of the monomeric and dimeric polonium above the pure condensed phase and the equilibrium constant of the dimerization reaction in the gas phase are calculated: log p/pa Po (g) = (11.797 ± 0.024) -(9883.4 ± 9.5)/T (for T = 298-600 K); = (10.661 ± 0.057) - (9328.4 ± 4.9)/T (for T = 500-1300 K); log p/pa Po 2 (g) = (13.698 ± 0.049) - (8592.3 ± 19.6)/T (for T = 298-600 K); = (11.424 ± 0.124) - (7584.1 ± 98.1)/T (for T = 500-1300 K); log K (dim) = (-4.895 ± 0.012) + (11071 ± 6)/T. According to these calculations and in contrast to other works, polonium evaporates in the entire temperature range between 298 and 1300 K in the dimeric state. Hence, 'latent heats' of the volatilization processes are clearly larger compared to literature data. Especially in the temperature range of the solid polonium the calculated vapor pressure curve shifts significantly to lower values, whereas the boiling point was almost reproduced by the calculation. The results of the extrapolation for the standard enthalpy of the gaseous monomeric polonium and the dimerization enthalpy ΔH 0 298 Po (g) = 188.9 kJ/mol and ΔH 0 298 (form) Po 2 (g) = 211.5 kJ/mol are

  1. Oil and stock market volatility: A multivariate stochastic volatility perspective

    International Nuclear Information System (INIS)

    Vo, Minh

    2011-01-01

    This paper models the volatility of stock and oil futures markets using the multivariate stochastic volatility structure in an attempt to extract information intertwined in both markets for risk prediction. It offers four major findings. First, the stock and oil futures prices are inter-related. Their correlation follows a time-varying dynamic process and tends to increase when the markets are more volatile. Second, conditioned on the past information, the volatility in each market is very persistent, i.e., it varies in a predictable manner. Third, there is inter-market dependence in volatility. Innovations that hit either market can affect the volatility in the other market. In other words, conditioned on the persistence and the past volatility in their respective markets, the past volatility of the stock (oil futures) market also has predictive power over the future volatility of the oil futures (stock) market. Finally, the model produces more accurate Value-at-Risk estimates than other benchmarks commonly used in the financial industry. - Research Highlights: → This paper models the volatility of stock and oil futures markets using the multivariate stochastic volatility model. → The correlation between the two markets follows a time-varying dynamic process which tends to increase when the markets are more volatile. → The volatility in each market is very persistent. → Innovations that hit either market can affect the volatility in the other market. → The model produces more accurate Value-at-Risk estimates than other benchmarks commonly used in the financial industry.

  2. Volatile liquid storage system

    International Nuclear Information System (INIS)

    Laverman, R.J.; Winters, P.J.; Rinehart, J.K.

    1992-01-01

    This patent describes a method of collecting and abating emission from a volatile liquid in an above ground storage tank. It comprises the liquid storage tank having a bottom, a vertical cylindrical circular wall having a lower edge portion joined to the bottom, and an external fixed roof, the tank having an internal floating roof floating on a volatile liquid stored in the tank, and air vent means in the tank in communication with a vapor space in the tank constituting at least the space above the floating roof when the floating roof floats on a predetermined maximum volume of volatile liquid in the tank; permitting ambient air; pumping emission laden air from the tank vapor space above the floating roof; and by means of the emissions abatement apparatus eliminating most of the emission from the emissions laden air with formation of a gaseous effluent and then discharging the resulting gaseous effluent to the atmosphere

  3. Understanding Interest Rate Volatility

    DEFF Research Database (Denmark)

    Volker, Desi

    This thesis is the result of my Ph.D. studies at the Department of Finance of the Copenhagen Business School. It consists of three essays covering topics related to the term structure of interest rates, monetary policy and interest rate volatility. The rst essay, \\Monetary Policy Uncertainty...... and Interest Rates", examines the role of monetary policy uncertainty on the term structure of interest rates. The second essay, \\A Regime-Switching A ne Term Structure Model with Stochastic Volatility" (co-authored with Sebastian Fux), investigates the ability of the class of regime switching models...... with and without stochastic volatility to capture the main stylized features of U.S. interest rates. The third essay, \\Variance Risk Premia in the Interest Rate Swap Market", investigates the time-series and cross-sectional properties of the compensation demanded for holding interest rate variance risk. The essays...

  4. Pricing Volatility of Stock Returns with Volatile and Persistent Components

    DEFF Research Database (Denmark)

    Zhu, Jie

    2009-01-01

    This paper introduces a two-component volatility model based on first moments of both components to describe the dynamics of speculative return volatility. The two components capture the volatile and the persistent part of volatility, respectively. The model is applied to 10 Asia-Pacific stock ma...... markets. A positive or risk-premium effect exists between the return and the volatile component, yet the persistent component is not significantly priced for the return dynamic process....... markets. Their in-mean effects on returns are tested. The empirical results show that the persistent component is much more important for the volatility dynamic process than is the volatile component. However, the volatile component is found to be a significant pricing factor of asset returns for most...

  5. Pricing Volatility of Stock Returns with Volatile and Persistent Components

    DEFF Research Database (Denmark)

    Zhu, Jie

    In this paper a two-component volatility model based on the component's first moment is introduced to describe the dynamic of speculative return volatility. The two components capture the volatile and persistent part of volatility respectively. Then the model is applied to 10 Asia-Pacific stock m......, a positive or risk-premium effect exists between return and the volatile component, yet the persistent component is not significantly priced for return dynamic process....... markets. Their in-mean effects on return are also tested. The empirical results show that the persistent component accounts much more for volatility dynamic process than the volatile component. However the volatile component is found to be a significant pricing factor of asset returns for most markets...

  6. The roles of fractional crystallization, magma mixing, crystal mush remobilization and volatile-melt interactions in the genesis of a young basalt-peralkaline rhyolite suite, the greater Olkaria volcanic complex, Kenya Rift valley

    Science.gov (United States)

    Macdonald, R.; Belkin, H.E.; Fitton, J.G.; Rogers, N.W.; Nejbert, K.; Tindle, A.G.; Marshall, A.S.

    2008-01-01

    The Greater Olkaria Volcanic Complex is a young (???20 ka) multi-centred lava and dome field dominated by the eruption of peralkaline rhyolites. Basaltic and trachytic magmas have been erupted peripherally to the complex and also form, with mugearites and benmoreites, an extensive suite of magmatic inclusions in the rhyolites. The eruptive rocks commonly represent mixed magmas and the magmatic inclusions are themselves two-, three- or four-component mixes. All rock types may carry xenocrysts of alkali feldspar, and less commonly plagioclase, derived from magma mixing and by remobilization of crystal mushes and/or plutonic rocks. Xenoliths in the range gabbro-syenite are common in the lavas and magmatic inclusions, the more salic varieties sometimes containing silicic glass representing partial melts and ranging in composition from anorthite ?? corundum- to acmite-normative. The peralkaline varieties are broadly similar, in major element terms, to the eruptive peralkaline rhyolites. The basalt-trachyte suite formed by a combination of fractional crystallization, magma mixing and resorption of earlier-formed crystals. Matrix glass in metaluminous trachytes has a peralkaline rhyolitic composition, indicating that the eruptive rhyolites may have formed by fractional crystallization of trachyte. Anomalous trace element enrichments (e.g. ??? 2000 ppm Y in a benmoreite) and negative Ce anomalies may have resulted from various Na- and K-enriched fluids evolving from melts of intermediate composition and either being lost from the system or enriched in other parts of the reservoirs. A small group of nepheline-normative, usually peralkaline, magmatic inclusions was formed by fluid transfer between peralkaline rhyolitic and benmoreitic magmas. The plumbing system of the complex consists of several independent reservoirs and conduits, repeatedly recharged by batches of mafic magma, with ubiquitous magma mixing. ?? The Author 2008. Published by Oxford University Press. All

  7. Quantifying requirements volatility effects

    NARCIS (Netherlands)

    Kulk, G.P.; Verhoef, C.

    2008-01-01

    In an organization operating in the bancassurance sector we identified a low-risk IT subportfolio of 84 IT projects comprising together 16,500 function points, each project varying in size and duration, for which we were able to quantify its requirements volatility. This representative portfolio

  8. Idiosyncratic Volatility Puzzle

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte; Lambertides, Neophytos

    from a large pool of macroeconomic and Önancial variables. Cleaning for macro-Önance e§ects reverses the puzzling negative relation between returns and idiosyncratic volatility documented previously. Portfolio analysis shows that the e§ects from macro-Önance factors are economically strong...

  9. Manure application and ammonia volatilization

    NARCIS (Netherlands)

    Huijsmans, J.F.M.

    2003-01-01

    Keywords: manure application, ammonia volatilization, environmental conditions, application technique, incorporation technique, draught force, work organization, costs Livestock manure applied on farmland is an important source of ammonia (NH3) volatilization, and NH3 is a major atmospheric

  10. Volatile compounds in samples of cork and also produced by selected fungi.

    Science.gov (United States)

    Barreto, M C; Vilas Boas, L; Carneiro, L C; San Romão, M V

    2011-06-22

    The production of volatile compounds by microbial communities of cork samples taken during the cork manufacturing process was investigated. The majority of volatiles were found in samples collected at two stages: resting after the first boiling and nontreated cork disks. Volatile profiles produced by microbiota in both stages are similar. The releasable volatile compounds and 2,4,6-trichloroanisole (TCA) produced in cork-based culture medium by five isolated fungal species in pure and mixed cultures were also analyzed by gas chromatography coupled with mass spectrometry (GC-MS).The results showed that 1-octen-3-ol and esters of fatty acids (medium chain length C8-C20) were the main volatile compounds produced by either pure fungal species or their mixture. Apparently, Penicillium glabrum is the main contributor to the overall volatile composition observed in the mixed culture. The production of releasable TCA on cork cannot be attributed to any of the assayed fungal isolates.

  11. The exploitation of volatile oil

    Institute of Scientific and Technical Information of China (English)

    MENG Teng; ZHANG Da; TENG Xiangjin; LINing; HAO Zaibin

    2007-01-01

    Rose is a kind of favorite ornamental plant. This article briefly introduced the cultivation and the use of rose around the world both in ancient time and nowadays. Today, volatile oil becomes the mainstream of the rose industry. People pay attention to the effect of volatile oil; meanwhile, they speed up their research on extracting volatile oil and the ingredients.

  12. Alternative Asymmetric Stochastic Volatility Models

    NARCIS (Netherlands)

    M. Asai (Manabu); M.J. McAleer (Michael)

    2010-01-01

    textabstractThe stochastic volatility model usually incorporates asymmetric effects by introducing the negative correlation between the innovations in returns and volatility. In this paper, we propose a new asymmetric stochastic volatility model, based on the leverage and size effects. The model is

  13. Essays on nonparametric econometrics of stochastic volatility

    NARCIS (Netherlands)

    Zu, Y.

    2012-01-01

    Volatility is a concept that describes the variation of financial returns. Measuring and modelling volatility dynamics is an important aspect of financial econometrics. This thesis is concerned with nonparametric approaches to volatility measurement and volatility model validation.

  14. Volatile metabolites from actinomycetes

    DEFF Research Database (Denmark)

    Scholler, C.E.G.; Gurtler, H.; Pedersen, R.

    2002-01-01

    Twenty-six Streptomyces spp. were screened for their volatile production capacity on yeast starch agar. The volatile organic compounds (VOCs) were concentrated on a porous polymer throughout an 8-day growth period. VOCs were analyzed by gas chromatography with flame ionization detection...... and identified or characterized by gas chromatography-mass spectrometry. A total of 120 VOCs were characterized by retention index and mass spectra. Fifty-three compounds were characterized as terpenoid compounds, among which 18 could be identified. Among the VOCs were alkanes, alkenes, alcohols, esters, ketones....... The relationship between the excretion of geosmin and the production of spores was examined for one isolate. A good correlation between headspace geosmin and the number of spores was observed, suggesting that VOCs could be used to indicate the activity of these microorganisms in heterogeneous substrates....

  15. Minimum Tracking Error Volatility

    OpenAIRE

    Luca RICCETTI

    2010-01-01

    Investors assign part of their funds to asset managers that are given the task of beating a benchmark. The risk management department usually imposes a maximum value of the tracking error volatility (TEV) in order to keep the risk of the portfolio near to that of the selected benchmark. However, risk management does not establish a rule on TEV which enables us to understand whether the asset manager is really active or not and, in practice, asset managers sometimes follow passively the corres...

  16. Recovering volatile liquids

    Energy Technology Data Exchange (ETDEWEB)

    Bregeat, J H

    1925-07-30

    The products of hydrogenation of alicyclic compounds, such as terpenes, for example, pinene or oil of turpentine, are used as washing liquids for absorbing vapours of volatile liquids from gases, such as natural gases from petroliferous regions, gases from the distillation of coal, lignite, schist, peat, etc. or from the cracking of heavy oils. Other liquids such as tar oils vaseline oils, cresols, etc. may be added.

  17. Understanding Interest Rate Volatility

    OpenAIRE

    Volker, Desi

    2016-01-01

    This thesis is the result of my Ph.D. studies at the Department of Finance of the Copenhagen Business School. It consists of three essays covering topics related to the term structure of interest rates, monetary policy and interest rate volatility. The rst essay, \\Monetary Policy Uncertainty and Interest Rates", examines the role of monetary policy uncertainty on the term structure of interest rates. The second essay, \\A Regime-Switching A ne Term Structure Model with Stochast...

  18. The memory of volatility

    Directory of Open Access Journals (Sweden)

    Kai R. Wenger

    2018-03-01

    Full Text Available The focus of the volatility literature on forecasting and the predominance of theconceptually simpler HAR model over long memory stochastic volatility models has led to the factthat the actual degree of memory estimates has rarely been considered. Estimates in the literaturerange roughly between 0.4 and 0.6 - that is from the higher stationary to the lower non-stationaryregion. This difference, however, has important practical implications - such as the existence or nonexistenceof the fourth moment of the return distribution. Inference on the memory order is complicatedby the presence of measurement error in realized volatility and the potential of spurious long memory.In this paper we provide a comprehensive analysis of the memory in variances of international stockindices and exchange rates. On the one hand, we find that the variance of exchange rates is subject tospurious long memory and the true memory parameter is in the higher stationary range. Stock indexvariances, on the other hand, are free of low frequency contaminations and the memory is in the lowernon-stationary range. These results are obtained using state of the art local Whittle methods that allowconsistent estimation in presence of perturbations or low frequency contaminations.

  19. Ammonia volatilization from crop residues and frozen green manure crops

    Science.gov (United States)

    de Ruijter, F. J.; Huijsmans, J. F. M.; Rutgers, B.

    2010-09-01

    Agricultural systems can lose substantial amounts of nitrogen (N). To protect the environment, the European Union (EU) has adopted several directives that set goals to limit N losses. National Emission Ceilings (NEC) are prescribed in the NEC directive for nitrogen oxides and ammonia. Crop residues may contribute to ammonia volatilization, but sufficient information on their contribution to the national ammonia volatilization is lacking. Experiments were carried out with the aim to assess the ammonia volatilization of crop residues left on the soil surface or incorporated into the soil under the conditions met in practice in the Netherlands during late autumn and winter. Ammonia emission from residues of broccoli, leek, sugar beet, cut grass, fodder radish (fresh and frozen) and yellow mustard (frozen) was studied during two winter seasons using volatilization chambers. Residues were either placed on top of soil or mixed with soil. Mixing residues with soil gave insignificant ammonia volatilization, whereas volatilization was 5-16 percent of the N content of residues when placed on top of soil. Ammonia volatilization started after at least 4 days. Total ammonia volatilization was related to C/N-ratio and N concentration of the plant material. After 37 days, cumulative ammonia volatilization was negligible from plant material with N concentration below 2 percent, and was 10 percent of the N content of plant material with 4 percent N. These observations can be explained by decomposition of plant material by micro-organisms. After an initial built up of the microbial population, NH 4+ that is not needed for their own growth is released and can easily emit as NH 3 at the soil surface. The results of the experiments were used to estimate the contribution of crop residues to ammonia volatilization in the Netherlands. Crop residues of arable crops and residues of pasture topping may contribute more than 3 million kg NH 3-N to the national ammonia volatilization of the

  20. Monitoring volatile anaesthetic agents

    International Nuclear Information System (INIS)

    Russell, W.J.

    2000-01-01

    Full text: The methods that have been used for monitoring volatile anaesthetic agents depend on some physical property such as Density, Refractometry, Mass, Solubility, Raman scattering, or Infra-red absorption. Today, refractometry and infra-red techniques are the most common. Refractometry is used for the calibration of vaporizers. All anaesthetic agents increase the refractive index of the carrier gas. Provided the mixture is known then the refractive change measures the concentration of the volatile anaesthetic agent. Raman Scattering is when energy hits a molecule a very small fraction of the energy is absorbed and re-emitted at one or more lower frequencies. The shift in frequency is a function of the chemical bonds and is a fingerprint of the substance irradiated. Electromagnetic (Infra-red) has been the commonest method of detection of volatile agents. Most systems use a subtractive system, i.e. the agent in the sampling cell absorbed some of the infrared energy and the photo-detector therefore received less energy. A different approach is where the absorbed energy is converted into a pressure change and detected as sound (Acoustic monitor). This gives a more stable zero reference. More recently, the detector systems have used multiple narrow-band wavelengths in the infrared bands and by shape matching or matrix computing specific agent identification is achieved and the concentration calculated. In the early Datex AS3 monitors, a spectral sweep across the 3 micron infrared band was used to create spectral fingerprints. The recently released AS3 monitors use a different system with five very narrow band filters in the 8-10 micron region. The transmission through each of these filters is a value in a matrix which is solved by a micro computer to identify the agent and its concentration. These monitors can assist in improving the safety and efficiency of our anaesthetics but do not ensure that the patient is completely anaesthetized. Copyright (2000

  1. Monitoring volatile anaesthetic agents

    Energy Technology Data Exchange (ETDEWEB)

    Russell, W J [Royal Adelaide Hospital, SA (Australia). Department of Anaesthesia and Intensive Care

    2000-12-01

    Full text: The methods that have been used for monitoring volatile anaesthetic agents depend on some physical property such as Density, Refractometry, Mass, Solubility, Raman scattering, or Infra-red absorption. Today, refractometry and infra-red techniques are the most common. Refractometry is used for the calibration of vaporizers. All anaesthetic agents increase the refractive index of the carrier gas. Provided the mixture is known then the refractive change measures the concentration of the volatile anaesthetic agent. Raman Scattering is when energy hits a molecule a very small fraction of the energy is absorbed and re-emitted at one or more lower frequencies. The shift in frequency is a function of the chemical bonds and is a fingerprint of the substance irradiated. Electromagnetic (Infra-red) has been the commonest method of detection of volatile agents. Most systems use a subtractive system, i.e. the agent in the sampling cell absorbed some of the infrared energy and the photo-detector therefore received less energy. A different approach is where the absorbed energy is converted into a pressure change and detected as sound (Acoustic monitor). This gives a more stable zero reference. More recently, the detector systems have used multiple narrow-band wavelengths in the infrared bands and by shape matching or matrix computing specific agent identification is achieved and the concentration calculated. In the early Datex AS3 monitors, a spectral sweep across the 3 micron infrared band was used to create spectral fingerprints. The recently released AS3 monitors use a different system with five very narrow band filters in the 8-10 micron region. The transmission through each of these filters is a value in a matrix which is solved by a micro computer to identify the agent and its concentration. These monitors can assist in improving the safety and efficiency of our anaesthetics but do not ensure that the patient is completely anaesthetized. Copyright (2000

  2. Ambient Volatility of Triethyl Phosphate

    Science.gov (United States)

    2017-08-01

    of materials is predictable using Raoult’s law. This report details the measurement of the effect of water vapor partial pressure on the volatility...empirical correlation taking into account nonideal behavior was developed to enable estimation of TEPO volatility at any combination of ambient...of the second component is expected to be one-half as much as in the absence of water vapor. Similarly, the measured volatility of the second

  3. Volatiles from solids

    Energy Technology Data Exchange (ETDEWEB)

    Loughrey, C T

    1939-08-24

    To remove volatiles from solids, such as oil shale, gases, and/or vapours are passed through a mass of the materials, the vapours and gases separated, and the vapours condensed. The volatile-containing solid materials are fed to a retort, and a shaft is driven to rotate an impeller so as to displace the liquid and create a vortex tube, which draws in gas from the atmosphere through an intake, twyer, interstices in the material in the retort, a conduit, chamber, tubes, another chamber and cylinder. This gas is carried outwardly and upwardly by the vortices in the liquid and is carried to discharge through three conduits. The vapours entrained by the gas are part condensed in the liquid and the remainder directed to a condenser. Steam may be delivered to the twyer through a nozzle of a pipe, with or without air, and combustible hydrocarbon fuel may be fed through the burner nozzle or solid fuel may be directed from feeder and combusted in the twyer.

  4. Molecular plant volatile communication.

    Science.gov (United States)

    Holopainen, Jarmo K; Blande, James D

    2012-01-01

    Plants produce a wide array of volatile organic compounds (VOCs) which have multiple functions as internal plant hormones (e.g., ethylene, methyl jasmonate and methyl salicylate), in communication with conspecific and heterospecific plants and in communication with organisms of second (herbivores and pollinators) and third (enemies of herbivores) trophic levels. Species specific VOCs normally repel polyphagous herbivores and those specialised on other plant species, but may attract specialist herbivores and their natural enemies, which use VOCs as host location cues. Attraction of predators and parasitoids by VOCs is considered an evolved indirect defence, whereby plants are able to indirectly reduce biotic stress caused by damaging herbivores. In this chapter we review these interactions where VOCs are known to play a crucial role. We then discuss the importance of volatile communication in self and nonself detection. VOCs are suggested to appear in soil ecosystems where distinction of own roots from neighbours roots is essential to optimise root growth, but limited evidence of above-ground plant self-recognition is available.

  5. Volatility Mean Reversion and the Market Price of Volatility Risk

    NARCIS (Netherlands)

    Boswijk, H.P.

    2001-01-01

    This paper analyzes sources of derivative pricing errors in a stochastic volatility model estimated on stock return data. It is shown that such pricing errors may reflect the existence of a market price of volatility risk, but also may be caused by estimation errors due to a slow mean reversion in

  6. It’s all about volatility of volatility

    DEFF Research Database (Denmark)

    Grassi, Stefano; Santucci de Magistris, Paolo

    2015-01-01

    The persistent nature of equity volatility is investigated by means of a multi-factor stochastic volatility model with time varying parameters. The parameters are estimated by means of a sequential matching procedure which adopts as auxiliary model a time-varying generalization of the HAR model f...

  7. Political institutions and economic volatility

    NARCIS (Netherlands)

    Klomp, Jeroen; de Haan, Jakob

    We examine the effect of political 'institutions' on economic growth volatility, using data from more than 100 countries over the period 1960 to 2005, taking into account various control variables as suggested in previous studies. Our indicator of volatility is the relative standard deviation of the

  8. Fundamental volatility is regime specific

    NARCIS (Netherlands)

    Arnold, I.J.M.; MacDonald, R.; Vries, de C.G.

    2006-01-01

    A widely held notion holds that freely floating exchange rates are excessively volatile when judged against fundamentals and when moving from fixed to floating exchange rates. We re-examine the data and conclude that the disparity between the fundamentals and exchange rate volatility is more

  9. Volatile organic compounds

    International Nuclear Information System (INIS)

    Silseth, May Liss

    1998-01-01

    The goal is: Not more emission of volatile organic compounds (VOCs) than necessary. The items discussed in this presentation are the VOCs, how to calculate emission of VOCs, how to reduce or avoid them, and different recovery processes. The largest source of Norwegian emissions of non methane VOCs (NMVOCs) is offshore loading of raw petroleum. Emissions of VOCs should be reduced mainly for two reasons: (1) on sunny days NMVOCs may react with NOx to form ozon and smog close to the surface, (2) ozone and smog close to the surface may be harmful to plants and animals, and they are hazardous to human health. As for the calculation of VOC emissions, the VOCON project will release the calculation program HCGASS in 1999. This project is a cooperative project headed by SINTEF/Marintek

  10. Governmentally amplified output volatility

    Science.gov (United States)

    Funashima, Yoshito

    2016-11-01

    Predominant government behavior is decomposed by frequency into several periodic components: updating cycles of infrastructure, Kuznets cycles, fiscal policy over business cycles, and election cycles. Little is known, however, about the theoretical impact of such cyclical behavior in public finance on output fluctuations. Based on a standard neoclassical growth model, this study intends to examine the frequency at which public investment cycles are relevant to output fluctuations. We find an inverted U-shaped relationship between output volatility and length of cycle in public investment. This implies that periodic behavior in public investment at a certain frequency range can cause aggravated output resonance. Moreover, we present an empirical analysis to test the theoretical implication, using the U.S. data in the period from 1968 to 2015. The empirical results suggest that such resonance phenomena change from low to high frequency.

  11. Jakartans, Institutionally Volatile

    Directory of Open Access Journals (Sweden)

    Masaaki OKAMOTO

    2014-01-01

    Full Text Available Jakarta recently has gained even more central political attention in Indonesia since Joko Widodo (Jokowi and Basuki Purnama (Ahok became, respectively, the province’s governor and vice-governor in 2012. They started a series of eye-catching and populist programmes, drawing popular support from not only the people of Jakarta, but also among Indonesians in general. Jokowi is now even the most popular candidate for the presidential election in 2014. Their rise is phenomenal in this sense, but it is understandable if we look at Jakartan voters’ behaviour and the institutional arrangement that leads to it. Jakarta, as the national capital, has a unique arrangement in that the province has no autonomous regency or city. This paper argues that this arrangement causes Jakartans to be more politically volatile and describes how this institutional arrangement was created by analysing the minutes of the meeting to discuss the laws concerning Jakarta Province.

  12. Emerging non-volatile memories

    CERN Document Server

    Hong, Seungbum; Wouters, Dirk

    2014-01-01

    This book is an introduction to the fundamentals of emerging non-volatile memories and provides an overview of future trends in the field. Readers will find coverage of seven important memory technologies, including Ferroelectric Random Access Memory (FeRAM), Ferromagnetic RAM (FMRAM), Multiferroic RAM (MFRAM), Phase-Change Memories (PCM), Oxide-based Resistive RAM (RRAM), Probe Storage, and Polymer Memories. Chapters are structured to reflect diffusions and clashes between different topics. Emerging Non-Volatile Memories is an ideal book for graduate students, faculty, and professionals working in the area of non-volatile memory. This book also: Covers key memory technologies, including Ferroelectric Random Access Memory (FeRAM), Ferromagnetic RAM (FMRAM), and Multiferroic RAM (MFRAM), among others. Provides an overview of non-volatile memory fundamentals. Broadens readers' understanding of future trends in non-volatile memories.

  13. Nonparametric methods for volatility density estimation

    NARCIS (Netherlands)

    Es, van Bert; Spreij, P.J.C.; Zanten, van J.H.

    2009-01-01

    Stochastic volatility modelling of financial processes has become increasingly popular. The proposed models usually contain a stationary volatility process. We will motivate and review several nonparametric methods for estimation of the density of the volatility process. Both models based on

  14. Volatility Exposure for Strategic Asset Allocation

    OpenAIRE

    Briere, Marie; Burgues, Alexandre; Signori, Ombretta

    2008-01-01

    This paper examines the advantages of incorporating strategic exposure to equity volatility into the investment-opportunity set of a long-term equity investor. We consider two standard volatility investments: implied volatility and volatility risk premium strategies. To calibrate and assess the risk/return profile of the portfolio, we present an analytical framework offering pragmatic solutions for long-term investors seeking exposure to volatility. The benefit of volatility exposure for a co...

  15. Latent Integrated Stochastic Volatility, Realized Volatility, and Implied Volatility: A State Space Approach

    DEFF Research Database (Denmark)

    Bach, Christian; Christensen, Bent Jesper

    process is downward biased. Implied volatility performs better than any of the alternative realized measures when forecasting future integrated volatility. The results are largely similar across the stock market (S&P 500), bond market (30-year U.S. T-bond), and foreign currency exchange market ($/£ )....

  16. Parallel Prediction of Stock Volatility

    Directory of Open Access Journals (Sweden)

    Priscilla Jenq

    2017-10-01

    Full Text Available Volatility is a measurement of the risk of financial products. A stock will hit new highs and lows over time and if these highs and lows fluctuate wildly, then it is considered a high volatile stock. Such a stock is considered riskier than a stock whose volatility is low. Although highly volatile stocks are riskier, the returns that they generate for investors can be quite high. Of course, with a riskier stock also comes the chance of losing money and yielding negative returns. In this project, we will use historic stock data to help us forecast volatility. Since the financial industry usually uses S&P 500 as the indicator of the market, we will use S&P 500 as a benchmark to compute the risk. We will also use artificial neural networks as a tool to predict volatilities for a specific time frame that will be set when we configure this neural network. There have been reports that neural networks with different numbers of layers and different numbers of hidden nodes may generate varying results. In fact, we may be able to find the best configuration of a neural network to compute volatilities. We will implement this system using the parallel approach. The system can be used as a tool for investors to allocating and hedging assets.

  17. Water-Borne Illnesses. Water in Africa.

    Science.gov (United States)

    Garrett, Carly Sporer

    The Water in Africa Project was realized over a 2-year period by a team of Peace Corps volunteers. As part of an expanded, detailed design, resources were collected from over 90 volunteers serving in African countries, photos and stories were prepared, and standards-based learning units were created for K-12 students. This unit, "Water-Borne…

  18. Volatiles in the Martian regolith

    International Nuclear Information System (INIS)

    Clark, B.C.; Baird, A.K.

    1979-01-01

    An inventory of released volatiles on Mars has been derived based upon Viking measurements of atmospheric and surface chemical composition, and upon the inferred mineralogy of a ubiquitous regolith, assumed to average 200m in depth. This model is consistent with the relative abundances of volatiles (except for S) on the Earth's surface, but implies one-fifteenth of the volatile release of Earth if starting materials were comparable. All constituents are accommodated as chemical components of, or absorbed phases on, regolith materials--without the necessity of invoking unobservable deposits of carbonates, nitrates, or permafrost ice

  19. Consistent ranking of volatility models

    DEFF Research Database (Denmark)

    Hansen, Peter Reinhard; Lunde, Asger

    2006-01-01

    We show that the empirical ranking of volatility models can be inconsistent for the true ranking if the evaluation is based on a proxy for the population measure of volatility. For example, the substitution of a squared return for the conditional variance in the evaluation of ARCH-type models can...... variance in out-of-sample evaluations rather than the squared return. We derive the theoretical results in a general framework that is not specific to the comparison of volatility models. Similar problems can arise in comparisons of forecasting models whenever the predicted variable is a latent variable....

  20. Stochastic volatility and stochastic leverage

    DEFF Research Database (Denmark)

    Veraart, Almut; Veraart, Luitgard A. M.

    This paper proposes the new concept of stochastic leverage in stochastic volatility models. Stochastic leverage refers to a stochastic process which replaces the classical constant correlation parameter between the asset return and the stochastic volatility process. We provide a systematic...... treatment of stochastic leverage and propose to model the stochastic leverage effect explicitly, e.g. by means of a linear transformation of a Jacobi process. Such models are both analytically tractable and allow for a direct economic interpretation. In particular, we propose two new stochastic volatility...... models which allow for a stochastic leverage effect: the generalised Heston model and the generalised Barndorff-Nielsen & Shephard model. We investigate the impact of a stochastic leverage effect in the risk neutral world by focusing on implied volatilities generated by option prices derived from our new...

  1. Hot money and China's stock market volatility: Further evidence using the GARCH-MIDAS model

    Science.gov (United States)

    Wei, Yu; Yu, Qianwen; Liu, Jing; Cao, Yang

    2018-02-01

    This paper investigates the influence of hot money on the return and volatility of the Chinese stock market using a nonlinear Granger causality test and a new GARCH-class model based on mixed data sampling regression (GARCH-MIDAS). The empirical results suggest that no linear or nonlinear causality exists between the growth rate of hot money and the Chinese stock market return, implying that the Chinese stock market is not driven by hot money and vice versa. However, hot money has a significant positive impact on the long-term volatility of the Chinese stock market. Furthermore, the dependence between the long-term volatility caused by hot money and the total volatility of the Chinese stock market is time-variant, indicating that huge volatilities in the stock market are not always triggered by international speculation capital flow and that Chinese authorities should further focus on more systemic reforms in the trading rules and on effectively regulating the stock market.

  2. MATRIX-VBS (v1.0): Implementing an Evolving Organic Aerosol Volatility in an Aerosol Microphysics Model

    Science.gov (United States)

    Gao, Chloe Y.; Tsigaridis, Kostas; Bauer, Susanne E.

    2017-01-01

    The gas-particle partitioning and chemical aging of semi-volatile organic aerosol are presented in a newly developed box model scheme, where its effect on the growth, composition, and mixing state of particles is examined. The volatility-basis set (VBS) framework is implemented into the aerosol microphysical scheme MATRIX (Multiconfiguration Aerosol TRacker of mIXing state), which resolves mass and number aerosol concentrations and in multiple mixing-state classes. The new scheme, MATRIX-VBS, has the potential to significantly advance the representation of organic aerosols in Earth system models by improving upon the conventional representation as non-volatile particulate organic matter, often also with an assumed fixed size distribution. We present results from idealized cases representing Beijing, Mexico City, a Finnish forest, and a southeastern US forest, and investigate the evolution of mass concentrations and volatility distributions for organic species across the gas and particle phases, as well as assessing their mixing state among aerosol populations. Emitted semi-volatile primary organic aerosols evaporate almost completely in the intermediate-volatility range, while they remain in the particle phase in the low-volatility range. Their volatility distribution at any point in time depends on the applied emission factors, oxidation by OH radicals, and temperature. We also compare against parallel simulations with the original scheme, which represented only the particulate and non-volatile component of the organic aerosol, examining how differently the condensed-phase organic matter is distributed across the mixing states in the model. The results demonstrate the importance of representing organic aerosol as a semi-volatile aerosol, and explicitly calculating the partitioning of organic species between the gas and particulate phases.

  3. Sneutrino mixing

    International Nuclear Information System (INIS)

    Grossman, Y.

    1997-10-01

    In supersymmetric models with nonvanishing Majorana neutrino masses, the sneutrino and antisneutrino mix. The conditions under which this mixing is experimentally observable are studied, and mass-splitting of the sneutrino mass eigenstates and sneutrino oscillation phenomena are analyzed

  4. Testing for Volatility Co-movement in Bivariate Stochastic Volatility Models

    OpenAIRE

    Chen, Jinghui; Kobayashi, Masahito; McAleer, Michael

    2017-01-01

    markdownabstractThe paper considers the problem of volatility co-movement, namely as to whether two financial returns have perfectly correlated common volatility process, in the framework of multivariate stochastic volatility models and proposes a test which checks the volatility co-movement. The proposed test is a stochastic volatility version of the co-movement test proposed by Engle and Susmel (1993), who investigated whether international equity markets have volatility co-movement using t...

  5. The price of fixed income market volatility

    CERN Document Server

    Mele, Antonio

    2015-01-01

    Fixed income volatility and equity volatility evolve heterogeneously over time, co-moving disproportionately during periods of global imbalances and each reacting to events of different nature. While the methodology for options-based "model-free" pricing of equity volatility has been known for some time, little is known about analogous methodologies for pricing various fixed income volatilities. This book fills this gap and provides a unified evaluation framework of fixed income volatility while dealing with disparate markets such as interest-rate swaps, government bonds, time-deposits and credit. It develops model-free, forward looking indexes of fixed-income volatility that match different quoting conventions across various markets, and uncovers subtle yet important pitfalls arising from naïve superimpositions of the standard equity volatility methodology when pricing various fixed income volatilities. The ultimate goal of the authors´ efforts is to make interest rate volatility standardization a valuable...

  6. Forecasting Performance of Asymmetric GARCH Stock Market Volatility Models

    Directory of Open Access Journals (Sweden)

    Hojin Lee

    2009-12-01

    Full Text Available We investigate the asymmetry between positive and negative returns in their effect on conditional variance of the stock market index and incorporate the characteristics to form an out-of-sample volatility forecast. Contrary to prior evidence, however, the results in this paper suggest that no asymmetric GARCH model is superior to basic GARCH(1,1 model. It is our prior knowledge that, for equity returns, it is unlikely that positive and negative shocks have the same impact on the volatility. In order to reflect this intuition, we implement three diagnostic tests for volatility models: the Sign Bias Test, the Negative Size Bias Test, and the Positive Size Bias Test and the tests against the alternatives of QGARCH and GJR-GARCH. The asymmetry test results indicate that the sign and the size of the unexpected return shock do not influence current volatility differently which contradicts our presumption that there are asymmetric effects in the stock market volatility. This result is in line with various diagnostic tests which are designed to determine whether the GARCH(1,1 volatility estimates adequately represent the data. The diagnostic tests in section 2 indicate that the GARCH(1,1 model for weekly KOSPI returns is robust to the misspecification test. We also investigate two representative asymmetric GARCH models, QGARCH and GJR-GARCH model, for our out-of-sample forecasting performance. The out-of-sample forecasting ability test reveals that no single model is clearly outperforming. It is seen that the GJR-GARCH and QGARCH model give mixed results in forecasting ability on all four criteria across all forecast horizons considered. Also, the predictive accuracy test of Diebold and Mariano based on both absolute and squared prediction errors suggest that the forecasts from the linear and asymmetric GARCH models need not be significantly different from each other.

  7. Observability of market daily volatility

    Science.gov (United States)

    Petroni, Filippo; Serva, Maurizio

    2016-02-01

    We study the price dynamics of 65 stocks from the Dow Jones Composite Average from 1973 to 2014. We show that it is possible to define a Daily Market Volatility σ(t) which is directly observable from data. This quantity is usually indirectly defined by r(t) = σ(t) ω(t) where the r(t) are the daily returns of the market index and the ω(t) are i.i.d. random variables with vanishing average and unitary variance. The relation r(t) = σ(t) ω(t) alone is unable to give an operative definition of the index volatility, which remains unobservable. On the contrary, we show that using the whole information available in the market, the index volatility can be operatively defined and detected.

  8. Multiscaling and clustering of volatility

    Science.gov (United States)

    Pasquini, Michele; Serva, Maurizio

    1999-07-01

    The dynamics of prices in stock markets has been studied intensively both experimentally (data analysis) and theoretically (models). Nevertheless, while the distribution of returns of the most important indices is known to be a truncated Lévy, the behaviour of volatility correlations is still poorly understood. What is well known is that absolute returns have memory on a long time range, this phenomenon is known in financial literature as clustering of volatility. In this paper we show that volatility correlations are power laws with a non-unique scaling exponent. This kind of multiscale phenomenology is known to be relevant in fully developed turbulence and in disordered systems and it is pointed out here for the first time for a financial series. In our study we consider the New York Stock Exchange (NYSE) daily index, from January 1966 to June 1998, for a total of 8180 working days.

  9. Measurements of non-volatile aerosols with a VTDMA and their correlations with carbonaceous aerosols in Guangzhou, China

    Directory of Open Access Journals (Sweden)

    H. H. Y. Cheung

    2016-07-01

    Full Text Available Simultaneous measurements of aerosol volatility and carbonaceous matters were conducted at a suburban site in Guangzhou, China, in February and March 2014 using a volatility tandem differential mobility analyzer (VTDMA and an organic carbon/elemental carbon (OC ∕ EC analyzer. Low volatility (LV particles, with a volatility shrink factor (VSF at 300 °C exceeding 0.9, contributed 5 % of number concentrations of the 40 nm particles and 11–15 % of the 80–300 nm particles. They were composed of non-volatile material externally mixed with volatile material, and therefore did not evaporate significantly at 300 °C. Non-volatile material mixed internally with the volatile material was referred to as medium volatility (MV, 0.4  <  VSF  <  0.9 and high volatility (HV, VSF  <  0.4 particles. The MV and HV particles contributed 57–71 % of number concentration for the particles between 40 and 300 nm in size. The average EC and OC concentrations measured by the OC ∕ EC analyzer were 3.4 ± 3.0 and 9.0 ± 6.0 µg m−3, respectively. Non-volatile OC evaporating at 475 °C or above, together with EC, contributed 67 % of the total carbon mass. In spite of the daily maximum and minimum, the diurnal variations in the volume fractions of the volatile material, HV, MV and LV residuals were less than 15 % for the 80–300 nm particles. Back trajectory analysis also suggests that over 90 % of the air masses influencing the sampling site were well aged as they were transported at low altitudes (below 1500 m for over 40 h before arrival. Further comparison with the diurnal variations in the mass fractions of EC and the non-volatile OC in PM2.5 suggests that the non-volatile residuals may be related to both EC and non-volatile OC in the afternoon, during which the concentration of aged organics increased. A closure analysis of the total mass of LV and MV residuals and the mass of EC or the

  10. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...... return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...

