Volatility transmission between small and large caps in the Brazilian market
Marcelo Brutti Righi; Paulo Sergio Ceretta
2014-01-01
Researches about volatility transmission between small and large company stocks had received great attention in last years. Based on this idea, the current paper aims to analyze the occurrence of volatility transmission between small and large companies in Brazil. To that, we estimate multivariate GARCH models. As asset proxies we used the Small and Mid-Large cap BM&F/Bovespa index. Results allow concluding that large company stocks impact the small stocks conditional volatility. ...
Volatility transmission between small and large caps in the Brazilian market
Directory of Open Access Journals (Sweden)
Marcelo Brutti Righi
2014-04-01
Full Text Available Researches about volatility transmission between small and large company stocks had received great attention in last years. Based on this idea, the current paper aims to analyze the occurrence of volatility transmission between small and large companies in Brazil. To that, we estimate multivariate GARCH models. As asset proxies we used the Small and Mid-Large cap BM&F/Bovespa index. Results allow concluding that large company stocks impact the small stocks conditional volatility. However, the relationship does not maintain it in reverse direction. This result is in accord with the addressed subject.
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....
The joint dynamics of liquidity, returns, and volatility across small and large firms
Tarun Chordia; Asani Sarkar; Avanidhar Subrahmanyam
2005-01-01
This paper explores liquidity spillovers in market-capitalization based portfolios of NYSE stocks. Return, volatility, and liquidity dynamics across the small and large cap sector are modeled by way of a vector autoregression model, using data that spans more than 3000 trading days. We find that volatility and liquidity innovations in either sector are informative in predicting liquidity shifts in the other. Impulse responses indicate the existence of persistent liquidity, return, and volatil...
A large source of low-volatility secondary organic aerosol
DEFF Research Database (Denmark)
Ehn, Mikael; Thornton, Joel A.; Kleist, Einhard
2014-01-01
radiation and by acting as cloud condensation nuclei. The quantitative assessment of such climate effects remains hampered by a number of factors, including an incomplete understanding of how biogenic VOCs contribute to the formation of atmospheric secondary organic aerosol. The growth of newly formed...... particles from sizes of less than three nanometres up to the sizes of cloud condensation nuclei (about one hundred nanometres) in many continental ecosystems requires abundant, essentially non-volatile organic vapours, but the sources and compositions of such vapours remain unknown. Here we investigate...... the oxidation of VOCs, in particular the terpene α-pinene, under atmospherically relevant conditions in chamber experiments. We find that a direct pathway leads from several biogenic VOCs, such as monoterpenes, to the formation of large amounts of extremely low-volatility vapours. These vapours form...
Low-Frequency Volatility in China’s Gold Futures Market and Its Macroeconomic Determinants
Directory of Open Access Journals (Sweden)
Song Liu
2015-01-01
Full Text Available We extract low- and high-frequency volatility from China’s Shanghai gold futures market using an asymmetric Spline-GARCH (ASP-GARCH model. We then regress monthly low-frequency volatility on selected monthly macroeconomic indicators to study the impact of macroeconomy on gold futures market and to test for excess volatility. Our main result is volatility in China’s Shanghai gold futures market resulting from both macroeconomic fluctuations and investor behaviour. Chinese Consumer Price Index Volatility and US dollar volatility are the two main determinants of low-frequency gold volatility. We also find significant evidence of excess volatility, which can in part be explained in terms of loss-aversive investor behaviour.
Stan, M.; Soran, M. L.; Varodi, C.; Lung, I.; Copolovici, L.; MǎruÅ£oiu, C.
2013-11-01
Parsley (Petroselinum crispum), dill (Anethum graveolens) and celery (Apium graveolens), three aromatic plants belonging to the Apiaceae (Umbelliferae) botanical family, were selected as sources of essential or volatile oils. Essential oils are composed of a large diversity of volatile aroma compounds. Plant-derived essential oils and extracts have long been used as natural agents in food preservation, pharmaceuticals and medicinal therapies. In the present study, the plant extracts from leaves of parsley, dill and celery, were obtained by maceration, ultrasound-assisted extraction and microwave-assisted extraction. All extractions were performed at 30°C, using different solvents (ethanol, diethyl ether, n-hexane) and solvent mixtures (1:1, v/v). The most effective solvent system for the extraction of volatile aroma compounds was diethyl ether - n-hexane (1:1, v/v). Extraction efficiency and determination of aroma volatiles were performed by GC-FID and GC-MS, respectively. The major volatile compounds present in plant extracts were myristicin, α-phellandrene, β-phellandrene, 1,3,8-p-menthatriene, apiol, dill ether and allyl phenoxyacetate.
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
ANALYSIS OF MACROECONOMIC DETERMINANTS OF EXCHANGE RATE VOLATILITY IN INDIA
Directory of Open Access Journals (Sweden)
Anita Mirchandani
2013-01-01
Full Text Available The Foreign Exchange Market in India has undergone substantial changes over last decade. It is imperative by the excessive volatility of Indian Rupee causing its depreciation against major dominating currencies in international market. This research has been carried out in order to investigate various macroeconomic variables leading to acute variations in the exchange rate of a currency. An attempt has been made to review the probable reasons for the depreciation of the Rupee and analyse different macroeconomic determinants that have impact on the volatility of exchange rate and their extent of correlation with the same.
Determination of volatiles produced during radiation processing in food and medicinal herbs
International Nuclear Information System (INIS)
Salum, Debora Christina
2008-01-01
In order to protect food from pathogenic microorganisms as well as to increase its shelf life while keeping sensorial properties (e.g. odor and taste), once the latter are one of the main properties required by spice buyers, it is necessary to analyze volatile formation from irradiation of medicinal and food herbs. The aim of the present study was to analyze volatile formation from Co irradiation of Laurus Cinnamomum, Piper Nigrum, Origanum Vulgare and Myristica Fragans. Possible changes on the odor of these herbs are evaluated by characterizing different radiation doses and effects on sensorial properties in order to allow better application of irradiation technology. l he samples have been irradiated in plastic packages by making use of a 60 Co Gamma irradiator. Irradiation doses of 0, 5, 10, 15, 20 and 25kGy have been tested. For the analysis of the samples, SPME has been applied, while for the analysis of volatile compounds, CG/MS. Spice irradiation has promoted mostly decrease in volatile compounds when doses of 5, 10, 15, 20 and 25kGy were used. For Laurus cinnamomum, the irradiation decreased volatile by nearly 56% and 89.5% respectively, comparing to volatile from a sample which has not been previously irradiated. Differently from other spices analyzed, irradiation on Myristica Fragans has increased volatile compounds except for 4-terpineol. The miristicine (toxic substance when in large quantities, commonly mentioned as narcotic) has increased by nearly 80%. For Origanum Vulgare and Piper Nigrum, significant decrease in volatile compounds have been found, mainly when it comes to 25 kGy irradiation. In general, results indicate loss of sensorial quality of spices. (author)
Instabilities in large economies: aggregate volatility without idiosyncratic shocks
Bonart, Julius; Bouchaud, Jean-Philippe; Landier, Augustin; Thesmar, David
2014-10-01
We study a dynamical model of interconnected firms which allows for certain market imperfections and frictions, restricted here to be myopic price forecasts and slow adjustment of production. Whereas the standard rational equilibrium is still formally a stationary solution of the dynamics, we show that this equilibrium becomes linearly unstable in a whole region of parameter space. When agents attempt to reach the optimal production target too quickly, coordination breaks down and the dynamics becomes chaotic. In the unstable, ‘turbulent’ phase, the aggregate volatility of the total output remains substantial even when the amplitude of idiosyncratic shocks goes to zero or when the size of the economy becomes large. In other words, crises become endogenous. This suggests an interesting resolution of the ‘small shocks, large business cycles’ puzzle.
Instabilities in large economies: aggregate volatility without idiosyncratic shocks
International Nuclear Information System (INIS)
Bonart, Julius; Bouchaud, Jean-Philippe; Landier, Augustin; Thesmar, David
2014-01-01
We study a dynamical model of interconnected firms which allows for certain market imperfections and frictions, restricted here to be myopic price forecasts and slow adjustment of production. Whereas the standard rational equilibrium is still formally a stationary solution of the dynamics, we show that this equilibrium becomes linearly unstable in a whole region of parameter space. When agents attempt to reach the optimal production target too quickly, coordination breaks down and the dynamics becomes chaotic. In the unstable, ‘turbulent’ phase, the aggregate volatility of the total output remains substantial even when the amplitude of idiosyncratic shocks goes to zero or when the size of the economy becomes large. In other words, crises become endogenous. This suggests an interesting resolution of the ‘small shocks, large business cycles’ puzzle. (paper)
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 ($/£ )....
Directory of Open Access Journals (Sweden)
Nika Pranata
2015-10-01
Full Text Available The purpose of this study is to evaluate performance and volatility of Islamic andconventional stock indices along with their determinant factor variables in Indonesia. The study adopts: (1 Capital Asset Pricing Model (CAPM to compare the performance of the Jakarta Islamic Index (JII to represent Islamic indexandLQ45 to represent the conventional, (2 beta calculation to measure volatility, and (3 Autoregressive Distributed Lag (ARDL to capture the determinants and the reason behind the outperformance. The data coverage is from January 2006 to November 2015. The study finds that: (1 There is no significant differenceon performance between JII and LQ45, (2 JII is less volatile than LQ45, except in 2010, and (3JII performance is less affected by external factorsexcept for crude oil price. Moreover, the result implies challenge for the authorities to educate society, particularly whom concern to shari’ah principles, with information that Islamic index performance is not much difference from conventional index and less volatile.
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.
Influence of volatile degassing on the eruptibility of large igneous province magmatic systems
Mittal, T.; Richards, M. A.
2017-12-01
Magmatic volatiles, in particular their buoyancy, may play a critical role in determining whether a magma reservoir can build up enough overpressure leading to drive flood basalt eruptions (Black & Manga 2017). Thus, it is important to understand the extent to which volatiles can remain trapped in a magmatic system and how they influence the eruptibility. Although the high-temperature metamorphic aureloe around a magma chamber is typically considered to have low permeability due to ductile creep, recent theoretical, experimental, and field work (e.g. Noriaki et al. 2017) have highlighted the role of dynamic permeability in magmatic systems. Consequently, the effective permeability of the crust when magma is present in the system can be orders of magnitude larger than that of exhumed rock samples. We model dynamic permeability changes as a competition between hydro-fracturing (increased porosity) and fracture closure by ductile creep and hydrothermal mineral precipitation (reduced porosity) and find yearly-to-decadal time-scales for periodic fracturing and fluid loss events and an increase in average permeability. We then use a fully coupled poro-thermo-elastic framework to model to explore the macroscopic influence of volatile loss on the stress state of the crust in this higher time-averaged permeability setting. We derive new semi-analytical solutions and combine them with a magma chamber box model (modified from Degruyter & Huber 2014) to analyze system-scale dynamics for both basaltic and silicic magmatic systems. We find that passive degassing likely has a substantial temporal influence on the stress distribution in the crust and the highly crystalline mush zone immediately surrounding a magma reservoir, and find an additional scale : pore-pressure diffusion timescale that exerts a first-order control on the magnitude and frequency of volcanic eruptions. We also explore how disconnected magma batches interact indirectly with each other and its implications for
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....
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...
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....
Precautionary measures in determining volatile matter in natural coke washability fractions
Energy Technology Data Exchange (ETDEWEB)
Ashok K. Singh; N.K. Shukla; S.K. Srivastava; D.D. Haldar; B.N. Roy; Mamta Sharma [Central Institute of Mining and Fuel Research, Dhanbad (India)
2009-01-15
Industrial utilization of heat-altered coal, especially natural coke derived from coking coal, has become a challenge. As such approximately 3,500 million tones (Mt) reserves of baked coals are available in different coalfields of India. In the present investigation, a natural coke sample (03 tone) was collected from a huge dump of seam XIV of Burragarh colliery under leasehold of Bharat Coking Coal Ltd., a subsidiary of Coal India Ltd., situated in Dhanbad district of Jharkhand state. It was observed that the volatile matter in the washability fractions of different size ranges (50 to 0.5 mm) at specific gravity 1.40 to 1.80 showed erratic distribution with respect to ash. To check the abnormality, the subsamples were subjected to microscopic (petrographic) study and chemical analysis including CO{sub 2} determination. The high concentration of CO{sub 2} is related to high concentration of carbonate minerals generated due to igneous intrusions in coal seams. Based on above observations, it was concluded that the volatile matter can be corrected through determined CO{sub 2} content in each fraction. Since efforts are being made to use natural coke in different industries such as steel, power, cement, carbon artifacts, etc., a careful investigation of volatile matter distribution in natural coke washability fractions would be of immense help in planning its bulk use.
Poulsen, H V; Jensen, B B; Finster, K; Spence, C; Whitehead, T R; Cotta, M A; Canibe, N
2012-07-01
To investigate the production of volatile sulphur compounds (VSC) in the segments of the large intestine of pigs and to assess the impact of diet on this production. Pigs were fed two diets based on either wheat and barley (STD) or wheat and dried distillers grains with solubles (DDGS). Net production of VSC and potential sulphate reduction rate (SRR) (sulphate saturated) along the large intestine were determined by means of in vitro incubations. The net production rate of hydrogen sulphide and potential SRR increased from caecum towards distal colon and were significantly higher in the STD group. Conversely, the net methanethiol production rate was significantly higher in the DDGS group, while no difference was observed for dimethyl sulphide. The number of sulphate-reducing bacteria and total bacteria were determined by quantitative PCR and showed a significant increase along the large intestine, whereas no diet-related differences were observed. VSC net production varies widely throughout the large intestine of pigs and the microbial processes involved in this production can be affected by diet. This first report on intestinal production of all VSC shows both spatial and dietary effects, which are relevant to both bowel disease- and odour mitigation research. © 2012 The Authors. Journal of Applied Microbiology © 2012 The Society for Applied Microbiology.
Odour Detection Threshold Determination of Volatile Compounds in Topical Skin Formulations
DEFF Research Database (Denmark)
Thomsen, Birgitte Raagaard; Hyldig, Grethe; Taylor, Robert
2018-01-01
determination and also odour description by a trained sensory panel. In one case, the odour detection threshold value was 50 times higher (less detectable) in skin care products than in water, whereas for other volatile compounds the odour detection threshold value was only 1.5 times higher. The odour...
Determination of Volatile Organic Compounds in Selected Strains of Cyanobacteria
Directory of Open Access Journals (Sweden)
Ivan Milovanović
2015-01-01
Full Text Available Microalgal biomass can be used in creating various functional food and feed products, but certain species of microalgae and cyanobacteria are known to produce various compounds causing off-flavour. In this work, we investigated selected cyanobacterial strains of Spirulina, Anabaena, and Nostoc genera originating from Serbia, with the aim of determining the chemical profile of volatile organic compounds produced by these organisms. Additionally, the influence of nitrogen level during growth on the production of volatile compounds was investigated for Nostoc and Anabaena strains. In addition, multivariate techniques, namely, principal component analysis (PCA and hierarchical cluster analysis (HCA, were used for making distinction among different microalgal strains. The results show that the main volatile compounds in these species are medium chain length alkanes, but other odorous compounds such as 2-methylisoborneol (0.51–4.48%, 2-pentylfuran (0.72–8.98%, β-cyclocitral (0.00–1.17%, and β-ionone (1.15–2.72% were also detected in the samples. Addition of nitrogen to growth medium was shown to negatively affect the production of 2-methylisoborneol, while geosmin was not detected in any of the analyzed samples, which indicates that the manipulation of growth conditions may be useful in reducing levels of some unwanted odor-causing components.
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.
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
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.
Determination of volatiles produced during radiation processing in Laurus cinnamomum
Energy Technology Data Exchange (ETDEWEB)
Salum, D.C.; Araujo, M.M.; Fanaro, G.B. [Instituto de Pesquisas Energeticas e Nucleares (IPEN/CNEN-SP), Cidade Universitaria, Av. Professor Lineu Prestes 2242, Zip code: 05508-000 Butanta, Sao Paulo, SP (Brazil); Purgatto, E. [Faculdade de Ciencias Farmaceuticas, FCF/USP, Departamento de Alimentos e Nutricao Experimental. Av. Prof. Lineu Prestes, 580 Bloco 14. CEP: 05508-900 Sao Paulo, SP (Brazil)], E-mail: epurgatt@usp.br; Villavicencio, A.L.C.H. [Instituto de Pesquisas Energeticas e Nucleares (IPEN/CNEN-SP), Cidade Universitaria, Av. Professor Lineu Prestes 2242, Zip code: 05508-000 Butanta, Sao Paulo, SP (Brazil)], E-mail: villavic@ipen.br
2009-07-15
In order to protect food from pathogenic microorganisms as well as increase its shelf-life, while keeping sensorial properties (e.g., odor and taste), which are important properties required by spice buyers, it is necessary to analyze volatile formation from irradiation of medicinal and food herbs. Possible changes in the odor of these herbs are evaluated by characterizing different radiation doses and effects on sensorial properties, in order to allow better application of the irradiation technology. The aim of the present study was to analyze volatile formation on cinnamon (Laurus cinnamomum) samples after gamma irradiation. These samples were irradiated into plastic packages using a {sup 60}Co facility. Radiation doses applied were 0, 5, 10, 15, 20 and 25 kGy. For the analysis of the samples, solid-phase microextraction (SPME) was applied, while for the analysis of volatile compounds, CG/MS. Spice irradiation showed the highest decrease in volatile compounds. For L. cinnamomum, the irradiation decreased volatile compounds by nearly 56% and 89.5%, respectively, comparing to volatile from a sample which had not been previously irradiated.
Determination of volatile compounds of the first rose oil and the first ...
African Journals Online (AJOL)
Background: Rose water and rose oil are used in the perfume, cosmetic, pharmaceutical and food industries. The determination of volatile compounds in rose oil and rose water obtained from oil-bearing rose is highly important in terms of availability in the industry and in human health. Materials and Methods: Twenty four ...
Energy Technology Data Exchange (ETDEWEB)
Picoloto, Rochele S. [Departamento de Química, Universidade Federal de Santa Maria, 97105-900, Santa Maria, RS, Brazil and Instituto Nacional de Ciência e Tecnologia de Bioanalítica, Campinas, SP (Brazil); Wiltsche, Helmar; Knapp, Günter [Institute of Analytical Chemistry and Food Chemistry, Graz University of Technology, Graz (Austria); Mello, Paola A. [Departamento de Química, Universidade Federal de Santa Maria, 97105-900, Santa Maria, RS, Brazil and Instituto Nacional de Ciência e Tecnologia de Bioanalítica, Campinas, SP (Brazil); Barin, Juliano S. [Departamento de Tecnologia e Ciência dos Alimentos, Universidade Federal de Santa Maria, 97105-900, Santa Maria, RS (Brazil); Flores, Erico M.M., E-mail: ericommf@gmail.com [Departamento de Química, Universidade Federal de Santa Maria, 97105-900, Santa Maria, RS, Brazil and Instituto Nacional de Ciência e Tecnologia de Bioanalítica, Campinas, SP (Brazil)
2013-08-01
Microwave-induced combustion (MIC) was applied for analyte volatilization from soil and subsequent determination of As, Cd and Pb by inductively coupled plasma mass spectrometry (ICP-MS) and inductively coupled plasma optical emission spectrometry (ICP-OES), and Hg by cold vapor generation inductively coupled plasma mass spectrometry (CVG-ICP-MS). Soil samples (up to 300 mg) were mixed with microcrystalline cellulose, pressed as pellets and combusted in closed quartz vessels pressurized with 20 bar O{sub 2}. Analytes were volatilized from soil during combustion and quantitatively absorbed in a suitable solution: nitric acid (1, 2, 4 or 6 mol L{sup −1}) or a solution of nitric (2 mol L{sup −1}) and hydrochloric (1, 2 or 4 mol L{sup −1}) acids. Accuracy was evaluated using certified reference materials of soil (NIST 2709, San Joaquin Soil) and sediment (SUD-1, Sudbury sediment for trace elements). Agreement with certified values was better than 95% (t-test, 95% confidence level) for all analytes when 6 mL of a solution of 2 mol L{sup −1} HNO{sub 3} and 2 mol L{sup −1} HCl was used with a reflux step of 5 min. The limit of detection was 0.010, 0.002, 0.009 and 0.012 μg g{sup −1} for As, Cd, Hg and Pb, respectively using ICP-MS determination. A clear advantage of the proposed method over classical approaches is that only diluted solution is used. Moreover, a complete separation of the analytes from matrix is achieved minimizing potential interferences in ICP-MS or ICP-OES determination. Up to eight samples can be digested in a single run of only 25 min, resulting in a solution suitable for the determination of all analytes by both techniques. - Highlights: ► Microwave-induced combustion method was applied for soil samples. ► Analytes were volatilized during MIC allowing a suitable separation from matrix. ► Matrix interferences during the determination step are minimized. ► As, Cd, Hg and Pb were determined by ICP-MS. ► Diluted acid solutions were
Asymmetric Realized Volatility Risk
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
Range-based volatility, expected stock returns, and the low volatility anomaly
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
Range-based volatility, expected stock returns, and the low volatility anomaly.
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.
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.
Nonvolatile, semivolatile, or volatile: redefining volatile for volatile organic compounds.
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
McIntosh, E. Carrie; Porrachia, Magali; McCubbin, Francis M.; Day, James M. D.
2017-01-01
Since their recognition as pyroclastic glasses generated by volcanic fire fountaining on the Moon, 74220 and 15426 have garnered significant scientific interest. Early studies recognized that the glasses were particularly enriched in volatile elements on their surfaces. More recently, detailed analyses of the interiors of the glasses, as well as of melt inclusions within olivine grains associated with the 74220 glass beads, have determined high H2O, F, Cl and S contents. Such elevated volatile contents seem at odds with evidence from moderately volatile elements (MVE), such as Zn and K, for a volatile- depleted Moon. In this study, we present initial results from an analytical campaign to study trace element abundances within the pyroclastic glass beads. We report trace element data determined by laser ablation inductively coupled plasma mass spectrometry (LA-ICP-MS) for 15426 and 74220.
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.
Exchange Rate Volatility, Its Determinants and Effects on the Manufacturing Sector in Nigeria
Chimaobi V. Okolo; Onyinye S. Ugwuanyi; Kenneth A. Okpala
2017-01-01
This study evaluated the effect of exchange rate volatility on the manufacturing sector of Nigeria. The flow and stock market theories of exchange rate determination was adopted considering macroeconomic determinants such as balance of trade, trade openness, and net international investment. Furthermore, the influence of changes in parallel exchange rate, official exchange rate and real effective exchange rate was modeled on the manufacturing sector output. Vector autoregression techniques an...
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.;
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
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, ...
Determination of volatile organic compounds responsible for flavour in cooked river buffalo meat
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A. Di Luccia
2010-02-01
Full Text Available Flavour is an important consumer attractive that directly influences the success of food products on the market. The determination of odorous molecules and their identification allows to useful knowledge for producers to valorise their own products. Buffalo meat has a different chemical composition from pork and beef and requires some cautions in cooking and processing. This work aims at the identification of volatile molecules responsible for flavours in river buffalo meat. The determination was carried out by solid phase micro-extraction (SPME technique and analysed by gas chromatography coupled to mass spectrometry (GC-MS. The most relevant results were the higher odorous impact of buffalo meat and the higher content of sulphide compounds responsible for wild aroma respect to pork and beef. These results were obtained comparing the total area of peaks detected in every chromatogram. We have also found significant differences concerning the contents of pentadecane, 1-hexanol-2 ethyl, butanoic acid, furano-2-penthyl. The origin of volatile organic compounds and their influence on the river buffalo aromas were discussed.
Mahan, B. M.; Siebert, J.; Blanchard, I.; Badro, J.; Sossi, P.; Moynier, F.
2017-12-01
Volatile and moderately volatile elements display different volatilities and siderophilities, as well as varying sensitivity to thermodynamic controls (X, P, T, fO2) during metal-silicate differentiation. The experimental determination of the metal-silicate partitioning of these elements permits us to evaluate processes controlling the distribution of these elements in Earth. In this work, we have combined metal-silicate partitioning data and results for S, Sn, Zn and Cu, and input these characterizations into Earth formation models. Model parameters such as source material, timing of volatile delivery, fO2 path, and degree of impactor equilibration were varied to encompass an array of possible formation scenarios. These models were then assessed to discern plausible sets of conditions that can produce current observed element-to-element ratios (e.g. S/Zn) in the Earth's present-day mantle, while also satisfying current estimates on the S content of the core, at no more than 2 wt%. The results of our models indicate two modes of accretion that can maintain chondritic element-to-element ratios for the bulk Earth and can arrive at present-day mantle abundances of these elements. The first mode requires the late addition of Earth's entire inventory of these elements (assuming a CI-chondritic composition) and late-stage accretion that is marked by partial equilibration of large impactors. The second, possibly more intuitive mode, requires that Earth accreted - at least initially - from volatile poor material preferentially depleted in S relative to Sn, Zn, and Cu. From a chemical standpoint, this source material is most similar to type I chondrule rich (and S poor) materials (Hewins and Herzberg, 1996; Mahan et al., 2017; Amsellem et al., 2017), such as the metal-bearing carbonaceous chondrites.
Inflation Volatility and the Inflation-Growth Tradeoff in India
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...
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)
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Gamze Guclu
2016-06-01
Full Text Available Ayvalik is an important olive cultivar producing high quality oils in Turkey. In the present study, volatile and phenolic compositions of early-harvest extra virgin olive oil (cv. Ayvalik were determined. The solvent-assisted flavor evaporation (SAFE technique was used for the extraction of volatile components. The aromatic extract obtained by SAFE was representative of the olive oil odor. A total of 32 aroma compounds, including alcohols, aldehydes, terpenes, esters, and an acid, were identified in the olive oil. Aldehydes and alcohols were qualitatively and quantitatively the most dominant volatiles in the oil sample. Of these, six volatile components presented odor activity values (OAVs greater than one, with (Z-3-hexenal (green, hexanal (green-sweet and nonanal (fatty-pungent being those with the highest OAVs in olive oil. A total of 14 phenolic compounds were identified and quantified by liquid chromatography combined with a diode array detector and ion spray mass spectrometry. The major phenolic compounds were found as 3,4-DHPEA-EDA, 3,4-DHPEA-EA and p-HPEA-EDA.
Guclu, Gamze; Sevindik, Onur; Kelebek, Hasim; Selli, Serkan
2016-01-01
Ayvalik is an important olive cultivar producing high quality oils in Turkey. In the present study, volatile and phenolic compositions of early-harvest extra virgin olive oil (cv. Ayvalik) were determined. The solvent-assisted flavor evaporation (SAFE) technique was used for the extraction of volatile components. The aromatic extract obtained by SAFE was representative of the olive oil odor. A total of 32 aroma compounds, including alcohols, aldehydes, terpenes, esters, and an acid, were identified in the olive oil. Aldehydes and alcohols were qualitatively and quantitatively the most dominant volatiles in the oil sample. Of these, six volatile components presented odor activity values (OAVs) greater than one, with (Z)-3-hexenal (green), hexanal (green-sweet) and nonanal (fatty-pungent) being those with the highest OAVs in olive oil. A total of 14 phenolic compounds were identified and quantified by liquid chromatography combined with a diode array detector and ion spray mass spectrometry. The major phenolic compounds were found as 3,4-DHPEA-EDA, 3,4-DHPEA-EA and p-HPEA-EDA. PMID:28231141
Inflation, its Volatility and the Inflation-Growth Tradeoff in India
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 ...
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.
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José Masson
2012-09-01
Full Text Available Seventy-one samples of sugarcane spirits from small and average size stills produced in the northern and southern Minas Gerais (Brazil were analyzed for acrolein using HPLC (High Performance Liquid Chromatography. Ethanol and copper concentrations and volatile acidity were also determined according to methods established by the Ministry of Agriculture, Livestock and Supply (MAPA. A total of 9.85% of the samples tested showed levels of acrolein above the legal limits, while the copper concentrations of 21.00% of the samples and the volatile acidity of 8.85% of the samples were higher than the limits established by the Brazilian legislation. The concentration of acrolein varied from 0 to 21.97 mg.100 mL-1 of ethanol. However, no significant difference at 5% of significance was observed between the samples produced in the northern and southern Minas Gerais. The method used for determination of acrolein in sugarcane spirits involved the formation of a derivative with 2,4-dinitrophenylhydrazine (2,4-DNPH and subsequent analysis by HPLC.
Jansen, R.M.C.; Hofstee, J.W.; Wildt, J.; Vanthoor, B.H.E.; Verstappen, F.W.A.; Takayama, K.; Bouwmeester, H.J.; Henten, van E.J.
2010-01-01
This paper describes a model to calculate the concentrations of (Z)-3-hexenol, a-pinene, a-terpinene, ß-caryophyllene, and methyl salicylate in a greenhouse on the basis of their source and sink behaviour. The model was used to determine whether these volatile organic compounds (VOCs) can be used to
THE DETERMINATION OF VOLATILE COMPOSITION OF SOLID FUELS BY CHROMATOGRAPHY
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.
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.
Review of methods for determination of ammonia volatilization in farmland
Yang, J.; Jiao, Y.; Yang, W. Z.; Gu, P.; Bai, S. G.; Liu, L. J.
2018-02-01
Ammonia is one of the most abundant alkaline trace gases in the atmosphere, which is one of the important factors affecting atmospheric quality. Excessive application of nitrogen fertilizer is the main source of global ammonia emissions, which not only exacerbate greenhouse gas emissions, but also leads to eutrophication of water bodies. In this paper, the basic principle, the operation process, the advantages and disadvantages, and the previous research results of the method are summarized in detail, including the enclosure method, the venting method, the continuous airflow enclosure method, the wind tunnel method and the micro-meteorological method. So as to provide a theoretical basis for selecting the appropriate method for determination of ammonia volatilization.
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...
Potentiometric determination of trace amounts of volatile thiols in natural gas
International Nuclear Information System (INIS)
Farroha, S.M.; Habboush, A.E.; Kurthab, S.Y.
1986-01-01
A potentiometric titration method was developed for the determination of volatile thiols in natural gas. An apparatus was devised for the quantitative absorption of volatile thiols. The measurements were performed in an ethanolic ammonium buffer solution containing a known amount of silver nitrate as supporting electrolyte. The excess silver was precipitated by a known amount of potassium iodide. The excess of iodide was back titrated potentiometrically with a standard solution of silver nitrate. The direct titration of the excess silver ions with a standard solution of potassium iodide gave a poor accuracy compared with the back titration method. Iodide selective electrode was employed as an indicator electrode and a silver-silver chloride electrode as reference electrode. The accuracy and reproducibility of the method were established by preparing several synthetic samples in which ethanthiol containing from 346.61 to 12.11 μUg mercaptan sulfur was taken as standard nitrogen as carrier gas with an optimum flow rate of 31.5 L/hr. The results obtained expressed in the form of Grans plot showed an error ranging from 0.16 to 2.39% by weight and the relative standard deviation did not exceed 2.20%. The amount of mercaptan sulfur determined in Iraqi natural gas taken directly in a cylinder from Dora refinery, Baghdad, Iraq, and after six months of storage we 23.15 Ug/L and 21.25 Ug/L respectively with a relative standard deviation not exceeded 1%. The interferences of hydrogen sulfide could be eliminated by absorption in cadimium acetate containing solution. Other sulfur containing compounds e.g. disulfides, sulfoxides which may be present in natural gas do not interfere with the analysis
Determination of volatile aroma compounds of Ganoderma lucidum ...
African Journals Online (AJOL)
This study was conducted at Horticulture Department of Cukurova University, Adana, Turkey during 2010-2011. Fresh sample of Ganoderma lucidum collected from Mersin province of Turkey was used as material. Volatile aroma compounds were performed by Headspace Gas Chromatography (HS-GC/MS). Alcohols ...