  11. DOES ENERGY CONSUMPTION VOLATILITY AFFECT REAL GDP VOLATILITY? AN EMPIRICAL ANALYSIS FOR THE UK

    Directory of Open Access Journals (Sweden)

    Abdul Rashid

    2013-10-01

    Full Text Available This paper empirically examines the relation between energy consumption volatility and unpredictable variations in real gross domestic product (GDP in the UK. Estimating the Markov switching ARCH model we find a significant regime switching in the behavior of both energy consumption and GDP volatility. The results from the Markov regime-switching model show that the variability of energy consumption has a significant role to play in determining the behavior of GDP volatilities. Moreover, the results suggest that the impacts of unpredictable variations in energy consumption on GDP volatility are asymmetric, depending on the intensity of volatility. In particular, we find that while there is no significant contemporaneous relationship between energy consumption volatility and GDP volatility in the first (low-volatility regime, GDP volatility is significantly positively related to the volatility of energy utilization in the second (high-volatility regime.

  12. Adaptive Sniping for Volatile and Stable Continuous Double Auction Markets

    Science.gov (United States)

    Toft, I. E.; Bagnall, A. J.

    This paper introduces a new adaptive sniping agent for the Continuous Double Auction. We begin by analysing the performance of the well known Kaplan sniper in two extremes of market conditions. We generate volatile and stable market conditions using the well known Zero Intelligence-Constrained agent and a new zero-intelligence agent Small Increment (SI). ZI-C agents submit random but profitable bids/offers and cause high volatility in prices and individual trader performance. Our new zero-intelligence agent, SI, makes small random adjustments to the outstanding bid/offer and hence is more cautious than ZI-C. We present results for SI in self-play and then analyse Kaplan in volatile and stable markets. We demonstrate that the non-adaptive Kaplan sniper can be configured to suit either market conditions, but no single configuration is performs well across both market types. We believe that in a dynamic auction environment where current or future market conditions cannot be predicted a viable sniping strategy should adapt its behaviour to suit prevailing market conditions. To this end, we propose the Adaptive Sniper (AS) agent for the CDA. AS traders classify sniping opportunities using a statistical model of market activity and adjust their classification thresholds using a Widrow-Hoff adapted search. Our AS agent requires little configuration, and outperforms the original Kaplan sniper in volatile and stable markets, and in a mixed trader type scenario that includes adaptive strategies from the literature.

  13. Volatility Spillovers Across Petroleum Markets

    Czech Academy of Sciences Publication Activity Database

    Baruník, Jozef; Kočenda, Evžen; Vácha, Lukáš

    2015-01-01

    Roč. 36, č. 3 (2015), s. 309-329 ISSN 0195-6574 R&D Projects: GA ČR GA14-24129S Keywords : Volatility spillovers * Asymmetry * Petroleum markets Subject RIV: AH - Economics Impact factor: 1.662, year: 2015 http://library.utia.cas.cz/separaty/2014/E/barunik-0438407.pdf

  14. Stochastic Volatility and DSGE Models

    DEFF Research Database (Denmark)

    Andreasen, Martin Møller

    This paper argues that a specification of stochastic volatility commonly used to analyze the Great Moderation in DSGE models may not be appropriate, because the level of a process with this specification does not have conditional or unconditional moments. This is unfortunate because agents may...

  15. Characterisation of selected volatile organic compounds in ...

    African Journals Online (AJOL)

    GCMS), was used to identify volatile compounds at three different temperatures. Fifty volatile compounds, inclusive of 14 acids, 14 alcohols, and 22 esters were identified and quantified in the two brands of indigenous banana beer samples. Only 12 ...

  16. Time-Varying Periodicity in Intraday Volatility

    DEFF Research Database (Denmark)

    Andersen, Torben Gustav; Thyrsgaard, Martin; Todorov, Viktor

    We develop a nonparametric test for deciding whether return volatility exhibits time-varying intraday periodicity using a long time-series of high-frequency data. Our null hypothesis, commonly adopted in work on volatility modeling, is that volatility follows a stationary process combined...... with a constant time-of-day periodic component. We first construct time-of-day volatility estimates and studentize the high-frequency returns with these periodic components. If the intraday volatility periodicity is invariant over time, then the distribution of the studentized returns should be identical across...... with estimating volatility moments through their sample counterparts. Critical values are computed via easy-to-implement simulation. In an empirical application to S&P 500 index returns, we find strong evidence for variation in the intraday volatility pattern driven in part by the current level of volatility...

  17. A Fractionally Integrated Wishart Stochastic Volatility Model

    NARCIS (Netherlands)

    M. Asai (Manabu); M.J. McAleer (Michael)

    2013-01-01

    textabstractThere has recently been growing interest in modeling and estimating alternative continuous time multivariate stochastic volatility models. We propose a continuous time fractionally integrated Wishart stochastic volatility (FIWSV) process. We derive the conditional Laplace transform of

  18. Cost Linkages Transmit Volatility Across Markets

    DEFF Research Database (Denmark)

    Nguyen, Daniel Xuyen; Schaur, Georg

    We present and test a model relating a firm's idiosyncratic cost, its exporting status, and the volatilities of its domestic and export sales. In prior models of trade, supply costs for domestic and exports were linear and thus additively separable. We introduce a nonlinear cost function in order...... to link the domestic and export supply costs. This theoretical contribution has two new implications for the exporting firm. First, the demand volatility in the foreign market now directly affects the firm's domestic sales volatility. Second, firms hedge domestic demand volatility with exports. The model...... has several testable predictions. First, larger firms have lower total and domestic sales volatilities. Second, foreign market volatility increases domestic sales volatilities for exporters. Third, exporters allocate output across both markets in order to reduce total sales volatility. We find...

  19. Fluctuation behaviors of financial return volatility duration

    Science.gov (United States)

    Niu, Hongli; Wang, Jun; Lu, Yunfan

    2016-04-01

    It is of significantly crucial to understand the return volatility of financial markets because it helps to quantify the investment risk, optimize the portfolio, and provide a key input of option pricing models. The characteristics of isolated high volatility events above certain threshold in price fluctuations and the distributions of return intervals between these events arouse great interest in financial research. In the present work, we introduce a new concept of daily return volatility duration, which is defined as the shortest passage time when the future volatility intensity is above or below the current volatility intensity (without predefining a threshold). The statistical properties of the daily return volatility durations for seven representative stock indices from the world financial markets are investigated. Some useful and interesting empirical results of these volatility duration series about the probability distributions, memory effects and multifractal properties are obtained. These results also show that the proposed stock volatility series analysis is a meaningful and beneficial trial.

  20. Pyrolysis and volatilization of cocaine

    International Nuclear Information System (INIS)

    Martin, B.R.; Lue, L.P.; Boni, J.P.

    1989-01-01

    The increasing popularity of inhaling cocaine vapor prompted the present study, to determine cocaine's fate during this process. The free base of [3H]cocaine (1 microCi/50 mg) was added to a glass pipe, which was then heated in a furnace to simulate freebasing. Negative pressure was used to draw the vapor through a series of glass wool, ethanol, acidic, and basic traps. Air flow rate and temperature were found to have profound effects on the volatilization and pyrolysis of cocaine. At a temperature of 260 degrees C and a flow rate of 400 mL/min, 37% of the radioactivity remained in the pipe, 39% was found in the glass wool trap, and less than 1% in the remainder of the volatilization apparatus after a 10-min volatilization. Reducing the air flow rate to 100 mL/min reduced the amount of radioactivity collected in the glass wool trap to less than 10% of the starting material and increased the amount that remained in the pipe to 58%. GC/MS analysis of the contents of the glass wool trap after volatilization at 260 degrees C and a flow rate of 400 mL/min revealed that 60% of the cocaine remained intact, while approximately 6 and 2% of the starting material was recovered as benzoic acid and methylecgonidine, respectively. As the temperature was increased to 650 degrees C, benzoic acid and methylecgonidine accounted for 83 and 89% of the starting material, respectively, whereas only 2% of the cocaine remained intact. Quantitation of cocaine in the vapor during the course of volatilization revealed high concentrations during the first two min and low concentrations for the remaining time

  1. A nonparametric approach to forecasting realized volatility

    OpenAIRE

    Adam Clements; Ralf Becker

    2009-01-01

    A well developed literature exists in relation to modeling and forecasting asset return volatility. Much of this relate to the development of time series models of volatility. This paper proposes an alternative method for forecasting volatility that does not involve such a model. Under this approach a forecast is a weighted average of historical volatility. The greatest weight is given to periods that exhibit the most similar market conditions to the time at which the forecast is being formed...

  2. Testing for Volatility Co-movement in Bivariate Stochastic Volatility Models

    NARCIS (Netherlands)

    J. Chen (Jinghui); M. Kobayashi (Masahito); M.J. McAleer (Michael)

    2017-01-01

    markdownabstractThe paper considers the problem of volatility co-movement, namely as to whether two financial returns have perfectly correlated common volatility process, in the framework of multivariate stochastic volatility models and proposes a test which checks the volatility co-movement. The

  3. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...

  4. Dynamic Factor Models for the Volatility Surface

    DEFF Research Database (Denmark)

    van der Wel, Michel; Ozturk, Sait R.; Dijk, Dick van

    The implied volatility surface is the collection of volatilities implied by option contracts for different strike prices and time-to-maturity. We study factor models to capture the dynamics of this three-dimensional implied volatility surface. Three model types are considered to examine desirable...

  5. Mixing Ventilation

    DEFF Research Database (Denmark)

    Kandzia, Claudia; Kosonen, Risto; Melikov, Arsen Krikor

    In this guidebook most of the known and used in practice methods for achieving mixing air distribution are discussed. Mixing ventilation has been applied to many different spaces providing fresh air and thermal comfort to the occupants. Today, a design engineer can choose from large selection...

  6. Confinement of ruthenium oxides volatilized during nuclear fuels reprocessing

    International Nuclear Information System (INIS)

    Maas, E.T. Jr.; Longo, J.M.

    1980-01-01

    While many materials have been suggested and employed as trapping agents for gaseous oxides of fission product ruthenium volatilized during nuclear fuels reprocessing, none that is known to form thermodynamically stable compounds with rutheniunm has been utilized. We have employed alkaline earth metal compounds for this purpose because of their ability to form stable mixed metal oxide phases with ruthenium. Results of experiments in which RuO 4 was volatilized from either a solid source (RuO 2 .xH 2 O) or from solution [Ru(NO)(NO 3 ) 3 ] in HNO 3 and passed through beds of alkaline earth metal carbonates and calcium oxide held at 600 to 750 0 C have demonstrated that compounds of formulation MRuO 3 (M = calcium, strontium, barium) are formed. Under oxidizing conditions, these materials exist as stable ceramic phases, whereas under reducing conditions, they are transformed into intimate mixtures of the alkaline earth metal oxide and nonvolatile ruthenium metal

  7. Money growth volatility and the demand for money in Germany: Friedman's volatility hypothesis revisited

    OpenAIRE

    Brüggemann, Imke; Nautz, Dieter

    1997-01-01

    Recently, the Bundesbank claimed that monetary targeting has become considerably more diffcult by the increased volatility of short-term money growth. The present paper investigates the impact of German money growth volatility on income velocity and money demand in view of Friedman's money growth volatility hypothesis. Granger-causality tests provide some evidence for a velocity-volatility linkage. However the estimation of volatility-augmented money demand functions reveals that - in contras...

  8. Impact of microorganism on polonium volatilization

    International Nuclear Information System (INIS)

    Momoshima, N.; Ishida, A.; Fukuda, A.; Yoshinaga, C.

    2007-01-01

    Volatilization of polonium by microorganisms, Chromobacterium violaceum, Escherichia coli and Bacillus subtilis was examined for pure cultures in LB medium at 30 deg C, showing relative Po emission intensity 100, 10 and 1, respectively. Chromobacterium violaceum pre-cultured in LB medium without Po and suspended in water with Po showed high Po volatilization in spite of poor nutriment condition. Antibiotics inhibit volatilization of Po and cultivation at low temperature greatly reduced volatilization. The results strongly support the biological effects on Po volatilization. (author)

  9. Early accretion of water and volatile elements to the inner Solar System: evidence from angrites.

    Science.gov (United States)

    Sarafian, Adam R; Hauri, Erik H; McCubbin, Francis M; Lapen, Thomas J; Berger, Eve L; Nielsen, Sune G; Marschall, Horst R; Gaetani, Glenn A; Righter, Kevin; Sarafian, Emily

    2017-05-28

    Inner Solar System bodies are depleted in volatile elements relative to chondrite meteorites, yet the source(s) and mechanism(s) of volatile-element depletion and/or enrichment are poorly constrained. The timing, mechanisms and quantities of volatile elements present in the early inner Solar System have vast implications for diverse processes, from planetary differentiation to the emergence of life. We report major, trace and volatile-element contents of a glass bead derived from the D'Orbigny angrite, the hydrogen isotopic composition of this glass bead and that of coexisting olivine and silicophosphates, and the 207 Pb- 206 Pb age of the silicophosphates, 4568 ± 20 Ma. We use volatile saturation models to demonstrate that the angrite parent body must have been a major body in the early inner Solar System. We further show via mixing calculations that all inner Solar System bodies accreted volatile elements with carbonaceous chondrite H and N isotope signatures extremely early in Solar System history. Only a small portion (if any) of comets and gaseous nebular H species contributed to the volatile content of the inner Solar System bodies.This article is part of the themed issue 'The origin, history and role of water in the evolution of the inner Solar System'. © 2017 The Author(s).

  10. Herbivore-induced plant volatiles and tritrophic interactions across spatial scales.

    Science.gov (United States)

    Aartsma, Yavanna; Bianchi, Felix J J A; van der Werf, Wopke; Poelman, Erik H; Dicke, Marcel

    2017-12-01

    Herbivore-induced plant volatiles (HIPVs) are an important cue used in herbivore location by carnivorous arthropods such as parasitoids. The effects of plant volatiles on parasitoids have been well characterised at small spatial scales, but little research has been done on their effects at larger spatial scales. The spatial matrix of volatiles ('volatile mosaic') within which parasitoids locate their hosts is dynamic and heterogeneous. It is shaped by the spatial pattern of HIPV-emitting plants, the concentration, chemical composition and breakdown of the emitted HIPV blends, and by environmental factors such as wind, turbulence and vegetation that affect transport and mixing of odour plumes. The volatile mosaic may be exploited differentially by different parasitoid species, in relation to species traits such as sensory ability to perceive volatiles and the physical ability to move towards the source. Understanding how HIPVs influence parasitoids at larger spatial scales is crucial for our understanding of tritrophic interactions and sustainable pest management in agriculture. However, there is a large gap in our knowledge on how volatiles influence the process of host location by parasitoids at the landscape scale. Future studies should bridge the gap between the chemical and behavioural ecology of tritrophic interactions and landscape ecology. © 2017 The Authors. New Phytologist © 2017 New Phytologist Trust.

  11. Volatile constituents of Trichothecium roseum.

    Science.gov (United States)

    Vanhaelen, M; Vanhaelen-Fastre, R; Geeraerts, J

    1978-06-01

    In the course of investigation of Trichothecium roseum (Fungi Imperfecti) for its attractancy against Tyrophagus putrescentiae (cheese mite), the twenty following volatile compounds produced at a very low concentration by the microfungus were identified by gc, gc/ms, gc/c.i.ms and tlc: 3-methyl-1-butanol, 3-octanone, 1-octen-3-one, 3-octanol, octa-1,5-dien-3 one, 1-octen-3-ol, 6-methyl-5-hepten-2-ol, octa-1,5-dien-3 ol, furfural, linalool, linalyl acetate, terpineol (alpha and beta) citronellyl acetate, nerol, citronellol, phenylacetaldehyde, benzyl alcohol geranyl acetate, 1-phenyl ethanol and nerolidol. Octa-1,5-dien-3-ol and octa-1,5-dien-3-one have not been previously isolated from fungi; octa-1,5-dien-3-ol is the most potent attractant amount the volatile compounds detected by gc.

  12. Chirospecific analysis of plant volatiles

    International Nuclear Information System (INIS)

    Tkachev, A V

    2007-01-01

    Characteristic features of the analysis of plant volatiles by enantioselective gas (gas-liquid) chromatography and gas chromatography/mass spectrometry are discussed. The most recent advances in the design of enantioselective stationary phases are surveyed. Examples of the preparation of the most efficient phases based on modified cyclodextrins are given. Current knowledge on the successful analytical resolution of different types of plant volatiles (aliphatic and aromatic compounds and mono-, sesqui- and diterpene derivatives) into optical antipodes is systematically described. Chiral stationary phases used for these purposes, temperature conditions and enantiomer separation factors are summarised. Examples of the enantiomeric resolution of fragrance compounds and components of plant extracts, wines and essential oils are given.

  13. Chirospecific analysis of plant volatiles

    Energy Technology Data Exchange (ETDEWEB)

    Tkachev, A V [N.N. Vorozhtsov Novosibirsk Institute of Organic Chemistry, Siberian Branch of the Russian Academy of Sciences, Novosibirsk (Russian Federation)

    2007-10-31

    Characteristic features of the analysis of plant volatiles by enantioselective gas (gas-liquid) chromatography and gas chromatography/mass spectrometry are discussed. The most recent advances in the design of enantioselective stationary phases are surveyed. Examples of the preparation of the most efficient phases based on modified cyclodextrins are given. Current knowledge on the successful analytical resolution of different types of plant volatiles (aliphatic and aromatic compounds and mono-, sesqui- and diterpene derivatives) into optical antipodes is systematically described. Chiral stationary phases used for these purposes, temperature conditions and enantiomer separation factors are summarised. Examples of the enantiomeric resolution of fragrance compounds and components of plant extracts, wines and essential oils are given.

  14. Volatile element loss during planetary magma ocean phases

    Science.gov (United States)

    Dhaliwal, Jasmeet K.; Day, James M. D.; Moynier, Frédéric

    2018-01-01

    Moderately volatile elements (MVE) are key tracers of volatile depletion in planetary bodies. Zinc is an especially useful MVE because of its generally elevated abundances in planetary basalts, relative to other MVE, and limited evidence for mass-dependent isotopic fractionation under high-temperature igneous processes. Compared with terrestrial basalts, which have δ66Zn values (per mille deviation of the 66Zn/64Zn ratio from the JMC-Lyon standard) similar to some chondrite meteorites (∼+0.3‰), lunar mare basalts yield a mean δ66Zn value of +1.4 ± 0.5‰ (2 st. dev.). Furthermore, mare basalts have average Zn concentrations ∼50 times lower than in typical terrestrial basaltic rocks. Late-stage lunar magmatic products, including ferroan anorthosite, Mg- and Alkali-suite rocks have even higher δ66Zn values (+3 to +6‰). Differences in Zn abundance and isotopic compositions between lunar and terrestrial rocks have previously been interpreted to reflect evaporative loss of Zn, either during the Earth-Moon forming Giant Impact, or in a lunar magma ocean (LMO) phase. To explore the mechanisms and processes under which volatile element loss may have occurred during a LMO phase, we developed models of Zn isotopic fractionation that are generally applicable to planetary magma oceans. Our objective was to identify conditions that would yield a δ66Zn signature of ∼+1.4‰ within the lunar mantle. For the sake of simplicity, we neglect possible Zn isotopic fractionation during the Giant Impact, and assumed a starting composition equal to the composition of the present-day terrestrial mantle, assuming both the Earth and Moon had zinc 'consanguinity' following their formation. We developed two models: the first simulates evaporative fractionation of Zn only prior to LMO mixing and crystallization; the second simulates continued evaporative fractionation of Zn that persists until ∼75% LMO crystallization. The first model yields a relatively homogenous bulk solid

  15. Forecasting volatility of crude oil markets

    International Nuclear Information System (INIS)

    Kang, Sang Hoon; Kang, Sang-Mok; Yoon, Seong-Min

    2009-01-01

    This article investigates the efficacy of a volatility model for three crude oil markets - Brent, Dubai, and West Texas Intermediate (WTI) - with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory. In this context, we assess persistence in the volatility of the three crude oil prices using conditional volatility models. The CGARCH and FIGARCH models are better equipped to capture persistence than are the GARCH and IGARCH models. The CGARCH and FIGARCH models also provide superior performance in out-of-sample volatility forecasts. We conclude that the CGARCH and FIGARCH models are useful for modeling and forecasting persistence in the volatility of crude oil prices. (author)

  16. Forecasting volatility of crude oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Kang, Sang Hoon [Department of Business Administration, Gyeongsang National University, Jinju, 660-701 (Korea); Kang, Sang-Mok; Yoon, Seong-Min [Department of Economics, Pusan National University, Busan, 609-735 (Korea)

    2009-01-15

    This article investigates the efficacy of a volatility model for three crude oil markets - Brent, Dubai, and West Texas Intermediate (WTI) - with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory. In this context, we assess persistence in the volatility of the three crude oil prices using conditional volatility models. The CGARCH and FIGARCH models are better equipped to capture persistence than are the GARCH and IGARCH models. The CGARCH and FIGARCH models also provide superior performance in out-of-sample volatility forecasts. We conclude that the CGARCH and FIGARCH models are useful for modeling and forecasting persistence in the volatility of crude oil prices. (author)

  17. Money, banks and endogenous volatility

    OpenAIRE

    Pere Gomis-Porqueras

    2000-01-01

    In this paper I consider a monetary growth model in which banks provide liquidity, and the government fixes a constant rate of money creation. There are two underlying assets in the economy, money and capital. Money is dominated in rate of return. In contrast to other papers with a larger set of government liabilities, I find a unique equilibrium when agents' risk aversion is moderate. However, indeterminacies and endogenous volatility can be observed when agents are relatively risk averse.

  18. Forecasting volatility for options valuation

    International Nuclear Information System (INIS)

    Belaifa, M.; Morimune, K.

    2006-01-01

    The petroleum sector plays a neuralgic role in the basement of world economies, and market actors (producers, intermediates, as well as consumers) are continuously subjected to the dynamics of unstable oil market. Huge amounts are being invested along the production chain to make one barrel of crude oil available to the end user. Adding to that are the effect of geopolitical dynamics as well as geological risks as expressed in terms of low chances of successful discoveries. In addition, fiscal regimes and regulations, technology and environmental concerns are also among some of the major factors that contribute to the substantial risk in the oil industry and render the market structure vulnerable to crises. The management of these vulnerabilities require modern tools to reduce risk to a certain level, which unfortunately is a non-zero value. The aim of this paper is, therefore, to provide a modern technique to capture the oil price stochastic volatility that can be implemented to value the exposure of an investor, a company, a corporate or a Government. The paper first analyses the regional dependence on oil prices, through a historical perspective and then looks at the evolution of pricing environment since the large price jumps of the 1970s. The main causes of oil prices volatility are treated in the third part of the paper. The rest of the article deals with volatility models and forecasts used in risk management, with an implication for pricing derivatives. (author)

  19. Human skin volatiles: a review.

    Science.gov (United States)

    Dormont, Laurent; Bessière, Jean-Marie; Cohuet, Anna

    2013-05-01

    Odors emitted by human skin are of great interest to biologists in many fields; applications range from forensic studies to diagnostic tools, the design of perfumes and deodorants, and the ecology of blood-sucking insect vectors of human disease. Numerous studies have investigated the chemical composition of skin odors, and various sampling methods have been used for this purpose. The literature shows that the chemical profile of skin volatiles varies greatly among studies, and the use of different sampling procedures is probably responsible for some of these variations. To our knowledge, this is the first review focused on human skin volatile compounds. We detail the different sampling techniques, each with its own set of advantages and disadvantages, which have been used for the collection of skin odors from different parts of the human body. We present the main skin volatile compounds found in these studies, with particular emphasis on the most frequently studied body regions, axillae, hands, and feet. We propose future directions for promising experimental studies on odors from human skin, particularly in relation to the chemical ecology of blood-sucking insects.

  20. Volatilization of gasoline from soil

    International Nuclear Information System (INIS)

    Arthus, P.

    1993-05-01

    Gasoline contaminated soil threatens water resources and air quality. The extent of the threat depends on gasoline behavior in soil, which is affected by various mechanisms such as volatilization. To quantify volatilization, gasoline spills were simulated in the laboratory using a synthetic gasoline and three dry soils. Total gasoline and individual gasoline compound concentrations in soil were monitored as a function of depth and time. The time to reduce overall gasoline concentration in coarse sand, sandy loam, and silt loam to 40% of initial concentration, averaged between surface and a 200-mm depth, ranged from 0.25 d to 10 d. A wicking phenomenon which contributed to gasoline flux toward the atmosphere was indicated by behavior of a low-volatility gasoline compound. Based on separate wicking experiments, this bulk immiscible movement was estimated at an upward velocity of 0.09 m/d for Delhi sandy loam and 0.05 m/d for Elora silt loam. 70 refs., 24 figs., 34 tabs

  1. Wintertime hygroscopicity and volatility of ambient urban aerosol particles

    Science.gov (United States)

    Enroth, Joonas; Mikkilä, Jyri; Németh, Zoltán; Kulmala, Markku; Salma, Imre

    2018-04-01

    particles were ordinarily volatile. They could be composed of moderately transformed aged combustion particles consisting of partly oxygenated organics, inorganic salts and soot. The larger particles contained internally mixed non-volatile chemical species as a refractory residual in 20-25 % of the aerosol material (by volume).

  2. Volatile and non-volatile/semi-volatile compounds and in vitro bioactive properties of Chilean Ulmo (Eucryphia cordifolia Cav.) honey.

    Science.gov (United States)

    Acevedo, Francisca; Torres, Paulina; Oomah, B Dave; de Alencar, Severino Matias; Massarioli, Adna Prado; Martín-Venegas, Raquel; Albarral-Ávila, Vicenta; Burgos-Díaz, César; Ferrer, Ruth; Rubilar, Mónica

    2017-04-01

    Ulmo honey originating from Eucryphia cordifolia tree, known locally in the Araucania region as the Ulmo tree is a natural product with valuable nutritional and medicinal qualities. It has been used in the Mapuche culture to treat infections. This study aimed to identify the volatile and non-volatile/semi-volatile compounds of Ulmo honey and elucidate its in vitro biological properties by evaluating its antioxidant, antibacterial, antiproliferative and hemolytic properties and cytotoxicity in Caco-2 cells. Headspace volatiles of Ulmo honey were isolated by solid-phase microextraction (SPME); non-volatiles/semi-volatiles were obtained by removing all saccharides with acidified water and the compounds were identified by GC/MS analysis. Ulmo honey volatiles consisted of 50 compounds predominated by 20 flavor components. Two of the volatile compounds, lyrame and anethol have never been reported before as honey compounds. The non-volatile/semi-volatile components of Ulmo honey comprised 27 compounds including 13 benzene derivatives accounting 75% of the total peak area. Ulmo honey exhibited weak antioxidant activity but strong antibacterial activity particularly against gram-negative bacteria and methicillin-resistant Staphylococcus aureus (MRSA), the main strain involved in wounds and skin infections. At concentrations >0.5%, Ulmo honey reduced Caco-2 cell viability, released lactate dehydrogenase (LDH) and increased reactive oxygen species (ROS) production in a dose dependent manner in the presence of foetal bovine serum (FBS). The wide array of volatile and non-volatile/semi-volatile constituents of Ulmo honey rich in benzene derivatives may partly account for its strong antibacterial and antiproliferative properties important for its therapeutic use. Our results indicate that Ulmo honey can potentially inhibit cancer growth at least partly by modulating oxidative stress. Copyright © 2017 Elsevier Ltd. All rights reserved.

  3. A Range-Based Test for the Parametric Form of the Volatility in Diffusion Models

    DEFF Research Database (Denmark)

    Podolskij, Mark; Ziggel, Daniel

    statistic. Under rather weak assumptions on the drift and volatility we prove weak convergence of the test statistic to a centered mixed Gaussian distribution. As a consequence we obtain a test, which is consistent for any fixed alternative. Moreover, we present a parametric bootstrap procedure which...

  4. Stochastic volatility models and Kelvin waves

    Energy Technology Data Exchange (ETDEWEB)

    Lipton, Alex [Merrill Lynch, Mlfc Main, 2 King Edward Street, London EC1A 1HQ (United Kingdom); Sepp, Artur [Merrill Lynch, 4 World Financial Center, New York, NY 10080 (United States)], E-mail: Alex_Lipton@ml.com, E-mail: Artur_Sepp@ml.com

    2008-08-29

    We use stochastic volatility models to describe the evolution of an asset price, its instantaneous volatility and its realized volatility. In particular, we concentrate on the Stein and Stein model (SSM) (1991) for the stochastic asset volatility and the Heston model (HM) (1993) for the stochastic asset variance. By construction, the volatility is not sign definite in SSM and is non-negative in HM. It is well known that both models produce closed-form expressions for the prices of vanilla option via the Lewis-Lipton formula. However, the numerical pricing of exotic options by means of the finite difference and Monte Carlo methods is much more complex for HM than for SSM. Until now, this complexity was considered to be an acceptable price to pay for ensuring that the asset volatility is non-negative. We argue that having negative stochastic volatility is a psychological rather than financial or mathematical problem, and advocate using SSM rather than HM in most applications. We extend SSM by adding volatility jumps and obtain a closed-form expression for the density of the asset price and its realized volatility. We also show that the current method of choice for solving pricing problems with stochastic volatility (via the affine ansatz for the Fourier-transformed density function) can be traced back to the Kelvin method designed in the 19th century for studying wave motion problems arising in fluid dynamics.

  5. Stochastic volatility models and Kelvin waves

    Science.gov (United States)

    Lipton, Alex; Sepp, Artur

    2008-08-01

    We use stochastic volatility models to describe the evolution of an asset price, its instantaneous volatility and its realized volatility. In particular, we concentrate on the Stein and Stein model (SSM) (1991) for the stochastic asset volatility and the Heston model (HM) (1993) for the stochastic asset variance. By construction, the volatility is not sign definite in SSM and is non-negative in HM. It is well known that both models produce closed-form expressions for the prices of vanilla option via the Lewis-Lipton formula. However, the numerical pricing of exotic options by means of the finite difference and Monte Carlo methods is much more complex for HM than for SSM. Until now, this complexity was considered to be an acceptable price to pay for ensuring that the asset volatility is non-negative. We argue that having negative stochastic volatility is a psychological rather than financial or mathematical problem, and advocate using SSM rather than HM in most applications. We extend SSM by adding volatility jumps and obtain a closed-form expression for the density of the asset price and its realized volatility. We also show that the current method of choice for solving pricing problems with stochastic volatility (via the affine ansatz for the Fourier-transformed density function) can be traced back to the Kelvin method designed in the 19th century for studying wave motion problems arising in fluid dynamics.

  6. Stochastic volatility models and Kelvin waves

    International Nuclear Information System (INIS)

    Lipton, Alex; Sepp, Artur

    2008-01-01

    We use stochastic volatility models to describe the evolution of an asset price, its instantaneous volatility and its realized volatility. In particular, we concentrate on the Stein and Stein model (SSM) (1991) for the stochastic asset volatility and the Heston model (HM) (1993) for the stochastic asset variance. By construction, the volatility is not sign definite in SSM and is non-negative in HM. It is well known that both models produce closed-form expressions for the prices of vanilla option via the Lewis-Lipton formula. However, the numerical pricing of exotic options by means of the finite difference and Monte Carlo methods is much more complex for HM than for SSM. Until now, this complexity was considered to be an acceptable price to pay for ensuring that the asset volatility is non-negative. We argue that having negative stochastic volatility is a psychological rather than financial or mathematical problem, and advocate using SSM rather than HM in most applications. We extend SSM by adding volatility jumps and obtain a closed-form expression for the density of the asset price and its realized volatility. We also show that the current method of choice for solving pricing problems with stochastic volatility (via the affine ansatz for the Fourier-transformed density function) can be traced back to the Kelvin method designed in the 19th century for studying wave motion problems arising in fluid dynamics

  7. Uncertainty of Volatility Estimates from Heston Greeks

    Directory of Open Access Journals (Sweden)

    Oliver Pfante

    2018-01-01

    Full Text Available Volatility is a widely recognized measure of market risk. As volatility is not observed it has to be estimated from market prices, i.e., as the implied volatility from option prices. The volatility index VIX making volatility a tradeable asset in its own right is computed from near- and next-term put and call options on the S&P 500 with more than 23 days and less than 37 days to expiration and non-vanishing bid. In the present paper we quantify the information content of the constituents of the VIX about the volatility of the S&P 500 in terms of the Fisher information matrix. Assuming that observed option prices are centered on the theoretical price provided by Heston's model perturbed by additive Gaussian noise we relate their Fisher information matrix to the Greeks in the Heston model. We find that the prices of options contained in the VIX basket allow for reliable estimates of the volatility of the S&P 500 with negligible uncertainty as long as volatility is large enough. Interestingly, if volatility drops below a critical value of roughly 3%, inferences from option prices become imprecise because Vega, the derivative of a European option w.r.t. volatility, and thereby the Fisher information nearly vanishes.

  8. Synthesis and characterization of volatile technetium compound

    International Nuclear Information System (INIS)

    Childs, Bradley C.; Poineau, Frederic; Czerwinski, Ken R.

    2013-01-01

    Technetium-99 is an important fission (T 1/2 = 2.13.105 y) product of the nuclear industry. Technetium in its highest oxidation state (VII) is highly mobile and can represent a threat to the environment. There are over 55 million gallons of high level mixed waste located at the Hanford site. Waste tanks at the Hanford site contain Tc that could potentially leak, and in the context of management of technetium, a glass waste form was proposed to counteract the issue. In the process of synthesizing melt glass between the temperatures of 600°C and 1100°C, volatile technetium compounds were observed in the reaction tube. These compounds displayed characteristic colors based upon the reaction environments of either breathing air or nitrogen gas. A breathing air atmosphere produces a red compound that adheres to the walls of the reaction tube. An atmosphere of nitrogen gas produces a white compound that was observed on the walls of the reaction tube. (author)

  9. Nitrate radicals and biogenic volatile organic compounds ...

    Science.gov (United States)

    Oxidation of biogenic volatile organic compounds (BVOC) by the nitrate radical (NO3) represents one of the important interactions between anthropogenic emissions related to combustion and natural emissions from the biosphere. This interaction has been recognized for more than 3 decades, during which time a large body of research has emerged from laboratory, field, and modeling studies. NO3-BVOC reactions influence air quality, climate and visibility through regional and global budgets for reactive nitrogen (particularly organic nitrates), ozone, and organic aerosol. Despite its long history of research and the significance of this topic in atmospheric chemistry, a number of important uncertainties remain. These include an incomplete understanding of the rates, mechanisms, and organic aerosol yields for NO3-BVOC reactions, lack of constraints on the role of heterogeneous oxidative processes associated with the NO3 radical, the difficulty of characterizing the spatial distributions of BVOC and NO3 within the poorly mixed nocturnal atmosphere, and the challenge of constructing appropriate boundary layer schemes and non-photochemical mechanisms for use in state-of-the-art chemical transport and chemistry–climate models. This review is the result of a workshop of the same title held at the Georgia Institute of Technology in June 2015. The first half of the review summarizes the current literature on NO3-BVOC chemistry, with a particular focus on recent advances in

  10. Volatility of atmospherically relevant alkylaminium carboxylate salts.

    Science.gov (United States)

    Lavi, Avi; Segre, Enrico; Gomez-Hernandez, Mario; Zhang, Renyi; Rudich, Yinon

    2015-05-14

    Heterogeneous neutralization reactions of ammonia and alkylamines with sulfuric acid play an important role in aerosol formation and particle growth. However, little is known about the physical and chemical properties of alkylaminium salts of organic acids. In this work we studied the thermal stability and volatility of alkylaminium carboxylate salts of short aliphatic alkylamines with monocarboxylic and dicarboxylic acids. The enthalpy of vaporization and saturation vapor pressure at 298 K were derived using the kinetic model of evaporation and the Clausius-Clapeyron relation. The vapor pressure of alkylaminium dicarboxylate salts is ∼10(-6) Pa, and the vaporization enthalpy ranges from 73 to 134 kJ mol(-1). Alkylaminium monocarboxylate salts show high thermal stability, and their thermograms do not follow our evaporation model. Hence, we inferred their vapor pressure from their thermograms as comparable to that of ammonium sulfate (∼10(-9) Pa). Further characterization showed that alkylaminium monocarboxylates are room temperature protic ionic liquids (RTPILs) that are more hygroscopic than ammonium sulfate (AS). We suggest that the irregular thermograms result from an incomplete neutralization reaction leading to a mixture of ionic and nonionic compounds. We conclude that these salts are expected to contribute to new particle formation and particle growth under ambient conditions and can significantly enhance the CCN activity of mixed particles in areas where SO2 emissions are regulated.

  11. Impact of Derivative Trading On Stock Market Volatility in India: A Study of S&P CNX Nifty

    Directory of Open Access Journals (Sweden)

    Ruchika GAHLOT

    2010-11-01

    Full Text Available The Purpose of the study is to examine the impact of derivative trading on stock market volatility. The sample data consist of closing prices of S&P CNX Nifty as well as closing prices of five derivative stocks and five non derivative stocks from April 1, 2002 to March 31, 2005. The study uses GARCH model to capture nature of volatility over time and volatility clustering phenomenon of data. The evidences suggest that there is no significant change in the volatility of S &P CNX Nifty, but the structure of volatility has changed to some extent. However, results show mixed effect in case of 10 individual stocks. These results can assist investors in making investment decision. It also helps to identify need for regulation.

  12. Origin of Volatiles in Earth: Indigenous Versus Exogenous Sources Based on Highly Siderophile, Volatile Siderophile, and Light Volatile Elements

    Science.gov (United States)

    Righter, K.; Danielson, L.; Pando, K. M.; Marin, N.; Nickodem, K.

    2015-01-01

    Origin of Earth's volatiles has traditionally been ascribed to late accretion of material after major differentiation events - chondrites, comets, ice or other exogenous sources. A competing theory is that the Earth accreted its volatiles as it was built, thus water and other building blocks were present early and during differentiation and core formation (indigenous). Here we discuss geochemical evidence from three groups of elements that suggests Earth's volatiles were acquired during accretion and did not require additional sources after differentiation.

  13. LETTER TO THE EDITOR: Mixed population Minority Game with generalized strategies

    Science.gov (United States)

    Jefferies, P.; Hart, M.; Johnson, N. F.; Hui, P. M.

    2000-11-01

    We present a quantitative theory, based on crowd effects, for the market volatility in a Minority Game played by a mixed population. Below a critical concentration of generalized strategy players, we find that the volatility in the crowded regime remains above the random coin-toss value regardless of the `temperature' controlling strategy use. Our theory yields good agreement with numerical simulations.

  14. Inflation Volatility and the Inflation-Growth Tradeoff in India

    OpenAIRE

    Raghbendra Jha; Varsha S. Kulkarni

    2012-01-01

    This paper amends the New Keynesian Phillips curve model to include inflation volatility and tests the determinants of such volatility for India. It provides results on the determinants of inflation volatility and expected inflation volatility for OLS and ARDL (1,1) models and for change in inflation volatility and change in expected inflation volatility using ECM models. Output gap affects change in expected inflation volatility along (in the ECM model) and not in the other models. Major det...

  15. Volatile accretion history of the Earth.

    Science.gov (United States)

    Wood, B J; Halliday, A N; Rehkämper, M

    2010-10-28

    It has long been thought that the Earth had a protracted and complex history of volatile accretion and loss. Albarède paints a different picture, proposing that the Earth first formed as a dry planet which, like the Moon, was devoid of volatile constituents. He suggests that the Earth's complement of volatile elements was only established later, by the addition of a small veneer of volatile-rich material at ∼100 Myr (here and elsewhere, ages are relative to the origin of the Solar System). Here we argue that the Earth's mass balance of moderately volatile elements is inconsistent with Albarède's hypothesis but is well explained by the standard model of accretion from partially volatile-depleted material, accompanied by core formation.

  16. Volatile communication in plant-aphid interactions.

    Science.gov (United States)

    de Vos, Martin; Jander, Georg

    2010-08-01

    Volatile communication plays an important role in mediating the interactions between plants, aphids, and other organisms in the environment. In response to aphid infestation, many plants initiate indirect defenses through the release of volatiles that attract ladybugs, parasitoid wasps, and other aphid-consuming predators. Aphid-induced volatile release in the model plant Arabidopsis thaliana requires the jasmonate signaling pathway. Volatile release is also induced by infection with aphid-transmitted viruses. Consistent with mathematical models of optimal transmission, viruses that are acquired rapidly by aphids induce volatile release to attract migratory aphids, but discourage long-term aphid feeding. Although the ecology of these interactions is well-studied, further research is needed to identify the molecular basis of aphid-induced and virus-induced changes in plant volatile release. Copyright 2010 Elsevier Ltd. All rights reserved.