Energy Technology Data Exchange (ETDEWEB)
Blass A, Georgina; Panama T, Luz A; Corrales C, Deyanira [Instituto de Investigaciones Electricas, Cuernavaca, Morelos (Mexico)
2003-07-01
The present work describes, in a synthesized way, the implementation and application of procedures based on the normativity related to the subject of the volatile organic compounds (Volatile Organic Compounds VOC), that allow to sample, quantify and evaluate the present contamination in the working atmosphere of a refinery due to the fugitive emissions of VOC and other substances. In accordance with the corresponding normativity, more than 189 organic compounds denominated dangerous air polluting agents (Hazardous Air Pollutants, HAP) can be found in a working atmosphere, but they are the 11 main HAP that can be found in a refinery. In the present article the work made for the sampling and quantification of 5 of the 11 dangerous polluting agents of the air: benzene, toluene, xylene, iso-octane and naphthalene. [Spanish] El presente trabajo describe, de manera sintetizada, la implementacion y aplicacion de procedimientos basados en la normatividad relacionada al tema de los compuestos organicos volatiles (Volatil Organic Compounds, VOC), que permiten muestrear, cuantificar y evaluar la contaminacion presente en el ambiente laboral de una refineria debido a las emisiones fugitivas de VOC y otras sustancias. De acuerdo con la normatividad correspondiente, mas de 189 compuestos organicos denominados contaminantes peligrosos del aire (Hazardous Air Pollutants, HAP), pueden ser encontrados en un ambiente laboral, pero son 11 los principales HAP que pueden ser hallados en una refineria. En el presente articulo se informa el trabajo realizado para el muestreo y cuantificacion de 5 de los 11 contaminantes peligrosos del aire: benceno, tolueno, xileno, iso-octano y naftaleno.
Energy Technology Data Exchange (ETDEWEB)
Dutta, Tanushree [Department of Civil & Environmental Engineering, Hanyang University, 222 Wangsimni-Ro, Seoul 04763 (Korea, Republic of); Kim, Ki-Hyun, E-mail: kkim61@hanyang.ac.kr [Department of Civil & Environmental Engineering, Hanyang University, 222 Wangsimni-Ro, Seoul 04763 (Korea, Republic of); Uchimiya, Minori [USDA-ARS Southern Regional Research Center, 1100 Robert E. Lee Boulevard, New Orleans, LA 70124 (United States); Kumar, Pawan [Department of Chemical Engineering, Indian Institute of Technology, Hauz Khas, New Delhi 11016 (India); Das, Subhasish; Bhattacharya, Satya Sundar [Soil & Agro-Bioengineering Lab, Department of Environmental Science, Tezpur University, Napaam 784028 (India); Szulejko, Jan [Department of Civil & Environmental Engineering, Hanyang University, 222 Wangsimni-Ro, Seoul 04763 (Korea, Republic of)
2016-11-15
Large-scale assemblies of people in a confined space can exert significant impacts on the local air chemistry due to human emissions of volatile organics. Variations of air-quality in such small scale can be studied by quantifying fingerprint volatile organic compounds (VOCs) such as acetone, toluene, and isoprene produced during concerts, movie screenings, and sport events (like the Olympics and the World Cup). This review summarizes the extent of VOC accumulation resulting from a large population in a confined area or in a small open area during sporting and other recreational activities. Apart from VOCs emitted directly from human bodies (e.g., perspiration and exhaled breath), those released indirectly from other related sources (e.g., smoking, waste disposal, discharge of food-waste, and use of personal-care products) are also discussed. Although direct and indirect emissions of VOCs from human may constitute <1% of the global atmospheric VOCs budget, unique spatiotemporal variations in VOCs species within a confined space can have unforeseen impacts on the local atmosphere to lead to acute human exposure to harmful pollutants.
International Nuclear Information System (INIS)
Dutta, Tanushree; Kim, Ki-Hyun; Uchimiya, Minori; Kumar, Pawan; Das, Subhasish; Bhattacharya, Satya Sundar; Szulejko, Jan
2016-01-01
Large-scale assemblies of people in a confined space can exert significant impacts on the local air chemistry due to human emissions of volatile organics. Variations of air-quality in such small scale can be studied by quantifying fingerprint volatile organic compounds (VOCs) such as acetone, toluene, and isoprene produced during concerts, movie screenings, and sport events (like the Olympics and the World Cup). This review summarizes the extent of VOC accumulation resulting from a large population in a confined area or in a small open area during sporting and other recreational activities. Apart from VOCs emitted directly from human bodies (e.g., perspiration and exhaled breath), those released indirectly from other related sources (e.g., smoking, waste disposal, discharge of food-waste, and use of personal-care products) are also discussed. Although direct and indirect emissions of VOCs from human may constitute <1% of the global atmospheric VOCs budget, unique spatiotemporal variations in VOCs species within a confined space can have unforeseen impacts on the local atmosphere to lead to acute human exposure to harmful pollutants.
Directory of Open Access Journals (Sweden)
Nowicka Katarzyna
2017-12-01
Full Text Available The objective of this study was to determine the sensory quality of a specific Polish traditional product made from cured and then smoked goose meat (półgęsek in relation to its volatile compounds and chemical composition. In general, the examined samples contained 66.2% water, 12.2% fat, 17.9% protein, 1.8% connective tissue, and 2.3% NaCl. Moreover, 47 volatile compounds were identified and quantified. The typical decomposition products derived from lipid oxidation, amino acid degradation, carbohydrate fermentation and microbial esterification were the main volatiles detected in all the samples. The volatiles generated by the smoking process and the ones originating from spices were also observed. The results of the sensory evaluation indicated that all the samples of the analyzed products were characterized by a high overall quality. Results of the Principal Component Analysis (PCA showed, however, that specific groups of products have their own unique sensory profile. Additionally, the sensory analysis confirmed the significant role of the chemical composition and volatile compounds in the development of the overall quality of półgęsek.
Mana Kialengila, Didi; Wolfs, Kris; Bugalama, John; Van Schepdael, Ann; Adams, Erwin
2013-11-08
Determination of volatile organic components (VOC's) is often done by static headspace gas chromatography as this technique is very robust and combines easy sample preparation with good selectivity and low detection limits. This technique is used nowadays in different applications which have in common that they have a dirty matrix which would be problematic in direct injection approaches. Headspace by nature favors the most volatile compounds, avoiding the less volatile to reach the injector and column. As a consequence, determination of a high boiling solvent in a lower boiling matrix becomes challenging. Determination of VOCs like: xylenes, cumene, N,N-dimethylformamide (DMF), dimethyl sulfoxide (DMSO), N,N-dimethylacetamide (DMA), N-methyl-2-pyrrolidone (NMP), 1,3-dimethyl-2-imidazolidinone (DMI), benzyl alcohol (BA) and anisole in water or water soluble products are an interesting example of the arising problems. In this work, a headspace variant called full evaporation technique is worked out and validated for the mentioned solvents. Detection limits below 0.1 μg/vial are reached with RSD values below 10%. Mean recovery values ranged from 92.5 to 110%. The optimized method was applied to determine residual DMSO in a water based cell culture and DMSO and DMA in tetracycline hydrochloride (a water soluble sample). Copyright © 2013 Elsevier B.V. All rights reserved.
Zhang, Shu-Xin; Chai, Xin-Sheng; Barnes, Donald G
2016-02-26
This study reports a new headspace gas chromatographic method (HS-GC) for the determination of water solubility of low volatility liquid organic compounds (LVLOs). The HS-GC analysis was performed on a set of aqueous solutions containing a range of concentrations of toluene-spiked (as a tracer) LVLOs, from under-saturation to over-saturation. A plot of the toluene tracer GC signal vs. the concentration of the LVLO results in two lines of different slopes that intersect at the concentration corresponding to the compound's solubility in water. The results showed that the HS-GC method has good precision (RSD waters of environmental and biological systems. Copyright © 2016 Elsevier B.V. All rights reserved.
Wintertime hygroscopicity and volatility of ambient urban aerosol particles
Enroth, Joonas; Mikkilä, Jyri; Németh, Zoltán; Kulmala, Markku; Salma, Imre
2018-04-01
Hygroscopic and volatile properties of atmospheric aerosol particles with dry diameters of (20), 50, 75, 110 and 145 nm were determined in situ by using a volatility-hygroscopicity tandem differential mobility analyser (VH-TDMA) system with a relative humidity of 90 % and denuding temperature of 270 °C in central Budapest during 2 months in winter 2014-2015. The probability density function of the hygroscopic growth factor (HGF) showed a distinct bimodal distribution. One of the modes was characterised by an overall mean HGF of approximately 1.07 (this corresponds to a hygroscopicity parameter κ of 0.033) independently of the particle size and was assigned to nearly hydrophobic (NH) particles. Its mean particle number fraction was large, and it decreased monotonically from 69 to 41 % with particle diameter. The other mode showed a mean HGF increasing slightly from 1.31 to 1.38 (κ values from 0.186 to 0.196) with particle diameter, and it was attributed to less hygroscopic (LH) particles. The mode with more hygroscopic particles was not identified. The probability density function of the volatility GF (VGF) also exhibited a distinct bimodal distribution with an overall mean VGF of approximately 0.96 independently of the particle size, and with another mean VGF increasing from 0.49 to 0.55 with particle diameter. The two modes were associated with less volatile (LV) and volatile (V) particles. The mean particle number fraction for the LV mode decreased from 34 to 21 % with particle diameter. The bimodal distributions indicated that the urban atmospheric aerosol contained an external mixture of particles with a diverse chemical composition. Particles corresponding to the NH and LV modes were assigned mainly to freshly emitted combustion particles, more specifically to vehicle emissions consisting of large mass fractions of soot likely coated with or containing some water-insoluble organic compounds such as non-hygroscopic hydrocarbon-like organics. The hygroscopic
Comparison of SPME Methods for Determining Volatile Compounds in Milk, Cheese, and Whey Powder
Directory of Open Access Journals (Sweden)
Michael H. Tunick
2013-11-01
Full Text Available Solid phase microextraction and gas chromatography-mass spectrometry (SPME-GC-MS are commonly used for qualitative and quantitative analysis of volatile compounds in various dairy products, but conditions have to be adjusted to maximize release while not generating new compounds that are absent in the original sample. Queso Fresco, a fresh non-melting cheese, may be heated at 60 °C for 30 min; in contrast, compounds are produced in milk when exposed to light and elevated temperatures, so milk samples are heated as little as possible. Products such as dehydrated whey protein are more stable and can be exposed to longer periods (60 min of warming at lower temperature (40 °C without decomposition, allowing for capture and analysis of many minor components. The techniques for determining the volatiles in dairy products by SPME and GC-MS have to be optimized to produce reliable results with minimal modifications and analysis times.
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.
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...
National Research Council Canada - National Science Library
Mahle, Deidre A; Gearhart, Jeffrey M; Godfrey, Richard J; Mattie, David R; Cook, Robert S; Grisby, Claude C
2004-01-01
.... Partition coefficients (PCs) are an integral component of pharmacokinetic models and determining differences in tissue partitioning of volatile organic chemicals across life stages can help reduce the uncertainty in risk assessment...
Yamamoto, Masayoshi; Baldermann, Susanne; Yoshikawa, Keisuke; Fujita, Akira; Mase, Nobuyuki; Watanabe, Naoharu
2014-01-01
Green algae are of great economic importance. Seaweed is consumed fresh or as seasoning in Japan. The commercial value is determined by quality, color, and flavor and is also strongly influenced by the production area. Our research, based on solid phase microextraction gas chromatography mass spectrometry (SPME-GC-MS), has revealed that volatile compounds differ intensely in the four varieties of commercial green algae. Accordingly, 41 major volatile compounds were identified. Heptadecene was the most abundant compound from Okayama (Ulva prolifera), Tokushima (Ulva prolifera), and Ehime prefecture (Ulva linza). Apocarotenoids, such as ionones, and their derivatives were prominent volatiles in algae from Okayama (Ulva prolifera) and Tokushima prefecture (Ulva prolifera). Volatile, short chained apocarotenoids are among the most potent flavor components and contribute to the flavor of fresh, processed algae, and algae-based products. Benzaldehyde was predominant in seaweed from Shizuoka prefecture (Monostroma nitidum). Multivariant statistical analysis (PCA) enabled simple discrimination of the samples based on their volatile profiles. This work shows the potential of SPME-GC-MS coupled with multivariant analysis to discriminate between samples of different geographical and botanical origins and form the basis for development of authentication methods of green algae products, including seasonings.
Does NVIX matter for market volatility? Evidence from Asia-Pacific markets
Su, Zhi; Fang, Tong; Yin, Libo
2018-02-01
Forecasting financial market volatility is an important issue in the area of econophysics, and revealing the determinants of the market volatility has drawn much attentions of the academics. In order to better predict market volatilities, we use news-based implied volatility (NVIX) to measure uncertainty, and examine the predictive power of NVIX on the stock market volatility in both long and short-term among Asia-Pacific markets via GARCH-MIDAS model. We find that NVIX does not well explain long-term volatility variants in the full sample period, and it is positively associated with market volatility through a subsample analysis starting from the Financial Crisis. We also find that NVIX is more efficient in determining short-term volatility than the long-term volatility, indicating that the impact of NVIX is short-lived and information that investors concern could be quickly reflected in the stock market volatilities.
Financial sector development, economic volatility and shocks in sub-Saharan Africa
Ibrahim, Muazu; Alagidede, Paul
2017-10-01
The role of financial sector development in economic volatility has been extensively studied albeit without informative results largely on the failure of extant studies to decompose volatility into its various components. By disaggregating volatility using the spectral approach, this study examines the effect of financial development on volatility components as well as channels through which finance affects volatility in 23 sub-Saharan African countries over the period 1980-2014. Our findings based on the newly developed panel cointegration estimation strategy reveal that while financial development affects business cycle volatility in a non-linear fashion, its effect on long run fluctuation is imaginary. More specifically, well developed financial sectors dampen volatility. Further findings show that while monetary shocks have large magnifying effect on volatility, their effect in the short run is minuscule. The reverse, however, holds for real shocks. The channels of manifestation shows that financial development dampens (magnifies) the effect of real shocks (monetary shocks) on the components of volatility with the dampening effects consistently larger only in the short run. Strengthening financial sector supervision and cross-border oversight may be very crucial in examining the right levels of finance and price stability necessary to falter economic fluctuations.
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
Energy Technology Data Exchange (ETDEWEB)
Fabbri, D.; Bezzi, R.; Torri, C.; Galletti, P.; Tagliavini, E. [Bologna Univ., Ravenna (Italy). Lab. of Chemistry, C.I.R.S.A
2007-09-15
Oil wastes and slops are complex mixtures of hydrocarbons, which may contain a variety of contaminants including tetrachloroethylene (perchloroethylene, PCE) and other volatile halogenated organic compounds (VHOCs). The analytical determination of PCE at trace levels in petroleum-derived matrices is difficult to carry out in the presence of large amounts of hydrocarbon matrix components. In the following study, we demonstrate that headspace solid-phase microextraction (HS-SPME) combined with GC-MS analysis can be applied for the rapid measurement of PCE concentration in oil samples. The HS-SPME method was developed using liquid paraffin as matrix matching reference material for external and internal calibration and optimisation of experimental parameters. The limit of quantitation was 0.05 mg kg{sup -1}, and linearity was established up to 25 mg kg{sup -1}. The HS-SPME method was extended to several VHOCs, including trichloroethylene (TCE) in different matrices and was applied to the quantitative analysis of PCE and TCE in real samples.
Investor attention and FX market volatility
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...