  17. Acid and Volatiles of Commercially-Available Lambic Beers

    Directory of Open Access Journals (Sweden)

    Katherine Thompson Witrick

    2017-10-01

    Full Text Available Lambic beer is the oldest style of beer still being produced in the Western world using spontaneous fermentation. Gueuze is a style of lambic beer prepared by mixing young (one year and older (two to three years beers. Little is known about the volatiles and semi-volatiles found in commercial samples of gueuze lambic beers. SPME was used to extract the volatiles from nine different brands of lambic beer. GC-MS was used for the separation and identification of the compounds extracted with SPME. The pH and color were measured using standard procedures. A total of 50 compounds were identified in the nine brands. Seventeen of the 50 compounds identified have been previously identified. The compounds identified included a number of different chemical groups such as acids, alcohols, phenols, ketones, aldehydes, and esters. Ethyl acetate, 4-ethylphenol, and 4-ethylguaiacol are known by-products of the yeast, Brettanomyces, which is normally a spoilage microorganism in beer and wine, but important for the flavor characteristics of lambic beer. There were no differences in pH, but there were differences in color between the beer samples.

  18. Mixed parentage

    DEFF Research Database (Denmark)

    Bang Appel, Helene; Singla, Rashmi

    2016-01-01

    Despite an increase in cross border intimate relationships and children of mixed parentage, there is little mention or scholarship about them in the area of childhood and migrancy in the Nordic countries. The international literature implies historical pathologisation, contestation and current...... of identity formation in the . They position themselves as having an “in-between” identity or “ just Danes” in their every day lives among friends, family, and during leisure activities. Thus a new paradigm is evolving away- from the pathologisation of mixed children, simplified one-sided categories...

  19. Macroeconomic Volatility and Welfare in Developing Countries

    OpenAIRE

    Loayza, Norman V.; Rancière, Romain; Servén, Luis; Ventura, Jaume

    2007-01-01

    Macroeconomic Volatility and Welfare in Developing Countries: An Introduction Norman V. Loayza, Romain Ranciere, Luis Serven, ` and Jaume Ventura Macroeconomic volatility, both a source and a reflection of underdevelopment, is a fundamental concern for developing countries. This article provides a brief overview of the recent literature on macroeconomic volatility in developing countries, highlighting its causes, consequences, and possible remedies. to reduce domestic policy-induced macroecon...

  20. Identify and Manage the Software Requirements Volatility

    OpenAIRE

    Khloud Abd Elwahab; Mahmoud Abd EL Latif; Sherif Kholeif

    2016-01-01

    Management of software requirements volatility through development of life cycle is a very important stage. It helps the team to control significant impact all over the project (cost, time and effort), and also it keeps the project on track, to finally satisfy the user which is the main success criteria for the software project. In this research paper, we have analysed the root causes of requirements volatility through a proposed framework presenting the requirements volatility causes and how...

  1. Equity Volatility and Corporate Bond Yields

    OpenAIRE

    John Y. Campbell; Glen B. Taksler

    2002-01-01

    This paper explores the effect of equity volatility on corporate bond yields. Panel data for the late 1990s show that idiosyncratic firm-level volatility can explain as much cross-sectional variation in yields as can credit ratings. This finding, together with the upward trend in idiosyncratic equity volatility documented by Campbell, Lettau, Malkiel, and Xu (2001), helps to explain recent increases in corporate bond yields. The definitive version is available at www.blackwell-synergy.com.

  2. Production Function of Outgassed Volatiles on Mercury: Implications for Polar Volatiles on Mercury and the Moon

    Science.gov (United States)

    Deutsch, A. N.; Head, J. W.

    2018-05-01

    We are interested in the flux of volatiles delivered to the polar regions of Mercury and the Moon through time. We integrate the production functions for volatile delivery from impacts, solar wind, and volcanism, which we focus on initially.

  3. [Solidification of volatile oil with graphene oxide].

    Science.gov (United States)

    Yan, Hong-Mei; Jia, Xiao-Bin; Zhang, Zhen-Hai; Sun, E; Xu, Yi-Hao

    2015-02-01

    To evaluate the properties of solidifying volatile oil with graphene oxide, clove oil and zedoary turmeric oil were solidified by graphene oxide. The amount of graphene oxide was optimized with the eugenol yield and curcumol yield as criteria. Curing powder was characterized by differential scanning calorimetry (DSC) and scanning electron microscopy (SEM). The effects of graphene oxide on dissolution in vitro and thermal stability of active components were studied. The optimum solidification ratio of graphene oxide to volatile oil was 1:1. Dissolution rate of active components had rare influence while their thermal stability improved after volatile oil was solidified. Solidifying herbal volatile oil with graphene oxide deserves further study.

  4. [Chemical components of Vetiveria zizanioides volatiles].

    Science.gov (United States)

    Huang, Jinghua; Li, Huashou; Yang, Jun; Chen, Yufen; Liu, Yinghu; Li, Ning; Nie, Chengrong

    2004-01-01

    The chemical components of the volatiles from Vetiveria zizanioides were analyzed by SPME and GC-MS. In the roots, the main component was valencene (30.36%), while in the shoots and leaves, they were 9-octadecenamide (33.50%), 2,6,10,15,19,23-hexamethyl-2,6,10,14,18,22-tetracosahexaene (27.46%), and 1,2-benzendicarboxylic acid, diisooctyl ester(18.29%). The results showed that there were many terpenoids in the volatils. In shoot volatiles, there existed 3 monoterpenes, 2 sequiterpenes and 1 triterpene. Most of the volatiles in roots were sesquiterpenes.

  5. CAM Stochastic Volatility Model for Option Pricing

    Directory of Open Access Journals (Sweden)

    Wanwan Huang

    2016-01-01

    Full Text Available The coupled additive and multiplicative (CAM noises model is a stochastic volatility model for derivative pricing. Unlike the other stochastic volatility models in the literature, the CAM model uses two Brownian motions, one multiplicative and one additive, to model the volatility process. We provide empirical evidence that suggests a nontrivial relationship between the kurtosis and skewness of asset prices and that the CAM model is able to capture this relationship, whereas the traditional stochastic volatility models cannot. We introduce a control variate method and Monte Carlo estimators for some of the sensitivities (Greeks of the model. We also derive an approximation for the characteristic function of the model.

  6. The effect of volatility on percutaneous absorption.

    Science.gov (United States)

    Rouse, Nicole C; Maibach, Howard I

    2016-01-01

    Topically applied chemicals may volatilize, or evaporate, from skin leaving behind a chemical residue with new percutaneous absorptive capabilities. Understanding volatilization of topical medications, such as sunscreens, fragrances, insect repellants, cosmetics and other commonly applied topicals may have implications for their safety and efficacy. A systematic review of English language articles from 1979 to 2014 was performed using key search terms. Articles were evaluated to assess the relationship between volatility and percutaneous absorption. A total of 12 articles were selected and reviewed. Key findings were that absorption is enhanced when coupled with a volatile substance, occlusion prevents evaporation and increases absorption, high ventilation increases volatilization and reduces absorption, and pH of skin has an affect on a chemical's volatility. The articles also brought to light that different methods may have an affect on volatility: different body regions; in vivo vs. in vitro; human vs. Data suggest that volatility is crucial for determining safety and efficacy of cutaneous exposures and therapies. Few articles have been documented reporting evaporation in the context of percutaneous absorption, and of those published, great variability exists in methods. Further investigation of volatility is needed to properly evaluate its role in percutaneous absorption.

  7. Wintertime hygroscopicity and volatility of ambient urban aerosol particles

    Directory of Open Access Journals (Sweden)

    J. Enroth

    2018-04-01

    -hygroscopic hydrocarbon-like organics. The hygroscopic particles were ordinarily volatile. They could be composed of moderately transformed aged combustion particles consisting of partly oxygenated organics, inorganic salts and soot. The larger particles contained internally mixed non-volatile chemical species as a refractory residual in 20–25 % of the aerosol material (by volume.

  8. Effects of trace volatile organic compounds on methane oxidation

    Directory of Open Access Journals (Sweden)

    Chiemchaisri Wilai

    2001-01-01

    Full Text Available The effects of volatile organic compounds (VOCs on methane oxidation in landfill cover soils were examined. The batch experiments were conducted using single and mixed VOCs, such as, dichloromethane (DCM, trichloroethylene (TCE, tetrachloroethylene (PCE, and benzene. The results from all combinations showed a decrease in methane oxidation rate with increase in VOC concentrations. Moreover, inhibition effects of TCE and DCM were found higher than benzene and PCE. The reduction of methane oxidation by benzene and PCE could be attributed to the toxicity effect, whereas TCE and DCM were found to exhibit the competitive-inhibition effect. When the soil was mixed with DCM, no methane oxidation was found. Damage to the cell's internal membrane was found in a methanotrophic culture exposed to VOC gases which is the attachment site of a key enzyme needed for methane oxidation

  9. Mixed Movements

    DEFF Research Database (Denmark)

    Brabrand, Helle

    2010-01-01

    levels than those related to building, and this exploration is a special challenge and competence implicit artistic development work. The project Mixed Movements generates drawing-material, not primary as representation, but as a performance-based media, making the body being-in-the-media felt and appear...... as possible operational moves....

  10. Lateral Mixing

    Science.gov (United States)

    2014-09-30

    negative (right panel c) and the kinetic energy dissipation is larger than that expected from meterological forcing alone (right panel a). This is...10.1002/grl.50919. Shcherbina, A. et al., 2014, The LatMix Summer Campaign: Submesoscale Stirring in the Upper Ocean., Bull. American Meterological

  11. Volatile profiles and chromatic characteristics of red wines produced with Starmerella bacillaris and Saccharomyces cerevisiae.

    Science.gov (United States)

    Englezos, Vasileios; Rantsiou, Kalliopi; Cravero, Francesco; Torchio, Fabrizio; Giacosa, Simone; Ortiz-Julien, Anne; Gerbi, Vincenzo; Rolle, Luca; Cocolin, Luca

    2018-07-01

    The use of mixed fermentations with Starmerella bacillaris and Saccharomyces cerevisiae is gaining attention in recent years due to their ability to modulate the metabolites production of enological interest. In the present study, four of the most popular planted red grape varieties (Cabernet sauvignon, Merlot, Pinot noir and Shiraz) were fermented using the aforementioned species and two different inoculation protocols (inoculation of S. cerevisiae after 24 and 48 h from the Starm. bacillaris inoculation), in order to evaluate their impact on the volatile composition and chromatic characteristics of wines. Analysis from chemical composition showed that titratable acidity and glycerol content exhibited marked differences among wines after fermentation. For volatile compounds, mixed fermented wines using an inoculation delay of 48 h led to reduction of volatile compounds (mainly esters). A shorter 24 h delay produced wines with higher values of color intensity than pure fermented wines. The differences observed between the inoculation protocols can be explained by the growth dynamics of both species during fermentation. These findings suggest that mixed fermentations posed a great potential in reducing metabolites which are considered negative for wine quality (mainly ethyl acetate and volatile fatty acids) and with an improvement of the chromatic profile of the wines. Copyright © 2018 Elsevier Ltd. All rights reserved.

  12. Parity mixing

    International Nuclear Information System (INIS)

    Adelberger, E.G.

    1975-01-01

    The field of parity mixing in light nuclei bears upon one of the exciting and active problems of physics--the nature of the fundamental weak interaction. It is also a subject where polarization techniques play a very important role. Weak interaction theory is first reviewed to motivate the parity mixing experiments. Two very attractive systems are discussed where the nuclear physics is so beautifully simple that the experimental observation of tiny effects directly measures parity violating (PV) nuclear matrix elements which are quite sensitive to the form of the basic weak interaction. Since the measurement of very small analyzing powers and polarizations may be of general interest to this conference, some discussion is devoted to experimental techniques

  13. Fundamental uncertainty and stock market volatility

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2008-01-01

    We provide empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from participants in the Survey of Professional Forecasters over the period 1969 to 1996.

  14. Effects of Idiosyncratic Volatility in Asset Pricing

    Directory of Open Access Journals (Sweden)

    André Luís Leite

    2016-04-01

    Full Text Available This paper aims to evaluate the effects of the aggregate market volatility components - average volatility and average correlation - on the pricing of portfolios sorted by idiosyncratic volatility, using Brazilian data. The study investigates whether portfolios with high and low idiosyncratic volatility - in relation to the Fama and French model (1996 - have different exposures to innovations in average market volatility, and consequently, different expectations for return. The results are in line with those found for US data, although they portray the Brazilian reality. Decomposition of volatility allows the average volatility component, without the disturbance generated by the average correlation component, to better price the effects of a worsening or an improvement in the investment environment. This result is also identical to that found for US data. Average variance should thus command a risk premium. For US data, this premium is negative. According to Chen and Petkova (2012, the main reason for this negative sign is the high level of investment in research and development recorded by companies with high idiosyncratic volatility. As in Brazil this type of investment is significantly lower than in the US, it was expected that a result with the opposite sign would be found, which is in fact what occurred.

  15. Decomposing European bond and equity volatility

    DEFF Research Database (Denmark)

    Christiansen, Charlotte

    The paper investigates volatility spillover from US and aggregate European asset markets into European national asset markets. A main contribution is that bond and equity volatilities are analyzed simultaneously. A new model belonging to the "volatilityspillover" family is suggested: The conditio...

  16. Current status of fluoride volatility method development

    Energy Technology Data Exchange (ETDEWEB)

    Uhlir, J.; Marecek, M.; Skarohlid, J. [UJV - Nuclear Research Institute, Research Centre Rez, CZ-250 68 Husinec - Rez 130 (Czech Republic)

    2013-07-01

    The Fluoride Volatility Method is based on a separation process, which comes out from the specific property of uranium, neptunium and plutonium to form volatile hexafluorides whereas most of fission products (mainly lanthanides) and higher transplutonium elements (americium, curium) present in irradiated fuel form nonvolatile tri-fluorides. Fluoride Volatility Method itself is based on direct fluorination of the spent fuel, but before the fluorination step, the removal of cladding material and subsequent transformation of the fuel into a powdered form with a suitable grain size have to be done. The fluorination is made with fluorine gas in a flame fluorination reactor, where the volatile fluorides (mostly UF{sub 6}) are separated from the non-volatile ones (trivalent minor actinides and majority of fission products). The subsequent operations necessary for partitioning of volatile fluorides are the condensation and evaporation of volatile fluorides, the thermal decomposition of PuF{sub 6} and the finally distillation and sorption used for the purification of uranium product. The Fluoride Volatility Method is considered to be a promising advanced pyrochemical reprocessing technology, which can mainly be used for the reprocessing of oxide spent fuels coming from future GEN IV fast reactors.

  17. Volatility transmission and patterns in Bund futures

    NARCIS (Netherlands)

    Ph.H.B.F. Franses (Philip Hans); R. van Ieperen; A.J. Menkveld (Bert); P. Kofman (Paul); M.P.E. Martens (Martin)

    1997-01-01

    textabstractWe analyze intraday volatility behavior for the Bund futures contract that is traded simultaneously at two competing exchanges. We investigate the transmission of volatility between the exchanges. We find that the lead/lag relations are restricted to a few minutes and do not reveal a

  18. Stock market volatility and macroeconomic uncertainty

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2006-01-01

    This paper provides empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from SPF survey participants over the period from 1969 to 1996. This link is much

  19. CHEMICAL INVESTIGATION OF THE VOLATILE CONSTITUENTS ...

    African Journals Online (AJOL)

    CHEMICAL INVESTIGATION OF THE VOLATILE CONSTITUENTS OF CLEOME VISCOSA FROM NIGERIA. Gabriel Olatunji, Peter Weyerstahl, Stephen Oguntoye. Abstract. The major volatile constituents of the oils from the integral parts of Cleome viscosa L. from Nigeria have been identified by GC, GC/MS and 1H NMR.

  20. The economic value of realized volatility

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunou, Bruno; Jacobs, Kris

    2014-01-01

    Many studies have documented that daily realized volatility estimates based on intraday returns provide volatility forecasts that are superior to forecasts constructed from daily returns only. We investigate whether these forecasting improvements translate into economic value added. To do so, we ...

  1. Firm-level volatility and exports

    NARCIS (Netherlands)

    Vannoorenberghe, G.C.L.

    2012-01-01

    This paper shows that the share of exports in the total sales of a firm has a positive and substantial impact on the volatility of its sales. Decomposing the volatility of sales of exporters between their domestic and export markets, I show using an identification strategy based on a firm-specific

  2. American option pricing with stochastic volatility processes

    Directory of Open Access Journals (Sweden)

    Ping LI

    2017-12-01

    Full Text Available In order to solve the problem of option pricing more perfectly, the option pricing problem with Heston stochastic volatility model is considered. The optimal implementation boundary of American option and the conditions for its early execution are analyzed and discussed. In view of the fact that there is no analytical American option pricing formula, through the space discretization parameters, the stochastic partial differential equation satisfied by American options with Heston stochastic volatility is transformed into the corresponding differential equations, and then using high order compact finite difference method, numerical solutions are obtained for the option price. The numerical experiments are carried out to verify the theoretical results and simulation. The two kinds of optimal exercise boundaries under the conditions of the constant volatility and the stochastic volatility are compared, and the results show that the optimal exercise boundary also has stochastic volatility. Under the setting of parameters, the behavior and the nature of volatility are analyzed, the volatility curve is simulated, the calculation results of high order compact difference method are compared, and the numerical option solution is obtained, so that the method is verified. The research result provides reference for solving the problems of option pricing under stochastic volatility such as multiple underlying asset option pricing and barrier option pricing.

  3. Mutual fund volatility timing and management fees

    NARCIS (Netherlands)

    Giambona, E.; Golec, J.

    2009-01-01

    This paper shows that compensation incentives partly drive fund managers’ market volatility timing strategies. Larger incentive management fees lead to less counter-cyclical or more pro-cyclical volatility timing. But fund styles or aggregate fund flows could also account for this relation;

  4. Some recent developments in stochastic volatility modelling

    DEFF Research Database (Denmark)

    Barndorff-Nielsen, Ole Eiler; Nicolato, Elisa; Shephard, N.

    2002-01-01

    This paper reviews and puts in context some of our recent work on stochastic volatility (SV) modelling for financial economics. Here our main focus is on: (i) the relationship between subordination and SV, (ii) OU based volatility models, (iii) exact option pricing, (iv) realized power variation...

  5. Volatility Determination in an Ambit Process Setting

    DEFF Research Database (Denmark)

    Barndorff-Nielsen, Ole; Graversen, Svend-Erik

    The probability limit behaviour of normalised quadratic variation is studied for a simple tempo-spatial ambit process, with particular regard to the question of volatility memorylessness.......The probability limit behaviour of normalised quadratic variation is studied for a simple tempo-spatial ambit process, with particular regard to the question of volatility memorylessness....

  6. Order flow and volatility: An empirical investigation

    NARCIS (Netherlands)

    Opschoor, A.; Taylor, N.; van der Wel, M.; van Dijk, D.

    2014-01-01

    We study the relationship between order flow and volatility. To this end we develop a comprehensive framework that simultaneously controls for the effects of macro announcements and order flow on prices and the effect of macro announcements on volatility. Using high-frequency 30-year U.S. Treasury

  7. Volatile organometallic and semiconductor materials

    International Nuclear Information System (INIS)

    Dickson, R.S.

    1991-01-01

    This article reports on a project concerned with the metal organic chemical vapour deposition (MOCVD) of mercury-cadmium telluride (MCT) undertaken by a research consortium based in the Clayton area involving Monash University Chemistry Department, Telecom Research Laboratories, and CSIRO Division of Material Sciences and Technology. An M.R. Semicon 226 MOCVD reactor, operating near atmospheric presure with hydrogen carrier gas has been used. Most applications of MCT are direct consequence of its responsiveness to radiation in infrared region spectrum. The main aims of the project were to prepare and assess a range of volatile organometallics that might find use as a dopant sources for MCT, to prepare and study the properties of a range of different lanthanide complexes for MOCVD applications and to fully characterize the semiconductor wafers after growth. 19 refs., 3 figs

  8. Volatility smile as relativistic effect

    Science.gov (United States)

    Kakushadze, Zura

    2017-06-01

    We give an explicit formula for the probability distribution based on a relativistic extension of Brownian motion. The distribution (1) is properly normalized and (2) obeys the tower law (semigroup property), so we can construct martingales and self-financing hedging strategies and price claims (options). This model is a 1-constant-parameter extension of the Black-Scholes-Merton model. The new parameter is the analog of the speed of light in Special Relativity. However, in the financial context there is no ;speed limit; and the new parameter has the meaning of a characteristic diffusion speed at which relativistic effects become important and lead to a much softer asymptotic behavior, i.e., fat tails, giving rise to volatility smiles. We argue that a nonlocal stochastic description of such (Lévy) processes is inadequate and discuss a local description from physics. The presentation is intended to be pedagogical.

  9. Economic Policy Uncertainty and Long-Run Stock Market Volatility and Correlation

    DEFF Research Database (Denmark)

    Asgharian, Hossein; Christiansen, Charlotte; Hou, Ai Jun

    We use Baker, Bloom, and Davis’s (2016) economic policy uncertainty indices in combination with the mixed data sampling (MIDAS) approach to investigate long-run stock market volatility and correlation, primarily for the US and UK. Long-run US–UK stock market correlation depends positively on US...... economic policy uncertainty shocks. The dependence is asymmetric, with only positive shocks - increasing uncertainty - being of importance. The US long-run stock market volatility depends significantly on US economic policy uncertainty shocks but not on UK shocks, while the UK long-run stock market...... volatility depends significantly on both. Allowing for US economic policy uncertainty shocks improves the out-of-sample forecasting of US–UK stock market correlation and enhances portfolio performance. Similar results apply to the long-run correlation between the US and Canada, China, and Germany....

  10. Flower volatiles, crop varieties and bee responses.

    Directory of Open Access Journals (Sweden)

    Björn K Klatt

    Full Text Available Pollination contributes to an estimated one third of global food production, through both the improvement of the yield and the quality of crops. Volatile compounds emitted by crop flowers mediate plant-pollinator interactions, but differences between crop varieties are still little explored. We investigated whether the visitation of crop flowers is determined by variety-specific flower volatiles using strawberry varieties (Fragaria x ananassa Duchesne and how this affects the pollination services of the wild bee Osmia bicornis L. Flower volatile compounds of three strawberry varieties were measured via headspace collection. Gas chromatography showed that the three strawberry varieties produced the same volatile compounds but with quantitative differences of the total amount of volatiles and between distinct compounds. Electroantennographic recordings showed that inexperienced females of Osmia bicornis had higher antennal responses to all volatile compounds than to controls of air and paraffin oil, however responses differed between compounds. The variety Sonata was found to emit a total higher level of volatiles and also higher levels of most of the compounds that evoked antennal responses compared with the other varieties Honeoye and Darselect. Sonata also received more flower visits from Osmia bicornis females under field conditions, compared with Honeoye. Our results suggest that differences in the emission of flower volatile compounds among strawberry varieties mediate their attractiveness to females of Osmia bicornis. Since quality and quantity of marketable fruits depend on optimal pollination, a better understanding of the role of flower volatiles in crop production is required and should be considered more closely in crop-variety breeding.

  11. Volatility persistence in crude oil markets

    International Nuclear Information System (INIS)

    Charles, Amélie; Darné, Olivier

    2014-01-01

    Financial market participants and policy-makers can benefit from a better understanding of how shocks can affect volatility over time. This study assesses the impact of structural changes and outliers on volatility persistence of three crude oil markets – Brent, West Texas Intermediate (WTI) and Organization of Petroleum Exporting Countries (OPEC) – between January 2, 1985 and June 17, 2011. We identify outliers using a new semi-parametric test based on conditional heteroscedasticity models. These large shocks can be associated with particular event patterns, such as the invasion of Kuwait by Iraq, the Operation Desert Storm, the Operation Desert Fox, and the Global Financial Crisis as well as OPEC announcements on production reduction or US announcements on crude inventories. We show that outliers can bias (i) the estimates of the parameters of the equation governing volatility dynamics; (ii) the regularity and non-negativity conditions of GARCH-type models (GARCH, IGARCH, FIGARCH and HYGARCH); and (iii) the detection of structural breaks in volatility, and thus the estimation of the persistence of the volatility. Therefore, taking into account the outliers on the volatility modelling process may improve the understanding of volatility in crude oil markets. - Highlights: • We study the impact of outliers on volatility persistence of crude oil markets. • We identify outliers and patches of outliers due to specific events. • We show that outliers can bias (i) the estimates of the parameters of GARCH models, (ii) the regularity and non-negativity conditions of GARCH-type models, (iii) the detection of structural breaks in volatility of crude oil markets

  12. Modelling of volatility in monetary transmission mechanism

    Energy Technology Data Exchange (ETDEWEB)

    Dobešová, Anna; Klepáč, Václav; Kolman, Pavel [Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 61300, Brno (Czech Republic); Bednářová, Petra [Institute of Technology and Business, Okružní 517/10, 370 01, České Budějovice (Czech Republic)

    2015-03-10

    The aim of this paper is to compare different approaches to modeling of volatility in monetary transmission mechanism. For this purpose we built time-varying parameter VAR (TVP-VAR) model with stochastic volatility and VAR-DCC-GARCH model with conditional variance. The data from three European countries are included in the analysis: the Czech Republic, Germany and Slovakia. Results show that VAR-DCC-GARCH system captures higher volatility of observed variables but main trends and detected breaks are generally identical in both approaches.

  13. Modelling of volatility in monetary transmission mechanism

    International Nuclear Information System (INIS)

    Dobešová, Anna; Klepáč, Václav; Kolman, Pavel; Bednářová, Petra

    2015-01-01

    The aim of this paper is to compare different approaches to modeling of volatility in monetary transmission mechanism. For this purpose we built time-varying parameter VAR (TVP-VAR) model with stochastic volatility and VAR-DCC-GARCH model with conditional variance. The data from three European countries are included in the analysis: the Czech Republic, Germany and Slovakia. Results show that VAR-DCC-GARCH system captures higher volatility of observed variables but main trends and detected breaks are generally identical in both approaches

  14. Volatility Forecast in Crises and Expansions

    Directory of Open Access Journals (Sweden)

    Sergii Pypko

    2015-08-01

    Full Text Available We build a discrete-time non-linear model for volatility forecasting purposes. This model belongs to the class of threshold-autoregressive models, where changes in regimes are governed by past returns. The ability to capture changes in volatility regimes and using more accurate volatility measures allow outperforming other benchmark models, such as linear heterogeneous autoregressive model and GARCH specifications. Finally, we show how to derive closed-form expression for multiple-step-ahead forecasting by exploiting information about the conditional distribution of returns.

  15. Identification of volatile organic compounds in suburban Bangkok, Thailand and their potential for ozone formation

    Science.gov (United States)

    Suthawaree, Jeeranut; Tajima, Yosuke; Khunchornyakong, Alisa; Kato, Shungo; Sharp, Alice; Kajii, Yoshizumi

    2012-02-01

    Measurement of Volatile Organic Compound (VOC) was carried out in suburban Bangkok during July 2-8, 2008. Analysis was performed using GC-FID and GC-MS. High mixing ratios of VOCs detected during the morning and evening are most likely due to vehicular emissions. Averaged VOC mixing ratios revealed distinct difference between mixing ratios of weekdays and weekend, which the latter were found to be lower. The most abundance species were propane and toluene. Ratios of benzene over toluene suggested that additional toluene mixing ratios was owing to industrial emission, which was particularly larger during weekdays. Comparison between C2Cl4 and CH3Cl mixing ratios obtained for suburban Tokyo reveal a relatively lower influence of biomass burning than suburban Bangkok. Elucidating by Ozone Formation Potential, toluene was found to contribute the most to O3 production followed by ethylene, m-,p-xylene, and propylene.

  16. Aerosol volatility in a boreal forest environment

    Science.gov (United States)

    Häkkinen, S. A. K.; ńijälä, M.; Lehtipalo, K.; Junninen, H.; Virkkula, A.; Worsnop, D. R.; Kulmala, M.; Petäjä, T.; Riipinen, I.

    2012-04-01

    Climate and health effects of atmospheric aerosols are determined by their properties such as their chemical composition. Aerosol chemical composition can be studied indirectly by measuring volatility of aerosol particles. The volatility of submicron aerosol particles (20-500 nm) was studied in a boreal forest site at SMEAR II (Station for Measuring Ecosystem-Atmosphere Relations II) station (Vesala et al., 1998) in Hyytiälä, Finland, during 01/2008-05/2010. The instrument used for the measurements was VDMPS (Volatility Differential Mobility Particle Sizer), which consists of two separate instruments: DMPS (Differential Mobility Particle Sizer, Aalto et al., 2001) and TD (Thermodenuder, Wehner et al., 2002). Aerosol evaporation was examined by heating the aerosol and comparing the total aerosol mass before and after heating. In the VDMPS system ambient aerosol sample was heated up to temperatures ranging from 80 °C to 280 °C. The higher the heating temperature was the more aerosol material was evaporated. There was a non-volatile residual present in aerosol particles when heated up to 280 °C. This residual explained (20±8)% of the total aerosol mass. Aerosol non-volatile mass fraction was highest during winter and smallest during summer months. The role of black carbon in the observed non-volatile residual was determined. Black carbon explained 40 to 90% of the non-volatile mass. Especially during colder seasons noticeable amount of non-volatile material, something else than black carbon, was observed. According to Kalberer et al. (2004) some atmospheric organic species can form polymers that have high evaporation temperatures. Also low-volatile organic salts may contribute to the non-volatile aerosol (Smith et al., 2010). Aerosol mass composition measured directly with AMS (Aerosol Mass Spectrometer, Jayne et al., 2000) was analyzed in order to examine the properties of the non-volatile material (other than black carbon). The AMS measurements were performed

  17. Altruism in a volatile world.

    Science.gov (United States)

    Kennedy, Patrick; Higginson, Andrew D; Radford, Andrew N; Sumner, Seirian

    2018-03-15

    The evolution of altruism-costly self-sacrifice in the service of others-has puzzled biologists since The Origin of Species. For half a century, attempts to understand altruism have developed around the concept that altruists may help relatives to have extra offspring in order to spread shared genes. This theory-known as inclusive fitness-is founded on a simple inequality termed Hamilton's rule. However, explanations of altruism have typically not considered the stochasticity of natural environments, which will not necessarily favour genotypes that produce the greatest average reproductive success. Moreover, empirical data across many taxa reveal associations between altruism and environmental stochasticity, a pattern not predicted by standard interpretations of Hamilton's rule. Here we derive Hamilton's rule with explicit stochasticity, leading to new predictions about the evolution of altruism. We show that altruists can increase the long-term success of their genotype by reducing the temporal variability in the number of offspring produced by their relatives. Consequently, costly altruism can evolve even if it has a net negative effect on the average reproductive success of related recipients. The selective pressure on volatility-suppressing altruism is proportional to the coefficient of variation in population fitness, and is therefore diminished by its own success. Our results formalize the hitherto elusive link between bet-hedging and altruism, and reveal missing fitness effects in the evolution of animal societies.

  18. Realized volatility and absolute return volatility: a comparison indicating market risk.

    Science.gov (United States)

    Zheng, Zeyu; Qiao, Zhi; Takaishi, Tetsuya; Stanley, H Eugene; Li, Baowen

    2014-01-01

    Measuring volatility in financial markets is a primary challenge in the theory and practice of risk management and is essential when developing investment strategies. Although the vast literature on the topic describes many different models, two nonparametric measurements have emerged and received wide use over the past decade: realized volatility and absolute return volatility. The former is strongly favored in the financial sector and the latter by econophysicists. We examine the memory and clustering features of these two methods and find that both enable strong predictions. We compare the two in detail and find that although realized volatility has a better short-term effect that allows predictions of near-future market behavior, absolute return volatility is easier to calculate and, as a risk indicator, has approximately the same sensitivity as realized volatility. Our detailed empirical analysis yields valuable guidelines for both researchers and market participants because it provides a significantly clearer comparison of the strengths and weaknesses of the two methods.

  19. Testing the Relationship between Interest Rates Volatility and Market Capitalization: the case of Mauritius

    Directory of Open Access Journals (Sweden)

    Edesiri Godsday Okoro

    2014-12-01

    Full Text Available This paper tests the relationship between interest rates volatility and market capitalization in Mauritius. Using annual time series data sourced from the Financial Services Commission Annual Statistical Bulletin of Mauritius during the period 2006 through 2010, data of interest rates volatility and market capitalization were estimated in a non-linear model using the Vector Auto-regression technique. The study found that interest rates volatility has significant effect on the level of market capitalization although a negative effect. This implies a negative relationship between interest rates volatility and market capitalization. Thus, if market capitalization is affected by interest rates, then the economy becomes highly susceptible to volatile external distress. This indicates some dangers for the economic survival of Mauritius. It was on this note that we recommended an effective policy aimed at stabilizing macroeconomic variable like interest rates, focusing at the same time on alternative measures of promoting market capitalization if aggregate economic growth must be harnessed. Policymakers should design the optimal policy mix that would help the nation cope efficiently with the economic and social costs of the external distress accompanying higher and dwindling interest rates in Mauritius.

  20. International Coordination of Lunar Polar Volatiles Exploration

    Science.gov (United States)

    Gruener, J. E.; Suzuki, N. H.; Carpenter, J. D.

    2015-10-01

    The International Space Exploration Coordination Group (ISECG) has established a study team to coordinate the worldwide interest in lunar polar volatiles, and in particular water ice, in an effort to stimulate cooperation and collaboration.

  1. Release of volatile mercury from vascular plants

    Science.gov (United States)

    Siegel, S. M.; Puerner, N. J.; Speitel, T. W.

    1974-01-01

    Volatile, organic solvent soluble mercury has been found in leaves and seeds of several angiosperms. Leaves of garlic vine, avocado, and haole-koa release mercury in volatile form rapidly at room temperature. In garlic vine, the most active release is temperature dependent, but does not parallel the vapor-pressure temperature relationship for mercury. Mercury can be trapped in nitric-perchloric acid digestion fluid, or n-hexane, but is lost from the hexane unless the acid mixture is present. Seeds of haole-koa also contain extractable mercury but volatility declines in the series n-hexane (90%), methanol (50%), water (10%). This suggests that reduced volatility may accompany solvolysis in the more polar media.

  2. International trade and exchange rate volatility

    NARCIS (Netherlands)

    J.M.A. Viaene (Jean-Marie); C.G. de Vries (Casper)

    1992-01-01

    textabstractFor currencies with well developed forward markets several papers have investigated the conjectured negative relationship between trade and short term exchange rate volatility, without being very successful. A theoretical explanation for the empirical anomalies is provided by solving

  3. Volatility estimation using a rational GARCH model

    Directory of Open Access Journals (Sweden)

    Tetsuya Takaishi

    2018-03-01

    Full Text Available The rational GARCH (RGARCH model has been proposed as an alternative GARCHmodel that captures the asymmetric property of volatility. In addition to the previously proposedRGARCH model, we propose an alternative RGARCH model called the RGARCH-Exp model thatis more stable when dealing with outliers. We measure the performance of the volatility estimationby a loss function calculated using realized volatility as a proxy for true volatility and compare theRGARCH-type models with other asymmetric type models such as the EGARCH and GJR models.We conduct empirical studies of six stocks on the Tokyo Stock Exchange and find that a volatilityestimation using the RGARCH-type models outperforms the GARCH model and is comparable toother asymmetric GARCH models.

  4. Characterisation of selected volatile organic compounds in ...

    African Journals Online (AJOL)

    kshale

    2013-05-15

    May 15, 2013 ... have entered the commercial market, both in rural areas ... nation of volatile compounds include: gas chromate- graphy (GC) ... prior to the actual analysis, various extraction methods ..... traditional and industrial 'orujo' spirits.

  5. Reducing ammonia volatilization from compound fertilizers ...

    African Journals Online (AJOL)

    Paul

    2012-09-13

    Sep 13, 2012 ... Ammonia volatilization is a direct loss of available nitrogen in agriculture. The objective of this ... precautions in handling and storage. Zeolites can be ..... Humic and Fulvic Acids isolated from Palm Oil Mill Effluent Sludge.

  6. Volatile Organic Compunds (Environmental Health Student Portal)

    Science.gov (United States)

    ... Weather Health Effects Take Action Water Pollution Water Pollution Home Chemicals and Pollutants Natural Disasters Drinking Water Waterborne Diseases & Illnesses Water Cycle Water Treatment Videos Games Experiments For Teachers Home Chemicals Volatile ...

  7. Reactive flash volatilization of fluid fuels

    Science.gov (United States)

    Schmidt, Lanny D.; Dauenhauer, Paul J.; Dreyer, Bradon J.; Salge, James R.

    2013-01-08

    The invention provides methods for the production of synthesis gas. More particularly, various embodiments of the invention relate to systems and methods for volatilizing fluid fuel to produce synthesis gas by using a metal catalyst on a solid support matrix.

  8. Volatile compounds in meat and meat products

    Directory of Open Access Journals (Sweden)

    Monika KOSOWSKA

    Full Text Available Abstract Meaty flavor is composed of a few hundreds of volatile compounds, only minor part of which are responsible for the characteristic odor. It is developed as a result of multi-directional reactions proceeding between non-volatile precursors contained in raw meat under the influence of temperature. The volatile compounds are generated upon: Maillard reactions, lipid oxidation, interactions between Maillard reaction products and lipid oxidation products as well as upon thiamine degradation. The developed flavor is determined by many factors associated with: raw material (breed, sex, diet and age of animal, conditions and process of slaughter, duration and conditions of meat storage, type of muscle, additives applied and the course of the technological process. The objective of this review article is to draw attention to the issue of volatile compounds characteristic for meat products and factors that affect their synthesis.

  9. Hammerstein system represention of financial volatility processes

    Science.gov (United States)

    Capobianco, E.

    2002-05-01

    We show new modeling aspects of stock return volatility processes, by first representing them through Hammerstein Systems, and by then approximating the observed and transformed dynamics with wavelet-based atomic dictionaries. We thus propose an hybrid statistical methodology for volatility approximation and non-parametric estimation, and aim to use the information embedded in a bank of volatility sources obtained by decomposing the observed signal with multiresolution techniques. Scale dependent information refers both to market activity inherent to different temporally aggregated trading horizons, and to a variable degree of sparsity in representing the signal. A decomposition of the expansion coefficients in least dependent coordinates is then implemented through Independent Component Analysis. Based on the described steps, the features of volatility can be more effectively detected through global and greedy algorithms.

  10. Biochar application reduce ammonia volatilization in a soil-plant system: A closed chamber experiment

    Science.gov (United States)

    Mandal, Sanchita; Donner, Erica; Smith, Euan; Lombi, Enzo

    2017-04-01

    Ammonia (NH3) volatilization is considered as one of the major mechanisms responsible for the loss of nitrogen (N) from soil-plant systems worldwide. About 10-30% of N can be lost as NH3 volatilization, which constitutes a significant economic loss. In recent years carbon-based materials such as biochar have created a great research interest because of their ability to increase soil fertility by reducing nutrient loss and pollutants bioavailability in soil. Most of the studies so far have investigated how biochar addition can reduce NH3 volatilization from soils but less information is available for soil-plant systems. In this research, wheat plants (Triticum aestivum, variety: Calingiri) were grown in a calcareous soil (pH 8, calcarosol) inside a closed chamber system to assess both ammonia volatilization and plant N uptake. In this specialized glass chamber air was passed through an inlet where the flow rate was maintained using an air pump (3.5 L min-1). The air outlet was passed through a sulphuric acid trap which was used to capture the volatilized NH3 from the chamber. Plants were watered using the inlet to maintain 50% field capacity throughout the incubation. Two different biochar samples were used in this study: a poultry manure biochar (PM-BC) and a green waste compost biochar (GW-BC) produced at 250 ˚C. Five different application rates were tested (0, 0.5, 1, 1.5, and 2%). The soil was mixed with biochar samples, water, N, P, K, Ca, Mg, and S for one week before sowing. After one week of germination, plants were transferred to the chamber for further three weeks incubation for NH3 volatilization measurement. The study identified that biochar application reduced the NH3 volatilization and increase the plant biomass. Biochar application at 0.5 and 2% decreased the NH3 volatilization by 36 and 48% respectively. The N uptake of the plants also increased from 2.9 to 28% at 0.5 and 2% application rates respectively. The dry biomass of the plant also increased

  11. Liquid biofuel production from volatile fatty acids

    Energy Technology Data Exchange (ETDEWEB)

    Steinbusch, K.J.J.

    2010-03-19

    The production of renewable fuels and chemicals reduces the dependency on fossil fuels and limits the increase of CO2 concentration in the atmosphere only if a sustainable feedstock and an energy efficient process are used. The thesis assesses the possibility to use municipal and industrial waste as biomass feedstock to have little of no competition with food production, and to save greenhouse gasses emissions. Waste is a complex substrate with a diverse composition and high water content. It can be homogenized without losing its initial energy value by anaerobic conversion to volatile fatty acids (VFA). Using VFA gives the opportunity to process cheap and abundantly present biomass residues to a fuel and chemical instead of sugar containing crops or vegetable oil. This thesis describes the feasibility to convert VFA to compounds with a higher energy content using mixed culture fermentations by eliminating of oxygen and/or increasing the carbon and hydrogen content. At high hydrogen pressure, protons and electrons release via the reduction of organic products such as VFA becomes thermodynamically more attractive. Three VFA reduction reactions were studied: hydrogenation to an alcohol with (1) hydrogen and (2) an electrode as electron donor, and (3) by chain elongation with hydrogen and ethanol. Based on concentration, production rate and efficiency, elongation of acetate with hydrogen and/or ethanol was the best technique to convert VFA into a fuel. In a CSTR (Continuous-flow stirred-tank reactor), 10.5 g L{sup -1} caproic acid and 0.48 g L{sup -1} caprylic acid were produced with ethanol and/or hydrogen at a specific MCFA (medium-chain fatty acids) production activity of 2.9 g caproate and 0.09 g caprylate per gram VSS d{sup -1} (volatile suspended solids). The products were selectively removed by calcium precipitation and solvent extraction with ethyl hexanoate and petroleum ether. Microbial characterization revealed that the microbial populations were stable and

  12. Investor attention and FX market volatility

    OpenAIRE

    Goddard, John; Kita, Arben; Wang, Qingwei

    2015-01-01

    We study the relationship between investors’ active attention, measured by a Google search volume index (SVI), and the dynamics of currency prices. Investor attention is correlated with the trading activities of large FX market participants. Investor attention comoves with comtemporaneous FX market volatility and predicts subsequent FX market volatility, after controlling for macroeconomic fundamentals. In addition, investor attention is related to the currency risk premium. Our results sugge...

  13. Implied Volatility Surface: Construction Methodologies and Characteristics

    OpenAIRE

    Cristian Homescu

    2011-01-01

    The implied volatility surface (IVS) is a fundamental building block in computational finance. We provide a survey of methodologies for constructing such surfaces. We also discuss various topics which can influence the successful construction of IVS in practice: arbitrage-free conditions in both strike and time, how to perform extrapolation outside the core region, choice of calibrating functional and selection of numerical optimization algorithms, volatility surface dynamics and asymptotics.

  14. Essays on Economic Volatility and Financial Frictions

    OpenAIRE

    Zhao, Hongyan

    2012-01-01

    This dissertation consists of three essays in macroeconomics. The first one essay discusses the reasons of Chinese huge foreign reserves holdings. It contributes to the literature of sudden stops, precautionary saving and foreign assets holdings. In the second essay, I study the price volatility of commodities and manufactured goods. I measure the price volatility of each individual goods but not on the aggregated level and therefore the results complete the related study. The third essay exp...

  15. News Impact Curve for Stochastic Volatility Models

    OpenAIRE

    Makoto Takahashi; Yasuhiro Omori; Toshiaki Watanabe

    2012-01-01

    This paper proposes a new method to compute the news impact curve for stochastic volatility (SV) models. The new method incorporates the joint movement of return and volatility, which has been ignored by the extant literature, by simply adding a couple of steps to the Bayesian MCMC estimation procedures for SV models. This simple procedure is versatile and applicable to various SV type models. Contrary to the monotonic news impact functions in the extant literature, the new method gives a U-s...

  16. Ammonia volatilization from sows on grassland

    Science.gov (United States)

    Sommer, S. G.; Søgaard, H. T.; Møller, H. B.; Morsing, S.

    According to regulations, sows with piglets on organic farms must graze on pastures. Volatilization of ammonia (NH 3) from urine patches may represent a significant source of nitrogen (N) loss from these farms. Inputs of N are low on organic farms and losses may reduce crop production. This study examined spatial variations in NH 3 volatilization using a movable dynamic chamber, and the pH and total ammoniacal nitrogen (TAN) content in the topsoil of pastures with grazing sows was measured during five periods between June 1998 and May 1999. Gross NH 3 volatilization from the pastures was also measured with an atmospheric mass balance technique during seven periods from September 1997 until June 1999. The dynamic chamber study showed a high variation in NH 3 volatilization because of the distribution of urine; losses were between 0 and 2.8 g NH 3-N m -2 day -1. Volatilization was highest near the feeding area and the huts, where the sows tended to urinate. Ammonia volatilization rate was linearly related to the product of NH 3 concentration in the boundary layer and wind speed. The NH 3 in the boundary layer was in equilibrium with NH 3 in soil solution. Gross NH 3 volatilization was in the range 0.07-2.1 kg NH 3-N ha -1 day -1 from a pasture with 24 sows ha -1. Ammonia volatilization was related to the amount of feed given to the sows, incident solar radiation and air temperature during measuring periods, and also to temperature, incident solar radiation and rain 1-2 days before measurements. Annual ammonia loss was 4.8 kg NH 3-N sow -1.

  17. Decomposing European bond and equity volatility

    OpenAIRE

    Christiansen, Charlotte

    2004-01-01

    The paper investigates volatility spillover from US and aggregate European asset markets into European national asset markets. A main contribution is that bond and equity volatilities are analyzed simultaneously. A new model belonging to the "volatilityspillover" family is suggested: The conditional variance of e.g. the unexpected German stock return is divided into separate effects from the contemporaneous idiosyncratic variance of US bonds, US stocks, European bonds, European stocks, German...

  18. Level Shifts in Volatility and the Implied-Realized Volatility Relation

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; de Magistris, Paolo Santucci

    We propose a simple model in which realized stock market return volatility and implied volatility backed out of option prices are subject to common level shifts corresponding to movements between bull and bear markets. The model is estimated using the Kalman filter in a generalization to the mult......We propose a simple model in which realized stock market return volatility and implied volatility backed out of option prices are subject to common level shifts corresponding to movements between bull and bear markets. The model is estimated using the Kalman filter in a generalization...... to the multivariate case of the univariate level shift technique by Lu and Perron (2008). An application to the S&P500 index and a simulation experiment show that the recently documented empirical properties of strong persistence in volatility and forecastability of future realized volatility from current implied...... volatility, which have been interpreted as long memory (or fractional integration) in volatility and fractional cointegration between implied and realized volatility, are accounted for by occasional common level shifts....

  19. Bias correction in the realized stochastic volatility model for daily volatility on the Tokyo Stock Exchange

    Science.gov (United States)

    Takaishi, Tetsuya

    2018-06-01

    The realized stochastic volatility model has been introduced to estimate more accurate volatility by using both daily returns and realized volatility. The main advantage of the model is that no special bias-correction factor for the realized volatility is required a priori. Instead, the model introduces a bias-correction parameter responsible for the bias hidden in realized volatility. We empirically investigate the bias-correction parameter for realized volatilities calculated at various sampling frequencies for six stocks on the Tokyo Stock Exchange, and then show that the dynamic behavior of the bias-correction parameter as a function of sampling frequency is qualitatively similar to that of the Hansen-Lunde bias-correction factor although their values are substantially different. Under the stochastic diffusion assumption of the return dynamics, we investigate the accuracy of estimated volatilities by examining the standardized returns. We find that while the moments of the standardized returns from low-frequency realized volatilities are consistent with the expectation from the Gaussian variables, the deviation from the expectation becomes considerably large at high frequencies. This indicates that the realized stochastic volatility model itself cannot completely remove bias at high frequencies.

  20. Volatile flavor compounds in yogurt: a review.

    Science.gov (United States)

    Cheng, Hefa

    2010-11-01

    Considerable knowledge has been accumulated on the volatile compounds contributing to the aroma and flavor of yogurt. This review outlines the production of the major flavor compounds in yogurt fermentation and the analysis techniques, both instrumental and sensory, for quantifying the volatile compounds in yogurt. The volatile compounds that have been identified in plain yogurt are summarized, with the few key aroma compounds described in detail. Most flavor compounds in yogurt are produced from lipolysis of milkfat and microbiological transformations of lactose and citrate. More than 100 volatiles, including carbonyl compounds, alcohols, acids, esters, hydrocarbons, aromatic compounds, sulfur-containing compounds, and heterocyclic compounds, are found in yogurt at low to trace concentrations. Besides lactic acid, acetaldehyde, diacetyl, acetoin, acetone, and 2-butanone contribute most to the typical aroma and flavor of yogurt. Extended storage of yogurt causes off-flavor development, which is mainly attributed to the production of undesired aldehydes and fatty acids during lipid oxidation. Further work on studying the volatile flavor compounds-matrix interactions, flavor release mechanisms, and the synergistic effect of flavor compounds, and on correlating the sensory properties of yogurt with the compositions of volatile flavor compounds are needed to fully elucidate yogurt aroma and flavor.

  1. Analysis of volatiles from irradiated yeast extract

    International Nuclear Information System (INIS)

    Liao Tao; Li Xin; Zu Xiaoyan; Chen Yuxia; Geng Shengrong

    2013-01-01

    The method for determination volatiles from irradiated yeast extract (YE) using headspace solid phase microextraction (HS-SPME) and gas chromatography-mass spectrometry (GC-MS) was developed in this paper. The extraction conditions were optimized with reference to the peak area and number of volatiles as aldehyde, ketone, alcohol, acid, ester and sulfur compounds. The optimized conditions of HS-SPME for volatiles in irradiated YE were: divinyl benzene/Carboxen/polydimethylsiloxane (DVB/CAR/PDMS) fiber, extration time 40 min, extraction temperature 40℃. The volatiles from YE irradiated by 0-19.8 kGy were detected using HS-SPME coupled with GC-MS. The results showed that only 15 volatiles were detected from no irradiated YE and main compounds were acetic acid, 2, 3-butanediol and 1-hexanol, 2-ethyl-. There were 40 volatiles detected from irradiated YE and the main compounds were acetic acid, phenylethyl alcohol, heptanal and nonanal. Compare to no irradiated yeast extract, the aldehyde, ketone, alkene and disulfide, dimethyl were produced by irradiating process. (authors)

  2. Volatilization of iodine from soils and plants

    International Nuclear Information System (INIS)

    Wildung, R.E.; Cataldo, D.A.; Garland, T.R.

    1985-04-01

    Elevated levels of 129 I, a long-lived fission product, are present in the environment as a result of nuclear weapons testing and fuel reprocessing. To aid in understanding the anomalous behavior of this element, relative to natural I ( 127 I), in the vicinity of nuclear fuel reprocessing plants, preliminary laboratory-growth chamber studies were undertaken to examine the possible formation of volatile inorganic and organic I species in soil and plant systems. Inorganic 129 I added to soil was volatilized from both the soil and plant during plant growth, at average ratios of 2 x 10 -3 %/day soil and 9 x 10 -3 %/day foliage, respectively. Volatilization rates from soil were an order of magnitude less in the absence of growing roots. Less than 2% of soil or plant volatiles was subsequently retained by plant canopies. Volatile I, chemically characterized by selective sorption methods, consisted principally of alkyl iodides formed by both soil and plant processes. However, plants and soils containing actively growing roots produced a larger fraction of volatile inorganic I than soil alone. 14 refs., 1 fig., 3 tabs

  3. Financial Development, Financial Structure, and Macroeconomic Volatility: Evidence from China

    Directory of Open Access Journals (Sweden)

    Feng Wei

    2016-11-01

    Full Text Available Using annual data from 1997–2014 of 30 provinces, municipalities, and autonomous regions, subdividing trended and cyclical volatility of macroeconomics and inflation, considering different indicators of financial development and financial structure, this paper investigated the impact of financial development and financial structure on macroeconomic volatility. The empirical results found that (1 the trended and cyclical volatility of the previous macroeconomic period had a significantly positive impact on that of the current period, and the impact of trended volatility was greater than that of cyclical volatility; (2 financial development had a significantly negative impact on macroeconomic cyclical volatility through inflation cyclical volatility, but inflation trended volatility would amplify macroeconomic volatility; financial markets have no significant effect on macroeconomic volatility; financial structure measured with the ratio of stock market turnover and the efficiency of the financial development had a significant positive impact on macroeconomic cyclical volatility; and (3 inflation trended volatility had a significantly negative impact on macroeconomic cyclical volatility and trended volatility, while inflation cyclical volatility had a significantly positive impact on macroeconomic cyclical volatility.

  4. Long memory and tail dependence in trading volume and volatility

    DEFF Research Database (Denmark)

    Rossi, Eduardo; Santucci de Magistris, Paolo

    2013-01-01

    We investigate the relationship between volatility, measured by realized volatility, and trading volume for 25 NYSE stocks. We show that volume and volatility are long memory but not fractionally cointegrated in most cases. We also find right tail dependence in the volatility and volume innovations...

  5. Evaluation of aroma enhancement for "Ecolly" dry white wines by mixed inoculation of selected Rhodotorula mucilaginosa and Saccharomyces cerevisiae.

    Science.gov (United States)

    Wang, Xing-Chen; Li, Ai-Hua; Dizy, Marta; Ullah, Niamat; Sun, Wei-Xuan; Tao, Yong-Sheng

    2017-08-01

    To improve the aroma profile of Ecolly dry white wine, the simultaneous and sequential inoculations of selected Rhodotorula mucilaginosa and Saccharomyces cerevisiae were performed in wine making of this work. The two yeasts were mixed in various ratios for making the mixed inoculum. The amount of volatiles and aroma characteristics were determined the following year. Mixed fermentation improved both the varietal and fermentative aroma compound composition, especially that of (Z)-3-hexene-1-ol, nerol oxide, certain acetates and ethyls group compounds. Citrus, sweet fruit, acid fruit, berry, and floral aroma traits were enhanced by mixed fermentation; however, an animal note was introduced upon using higher amounts of R. mucilaginosa. Aroma traits were regressed with volatiles as observed by the partial least-square regression method. Analysis of correlation coefficients revealed that the aroma traits were the multiple interactions of volatile compounds, with the fermentative volatiles having more impact on aroma than varietal compounds. Copyright © 2017 Elsevier Ltd. All rights reserved.

  6. Fungal volatiles: Semiochemicals for stored-product beetles (Coleoptera: Cucujidae).

    Science.gov (United States)

    Pierce, A M; Pierce, H D; Borden, J H; Oehlschlager, A C

    1991-03-01

    Responses by five species of cucujid grain beetles (mixed-sex adults) to various volatiles were assessed by means of a two-choice, pitfall olfactometer. The test volatiles were short-chain alcohols and ketones known to be produced by fungi. Both racemic and chiral 1-octen-3-ols were strong attractants forCryptolestes ferrugineus (Stephens), as had been found previously forOryzaephilus surinamensis (L.),O. mercator (Fauvel), andAhasverus advena (Waltl). 3-Methylbutanol was another good attractant for these four cucujids, and it was the only test compound to whichCathartus quadricollis (Guér.) responded positively. 1-Octen-3-one, racemic 3-octanol, and 3-octanone showed various degrees of attractiveness for the former four species of cucujids.O. surinamensis was the only species of test beetle to show much positive response to 2-phenylethanol and ethanol. ForO. mercator andO. surinamensis, 3-methylbutanol enhanced positive response to their respective cucujolide aggregation pheromones.

  7. Hydrogen sulfide production and volatilization in a polymictic eutrophic saline lake, Salton Sea, California.

    Science.gov (United States)

    Reese, Brandi Kiel; Anderson, Michael A; Amrhein, Christopher

    2008-11-15

    The Salton Sea is a large shallow saline lake located in southern California that is noted for high sulfate concentrations, substantial algal productivity, and very warm water column temperatures. These conditions are well-suited for sulfide production, and sulfide has been implicated in summer fish kills, although no studies have been conducted to specifically understand hydrogen sulfide production and volatilization there. Despite polymictic mixing patterns and relatively short accumulation periods, the amount of sulfide produced is comparable to meromictic lakes. Sulfide levels in the Salton Sea reached concentrations of 1.2 mmol L(-1) of total free sulfide in the hypolimnion and 5.6 mmol L(-1) in the sediment pore water. Strong winds in late July mixed H2S into the surface water, where it depleted the entire water column of dissolved oxygen and reached a concentration of 0.1 mmol L(-1). Sulfide concentrations exceeded the toxicity threshold of tilapia (Oreochromis mossambicus) and combined with strong anoxia throughout the water column, resulted in a massive fish kill. The mixing of sulfide into the surface waters also increased atmospheric H2S concentrations, reaching 1.0 micromol m(-3). The flux of sulfide from the sediment into the water column was estimated to range from 2-3 mmol m(-2) day(-1) during the winter and up to 8 mmol m(-2) day(-1) during the summer. Application of the two-layer model for volatilization indicates that up to 19 mmol m(-2) day(-1) volatilized from the surface during the mixing event. We estimate that as much as 3400 Mg year(-1) or approximately 26% of sulfide that diffused into the water column from the deepest sediments may have been volatilized to the atmosphere.

  8. Can Internet search queries help to predict stock market volatility?

    OpenAIRE

    Dimpfl, Thomas; Jank, Stephan

    2011-01-01

    This paper studies the dynamics of stock market volatility and retail investor attention measured by internet search queries. We find a strong co-movement of stock market indices’ realized volatility and the search queries for their names. Furthermore, Granger causality is bi-directional: high searches follow high volatility, and high volatility follows high searches. Using the latter feedback effect to predict volatility we find that search queries contain additional information about market...

  9. Changes in Volatile Compounds of Chinese Luzhou-Flavor Liquor during the Fermentation and Distillation Process.

    Science.gov (United States)

    Ding, Xiaofei; Wu, Chongde; Huang, Jun; Zhou, Rongqing

    2015-11-01

    The aim of this study was to investigate the dynamic of volatile compounds in the Zaopei during the fermentation and distillation process by headspace solid-phase microextraction-gas chromatography mass spectrometry (HS-SPME-GCMS). Physicochemical properties analysis of Zaopei (fermented grains [FG], fermented grains mixed with sorghum [FGS], streamed grains [SG], and streamed grains mixed with Daqu [SGD]) showed distinct changes. A total number of 66 volatile compounds in the Zaopei were identified, in which butanoic acid, hexanoic acid, ethyl hexanoate, ethyl lactate, ethyl octanoate, hexyl hexanoate, ethyl hydrocinnamate, ethyl oleate, ethyl hexadecanoate, and ethyl linoleate were considered to be the dominant compounds due to their high concentrations. FG had the highest volatile compounds (112.43 mg/kg), which significantly decreased by 17.05% in the FGS, 67.12% in the SG, and 73.75% in the SGD. Furthermore, about 61.49% of volatile compounds of FGS were evaporated into raw liquor, whereas head, heart, and tail liquor accounted for 29.84%, 39.49%, and 30.67%, respectively. Each volatile class generally presented a decreasing trend, except for furans. Especially, the percentage of esters was 55.51% to 67.41% in the Zaopei, and reached 92.60% to 97.67% in the raw liquor. Principal component analysis based ordination of volatile compounds data segregated FGS and SGD samples. In addition, radar diagrams of the odor activity values suggested that intense flavor of fruit was weakened most from FG to SGD. The dynamic of volatile compounds in the Zaopei during the fermentation and distillation process was tested by SPME-GCMS. The result of this study demonstrated that both volatile compounds of Zaopei and thermal reaction during distillation simply determined the unique feature of raw liquor. This study was conducted based on the real products from liquor manufactory, so it is practicable that the method can be used in an industry setting. © 2015 Institute of Food

  10. Volatility and variance swaps : A comparison of quantitative models to calculate the fair volatility and variance strike

    OpenAIRE

    Röring, Johan

    2017-01-01

    Volatility is a common risk measure in the field of finance that describes the magnitude of an asset’s up and down movement. From only being a risk measure, volatility has become an asset class of its own and volatility derivatives enable traders to get an isolated exposure to an asset’s volatility. Two kinds of volatility derivatives are volatility swaps and variance swaps. The problem with volatility swaps and variance swaps is that they require estimations of the future variance and volati...

  11. Sodium channels as targets for volatile anesthetics

    Directory of Open Access Journals (Sweden)

    Karl F. Herold

    2012-03-01

    Full Text Available The molecular mechanisms of modern inhaled anesthetics although widely used in clinical settings are still poorly understood. Considerable evidence supports effects on membrane proteins such as ligand- and voltage-gated ion channels of excitable cells. Na+ channels are crucial to action potential initiation and propagation, and represent potential targets for volatile anesthetics. Inhibition of presynaptic Na+ channels leads to reduced neurotransmitter release at the synapse and could therefore contribute to the mechanisms by which volatile anesthetics produce their characteristic effects: amnesia, unconsciousness, and immobility. Early studies on crayfish and squid giant axon showed inhibition of Na+ currents by volatile anesthetics. Subsequent studies using native neuronal preparations and heterologous expression systems with various mammalian Na+ channel isoforms implicated inhibition of presynaptic Na+ channels in anesthetic actions. Volatile anesthetics reduce peak Na+ current and shift the voltage of half-maximal steady-state inactivation towards more negative potentials, thus stabilizing the fast-inactivated state. Furthermore recovery from fast-inactivation is slowed together with an enhanced use-dependent block during pulse train protocols. These effects can reduce neurotransmitter release by depressing presynaptic excitability, depolarization and Ca entry, and ultimately transmitter release. This reduction in transmitter release is more portent for glutamatergic vs. GABAergic terminals. Involvement of Na+ channel inhibition in mediating the immobility caused by volatile anesthetics has been demonstrated in animal studies, in which intrathecal infusion of the Na+ channel blocker tetrodotoxin increases volatile anesthetic potency, whereas infusion of the Na+ channels agonist veratridine reduces anesthetic potency. These studies indicate that inhibition of presynaptic Na+ channels by volatile anesthetics is involved in mediating some of

  12. Realized Beta GARCH: A Multivariate GARCH Model with Realized Measures of Volatility and CoVolatility

    DEFF Research Database (Denmark)

    Hansen, Peter Reinhard; Lunde, Asger; Voev, Valeri

    We introduce a multivariate GARCH model that utilizes and models realized measures of volatility and covolatility. The realized measures extract information contained in high-frequency data that is particularly beneficial during periods with variation in volatility and covolatility. Applying the ...

  13. Demonstration of Novel Sampling Techniques for Measurement of Turbine Engine Volatile and Non-Volatile Particulate Matter (PM) Emissions

    Science.gov (United States)

    2017-03-06

    WP-201317) Demonstration of Novel Sampling Techniques for Measurement of Turbine Engine Volatile and Non-volatile Particulate Matter (PM... Engine Volatile and Non-Volatile Particulate Matter (PM) Emissions 6. AUTHOR(S) E. Corporan, M. DeWitt, C. Klingshirn, M.D. Cheng, R. Miake-Lye, J. Peck...the performance and viability of two devices to condition aircraft turbine engine exhaust to allow the accurate measurement of total (volatile and non

  14. Dynamic behaviours of mix-game model and its application

    Institute of Scientific and Technical Information of China (English)

    Gou Cheng-Ling

    2006-01-01

    In this paper a minority game (MG) is modified by adding into it some agents who play a majority game. Such a game is referred to as a mix-game. The highlight of this model is that the two groups of agents in the mix-game have different bounded abilities to deal with historical information and to count their own performance. Through simulations,it is found that the local volatilities change a lot by adding some agents who play the majority game into the MG,and the change of local volatilities greatly depends on different combinations of historical memories of the two groups.Furthermore, the analyses of the underlying mechanisms for this finding are made. The applications of mix-game mode are also given as an example.

  15. Volatility transmission and volatility impulse response functions in European electricity forward markets

    International Nuclear Information System (INIS)

    Le Pen, Yannick; Sevi, Benoit

    2008-01-01

    Using daily data from March 2001 to June 2005, we estimate a VAR-BEKK model and find evidence of return and volatility spillovers between the German, the Dutch and the British forward electricity markets. We apply Hafner and Herwartz [2006, Journal of International Money and Finance 25, 719-740] Volatility Impulse Response Function(VIRF) to quantify the impact of shock on expected conditional volatility. We observe that a shock has a high positive impact only if its size is large compared to the current level of volatility. The impact of shocks are usually not persistent, which may be an indication of market efficiency. Finally, we estimate the density of the VIRF at different forecast horizon. These fitted distributions are asymmetric and show that extreme events are possible even if their probability is low. These results have interesting implications for market participants whose risk management policy is based on option prices which themselves depend on the volatility level. (authors)

  16. Composition and location of volatiles at Loki Patera, Io

    Science.gov (United States)

    Howell, Robert R.; Landis, Claire E.; Lopes, Rosaly M. C.

    2014-02-01

    Volatiles play a critical role in determining the nature of volcanic activity on Earth, but their role in the volcanism on Io is less clear. To help determine that role we analyze Voyager and Galileo images of Loki Patera. Loki is the largest caldera in the Solar System and Io’s most powerful volcano, however its eruptive behavior is still not understood. It appears to be relatively volatile poor, in comparison to other sites like Pele where volatiles drive a 350 km high plume. A resurfacing wave, either from spreading flows or from foundering of a lava lake crust, periodically sweeps around Loki Patera. Photometry from Voyager I and II violet and blue images shows that most of the features in and around Loki have colors well matched by macroscopic mixing of sulfur and basalt. The dark western portion of the patera has the color of bare basalt. Assuming such a macroscopic sulfur-basalt mix, in the Voyager I images most of the rest of the patera appears to be covered with a background of 13-38% sulfur. We infer this background sulfur was deposited from the nearby plume observed by Voyager I and II. The surface of the patera is also dotted by numerous small bright areas which have colloquially been called “bergs”. We find that they are also composed of sulfur, with coverage ranging up to 100%. Darker regions adjacent to the patera, such as the “southwest overflow”, are a mixture of intermediate amounts of sulfur and basalt. The “bathtub ring” at the edge of the overflow is again roughly 100% sulfur, perhaps with significant amounts of SO2 included. Colors seen during the Voyager II flyby are also consistent with this general pattern, but most of the patera has a sulfur abundance higher than that seen in Voyager I, while the then-dark southern portion is again close to the reflectance of bare basalt. We have also analyzed the spatial distribution of the bergs. They clearly avoid the inner and outer margins of the patera, and they also avoid each other

  17. Biogenic volatile emissions from the soil.

    Science.gov (United States)

    Peñuelas, J; Asensio, D; Tholl, D; Wenke, K; Rosenkranz, M; Piechulla, B; Schnitzler, J P

    2014-08-01

    Volatile compounds are usually associated with an appearance/presence in the atmosphere. Recent advances, however, indicated that the soil is a huge reservoir and source of biogenic volatile organic compounds (bVOCs), which are formed from decomposing litter and dead organic material or are synthesized by underground living organism or organs and tissues of plants. This review summarizes the scarce available data on the exchange of VOCs between soil and atmosphere and the features of the soil and particle structure allowing diffusion of volatiles in the soil, which is the prerequisite for biological VOC-based interactions. In fact, soil may function either as a sink or as a source of bVOCs. Soil VOC emissions to the atmosphere are often 1-2 (0-3) orders of magnitude lower than those from aboveground vegetation. Microorganisms and the plant root system are the major sources for bVOCs. The current methodology to detect belowground volatiles is described as well as the metabolic capabilities resulting in the wealth of microbial and root VOC emissions. Furthermore, VOC profiles are discussed as non-destructive fingerprints for the detection of organisms. In the last chapter, belowground volatile-based bi- and multi-trophic interactions between microorganisms, plants and invertebrates in the soil are discussed. © 2014 John Wiley & Sons Ltd.

  18. Modeling and forecasting petroleum futures volatility

    International Nuclear Information System (INIS)

    Sadorsky, Perry

    2006-01-01

    Forecasts of oil price volatility are important inputs into macroeconometric models, financial market risk assessment calculations like value at risk, and option pricing formulas for futures contracts. This paper uses several different univariate and multivariate statistical models to estimate forecasts of daily volatility in petroleum futures price returns. The out-of-sample forecasts are evaluated using forecast accuracy tests and market timing tests. The TGARCH model fits well for heating oil and natural gas volatility and the GARCH model fits well for crude oil and unleaded gasoline volatility. Simple moving average models seem to fit well in some cases provided the correct order is chosen. Despite the increased complexity, models like state space, vector autoregression and bivariate GARCH do not perform as well as the single equation GARCH model. Most models out perform a random walk and there is evidence of market timing. Parametric and non-parametric value at risk measures are calculated and compared. Non-parametric models outperform the parametric models in terms of number of exceedences in backtests. These results are useful for anyone needing forecasts of petroleum futures volatility. (author)

  19. Modelling oil price volatility with structural breaks

    International Nuclear Information System (INIS)

    Salisu, Afees A.; Fasanya, Ismail O.

    2013-01-01

    In this paper, we provide two main innovations: (i) we analyze oil prices of two prominent markets namely West Texas Intermediate (WTI) and Brent using the two recently developed tests by Narayan and Popp (2010) and Liu and Narayan, 2010 both of which allow for two structural breaks in the data series; and (ii) the latter method is modified to include both symmetric and asymmetric volatility models. We identify two structural breaks that occur in 1990 and 2008 which coincidentally correspond to the Iraqi/Kuwait conflict and the global financial crisis, respectively. We find evidence of persistence and leverage effects in the oil price volatility. While further extensions can be pursued, the consideration of asymmetric effects as well as structural breaks should not be jettisoned when modelling oil price volatility. - Highlights: ► We analyze oil price volatility using NP (2010) and LN (2010) tests. ► We modify the LN (2010) to account for leverage effects in oil price. ► We find two structural breaks that reflect major global crisis in the oil market. ► We find evidence of persistence and leverage effects in oil price volatility. ► Leverage effects and structural breaks are fundamental in oil price modelling.

  20. Drug interactions: volatile anesthetics and opioids.

    Science.gov (United States)

    Glass, P S; Gan, T J; Howell, S; Ginsberg, B

    1997-09-01

    Multiple drugs are used to provide anesthesia. Volatile anesthetics are commonly combined with opioids. Several studies have demonstrated that small doses of opioid (i.e., within the analgesic range) result in a marked reduction in minimum alveolar concentration (MAC) of the volatile anesthetic that will prevent purposeful movement in 50% of patients at skin incision). Further increases in opioid dose provide only a further small reduction in MAC. Thus, a ceiling effect of the opioid is observed at a MAC value of the volatile anesthetic equal to its MAC awake. Recovery from anesthesia when an opioid is combined with a volatile anesthetic is dependent on the rate of decrease of both drugs to their respective concentrations that are associated with adequate spontaneous ventilation and awakening. Through an understanding of the pharmacodynamic interaction of volatile anesthetics with opioids and the pharmacokinetic processes responsible for the recovery from drug effect, optimal dosing schemes can thus be developed. A review of these pharmacodynamic and pharmacokinetic principles that will allow clinicians to administer drugs to provide a more optimal anesthetic is provided.

  1. Thermodynamics of the Volatilization of Actinind metals in the High-Temperature Treatment of Radioactive Wastes

    International Nuclear Information System (INIS)

    Adamson, Martyn G.; Olander, Donald R.

    1999-01-01

    We are performing a detailed study of the volatilization behavior of U, Pu and possibly Am and Np under conditions relevant to the thermal treatment (destruction) of actinide containing organic-based mixed and radioactive wastes. The primary scientific goal of the work is to develop a basic thermochemical understanding of actinide volatilization and partitioning/speciation behavior in the thermal processes that are central to DOE/EM's mixed waste treatment program. This subject addresses at least two key technical needs/problem areas recently identified by DOE/EM's Office of Science and Technology: emission-free destruction of organic wastes, and interactions between actinides and organic residues in materials stabilization. A sound basis for designing safe and effective treatment systems, and the ability to allay public concerns about radioactive fugitive emissions, will be the principal benefits of the project. The proposed work is a combination of experimental studies and thermodynamic modeling. Vapor pressure measurements will be made to determine U, Pu and possibly Am volatile species and the extent of their volatilization when UO2/U3O8, PuO2 and AmO2 solids are heated to temperatures of 500 to1200 C under pyrolyzing (reducing) conditions or under oxidizing conditions in the presence of chlorine. Work on uranium volatilization under reducing conditions is being performed in a laboratory at UC Berkeley in a collaboration with Professor D.R. Olander. In parallel with the experimental effort, a complete thermodynamic database for expected actinide gaseous species will be developed from literature data, from the proposed measurements, and from data predictions using bond energy correlation and statistical thermodynamics estimation methods

  2. The predictive content of CBOE crude oil volatility index

    Science.gov (United States)

    Chen, Hongtao; Liu, Li; Li, Xiaolei

    2018-02-01

    Volatility forecasting is an important issue in the area of econophysics. The information content of implied volatility for financial return volatility has been well documented in the literature but very few studies focus on oil volatility. In this paper, we show that the CBOE crude oil volatility index (OVX) has predictive ability for spot volatility of WTI and Brent oil returns, from both in-sample and out-of-sample perspectives. Including OVX-based implied volatility in GARCH-type volatility models can improve forecasting accuracy most of time. The predictability from OVX to spot volatility is also found for longer forecasting horizons of 5 days and 20 days. The simple GARCH(1,1) and fractionally integrated GARCH with OVX performs significantly better than the other OVX models and all 6 univariate GARCH-type models without OVX. Robustness test results suggest that OVX provides different information from as short-term interest rate.

  3. Permanent and transitory oil volatility and aggregate investment in Malaysia

    International Nuclear Information System (INIS)

    Ibrahim, Mansor H.; Ahmed, Huson Joher Ali

    2014-01-01

    This paper investigates the relation between aggregate investment and oil volatility and its permanent and transitory components for a developing country, Malaysia. In the paper, the components generalized autoregressive conditional heteroskedasticity (CGARCH) model is utilized to decompose conditional oil volatility into permanent oil volatility and transitory oil volatility. Respectively reflecting fundamental-driven and random shifts in oil volatility, they are expected to exert differential effects on aggregate investment. Adopting a vector autoregression (VAR) framework to allow feedback effects between aggregate investment and its determinants, the paper documents evidence supporting the adverse effects of conditional oil volatility, permanent oil volatility and transitory oil volatility on aggregate investment and real output. Interestingly, contrary to the findings for the developed markets (US and OECD), the real effects of permanent oil volatility tend to be stronger. These findings are reasonably robust to variable specification and measurements in the VAR system. Hence, there is an indication that heightened oil volatility accounts for the slumps in Malaysia's aggregate investment after the Asian financial crisis. - Highlights: • Examines the role of oil volatility in Malaysia's aggregate investment. • Makes distinction between permanent and temporary volatility using CGARCH. • Both volatility components depress investment. • Permanent volatility has larger adverse effects. • Results are robust to alternative model specifications

  4. Volatility Spillover in Chinese Steel Markets

    Science.gov (United States)

    Fang, Wen

    2018-03-01

    This paper examines volatility spillover in Chinese steel markets by comparing spillover effects before and after steel futures market established and finds some interesting change. Volatility spillover method based on multi-GARCH model are proposed. The results show that there is significant proof for spillover effects from B2B electronic market to spot market, and two-way effects between futures and spot market. Market policy planners and practitioners could make decisions according to the master of spillovers. We also find that B2B e-market and futures market can both provide efficient protection against steel price volatility risk, B2B e-market offer a broad-based platform for trading steel commodities over time and space since e-market role in information flow process is dominant.

  5. Volatile components and continental material of planets

    International Nuclear Information System (INIS)

    Florenskiy, K.P.; Nikolayeva, O.V.

    1984-01-01

    It is shown that the continental material of the terrestrial planets varies in composition from planet to planet according to the abundances and composition of true volatiles (H 2 0, CO 2 , etc.) in the outer shells of the planets. The formation of these shells occurs very early in a planet's evolution when the role of endogenous processes is indistinct and continental materials are subject to melting and vaporizing in the absence of an atmosphere. As a result, the chemical properties of continental materials are related not only to fractionation processes but also to meltability and volatility. For planets retaining a certain quantity of true volatile components, the chemical transformation of continental material is characterized by a close interaction between impact melting vaporization and endogeneous geological processes

  6. Volatility of Capital Flows to Emerging Economies

    Directory of Open Access Journals (Sweden)

    Katia Rocha

    2013-09-01

    Full Text Available The paper proposes a panel model to the determinants of capital flow volatility to a group of 18 emerging market economies (EME in the period of 2000 to 2011. It studies the robustness of the model regarding different volatility measures; analyses several types of gross capital inflow; focusing the role of government institutional quality and the development of domestic financial system (banks, insurance companies, and capital markets – stocks, bonds and derivatives. The EME analyzed represented roughly 95% of the Emerging Markets Bond Index Global – EMBIG in January 2013, being the biggest destination to international capital flow to EME according to the report of the Bank for International Settlements - BIS (2009. The main conclusion suggests that a reduction of capital flow volatility can be achieved by the adoption of policies that improve government institutional quality and promote development, stability and efficiency of the domestic financial system.

  7. Volatility jumps and their economic determinants

    DEFF Research Database (Denmark)

    Caporin, Massimiliano; Rossi, Eduardo; Santucci de Magistris, Paolo

    that there is a positive probability of jumps in volatility. A common factor in the volatility jumps is shown to be related to a set of financial covariates (such as variance risk premium, S&P500 volume, credit-default swap, and federal fund rates). The credit-default swap on US banks and variance risk premium have...... predictive power on expected jump moves, thus confirming the common interpretation that sudden and large increases in equity volatility can be anticipated by credit deterioration of the US bank sector as well as changes in the market expectations of future risks. Finally, the model is extended to incorporate...... the credit-default swap and the variance risk premium in the dynamics of the jump size and intensity....

  8. Price volatility in wind dominant electricity markets

    DEFF Research Database (Denmark)

    Farashbashi-Astaneh, Seyed-Mostafa; Chen, Zhe

    2013-01-01

    High penetration of intermittent renewable energy sources causes price volatility in future electricity markets. This is specially the case in European countries that plan high penetration levels. This highlights the necessity for revising market regulations and mechanisms in accordance...... to generation combination portfolio. Proposed solutions should be able to tackle with emerging challenges which are mainly due to high variability and unpredictability of intermittent renewable resources. In this paper high price volatility will be introduced as an emerging challenge in wind dominant...... electricity markets. High price volatility is unappreciated because it imposes high financial risk levels to both electricity consumers and producers. Additionally high price variations impede tracking price signals by consumers in future smart grid and jeopardize implementation of demand response concepts...

  9. The volatility of stock market prices.

    Science.gov (United States)

    Shiller, R J

    1987-01-02

    If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.

  10. Private Sector Credit and Inflation Volatility

    Directory of Open Access Journals (Sweden)

    Lorna Katusiime

    2018-04-01

    Full Text Available This paper investigates the effect of inflation volatility on private sector credit growth. The results indicate that private sector credit growth is positively linked to the one period lagged inflation volatility. Given that past monetary policy actions continue to affect the targeted variables due to the substantial lags in the transmission mechanism, the positive response of private sector credit growth to past inflation volatility suggests a credible monetary policy regime in Uganda, which has led to a reduction in the level of macroeconomic uncertainty and the restoration of favorable economic conditions and prospects, thus increasing the demand for credit. Further, the study finds that the lagged private sector credit growth, nominal exchange rate, and inflation have a statistically significant effect on private sector credit growth while financial innovation, interest rates, and GDP growth appear not to be important determinants of private sector credit growth. The robustness of our findings is confirmed by sensitivity checks.

  11. Ewe's diet (pasture vs grain-based feed) affects volatile profile of cooked meat from light lamb.

    Science.gov (United States)

    Almela, Elisabeth; Jordán, María José; Martínez, Cristina; Sotomayor, José Antonio; Bedia, Mario; Bañón, Sancho

    2010-09-08

    The effects of ewe's diet during gestation and lactation on the volatile compounds profile in cooked meat from light lamb were compared. Two lamb groups from ewes that had been fed pasture (PA) or grain-based concentrate (FE) were tested. Cooked loin mixed with saliva was analyzed by solid phase microextraction, gas chromatography, and mass spectrometry. The fiber coating used was divinylbenzene-carboxen-polydimethylsiloxane. The volatiles detected and quantified were aldehydes, alcohols, ketones, phenols, indole, and sulfur compounds. The ewe's diet strongly affected the volatile compounds profile of the cooked meat. The total volatiles concentration was higher in PA (409 mg kg(-1)) than in FE (201 mg kg(-1)). The major volatiles in PA were phenol, 4-methylphenol, and hexanoic acid, while the major volatile in FE was 3-hydroxy-2-butanone. No branched C8-C9 fatty acids responsible for mutton flavor were detected in either group. The findings suggest that nutritional strategies can be use during gestation and lactation to modify the aroma of light lamb meat in the light of consumer preferences.