Lukić, Igor; Banović, Mara; Persurić, Dordano; Radeka, Sanja; Sladonja, Barbara
2006-01-06
Solid-phase extraction (SPE) procedure on octadecylsilica (C18) was developed for accumulation of volatile compounds from grape distillates. The procedure was optimised for final analysis by capillary gas chromatography. At mass concentrations in model solutions ranging from 0.1 to 50 mg/l solid-phase extraction recoveries of all analytes ranged from 69% for 2-phenylethanol to 102% for capric acid, with RSD values from 2 to 9%. SPE recoveries of internal standards to be added in the sample solution prior to extraction, higher alcohols 2-ethyl-1-hexanol and 1-undecanol, were 97 and 93%, respectively, with RSD values of 3%. Detection limits of analyzed compounds in model solutions ranged from 0.011 mg/l for isoamyl acetate to 0.037 mg/l for caproic acid. Method efficiency was tested in relation to acetic acid content, volume fraction of ethanol and possible matrix effects. A significant influence of matrix on SPE efficiency for geraniol, cis-2-hexen-1-ol and cis-3-hexen-1-ol was detected. For the same reason, 2-phenylethanol could not be determined by developed SPE method in samples of grape distillates. The developed solid-phase extraction method was successfully applied to determine the differences in volatile compound content in different grape distillates produced by the distillation of crushed, pressed and fermented grapes.
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.
Comparison of methods for determining volatile compounds in cheese, milk, and whey powder
Solid phase microextraction (SPME) and gas chromatography-mass spectrometry (GC-MS) are commonly used for qualitative and quantitative analysis of volatile compounds in various dairy products, but selecting the proper procedures presents challenges. Heat is applied to drive volatiles from the samp...
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
Directory of Open Access Journals (Sweden)
Masayoshi Yamamoto
2014-01-01
Full Text Available Green algae are of great economic importance. Seaweed is consumed fresh or as seasoning in Japan. The commercial value is determined by quality, color, and flavor and is also strongly influenced by the production area. Our research, based on solid phase microextraction gas chromatography mass spectrometry (SPME-GC-MS, has revealed that volatile compounds differ intensely in the four varieties of commercial green algae. Accordingly, 41 major volatile compounds were identified. Heptadecene was the most abundant compound from Okayama (Ulva prolifera, Tokushima (Ulva prolifera, and Ehime prefecture (Ulva linza. Apocarotenoids, such as ionones, and their derivatives were prominent volatiles in algae from Okayama (Ulva prolifera and Tokushima prefecture (Ulva prolifera. Volatile, short chained apocarotenoids are among the most potent flavor components and contribute to the flavor of fresh, processed algae, and algae-based products. Benzaldehyde was predominant in seaweed from Shizuoka prefecture (Monostroma nitidum. Multivariant statistical analysis (PCA enabled simple discrimination of the samples based on their volatile profiles. This work shows the potential of SPME-GC-MS coupled with multivariant analysis to discriminate between samples of different geographical and botanical origins and form the basis for development of authentication methods of green algae products, including seasonings.
The effect of volatility on percutaneous absorption.
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.
Zhu, Fengxiang; Pan, Zaifa; Hong, Chunlai; Wang, Weiping; Chen, Xiaoyang; Xue, Zhiyong; Yao, Yanlai
2016-12-01
Changes in volatile organic compound contents in compost samples during pig manure composting were studied using a headspace, solid-phase micro-extraction method (HS-SPME) followed by gas chromatography with mass spectrometric detection (GC/MS). Parameters affecting the SPME procedure were optimized as follows: the coating was carbon molecular sieve/polydimethylsiloxane (CAR/PDMS) fiber, the temperature was 60°C and the time was 30min. Under these conditions, 87 compounds were identified from 17 composting samples. Most of the volatile components could only be detected before day 22. However, benzenes, alkanes and alkenes increased and eventually stabilized after day 22. Phenol and acid substances, which are important factors for compost quality, were almost undetectable on day 39 in natural compost (NC) samples and on day 13 in maggot-treated compost (MC) samples. Our results indicate that the approach can be effectively used to determine the composting times by analysis of volatile substances in compost samples. An appropriate composting time not only ensures the quality of compost and reduces the loss of composting material but also reduces the generation of hazardous substances. The appropriate composting times for MC and NC were approximately 22days and 40days, respectively, during the summer in Zhejiang. Copyright © 2016 Elsevier Ltd. All rights reserved.
Determination of "1"2"9I using volatilization method and liquid scintillation spectrometry
International Nuclear Information System (INIS)
Remenec, Boris; Dulanska, Silvia; Horvathova, Bianka; Matel, Lubomir
2017-01-01
A simple and rapid separation method for "1"2"9I determination in radioactive waste samples was developed. Suitable conditions for iodine volatilization were tested. Iodine was trapped in 1.5 mol L"-"1 NaOH and precipitated as PdI_2·H_2O by addition of PdCl_2 with recoveries higher than 80%. The method was applied for analysis of contaminated soil, radioactive sludge, evaporator concentrate and heterogeneous waste samples from nuclear power plants in Slovak Republic. "1"2"9I was measured on liquid scintillation counter TRI CARB 2900 TR using Ultima Gold AB scintillation cocktail. (author)
Anisotropic diffusion of volatile pollutants at air-water interface
Directory of Open Access Journals (Sweden)
Li-ping Chen
2013-04-01
Full Text Available The volatile pollutants that spill into natural waters cause water pollution. Air pollution arises from the water pollution because of volatilization. Mass exchange caused by turbulent fluctuation is stronger in the direction normal to the air-water interface than in other directions due to the large density difference between water and air. In order to explore the characteristics of anisotropic diffusion of the volatile pollutants at the air-water interface, the relationship between velocity gradient and mass transfer rate was established to calculate the turbulent mass diffusivity. A second-order accurate smooth transition differencing scheme (STDS was proposed to guarantee the boundedness for the flow and mass transfer at the air-water interface. Simulations and experiments were performed to study the trichloroethylene (C2HCl3 release. By comparing the anisotropic coupling diffusion model, isotropic coupling diffusion model, and non-coupling diffusion model, the features of the transport of volatile pollutants at the air-water interface were determined. The results show that the anisotropic coupling diffusion model is more accurate than the isotropic coupling diffusion model and non-coupling diffusion model. Mass transfer significantly increases with the increase of the air-water relative velocity at a low relative velocity. However, at a higher relative velocity, an increase in the relative velocity has no effect on mass transfer.
Directory of Open Access Journals (Sweden)
R. V. Ralys
2015-11-01
Full Text Available Subject of Study.Research of vapor pressure of low volatile substances is a complicated problem due to both direct experimental implementation complexity and, most significantly, the issues faced correctness of the analysis and processing of experimental data. That is why it is usually required engaging the reference substances (with vapor pressures well studied. The latter drastically reduces the effectiveness of the experimental methods used and narrows their applicability. The paper deals with an approach to the evaporation process description (sublimation of low volatile substances based on molecular kinetic description in view of diffusive and convection processes. The proposed approach relies on experimental thermogravimetricfindingsina wide range of temperatures, flow rates ofthe purge gas and time. Method. A new approach is based on the calculation of the vapor pressure and uses the data about the speed of evaporation by thermogravimetric analysis depending on the temperature, the flow rate of the purge gas, and the evaporation time. The basis for calculation is the diffusion-kinetic description of the process of evaporation (mass loss of the substance from the exposed surface. The method is applicable to determine the thermodynamic characteristics for both the evaporation (the equilibrium liquid - vapor and sublimation (the equilibrium solid - vapor. We proposed the appropriate method of the experiment and analysis of its data in order to find the saturated vapor pressure of individual substances of low volatility. Main Results. The method has been tested on substances with insufficiently reliable and complete study of the thermodynamic characteristics but, despite this, are often used (because of the other data limitations as reference ones. The vaporization process (liquid-vapor has been studied for di-n-butyl phthalate C16H22O4 at 323,15–443,15 К, and sublimation for benzoic acid C7H6O2at 303,15–183,15 К. Both processes have
Sources of Magmatic Volatiles Discharging from Subduction Zone Volcanoes
Fischer, T.
2001-05-01
Subduction zones are locations of extensive element transfer from the Earth's mantle to the atmosphere and hydrosphere. This element transfer is significant because it can, in some fashion, instigate melt production in the mantle wedge. Aqueous fluids are thought to be the major agent of element transfer during the subduction zone process. Volatile discharges from passively degassing subduction zone volcanoes should in principle, provide some information on the ultimate source of magmatic volatiles in terms of the mantle, the crust and the subducting slab. The overall flux of volatiles from degassing volcanoes should be balanced by the amount of volatiles released from the mantle wedge, the slab and the crust. Kudryavy Volcano, Kurile Islands, has been passively degassing at 900C fumarole temperatures for at least 40 years. Extensive gas sampling at this basaltic andesite cone and application of CO2/3He, N2/3He systematics in combination with C and N- isotopes indicates that 80% of the CO2 and approximately 60% of the N 2 are contributed from a sedimentary source. The mantle wedge contribution for both volatiles is, with 12% and 17% less significant. Direct volatile flux measurements from the volcano using the COSPEC technique in combination with direct gas sampling allows for the calculation of the 3He flux from the volcano. Since 3He is mainly released from the astenospheric mantle, the amount of mantle supplying the 3He flux can be determined if initial He concentrations of the mantle melts are known. The non-mantle flux of CO2 and N2 can be calculated in similar fashion. The amount of non-mantle CO2 and N2 discharging from Kudryavy is balanced by the amount of CO2 and N2 subducted below Kudryavy assuming a zone of melting constrained by the average spacing of the volcanoes along the Kurile arc. The volatile budget for Kudryavy is balanced because the volatile flux from the volcano is relatively small (75 t/day (416 Mmol/a) SO2, 360 Mmol/a of non-mantle CO2 and
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)
Stock Market Volatility: Examining North America, Europe and Asia
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...
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...
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...
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...
Recent Advances in the Emission and Functions of Plant Vegetative Volatiles
Directory of Open Access Journals (Sweden)
Fang Dong
2016-01-01
Full Text Available Plants synthesize and emit a large variety of volatile organic compounds, which possess extremely important ecological functions. In most case, most plant volatiles are liquids, rather than gases, at room temperature. Some volatiles are emitted “on demand” when plants, especially vegetative parts, are exposed to abiotic or biotic stress. In this review, we summarize some of the highlights of plant vegetative volatile emission and functions research published during the past few years.
Testing for Volatility Co-movement in Bivariate Stochastic Volatility Models
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...
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.
Czech Academy of Sciences Publication Activity Database
D'Ulivo, A.; Dědina, Jiří; Mester, Z.; Sturgeon, R. E.; Wang, Q.; Welz, B.
2011-01-01
Roč. 83, č. 6 (2011), s. 1283-1340 ISSN 0033-4545 Institutional research plan: CEZ:AV0Z40310501 Keywords : borane complexes * chemical generation of volatile hydrides (CHG) * volatile hydrides Subject RIV: CB - Analytical Chemistry, Separation Impact factor: 2.789, year: 2011
Payet, Bertrand; Shum Cheong Sing, Alain; Smadja, Jacqueline
2005-12-28
Seven cane brown sugars (four from La Réunion, two from Mauritius, and one from France) were investigated for their polyphenol content and volatile composition in relation to their free radical scavenging capacity determined by ABTS and DPPH assays. The thin layer coated on the sugar crystal was extracted by Soxhlet extractor with dichloromethane. The volatile compounds of brown sugars were studied by GC-MS, and 43 compounds were identified. The total phenolic content of brown sugars was determined according to the Folin-Ciocalteu method. Phenolic compounds were quantified in the brown sugar extracts by LC-UV-ESI-MS. Brown sugar aqueous solutions exhibited weak free radical scavenging activity in the DPPH assay and higher antioxidant activity in the ABTS assay at relatively high concentration. The brown sugar extracts showed interesting free radical scavenging properties despite the low concentration of phenolic and volatile compounds. Sugar is a common foodstuff traditionally used for its sweetening properties, which might be accompanied by antioxidant properties arising from molecules (polyphenols, Maillard products) other than sucrose of the cane brown sugars.
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...
Kelebek, Hasim; Selli, Serkan
2011-08-15
Orange flavour is the results of a natural combination of volatile compounds in a well-balanced system including sugars, acids and phenolic compounds. This paper reports the results of the first determination of aroma, organic acids, sugars, and phenolic components in Dortyol yerli orange juices. A total of 58 volatile components, including esters (nine), terpenes (19), terpenols (13), aldehydes (two), ketones (three), alcohols (four) and acids (eight) were identified and quantified in Dortyol yerli orange juice by GC-FID and GC-MS. Organic acids, sugars and phenolic compositions were also determined by HPLC methods. The major organic acid and sugar found were citric acid and sucrose, respectively. With regard to phenolics, 14 compounds were identified and quantified in the orange juice. Terpenes and terpenols were found as the main types of volatile components in Dortyol yerli orange juice. In terms of aroma contribution to orange juice, 12 compounds were prominent based on the odour activity values (OAVs). The highest OAV values were recorded for ethyl butanoate, nootkatone, linalool and DL-limonene. When we compare the obtained results of cv. Dortyol orange juice with the other orange juice varieties, the composition of Dortyol orange juice was similar to Valencia and Navel orange juices. Copyright © 2011 Society of Chemical Industry.
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
NOx emissions and potential NOx reduction for low volatile Australian coals: End-of-grant report
International Nuclear Information System (INIS)
Holcombe, D.; Nelson, P.F.; Kelly, M.D.; Gupta, R.P.; Wall, T.F.
1994-09-01
The objective of this project was to improve the understanding of NO x formation from the combustion of low-volatile Australian coals. A secondary objective was to develop NO x reduction techniques which will improve the export market potential of these coals. Low volatile coals frequently have high nitrogen levels. In addition, they differ from high volatile coals in their behaviour in the early part of the combustion process, which largely determines the level of NO x that will be formed. Low volatile coals were examined with respect to the release of nitrogen species during the early stage of PF combustion. These species are precursors to NO x and it is at this stage of combustion that furnace conditions are important in determining whether these species become NO x or are reduced to molecular nitrogen. Pilot scale measurements of NO x concentrations from the combustion of the coals were undertaken under a range of conditions to provide data on the relevance of furnace parameters as well as of coal properties. Finally, mathematical models of coal combustion with NO x formation were developed, to be able to incorporate data on nitrogen species released from coal, and to use this information as well as furnace conditions to predict NO x concentrations. (author). Tabs., figs., refs
Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange
Lahmiri, Salim
In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.
Treasury bond volatility and uncertainty about monetary policy
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
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 ...
Wintertime hygroscopicity and volatility of ambient urban aerosol particles
Directory of Open Access Journals (Sweden)
J. Enroth
2018-04-01
Full Text Available Hygroscopic and volatile properties of atmospheric aerosol particles with dry diameters of (20, 50, 75, 110 and 145 nm were determined in situ by using a volatility–hygroscopicity tandem differential mobility analyser (VH-TDMA system with a relative humidity of 90 % and denuding temperature of 270 °C in central Budapest during 2 months in winter 2014–2015. The probability density function of the hygroscopic growth factor (HGF showed a distinct bimodal distribution. One of the modes was characterised by an overall mean HGF of approximately 1.07 (this corresponds to a hygroscopicity parameter κ of 0.033 independently of the particle size and was assigned to nearly hydrophobic (NH particles. Its mean particle number fraction was large, and it decreased monotonically from 69 to 41 % with particle diameter. The other mode showed a mean HGF increasing slightly from 1.31 to 1.38 (κ values from 0.186 to 0.196 with particle diameter, and it was attributed to less hygroscopic (LH particles. The mode with more hygroscopic particles was not identified. The probability density function of the volatility GF (VGF also exhibited a distinct bimodal distribution with an overall mean VGF of approximately 0.96 independently of the particle size, and with another mean VGF increasing from 0.49 to 0.55 with particle diameter. The two modes were associated with less volatile (LV and volatile (V particles. The mean particle number fraction for the LV mode decreased from 34 to 21 % with particle diameter. The bimodal distributions indicated that the urban atmospheric aerosol contained an external mixture of particles with a diverse chemical composition. Particles corresponding to the NH and LV modes were assigned mainly to freshly emitted combustion particles, more specifically to vehicle emissions consisting of large mass fractions of soot likely coated with or containing some water-insoluble organic compounds such as non
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....
Asymptotic formulae for implied volatility in the Heston model
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.
International Nuclear Information System (INIS)
Santos Santos, Nicolas; Ortiz Cancino, Olga Patricia; Barrios Ortiz, Wilson
2005-01-01
The compositional variation in vertical and areal direction due to gravitational and thermal effects plays an important role in the determination of the original reserves in-situ and in the selection of the operation scheme for volatile oil and/or gas condensate reservoirs. In this work we presented the mathematical formulation of the thermodynamic behavior experienced by compositional fluids, such as volatile oil and/or gas condensate, under the influence of the mentioned effects (gravitational and thermal), which was implemented in a software tool, this tool determine the compositional variation in vertical direction and, in addition, it allows to know the saturation pressure variation in the hydrocarbon column and the location of the gas-oil contact. With the obtained results, product of the use of this tool, was developed a methodology to obtain one first approach of the compositional variation in areal direction to obtain compositional spatial distribution (iso composition maps) in the reservoir, for components like the methane, which experiences the greater variations. These iso composition maps allow to determine the location of the hydrocarbon deposits, in such a way that the production strategies can be selected and be applied to maximize the recovery, such as in fill wells, perforation of new zones, EOR processes, etc
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....
Testing for Volatility Co-movement in Bivariate Stochastic Volatility Models
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
Changing volatility of U.S. annual tornado reports
Tippett, Michael K.
2014-10-01
United States (U.S.) tornado activity results in substantial loss of life and property damage each year. A simple measure of the U.S. tornado climatology is the average number of tornadoes per year. However, even this statistic is elusive because of nonstationary behavior due in large part to changes in reporting practices. Differencing of the annual report data results in a quantity without mean trends and whose standard deviation we denote as volatility, since it is an indication of the likely year-to-year variation in the number of tornadoes reported. While volatility changes detected prior to 2000 can be associated with known reporting practice changes, an increase in volatility in the 2000s across intensity levels cannot. A volatility increase is also seen in a tornado environment index which measures the favorability of atmospheric conditions to tornado activity, providing evidence that the recent increase in tornado report volatility is related to the physical environment.
Directory of Open Access Journals (Sweden)
Shu Wing Ho
2011-12-01
Full Text Available The valuation of options and many other derivative instruments requires an estimation of exante or forward looking volatility. This paper adopts a Bayesian approach to estimate stock price volatility. We find evidence that overall Bayesian volatility estimates more closely approximate the implied volatility of stocks derived from traded call and put options prices compared to historical volatility estimates sourced from IVolatility.com (“IVolatility”. Our evidence suggests use of the Bayesian approach to estimate volatility can provide a more accurate measure of ex-ante stock price volatility and will be useful in the pricing of derivative securities where the implied stock price volatility cannot be observed.
Symptoms of mothers and infants related to total volatile organic compounds in household products
Farrow, A; Taylor, H; Northstone, K; Golding, J
2003-01-01
The authors sought to determine whether reported symptoms of mothers and infants were associated significantly with the use of household products that raised indoor levels of total volatile organic compounds (TVOCs). Data collected from 170 homes within the Avon Longitudinal Study of Parents and Children (ALSPAC: a large birth cohort of more than 10,000) had determined which household products were associated with the highest levels of TVOCs. The latter data were collected over a period that ...
MACROECONOMIC VARIABLES AND STOCK PRICE VOLATILITY IN NIGERIA
Directory of Open Access Journals (Sweden)
OSAZEE GODWIN OMOROKUNWA
2014-10-01
Full Text Available The purpose of this paper is to examine the relationship between stock price volatility and few macroeconomic variables such as inflation, exchange rate, GDP and interest rate. Annual time series data ranging from 1980 to 2011 was used for this study. The generalized autoregressive conditional heteroskedasticity (GARCH model was used in the empirical analysis. The findings of the study showed that stock prices in Nigeria are volatile. And that past information in the market have effect on stock price volatility in Nigeria. In addition, the study showed that interest rate and exchange have a weak effect on stock price volatility while inflation is the main determinant of stock price volatility in Nigeria. The authors recommend that inflation should be targeted as the main monetary policy aimed at directing the stock market.
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
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
In-tube extraction for the determination of the main volatile compounds in Physalis peruviana L.
Kupska, Magdalena; Jeleń, Henryk H
2017-01-01
An analytical procedure based on in-tube extraction followed by gas chromatography with mass spectrometry has been developed for the analysis of 24 of the main volatile components in cape gooseberry (Physalis peruviana L.) samples. According to their chemical structure, the compounds were organized into different groups: one hydrocarbon, one aldehyde, four alcohols, four esters, and 14 monoterpenes. By single-factor experiments, incubation temperature, incubation time, extraction volume, extraction strokes, extraction speed, desorption temperature, and desorption speed were determined as 60°C, 20 min, 1000 μL, 20, 50:50 μL/s, 280°C, 100 μL/s, respectively. Quantitative analysis using authentic standards and external calibration curves was performed. The limit of detection and limit of quantification for the analytical procedure were calculated. Results shown the benzaldehyde, ethyl butanoate, 2-methyl-1-butanol, 1-hexanol, 1-butanol, α-terpineol, and terpinen-4-ol were the most abundant volatile compounds in analyzed fruits (68.6-585 μg/kg). The obtained data may contribute to qualify cape gooseberry to the group of superfruits and, therefore, increase its popularity. © 2016 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.
Variation among volatile profiles induced by Botrytis cinerea infection of tomato plants
Jansen, R.M.C.
2007-01-01
Botrytis blight caused by the fungus Botrytis cinerea is probably the most common disease of greenhouse-grown crops like tomato. Botrytis blight in tomato plants is mainly detected by visual inspection or destructive biochemical and molecular determinations. These methods are time consuming and not suitable for large sample sizes. In contrast we propose a fast and non-destructive detection method for plant diagnosis using volatiles as an early indicator of plant diseases. This report presents...
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.
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.
Aerosol volatility in a boreal forest environment
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
Baltussen, H.A.; David, F.; Sandra, P.J.F.; Janssen, J.G.M.; Cramers, C.A.M.G.
1998-01-01
This paper is concerned with the determination of volatile and semi-volatile organic components in air and gaseous (headspace) samples, focusing primarily on polar analytes. Samples were analyzed by preconcentration on different (ad)sorbents followed by thermal desorption and analysis by capillary
Methods to assess secondary volatile lipid oxidation products in complex food matrices
DEFF Research Database (Denmark)
Jacobsen, Charlotte; Yesiltas, Betül
A range of different methods are available to determine secondary volatile lipid oxidation products. These methods include e.g. spectrophotometric determination of anisidine values and TBARS as well as GC based methods for determination of specific volatile oxidation products such as pentanal...... headspace methods on the same food matrices will be presented....
A supply and demand based volatility model for energy prices
International Nuclear Information System (INIS)
Kanamura, Takashi
2009-01-01
This paper proposes a new volatility model for energy prices using the supply-demand relationship, which we call a supply and demand based volatility model. We show that the supply curve shape in the model determines the characteristics of the volatility in energy prices. It is found that the inverse Box-Cox transformation supply curve reflecting energy markets causes the inverse leverage effect, i.e., positive correlation between energy prices and volatility. The model is also used to show that an existing (G)ARCH-M model has the foundations on the supply-demand relationship. Additionally, we conduct the empirical studies analyzing the volatility in the U.S. natural gas prices. (author)
A supply and demand based volatility model for energy prices
Energy Technology Data Exchange (ETDEWEB)
Kanamura, Takashi [J-POWER, 15-1, Ginza 6-Chome, Chuo-ku, Tokyo 104-8165 (Japan)
2009-09-15
This paper proposes a new volatility model for energy prices using the supply-demand relationship, which we call a supply and demand based volatility model. We show that the supply curve shape in the model determines the characteristics of the volatility in energy prices. It is found that the inverse Box-Cox transformation supply curve reflecting energy markets causes the inverse leverage effect, i.e., positive correlation between energy prices and volatility. The model is also used to show that an existing (G)ARCH-M model has the foundations on the supply-demand relationship. Additionally, we conduct the empirical studies analyzing the volatility in the U.S. natural gas prices. (author)
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.
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.
A method for the solvent extraction of low-boiling-point plant volatiles.
Xu, Ning; Gruber, Margaret; Westcott, Neil; Soroka, Julie; Parkin, Isobel; Hegedus, Dwayne
2005-01-01
A new method has been developed for the extraction of volatiles from plant materials and tested on seedling tissue and mature leaves of Arabidopsis thaliana, pine needles and commercial mixtures of plant volatiles. Volatiles were extracted with n-pentane and then subjected to quick distillation at a moderate temperature. Under these conditions, compounds such as pigments, waxes and non-volatile compounds remained undistilled, while short-chain volatile compounds were distilled into a receiving flask using a high-efficiency condenser. Removal of the n-pentane and concentration of the volatiles in the receiving flask was carried out using a Vigreux column condenser prior to GC-MS. The method is ideal for the rapid extraction of low-boiling-point volatiles from small amounts of plant material, such as is required when conducting metabolic profiling or defining biological properties of volatile components from large numbers of mutant lines.
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.
Sulfur volatiles in guava (Psidium guajava L.) leaves: possible defense mechanism.
Rouseff, Russell L; Onagbola, Ebenezer O; Smoot, John M; Stelinski, Lukasz L
2008-10-08
Volatiles from crushed and intact guava leaves (Psidium guajava L.) were collected using static headspace SPME and determined using GC-PFPD, pulsed flame photometric detection, and GC-MS. Leaf volatiles from four common citrus culitvars were examined similarly to determine the potential component(s) responsible for guava's protective effect against the Asian citrus psyllid (Diaphorina citri Kuwayama), which is the insect vector of Huanglongbing (HLB) or citrus greening disease. Seven sulfur volatiles were detected: hydrogen sulfide, sulfur dioxide, methanethiol, dimethyl sulfide (DMS), dimethyl disulfide (DMDS), methional, and dimethyl trisulfide (DMTS). Identifications were based on matching linear retention index values on ZB-5, DB-Wax, and PLOT columns and MS spectra in the case of DMDS and DMS. DMDS is an insect toxic, defensive volatile produced only by wounded guava but not citrus leaves and, thus, may be the component responsible for the protective effect of guava against the HLB vector. DMDS is formed immediately after crushing, becoming the major headspace volatile within 10 min. Forty-seven additional leaf volatiles were identified from LRI and MS data in the crushed guava leaf headspace.
Extreme-Strike and Small-time Asymptotics for Gaussian Stochastic Volatility Models
Zhang, Xin
2016-01-01
Asymptotic behavior of implied volatility is of our interest in this dissertation. For extreme strike, we consider a stochastic volatility asset price model in which the volatility is the absolute value of a continuous Gaussian process with arbitrary prescribed mean and covariance. By exhibiting a Karhunen-Loève expansion for the integrated variance, and using sharp estimates of the density of a general second-chaos variable, we derive asymptotics for the asset price density for large or smal...
Energy Technology Data Exchange (ETDEWEB)
Salum, Debora Christina
2008-07-01
In order to protect food from pathogenic microorganisms as well as to increase its shelf life while keeping sensorial properties (e.g. odor and taste), once the latter are one of the main properties required by spice buyers, it is necessary to analyze volatile formation from irradiation of medicinal and food herbs. The aim of the present study was to analyze volatile formation from Co irradiation of Laurus Cinnamomum, Piper Nigrum, Origanum Vulgare and Myristica Fragans. Possible changes on the odor of these herbs are evaluated by characterizing different radiation doses and effects on sensorial properties in order to allow better application of irradiation technology. l he samples have been irradiated in plastic packages by making use of a {sup 60}Co Gamma irradiator. Irradiation doses of 0, 5, 10, 15, 20 and 25kGy have been tested. For the analysis of the samples, SPME has been applied, while for the analysis of volatile compounds, CG/MS. Spice irradiation has promoted mostly decrease in volatile compounds when doses of 5, 10, 15, 20 and 25kGy were used. For Laurus cinnamomum, the irradiation decreased volatile by nearly 56% and 89.5% respectively, comparing to volatile from a sample which has not been previously irradiated. Differently from other spices analyzed, irradiation on Myristica Fragans has increased volatile compounds except for 4-terpineol. The miristicine (toxic substance when in large quantities, commonly mentioned as narcotic) has increased by nearly 80%. For Origanum Vulgare and Piper Nigrum, significant decrease in volatile compounds have been found, mainly when it comes to 25 kGy irradiation. In general, results indicate loss of sensorial quality of spices. (author)
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 ...
The Pricing of Options on Assets with Stochastic Volatilities.
Hull, John C; White, Alan D
1987-01-01
One option-pricing problem which has hitherto been unsolved is the pricing of European call on an asset which has a stochastic volatility. This paper examines this problem. The option price is determined in series form for the case in which the stochastic volatility is independent of the stock price. Numerical solutions are also produced for the case in which the volatility is correlated with the stock price. It is found that the Black-Scholes price frequently overprices options and that the ...
Volatile elements in Allende inclusions. [Mn, Na and Cl relation to meteorite evolution
Grossman, L.; Ganapathy, R.
1975-01-01
New data are presented on the relatively volatile elements (Mn, Na, and Cl) in coarse- and fine-grained Ca/Al-rich inclusions of different textures and mineralogy in the Allende meteorite. It is shown that the coarse-grained inclusions condensed from the solar nebula at high temperature and contained vanishingly small quantities of volatile elements at that time. Later, volatiles were added to these during the metamorphism of the Allende parent body. The fine-grained inclusions were also affected by the addition of volatiles during this metamorphism but, unlike the coarse-grained ones, they incorporated large amounts of volatiles when they condensed from the solar nebula, accounting for their higher volatile element contents.
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
Biological activity and phytochemical composition of the volatile oils from basilicum polystachyon
International Nuclear Information System (INIS)
Cui, H.X.; Cheng, F.R.
2017-01-01
This paper extracted and determined the chemical components of the volatile oil in Basilicum polystachyon, and measured and evaluated the bioactivity of the volatile oil in Basilicum polystachyon. The oils were obtained by hydrodistillation, and their chemical compositions were separated and determined by gas chromatography-mass spectrometry (GC-MS). Minimum inhibitory concentrations (MIC) were determined by using the 8 kinds of plant pathogenic fungi. The free radicals scavenging activity of its volatile oil for the IC/sub 50/ were investigated by using Trolox as the comparison and cytotoxicity by brine shrimp lethal bioassay. The results show that 64 constituents of oils isolated respectively from Basilicum polystachyon were identified. The appraised components take up 99.75% of the total peak area. The main composition of the volatile oil is sesquiterpenoids and monoterpene. The results exhibit that the volatile oil in Basilicum polystachyon has very strong bioactivity of antimicrobial, antioxidant and cytotoxicity. These results provided the reference for further understanding the chemical components and its bioactivity of this aromatic plant as well as its further development. (author)
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...
Characterization of Volatiles Loss from Soil Samples at Lunar Environments
Kleinhenz, Julie; Smith, Jim; Roush, Ted; Colaprete, Anthony; Zacny, Kris; Paulsen, Gale; Wang, Alex; Paz, Aaron
2017-01-01
Resource Prospector Integrated Thermal Vacuum Test Program A series of ground based dirty thermal vacuum tests are being conducted to better understand the subsurface sampling operations for RP Volatiles loss during sampling operations Hardware performance Sample removal and transfer Concept of operationsInstrumentation5 test campaigns over 5 years have been conducted with RP hardware with advancing hardware designs and additional RP subsystems Volatiles sampling 4 years Using flight-forward regolith sampling hardware, empirically determine volatile retention at lunar-relevant conditions Use data to improve theoretical predictions Determine driving variables for retention Bound water loss potential to define measurement uncertainties. The main goal of this talk is to introduce you to our approach to characterizing volatiles loss for RP. Introduce the facility and its capabilities Overview of the RP hardware used in integrated testing (most recent iteration) Summarize the test variables used thus farReview a sample of the results.
On the estimation of the volatility-growth link
DEFF Research Database (Denmark)
Launov, Andrey; Posch, Olaf; Wälde, Klaus
It is common practice to estimate the volatility-growth link by specifying a standard growth equation such that the variance of the error term appears as an explanatory variable in this growth equation. The variance in turn is modelled by a second equation. Hardly any of existing applications...... of this framework includes exogenous controls in this second variance equation. Our theoretical …ndings suggest that the absence of relevant explanatory variables in the variance equation leads to a biased and inconsistent estimate of the volatility-growth link. Our simulations show that this effect is large. Once...... the appropriate controls are included in the variance equation consistency is restored. In short, we suggest that the variance equation must include relevant control variables to estimate the volatility-growth link....