  12. Different methods for volatile sampling in mammals.

    Directory of Open Access Journals (Sweden)

    Marlen Kücklich

    Full Text Available Previous studies showed that olfactory cues are important for mammalian communication. However, many specific compounds that convey information between conspecifics are still unknown. To understand mechanisms and functions of olfactory cues, olfactory signals such as volatile compounds emitted from individuals need to be assessed. Sampling of animals with and without scent glands was typically conducted using cotton swabs rubbed over the skin or fur and analysed by gas chromatography-mass spectrometry (GC-MS. However, this method has various drawbacks, including a high level of contaminations. Thus, we adapted two methods of volatile sampling from other research fields and compared them to sampling with cotton swabs. To do so we assessed the body odor of common marmosets (Callithrix jacchus using cotton swabs, thermal desorption (TD tubes and, alternatively, a mobile GC-MS device containing a thermal desorption trap. Overall, TD tubes comprised most compounds (N = 113, with half of those compounds being volatile (N = 52. The mobile GC-MS captured the fewest compounds (N = 35, of which all were volatile. Cotton swabs contained an intermediate number of compounds (N = 55, but very few volatiles (N = 10. Almost all compounds found with the mobile GC-MS were also captured with TD tubes (94%. Hence, we recommend TD tubes for state of the art sampling of body odor of mammals or other vertebrates, particularly for field studies, as they can be easily transported, stored and analysed with high performance instruments in the lab. Nevertheless, cotton swabs capture compounds which still may contribute to the body odor, e.g. after bacterial fermentation, while profiles from mobile GC-MS include only the most abundant volatiles of the body odor.

  13. Hedging electricity price volatility using nuclear power

    International Nuclear Information System (INIS)

    Mari, Carlo

    2014-01-01

    Highlights: • Nuclear power is an important asset to reduce the volatility of electricity prices. • Unpredictability of fossil fuels and carbon prices makes power prices very volatile. • The dynamics of fossil fuels and carbon prices is described by Brownian motions. • LCOE values, volatilities and correlations are obtained via Monte Carlo simulations. • Optimal portfolios of generating technologies are get using a mean–variance approach. - Abstract: The analysis presented in this paper aims to put in some evidence the role of nuclear power as hedging asset against the volatility of electricity prices. The unpredictability of natural gas and coal market prices as well as the uncertainty in environmental policies may affect power generating costs, thus enhancing volatility in electricity market prices. The nuclear option, allowing to generate electricity without carbon emissions, offers the possibility to reduce the volatility of electricity prices through optimal diversification of power generating technologies. This paper provides a methodological scheme to plan well diversified “portfolios” of generating capacity that minimize the electricity price risk induced by random movements of fossil fuels market prices and by unpredictable fluctuations of carbon credits prices. The analysis is developed within a stochastic environment in which the dynamics of fuel prices as well as the dynamics of carbon credits prices is assumed to evolve in time according to well defined Brownian processes. Starting from market data and using Monte Carlo techniques to simulate generating cost values, the hedging argument is developed by selecting optimal portfolio of power generating technologies using a mean–variance approach

  14. On the non-causal link between volatility and growth

    DEFF Research Database (Denmark)

    Posch, Olaf; Wälde, Klaus

    A model highlighting the endogeneity of both volatility and growth is presented. Volatility and growth are therefore correlated but there is no causal link from volatility to growth. This joint endogeneity is illustrated by working out the effects through which economies with different tax levels...... di er both in their volatility and growth. Using a continuous-time DSGE model with plausible parametric restrictions, we obtain closedform measures of macro volatility based on cyclical components and output growth rates. Given our results, empirical volatility-growth analysis should include controls...

  15. Volume, Volatility and Public News Announcements

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Li, Jia; Xue, Yuan

    We provide new empirical evidence for the way in which financial markets process information. Our results are based on high-frequency intraday data along with new econometric techniques for making inference on the relationship between trading intensity and spot volatility around public news...... announcements. Consistent with the predictions derived from a theoretical model in which investors agree to disagree, our estimates for the intraday volume-volatility elasticity around the most important news announcements are systematically below unity. Our elasticity estimates also decrease significantly...

  16. Explaining output volatility: The case of taxation

    DEFF Research Database (Denmark)

    Posch, Olaf

    the second moment of output growth rates without (long-run) effects on the first moment. Taking the model to the data, we exploit observed heterogeneity patterns to estimate effects of tax rates on macro volatility using panel estimation, explicitly modeling the unobserved variance process. We find a strong......This paper studies the effects of taxation on output volatility in OECD countries to shed light on the sources of observed heterogeneity over time and across countries. To this end, we derive tax effects on macro aggregates in a stochastic neoclassical model. As a result, taxes are shown to affect...... positive effects....

  17. Arsenic volatilization in model anaerobic biogas digesters

    International Nuclear Information System (INIS)

    Mestrot, Adrien; Xie, Wan-Ying; Xue, Ximei; Zhu, Yong-Guan

    2013-01-01

    Highlights: • Arsenic is volatilized form all model anaerobic digesters, including the non-treated ones. • Volatile As species can be identified and quantified in all digesters. • Non-arsenic treated digesters volatilization rates are higher than Roxarsone treated ones. - Abstract: Arsenic is a class 1 non-threshold carcinogen which is highly ubiquitous. Arsenic undergoes many different transformations (biotic or abiotic) between and within environmental compartments, leading to a number of different chemical species possessing different properties and toxicities. One specific transformation is As biotic volatilization which is coupled with As biomethylation and has been scarcely studied due to inherent sampling issues. Arsenic methylation/volatilization is also linked with methanogenesis and occurs in anaerobic environments. In China, rice straw and animal manure are very often used to produce biogas and both can contain high amounts of As, especially if the rice is grown in areas with heavy mining or smelting industries and if Roxarsone is fed to the animals. Roxarsone is an As-containing drug which is widely used in China to control coccidian intestinal parasites, to improve feed efficiency and to promote rapid growth. Previous work has shown that this compound degrades to inorganic As under anaerobic conditions. In this study the focus is on biotic transformations of As in small microcosms designed as biogas digester models (BDMs) using recently validated As traps, thus, enabling direct quantification and identification of volatile As species. It is shown that although there was a loss of soluble As in the BDMs, their conditions favored biomethylation. All reactors produced volatile As, especially the monomethylarsonic acid spiked ones with 413 ± 148 ng As (mean ± SD, n = 3) which suggest that the first methylation step, from inorganic As, is a limiting factor. The most abundant species was trimethylarsine, but the toxic arsine was present in the

  18. Assessment of waste management of volatile radionuclides

    International Nuclear Information System (INIS)

    Altomare, P.M.; Barbier, M.; Lord, N.; Nainan, D.

    1979-05-01

    This document presents a review of the Technologies for Waste Management of the Volatile Radionuclides of iodine-129, krypton-85, tritium, and carbon-14. The report presents an estimate of the quantities of these volatile radionuclides as are produced in the nuclear power industry. The various technologies as may be used, or which are under investigation, to immobilize these nuclides and to contain them during storage and in disposal are discussed. Also, the alternative disposal options as may be applied to isolate these radioactive wastes from the human environment are presented. The report contains information which was available through approximately January 1978

  19. Mixed Connective Tissue Disease

    Science.gov (United States)

    Mixed connective tissue disease Overview Mixed connective tissue disease has signs and symptoms of a combination of disorders — primarily lupus, scleroderma and polymyositis. For this reason, mixed connective tissue disease ...

  20. Fluid mixing III

    International Nuclear Information System (INIS)

    Harnby, N.

    1988-01-01

    Covering all aspects of mixing, this work presents research and developments in industrial applications, flow patterns and mixture analysis, mixing of solids into liquids, and mixing of gases into liquids

  1. Volcanic fluxes of volatiles. Preliminary estimates based on rare gas and major volatile calibration

    International Nuclear Information System (INIS)

    Marty, B.

    1992-01-01

    New estimates for volatile fluxes into the atmosphere and hydrosphere through volcanism have been computed using the measured fluxes of 3 He in oceans and SO 2 in the atmosphere, and the ratios between the volatiles in Mid-Ocean Ridge basalts and in high temperature volcanic gases. These estimates have been checked using independent estimates of the volcanic fluxes. This method provides a reliable means of tracing volatile fluxes, although its precision is restricted by the limited amount of data currently available. (author). 19 refs, 1 tab

  2. Asymptotic Behavior of the Stock Price Distribution Density and Implied Volatility in Stochastic Volatility Models

    International Nuclear Information System (INIS)

    Gulisashvili, Archil; Stein, Elias M.

    2010-01-01

    We study the asymptotic behavior of distribution densities arising in stock price models with stochastic volatility. The main objects of our interest in the present paper are the density of time averages of the squared volatility process and the density of the stock price process in the Stein-Stein and the Heston model. We find explicit formulas for leading terms in asymptotic expansions of these densities and give error estimates. As an application of our results, sharp asymptotic formulas for the implied volatility in the Stein-Stein and the Heston model are obtained.

  3. Tungsten migration studies by controlled injection of volatile compounds

    Energy Technology Data Exchange (ETDEWEB)

    Rubel, M., E-mail: rubel@kth.se [Royal Institute of Technology (KTH), Association EURATOM-VR, Stockholm (Sweden); Coenen, J. [IEK-4, Plasma Physics, Forschungszentrum Jülich, Association EURATOM-FZJ, Jülich (Germany); Ivanova, D. [Royal Institute of Technology (KTH), Association EURATOM-VR, Stockholm (Sweden); Möller, S. [IEK-4, Plasma Physics, Forschungszentrum Jülich, Association EURATOM-FZJ, Jülich (Germany); Petersson, P. [Royal Institute of Technology (KTH), Association EURATOM-VR, Stockholm (Sweden); Brezinsek, S.; Kreter, A.; Philipps, V.; Pospieszczyk, A.; Schweer, B. [IEK-4, Plasma Physics, Forschungszentrum Jülich, Association EURATOM-FZJ, Jülich (Germany)

    2013-07-15

    Volatile tungsten hexa-fluoride was locally injected into the TEXTOR tokamak as a marker for material migration studies. The injection was accompanied by puffing N-15 rare isotope as a nitrogen tracer in discharges with edge cooling by impurity seeding. The objective was to assess material balance by qualitative and quantitative determination of a global and local deposition pattern, material mixing effects and fluorine residence in plasma-facing components. Spectroscopy and ex situ ion beam analysis techniques were used. Tungsten was detected on all types of limiter tiles and short-term probes retrieved from the vessel. Over 80% of the injected W was identified. The largest tungsten concentration, 1 × 10{sup 18} cm{sup −2}, was in the vicinity of the gas inlet. Co-deposits contained tungsten and a mix of light isotopes: H, D, He-4, B-10, B-11, C-12, C-13, N-14, N-15, O-16 and small quantities of F-19 thus showing that both He and nitrogen are trapped following wall conditioning (He glow) and edge cooling.

  4. Improved exposure estimation in soil screening and cleanup criteria for volatile organic chemicals.

    Science.gov (United States)

    DeVaull, George E

    2017-09-01

    Soil cleanup criteria define acceptable concentrations of organic chemical constituents for exposed humans. These criteria sum the estimated soil exposure over multiple pathways. Assumptions for ingestion, dermal contact, and dust exposure generally presume a chemical persists in surface soils at a constant concentration level for the entire exposure duration. For volatile chemicals, this is an unrealistic assumption. A calculation method is presented for surficial soil criteria that include volatile depletion of chemical for these uptake pathways. The depletion estimates compare favorably with measured concentration profiles and with field measurements of soil concentration. Corresponding volatilization estimates compare favorably with measured data for a wide range of volatile and semivolatile chemicals, including instances with and without the presence of a mixed-chemical residual phase. Selected examples show application of the revised factors in estimating screening levels for benzene in surficial soils. Integr Environ Assess Manag 2017;13:861-869. © 2017 The Authors. Integrated Environmental Assessment and Management published by Wiley Periodicals, Inc. on behalf of Society of Environmental Toxicology & Chemistry (SETAC). © 2017 The Authors. Integrated Environmental Assessment and Management published by Wiley Periodicals, Inc. on behalf of Society of Environmental Toxicology & Chemistry (SETAC).

  5. Mixed plastics recycling technology

    CERN Document Server

    Hegberg, Bruce

    1995-01-01

    Presents an overview of mixed plastics recycling technology. In addition, it characterizes mixed plastics wastes and describes collection methods, costs, and markets for reprocessed plastics products.

  6. Modeling volatility using state space models.

    Science.gov (United States)

    Timmer, J; Weigend, A S

    1997-08-01

    In time series problems, noise can be divided into two categories: dynamic noise which drives the process, and observational noise which is added in the measurement process, but does not influence future values of the system. In this framework, we show that empirical volatilities (the squared relative returns of prices) exhibit a significant amount of observational noise. To model and predict their time evolution adequately, we estimate state space models that explicitly include observational noise. We obtain relaxation times for shocks in the logarithm of volatility ranging from three weeks (for foreign exchange) to three to five months (for stock indices). In most cases, a two-dimensional hidden state is required to yield residuals that are consistent with white noise. We compare these results with ordinary autoregressive models (without a hidden state) and find that autoregressive models underestimate the relaxation times by about two orders of magnitude since they do not distinguish between observational and dynamic noise. This new interpretation of the dynamics of volatility in terms of relaxators in a state space model carries over to stochastic volatility models and to GARCH models, and is useful for several problems in finance, including risk management and the pricing of derivative securities. Data sets used: Olsen & Associates high frequency DEM/USD foreign exchange rates (8 years). Nikkei 225 index (40 years). Dow Jones Industrial Average (25 years).

  7. Volatile components from Anthriscus sylvestris (L.) Hoffm

    NARCIS (Netherlands)

    Bos, R.; Koulman, A; Woerdenbag, H.J.; Quax, Wim; Pras, N.

    2002-01-01

    The volatile components of fresh leaves and roots from Anthriscus sylvestris (L.) Hoffm., obtained through hydrodistillation, were analysed by GC and GC-MS. This was compared to dichloromethane extracts of both fresh and dried leaf and root material. The monoterpene fraction (69-70%) dominated,

  8. Ammonia volatilization from coated urea forms

    Directory of Open Access Journals (Sweden)

    Carlos Antonio Costa do Nascimento

    2013-08-01

    Full Text Available Nitrogen fertilization is a major component of the cost of agricultural production, due to the high cost and low efficiency of fertilizers. In the case of urea, the low efficiency is mainly due to losses by volatilization, which are more pronounced in cultivation systems in which plant residues are left on the soil. The objective of this work was to compare the influence of urea coated with sulfur or boric acid and copper sulfate with conventional N fertilizers on N volatilization losses in sugar cane harvested after stubble burning. The sources urea, sulfur-coated urea, urea coated with boric acid and copper sulfate, as well as nitrate and ammonium sulfate, were tested at amounts containing N rates of 120 kg ha-1 N. The integration of new technologies in urea fertilization can reduce N losses by volatilization. These losses were most reduced when using nitrate and ammonium sulfate. The application of a readily acidified substance (boric acid to urea was more efficient in reducing volatilization losses and nutrient removal by sugar cane than that of a substance with gradual acidification (elemental sulfur.

  9. Principal volatil components of Txakoli of Bizkaia

    Directory of Open Access Journals (Sweden)

    Ana Escobal

    1995-12-01

    Full Text Available The aim of this work was to characterize the Txakoli of Bizkaia, a wine produced in the Basque Country. This note gives account of the volatile content of the wine which has been awarded by the Denominacíon de Origen Bizkaiko Txakolina quality label (BOPV, 1994.

  10. Volatile-mediated interactions in the rhizosphere

    NARCIS (Netherlands)

    Cordovez da Cunha, Viviane

    2016-01-01

    Plants and microorganisms are constantly engaged in highly dynamic interactions both above- and belowground. Several of these interactions are mediated by volatile organic compounds (VOCs), small carbon-based compounds with high vapor pressure at ambient temperature. In the rhizosphere, VOCs have

  11. Compositional Analysis and Antioxidant Activity of Volatile ...

    African Journals Online (AJOL)

    Compositional Analysis and Antioxidant Activity of Volatile. Components of Two Salvia spp. F Forouzin*, R Jamei and R Heidari. Department of Biology, Faculty of Science, Urmia University, West Azerbaijan, Iran. *For correspondence: Email: f_forouzin@yahoo.com, rjamei274@gmail.com, r.heidari@mail.urmia.ac.ir; Tel: ...

  12. Managing and Harnessing Volatile Oil Windfalls

    NARCIS (Netherlands)

    van den Bremer, T.S.; van der Ploeg, F.

    2013-01-01

    Three funds are necessary to manage an oil windfall: intergenerational, liquidity, and investment funds. The optimal liquidity fund is bigger if the windfall lasts longer and oil price volatility, prudence, and the GDP share of oil rents are high and productivity growth is low. The paper applies the

  13. Mechanism of monoterpene volatilization in Salvia mellifera

    Energy Technology Data Exchange (ETDEWEB)

    Dement, W A; Tyson, B J; Mooney, H A

    1975-01-01

    Monoterpene volatilization in Salvia mellifera is primarily dependent on the vapor pressures of the terpenes as they are influenced by temperature, the humidity of the air surrounding the leaf and the surface area of oil present on the leaf. 12 references, 1 figure, 2 tables.

  14. Volatility Spillover Effects in European Equity Markets

    NARCIS (Netherlands)

    Baele, L.

    2003-01-01

    This paper quantifies the magnitude and time-varying nature of volatility spillovers from the aggregate European (EU) and US market to 13 local European equity markets.I develop a shock spillover model that decomposes local unexpected returns into a country speciffic shock, a regional European

  15. Networks of volatility spillovers among stock markets

    Science.gov (United States)

    Baumöhl, Eduard; Kočenda, Evžen; Lyócsa, Štefan; Výrost, Tomáš

    2018-01-01

    In our network analysis of 40 developed, emerging and frontier stock markets during the 2006-2014 period, we describe and model volatility spillovers during both the global financial crisis and tranquil periods. The resulting market interconnectedness is depicted by fitting a spatial model incorporating several exogenous characteristics. We document the presence of significant temporal proximity effects between markets and somewhat weaker temporal effects with regard to the US equity market - volatility spillovers decrease when markets are characterized by greater temporal proximity. Volatility spillovers also present a high degree of interconnectedness, which is measured by high spatial autocorrelation. This finding is confirmed by spatial regression models showing that indirect effects are much stronger than direct effects; i.e., market-related changes in 'neighboring' markets (within a network) affect volatility spillovers more than changes in the given market alone, suggesting that spatial effects simply cannot be ignored when modeling stock market relationships. Our results also link spillovers of escalating magnitude with increasing market size, market liquidity and economic openness.

  16. Volatility as a downside of fairness

    OpenAIRE

    Leibfried, Peter; Zimmermann, Marc-Daniel

    2008-01-01

    Accounting Standards increasingly require financial instruments such as stocks, derivatives and structured products to be measured at fair value. As fair values represent a financial instrument's market value, price fluctuations find their way into financial statements. Even though fair value measurement provides useful information about the current value of a corporation's assets, it also increases the volatility of earnings.

  17. Volatiles Of Lysimachia Paridiformis Var. Stenophylla, Lysimachia ...

    African Journals Online (AJOL)

    Twenty-one compounds were identified in the leaves of L. fortumei, accounting for 94.72% of the total volatile fraction. ... Conclusion: The results showed that the main composition types were similar in the three plants, but the content was different, which indicated that the similar composition types provided the same medical ...

  18. Linux Incident Response Volatile Data Analysis Framework

    Science.gov (United States)

    McFadden, Matthew

    2013-01-01

    Cyber incident response is an emphasized subject area in cybersecurity in information technology with increased need for the protection of data. Due to ongoing threats, cybersecurity imposes many challenges and requires new investigative response techniques. In this study a Linux Incident Response Framework is designed for collecting volatile data…

  19. Acid volatile sulfide (AVS)- a comment

    NARCIS (Netherlands)

    Meysman, F.J.R.; Middelburg, J.J.

    2005-01-01

    The review by Rickard and Morse (this volume) adequately summarizes our current understanding with respect to acid-volatile sulfides (AVS). At the same time, this review addresses some of the misunderstandings with regard to measurements and dynamics of this important sedimentary sulfur pool. In

  20. Scaling properties of foreign exchange volatility

    NARCIS (Netherlands)

    Gençay, R.; Selçuk, F.; Whitcher, B.

    2001-01-01

    In this paper, we investigate the scaling properties of foreign exchange volatility. Our methodology is based on a wavelet multi-scaling approach which decomposes the variance of a time series and the covariance between two time series on a scale by scale basis through the application of a discrete

  1. Volatile fatty acids production in ruminants and the role of ...

    African Journals Online (AJOL)

    Yomi

    organic volatile fatty acids (VFAs) and microbial protein then become available to the host. .... BE, Drewes LR (2003). Molecular features, regulation and ... Dynamics of ruminal volatile fatty acids in black and white bulls before and after feeding ...

  2. SITE TECHNOLOGY CAPSULE: SUBSURFACE VOLATILIZATION AND VENTILATION SYSTEM (SVVS)

    Science.gov (United States)

    The Subsurface Volatilization and Ventilation System is an integrated technology used for attacking all phases of volatile organic compound (VOC) contamination in soil and groundwater. The SVVS technology promotes insitu remediation of soil and groundwater contaminated with or-ga...

  3. Isolation of volatile compounds of Aloe excelsa (Berger ...

    African Journals Online (AJOL)

    PROMOTING ACCESS TO AFRICAN RESEARCH ... Industrial and pharmacological applications of volatile and non-volatile compounds isolated ... Three commercially important compounds, namely: phenylacetonitrile, carvone and limonene were identified using gas ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  4. Forecasting volatility in the presence of Leverage Effect

    OpenAIRE

    Jean-Christophe Domenge; Rémi Rhodes; Vincent Vargas

    2010-01-01

    We define a simple and tractable method for adding the Leverage effect in general volatility predictions. As an application, we compare volatility predictions with and without Leverage on the SP500 Index during the period 2002-2010.

  5. The Determinants of Real Exchange Rate Volatility in Nigeria

    African Journals Online (AJOL)

    Rahel

    magnitude of exchange rate volatility while the federal government exercises control of ... objectives in the area of price stability and economic growth. Volatile real ..... Exchange rate shocks and instability is a common feature of emerging.

  6. Forecasting Exchange Rate Volatility in the Presence of Jumps

    DEFF Research Database (Denmark)

    Busch, Thomas; Christensen, Bent Jesper; Nielsen, Morten Ørregaard

    We study measures of foreign exchange rate volatility based on high-frequency (5-minute) $/DM exchange rate returns using recent nonparametric statistical techniquesto compute realized return volatility and its separate continuous sample path and jumpcomponents, and measures based on prices...... of exchange rate futures options, allowingcalculation of option implied volatility. We find that implied volatility is an informationallyefficient but biased forecast of future realized exchange rate volatility. Furthermore,we show that log-normality is an even better distributional approximation...... for impliedvolatility than for realized volatility in this market. Finally, we show that the jump componentof future realized exchange rate volatility is to some extent predictable, and thatoption implied volatility is the dominant forecast of the future jump component....

  7. Proboscis extension reflex platform for volatiles and semi-volatiles detection

    Energy Technology Data Exchange (ETDEWEB)

    Wingo, Robert M. (Los Alamos, NM); McCabe, Kirsten J. (Los Alamos, NM); Haarmann, Timothy K. (Jemez Pueblo, NM)

    2010-11-30

    The present invention provides an apparatus for the detection of volatile and semi-volatile chemicals using the olfactory abilities of honey bees that are trained to respond to the presence of a specific chemical in a sample of gas with the proboscis extension reflex (PER). In particular, the geometry and arrangement of the parts of the apparatus are such that the amount of surface area in contact with the sample of gas prior to its introduction to the bees is minimized to improve the detection of particular volatile and semi-volatile that have a tendency to "stick" to contacting surfaces, especially certain chemicals associated with explosives and narcotics. According to another aspect of the present invention, a pre-concentrating means is incorporated with the device to effectively increase the concentration of "sticky" chemicals presented to the insects.

  8. Can Equity Volatility Explain the Global Loan Pricing Puzzle?

    OpenAIRE

    Lewis Gaul; Pinar Uysal

    2013-01-01

    This paper examines whether unobservable differences in firm volatility are responsible for the global loan pricing puzzle, which is the observation that corporate loan interest rates appear to be lower in Europe than in the United States. We analyze whether equity volatility, an error prone measure of firm volatility, can explain this difference in loan spreads. We show that using equity volatility in OLS regressions will result in biased and inconsistent estimates of the difference in U.S. ...

  9. Stock Market Volatility: Examining North America, Europe and Asia

    OpenAIRE

    Gamini Premaratne; Lakshmi Bala

    2004-01-01

    An understanding of volatility in stock markets is important for determining the cost of capital and for assessing investment and leverage decisions as volatility is synonymous with risk. Substantial changes in volatility of financial markets are capable of having significant negative effects on risk averse investors. Using daily returns from 1992 to 2002, we investigate volatility co-movement between the Singapore stock market and the markets of US, UK, Hong Kong and Japan. In order to gauge...

  10. Consequences for option pricing of a long memory in volatility

    OpenAIRE

    Taylor, S J

    2001-01-01

    The economic consequences of a long memory assumption about volatility are documented, by comparing implied volatilities for option prices obtained from short and long memory volatility processes. Numerical results are given for options on the S&P 100 index from 1984 to 1998, with lives up to two years. The long memory assumption is found to have a significant impact upon the term structure of implied volatilities and a relatively minor impact upon smile effects. These conclusions are importa...

  11. THE EFFECT OF EXCHANGE RATE VOLATILITY ON WHEAT TRADE WORLDWIDE

    OpenAIRE

    Sun, Changyou; Kim, Mina; Koo, Won W.; Cho, Guedae; Jin, Hyun Joung

    2002-01-01

    A modified gravity-type model was employed to evaluate the effect of exchange rate volatility on wheat exports worldwide. Special attention was given to the econometric properties of the gravity model within panel framework. Short and long-term measures of exchange rate volatility were constructed and compared. Both measures of exchange rate volatility have exhibited a negative effect on world wheat trade and the long-term effect was even larger. This result implies that exchange rate volatil...

  12. Mixing ratio sensor of alcohol mixed fuel

    Energy Technology Data Exchange (ETDEWEB)

    Miyata, Shigeru; Matsubara, Yoshihiro

    1987-08-07

    In order to improve combustion efficiency of an internal combustion engine using gasoline-alcohol mixed fuel and to reduce harmful substance in its exhaust gas, it is necessary to control strictly the air-fuel ratio to be supplied and the ignition timing and change the condition of control depending upon the mixing ratio of the mixed fuel. In order to detect the mixing ratio of the mixed fuel, the above mixing ratio has so far been detected by casting a ray of light to the mixed fuel and utilizing a change of critical angle associated with the change of the composition of the fluid of the mixed fuel. However, in case when a light emitting diode is used for the light source above, two kinds of sensors are further needed. Concerning the two kinds of sensors above, this invention offers a mixing ratio sensor for the alcohol mixed fuel which can abolish a temperature sensor to detect the environmental temperature by making a single compensatory light receiving element deal with the compensation of the amount of light emission of the light emitting element due to the temperature change and the compensation of the critical angle caused by the temperature change. (6 figs)

  13. Modelling the Volatility-Return Trade-off when Volatility may be Nonstationary

    DEFF Research Database (Denmark)

    Dahl, Christian Møller; Iglesias, Emma M.

    In this paper a new GARCH-M type model, denoted the GARCH-AR, is proposed. In particular, it is shown that it is possible to generate a volatility-return trade-off in a regression model simply by introducing dynamics in the standardized disturbance process. Importantly, the volatility in the GARCH......, we provide an empirical illustration showing the empirical relevance of the GARCH-AR model based on modelling a wide range of leading US stock return series....

  14. Dynamic Asset Allocation Strategies Based on Volatility, Unexpected Volatility and Financial Turbulence

    OpenAIRE

    Grimsrud, David Borkner

    2015-01-01

    Masteroppgave økonomi og administrasjon- Universitetet i Agder, 2015 This master thesis looks at unexpected volatility- and financial turbulence’s predictive ability, and exploit these measures of financial risk, together with volatility, to create three dynamic asset allocation strategies, and test if they can outperform a passive and naively diversified buy-and-hold strategy. The idea with the dynamic strategies is to increase the portfolio return by keeping the portfolio risk at a low a...

  15. Alberta’s Changing Industrial Structure: Implications for Output and Income Volatility

    Directory of Open Access Journals (Sweden)

    Bev Dahlby

    2018-02-01

    : 16 other sectors in Alberta are linked to the same boom-bust cycle as the oil and gas sector. The more important diversification issue in the province is not output volatility, but the volatility of labour income. In the last 20 years, labour income has become increasingly concentrated in Alberta’s two most volatile sectors, oil and gas extraction and construction. As a result, volatility of aggregate labour income in Alberta increased by 40 per cent during that period. Rather than trying to change Alberta’s industrial mix by subsidizing industries that may only contribute to more volatility of economic output, a more sensible government approach would be to adopt policies that address the problem of labourincome volatility. That would include finding ways to expand unemployment insurance for Alberta workers, as the current federal government policy actually provides fewer supports to unemployed Albertans than it does to residents of other regions. Average weekly earnings of Albertans were 20 per cent higher than national average weekly earnings over the 2012 to 2016 period. However, maximum annual insurable earnings under EI are determined based on national average weekly earnings. Higherwage earners should have the opportunity to enrol in a voluntary supplemental EI program, and if the federal government does not want to provide it, the provincial government could. Additionally, the government can promote self-insurance among workers by expanding tax-sheltered savings products, like tax-free savings accounts, so workers can accumulate back-up funds when labour incomes are high, to help sustain them during downturns. Finally, the provincial government needs to abandon its procyclical spending patterns. That means spending less money when oil revenues are high, to avoid exacerbating labour and material shortages, and maintaining spending, rather than forced cutbacks, during downturns in the economy. That, of course, would require a great deal more political

  16. An investigation into the prevalence of water borne diseases in ...

    African Journals Online (AJOL)

    user

    interviewees selected through simple random sampling technique. The target site was ... the fecal material of man or other animals (Park, 2007). The standard test for .... rubber pipes to draw water from neighbor's community water supply.

  17. Assesment of the water quality and prevalence of water borne ...

    African Journals Online (AJOL)

    STORAGESEVER

    2008-09-03

    Sep 3, 2008 ... Collection of water samples. Water sampling was carried out at five points where each of the five .... rainwater or as it percolate through the soil layers. These ... pesticides, herbicides, plant nutrients, radioactive mate- rials, decaying ... per day as food element, excessive amounts can lead to the formation of ...

  18. Disposal of sewage and other water-borne wastes

    National Research Council Canada - National Science Library

    Imhoff, Karl; Müller, Wilhelm Johann; Thistlethwayte, D. K. B

    1971-01-01

    ... with their advantages and disadvantages. The third section,essentially of a practical nature, describes various treatment processes, whilst the final part deals with particular problems of a small community where economic considerations...

  19. AquaVir- Portable Analyzer for Water Borne Infectious Viruses

    DEFF Research Database (Denmark)

    Rozlosnik, Noemi; Kirkegaard, Julie; Olsen, Mark Holm

    2014-01-01

    Viral contamination in waters intended for human consumption or human contact poses a high health riskand can, in worst-case, lead to viral outbreaks. The waterborne virus, norovirus is a major cause of viralgastroenteritis. Conventional detection methods of norovirus rely on microbiological...... methods likepolymerase chain reaction and a variety of sample preparations. These methods are time consuming,expensive and require highly trained personnel. Thus, viral surveillance cannot be done continuously and only provide an instant overview of the water quality.We are developing an all polymer...... detection system for online viral surveillance of waters. The detection isbased on differential impedance measurements between a reference and an electrode functionalized with abio-recognition element. The bio-recognition element is an aptamer specific to the target virus. We havepreviously shown very low...

  20. Water-borne protozoa parasites: The Latin American perspective.

    Science.gov (United States)

    Rosado-García, Félix Manuel; Guerrero-Flórez, Milena; Karanis, Gabriele; Hinojosa, María Del Carmen; Karanis, Panagiotis

    2017-07-01

    Health systems, sanitation and water access have certain limitations in nations of Latin America (LA): typical matters of developing countries. Water is often contaminated and therefore unhealthy for the consumers and users. Information on prevalence and detection of waterborne parasitic protozoa are limited or not available in LA. Only few reports have documented in this field during the last forty years and Brazil leads the list, including countries in South America and Mexico within Central America region and Caribbean islands. From 1979 to 2015, 16 outbreaks of waterborne-protozoa, were reported in Latin American countries. T. gondii and C. cayetanensis were the protozoa, which caused more outbreaks and Giardia spp. and Cryptosporidium spp. were the most frequently found protozoa in water samples. On the other hand, Latin America countries have not got a coherent methodology for detection of protozoa in water samples despite whole LA is highly vulnerable to extreme weather events related to waterborne-infections; although Brazil and Colombia have some implemented laws in their surveillance systems. It would be important to coordinate all surveillance systems in between all countries for early detection and measures against waterborne-protozoan and to establish effective and suitable diagnosis tools according to the country's economic strength and particular needs. Copyright © 2017 Elsevier GmbH. All rights reserved.

  1. Assesment of the water quality and prevalence of water borne ...

    African Journals Online (AJOL)

    The water related diseases that were consistently reported and diagnosed for the period are cholera (3.37%), diarrhea (44.94%), dysentery (16.85%), and typhoid fever (34.83%). The quality of the water and the prevalence of water related diseases in the hospitals were casually related to the contamination of the river in the ...

  2. Water-borne epidemic outbreaks; Brotes epidemicos de transmision hidrica

    Energy Technology Data Exchange (ETDEWEB)

    Ciranda Larrea, F.B.; Hidalgo Garcia, E.; Peiro Callizo, E.F.; Herrero Alana, G.

    1995-12-31

    The control of water-transmitted infections is one of the key aims of any Public Heath-Care System. For this paper a descriptive epidemiologic analysis has been performed using data obtained through normalized forms as well as Annual Reports of Epidemiology Units and Veterinary Inspection Records. A total of 22 outbreaks have been recorded in the period of reference. Those outbreaks affected 2.263 people. The attack-rate was of 99 people affected for each 1000 ar risk. The main agents turned out to be Norwalk virus, Rotavirus and A-Hepatitis virus. The most important risk factor was undoubtedly the ingestion of untreated or not properly treated water. The improvement of water treatment and distribution systems, the increase in the population being supplied with potable water, along with the ease of the drought have caused a significant drop in the number of water-transmitted outbreaks. (Author)

  3. Oceanic Emissions and Atmospheric Depositions of Volatile Organic Compounds

    Science.gov (United States)

    Yang, M.; Blomquist, B.; Beale, R.; Nightingale, P. D.; Liss, P. S.

    2015-12-01

    Atmospheric volatile organic compounds (VOCs) affect the tropospheric oxidative capacity due to their ubiquitous abundance and relatively high reactivity towards the hydroxyal radical. Over the ocean and away from terrestrial emission sources, oxygenated volatile organic compounds (OVOCs) make up a large fraction of VOCs as airmasses age and become more oxidized. In addition to being produced or destroyed in the marine atmosphere, OVOCs can also be emitted from or deposited to the surface ocean. Here we first present direct air-sea flux measurements of three of the most abundant OVOCs - methanol, acetone, and acetaldehyde, by the eddy covariance technique from two cruises in the Atlantic: the Atlantic Meridional Transect in 2012 and the High Wind Gas Exchange Study in 2013. The OVOC mixing ratios were quantified by a high resolution proton-reaction-transfer mass spectrometer with isotopically labeled standards and their air-sea (net) fluxes were derived from the eddy covariance technique. Net methanol flux was consistently from the atmosphere to the surface ocean, while acetone varied from supersaturation (emission) in the subtropics to undersaturation (deposition) in the higher latitudes of the North Atlantic. The net air-sea flux of acetaldehyde is near zero through out the Atlantic despite the apparent supersaturation of this compound in the surface ocean. Knowing the dissolved concentrations and in situ production rates of these compounds in seawater, we then estimate their bulk atmospheric depositions and oceanic emissions. Lastly, we summarize the state of knowledge on the air-sea transport of a number of organic gasses, and postulate the magnitude and environmental impact of total organic carbon transfer between the ocean and the atmosphere.

  4. Realized volatility and absolute return volatility: a comparison indicating market risk.

    Directory of Open Access Journals (Sweden)

    Zeyu Zheng

    Full Text Available Measuring volatility in financial markets is a primary challenge in the theory and practice of risk management and is essential when developing investment strategies. Although the vast literature on the topic describes many different models, two nonparametric measurements have emerged and received wide use over the past decade: realized volatility and absolute return volatility. The former is strongly favored in the financial sector and the latter by econophysicists. We examine the memory and clustering features of these two methods and find that both enable strong predictions. We compare the two in detail and find that although realized volatility has a better short-term effect that allows predictions of near-future market behavior, absolute return volatility is easier to calculate and, as a risk indicator, has approximately the same sensitivity as realized volatility. Our detailed empirical analysis yields valuable guidelines for both researchers and market participants because it provides a significantly clearer comparison of the strengths and weaknesses of the two methods.

  5. 21 CFR 573.914 - Salts of volatile fatty acids.

    Science.gov (United States)

    2010-04-01

    ... 21 Food and Drugs 6 2010-04-01 2010-04-01 false Salts of volatile fatty acids. 573.914 Section 573... Food Additive Listing § 573.914 Salts of volatile fatty acids. (a) Identity. The food additive is a... contains ammonium or calcium salts of volatile fatty acids and shall conform to the following...

  6. Volatility in GARCH Models of Business Tendency Index

    Science.gov (United States)

    Wahyuni, Dwi A. S.; Wage, Sutarman; Hartono, Ateng

    2018-01-01

    This paper aims to obtain a model of business tendency index by considering volatility factor. Volatility factor detected by ARCH (Autoregressive Conditional Heteroscedasticity). The ARCH checking was performed using the Lagrange multiplier test. The modeling is Generalized Autoregressive Conditional Heteroscedasticity (GARCH) are able to overcome volatility problems by incorporating past residual elements and residual variants.

  7. Sedation with volatile anesthetics in cardiothoracic intensive care unit patients

    OpenAIRE

    Hellström, Jan

    2014-01-01

    Volatile anaesthetics have been reported to provide protection against myocardial ischemia and reperfusion injury. This effect has been demonstrated in experimental studies when the volatile anaesthetics were provided either before (preconditioning) or after the ischemic period (postconditioning). Clinical trials of volatile anaesthetics versus intravenous anaesthesia for coronary artery bypass grafting (CABG) have reported reduced postoperative release of troponin, a biomarker...

  8. System of extraction of volatiles from soil using microwave processes

    Science.gov (United States)

    Ethridge, Edwin C. (Inventor); Kaukler, William F. (Inventor)

    2013-01-01

    A device for the extraction and collection of volatiles from soil or planetary regolith. The device utilizes core drilled holes to gain access to underlying volatiles below the surface. Microwave energy beamed into the holes penetrates through the soil or regolith to heat it, and thereby produces vapor by sublimation. The device confines and transports volatiles to a cold trap for collection.

  9. The Forecast Performance of Competing Implied Volatility Measures

    DEFF Research Database (Denmark)

    Tsiaras, Leonidas

    This study examines the information content of alternative implied volatility measures for the 30 components of the Dow Jones Industrial Average Index from 1996 until 2007. Along with the popular Black-Scholes and "model-free" implied volatility expectations, the recently proposed corridor implie......, volatility definitions, loss functions and forecast evaluation settings....

  10. Does Interest rate Exposure explain the Low-Volatility Anomaly?

    NARCIS (Netherlands)

    Driessen, Joost; Kuiper, Ivo; Beilo, R.

    We show that part of the outperformance of low-volatility stocks can be explained by a premium for interest rate exposure. Low-volatility stock portfolios have negative exposure to interest rates, whereas the more volatile stocks have positive exposure. Incorporating an interest rate premium

  11. The Volatility Effect: Lower Risk without Lower Return

    NARCIS (Netherlands)

    D.C. Blitz (David); P. van Vliet (Pim)

    2007-01-01

    textabstractWe present empirical evidence that stocks with low volatility earn high risk-adjusted returns. The annual alpha spread of global low versus high volatility decile portfolios amounts to 12% over the 1986-2006 period. We also observe this volatility effect within the US, European and

  12. 40 CFR 53.66 - Test procedure: Volatility test.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 5 2010-07-01 2010-07-01 false Test procedure: Volatility test. 53.66... Characteristics of Class II Equivalent Methods for PM2.5 § 53.66 Test procedure: Volatility test. (a) Overview. This test is designed to ensure that the candidate method's losses due to volatility when sampling semi...

  13. Bias-reduced estimation of long memory stochastic volatility

    DEFF Research Database (Denmark)

    Frederiksen, Per; Nielsen, Morten Ørregaard

    We propose to use a variant of the local polynomial Whittle estimator to estimate the memory parameter in volatility for long memory stochastic volatility models with potential nonstation- arity in the volatility process. We show that the estimator is asymptotically normal and capable of obtaining...

  14. In situ enhanced soil mixing. Innovative technology summary report

    International Nuclear Information System (INIS)

    1996-02-01

    In Situ Enhanced Soil Mixing (ISESM) is a treatment technology that has been demonstrated and deployed to remediate soils contaminated with volatile organic compounds (VOCs). The technology has been developed by industry and has been demonstrated with the assistance of the U.S. Department of Energy's Office of Science and Technology and the Office of Environmental Restoration. The technology is particularly suited to shallow applications, above the water table, but can be used at greater depths. ISESM technologies demonstrated for this project include: (1) Soil mixing with vapor extraction combined with ambient air injection. [Contaminated soil is mixed with ambient air to vaporize volatile organic compounds (VOCs). The mixing auger is moved up and down to assist in removal of contaminated vapors. The vapors are collected in a shroud covering the treatment area and run through a treatment unit containing a carbon filter or a catalytic oxidation unit with a wet scrubber system and a high efficiency particulate air (HEPA) filter.] (2) soil mixing with vapor extraction combined with hot air injection [This process is the same as the ambient air injection except that hot air or steam is injected.] (3) soil mixing with hydrogen peroxide injection [Contaminated soil is mixed with ambient air that contains a mist of diluted hydrogen peroxide (H 2 O 2 ) solution. The H 2 O 2 solution chemically oxidizes the VOCs to carbon dioxide (CO 2 ) and water.] (4) soil mixing with grout injection for solidification/stabilization [Contaminated soil is mixed as a cement grout is injected under pressure to solidify and immobilize the contaminated soil in a concrete-like form.] The soils are mixed with a single-blade auger or with a combination of augers ranging in diameter from 3 to 12 feet

  15. Continuous mixing of solids

    NARCIS (Netherlands)

    Raouf, M.S.

    1963-01-01

    The most important literature on theoretical aspects of mixing solids was reviewed.

    Only when the mixed materials showed no segregation it was possible to analyse the mixing process quantitatively. In this case the mixture could be described by the 'χ' Square test. Longitudinal mixing could be

  16. European mixed forests

    DEFF Research Database (Denmark)

    Bravo-Oviedo, Andres; Pretzsch, Hans; Ammer, Christian

    2014-01-01

    Aim of study: We aim at (i) developing a reference definition of mixed forests in order to harmonize comparative research in mixed forests and (ii) review the research perspectives in mixed forests. Area of study: The definition is developed in Europe but can be tested worldwide. Material...... and Methods: Review of existent definitions of mixed forests based and literature review encompassing dynamics, management and economic valuation of mixed forests. Main results: A mixed forest is defined as a forest unit, excluding linear formations, where at least two tree species coexist at any...... density in mixed forests, (iii) conversion of monocultures to mixed-species forest and (iv) economic valuation of ecosystem services provided by mixed forests. Research highlights: The definition is considered a high-level one which encompasses previous attempts to define mixed forests. Current fields...

  17. Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Gibson, Michael; Zhou, Hao

    experiment confirms that the procedure works well in practice. Implementing the procedure with actual S&P500 option-implied volatilities and high-frequency five-minute-based realized volatilities indicates significant temporal dependencies in the estimated stochastic volatility risk premium, which we in turn...

  18. Long Memory in Stock Market Volatility and the Volatility-in-Mean Effect: The FIEGARCH-M Model

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Nielsen, Morten Ørregaard; Zhu, Jie

    We extend the fractionally integrated exponential GARCH (FIEGARCH) model for daily stock return data with long memory in return volatility of Bollerslev and Mikkelsen (1996) by introducing a possible volatility-in-mean effect. To avoid that the long memory property of volatility carries over to r...

  19. Volatility of methylglyoxal cloud SOA formed through OH radical oxidation and droplet evaporation

    Science.gov (United States)

    Ortiz-Montalvo, Diana L.; Schwier, Allison N.; Lim, Yong B.; McNeill, V. Faye; Turpin, Barbara J.

    2016-04-01

    The volatility of secondary organic aerosol (SOA) formed through cloud processing (aqueous hydroxyl radical (radOH) oxidation and droplet evaporation) of methylglyoxal (MGly) was studied. Effective vapor pressure and effective enthalpy of vaporization (ΔHvap,eff) were determined using 1) droplets containing MGly and its oxidation products, 2) a Vibrating Orifice Aerosol Generator (VOAG) system, and 3) Temperature Programmed Desorption Aerosol-Chemical Ionization Mass Spectrometry (TPD Aerosol-CIMS). Simulated in-cloud MGly oxidation (for 10-30 min) produces an organic mixture of higher and lower volatility components with an overall effective vapor pressure of (4 ± 7) × 10-7 atm at pH 3. The effective vapor pressure decreases by a factor of 2 with addition of ammonium hydroxide (pH 7). The fraction of organic material remaining in the particle-phase after drying was smaller than for similar experiments with glycolaldehyde and glyoxal SOA. The ΔHvap,eff of pyruvic acid and oxalic acid + methylglyoxal in the mixture (from TPD Aerosol-CIMS) were smaller than the theoretical enthalpies of the pure compounds and smaller than that estimated for the entire precursor/product mix after droplet evaporation. After 10-30 min of aqueous oxidation (one cloud cycle) the majority of the MGly + radOH precursor/product mix (even neutralized) will volatilize during droplet evaporation; neutralization and at least 80 min of oxidation at 10-12 M radOH (or >12 h at 10-14 M) is needed before low volatility ammonium oxalate exceeds pyruvate.

  20. Exchange Rate Volatility and Investment: A Panel Data Cointegration Approach

    Directory of Open Access Journals (Sweden)

    Ibrahima Amadou DIALLO

    2015-05-01

    Full Text Available This paper examines the link between real exchange rate volatility and domestic investment by using panel data cointegration techniques. We study the empirical connection between real effective exchange rate volatility and investment for 51 developing countries (23 low-income and 28 middle-income countries. The theoretical relationship between investment and real exchange rate volatility predicts that the effects of exchange rate uncertainty on profits are ambiguous. The empirical results illustrate that real effective exchange rate volatility has a strong negative impact on investment. This outcome is robust in low income and middle income countries, and by using an alternative measurement of exchange rate volatility.

  1. Endogenous Lunar Volatiles: Insights into the Abundances of Volatiles in the Moon from Lunar Apatite

    Science.gov (United States)

    McCubbin, Francis

    2016-01-01

    At the time of publication of New Views of the Moon, it was thought that the Moon was bone dry with less than about 1 ppb H2O. However in 2007, initial reports at the 38th Lunar and Planetary Science Conference speculated that H-species were present in both apatites and pyroclastic volcanic lunar glasses. These early reports were later confirmed through peer-review, which motivated many subsequent studies on magmatic volatiles in and on the Moon within the last decade. Some of these studies have cast into question the post-Apollo view of lunar formation, the distribution and sources of volatiles in the Earth-Moon system, and the thermal and magmatic evolution of the Moon. The mineral apatite has been one of the pillars of this new field of study, and it will be the primary focus of this abstract. Although apatite has been used both to understand the abundances of volatiles in lunar systems as well as the isotopic compositions of those volatiles, the focus here will be on the abundances of F, Cl, and H2O. This work demonstrates the utility of apatite in advancing our understanding of lunar volatiles, hence apatite should be among the topics covered in the endogenous lunar volatile chapter in NVM II. Truncated ternary plot of apatite X-site occupancy (mol%) from highlands apatite and mare basalt apatite plotted on the relative volatile abundance diagram from. The solid black lines delineate fields of relative abundances of F, Cl, and H2O (on a weight basis) in the melt from which the apatite crystallized. The diagram was constructed using available apatite/melt partitioning data for fluorine, chlorine, and hydroxyl.

  2. Carbon nanomaterials for non-volatile memories

    Science.gov (United States)

    Ahn, Ethan C.; Wong, H.-S. Philip; Pop, Eric

    2018-03-01

    Carbon can create various low-dimensional nanostructures with remarkable electronic, optical, mechanical and thermal properties. These features make carbon nanomaterials especially interesting for next-generation memory and storage devices, such as resistive random access memory, phase-change memory, spin-transfer-torque magnetic random access memory and ferroelectric random access memory. Non-volatile memories greatly benefit from the use of carbon nanomaterials in terms of bit density and energy efficiency. In this Review, we discuss sp2-hybridized carbon-based low-dimensional nanostructures, such as fullerene, carbon nanotubes and graphene, in the context of non-volatile memory devices and architectures. Applications of carbon nanomaterials as memory electrodes, interfacial engineering layers, resistive-switching media, and scalable, high-performance memory selectors are investigated. Finally, we compare the different memory technologies in terms of writing energy and time, and highlight major challenges in the manufacturing, integration and understanding of the physical mechanisms and material properties.

  3. Recent developments in volatility modeling and applications

    Directory of Open Access Journals (Sweden)

    A. Thavaneswaran

    2006-01-01

    Full Text Available In financial modeling, it has been constantly pointed out that volatility clustering and conditional nonnormality induced leptokurtosis observed in high frequency data. Financial time series data are not adequately modeled by normal distribution, and empirical evidence on the non-normality assumption is well documented in the financial literature (details are illustrated by Engle (1982 and Bollerslev (1986. An ARMA representation has been used by Thavaneswaran et al., in 2005, to derive the kurtosis of the various class of GARCH models such as power GARCH, non-Gaussian GARCH, nonstationary and random coefficient GARCH. Several empirical studies have shown that mixture distributions are more likely to capture heteroskedasticity observed in high frequency data than normal distribution. In this paper, some results on moment properties are generalized to stationary ARMA process with GARCH errors. Application to volatility forecasts and option pricing are also discussed in some detail.

  4. Option volatility and the acceleration Lagrangian

    Science.gov (United States)

    Baaquie, Belal E.; Cao, Yang

    2014-01-01

    This paper develops a volatility formula for option on an asset from an acceleration Lagrangian model and the formula is calibrated with market data. The Black-Scholes model is a simpler case that has a velocity dependent Lagrangian. The acceleration Lagrangian is defined, and the classical solution of the system in Euclidean time is solved by choosing proper boundary conditions. The conditional probability distribution of final position given the initial position is obtained from the transition amplitude. The volatility is the standard deviation of the conditional probability distribution. Using the conditional probability and the path integral method, the martingale condition is applied, and one of the parameters in the Lagrangian is fixed. The call option price is obtained using the conditional probability and the path integral method.

  5. Volatile sulfur compounds in tropical fruits

    Directory of Open Access Journals (Sweden)

    Robert J. Cannon

    2018-04-01

    Full Text Available Global production and demand for tropical fruits continues to grow each year as consumers are enticed by the exotic flavors and potential health benefits that these fruits possess. Volatile sulfur compounds (VSCs are often responsible for the juicy, fresh aroma of tropical fruits. This poses a challenge for analytical chemists to identify these compounds as most often VSCs are found at low concentrations in most tropical fruits. The aim of this review is to discuss the extraction methods, enrichment techniques, and instrumentation utilized to identify and quantify VSCs in natural products. This will be followed by a discussion of the VSCs reported in tropical and subtropical fruits, with particular attention to the odor and taste attributes of each compound. Finally, the biogenesis and enzymatic formation of specific VSCs in tropical fruits will be highlighted along with the contribution each possesses to the aroma of their respective fruit. Keywords: Tropical fruits, Volatile sulfur compounds, Extraction methods

  6. Exploring heterogeneous market hypothesis using realized volatility

    Science.gov (United States)

    Chin, Wen Cheong; Isa, Zaidi; Mohd Nor, Abu Hassan Shaari

    2013-04-01

    This study investigates the heterogeneous market hypothesis using high frequency data. The cascaded heterogeneous trading activities with different time durations are modelled by the heterogeneous autoregressive framework. The empirical study indicated the presence of long memory behaviour and predictability elements in the financial time series which supported heterogeneous market hypothesis. Besides the common sum-of-square intraday realized volatility, we also advocated two power variation realized volatilities in forecast evaluation and risk measurement in order to overcome the possible abrupt jumps during the credit crisis. Finally, the empirical results are used in determining the market risk using the value-at-risk approach. The findings of this study have implications for informationally market efficiency analysis, portfolio strategies and risk managements.

  7. Electricity market price volatility: The case of Ontario

    International Nuclear Information System (INIS)

    Zareipour, Hamidreza; Bhattacharya, Kankar; Canizares, Claudio A.

    2007-01-01

    Price volatility analysis has been reported in the literature for most competitive electricity markets around the world. However, no studies have been published yet that quantify price volatility in the Ontario electricity market, which is the focus of the present paper. In this paper, a comparative volatility analysis is conducted for the Ontario market and its neighboring electricity markets. Volatility indices are developed based on historical volatility and price velocity concepts, previously applied to other electricity market prices, and employed in the present work. The analysis is carried out in two scenarios: in the first scenario, the volatility indices are determined for the entire price time series. In the second scenario, the price time series are broken up into 24 time series for each of the 24 h and volatility indices are calculated for each specific hour separately. The volatility indices are also applied to the locational marginal prices of several pricing points in the New England, New York, and PJM electricity markets. The outcomes reveal that price volatility is significantly higher in Ontario than the three studied neighboring electricity markets. Furthermore, comparison of the results of this study with similar findings previously published for 15 other electricity markets demonstrates that the Ontario electricity market is one of the most volatile electricity markets world-wide. This high volatility is argued to be associated with the fact that Ontario is a single-settlement, real-time market

  8. Mixing ratio sensor for alcohol mixed fuel

    Energy Technology Data Exchange (ETDEWEB)

    Miyata, Shigeru; Matsubara, Yoshihiro

    1987-08-24

    In order to improve the combustion efficiency of an internal combustion engine using gasoline-alcohol mixed fuel and to reduce harmful substance in its exhaust gas, it is necessary to control strictly the air-fuel ratio to be supplied and the ignition timing. In order to detect the mixing ratio of the mixed fuel, a mixing ratio sensor has so far been proposed to detect the above mixing ratio by casting a ray of light to the mixed fuel and utilizing a change of critical angle associated with the change of the composition of the fluid of the mixed fuel. However, because of the arrangement of its transparent substance in the fuel passage with the sealing material in between, this sensor invited the leakage of the fluid due to deterioration of the sealing material, etc. and its cost became high because of too many parts to be assembled. In view of the above, in order to reduce the number of parts, to lower the cost of parts and the assembling cost and to secure no fluid leakage from the fuel passage, this invention formed the above fuel passage and the above transparent substance both concerning the above mixing ratio sensor in an integrated manner using light transmitting resin. (3 figs)

  9. Aspects of volatility targeting for South African equity investors

    Directory of Open Access Journals (Sweden)

    Bhekinkosi Khuzwayo

    2014-11-01

    Full Text Available We consider so-called volatility targeting strategies in the South African equity market. These strategies are aimed at keeping the volatility of a portfolio consisting of a risky asset, typically an equity index, and cash fixed. This is done by changing the allocation of the assets based on an indicator of the future volatility of the risky asset. We use the three month rolling implied volatility as an indicator of future volatility to influence our asset allocation. We compare investments based on different volatility targets to the performance of bonds, equities, property as well as the Absolute Return peer mean. We examine risk and return characteristics of the volatility targeting strategy as compared to different asset classes.

  10. VOLATILE LEAF OIL CONSTITUENTS OF OCIMUM AMERICANUM ...

    African Journals Online (AJOL)

    Steam distilled volatile oils from the leaves of Ocimum americanum L. growing in Western Kenya were analysed by GC and GC-MS. A total of 36 compounds, representing a total of 88.51% of the total oil, were identified. The oil was classified as terpinen-4-ol-type according to the terpinen-4-ol content (43.21%). To the best ...

  11. Volatile and Isotopic Imprints of Ancient Mars

    Science.gov (United States)

    Mahaffy, Paul R.; Conrad, Pamela G.

    2015-01-01

    The science investigations enabled by Curiosity rover's instruments focus on identifying and exploring the habitability of the Martian environment. Measurements of noble gases, organic and inorganic compounds, and the isotopes of light elements permit the study of the physical and chemical processes that have transformed Mars throughout its history. Samples of the atmosphere, volatiles released from soils, and rocks from the floor of Gale Crater have provided a wealth of new data and a window into conditions on ancient Mars.

  12. Asymmetric volatility connectedness on the forex market

    Czech Academy of Sciences Publication Activity Database

    Baruník, Jozef; Kočenda, Evžen; Vácha, Lukáš

    2017-01-01

    Roč. 77, č. 1 (2017), s. 39-56 ISSN 0261-5606 R&D Projects: GA ČR(CZ) GA16-14179S Institutional support: RVO:67985556 Keywords : volatility * connectedness * asymmetric effects Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 1.853, year: 2016 http://library.utia.cas.cz/separaty/2017/E/barunik-0478477.pdf

  13. Networks of volatility spillovers among stock markets

    Czech Academy of Sciences Publication Activity Database

    Baumöhl, E.; Kočenda, Evžen; Lyócsa, S.; Výrost, T.

    2018-01-01

    Roč. 490, č. 1 (2018), s. 1555-1574 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Volatility spillovers * Shock transmission * Stock markets * Granger causality network * Financial crisis * Spatial regression Subject RIV: AH - Economic s OBOR OECD: Applied Economic s, Econometrics Impact factor: 2.243, year: 2016 http://library.utia.cas.cz/separaty/2018/E/kocenda-0487923.pdf

  14. Selenium Uptake and Volatilization by Marine Algae

    Science.gov (United States)

    Luxem, Katja E.; Vriens, Bas; Wagner, Bettina; Behra, Renata; Winkel, Lenny H. E.

    2015-04-01

    Selenium (Se) is an essential trace nutrient for humans. An estimated one half to one billion people worldwide suffer from Se deficiency, which is due to low concentrations and bioavailability of Se in soils where crops are grown. It has been hypothesized that more than half of the atmospheric Se deposition to soils is derived from the marine system, where microorganisms methylate and volatilize Se. Based on model results from the late 1980s, the atmospheric flux of these biogenic volatile Se compounds is around 9 Gt/year, with two thirds coming from the marine biosphere. Algae, fungi, and bacteria are known to methylate Se. Although algal Se uptake, metabolism, and methylation influence the speciation and bioavailability of Se in the oceans, these processes have not been quantified under environmentally relevant conditions and are likely to differ among organisms. Therefore, we are investigating the uptake and methylation of the two main inorganic Se species (selenate and selenite) by three globally relevant microalgae: Phaeocystis globosa, the coccolithophorid Emiliania huxleyi, and the diatom Thalassiosira oceanica. Selenium uptake and methylation were quantified in a batch experiment, where parallel gas-tight microcosms in a climate chamber were coupled to a gas-trapping system. For E. huxleyi, selenite uptake was strongly dependent on aqueous phosphate concentrations, which agrees with prior evidence that selenite uptake by phosphate transporters is a significant Se source for marine algae. Selenate uptake was much lower than selenite uptake. The most important volatile Se compounds produced were dimethyl selenide, dimethyl diselenide, and dimethyl selenyl sulfide. Production rates of volatile Se species were larger with increasing intracellular Se concentration and in the decline phase of the alga. Similar experiments are being carried out with P. globosa and T. oceanica. Our results indicate that marine algae are important for the global cycling of Se

  15. Measuring the costs of exchange rate volatility

    OpenAIRE

    Paul R. Bergin

    2004-01-01

    Many countries go to great lengths to manage their exchange rates. Probably the most prominent recent example is the European Monetary Union, where all the members abandoned their national currencies and adopted the euro. A number of developing countries maintain other kinds of regimes of managed exchange rates, even though they face potent market pressures to let their exchange rates float. One of the main motives for these arrangements stems from the extreme volatility of exchange rates. Th...

  16. Business Cycle Volatility and Globalization: A Survey

    OpenAIRE

    Claudia M. Buch

    2002-01-01

    The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the possibility that business cycle volatility might increase. Rapid and badly co-ordinated capital account liberalization has been blamed for enhancing the vulnerability of emerging markets to unstable in...

  17. Stock Market Volatility around National Elections

    OpenAIRE

    Bialkowski, Jedrzej; Gottschalk, Katrin; Wisniewski, Tomasz Piotr

    2006-01-01

    This paper investigates a sample of 27 OECD countries to test whether national elections induce higher stock market volatility. It is found that the countryspecific component of index return variance can easily double during the week around an Election Day, which shows that investors are surprised by the election outcome. Several factors, such as a narrow margin of victory, lack of compulsory voting laws, change in the political orientation of the government, or the failure to form a coalitio...

  18. Volatility of fragrance chemicals: patch testing implications.

    Science.gov (United States)

    Gilpin, Sarah J; Hui, Xiaoying; Maibach, Howard I

    2009-01-01

    Diagnostic and predictive patch testing to determine contact allergy due to fragrance materials requires applying a fixed dose of material to the skin. This dose can be affected by the volatile nature of fragrances; little data exist on how the loss of fragrance dose due to volatility affects patch testing. (1) To evaluate pH dependence and evaporation rates of two fragrance chemicals, geraniol, citronellol, and a common fragrance solvent, diethyl phthalate (DEP) and (2) Assess implications for predictive patch-testing methods for fragrances. pH analysis of each material at 1% for three values (4.0, 5.0, 7.0) was done over 40 hours. Volatility experiments for each material, nonradiolabeled and radiolabeled, were conducted over a 24-hour period, taking readings at six time points (5 minutes, 15 minutes, 40 minutes, 1 hour, 3 hours, and 24 hours). Evaporation rates were not sensitive to pH shifts from 4.0 to 7.0. Evaporation rates for nonradiolabeled materials were low: after 24 hours, geraniol lost 8.9%, citronellol 27.0% and DEP 14.5%. The volatility data for radiolabeled materials demonstrated that geraniol loses up to 39% of its dose, citronellol loses up to 26%, and DEP up to 14% within 40 minutes. The tendency of fragrance materials to evaporate can impact the dose being applied to the patch and therefore the result of the patch and ultimately the decision-making process regarding that fragrance material's safety. These data, developed with DEP, utilized in a predictive sensitization assay cannot be generalized.

  19. Efficient Frontier - Comparing Different Volatility Estimators

    OpenAIRE

    Tea Poklepović; Zdravka Aljinović; Mario Matković

    2015-01-01

    Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that ra...

  20. Volatile chemical interaction between undamaged plants

    OpenAIRE

    Glinwood, Robert

    2010-01-01

    This chapter discusses whether plant chemical communication is a mechanism by which plant genetic diversity can affect the natural enemies of herbivores. Plant genetic diversity influences natural enemies, and these insects use volatile chemical cues to locate suitable habitats. However, the importance of chemical communication for these interactions has not been considered. In this chapter, the latest research on chemical communication between undamaged plants is reviewed. ...

  1. Microbial volatilization of inorganic selenium from landfill leachate; Mikrobiologische Volatilisierung von anorganischem Selen aus Deponiesickerwaessern bei umweltrelevanten Konzentrationen

    Energy Technology Data Exchange (ETDEWEB)

    Peitzsch, Mirko; Kremer, Daniel; Kersten, Michael [Mainz Univ. (Germany). Inst. fuer Geowissenschaften

    2010-04-15

    Background, aim, and scope: Determination of the rates of microbial alkylation are of interest with respect to natural attenuation of harmful selenium concentrations or selenium charges in contaminated ecosystems. Materials and methods: Landfill gas and the headspace of microbial microcosm incubation vessels were sampled in Tedlar {sup registered} bags. On-line hyphenation of an efficient enrichment method (cryotrapping-cryofocusing), a gaschromatographic separation technique, and the sensitive ICP-MS detection system was used for speciation of volatile organoselenium compounds. A detection limit at the ultra trace level (pg Se) was achieved with this CT-CF-GC-ICP-MS technique. Results: Incubation of landfill leachate with Alternata alternata as an active methylating organism showed a production of volatile selenium compounds (DMSe, DMDSe, EMDSe, DEDSe) over the whole range of applied inorganic selenium concentrations (10 {mu}gL{sup -1} to 10 mgL{sup -1}), with volatilization rates of up to 10 mg m{sup -3}d{sup -1}. For selenium concentrations of 1 mgL{sup -1} in the nutrient broth, up to 7 % of the inorganic selenium was volatilized after one week. The same volatile selenium compounds were observed in landfill gas. Discussion: The amount of volatilized selenium was comparable to that found in other studies with microbial pure cultures as well as isolates from waters or soils, but at much lower initial concentrations used in the incubations. Conclusions: The alkylation of selenium in the enriched mixed culture from landfill leachate at environmentally relevant concentrations indicates that the organoselenium compounds of same species composition and distribution determined in landfill gas are produced by microorganisms. Recommendations and perspectives: The microbial alkylation of toxic inorganic selenium species to less toxic or non-toxic, volatile compounds is an efficient method for bioremediation of contaminated sites even at relatively low Se concentrations.

  2. Unexpected uncertainty, volatility and decision-making

    Directory of Open Access Journals (Sweden)

    Amy Rachel Bland

    2012-06-01

    Full Text Available The study of uncertainty in decision making is receiving greater attention in the fields of cognitive and computational neuroscience. Several lines of evidence are beginning to elucidate different variants of uncertainty. Particularly, risk, ambiguity and expected and unexpected forms of uncertainty are well articulated in the literature. In this article we review both empirical and theoretical evidence arguing for the potential distinction between three forms of uncertainty; expected uncertainty, unexpected uncertainty and volatility. Particular attention will be devoted to exploring the distinction between unexpected uncertainty and volatility which has been less appreciated in the literature. This includes evidence from computational modelling, neuromodulation, neuroimaging and electrophysiological studies. We further address the possible differentiation of cognitive control mechanisms used to deal with these forms of uncertainty. Particularly we explore a role for conflict monitoring and the temporal integration of information into working memory. Finally, we explore whether the Dual Modes of Control theory provides a theoretical framework for understanding the distinction between unexpected uncertainty and volatility.

  3. Volatilization: a soil degassing coefficient for iodine

    International Nuclear Information System (INIS)

    Sheppard, M.I.; Thibault, D.H.; Smith, P.A.; Hawkins, J.L.

    1994-01-01

    Iodine, an element essential to some animals, is ubiquitous in the biosphere. Unlike other metallic elements, molecular I is volatile, and other inorganic species present in aerated soils, such as I - and IO 3 - , may also volatilize as hydrides, hydrogen iodide (HI), or hydrogen iodates (HIO 3 , HIO 4 ). Methyl iodide has been measured in soils, and it is likely evolved from soils and plants. The long-lived radioisotope 129 I is abundant in nuclear wastes, and its high solubility in groundwater makes it an important element in the performance assessment of underground disposal facilities. Overestimates of soil I residence half-times by traditional foodchain models may be due to underestimation of volatilization. Field and lysimeter experiments over a 3-year period, and direct trapping experiments in the laboratory are reported. The results, combined with values from the literature, indicate the soil I degassing coefficient for a wide range of soil types, vegetated and bare, wet and dry, is lognormally distributed with a geometric mean of 2.1 x 10 -2 year -1 , a range of 1.8 x 10 -4 to 3.1 year -1 and a geometric standard deviation of 3.0. The results of a biosphere model simulation including degassing reduces soil I concentrations fivefold and increases air concentrations 25-fold at steady state, compared to simulations without degassing. (author)

  4. VOLATILIZATION RATES FROM WATER TO INDOOR AIR ...

    Science.gov (United States)

    Contaminated water can lead to volatilization of chemicals to residential indoor air. Previous research has focused on only one source (shower stalls) and has been limited to chemicals in which gas-phase resistance to mass transfer is of marginal significance. As a result, attempts to extrapolate chemical emissions from high-volatility chemicals to lower volatility chemicals, or to sources other than showers, have been difficult or impossible. This study involved the development of two-phase, dynamic mass balance models for estimating chemical emissions from washing machines, dishwashers, and bathtubs. An existing model was adopted for showers only. Each model required the use of source- and chemical-specific mass transfer coefficients. Air exchange (ventilation) rates were required for dishwashers and washing machines as well. These parameters were estimated based on a series of 113 experiments involving 5 tracer chemicals (acetone, ethyl acetate, toluene, ethylbenzene, and cyclohexane) and 4 sources (showers, bathtubs, washing machines, and dishwashers). Each set of experiments led to the determination of chemical stripping efficiencies and mass transfer coefficients (overall, liquid-phase, gas-phase), and to an assessment of the importance of gas- phase resistance to mass transfer. Stripping efficiencies ranged from 6.3% to 80% for showers, 2.6% to 69% for bathtubs, 18% to 100% for dishwashers, and 3.8% to 100% for washing machines. Acetone and cyclohexane al

  5. PERUBAHAN KOMPONEN VOLATIL SELAMA FERMENTASI KECAP [Change Volatile Components During Soy Sauce Fermentation

    Directory of Open Access Journals (Sweden)

    Anton Apriyantono1

    2004-08-01

    Full Text Available A study has been conducted to investigate changes of volatile components during soy sauce fermentation. During the fermentation, many volatile components produced may contribute to soy sauce flavor. THe volatile identified by GC-MS werw classified into hydrocarbon (15, alcohol (15, aldehyde (14, ester (14, ketone (9, benzene derivative (11, fatty acid (9, furan (5, terpenoid (18, pyrazine (3, thiazole (1, pyridine (1 and sulfur containing compound (2.Concentration of compounds found in almost all fermentation steps, such as hexanal and benzaldehyde did. These compounds may be derived from raw soybean, since they were all present in raw soybean and their concentration did not change during fermentation. Concentration of palmitic acid and benzeneacetaldehyde, in general, increased during all fermentation steps. They are probably derived from lipid degradation or microorganism activities. Concentrations of some fatty acids, esters and hydrocarbons, such as linoleic acid, methyl palmitate and heptadecane increased during salt fermentation only. Concentration of some other compounds, such as 2,4 decadienal decreased or undetected during fermentation.The absence of some volatile compounds, e.g. (E-nerolidol and (E,E-famesol in boiled soybean which were previously present in raw soybean may be due to evaporation of these compounds during boiling. Some volatile compounds such as, methyl heptadecanoate and few aromatic alcohols are likely derived from Aspergillus sojae, since these compounds were identified only in 0 day koji

  6. Supercritical fluid extraction of volatile and non-volatile compounds from Schinus molle L.

    Directory of Open Access Journals (Sweden)

    M. S. T. Barroso

    2011-06-01

    Full Text Available Schinus molle L., also known as pepper tree, has been reported to have antimicrobial, antifungal, anti-inflammatory, antispasmodic, antipyretic, antitumoural and cicatrizing properties. This work studies supercritical fluid extraction (SFE to obtain volatile and non-volatile compounds from the aerial parts of Schinus molle L. and the influence of the process on the composition of the extracts. Experiments were performed in a pilot-scale extractor with a capacity of 1 L at pressures of 9, 10, 12, 15 and 20 MPa at 323.15 K. The volatile compounds were obtained by CO2 supercritical extraction with moderate pressure (9 MPa, whereas the non-volatile compounds were extracted at higher pressure (12 to 20 MPa. The analysis of the essential oil was carried out by GC-MS and the main compounds identified were sabinene, limonene, D-germacrene, bicyclogermacrene, and spathulenol. For the non-volatile extracts, the total phenolic content was determined by the Folin-Ciocalteau method. Moreover, one of the goals of this study was to compare the experimental data with the simulated yields predicted by a mathematical model based on mass transfer. The model used requires three adjustable parameters to predict the experimental extraction yield curves.

  7. Financial market volatility and contagion effect: A copula-multifractal volatility approach

    Science.gov (United States)

    Chen, Wang; Wei, Yu; Lang, Qiaoqi; Lin, Yu; Liu, Maojuan

    2014-03-01

    In this paper, we propose a new approach based on the multifractal volatility method (MFV) to study the contagion effect between the U.S. and Chinese stock markets. From recent studies, which reveal that multifractal characteristics exist in both developed and emerging financial markets, according to the econophysics literature we could draw conclusions as follows: Firstly, we estimate volatility using the multifractal volatility method, and find out that the MFV method performs best among other volatility models, such as GARCH-type and realized volatility models. Secondly, we analyze the tail dependence structure between the U.S. and Chinese stock market. The estimated static copula results for the entire period show that the SJC copula performs best, indicating asymmetric characteristics of the tail dependence structure. The estimated dynamic copula results show that the time-varying t copula achieves the best performance, which means the symmetry dynamic t copula is also a good choice, for it is easy to estimate and is able to depict both the upper and lower tail dependence structure. Finally, with the results of the previous two steps, we analyze the contagion effect between the U.S. and Chinese stock markets during the subprime mortgage crisis. The empirical results show that the subprime mortgage crisis started in the U.S. and that its stock market has had an obvious contagion effect on the Chinese stock market. Our empirical results should/might be useful for investors allocating their portfolios.

  8. Detecting Volatiles Deep in the Lunar Regolith

    Science.gov (United States)

    Crotts, A.; Heggy, E.; Ciarletti, V.; Colaprete, A.; Moghaddam, M.; Siegler, M. A.

    2015-12-01

    There is increasing theoretical and empirical evidence, from the Apollo era and after, of volatiles deep in the lunar interior, in the crust and deeper, both hydrogen-rich and otherwise. This comes in the form of fire fountain samples from Apollo 15 and Apollo 17, of hydrated minerals excavated by impacts which reach the base of the lunar crust e.g., crater Bullialdus, of hydration of apatite and other minerals, as well as predictions of a water-concentrated layer along with the KREEP material at the base of the lunar crust. We discuss how the presence of these volatiles might be directly explored. In particular water vapor molecules percolating to the surface through lunar regolith might be expected to stick and freeze into the regolith, at depths of several meters depending on the regolith temperature profile, porosity and particle size distribution, quantities that are not well known beyond two meters depth. To explore these depths in the regolith we use and propose several modes of penetrating radar. We will present results using the SELENE/Kaguya's Lunar Sounding RADAR (LSR) to probe the bulk volatile dielectric and loss structure properties of the regolith in various locations, both within permanently shadowed regions (PSRs) and without, and within neutron suppression regions (NSRs) as traced by epithermal neutrons and without. We also propose installation of ground penetrating RADAR (GPR) on a roving lunar platform that should be able to probe between 0.2 and 1.6 GHz, which will provide a probe of the entire depth of the lunar regolith as well as a high-resolution (about 4 cm FWHM) probe of the upper meter or two of the lunar soil, where other probes of volatiles such as epithermal neutron absorption or drilling might be employed. We discuss predictions for what kinds of volatile density profiles might be distinguished in this way, and whether these will be detected from orbit as NSRs, whether these must be restricted to PSRs, and how these might appear in

  9. Angrites: A Volatile-rich Variety of Asteroidal Basalt (Except for Alkalis and Gallium!)

    Science.gov (United States)

    Warren, P. H.; Kallemeyn, G. W.

    1995-09-01

    crystallization of the angrites occurred when the solar system was still extremely young, and apparently data of [4] eliminate 26Al as a potential heat source for magmatism. The angrite volatile pattern may be the product of heating by an intense, short-lived heat source that melted and partially vaporized the crust of an asteroid(s) (not necessarily the final angrite asteroid), without much affecting the deep interior(s), which later (through mixing and/or magmatism) replenished the angritic materials in most volatiles, but not alkalis and Ga. Exogenic heating, as in the often-conjectured (but hard to test) hypothesis that a major early heat source was enhanced solar luminosity (as in FU-Orionis cycles), would seem to be required. LEW 87051 and A881371 are rich in compositionally diverse olivine xenocrysts, and A881371 contains a possible FeS xenocryst [7]. These, and the angrites' great siderophile diversity [3], tend to suggest that magmatism and intensely disruptive cratering (with mixing of precursor materials) were contemporaneous. This scenario is admittedly speculative, but the volatile-depletion pattern is difficult to rationalize with any other model. References: [1] Prinz M. and Weisberg M. (1995) Antarct. Meteorites, XX, 207-210. [2] Jurewicz A. et al. (1993) GCA, 57, 2123-2139. [3] Warren P. et al. (1995) Antarct. Meteorites, XX, 261-264. [4] Lugmair G. and Galer S. 1992) GCA, 56, 1673-1694. [5] Mittlefehldt D. and Lindstrom M. (1990) GCA, 54, 3209-3218. [6] Wasson J. (1985) Meteorites. [7] Warren P. and Davis A. (1995) Antarct. Meteorites, XX, 257-260.

  10. Investigate Volatility Jumps in Chinese Stock Index Future and Spot Markets Based on Realized Volatility

    Institute of Scientific and Technical Information of China (English)

    Zhang qiang

    2014-01-01

    This paper aims to investigate Chinese stock index future and spot market's volatility jumps characteristics by using recentlydeveloped jumpstest(Barndorff-Nielsenand Shephard,2004).Thedataisoneyearhigh frequencydatafromthe period19/04/2012 to 19/04/2013. The empirical results show two important points. Firstly, the logarithm of adjusted realized volatility shows a high degree of autocorrelation and folows a normal distribution nearly perfect. These characteristics show a potential high forecast ability. Secondly,thedailyrealizedvolatilityjumpsshowalowdegreeofautocorrealtionbutwithsignificantvolatilityclusters.Ingeneral,thejumps component has a low percentage in realized volatility estimation for both future and spot market. On average, there is one significant jumpswithinevery ten continue trading days.Spotmarkets showshigherdegree of jumps,anda rapidly jumpscharacterises.It implies that jumps may transmission from spot to future market, and spot market dominate future market at some degree.

  11. Volatility forecasting for low-volatility portfolio selection in the US and the Korean equity markets

    Science.gov (United States)

    Kim, Saejoon

    2018-01-01

    We consider the problem of low-volatility portfolio selection which has been the subject of extensive research in the field of portfolio selection. To improve the currently existing techniques that rely purely on past information to select low-volatility portfolios, this paper investigates the use of time series regression techniques that make forecasts of future volatility to select the portfolios. In particular, for the first time, the utility of support vector regression and its enhancements as portfolio selection techniques is provided. It is shown that our regression-based portfolio selection provides attractive outperformances compared to the benchmark index and the portfolio defined by a well-known strategy on the data-sets of the S&P 500 and the KOSPI 200.

  12. The Short-Time Behaviour of VIX Implied Volatilities in a Multifactor Stochastic Volatility Framework

    DEFF Research Database (Denmark)

    Barletta, Andrea; Nicolato, Elisa; Pagliarani, Stefano

    error bounds for VIX futures, options and implied volatilities. In particular, we derive exact asymptotic results for VIX implied volatilities, and their sensitivities, in the joint limit of short time-to-maturity and small log-moneyness. The obtained expansions are explicit, based on elementary...... approximations of equity (SPX) options. However, the generalizations needed to cover the case of VIX options are by no means straightforward as the dynamics of the underlying VIX futures are not explicitly known. To illustrate the accuracy of our technique, we provide numerical implementations for a selection...... functions and they neatly uncover how the VIX skew depends on the specific choice of the volatility and the vol-of-vol processes. Our results are based on perturbation techniques applied to the infinitesimal generator of the underlying process. This methodology has been previously adopted to derive...

  13. Studies on the possibilities of using a by-product resulting during the extraction of the volatile oils from conifer twigs and needles in the leather industry

    Energy Technology Data Exchange (ETDEWEB)

    Chirita, A.; Toma, A.R.; Cocis, V.

    1979-01-01

    Organic by-products containing 19-40% tannin from the water extraction of volatile oils from spruce bark, twigs, and needles were useful when mixed in a 1:1 ratio with BCF synthetic tannin auxiliary to tan hide, and similar by-products containing 16-31% reducing substances could be used to replace glucose as reducing agent in chrome tanning.

  14. Arctic Mixed Layer Dynamics

    National Research Council Canada - National Science Library

    Morison, James

    2003-01-01

    .... Over the years we have sought to understand the heat and mass balance of the mixed layer, marginal ice zone processes, the Arctic internal wave and mixing environment, summer and winter leads, and convection...

  15. A dynamic two-dimensional system for measuring volatile organic compound volatilization and movement in soils.

    Science.gov (United States)

    Allaire, S E; Yates, S R; Ernst, F F; Gan, J

    2002-01-01

    There is an important need to develop instrumentation that allows better understanding of atmospheric emission of toxic volatile compounds associated with soil management. For this purpose, chemical movement and distribution in the soil profile should be simultaneously monitored with its volatilization. A two-dimensional rectangular soil column was constructed and a dynamic sequential volatilization flux chamber was attached to the top of the column. The flux chamber was connected through a manifold valve to a gas chromatograph (GC) for real-time concentration measurement. Gas distribution in the soil profile was sampled with gas-tight syringes at selected times and analyzed with a GC. A pressure transducer was connected to a scanivalve to automatically measure the pressure distribution in the gas phase of the soil profile. The system application was demonstrated by packing the column with a sandy loam in a symmetrical bed-furrow system. A 5-h furrow irrigation was started 24 h after the injection of a soil fumigant, propargyl bromide (3-bromo-1-propyne; 3BP). The experience showed the importance of measuring lateral volatilization variability, pressure distribution in the gas phase, chemical distribution between the different phases (liquid, gas, and sorbed), and the effect of irrigation on the volatilization. Gas movement, volatilization, water infiltration, and distribution of degradation product (Br-) were symmetric around the bed within 10%. The system saves labor cost and time. This versatile system can be modified and used to compare management practices, estimate concentration-time indexes for pest control, study chemical movement, degradation, and emissions, and test mathematical models.