Zhang, Shu-Xin; Jiang, Ran; Chai, Xin-Sheng
2017-09-01
This paper reports on a new method for the determination of swelling capacity of superabsorbent polymers by a volatile tracer-assisted headspace gas chromatography (HS-GC). Toluene was used as a tracer and added to the solution for polymers swelling test. Based on the differences of the tracer partitioned between the vapor and hydrogel phase before and after the polymer's swelling capacity, a transition point (corresponding to the material swelling capacity) can be observed when plotting the GC signal of toluene vs. the ratio of solution added to polymers. The present method has good precision (RSDpolymers at the elevated temperatures. Copyright © 2017 Elsevier B.V. All rights reserved.
Determination of semi-volatile additives in wines using SPME and GC-MS.
Sagandykova, Gulyaim N; Alimzhanova, Mereke B; Nurzhanova, Yenglik T; Kenessov, Bulat
2017-04-01
Parameters of headspace solid-phase microextraction, such as fiber coating (85μm CAR/PDMS), extraction time (2min for white and 3min for red wines), temperature (85°C), pre-incubation time (15min) were optimized for identification and quantification of semi-volatile additives (propylene glycol, sorbic and benzoic acids) in wines. To overcome problems in their determination, an evaporation of the wine matrix was performed. Using the optimized method, screening of 25 wine samples was performed, and the presence of propylene glycol, sorbic and benzoic acids was found in 22, 20 and 6 samples, respectively. Analysis of different wines using a standard addition approach showed good linearity in concentration ranges 0-250, 0-125, and 0-250mg/L for propylene glycol, sorbic and benzoic acids, respectively. The proposed method can be recommended for quality control of wine and disclosing adulterated samples. Copyright © 2016 Elsevier Ltd. All rights reserved.
The origin of volatiles in the Earth's mantle
Hier-Majumder, Saswata; Hirschmann, Marc M.
2017-08-01
The Earth's deep interior contains significant reservoirs of volatiles such as H, C, and N. Due to the incompatible nature of these volatile species, it has been difficult to reconcile their storage in the residual mantle immediately following crystallization of the terrestrial magma ocean (MO). As the magma ocean freezes, it is commonly assumed that very small amounts of melt are retained in the residual mantle, limiting the trapped volatile concentration in the primordial mantle. In this article, we show that inefficient melt drainage out of the freezing front can retain large amounts of volatiles hosted in the trapped melt in the residual mantle while creating a thick early atmosphere. Using a two-phase flow model, we demonstrate that compaction within the moving freezing front is inefficient over time scales characteristic of magma ocean solidification. We employ a scaling relation between the trapped melt fraction, the rate of compaction, and the rate of freezing in our magma ocean evolution model. For cosmochemically plausible fractions of volatiles delivered during the later stages of accretion, our calculations suggest that up to 77% of total H2O and 12% of CO2 could have been trapped in the mantle during magma ocean crystallization. The assumption of a constant trapped melt fraction underestimates the mass of volatiles in the residual mantle by more than an order of magnitude.Plain Language SummaryThe Earth's deep interior contains substantial amounts of volatile elements like C, H, and N. How these elements got sequestered in the Earth's interior has long been a topic of debate. It is generally assumed that most of these elements escaped the interior of the Earth during the first few hundred thousand years to create a primitive atmosphere, leaving the mantle reservoir nearly empty. In this work, we show that the key to this paradox involves the very early stages of crystallization of the mantle from a global magma ocean. Using numerical models, we show
Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence
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...
Directory of Open Access Journals (Sweden)
Abdelhamid Korrir
2015-04-01
Full Text Available Avoiding strong chemical bonding, as indicated by lower heat of adsorption value, is among the selection criteria for Volatile Organic Compounds adsorbents. In this work, we highlight a non-calorimetric approach to estimating the energy of adsorption and desorption based on measurement of involved amounts, under dynamic conditions, with gaseous Fourier Transform Infrared spectroscopy. The collected data were used for obtaining adsorption heat values through the application of three different methods, namely, isosteric, temperature programmed desorption (TPD, and temperature-programmed adsorption equilibrium (TPAE. The resulting values were compared and discussed with the scope of turning determination of the heat of adsorption with non-calorimetric methods into a relevant decision making tool for designing cost-effective and safe operating of adsorption facilities.
Potential Signatures of Semi-volatile Compounds Associated With Nuclear Processing
Energy Technology Data Exchange (ETDEWEB)
Probasco, Kathleen M.; Birnbaum, Jerome C.; Maughan, A. D.
2002-06-01
Semi-volatile chemicals associated with nuclear processes (e.g., the reprocessing of uranium to produce plutonium for nuclear weapons, or the separation of actinides from processing waste streams), can provide sticky residues or signatures that will attach to piping, ducting, soil, water, or other surface media. Volatile compounds, that are more suitable for electro-optical sensing, have been well studied. However, the semi-volatile compounds have not been well documented or studied. A majority of these semi-volatile chemicals are more robust than typical gaseous or liquid chemicals and can have lifetimes of several weeks, months, or years in the environment. However, large data gaps exist concerning these potential signature compounds and more research is needed to fill these data gaps so that important signature information is not overlooked or discarded. This report investigates key semi-volatile compounds associated with nuclear separations, identifies available chemical and physical properties, and discusses the degradation products that would result from hydrolysis, radiolysis and oxidation reactions on these compounds.
Determining the vapour pressures of plant volatiles from gas chromatographic retention data
Czech Academy of Sciences Publication Activity Database
Hoskovec, Michal; Grygarová, D.; Cvačka, Josef; Streinz, Ludvík; Zima, J.; Verevkin, S. P.; Koutek, Bohumír
2005-01-01
Roč. 1083, - (2005), s. 161-172 ISSN 0021-9673 Institutional research plan: CEZ:AV0Z4055905 Keywords : vapour pressure * thermodinamic parameters * plant volatiles Subject RIV: CC - Organic Chemistry Impact factor: 3.096, year: 2005
The Impact of Jump Distributions on the Implied Volatility of Variance
DEFF Research Database (Denmark)
Nicolato, Elisa; Pisani, Camilla; Pedersen, David Sloth
2017-01-01
We consider a tractable affine stochastic volatility model that generalizes the seminal Heston (1993) model by augmenting it with jumps in the instantaneous variance process. In this framework, we consider both realized variance options and VIX options, and we examine the impact of the distribution...... of jumps on the associated implied volatility smile. We provide sufficient conditions for the asymptotic behavior of the implied volatility of variance for small and large strikes. In particular, by selecting alternative jump distributions, we show that one can obtain fundamentally different shapes...
The electoral volatility in Serbia: Comparison and explanation
Directory of Open Access Journals (Sweden)
Antonić Slobodan
2005-01-01
Full Text Available In the first part of this article the electoral volatility in Serbia is compared to those in other countries. The Pedersen’s Index for Serbia from 1990 to 2003 is 19.6, which means there is high electoral volatility. However, compared to other countries in transition, the volatility in Serbia turns out to be average. Therefore, I conclude that the causes of high volatility in Serbia could not be specific, but similar to the reasons in other post-communist countries. In the second part, I analyze the general reasons for the increased volatility. They are: the large number of parties participating in political life, and insufficient time, passed since the restoration of multiparty elections, for the voters to become more seriously tied to the parties, or for the parties to become socially anchored. In the third part, I analyze the particular causes of the increased volatility that are specific, first of all, for Serbia and other post-communist societies. They are: the fast change of social structure, which leads to a general feeling of social and personal insecurity, as well as the widespread dissatisfaction with the gap between the increase of social inequality and the number of social winners, which increases the frequency of protest voting. At the end, I conclude that, in time, some of these factors would probably lose their significance, so the volatility in Serbia would decrease. However, a noticeable decrease could hardly be expected during the next ten years at least.
Effect of volatile and acid accumulation in dung digestion
Energy Technology Data Exchange (ETDEWEB)
Rajagopal, G; Pathak, B N
1966-01-01
In continuation of laboratory experiments on the anaerobic digestion of cow dung experiments were carried out to determine the limiting concentrations of volatile acids and to investigate methods of regenerating digestion after failure. Volatile acids were increased by adding acetic acid to digesting dung slurry; digestion failed completely when volatile-acid concentration was 6194 mg per litre, at pH 4.4. Attempts were made to regenerate digestion by adding lime, after dilution with water, but although over a period the volatile-acid content was reduced from 5650 to 3730 mg per litre, and the pH value rose on average from 4.5 to 6.3, gas production remained at a low value until additional digested slurry was introduced, leading to resumption of normal digestion.
Bacterial contribution to iodine volatilization in the environment
Energy Technology Data Exchange (ETDEWEB)
Amachi, S; Kasahara, M; Fujii, T [Chiba Univ., Dept. of Bioresources Chemistry, Matsudo, Chiba (Japan); Muramatsu, Y [National Inst. of Radiological Sciences, Chiba (Japan)
2003-09-01
The roles of microorganisms in iodine volatilization from the environment were studied. More than 100 bacterial strains were isolated from various environments such as soils, seawater and marine sediments, and were examined their capacities for volatilizing iodine. Approximately 40% of these bacteria showed significant capacities for volatilizing iodine. Gas chromatographic determinations revealed that the chemical species of gaseous iodine is methyl iodide (CH{sub 3}I). Phylogenetic analysis based on 16S ribosomal DNA showed that these 'iodine-volatilizing bacteria' are widely distributed through the bacterial domain. The iodide-methylating reaction was mediated by an enzyme protein with S-adenosyl-L-methionine (SAM) as the methyl donor. We then estimated bacterial contribution to iodine volatilization from soils. Iodine in soils was volatilized mainly as CH{sub 3}I. CH{sub 3}I emission was enhanced in the presence of glucose or yeast extract, but was inhibited by autoclaving of soils. Little CH{sub 3}I was produced under anaerobic conditions. Furthermore, the addition of streptomycin and tetracycline, antibiotics which inhibit bacterial growth, strongly inhibited CH{sub 3}I emission, while a fungal inhibitor cycloheximide caused little effect. These results suggest that iodine in soils is volatilized as CH{sub 3}I mainly by the action of aerobic soil bacteria. Similar experiment was carried out by using sea water samples. The emission of iodine from sea waters occurred biologically, and bacterial (and also other microbial) contribution was confirmed. Our results suggest that iodine is methylated and volatilized into the atmosphere as a result of bacterial activities. Since bacteria are so abundant and widespread in the environments, they may significantly contribute to global iodine volatilization. This indicates that if {sup 129}I would be released from nuclear facilities, weapons testing or ground storage of nuclear wastes, the pathway of volatilization by
Olfactory antennal responses of the black vine weevil (Otiorhynchus sulcatus) to plant volatiles
Tol, van R.W.H.M.; Visser, J.H.
2002-01-01
Electroantennograms (EAGs) were recorded from the vine weevil, Otiorhynchus sulcatus F. (Coleoptera: Curculionidae) to a broad range of volatile plant compounds. The response profile is restricted to a small number of volatiles that evoke substantial EAGs. Large EAG responses were particularly found
Food security in an era of economic volatility.
Naylor, Rosamond L; Falcon, Walter P
2010-01-01
This article analyzes international commodity price movements, assesses food policies in response to price fluctuations, and explores the food security implications of price volatility on low-income groups. It focuses specifically on measurements, causes, and consequences of recent food price trends, variability around those trends, and price spikes. Combining these three components of price dynamics shows that the variation in real prices post-2000 was substantially greater than that in the 1980s and 1990s, and was approximately equal to the extreme volatility in commodity prices that was experienced in the 1970s. Macro policy, exchange rates, and petroleum prices were important determinants of price variability over 2005–2010, highlighting the new linkages between the agriculture-energy and agriculture-finance markets that affect the world food economy today. These linkages contributed in large part to misguided expectations and uncertainty that drove prices to their peak in 2008. The article also argues that there is a long-lasting effect of price spikes on food policy around the world, often resulting in self-sufficiency policies that create even more volatility in international markets. The efforts by governments to stabilize prices frequently contribute to even greater food insecurity among poor households, most of which are in rural areas and survive on the margin of net consumption and net production. Events of 2008—and more recently in 2010—underscore the impact of price variability for food security and the need for refocused policy approaches to prevent and mitigate price spikes.
Boiling point of volatile liquids at various pressures
Directory of Open Access Journals (Sweden)
Luisa Maria Valencia
2017-07-01
Full Text Available Water, under normal conditions, tends to boil at a “normal boiling temperature” at which the atmospheric pressure fixes the average amount of kinetic energy needed to reach its boiling point. Yet, the normal boiling temperature of different substances varies depending on their nature, for which substances like alcohols, known as volatile, boil faster than water under same conditions. In response to this phenomenon, an investigation on the coexistence of both gas and liquid phases of a volatile substance in a closed system was made, establishing vapor pressure as the determining tendency of a substance to vaporize, which increases exponentially with temperature until a critical point is reached. Since atmospheric pressure is fixed, the internal pressure of the system was varied to determine its relationship with vapor pressure and thus with the boiling point of the substance, concluding that the internal pressure and boiling point of a volatile liquid in a closed system are negatively proportional.
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.
Herbivore-induced plant volatiles and tritrophic interactions across spatial scales.
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.
Schmutzer, G.; Avram, V.; Feher, I.; David, L.; Moldovan, Z.
2012-02-01
The volatile composition of alcoholic beverage was studied by headspace solid-phase microextraction (HSSPME) method and gas chromatography - mass spectrometry (GC-MS). Some volatile compounds, such as alcohols, esters, terpenes and other are mainly responsible for the flavor of fortified wines and their amounts specify the quality of the alcoholic beverages. From this perspective it is interesting to develop a rapid, selective and sensitive analytical method suitable for simultaneous quantification of the main molecules being responsible for the organoleptic characteristic of alcoholic beverages. Vermouth fortified drink was analyzed in order to characterize the volatile profile. Using the HS-SPME/GC-MS a number of twenty-six volatile compounds from a commercial market alcoholic beverage were identified. The most abundant compounds were m-thymol, o-thymol and eugenol, alongside of the ethyl ester compounds.
Determination of non-volatile radiolytic compounds in ethylene co-vinyl alcohol
International Nuclear Information System (INIS)
Kothapalli, A.; Sadler, G.
2003-01-01
The use of ionizing radiation on food contact polymers is increasing due to the critical role of the package in holding or containing the irradiated foods [Food Add. Contam. 18(6) (2001) 475]. Irradiation benefits the food if properly applied and the food is pre-packaged prior to irradiation to protect it from subsequent recontamination. The United States Food and Drug Administration (USFDA) has approved the use of ionizing radiation within the dosage range of 0-60 kGy on limited films since the 1960s [USFDA 21CFR 179.45]. The obstacle in the way of approval of additional polymers is that FDA fears that these materials may undergo changes during irradiation producing toxic radiolytic fragments. Ethylene co-vinyl alcohol (EVOH), which is often used in food applications, is not approved by the FDA for pre-packaged irradiated foods. The present work examines the non-volatile radiolytic compounds, which may be formed due to exposure to gamma irradiation at the dosage levels of 3 and 10 kGy versus a non-radiated control. Irradiated EVOH is subjected to extraction with 95:5 ethanol and water (by volume) as the food simulating solvent (FSS) for a period of 10 days at 40 deg. C, which models the amount of radiolytic compound a food would extract in 1 year [USFDA Chemistry Requirement for Food Contact Notification]. The FSS is then analyzed for the presence of non-volatile compounds using advanced liquid chromatographic techniques. The chromatograms obtained from different dosages show that non-volatile radiolytic compounds are not formed in EVOH and it would, therefore be in compliance with safety demands of USFDA [Available at: http://www.cfsan.fda.gov/~dms/opa-guid.htmlref and http://www.access.gpo.gov/nara/cfr/cfr-table-search.htmlpage1
Determination of non-volatile radiolytic compounds in ethylene co-vinyl alcohol
Kothapalli, A.; Sadler, G.