  16. Volatile compounds analysis of Dacia sausage, a traditional Romanian dry cured sausage

    Directory of Open Access Journals (Sweden)

    Ana Maria SIMION CIUCIU

    2014-12-01

    Full Text Available Three batches of Dacia sausage were produced as follows: one without starter culture and two with a mix of starter cultures. Volatiles were extracted by a purgeand- trap method and analyzed by gas chromatographic/mass spectrometry. Approximately 43 compounds were identified. The substances identified belong to: aldehydes, alcohols, ketones, hydrocarbons, esters, acids, furans. Results indicated that the most abundant class of chemical substances in flavor at the end of the ripening process was esters, followed by aldehydes, hydrocarbures and terpenes. This could only indicate the high microbial esterification activity that took place in the batches. It was possible to differentiate between the three sausages applying a discriminant analysis.

  17. Combined scheduling of electricity and heat in a microgrid with volatile wind power

    DEFF Research Database (Denmark)

    Xu, Lizhong; Yang, Guang Ya; Xu, Zhao

    2011-01-01

    An optimization model is developed for scheduling electricity and heat production in a microgrid under a day-ahead market environment considering the operation constraints and the volatility of wind power generation. The model optimizes the total operation costs from energy and heating consumption...... into a mixed-integer programming (MIP) problem. Numerical simulations present the efficacy of the proposed model for day-ahead scheduling of a microgrid with wind penetration under the deregulated environment. © 2011 State Grid Electrtic Resarch Institute Press....

  18. Herbivore-induced blueberry volatiles and intra-plant signaling.

    Science.gov (United States)

    Rodriguez-Saona, Cesar R

    2011-12-18

    Herbivore-induced plant volatiles (HIPVs) are commonly emitted from plants after herbivore attack. These HIPVs are mainly regulated by the defensive plant hormone jasmonic acid (JA) and its volatile derivative methyl jasmonate (MeJA). Over the past 3 decades researchers have documented that HIPVs can repel or attract herbivores, attract the natural enemies of herbivores, and in some cases they can induce or prime plant defenses prior to herbivore attack. In a recent paper, I reported that feeding by gypsy moth caterpillars, exogenous MeJA application, and mechanical damage induce the emissions of volatiles from blueberry plants, albeit differently. In addition, blueberry branches respond to HIPVs emitted from neighboring branches of the same plant by increasing the levels of JA and resistance to herbivores (i.e., direct plant defenses), and by priming volatile emissions (i.e., indirect plant defenses). Similar findings have been reported recently for sagebrush, poplar, and lima beans. Here, I describe a push-pull method for collecting blueberry volatiles induced by herbivore (gypsy moth) feeding, exogenous MeJA application, and mechanical damage. The volatile collection unit consists of a 4 L volatile collection chamber, a 2-piece guillotine, an air delivery system that purifies incoming air, and a vacuum system connected to a trap filled with Super-Q adsorbent to collect volatiles. Volatiles collected in Super-Q traps are eluted with dichloromethane and then separated and quantified using Gas Chromatography (GC). This volatile collection method was used in my study to investigate the volatile response of undamaged branches to exposure to volatiles from herbivore-damaged branches within blueberry plants. These methods are described here. Briefly, undamaged blueberry branches are exposed to HIPVs from neighboring branches within the same plant. Using the same techniques described above, volatiles emitted from branches after exposure to HIPVs are collected and

  19. SPORT MARKETING MIX STRATEGIES

    OpenAIRE

    Alexandru Lucian MIHAI

    2013-01-01

    This paper presents a brief overview of a significant element of the sport marketing management model called the marketing mix. The marketing mix is crucial because it defines the sport business, and much of the sport marketer’s time is spent on various functions within the marketing mix. The marketing mix is the strategic combination of the product, price, place and promotion elements. These elements are typically called the four Ps of marketing. Decisions and strategies for each are importa...

  20. THE MARKETING MIX OPTIMIZATION

    OpenAIRE

    SABOU FELICIA

    2014-01-01

    The paper presents the marketing mix and the necessity of the marketing mix optimization. In the marketing mix a particularly important issue is to choose the best combination of its variables, this lead to the achievement objectives, in time. Choosing the right marketing mix is possible only by reporting information to some clear benchmarks, these criteria a related to the objective of the company at the time of analyze. The study shows that the companies must give a great importance to opti...

  1. Large deviations and stochastic volatility with jumps: asymptotic implied volatility for affine models

    OpenAIRE

    Antoine Jacquier; Martin Keller-Ressel; Aleksandar Mijatovic

    2011-01-01

    Let $\\sigma_t(x)$ denote the implied volatility at maturity $t$ for a strike $K=S_0 e^{xt}$, where $x\\in\\bbR$ and $S_0$ is the current value of the underlying. We show that $\\sigma_t(x)$ has a uniform (in $x$) limit as maturity $t$ tends to infinity, given by the formula $\\sigma_\\infty(x)=\\sqrt{2}(h^*(x)^{1/2}+(h^*(x)-x)^{1/2})$, for $x$ in some compact neighbourhood of zero in the class of affine stochastic volatility models. The function $h^*$ is the convex dual of the limiting cumulant gen...

  2. Mixed methods research.

    Science.gov (United States)

    Halcomb, Elizabeth; Hickman, Louise

    2015-04-08

    Mixed methods research involves the use of qualitative and quantitative data in a single research project. It represents an alternative methodological approach, combining qualitative and quantitative research approaches, which enables nurse researchers to explore complex phenomena in detail. This article provides a practical overview of mixed methods research and its application in nursing, to guide the novice researcher considering a mixed methods research project.

  3. Inflation, its Volatility and the Inflation-Growth Tradeoff in India

    OpenAIRE

    Raghbendra Jha; Varsha S. Kulkarni

    2013-01-01

    This paper amends the New Keynesian Phillips curve model to include inflation volatility. It provides results on the determinants of inflation volatility and expected inflation volatility for OLS and ARDL(1,1) models and for change in inflation volatility and change in expected inflation volatility using ECM models. Output gap affects change in expected inflation volatility alone (in the ECM model) and not in the other models. Major determinants of inflation volatility and expected inflation ...

  4. Mixing vane grid spacer

    International Nuclear Information System (INIS)

    Patterson, J.F.; Galbraith, K.P.

    1978-01-01

    An improved mixing vane grid spacer having enhanced flow mixing capability by virtue of mixing vanes being positioned at welded intersecting joints of the spacer wherein each mixing vane has an opening or window formed therein substantially directly over the welded joint to provide improved flow mixing capability is described. Some of the vanes are slotted, depending on their particular location in the spacers. The intersecting joints are welded by initially providing consumable tabs at and within each window, which are consumed during the welding of the spacer joints

  5. Detecting instability in the volatility of carbon prices

    Energy Technology Data Exchange (ETDEWEB)

    Chevallier, Julien [Univ. Paris Dauphine (France)

    2011-01-15

    This article investigates the presence of outliers in the volatility of carbon prices. We compute three different measures of volatility for European Union Allowances, based on daily data (EGARCH model), option prices (implied volatility), and intraday data (realized volatility). Based on the methodology developed by Zeileis et al. (2003) and Zeileis (2006), we detect instability in the volatility of carbon prices based on two kinds of tests: retrospective tests (OLS-/Recursive-based CUSUM processes, F-statistics, and residual sum of squares), and forward-looking tests (by monitoring structural changes recursively or with moving estimates). We show evidence of strong shifts mainly for the EGARCH and IV models during the time period. Overall, we suggest that yearly compliance events, and growing uncertainties in post-Kyoto international agreements, may explain the instability in the volatility of carbon prices. (author)

  6. Elemental volatility of HT-9 fusion reactor alloy

    International Nuclear Information System (INIS)

    Henslee, S.P.; Neilson, R.M. Jr.

    1985-01-01

    The volatility of elemental constituents from HT-9, a ferritic steel, proposed for fusion reactor structures, was investigated. Tests were conducted in flowing air at temperatures from 800 to 1200 0 C for durations of 1 to 20 h. Elemental volatility was calculated in terms of the weight fraction of the element volatilized from the initial alloy; molybdenum, manganese, and nickel were the primary constituents volatilized. Comparisons with elemental volatilities observed for another candidate fusion reactor materials. Primary Candidate Alloy (PCA), an austenitic stainless steel, indicate significant differences between the volatilities of these steels that may impact fusion reactor safety analysis and alloy selection. Scanning electron microscopy and energy dispersive spectrometry were used to investigate the oxide layers formed on HT-9 and to measure elemental contents within these layers

  7. Volatile organic carbon/air separation test using gas membranes

    International Nuclear Information System (INIS)

    King, C.V.; Kaschemekat, J.

    1993-08-01

    An estimated 900 metric tons of carbon tetrachloride were discharged to soil columns during the Plutonium Finishing Plant Operations at the Hanford Site. The largest percentage of this volatile organic compound was found in the vadose region of the 200 West Area. Using a Vacuum Extraction System, the volatile organic compound was drawn from the soil in an air mixture at a concentration of about 1,000 parts per million. The volatile organic compounds were absorbed from the air stream using granulated activated carbon canisters. A gas membrane separation system, developed by Membrane Technology and Research, Inc., was tested at the Vacuum Extraction System site to determine if the volatile organic compound load on the granulated activated carbon could be reduced. The Vacuum Extraction System condensed most of the volatile organic compound into liquid carbon tetrachloride and vented the residual gas stream into the granulated activated carbon. This system reduced the cost of operation about $5/kilogram of volatile organic compound removed

  8. Thermochromatography study of volatile polonium species in various gas atmospheres

    CERN Document Server

    Maugeri, Emilio Andrea; Eichler, Robert; Piguet,David; Mendonça, Tania Melo; Stora, Thierry; Schumann, Dorothea

    2014-01-01

    Phenomena related to the volatilization of polonium and its compounds are critical issues for the safety assessment of the innovative lead–bismuth cooled type of nuclear reactor or accelerator driven systems. The formation and volatilization of different species of polonium and their interaction with fused silica was studied by thermochromatography using carrier gases with varied redox potential. The obtained results show that under inert and reducing conditions in the absence of moisture, elemental polonium is formed. Polonium compounds more volatile than elemental polonium can be formed if traces of moisture are present in both inert and reducing carrier gas. The use of dried oxygen as carrier gas leads to the formation of polonium oxides, which are less volatile than elemental polonium. It was also found that the volatility of polonium oxides increases with increasing oxidation state. In the presence of moisture in an oxidizing carrier gas, species are formed that are more volatile than the oxides and le...

  9. Data on volatile compounds in fermented materials used for salmon fish sauce production.

    Science.gov (United States)

    Nakano, Mitsutoshi; Sagane, Yoshimasa; Koizumi, Ryosuke; Nakazawa, Yozo; Yamazaki, Masao; Watanabe, Toshihiro; Takano, Katsumi; Sato, Hiroaki

    2018-02-01

    This article describes the analysis of volatile compounds in fermented materials used for salmon fish sauce production via gas chromatography/mass spectrometry (GC/MS). Ten types of fish sauces were produced from raw salmon materials, including various proportions of flesh, viscera, inedible portion (heads, fins, and backbones), and soft roe, by mixing them with salt and allowing them to ferment for up to three months. The volatile compounds were captured by a solid-phase microextraction method and then applied to GC/MS for separation and identification of the compounds in the fish sauce products. The number of volatile compounds identified in the starting materials varied from 15 to 29 depending on the ingredients. The number of compounds in the final fish sauce products was reduced by 3.4-94.7% of that in the original material. The retention times and names of the identified compounds, as well as their relative peak areas, are provided in a Microsoft Excel Worksheet.

  10. On the determination of diffusivities of volatile hydrocarbons in semi-solid bitumen

    International Nuclear Information System (INIS)

    Tang, J. S.

    2001-01-01

    Carbon dioxide, supercritical ethane and propane have been considered as solvents to recover heavy oil. Given that mixing solvent with bitumen is one of the important parameters governing the performance of the solvent extraction processes, good understanding of solvent dispersion is essential for the proper design of the process. Produced bitumen can still contain some residual volatile hydrocarbons after gas flashing off a three-phase separator. When exposed to the air due to a spill or ruptured line, these residual hydrocarbons can escape and create air pollution problems. Consequently, knowledge of the diffusivities of volatile components in bitumen is needed to assess the extent of environmental damage that may result from bitumen spill or working loss of vapour to the atmosphere. This paper discusses the de-coupled transfer model developed by this author (and described in a paper in vol. 78 of this journal) and its limiting solution, and provides a re-intrepretation of the method by Fu and Phillips (1979) which in turn was based on the late-time limiting solution advanced by Tang and Zhang (2000). The analysis indicates that gas purging is a valid method for determining the diffusion coefficients of trace, volatile hydrocarbons in bitumen. However, the assumption of de-coupling may not be appropriate for large diffusion flux and slow gas flow. Furthermore, improper use of the limiting solution theory could lead to a 25 per cent error in calculating the diffusion coefficient. 14 refs., 2 tabs., 8 figs

  11. Determination of refractive and volatile elements in sediment using laser ablation inductively coupled plasma mass spectrometry.

    Science.gov (United States)

    Duodu, Godfred Odame; Goonetilleke, Ashantha; Allen, Charlotte; Ayoko, Godwin A

    2015-10-22

    Wet-milling protocol was employed to produce pressed powder tablets with excellent cohesion and homogeneity suitable for laser ablation (LA) analysis of volatile and refractive elements in sediment. The influence of sample preparation on analytical performance was also investigated, including sample homogeneity, accuracy and limit of detection. Milling in volatile solvent for 40 min ensured sample is well mixed and could reasonably recover both volatile (Hg) and refractive (Zr) elements. With the exception of Cr (-52%) and Nb (+26%) major, minor and trace elements in STSD-1 and MESS-3 could be analysed within ±20% of the certified values. Comparison of the method with total digestion method using HF was tested by analysing 10 different sediment samples. The laser method recovers significantly higher amounts of analytes such as Ag, Cd, Sn and Sn than the total digestion method making it a more robust method for elements across the periodic table. LA-ICP-MS also eliminates the interferences from chemical reagents as well as the health and safety risks associated with digestion processes. Therefore, it can be considered as an enhanced method for the analysis of heterogeneous matrices such as river sediments. Copyright © 2015 Elsevier B.V. All rights reserved.

  12. Global issues in volatile substance misuse.

    Science.gov (United States)

    Dell, Colleen Anne; Gust, Steven W; MacLean, Sarah

    2011-01-01

    This special issue of Substance Use & Misuse addresses the public health issue of volatile substance misuse (VSM), the inhalation of gases or vapors for psychoactive effects, assessing the similarities and differences in the products misused, patterns, prevalence, etiologies, and impacts of VSM by examining it through sociocultural epidemiology, neuroscience, and interventions research. The Canadian, US, and Australian guest editors contend that, when compared with other drugs used at a similar prevalence, VSM has attracted relatively little research effort. The authors and editors call for further research to develop evidence-based policies and comprehensive interventions that respect culture and context-specific knowledge.

  13. Siderophile Volatile Element Partitioning during Core Formation.

    Science.gov (United States)

    Loroch, D. C.; Hackler, S.; Rohrbach, A.; Klemme, S.

    2017-12-01

    Since the nineteen sixties it is known, that the Earth's mantle is depleted relative to CI chondrite in numerous elements as a result of accretion and core-mantle differentiation. Additionally, if we take the chondritic composition as the initial solar nebular element abundances, the Earth lacks 85 % of K and up to 98 % of other volatiles. However one potentially very important group of elements has received considerably less attention in this context and these elements are the siderophile but volatile elements (SVEs). SVEs perhaps provide important information regarding the timing of volatile delivery to Earth. Especially for the SVEs the partitioning between metal melt and silicate melt (Dmetal/silicate) at core formation conditions is poorly constrained, never the less they are very important for most of the core formation models. This study is producing new metal-silicate partitioning data for a wide range of SVEs (S, Se, Te, Tl, Ag, As, Au, Cd, Bi, Pb, Sn, Cu, Ge, Zn, In and Ga) with a focus on the P, T and fO2dependencies. The initial hypothesis that we are aiming to test uses the accretion of major portions of volatile elements while the core formation was still active. The key points of this study are: - What are the effects of P, T and fO2 on SVE metal-silicate partioning? - What is the effect of compositional complexity on SVE metal-silicate partioning? - How can SVE's D-values fit into current models of core formation? The partitioning experiments will be performed using a Walker type multi anvil apparatus in a pressure range between 10 and 20 GPa and temperatures of 1700 up to 2100 °C. To determine the Dmetal/silicate values we are using a field emission high-resolution JEOL JXA-8530F EPMA for major elements and a Photon Machines Analyte G2 Excimer laser (193 nm) ablation system coupled to a Thermo Fisher Element 2 single-collector ICP-MS (LA-ICP-MS) for the trace elements. We recently finished the first sets of experiments and can provide the

  14. Stability and `volatility ` of element 104 oxychloride

    Energy Technology Data Exchange (ETDEWEB)

    Eichler, B.; Gaeggeler, H.W. [Paul Scherrer Inst. (PSI), Villigen (Switzerland)

    1997-09-01

    The formation enthalpies {Delta}H{sup *} of solid and gaseous oxychlorides of element 104 from free atoms were estimated by extrapolation. Stability and volatility of these compounds are compared to those of the homologous and neighbouring elements in the periodic system. It can be supposed that in a gas adsorption chromatographic process with oxygen containing chlorinating carrier gas the transport with the carrier gas flow occurs in the chemical state 104Cl{sub 4}. Only in the absorbed state the compound 104OCl{sub 2} is formed. (author) 1 fig., 3 refs.

  15. On the Economic Evaluation of Volatility Forecasts

    DEFF Research Database (Denmark)

    Voev, Valeri

    We analyze the applicability of economic criteria for volatility forecast evaluation based on unconditional measures of portfolio performance. The main theoretical finding is that such unconditional measures generally fail to rank conditional forecasts correctly due to the presence of a bias term...... driven by the variability of the conditional mean and portfolio weights. Simulations and a small empirical study suggest that the bias can be empirically substantial and lead to distortions in forecast evaluation. An important implication is that forecasting superiority of models using high frequency...

  16. Housing market volatility in the OECD area

    DEFF Research Database (Denmark)

    Engsted, Tom; Pedersen, Thomas Quistgaard

    2014-01-01

    Vector-autoregressive models are used to decompose housing returns in 18 OECD countries into cash flow (rent) news and discount rate (return) news over the period 1970-2011. For the jajority of countries news about future returns is the main driver, and both real interest rates and risk-premia play...... an important role in accounting for housing market volatility. Bivariate cross-country correlations and principal components analyses indicate that part of the return movements have a common factor among the majority of countries. We explain the results in terms of global changes in credit constraints...

  17. Parametric Portfolio Policies with Common Volatility Dynamics

    DEFF Research Database (Denmark)

    Ergemen, Yunus Emre; Taamouti, Abderrahim

    A parametric portfolio policy function is considered that incorporates common stock volatility dynamics to optimally determine portfolio weights. Reducing dimension of the traditional portfolio selection problem significantly, only a number of policy parameters corresponding to first- and second......-order characteristics are estimated based on a standard method-of-moments technique. The method, allowing for the calculation of portfolio weight and return statistics, is illustrated with an empirical application to 30 U.S. industries to study the economic activity before and after the recent financial crisis....

  18. Hematological Parameters in the Volatile Substance Sniffers

    OpenAIRE

    Dündaröz, Ruşen; Ceylan, Süleyman; Denli, Metin; Açıkel, Cengizhan; Balım, Elvan; Özışık, Tahir

    2009-01-01

    SüleymanDemirel Üniversitesi TIP FAKÜLTESİ DERGİSİ: 1999 Eylül; 6(3) Hematological Parameters in the Volatile Substance Sniffers Ruşen Dündaröz, Süleyman Ceylan, Metin Denli, Cengiz Han Açıkel, Elvan Balım, Tahir Özışık Abstract Glue sniffing is a frequent problem among teenagers. Various chemical substances, especially toluene and benzene, contained in the glues kave been reported to be hematotoxic. The hematological parameters of 44 healthy teenagers ~...

  19. Exponential Smoothing, Long Memory and Volatility Prediction

    DEFF Research Database (Denmark)

    Proietti, Tommaso

    three models that are natural extensions of ES: the fractionally integrated first order moving average (FIMA) model, a new integrated moving average model formulated in terms of the fractional lag operator (FLagIMA), and a fractional equal root integrated moving average (FerIMA) model, proposed...... originally by Hosking. We investigate the properties of the volatility components and the forecasts arising from these specification, which depend uniquely on the memory and the moving average parameters. For statistical inference we show that, under mild regularity conditions, the Whittle pseudo...

  20. Volatility Analysis of Bitcoin Price Time Series

    Directory of Open Access Journals (Sweden)

    Lukáš Pichl

    2017-12-01

    Full Text Available Bitcoin has the largest share in the total capitalization of cryptocurrency markets currently reaching above 70 billion USD. In this work we focus on the price of Bitcoin in terms of standard currencies and their volatility over the last five years. The average day-to-day return throughout this period is 0.328%, amounting in exponential growth from 6 USD to over 4,000 USD per 1 BTC at present. Multi-scale analysis is performed from the level of the tick data, through the 5 min, 1 hour and 1 day scales. Distribution of trading volumes (1 sec, 1 min, 1 hour and 1 day aggregated from the Kraken BTCEUR tick data is provided that shows the artifacts of algorithmic trading (selling transactions with volume peaks distributed at integer multiples of BTC unit. Arbitrage opportunities are studied using the EUR, USD and CNY currencies. Whereas the arbitrage spread for EUR-USD currency pair is found narrow at the order of a percent, at the 1 hour sampling period the arbitrage spread for USD-CNY (and similarly EUR-CNY is found to be more substantial, reaching as high as above 5 percent on rare occasions. The volatility of BTC exchange rates is modeled using the day-to-day distribution of logarithmic return, and the Realized Volatility, sum of the squared logarithmic returns on 5-minute basis. In this work we demonstrate that the Heterogeneous Autoregressive model for Realized Volatility Andersen et al. (2007 applies reasonably well to the BTCUSD dataset. Finally, a feed-forward neural network with 2 hidden layers using 10-day moving window sampling daily return predictors is applied to estimate the next-day logarithmic return. The results show that such an artificial neural network prediction is capable of approximate capture of the actual log return distribution; more sophisticated methods, such as recurrent neural networks and LSTM (Long Short Term Memory techniques from deep learning may be necessary for higher prediction accuracy.

  1. The fight against Volatile Organic Compounds (VOC)

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    This paper strikes the balance of the fight against organic volatile compounds emissions in France and in Europe. The first part describes the influence of VOC on production of Ozone in troposphere and gives numerical data on permissive emission values in atmosphere. The second part describes french and european policy and regulations. The third part gives the principle methods and devices for COV measurement in the atmosphere. In the last part, effluents treatment is given: thermal incineration, catalytic incineration, adsorption on active carbon, biologic purification, condensation and separative processes on membrane

  2. Intense pyrification of volatile inorganic halides

    International Nuclear Information System (INIS)

    Nesel'son, L.A.; Tret'yakov, K.V.; Cherenkov, A.V.; Solov'ev, V.F.

    1992-01-01

    It is found that the studies systems form the fusibility curves of eutectic type with the limited regions of separation in the middle part of composition. The liquid-vapour equilibrium of the WF 6 -Nb(Ta)F 5 systems is characterized by strong positive deviation from the ideal case but without formation of azeotropes. The values of coefficients for relative volatility of the dilute solutions of niobium and tantalum pentafluorides in tungsten hexafluoride are found. The values of these coefficients are sufficiently large to provide the efficient purification from niobium and tantalum by the method of fractional distillation

  3. Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence

    OpenAIRE

    César Calderón

    2004-01-01

    A recent strand of the literature, the so-called “New Open Economy Macroeconomics”, argues that nonmonetary factors have gained importance in explaining exchange rate volatility. In this context, it has been suggested the inclusion of shocks to productivity, terms of trade, and government spending, among others. The goal of the present paper is to explain the real exchange rate volatility by positing a structural relationship between volatility and its determinants. To perform our task we col...

  4. Do Time-Varying Covariances, Volatility Comovement and Spillover Matter?

    OpenAIRE

    Lakshmi Balasubramanyan

    2005-01-01

    Financial markets and their respective assets are so intertwined; analyzing any single market in isolation ignores important information. We investigate whether time varying volatility comovement and spillover impact the true variance-covariance matrix under a time-varying correlation set up. Statistically significant volatility spillover and comovement between US, UK and Japan is found. To demonstrate the importance of modelling volatility comovement and spillover, we look at a simple portfo...

  5. Capital mobility and macroeconomic volatility: evidence from Greece

    OpenAIRE

    Anastasios, Pappas

    2010-01-01

    This paper focuses on the impact of full capital account liberalization on macroeconomic volatility in Greece. According to the standard neoclassical model, such liberalization is to be desired because, among other advantages, it may reduce macroeconomic volatility. The link between macroeconomic volatility and capital account openness in the Greek economy is investigated by applying a simple three-month rolling standard deviation of real GDP growth and real final (total) consumption growth c...

  6. A Range-Based Multivariate Model for Exchange Rate Volatility

    OpenAIRE

    Tims, Ben; Mahieu, Ronald

    2003-01-01

    textabstractIn this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high-low ranges of daily exchange rates. The multivariate stochastic volatility model divides the log range of each exchange rate into two independent latent factors, which are interpreted as the underlying currency specific components. Due to the normality of logarithmic volatilities the model can be estimated conveniently with standard Kalman filter techniques. Our resu...

  7. Asymmetry Effects of shocks in Chinese Stock Markets Volatility

    DEFF Research Database (Denmark)

    Hou, Ai Jun

    2013-01-01

    The unique characteristics of the Chinese stock markets make it difficult to assume a particular distribution for innovations in returns and the specification form of the volatility process when modelling return volatility with the parametric GARCH family models. This paper therefore applies...... a generalized additive nonparametric smoothing technique to examine the volatility of the Chinese stock markets. The empirical results indicate that an asymmetric effect of negative news exists in the Chinese stock markets. Furthermore, compared with other parametric models, the generalized additive...

  8. Long memory and the relation between implied and realized volatility

    OpenAIRE

    Federico Bandi; Benoit Perron

    2003-01-01

    We argue that the conventional predictive regression between implied volatility (regressor) and realized volatility over the remaining life of the option (regressand) is likely to be a fractional cointegrating relation. Since cointegration is associated with long-run comovements, this finding modifies the usual interpretation of such regression as a study towards assessing option market efficiency (given a certain option pricing model) and/or short-term unbiasedness of implied volatility as a...

  9. Mixed waste treatment using the ChemChar thermolytic detoxification technique

    Energy Technology Data Exchange (ETDEWEB)

    Kuchynka, D. [Mirage Systems, Sunnyvale, CA (United States)

    1995-10-01

    The diversity of mixed waste matrices contained at Department of Energy sites that require treatment preclude a single, universal treatment technology capable of handling sludges, solids, heterogeneous debris, aqueous and organic liquids and soils. This report describes the ChemChar thermolytic detoxification process. The process is a thermal, chemically reductive technology that converts the organic portion of mixed wastes to a synthesis gas, while simultaneously absorbing volatile inorganics on a carbon-based char.

  10. Chemical generation of volatile species of copper – Optimization, efficiency and investigation of volatile species nature

    Czech Academy of Sciences Publication Activity Database

    Šoukal, Jakub; Benada, Oldřich; Matoušek, Tomáš; Dědina, Jiří; Musil, Stanislav

    2017-01-01

    Roč. 977, JUL (2017), s. 10-19 ISSN 0003-2670 Institutional support: RVO:68081715 ; RVO:61388971 Keywords : generation of volatile species * copper * analytical atomic spectrometry Subject RIV: CB - Analytical Chemistry, Separation; EE - Microbiology, Virology (MBU-M) OBOR OECD: Analytical chemistry; Microbiology (MBU-M) Impact factor: 4.950, year: 2016

  11. Option Valuation with Observable Volatility and Jump Dynamics

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

    Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

  12. Option Valuation with Observable Volatility and Jump Dynamics

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

    2015-01-01

    Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

  13. Estimation of volatility of selected oil production projects

    International Nuclear Information System (INIS)

    Costa Lima, Gabriel A.; Suslick, Saul B.

    2006-01-01

    In oil project valuation and investment decision-making, volatility is a key parameter, but it is difficult to estimate. From a traditional investment viewpoint, volatility reduces project value because it increases its discount rate via a higher risk premium. Contrarily, according to the real-option pricing theory, volatility may aggregate value to the project, since the downside potential is limited whereas the upside is theoretically unbounded. However, the estimation of project volatility is very complicated since there is not a historical series of project values. In such cases, many analysts assume that oil price volatility is equal to that of project. In order to overcome such problems, in this paper an alternative numerical method based on present value of future cash flows and Monte Carlo simulation is proposed to estimate the volatility of projects. This method is applied to estimate the volatility of 12 deep-water offshore oil projects considering that oil price will evolve according to one of two stochastic processes: Geometric Brownian Motion and Mean-Reverting Motion. Results indicate that the volatility of commodity usually undervalue that of project. For the set of offshore projects analyzed in this paper, project volatility is at least 79% higher than that of oil prices and increases dramatically in those cases of high capital expenditures and low price. (author)

  14. Volatility of an Indian stock market: A random matrix approach

    International Nuclear Information System (INIS)

    Kulkarni, V.; Deo, N.

    2006-07-01

    We examine volatility of an Indian stock market in terms of aspects like participation, synchronization of stocks and quantification of volatility using the random matrix approach. Volatility pattern of the market is found using the BSE index for the three-year period 2000- 2002. Random matrix analysis is carried out using daily returns of 70 stocks for several time windows of 85 days in 2001 to (i) do a brief comparative analysis with statistics of eigenvalues and eigenvectors of the matrix C of correlations between price fluctuations, in time regimes of different volatilities. While a bulk of eigenvalues falls within RMT bounds in all the time periods, we see that the largest (deviating) eigenvalue correlates well with the volatility of the index, the corresponding eigenvector clearly shows a shift in the distribution of its components from volatile to less volatile periods and verifies the qualitative association between participation and volatility (ii) observe that the Inverse participation ratio for the last eigenvector is sensitive to market fluctuations (the two quantities are observed to anti correlate significantly) (iii) set up a variability index, V whose temporal evolution is found to be significantly correlated with the volatility of the overall market index. MIRAMAR (author)

  15. Estimation of Stochastic Volatility Models by Nonparametric Filtering

    DEFF Research Database (Denmark)

    Kanaya, Shin; Kristensen, Dennis

    2016-01-01

    /estimated volatility process replacing the latent process. Our estimation strategy is applicable to both parametric and nonparametric stochastic volatility models, and can handle both jumps and market microstructure noise. The resulting estimators of the stochastic volatility model will carry additional biases...... and variances due to the first-step estimation, but under regularity conditions we show that these vanish asymptotically and our estimators inherit the asymptotic properties of the infeasible estimators based on observations of the volatility process. A simulation study examines the finite-sample properties...

  16. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    to be priced consistently, while allowing for jumps in volatility and returns. An affine specification using Lévy processes as building blocks leads to analytically tractable pricing formulas for volatility derivatives, such as VIX options, as well as efficient numerical methods for pricing of European options...... on the underlying asset. The model has the convenient feature of decoupling the vanilla skews from spot/volatility correlations and allowing for different conditional correlations in large and small spot/volatility moves. We show that our model can simultaneously fit prices of European options on S&P 500 across...

  17. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Cont, Rama; Kokholm, Thomas

    2013-01-01

    to be priced consistently, while allowing for jumps in volatility and returns. An affine specification using Lévy processes as building blocks leads to analytically tractable pricing formulas for volatility derivatives, such as VIX options, as well as efficient numerical methods for pricing of European options...... on the underlying asset. The model has the convenient feature of decoupling the vanilla skews from spot/volatility correlations and allowing for different conditional correlations in large and small spot/volatility moves. We show that our model can simultaneously fit prices of European options on S&P 500 across...

  18. Estimation and prediction under local volatility jump-diffusion model

    Science.gov (United States)

    Kim, Namhyoung; Lee, Younhee

    2018-02-01

    Volatility is an important factor in operating a company and managing risk. In the portfolio optimization and risk hedging using the option, the value of the option is evaluated using the volatility model. Various attempts have been made to predict option value. Recent studies have shown that stochastic volatility models and jump-diffusion models reflect stock price movements accurately. However, these models have practical limitations. Combining them with the local volatility model, which is widely used among practitioners, may lead to better performance. In this study, we propose a more effective and efficient method of estimating option prices by combining the local volatility model with the jump-diffusion model and apply it using both artificial and actual market data to evaluate its performance. The calibration process for estimating the jump parameters and local volatility surfaces is divided into three stages. We apply the local volatility model, stochastic volatility model, and local volatility jump-diffusion model estimated by the proposed method to KOSPI 200 index option pricing. The proposed method displays good estimation and prediction performance.

  19. Does Exchange Rate Volatility Affect Korea's Seaborne Import Volume?

    Directory of Open Access Journals (Sweden)

    Chang Beom Kim

    2017-03-01

    Full Text Available This study used monthly data from 2000 to 2015 to analyze the effects of USD/KRW exchange rate volatility on seaborne import volume in Korea. The results of an autoregressive distributed lag (ARDL analysis indicate that USD/KRW exchange rate volatility has a statistically significant negative influence on Korea's seaborne import volume. Moreover, the results of a vector error correction model (VECM analysis found that the USD/KRW exchange rate volatility exhibited short-term unidirectional causality on import volume and real income, and confirmed bidirectional causality between the real effective exchange rate and exchange rate volatility.

  20. Maximum likelihood approach for several stochastic volatility models

    International Nuclear Information System (INIS)

    Camprodon, Jordi; Perelló, Josep

    2012-01-01

    Volatility measures the amplitude of price fluctuations. Despite it being one of the most important quantities in finance, volatility is not directly observable. Here we apply a maximum likelihood method which assumes that price and volatility follow a two-dimensional diffusion process where volatility is the stochastic diffusion coefficient of the log-price dynamics. We apply this method to the simplest versions of the expOU, the OU and the Heston stochastic volatility models and we study their performance in terms of the log-price probability, the volatility probability, and its Mean First-Passage Time. The approach has some predictive power on the future returns amplitude by only knowing the current volatility. The assumed models do not consider long-range volatility autocorrelation and the asymmetric return-volatility cross-correlation but the method still yields very naturally these two important stylized facts. We apply the method to different market indices and with a good performance in all cases. (paper)

  1. Redox mediators modify end product distribution in biomass fermentations by mixed ruminal microbes in vitro

    Science.gov (United States)

    The fermentation system of mixed ruminal bacteria is capable of generating large amounts of short-chain volatile fatty acids (VFA) via the carboxylate platform in vitro. These VFAs are subject to elongation to larger, more energy-dense products through reverse beta-oxidation. This study examined the...

  2. Iodine volatilization from irradiated CsI solutions

    Energy Technology Data Exchange (ETDEWEB)

    Evans, G J; Panyan, E J [Toronto Univ., ON (Canada). Dept. of Chemical Engineering and Applied Chemistry

    1996-12-01

    A bench-scale, separate-effect, flow apparatus has been constructed to examine volatile iodine production rates in relation to a selection of the possible variables and conditions found in a containment structure with a breached reactor core. The constructed apparatus is designed to provide the widest possible range of data including gas and aqueous phase speciation for an established set of interfacial mass transfer parameters with known pH and dissolved oxygen levels. As the interfacial transfer of iodine is an important component in the understanding of iodine chemistry, commissioning of the constructed apparatus focused on establishing a well characterized set of mass transfer parameters for a variety of mixing conditions and solution volumes. Aqueous phase parameters, obtained using a method involving the sparging of the dissolved oxygen in the aqueous phase, were found to vary by one order of magnitude, from 1x10{sup -2} to 1x10{sup -3} dm/sec. Gas phase parameters also changeable by one order of magnitude, from 1x10{sup -1} to 1x10{sup -2} dm/sec, were studied more thoroughly as they were found to have a greater impact in the system. Two independent methods of analysis were used, one involving tri-iodide solutions, the other using relative humidity values. A selection of the acquired volatility rates in relation to the effect of pH are presented. The apparatus has been found to consistently provide rates up to one order of magnitude lower than modelled predictions. Specifically, for buffered solutions, rates of 2x10{sup -12} mol/min and 1x10{sup -10} mol/min for pH 9 and 5 respectively, have been found. Rates of 1x10{sup -11} mol/min and 6x10{sup -10} mol/min are predicted. Current efforts have addressed potential reasons for this apparent discrepancy, the major factor being the possible release of components from the stainless steel during irradiation. Efforts undertaken to ensure the validity of the results are emphasized. (Abstract Truncated)

  3. Iodine volatilization from irradiated CsI solutions

    International Nuclear Information System (INIS)

    Evans, G.J.; Panyan, E.J.

    1996-01-01

    A bench-scale, separate-effect, flow apparatus has been constructed to examine volatile iodine production rates in relation to a selection of the possible variables and conditions found in a containment structure with a breached reactor core. The constructed apparatus is designed to provide the widest possible range of data including gas and aqueous phase speciation for an established set of interfacial mass transfer parameters with known pH and dissolved oxygen levels. As the interfacial transfer of iodine is an important component in the understanding of iodine chemistry, commissioning of the constructed apparatus focused on establishing a well characterized set of mass transfer parameters for a variety of mixing conditions and solution volumes. Aqueous phase parameters, obtained using a method involving the sparging of the dissolved oxygen in the aqueous phase, were found to vary by one order of magnitude, from 1x10 -2 to 1x10 -3 dm/sec. Gas phase parameters also changeable by one order of magnitude, from 1x10 -1 to 1x10 -2 dm/sec, were studied more thoroughly as they were found to have a greater impact in the system. Two independent methods of analysis were used, one involving tri-iodide solutions, the other using relative humidity values. A selection of the acquired volatility rates in relation to the effect of pH are presented. The apparatus has been found to consistently provide rates up to one order of magnitude lower than modelled predictions. Specifically, for buffered solutions, rates of 2x10 -12 mol/min and 1x10 -10 mol/min for pH 9 and 5 respectively, have been found. Rates of 1x10 -11 mol/min and 6x10 -10 mol/min are predicted. Current efforts have addressed potential reasons for this apparent discrepancy, the major factor being the possible release of components from the stainless steel during irradiation. Efforts undertaken to ensure the validity of the results are emphasized. During commissioning efforts, several problems have been identified and

  4. Magmatic Volatiles as an Amplifier of Centrifugal Volcanism

    Science.gov (United States)

    Pratt, V. R.

    2017-12-01

    There is a striking correlation between negated Length of Day -LOD and the 60-70 year period in 20th century global climate, associated by some with the so-called Atlantic Multidecadal Oscillation or AMO. A number of authors have suggested mechanisms by which the former might cause the latter. One such that this author finds quite compelling is that gravity fluctuations at low latitudes increase essentially linearly with LOD fluctuations and therefore moves magma towards or away from the surface as LOD decreases or increases, i.e. angular velocity increases or decreases, respectively. At AGU FM2016 we proposed the term "centrifugal volcanism" for this mechanism and listed four possible objections to it, explaining three to our satisfaction. The remaining objection is the very obvious one that the 4 ms increase in LOD between 1880 and 1910 seems far too small to be able to account for the observed variation of about a quarter of a degree. A basic mechanism underlying many violent eruptions is the strong positive feedback between reduction of pressure in magma and evaporation of dissolved volatiles found in some magmas, driving the magma outwards and thereby further reducing the pressure. The normal state of magma is equilibrium. Any fluctuation in gravity, even a very small one, can be sufficient to shift this equilibrium sufficiently far to set this positive feedback in motion. The relevant electrical analogy would be an operational amplifier whose amplification is greatly increased by a positive feedback. We therefore propose that the same mechanism responsible for some violent eruptions also serves to amplify the tiny changes in gravity sufficiently to increase or decrease the vertical component of the movement of magma in general. This movement, felt throughout the planet albeit most strongly at low latitudes, influences the temperature at ocean bottoms wherever there is a significant level of magmatic volatiles. This in turn creates thermals that are large

  5. FIELD SCREENING FOR HALOGENATED VOLATILE ORGANIC COMPOUNDS

    Energy Technology Data Exchange (ETDEWEB)

    John F. Schabron; Joseph F. Rovani Jr.; Theresa M. Bomstad

    2002-06-01

    Western Research Institute (WRI) initiated exploratory work towards the development of new field screening methodology and a test kit to measure halogenated volatile organic compounds (VOCs) in the field. Heated diode and corona discharge sensors are commonly used to detect leaks of refrigerants from air conditioners, freezers, and refrigerators. They are both selective to the presence of carbon-halogen bonds. Commercially available heated diode and corona discharge leak detectors were procured and evaluated for halogenated VOC response. The units were modified to provide a digital readout of signal related to VOC concentration. Sensor response was evaluated with carbon tetrachloride and tetrachloroethylene (perchloroethylene, PCE), which represent halogenated VOCs with and without double bonds. The response characteristics were determined for the VOCs directly in headspace in Tedlar bag containers. Quantitation limits in air were estimated. Potential interferences from volatile hydrocarbons, such as toluene and heptane, were evaluated. The effect of humidity was studied also. The performance of the new devices was evaluated in the laboratory by spiking soil samples and monitoring headspace for halogenated VOCs. A draft concept of the steps for a new analytical method was outlined. The results of the first year effort show that both devices show potential utility for future analytical method development work towards the goal of developing a portable test kit for screening halogenated VOCs in the field.