2003-08-01
The use of ionizing radiation on food contact polymers is increasing due to the critical role of the package in holding or containing the irradiated foods [Food Add. Contam. 18(6) (2001) 475]. Irradiation benefits the food if properly applied and the food is pre-packaged prior to irradiation to protect it from subsequent recontamination. The United States Food and Drug Administration (USFDA) has approved the use of ionizing radiation within the dosage range of 0-60 kGy on limited films since the 1960s [USFDA 21CFR 179.45]. The obstacle in the way of approval of additional polymers is that FDA fears that these materials may undergo changes during irradiation producing toxic radiolytic fragments. Ethylene co-vinyl alcohol (EVOH), which is often used in food applications, is not approved by the FDA for pre-packaged irradiated foods. The present work examines the non-volatile radiolytic compounds, which may be formed due to exposure to gamma irradiation at the dosage levels of 3 and 10 kGy versus a non-radiated control. Irradiated EVOH is subjected to extraction with 95:5 ethanol and water (by volume) as the food simulating solvent (FSS) for a period of 10 days at 40 °C, which models the amount of radiolytic compound a food would extract in 1 year [USFDA Chemistry Requirement for Food Contact Notification]. The FSS is then analyzed for the presence of non-volatile compounds using advanced liquid chromatographic techniques. The chromatograms obtained from different dosages show that non-volatile radiolytic compounds are not formed in EVOH and it would, therefore be in compliance with safety demands of USFDA [Available at: http://www.cfsan.fda.gov/~dms/opa-guid.html#ref and http://www.access.gpo.gov/nara/cfr/cfr-table-search.html#page1].
Constraining the volatile budget of the lunar interior
Potts, N. J.; Bromiley, G. D.
2017-12-01
Measurements of volatiles (F, Cl, S, H2O) in a range of lunar samples confirm the presence of volatile material in lunar magmas. It remains unknown, however, where this volatile material is stored and when it was delivered to the Moon. On Earth, point defects within mantle olivine, and its high-pressure polymorphs, are thought to be the largest reservoir of volatile material. However, as volatiles have been cycled into and out of the Earth's mantle throughout geological time, via subduction and volcanism, this masks any original volatile signatures. As the Moon has no plate tectonics, it is expected that any volatile material present in the deep lunar interior would have been inherited during accretion and differentiation, providing insight into the delivery of volatiles to the early Earth-Moon system. Our aim was, therefore, to test the volatile storage capacity of the deep lunar mantle and determine mineral/melt partitioning for key volatiles. Experiments were performed in a primitive lunar mantle composition and run at relevant T, P, and at fO2 below the IW buffer. Experiments replicated the initial stages of LMO solidification with either olivine + melt, olivine + pyroxene + melt, or pyroxene + melt as the only phases present. Mineral-melt partition coefficients (Dx) derived for volatile material (F, Cl, S, H2O) vary significantly compared to those derived for terrestrial conditions. An order of magnitude more H2O was found to partition into lunar olivine compared to the terrestrial upper mantle. DF derived for lunar olivine are comparable to the highest terrestrial derived values whilst no Cl was found to partition into lunar olivine under these conditions. Furthermore, an inverse trend between DF and DOH hints towards coupled-substitution mechanisms between H and F under low-fO2/lunar bulk composition. These results suggest that if volatile material was present in the LMO a significant proportion could be partitioned into the lower lunar mantle. The
Realized volatility and absolute return volatility: a comparison indicating market risk.
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.
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.
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...
Volatilization of parathion and chlorothalonil after spraying onto a potato crop
Berg, van den F.; Bor, G.; Smidt, R.A.; Peppel-Groen, van de A.E.; Smelt, J.H.; Müller, T.; Maurer, T.
1995-01-01
At fourteen times after application of parathion and chlorothalonil to a potato crop their rates of volatilization were determined by the aerodynamic and Bowen ratio methods. The highest volatilization rate of parathion occurred shortly after application. In the first hours after application its
Automated Signal Processing Applied to Volatile-Based Inspection of Greenhouse Crops
Jansen, Roel; Hofstee, Jan Willem; Bouwmeester, Harro; van Henten, Eldert
2010-01-01
Gas chromatograph–mass spectrometers (GC-MS) have been used and shown utility for volatile-based inspection of greenhouse crops. However, a widely recognized difficulty associated with GC-MS application is the large and complex data generated by this instrument. As a consequence, experienced analysts are often required to process this data in order to determine the concentrations of the volatile organic compounds (VOCs) of interest. Manual processing is time-consuming, labour intensive and may be subject to errors due to fatigue. The objective of this study was to assess whether or not GC-MS data can also be automatically processed in order to determine the concentrations of crop health associated VOCs in a greenhouse. An experimental dataset that consisted of twelve data files was processed both manually and automatically to address this question. Manual processing was based on simple peak integration while the automatic processing relied on the algorithms implemented in the MetAlign™ software package. The results of automatic processing of the experimental dataset resulted in concentrations similar to that after manual processing. These results demonstrate that GC-MS data can be automatically processed in order to accurately determine the concentrations of crop health associated VOCs in a greenhouse. When processing GC-MS data automatically, noise reduction, alignment, baseline correction and normalisation are required. PMID:22163594
International Nuclear Information System (INIS)
Ailwood, C.R.; Bunch, K.; Fookes, R.A.; Gravitis, V.L.; Watt, J.S.
1977-01-01
The combustible volatile matter in coal mine roadway dusts (CVM) has been determined using x-ray backscatter techniques. The correlation between x-ray and chemical techniques is reasonably good for the 92 samples from collieries on the Bulli seam, and the maximum error expected at the maximum level of 11.5 weight per cent CVM permitted in the N.S.W. Coal Mines Regulation Act, 1912, as amended, is about +- 2.5 weight per cent. This x-ray technique can be used only when the combustible volatile content of the coal matter (CVM) varies within a limited range, and a separate calibration is required for each coal seam. Portable equipment based on a radioisotope x-ray source and digital ratemeter makes possible simple and rapid analysis, and with adaptation to use in coal mines should lead to much more comprehensive testing of roadways and hence improved overall prevention of coal dust explosions. (author)
Reducing Fuel Volatility. An Additional Benefit From Blending Bio-fuels?
Energy Technology Data Exchange (ETDEWEB)
Bailis, R. [Yale School of Forestry and Environmental Studies, 195 Prospect Street, New Haven, CT 06511 (United States); Koebl, B.S. [Utrecht University, Science Technology and Society, Budapestlaan 6, 3584 CD Utrecht (Netherlands); Sanders, M. [Utrecht University, Utrecht School of Economics, Janskerkhof 12, 3512 BL Utrecht (Netherlands)
2011-02-15
Oil price volatility harms economic growth. Diversifying into different fuel types can mitigate this effect by reducing volatility in fuel prices. Producing bio-fuels may thus have additional benefits in terms of avoided damage to macro-economic growth. In this study we investigate trends and patterns in the determinants of a volatility gain in order to provide an estimate of the tendency and the size of the volatility gain in the future. The accumulated avoided loss from blending gasoline with 20 percent ethanol-fuel estimated for the US economy amounts to 795 bn. USD between 2010 and 2019 with growing tendency. An amount that should be considered in cost-benefit analysis of bio-fuels.
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
Hidden Liquidity: Determinants and Impact
Gökhan Cebiroglu; Ulrich Horst
2012-01-01
We cross-sectionally analyze the presence of aggregated hidden depth and trade volume in the S&P 500 and identify its key determinants. We find that the spread is the main predictor for a stock’s hidden dimension, both in terms of traded and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the market, ...
Evaluation of γ-radiation on oolong tea odor volatiles
International Nuclear Information System (INIS)
Fanaro, G.B.; Duarte, R.C.; Santillo, A.G.; Pinto e Silva, M.E.M.; Purgatto, E.
2012-01-01
The aim of this study was to evaluate the gamma radiation effects on odor volatiles in oolong 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 irradiation has a large influence on oolong tea odor profile, once it was identified 40% of new compounds after this process, the 5 kGy and 20 kGy were the doses that degraded more volatiles found naturally in this kind of tea and the dose of 10 kGy was the dose that formed more new compounds. Statistical difference was found between the 5 kGy and 15 kGy volatile profiles, however the sensorial analysis showed that the irradiation at dose up 20 kGy did not interfere on consumer perception. - Highlights: ► Forty percent of compounds identified with odor were formed after irradiation. ► Dose of 5 kGy and 20 kGy were the radiation dose that degraded more odors compounds. ► Gamma radiation showed has a direct influence on volatile compounds in oolong tea.
Energy Technology Data Exchange (ETDEWEB)
Wolters, A.
2003-07-01
Simulation of pesticide volatilization from plant and soil surfaces as an integral component of pesticide fate models is of utmost importance, especially as part of the PEC (predicted environmental concentrations) models used in the registration procedures for pesticides. Experimentally determined volatilization rates at different scales were compared to model predictions to improve recent approaches included in European registration models. To assess the influence of crucial factors affecting volatilization under well-defined conditions, a laboratory chamber was set-up and validated. Aerodynamic conditions were adjusted to fulfill the requirements of the German guideline on assessing pesticide volatilization for registration purposes. At the semi-field scale, volatilization rates were determined in a wind-tunnel study after soil surface application of pesticides to gleyic cambisol. The following descending order of cumulative volatilization was observed: chlorpyrifos > parathion-methyl > terbuthylazine > fenpropimorph. Parameterization of the models PEARL (pesticide emission assessment at regional and local scales) and PELMO (pesticide leaching model) was performed to mirror the experimental boundary conditions. (orig.)
Estimation of stochastic volatility by using Ornstein-Uhlenbeck type models
Mariani, Maria C.; Bhuiyan, Md Al Masum; Tweneboah, Osei K.
2018-02-01
In this study, we develop a technique for estimating the stochastic volatility (SV) of a financial time series by using Ornstein-Uhlenbeck type models. Using the daily closing prices from developed and emergent stock markets, we conclude that the incorporation of stochastic volatility into the time varying parameter estimation significantly improves the forecasting performance via Maximum Likelihood Estimation. Furthermore, our estimation algorithm is feasible with large data sets and have good convergence properties.
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.
Agila, Amal; Barringer, Sheryl Ann
2011-01-01
Volatile compounds were quantified in the headspace of Indian, Vietnamese, and Brazilian cashews, both raw and during roasting by selected ion flow tube-mass spectrometry. The optimum roasting times based on color measurements were also determined. Raw cashews were oil roasted for 3 to 9 min at 143 °C and color and volatiles measured. An excellent correlation, following a pseudo 1st-order reaction, was found between L* value and roasting time; darkness increases as roasting time increases. The optimum roasting time was 6, 8, and 9 min for Vietnamese, Indian, and Brazilian cashews, respectively. Raw cashews had lower concentrations of volatiles than roasted cashews. Most volatiles significantly increased in concentration during roasting of Brazilian, Indian, and Vietnamese cashews. Only a few volatiles significantly decreased during roasting. Ethanol and 1-heptene significantly decreased during roasting in Brazilian cashews and toluene decreased in Vietnamese cashews. Brazilian cashews had significantly higher levels of most volatiles than Indian and Vietnamese cashews. Most volatile levels in Indian and Vietnamese cashews were not significantly different. Of the volatiles, Strecker aldehydes, including methylbutanal, 2-methylpropanal, and acetaldehyde, were at the highest concentration in roasted cashews. The Maillard reaction contributed to the formation of most of the volatiles in cashews from the 3 countries. There was also degradation of sugars to form furan-type compounds and oxidation of lipids to form alkanals such as hexanal. The volatile profile during roasting of cashews can be used to determine the best roasting time for each type of cashew. The rate of color development and the production of volatiles differ for the cashews from the 3 geographical locations. © 2011 Institute of Food Technologists®
Determination of volatile organic hydrocarbons in water samples by solid-phase dynamic extraction
Energy Technology Data Exchange (ETDEWEB)
Jochmann, Maik A.; Schmidt, Torsten C. [Eberhard-Karls-Universitaet Tuebingen, Center for Applied Geoscience (ZAG), Tuebingen (Germany); Chair of Instrumental Analysis, University Duisburg-Essen, Duisburg (Germany); Yuan, Xue [Eberhard-Karls-Universitaet Tuebingen, Center for Applied Geoscience (ZAG), Tuebingen (Germany)
2007-03-15
In the present study a headspace solid-phase dynamic extraction method coupled to gas chromatography-mass spectrometry (HS-SPDE-GC/MS) for the trace determination of volatile halogenated hydrocarbons and benzene from groundwater samples was developed and evaluated. As target compounds, benzene as well as 11 chlorinated and brominated hydrocarbons (vinyl chloride, dichloromethane, cis-1,2-dichloroethylene, trans-1,2-dichloroethylene, carbon tetrachloride, chloroform, trichloroethylene, tetrachloroethylene, bromoform) of environmental and toxicological concern were included in this study. The analytes were extracted using a SPDE needle device, coated with a poly(dimethylsiloxane) with 10% embedded activated carbon phase (50-{mu}m film thickness and 56-mm film length) and were analyzed by GC/MS in full-scan mode. Parameters that affect the extraction yield such as extraction and desorption temperature, salting-out, extraction and desorption flow rate, extraction volume and desorption volume, the number of extraction cycles, and the pre-desorption time have been evaluated and optimized. The linearity of the HS-SPDE-GC/MS method was established over several orders of magnitude. Method detection limits (MDLs) for the compounds investigated ranged between 12 ng/L for cis-dichloroethylene and trans-dichloroethylene and 870 ng/L for vinyl chloride. The method was thoroughly validated, and the precision at two concentration levels (0.1 mg/L and a concentration 5 times above the MDL) was between 3.1 and 16% for the analytes investigated. SPDE provides high sensitivity, short sample preparation and extraction times and a high sample throughput because of full automation. Finally, the applicability to real environmental samples is shown exemplarily for various groundwater samples from a former waste-oil recycling facility. Groundwater from the site showed a complex contamination with chlorinated volatile organic compounds and aromatic hydrocarbons. (orig.)
Determination of volatile organic hydrocarbons in water samples by solid-phase dynamic extraction.
Jochmann, Maik A; Yuan, Xue; Schmidt, Torsten C
2007-03-01
In the present study a headspace solid-phase dynamic extraction method coupled to gas chromatography-mass spectrometry (HS-SPDE-GC/MS) for the trace determination of volatile halogenated hydrocarbons and benzene from groundwater samples was developed and evaluated. As target compounds, benzene as well as 11 chlorinated and brominated hydrocarbons (vinyl chloride, dichloromethane, cis-1,2-dichloroethylene, trans-1,2-dichloroethylene, carbon tetrachloride, chloroform, trichloroethylene, tetrachloroethylene, bromoform) of environmental and toxicological concern were included in this study. The analytes were extracted using a SPDE needle device, coated with a poly(dimethylsiloxane) with 10% embedded activated carbon phase (50-microm film thickness and 56-mm film length) and were analyzed by GC/MS in full-scan mode. Parameters that affect the extraction yield such as extraction and desorption temperature, salting-out, extraction and desorption flow rate, extraction volume and desorption volume, the number of extraction cycles, and the pre-desorption time have been evaluated and optimized. The linearity of the HS-SPDE-GC/MS method was established over several orders of magnitude. Method detection limits (MDLs) for the compounds investigated ranged between 12 ng/L for cis-dichloroethylene and trans-dichloroethylene and 870 ng/L for vinyl chloride. The method was thoroughly validated, and the precision at two concentration levels (0.1 mg/L and a concentration 5 times above the MDL) was between 3.1 and 16% for the analytes investigated. SPDE provides high sensitivity, short sample preparation and extraction times and a high sample throughput because of full automation. Finally, the applicability to real environmental samples is shown exemplarily for various groundwater samples from a former waste-oil recycling facility. Groundwater from the site showed a complex contamination with chlorinated volatile organic compounds and aromatic hydrocarbons.
International Nuclear Information System (INIS)
Du Xiaodong; Yu, Cindy L.; Hayes, Dermot J.