  6. TMVOC, simulator for multiple volatile organic chemicals

    International Nuclear Information System (INIS)

    Pruess, Karsten; Battistelli, Alfredo

    2003-01-01

    TMVOC is a numerical simulator for three-phase non-isothermal flow of water, soil gas, and a multicomponent mixture of volatile organic chemicals (VOCs) in multidimensional heterogeneous porous media. It is an extension of the TOUGH2 general-purpose simulation program developed at the Lawrence Berkeley National Laboratory. TMVOC is designed for applications to contamination problems that involve hydrocarbon fuel or organic solvent spills in saturated and unsaturated zones. It can model contaminant behavior under ''natural'' environmental conditions, as well as for engineered systems, such as soil vapor extraction, groundwater pumping, or steam-assisted source remediation. TMVOC is upwards compatible with T2VOC (Falta et al., 1995) and can be initialized from T2VOC-style initial conditions. The main enhancements in TMVOC relative to T2VOC are as follows: a multicomponent mixture of volatile organic chemicals can be modeled; any and all combinations of the three phases water-oil-gas are treated; several non-condensible gases may be present; diffusion is treated in all phases in a manner that is fully coupled with phase partitioning. This paper gives a brief summary of the methodology used in TMVOC as well as highlighting some implementation issues. Simulation of a NAPL spill and subsequent remediation is discussed for a 2-D vertical section of a saturated-unsaturated flow problem

  7. Identification of a volatile phytotoxin from algae

    Science.gov (United States)

    Garavelli, J. S.; Fong, F.; Funkhouser, E. A.

    1984-01-01

    The objectives were to develop a trap system for isolating fractions of volatile algal phytotoxin and to characterize the major components of the isolated phytotoxin fractions. A bioassay using Phaseolus vulgaris seedlings was developed to aid in investigating the properties of the phytotoxin produced by cultures of Euglena gracilis var. bacillaris and Chlorella vulgaris. Two traps were found, 1.0 M hydrochloric acid and 0 C, which removed the phytotoxin from the algal effluent and which could be treated to release that phytotoxin as judged with the bioassay procedure. It was also determined that pretraps of 1.0 M sodium hydroxide and 1.0 M potassium biocarbonate could be used without lowering the phytotoxin effect. Ammonia was identified in trap solutions by ninhydrin reaction, indophenol reaction and derivatization with dansyl chloride and phenylisothiocyanate. Ammonia at the gaseous concentrations detected was found to have the same effects in the bioassay system as the volatile phytotoxin. It is possible that other basic, nitrogen containing compounds which augment the effects of ammonia were present at lower concentrations in the algal effluent.

  8. Asymmetric conditional volatility in international stock markets

    Science.gov (United States)

    Ferreira, Nuno B.; Menezes, Rui; Mendes, Diana A.

    2007-08-01

    Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the SP 500, FTSE 100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of changes in macroeconomic variables, we find no significant evidence of asymmetric behaviour of the stock market returns. There are some signs that the Portuguese Stock Market tends to show somewhat less market efficiency than other markets since the effect of the shocks appear to take a longer time to dissipate.

  9. Arsenic biotransformation and volatilization in transgenic rice

    Science.gov (United States)

    Meng, Xiang-Yan; Qin, Jie; Wang, Li-Hong; Duan, Gui-Lan; Sun, Guo-Xin; Wu, Hui-Lan; Chu, Cheng-Cai; Ling, Hong-Qing; Rosen, Barry P.; Zhu, Yong-Guan

    2011-01-01

    Summary Biotransformation of arsenic includes oxidation, reduction, methylation and conversion to more complex organic arsenicals. Members of the class of arsenite [As(III)] S-adenosylmethyltransferase enzymes catalyze As(III) methylation to a variety of mono-, di- and trimethylated species, some of which are less toxic than As(III) itself. However, no methyltransferase gene has been identified in plants. Here, an arsM gene from the soil bacterium Rhodopseudomonas palustris was expressed in Japonica rice (Oryza sativa L.) cultivar Nipponbare, and the transgenic rice produced methylated arsenic species, which were measured by inductively coupled plasma mass spectrometry (ICP-MS) and high performance liquid chromatography-inductively coupled plasma-mass spectrometry (HPLC-ICP-MS). Both monomethylarsenate [MAs(V)] and dimethylarsenate [DMAs(V)] were detected in the root and shoot of transgenic rice. After 12-d exposure to As(III), the transgenic rice gave off 10-fold more volatile arsenicals. The present study demonstrates that expression of an arsM gene in rice induces arsenic methylation and volatilization, providing a potential stratagem for phytoremediation theoretically. PMID:21517874

  10. Rapid analytical extraction of volatile fermentation products

    Energy Technology Data Exchange (ETDEWEB)

    Jansen, N B; Flickinger, M C; Tsao, G T

    1979-10-01

    With renewed interest in production of liquid fuels and chemical feedstocks from carbohydrates, numerous authors have utilized gas-liquid chromatography (GC) for quantification of volatile products. Poor separation and short column life will result if residual sugars present in the medium are not separated from the volatile compounds before injection. In our current investigation of 2,3-butanediol production from xylose, we have developed a rapid GC assay for 2,3-butanediol, acetyl methyl carbinol (acetoin), 2,3-butanedione (diacetyl), and ethanol. This method extracts the fermentation products at high pH from residual xylose before injection into the GC. This routine is a modification of the method of Kolfenbach et al. and is more rapid than the method of separation of diacetyl and acetoin from carbohydrates by distillation reported by Gupta et al. Their erroneous reports of yields of 640 mg diacetyl + acetoin/g sugar are 30% higher than the theoretical maximum for Enterobacter cloacae (ATCC 27613) and points out the need for a reliable, accurate assay for these products.

  11. Meteoritic Constraints on Models of the Solar Nebula: The Abundances of Moderately Volatile Elements

    Science.gov (United States)

    Cassen, Patrick; Cuzzi, Jeff (Technical Monitor)

    1994-01-01

    The "moderately volatile" elements are those which condense (or evaporate) in the temperature range 650 - 1350 K, as a mix of material with solar abundances is cooled (or heated) tinder equilibrium conditions. Their relative abundances in chondritic meteorites are solar (or "cosmic", as defined by the composition of Cl meteorites) to within a factor of several, but vary within that range in a way that correlates remarkably well with condensation temperature, independent of chemical affinity. It has been argued that this correlation reflects a systematically selective process which favored the accretion of refractory material over volatile material from a cooling nebula. Wasson and Chou (Meteoritics 9, 69-94, 1974, and Wasson and co-authors in subsequent papers) suggested that condensation and settling of solids contemporaneously with the cooling and removal of nebular gas could produce the observed abundance patterns, but a quantitative model has been lacking. We show that the abundance patterns of the moderately volatile elements in chondritic meteorites can be produced, in some degree of quantitative detail, by models of the solar nebula that are designed to conform to observations of T Tauri stars and the global conservation laws. For example, even if the local surface density of the nebula is not decreasing, condensation and accretion of solids from radially inflowing gas in a cooling nebula can result in depletions of volatiles, relative to refractories, like those observed, The details of the calculated abundance patterns depend on (but are not especially sensitive to) model parameters, and can exhibit the variations that distinguish the meteorite classes. Thus it appears that nebula characteristics such as cooling rates, radial flow velocities, and particle accumulation rates can be quantitatively constrained by demanding that they conform to meteoritic data; and the models, in turn, can produce testable hypotheses regarding the time and location of the

  12. Stock return, seasonality and asymmetric conditional volatility in steel & iron subsector

    Directory of Open Access Journals (Sweden)

    V. Chirila

    2015-01-01

    Full Text Available This paper presents the results obtained following the testing of five hypotheses regarding conditional return and volatility of the most listed European stocks in the steel & iron subsector. The following elements of the stocks are analysed: time variation of volatility, seasonality of return and volatility, relationship between return and volatility and volatility asymmetry. The results obtained confirm for all the analyzed stocks the existence of volatility variation in time, the lack of correlation between return and volatility, the existence of asymmetry phenomenon of volatility and the presence in some stocks of the seasonality effect both for return and volatility.

  13. MIXED AND MIXING SYSTEMS WORLDWIDE: A PREFACE

    Directory of Open Access Journals (Sweden)

    Seán Patrick Donlan

    2012-09-01

    Full Text Available This issue of the Potchefstroom Electronic Law Journal (South Africa sees thepublication of a selection of articles derived from the Third International Congress ofthe World Society of Mixed Jurisdiction Jurists (WSMJJ. That Congress was held atthe Hebrew University of Jerusalem, Israel in the summer of 2011. It reflected athriving Society consolidating its core scholarship on classical mixed jurisdictions(Israel, Louisiana, the Philippines, Puerto Rico, Quebec, Scotland, and South Africawhile reaching to new horizons (including Cyprus, Hong Kong and Macau, Malta,Nepal, etc. This publication reflects in microcosm the complexity of contemporaryscholarship on mixed and plural legal systems. This complexity is, of course, wellunderstoodby South African jurists whose system is derived both from the dominantEuropean traditions as well as from African customary systems, including both thosethat make up part of the official law of the state as well as those non-state norms thatcontinue to be important in the daily lives of many South Africans.

  14. Volatile mixed-ligand lanthanum (3) complex with acetylacetone and 1,10-phenanthroline

    International Nuclear Information System (INIS)

    Kuz'mina, N.P.; Chuparov, N.V.; Pisarevskij, A.P.; Martynenko, L.I.

    1997-01-01

    La(Acac) 3 Phen complex is synthetized, its X-tray structure analysis is carried out. Crystals are monoclinic ones, sp.gr. P2 1 /n, a=17.11 (12), b=18.16 (3), c=17.86 (2) A, β=91.32 (2) deg, V=5548 (13) A 3 , Z=8. Structure contains two crystallographically non-equivalent types of molecules differing in interatomic distances and valent angles, as well as, in angles between ligand planes. Behaviour of La(Acac) 3 Phen at heating in vacuum (0.1-0.01 mm Hg) is studied. It is shown that under those conditions processes of Phen splitting, of sublimation and polymerization of La(Acac) 3 lanthanum acetylacetonate formed following Phen splitting and that under 220 deg C during 30 min quantitative transition of La(Acac) 3 Phen into gas phase is reached. 10 refs., 2 figs., 3 tabs

  15. Comment on ‘Influences of mixed expiratory sampling parameters on exhaled volatile organic compound concentrations’

    Czech Academy of Sciences Publication Activity Database

    Španěl, Patrik; Smith, D.

    2011-01-01

    Roč. 5, č. 4 (2011), 048001 ISSN 1752-7155 Institutional research plan: CEZ:AV0Z40400503 Keywords : biophysical techniques * chemical pysics * physical chemistry Subject RIV: CF - Physical ; Theoretical Chemistry Impact factor: 2.541, year: 2011

  16. Gasoline taxes and revenue volatility: An application to California

    International Nuclear Information System (INIS)

    Madowitz, M.; Novan, K.

    2013-01-01

    This paper examines how applying different combinations of excise and sales taxes on motor fuels impact the volatility of retail fuel prices and tax revenues. Two features of gasoline and diesel markets make the choice of tax mechanism a unique problem. First, prices are very volatile. Second, demand for motor fuels is extremely inelastic. As a result, fuel expenditures vary substantially over time. Tying state revenues to these expenditures, as is the case with a sales tax, results in a volatile stream of revenue which imposes real costs on agents in an economy. On July 1, 2010, California enacted Assembly Bill x8-6, the “Gas Tax Swap”, increasing the excise tax and decreasing the sales tax on gasoline purchases. While the initial motivation behind the revenue neutral swap was to provide the state with greater flexibility within its budget, we highlight that this change has two potentially overlooked benefits; it reduces retail fuel price volatility and tax revenue volatility. Simulating the monthly fuel prices and tax revenues under alternative tax policies, we quantify the potential reductions in revenue volatility. The results reveal that greater benefits can be achieved by going beyond the tax swap and eliminating the gasoline sales tax entirely. - Highlights: • We examine how gasoline taxes affect government revenue volatility. • We simulate the impact of California's Gasoline Tax Swap policy. • Sales taxes are shown to magnify price volatility and government revenue volatility. • A pure excise tax policy results in less volatile fuel prices and state revenues. • We argue that reductions in both forms of volatility are welfare enhancing

  17. MARKETING MIX THEORETICAL ASPECTS

    OpenAIRE

    Margarita Išoraitė

    2016-01-01

    Aim of article is to analyze marketing mix theoretical aspects. The article discusses that marketing mix is one of the main objectives of the marketing mix elements for setting objectives and marketing budget measures. The importance of each element depends not only on the company and its activities, but also on the competition and time. All marketing elements are interrelated and should be seen in the whole of their actions. Some items may have greater importance than others; it depends main...

  18. Protocol Fuel Mix reporting

    International Nuclear Information System (INIS)

    2002-07-01

    The protocol in this document describes a method for an Electricity Distribution Company (EDC) to account for the fuel mix of electricity that it delivers to its customers, based on the best available information. Own production, purchase and sale of electricity, and certificates trading are taken into account. In chapter 2 the actual protocol is outlined. In the appendixes additional (supporting) information is given: (A) Dutch Standard Fuel Mix, 2000; (B) Calculation of the Dutch Standard fuel mix; (C) Procedures to estimate and benchmark the fuel mix; (D) Quality management; (E) External verification; (F) Recommendation for further development of the protocol; (G) Reporting examples

  19. Mixed waste management options

    International Nuclear Information System (INIS)

    Owens, C.B.; Kirner, N.P.

    1992-01-01

    Currently, limited storage and treatment capacity exists for commercial mixed waste streams. No commercial mixed waste disposal is available, and it has been estimated that if and when commercial mixed waste disposal becomes available, the costs will be high. If high disposal fees are imposed, generators may be willing to apply extraordinary treatment or regulatory approaches to properly dispose of their mixed waste. This paper explores the feasibility of several waste management scenarios and management options. Existing data on commercially generated mixed waste streams are used to identify the realm of mixed waste known to be generated. Each waste stream is evaluated from both a regulatory and technical perspective in order to convert the waste into a strictly low-level radioactive or a hazardous waste. Alternative regulatory approaches evaluated in this paper include a delisting petition) no migration petition) and a treatability variance. For each waste stream, potentially available treatment options are identified that could lead to these variances. Waste minimization methodology and storage for decay are also considered. Economic feasibility of each option is discussed broadly. Another option for mixed waste management that is being explored is the feasibility of Department of Energy (DOE) accepting commercial mixed waste for treatment, storage, and disposal. A study has been completed that analyzes DOE treatment capacity in comparison with commercial mixed waste streams. (author)

  20. Mixed Waste Management Facility

    International Nuclear Information System (INIS)

    Brummond, W.; Celeste, J.; Steenhoven, J.

    1993-08-01

    The DOE has developed a National Mixed Waste Strategic Plan which calls for the construction of 2 to 9 mixed waste treatment centers in the Complex in the near future. LLNL is working to establish an integrated mixed waste technology development and demonstration system facility, the Mixed Waste Management Facility (MWMF), to support the DOE National Mixed Waste Strategic Plan. The MWMF will develop, demonstrate, test, and evaluate incinerator-alternatives which will comply with regulations governing the treatment and disposal of organic mixed wastes. LLNL will provide the DOE with engineering data for design and operation of new technologies which can be implemented in their mixed waste treatment centers. MWMF will operate under real production plant conditions and process samples of real LLNL mixed waste. In addition to the destruction of organic mixed wastes, the development and demonstration will include waste feed preparation, material transport systems, aqueous treatment, off-gas treatment, and final forms, thus making it an integrated ''cradle to grave'' demonstration. Technologies from offsite as well as LLNL's will be tested and evaluated when they are ready for a pilot scale demonstration, according to the needs of the DOE

  1. Catabolism of lysine by mixed rumen bacteria

    International Nuclear Information System (INIS)

    Onodera, Ryoji; Kandatsu, Makoto.

    1975-01-01

    Metabolites arising from the catabolism of lysine by the mixed rumen bacteria were chromatographically examined by using radioactive lysine. After 6 hr incubation, 241 nmole/ml of lysine was decomposed to give ether-soluble substances and CO 2 by the bacteria and 90 nmole/ml of lysine was incorporated unchanged into the bacteria. delta-Aminovalerate, cadaverine or pipecolate did not seem to be produced from lysine even after incubation of the bacteria with addition of those three amino compounds to trap besides lysine and radioactive lysine. Most of the ether-soluble substances produced from radioactive lysine was volatile fatty acids (VFAs). Fractionation of VFAs revealed that the peaks of butyric and acetic acids coincided with the strong radioactive peaks. Small amounts of radioactivities were detected in propionic acid peak and a peak assumed to be caproic acid. The rumen bacteria appeared to decompose much larger amounts of lysine than the rumen ciliate protozoa did. (auth.)

  2. Statistical mixing and aggregation in Feller diffusion

    International Nuclear Information System (INIS)

    Anteneodo, C; Duarte Queirós, S M

    2009-01-01

    We consider Feller mean-reverting square-root diffusion, which has been applied to model a wide variety of processes with linearly state-dependent diffusion, such as stochastic volatility and interest rates in finance, and neuronal and population dynamics in the natural sciences. We focus on the statistical mixing (or superstatistical) process in which the parameter related to the mean value can fluctuate—a plausible mechanism for the emergence of heavy-tailed distributions. We obtain analytical results for the associated probability density function (both stationary and time-dependent), its correlation structure and aggregation properties. Our results are applied to explain the statistics of stock traded volume at different aggregation scales

  3. Mixing of solids in different mixing devices

    Indian Academy of Sciences (India)

    INGRID BAUMAN, DUŠKA ´CURI ´C and MATIJA BOBAN ... whose main cause is the difference in particle size, density shape and resilience. ..... Gyebis J, Katai F 1990 Determination and randomness in mixing of particulate solids, Chem.

  4. The world price of jump and volatility risk

    NARCIS (Netherlands)

    Driessen, J.; Maenhout, P.

    2006-01-01

    Jump and volatility risk are important for understanding equity returns, option pricing and asset allocation. This paper is the first to study international integration of markets for jump and volatility risk, using data on index options for each of the three main global markets: US S&P 500 index

  5. The world price of jump and volatility risk

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Maenhout, P.

    2013-01-01

    We study international integration of markets for jump and volatility risk, using index option data for the main global markets. To explain the cross-section of expected option returns we focus on return-based multi-factor models. For each market separately, we provide evidence that volatility and

  6. Oil prices and financial stress: A volatility spillover analysis

    International Nuclear Information System (INIS)

    Nazlioglu, Saban; Soytas, Ugur; Gupta, Rangan

    2015-01-01

    This paper examines whether there is a volatility transmission between oil prices and financial stress by means of the volatility spillover test. We employ WTI crude oil prices and Cleveland financial stress index for the period 1991–2014 and divide the sample into pre-crisis, in-crisis, and post-crisis periods due to the downward trend in oil price in 2008. The volatility model estimations indicate that oil prices and financial stress index are dominated by long-run volatility. The volatility spillover causality test supports evidence on risk transfer from oil prices to financial stress before the crisis and from financial stress to oil prices after the crisis. The impulse response analysis shows that the volatility transmission pattern has similar dynamics before and after the crisis and is characterized by higher and long-lived effects during the crisis. Our results have implications for both policy makers and investors, and for future work. -- Highlights: •Volatility spillover between oil prices and financial stress index is examined. •Analysis is conducted for sub-periods: pre-crisis, in-crisis, and post-crisis •Oil prices spill on financial stress before the crisis, but spillover reversed after the crisis. •Volatility transmission pattern has similar dynamics before and after the crisis. •Implications for investors and policy makers are discussed

  7. A Jump-Diffusion Model with Stochastic Volatility and Durations

    DEFF Research Database (Denmark)

    Wei, Wei; Pelletier, Denis

    jumps in two ways: as exogenous sampling intervals, and through the interaction with volatility. We adopt a bivariate Ornstein-Ulenbeck process to model intraday volatility and conditional duration. We develop a MCMC algorithm for the inference on irregularly spaced multivariate processes with jumps...

  8. Shannon Entropy of Ammonia Volatilization from Fertilized Agricultural Soils

    Science.gov (United States)

    The economic loss of ammonia (NH3) volatilization from chemical N fertilizers applied to farmlands worldwide is 11.6 billion US dollars per year. The economic impact of negative environmental effects resulted from NH3 volatilization, i.e., formation of potent greenhouse gas (N2O) and PM2.5, is diffi...

  9. A simple nonstationary-volatility robust panel unit root test

    NARCIS (Netherlands)

    Demetrescu, Matei; Hanck, Christoph

    2012-01-01

    We propose an IV panel unit root test robust to nonstationary error volatility. Its finite-sample performance is convincing even for many units and strong cross-correlation. An application to GDP prices illustrates the inferential impact of nonstationary volatility. (C) 2012 Elsevier B.V. All rights

  10. Predicting volatility and correlations with Financial Conditions Indexes

    NARCIS (Netherlands)

    Opschoor, A.; van Dijk, D.; van der Wel, M.

    2014-01-01

    We model the impact of financial conditions on asset market volatilities and correlations. We extend the Spline-GARCH model for volatility and DCC model for correlation to allow for inclusion of indexes that measure financial conditions. In our empirical application we consider daily stock returns

  11. A novel Monte Carlo approach to hybrid local volatility models

    NARCIS (Netherlands)

    A.W. van der Stoep (Anton); L.A. Grzelak (Lech Aleksander); C.W. Oosterlee (Cornelis)

    2017-01-01

    textabstractWe present in a Monte Carlo simulation framework, a novel approach for the evaluation of hybrid local volatility [Risk, 1994, 7, 18–20], [Int. J. Theor. Appl. Finance, 1998, 1, 61–110] models. In particular, we consider the stochastic local volatility model—see e.g. Lipton et al. [Quant.

  12. Predicting Volatility and Correlations with Financial Conditions Indexes

    NARCIS (Netherlands)

    A. Opschoor (Anne); D.J.C. van Dijk (Dick); M. van der Wel (Michel)

    2014-01-01

    textabstractWe model the impact of financial conditions on asset market volatilities and correlations. We extend the Spline-GARCH model for volatility and DCC model for correlation to allow for inclusion of indexes that measure financial conditions. In our empirical application we consider daily

  13. Modeling of Volatility with Non-linear Time Series Model

    OpenAIRE

    Kim Song Yon; Kim Mun Chol

    2013-01-01

    In this paper, non-linear time series models are used to describe volatility in financial time series data. To describe volatility, two of the non-linear time series are combined into form TAR (Threshold Auto-Regressive Model) with AARCH (Asymmetric Auto-Regressive Conditional Heteroskedasticity) error term and its parameter estimation is studied.

  14. Indication of bioactive candidates among body volatiles of ...

    African Journals Online (AJOL)

    Gregarious adult locusts are believed to release many bioactive volatiles from their bodies for the mediation of their biological characteristics. The determination of these bioactive body volatiles can contribute to the development of new, environmentally benign methods of locust control. An important locust, Locusta ...

  15. THE DETERMINATION OF VOLATILE COMPOSITION OF SOLID FUELS BY CHROMATOGRAPHY

    OpenAIRE

    BICA Marin; SOFRONIE Sorin; CERNAIANU Corina Dana

    2014-01-01

    The volatile materials released during the heating of solid fuels ignite at relatively low temperatures releasing heat function of their quantity and quality. This heat raises the temperature of the solid residue creating the conditions for his ignition and burning. In the case of burning of the pulverized coal the phenomenon of production, ignition and burning of volatile materials are studied in different articles.

  16. Effect of different drying techniques on the volatile compounds ...

    African Journals Online (AJOL)

    Purpose: To examine the volatile compounds, thermal stability and morphological characteristics of stevia (Stevia rebaudiana Bertoni) leaves after sun, oven and microwave drying. Methods: Gas chromatography-mass spectrometry with a spectral analysis manager was used to separate the volatile compounds. Dried stevia ...

  17. Volatile-mediated interactions between phylogenetically different soil bacteria

    Directory of Open Access Journals (Sweden)

    Paolina eGarbeva

    2014-06-01

    Full Text Available There is increasing evidence that organic volatiles play an important role in interactions between micro-organisms in the porous soil matrix. Here we report that volatile compounds emitted by different soil bacteria can affect the growth, antibiotic production and gene expression of the soil bacterium Pseudomonas fluorescens Pf0-1. We applied a novel cultivation approach that mimics the natural nutritional heterogeneity in soil in which P. fluorescens grown on nutrient-limited agar was exposed to volatiles produced by 4 phylogenetically different bacterial isolates (Collimonas pratensis, Serratia plymuthica, Paenibacillus sp. and Pedobacter sp. growing in sand containing artificial root exudates. Contrary to our expectation, the produced volatiles stimulated rather than inhibited the growth of P. fluorescens. A genome-wide, microarray-based analysis revealed that volatiles of all 4 bacterial strains affected gene expression of P. fluorescens, but with a different pattern of gene expression for each strain. Based on the annotation of the differently expressed genes, bacterial volatiles appear to induce a chemotactic motility response in P. fluorescens, but also an oxidative stress response. A more detailed study revealed that volatiles produced by C. pratensis triggered, antimicrobial secondary metabolite production in P. fluorescens. Our results indicate that bacterial volatiles can have an important role in communication, trophic - and antagonistic interactions within the soil bacterial community.

  18. Volatile-mediated interactions between phylogenetically different soil bacteria

    NARCIS (Netherlands)

    Garbeva, P.; Hordijk, C.; Gerards, S.; Boer, de W.

    2014-01-01

    There is increasing evidence that organic volatiles play an important role in interactions between micro-organisms in the porous soil matrix. Here we report that volatile compounds emitted by different soil bacteria can affect the growth, antibiotic production and gene expression of the soil

  19. Treasury bond volatility and uncertainty about monetary policy

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2010-01-01

    We show that dispersion-based uncertainty about the future course of monetary policy is the single most important determinant of Treasury bond volatility across all maturities. The link between Treasury bond volatility and uncertainty about macroeconomic variables is much stronger than for the more

  20. Exchange Rate Volatility, Inflation Uncertainty and Foreign Direct ...

    African Journals Online (AJOL)

    This article examines the effect of exchange rate volatility and inflation uncertainty on foreign direct investment in Nigeria. The investigation covers the period between 1970 and 2005. Exchange rate volatility and inflation uncertainty were estimated using the GARCH model. Estimation results indicated that exchange rate ...

  1. Antioxidant properties of volatile oils obtained from Artemisia taurica ...

    African Journals Online (AJOL)

    In this study, the antioxidant properties of volatile oils obtained from the earth parts of the Artemisia taurica Willd. and Salvia kronenburgii Rech. Fil. plants and their effects on xanthine oxidase enzyme were studied. The chemical contents of each volatile oil were determined by applying gas chromatograpghy-mass ...

  2. Volatiles produced by the mycophagous soil bacterium Collimonas

    NARCIS (Netherlands)

    Garbeva, P.; Hordijk, C.; Gerards, S.; Boer, de W.

    2014-01-01

    It is increasingly recognized that volatile organic compounds play an import role during interactions between soil microorganisms. Here, we examined the possible involvement of volatiles in the interaction of Collimonas bacteria with soil fungi. The genus Collimonas is known for its ability to grow

  3. The Economic Value of Predicting Stock Index Returns and Volatility

    NARCIS (Netherlands)

    Marquering, W.; Verbeek, M.J.C.M.

    2000-01-01

    In this paper, we analyze the economic value of predicting index returns as well as volatility. On the basis of fairly simple linear models, estimated recursively, we produce genuine out-of-sample forecasts for the return on the S&P 500 index and its volatility. Using monthly data from 1954-1998, we

  4. Silicon isotopes in angrites and volatile loss in planetesimals

    Science.gov (United States)

    Moynier, Frédéric; Savage, Paul S.; Badro, James; Barrat, Jean-Alix

    2014-01-01

    Inner solar system bodies, including the Earth, Moon, and asteroids, are depleted in volatile elements relative to chondrites. Hypotheses for this volatile element depletion include incomplete condensation from the solar nebula and volatile loss during energetic impacts. These processes are expected to each produce characteristic stable isotope signatures. However, processes of planetary differentiation may also modify the isotopic composition of geochemical reservoirs. Angrites are rare meteorites that crystallized only a few million years after calcium–aluminum-rich inclusions and exhibit extreme depletions in volatile elements relative to chondrites, making them ideal samples with which to study volatile element depletion in the early solar system. Here we present high-precision Si isotope data that show angrites are enriched in the heavy isotopes of Si relative to chondritic meteorites by 50–100 ppm/amu. Silicon is sufficiently volatile such that it may be isotopically fractionated during incomplete condensation or evaporative mass loss, but theoretical calculations and experimental results also predict isotope fractionation under specific conditions of metal–silicate differentiation. We show that the Si isotope composition of angrites cannot be explained by any plausible core formation scenario, but rather reflects isotope fractionation during impact-induced evaporation. Our results indicate planetesimals initially formed from volatile-rich material and were subsequently depleted in volatile elements during accretion. PMID:25404309

  5. Asymptotic formulae for implied volatility in the Heston model

    OpenAIRE

    Forde, Martin; Jacquier, Antoine; Mijatovic, Aleksandar

    2009-01-01

    In this paper we prove an approximate formula expressed in terms of elementary functions for the implied volatility in the Heston model. The formula consists of the constant and first order terms in the large maturity expansion of the implied volatility function. The proof is based on saddlepoint methods and classical properties of holomorphic functions.

  6. Factor Structure in Commodity Futures Return and Volatility

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Lunde, Asger; Olesen, Kasper Vinther

    -2010 but have since returned to the pre-crisis level close to zero. The common factor in commodity volatility is nevertheless clearly related to stock market volatility. We conclude that, while commodity markets appear to again be segmented from the equity market when only returns are considered, commodity...

  7. Exchange Rate Volatility, Inflation Uncertainty and Foreign Direct ...

    African Journals Online (AJOL)

    2008-10-07

    Oct 7, 2008 ... volatility on foreign direct investment (FDI) inflows is important for a developing ... and inflation uncertainty were computed using the GARCH model and the results showed that volatility .... of currency and capital accounts, coupled with stable macroeconomic environment ..... 14.67561 Akaike info criterion.

  8. A Range-Based Multivariate Model for Exchange Rate Volatility

    NARCIS (Netherlands)

    B. Tims (Ben); R.J. Mahieu (Ronald)

    2003-01-01

    textabstractIn this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high-low ranges of daily exchange rates. The multivariate stochastic volatility model divides the log range of each exchange rate into two independent latent factors, which are

  9. The determinants of real exchange rate volatility in Nigeria | Ajao ...

    African Journals Online (AJOL)

    This study recommends that the central monetary authority should institute policies that will minimize the magnitude of exchange rate volatility while the federal government exercises control of viable macroeconomic variables which have direct influence on exchange rate fluctuation. Keywords: Exchange Rate, Volatility, ...

  10. Investment timing under hybrid stochastic and local volatility

    International Nuclear Information System (INIS)

    Kim, Jeong-Hoon; Lee, Min-Ku; Sohn, So Young

    2014-01-01

    Highlights: • The effects of hybrid stochastic volatility on real option prices are studied. • The stochastic volatility consists of a fast mean-reverting component and a CEV type one. • A fast mean-reverting factor lowers real option prices and investment thresholds. • The increase of elasticity raises real option prices and investment thresholds. • The effects of the addition of a slowly varying factor depend upon the project value. - Abstract: We consider an investment timing problem under a real option model where the instantaneous volatility of the project value is given by a combination of a hidden stochastic process and the project value itself. The stochastic volatility part is given by a function of a fast mean-reverting process as well as a slowly varying process and the local volatility part is a power (the elasticity parameter) of the project value itself. The elasticity parameter controls directly the correlation between the project value and the volatility. Knowing that the project value represents the market price of a real asset in many applications and the value of the elasticity parameter depends on the asset, the elasticity parameter should be treated with caution for investment decision problems. Based on the hybrid structure of volatility, we investigate the simultaneous impact of the elasticity and the stochastic volatility on the real option value as well as the investment threshold

  11. Volatile Components from Old Plum Brandies

    Directory of Open Access Journals (Sweden)

    Ninoslav Nikićević

    2005-01-01

    Full Text Available Gas chromatography and GC/MS methods were used to detect volatile components of three home-made natural old plum brandy samples and one sample of industrially-produced plum brandy. Gas chromatography and gas chromatography-mass spectrometric analysis of this extracts led to the identification of 99 components, including 46 esters, 7 hydrocarbons (alkanes and alkenes, 3 aldehydes, 9 alcohols, 1 lactone, 1 ketone, 8 acetals, 14 terpenes, 8 acids and 2 phenols. Ethyl esters of C8–C18 acids were the most abundant in all samples. In addition, the content of methanol, ethanol and higher alcohols C3–C5 was determined.

  12. Instability and dynamics of volatile thin films

    Science.gov (United States)

    Ji, Hangjie; Witelski, Thomas P.

    2018-02-01

    Volatile viscous fluids on partially wetting solid substrates can exhibit interesting interfacial instabilities and pattern formation. We study the dynamics of vapor condensation and fluid evaporation governed by a one-sided model in a low-Reynolds-number lubrication approximation incorporating surface tension, intermolecular effects, and evaporative fluxes. Parameter ranges for evaporation-dominated and condensation-dominated regimes and a critical case are identified. Interfacial instabilities driven by the competition between the disjoining pressure and evaporative effects are studied via linear stability analysis. Transient pattern formation in nearly flat evolving films in the critical case is investigated. In the weak evaporation limit unstable modes of finite-amplitude nonuniform steady states lead to rich droplet dynamics, including flattening, symmetry breaking, and droplet merging. Numerical simulations show that long-time behaviors leading to evaporation or condensation are sensitive to transitions between filmwise and dropwise dynamics.

  13. DOES CURRENCY SUBSTITUTION AFFECT EXCHANGE RATE VOLATILITY?

    Directory of Open Access Journals (Sweden)

    Hisao Kumamoto

    2014-10-01

    Full Text Available This study investigates the impacts of the degree of currency substitution on nominal exchange rate volatility in seven countries (Indonesia, the Philippines, the Czech Republic, Hungary, Poland, Argentina, and Peru. We use the Threshold ARCH model to consider the ratchet effect of currency substitution and sample periods in the 2000s, during which time the economies of the sample countries stabilized, while the U.S. dollar and euro depreciated against other major currencies following the recent global financial crisis. The presented empirical analyses show that the degree of currency substitution has significant positive effects on the conditional variance of the depreciation rate of the nominal exchange rate in most sample countries. Moreover, a shock to the depreciation rate of the nominal exchange rate has asymmetric effects on the conditional variance, depending on the sign. One possible explanation for these differential effects is the existence of the ratchet effect of currency substitution.

  14. Volatile Sulfur Compounds from Livestock Production

    DEFF Research Database (Denmark)

    Kasper, Pernille

    . Presently, the development of abatement technologies is limited by the lack of an accurate and reliable method for quantifying the effect on odor. To measure the impact of air cleaning techniques on perceived odor, common practice in Europe is to store odor samples in sample bags and quantify them......Volatile sulfur compounds, i.e. hydrogen sulfide, methanethiol and dimethyl sulfide have been identified as key odorants in livestock production due to their high concentration levels and low odor threshold values. At the same time their removal with abatement technologies based on mass transfer...... from a gas phase to a liquid phase, e.g. biotrickling filters, is decelerated due to their low partitioning coefficients. This can significantly limit the odor reduction obtained with these technologies. The present study examines the possibility of adding metal catalysts to enhance the mass transfer...

  15. Volatile organic monitor for industrial effluents

    International Nuclear Information System (INIS)

    Laguna, G.R.; Peter, F.J.; Stuart, A.D.; Loyola, V.M.

    1993-07-01

    1990 amendments to the Clean Air Act have created the need for instruments capable of monitoring volatile organic compounds (VOCS) in public air space in an unattended and low cost manner. The purpose of the study was to develop and demonstrate the capability to do long term automatic and unattended ambient air monitoring using an inexpensive portable analytic system at a commercial manufacturing plant site. A gas chromatograph system personal computer hardware, meteorology tower ampersand instruments, and custom designed hardware and software were developed. Comparison with an EPA approved method was performed. The system was sited at an aircraft engines manufacturing site and operated in a completely unattended mode for 60 days. Two VOCs were monitored every 30 minutes during the 24hr day. Large variation in the concentration from 800ppb to the limits of detection of about 10ppb were observed. Work to increase the capabilities of the system is ongoing

  16. A Jump Diffusion Model for Volatility and Duration

    DEFF Research Database (Denmark)

    Wei, Wei; Pelletier, Denis

    by the market microstructure theory. Traditional measures of volatility do not utilize durations. I adopt a jump diffusion process to model the persistence of intraday volatility and conditional duration, and their interdependence. The jump component is disentangled from the continuous part of the price......, volatility and conditional duration process. I develop a MCMC algorithm for the inference of irregularly spaced multivariate process with jumps. The algorithm provides smoothed estimates of the latent variables such as spot volatility, jump times and jump sizes. I apply this model to IBM data and I find...... meaningful relationship between volatility and conditional duration. Also, jumps play an important role in the total variation, but the jump variation is smaller than traditional measures that use returns sampled at lower frequency....

  17. [Study on absorbing volatile oil with mesoporous carbon].

    Science.gov (United States)

    Yan, Hong-mei; Jia, Xiao-bin; Zhang, Zhen-hai; Sun, E; Yang Nan

    2014-11-01

    Clove oil and turmeric oil were absorbed by mesoporous carbon. The absorption ratio of mesoporous carbon to volatile oil was optimized with the eugenol yield and curcumol yield as criteria Curing powder was characterized by scanning electron microscopy (SEM) and differential scanning calorietry (DSC). The effects of mesoporous carbon on dissolution in vitro and thermal stability of active components were studied. They reached high adsorption rate when the absorption ratio of mesoporous carbon to volatile oil was 1:1. When volatile oil was absorbed, dissolution rate of active components had a little improvement and their thermal stability improved after volatile oil was absorbed by the loss rate decreasing more than 50%. Absorbing herbal volatile oil with mesoporous carbon deserves further studying.

  18. Evaluation of γ-radiation on green tea odor volatiles

    International Nuclear Information System (INIS)

    Fanaro, G.B.; Duarte, R.C.; Araujo, M.M.; Purgatto, E.; Villavicencio, A.L.C.H.

    2011-01-01

    The aim of this study was to evaluate the gamma radiation effects on green tea odor volatiles in green tea at doses of 0, 5, 10, 15 and 20 kGy. The volatile organic compounds were extracted by hydrodistillation and analyzed by GC/MS. The green tea had a large influence on radiation effects, increasing the identified volatiles in relation to control samples. The dose of 10 kGy was responsible to form the majority of new odor compounds following by 5 and 20 kGy. However, the dose of 5 kGy was the dose that degraded the majority of volatiles in non-irradiated samples, following by 20 kGy. The dose of 15 kGy showed has no effect on odor volatiles. The gamma radiation, at dose up to 20 kGy, showed statistically no difference between irradiated and non irradiated green tea on odors compounds.

  19. Factor Structure in Commodity Futures Return and Volatility

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Lunde, Asger; Olesen, Kasper Vinther

    Using data on more than 750 million futures trades during 2004-2013, we analyze eight stylized facts of commodity price and volatility dynamics in the post financialization period. We pay particular attention to the factor structure in returns and volatility and to commodity market integration...... with the equity market. We find evidence of a factor structure in daily commodity futures returns. However, the factor structure in daily commodity futures volatility is even stronger than in returns. When computing model-free realized commodity betas with the stock market we find that they were high during 2008......-2010 but have since returned to the pre-crisis level close to zero. The common factor in commodity volatility is nevertheless clearly related to stock market volatility. We conclude that, while commodity markets appear to again be segmented from the equity market when only returns are considered, commodity...

  20. Characterization of coal types by their content of volatile matter

    Energy Technology Data Exchange (ETDEWEB)

    Scholz, A. (Ruhrkohle A.G., Essen (Germany, F.R.). Qualitaetsstelle)

    1979-08-01

    First of all, the difference between mineral content and ash content, the effect of minerals on the content of volatile matter and the connection between the ash and volatile matter contents is examined. Then three processes are described, to determine the content of organic fuels in the volatile matter of hard coal. The results are compared and the applicability of the processes is assessed. The conversion formulae recommended for the ASTM and NCB classifications are examined regarding their applicability to German types of coal. Finally an equation is proposed, in order to calculate the estimated value for the content of water and mineral free fuel in volatile matter. Apart from the content of volatile matter in water free coal, one only needs the figures ash content and the mineral factor for this. The equation can also be used for mixtures the usability of the equation is tested for Ruhr coal.