2011-01-01
This paper assesses factors that potentially influence the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn, and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov Chain Monte Carlo methods. Speculation, scalping, and petroleum inventories are found to be important in explaining the volatility of crude oil prices. Several properties of crude oil price dynamics are established, including mean-reversion, an asymmetry between returns and volatility, volatility clustering, and infrequent compound jumps. We find evidence of volatility spillover among crude oil, corn, and wheat markets after the fall of 2006. This can be largely explained by tightened interdependence between crude oil and these commodity markets induced by ethanol production.
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.
Normalization for Implied Volatility
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.
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...
Zhu, Hong; Zhu, Jie; Wang, Lili; Li, Zaigui
2016-01-01
A solid-phase microextraction followed by gas chromatography-mass spectrometry method was developed to determine the volatile compounds in Shanxi aged vinegar. The optimal extraction conditions were: 50 °C for 20 min with a PDMS/DVB fiber. This analytical method was validated and showed satisfactory repeatability (0.5 %
Characterization of Volatile Compounds of Bulgur (Antep Type Produced from Durum Wheat
Directory of Open Access Journals (Sweden)
Saad Ibrahim Yousif
2018-01-01
Full Text Available Bulgur is enjoyed and rediscovered by many people as a stable food because of its color, flavor, aroma, texture, and nutritional and economical values. There is more than one type of bulgur overall the world according to production techniques and raw materials. The volatile compounds of bulgur have not been explored yet. In this study, Headspace Solid Phase Microextraction (HS-SPME and Gas Chromatography–Mass Spectroscopy (GS-MS methods were used to determine the volatile flavor compounds of bulgur (Antep type, produced from Durum wheat. Approaching studies were used and the results were optimized to determine the ideal conditions for the extraction and distinguish the compounds responsible for the flavor of bulgur. Approximately, 47 and 37 important volatile compounds were determined for Durum wheat and bulgur, respectively. The study showed that there was a great diversity of volatiles in bulgur produced using Durum wheat and Antep type production method. These can lead to a better understanding of the combination of compounds that give a unique flavor with more researches.
Volatility of V15Cr5Ti fusion reactor alloy
International Nuclear Information System (INIS)
Neilson, R.M. Jr.
1986-01-01
One potential hazard from the presence of activation products in fusion facilities is accidental oxidation-driven volatility of those activation products. Scoping experiments were conducted to investigate the oxidation and elemental volatility of candidate fusion reactor alloy V15Cr5Ti as a function of time, temperature, and test atmosphere. Experiments in air and in argon carrier gases containing 10 4 to 10 1 Pa (10 -1 to 10 -4 atm) oxygen were conducted to investigate the lower oxygen partial pressure limit for the formation of a low melting point (approximately 650 0 C), high volatility, oxide layer and its formation rate. Experiments to determine the elemental volatility of alloy constituents in air at temperatures of 700 0 C to greater than 1600 0 C. Some of these volatility experiments used V15Cr5Ti that was arc-remelted to incorporate small quantities (<0.1 wt. %) of Sc and Ca. Incorporation of Sc and Ca in test specimens permitted volatility measurement of radioactive constituents present only after activation of V15Cr5Ti
Comparison of Techniques to Determine the Clearance of Ruminal Volatile Fatty Acids
Resende Júnior, J.C.; Pereira, M.N.; Boer, H.; Tamminga, S.
2006-01-01
The objective of this experiment was to compare measurements of fractional clearance rates obtained by using an unlabeled valerate-CoEDTA technique with measurements obtained by using a 13C-labeled volatile fatty acids (VFA) technique. The exponential decay rate of the 13C/12C ratio after
The effect of oil price volatility on strategic investment
International Nuclear Information System (INIS)
Henriques, Irene; Sadorsky, Perry
2011-01-01
In this paper, we investigate how oil price volatility affects the strategic investment decisions of a large panel of US firms. This paper uses key insights from the real options literature to develop a model of a company's strategic investment and shows how changes in oil price volatility can impact strategic investment decisions. The model is estimated using recently developed generalized method of moment estimation techniques for panel data sets. Empirical results are presented to show that there is a U shaped relationship between oil price volatility and firm investment. This is consistent with the predictions from the strategic growth options literature. The results should be useful to decision makers, investors, managers, policy makers and others who need to make strategic investment decisions in an uncertain world. (author)
Field screening procedures for determining the presence of volatile organic compounds in soil
International Nuclear Information System (INIS)
Crockett, A.B.; DeHaan, M.S.
1991-01-01
Many field screening procedures have been used to detect the presence of volatile organic compounds (VOC) in soils but almost none have been documented and verified. Users of these procedures have not really known whether their objectives in screening were met. A reliable VOC screening procedure could significantly reduce the number of samples currently being submitted to laboratories, thereby reducing costs and improving site characterization. The Environmental Protection Agency's Environmental Monitoring Systems Laboratory in Las Vegas (EMSL-LV) has therefore sponsored a research effort to evaluate and improve headspace methods for screening soils for VOC in the field. The research involved comparing several extraction procedures using soils from actual waste sites, and determining the agitation and mixing necessary to achieve equilibrium. Headspace was analyzed using a relatively simple portable gas chromatograph with a short column. The results were variable and show that several procedures should be attempted and the results evaluated before selecting a screening procedure. 10 refs., 6 tabs
Chemically-resolved volatility measurements of organic aerosol fom different sources.
Huffman, J A; Docherty, K S; Mohr, C; Cubison, M J; Ulbrich, I M; Ziemann, P J; Onasch, T B; Jimenez, J L
2009-07-15
A newly modified fast temperature-stepping thermodenuder (TD) was coupled to a High Resolution Time-of-Flight Aerosol Mass Spectrometer for rapid determination of chemically resolved volatility of organic aerosols (OA) emitted from individual sources. The TD-AMS system was used to characterize primary OA (POA) from biomass burning, trash burning surrogates (paper and plastic), and meat cooking as well as chamber-generated secondary OA (SOA) from alpha-pinene and gasoline vapor. Almost all atmospheric models represent POA as nonvolatile, with no allowance for evaporation upon heating or dilution, or condensation upon cooling. Our results indicate that all OAs observed show semivolatile behavior and that most POAs characterized here were at least as volatile as SOA measured in urban environments. Biomass-burning OA (BBOA) exhibited a wide range of volatilities, but more often showed volatility similar to urban OA. Paper-burning resembles some types of BBOA because of its relatively high volatility and intermediate atomic oxygen-to-carbon (O/C) ratio, while meat-cooking OAs (MCOA) have consistently lower volatility than ambient OA. Chamber-generated SOA under the relatively high concentrations used intraditional experiments was significantly more volatile than urban SOA, challenging extrapolation of traditional laboratory volatility measurements to the atmosphere. Most OAs sampled show increasing O/C ratio and decreasing H/C (hydrogen-to-carbon) ratio with temperature, further indicating that more oxygenated OA components are typically less volatile. Future experiments should systematically explore a wider range of mass concentrations to more fully characterize the volatility distributions of these OAs.
Involvement of a volatile metabolite during phosphoramide mustard-induced ovotoxicity
Energy Technology Data Exchange (ETDEWEB)
Madden, Jill A. [Department of Animal Science, Iowa State University, Ames, IA 50011 (United States); Hoyer, Patricia B. [Department of Physiology, University of Arizona, Tucson, AZ 85724 (United States); Devine, Patrick J. [INRS—Institut Armand-Frappier Research Centre, University of Quebec, Laval, QC H7V 1B7 (Canada); Keating, Aileen F., E-mail: akeating@iastate.edu [Department of Animal Science, Iowa State University, Ames, IA 50011 (United States); Department of Physiology, University of Arizona, Tucson, AZ 85724 (United States)
2014-05-15
The finite ovarian follicle reserve can be negatively impacted by exposure to chemicals including the anti-neoplastic agent, cyclophosphamide (CPA). CPA requires bioactivation to phosphoramide mustard (PM) to elicit its therapeutic effects however; in addition to being the tumor-targeting metabolite, PM is also ovotoxic. In addition, PM can break down to a cytotoxic, volatile metabolite, chloroethylaziridine (CEZ). The aim of this study was initially to characterize PM-induced ovotoxicity in growing follicles. Using PND4 Fisher 344 rats, ovaries were cultured for 4 days before being exposed once to PM (10 or 30 μM). Following eight additional days in culture, relative to control (1% DMSO), PM had no impact on primordial, small primary or large primary follicle number, but both PM concentrations induced secondary follicle depletion (P < 0.05). Interestingly, a reduction in follicle number in the control-treated ovaries was observed. Thus, the involvement of a volatile, cytotoxic PM metabolite (VC) in PM-induced ovotoxicity was explored in cultured rat ovaries, with control ovaries physically separated from PM-treated ovaries during culture. Direct PM (60 μM) exposure destroyed all stage follicles after 4 days (P < 0.05). VC from nearby wells depleted primordial follicles after 4 days (P < 0.05), temporarily reduced secondary follicle number after 2 days, and did not impact other stage follicles at any other time point. VC was determined to spontaneously liberate from PM, which could contribute to degradation of PM during storage. Taken together, this study demonstrates that PM and VC are ovotoxicants, with different follicular targets, and that the VC may be a major player during PM-induced ovotoxicity observed in cancer survivors. - Highlights: • PM depletes all stage ovarian follicles in a temporal pattern. • A volatile ovotoxic compound is liberated from PM. • The volatile metabolite depletes primordial follicles.
Dilution and volatilization of groundwater contaminant discharges in streams
DEFF Research Database (Denmark)
Aisopou, Angeliki; Bjerg, Poul Løgstrup; Sonne, Anne Thobo
2015-01-01
measurement. The solution was successfully applied to published field data obtained in a large and a small Danish stream and provided valuable information on the risk posed by the groundwater contaminant plumes. The results provided by the dilution and volatilization model are very different to those obtained......An analytical solution to describe dilution and volatilization of a continuous groundwater contaminant plume into streams is developed for risk assessment. The location of groundwater plume discharge into the stream (discharge through the side versus bottom of the stream) and different...
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....
Volatile organic compounds in emissions from brown-coal-fired residential stoves
International Nuclear Information System (INIS)
Engewald, W.; Knobloch, T.; Efer, J.
1993-01-01
Volatile organic compounds were determined in stack-gas emissions from the residential burning of brown-coal briquets using adsorptive enrichment on hydrophobic adsorbents, thermal desorption and capillary-gas chromatographic analysis. 152 compounds were identified and quantified. Quantitative emission factors of the identified individual compounds were determined in relation to the amount of the fuel used. These factors permit assessment of the pollution of the city of Leipzig with volatile organic compounds resulting from the burning of indigenous lignite. (orig.) [de
American options under stochastic volatility
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
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.
On the volatility-volume relationship in energy futures markets using intra-day data
International Nuclear Information System (INIS)
Chevallier, Julien; Sevi, Benoit
2011-01-01
This paper investigates the relationship between trading volume and price volatility in the crude oil and natural gas futures markets when using high-frequency data. By regressing various realized volatility measures (with/without jumps) on trading volume and trading frequency, our results feature a contemporaneous and largely positive relationship. Furthermore, we test whether the volatility-volume relationship is symmetric for energy futures by considering positive and negative realized semi-variance. We show that (i) an asymmetric volatility-volume relationship indeed exists, (ii) trading volume and trading frequency significantly affect negative and positive realized semi-variance, and (iii) the information content of negative realized semi-variance is higher than for positive realized semi-variance. (authors)
A Method for Software Requirement Volatility Analysis Using QFD
Directory of Open Access Journals (Sweden)
Yunarso Anang
2016-10-01
Full Text Available Changes of software requirements are inevitable during the development life cycle. Rather than avoiding the circumstance, it is easier to just accept it and find a way to anticipate those changes. This paper proposes a method to analyze the volatility of requirement by using the Quality Function Deployment (QFD method and the introduced degree of volatility. Customer requirements are deployed to software functions and subsequently to architectural design elements. And then, after determining the potential for changes of the design elements, the degree of volatility of the software requirements is calculated. In this paper the method is described using a flow diagram and illustrated using a simple example, and is evaluated using a case study.
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.
Chytiri, S; Goulas, A E; Badeka, A; Riganakos, K A; Kontominas, M G
2005-12-01
The effects of gamma-irradiation (5-60 kGy) on radiolysis products and sensory changes of experimental five-layer food-packaging films were determined. Films contained a middle buried layer of recycled low-density polyethylene (LDPE) comprising 25-50% by weight (bw) of the multilayer structure. Respective films containing 100% virgin LDPE as the buried layer were used as controls. Under realistic polymer/food simulant contact conditions during irradiation, a large number of primary and secondary radiolysis products (hydrocarbons, aldehydes, ketones, alcohols, carboxylic acids) were produced. These compounds were detected in the food simulant after contact with all films tested, even at the lower absorbed doses of 5 and 10 kGy (approved doses for food preservation). The type and concentration of radiolysis products increased progressively with increasing dose. Generally, there were no significant differences in radiolysis products between samples containing a buried layer of recycled LDPE and those containing virgin LDPE (all absorbed doses), indicating the good barrier properties of external virgin polymer layers. Volatile and non-volatile compounds produced during irradiation affected the sensory properties of potable water after contact with packaging films. Taste transfer to water was observed mainly at higher doses and was more noticeable for multilayer structures containing recycled LDPE, even though differences were slight.
The volatile compound BinBase mass spectral database.
Skogerson, Kirsten; Wohlgemuth, Gert; Barupal, Dinesh K; Fiehn, Oliver
2011-08-04
Base database algorithms have been successfully modified to allow for tracking and identification of volatile compounds in complex mixtures. The database is capable of annotating large datasets (hundreds to thousands of samples) and is well-suited for between-study comparisons such as chemotaxonomy investigations. This novel volatile compound database tool is applicable to research fields spanning chemical ecology to human health. The BinBase source code is freely available at http://binbase.sourceforge.net/ under the LGPL 2.0 license agreement.
The volatile compound BinBase mass spectral database
Directory of Open Access Journals (Sweden)
Barupal Dinesh K
2011-08-01
://vocbinbase.fiehnlab.ucdavis.edu. Conclusions The BinBase database algorithms have been successfully modified to allow for tracking and identification of volatile compounds in complex mixtures. The database is capable of annotating large datasets (hundreds to thousands of samples and is well-suited for between-study comparisons such as chemotaxonomy investigations. This novel volatile compound database tool is applicable to research fields spanning chemical ecology to human health. The BinBase source code is freely available at http://binbase.sourceforge.net/ under the LGPL 2.0 license agreement.
Quantitative estimates of the volatility of ambient organic aerosol
Cappa, C. D.; Jimenez, J. L.
2010-06-01
Measurements of the sensitivity of organic aerosol (OA, and its components) mass to changes in temperature were recently reported by Huffman et al.~(2009) using a tandem thermodenuder-aerosol mass spectrometer (TD-AMS) system in Mexico City and the Los Angeles area. Here, we use these measurements to derive quantitative estimates of aerosol volatility within the framework of absorptive partitioning theory using a kinetic model of aerosol evaporation in the TD. OA volatility distributions (or "basis-sets") are determined using several assumptions as to the enthalpy of vaporization (ΔHvap). We present two definitions of "non-volatile OA," one being a global and one a local definition. Based on these definitions, our analysis indicates that a substantial fraction of the organic aerosol is comprised of non-volatile components that will not evaporate under any atmospheric conditions; on the order of 50-80% when the most realistic ΔHvap assumptions are considered. The sensitivity of the total OA mass to dilution and ambient changes in temperature has been assessed for the various ΔHvap assumptions. The temperature sensitivity is relatively independent of the particular ΔHvap assumptions whereas dilution sensitivity is found to be greatest for the low (ΔHvap = 50 kJ/mol) and lowest for the high (ΔHvap = 150 kJ/mol) assumptions. This difference arises from the high ΔHvap assumptions yielding volatility distributions with a greater fraction of non-volatile material than the low ΔHvap assumptions. If the observations are fit using a 1 or 2-component model the sensitivity of the OA to dilution is unrealistically high. An empirical method introduced by Faulhaber et al. (2009) has also been used to independently estimate a volatility distribution for the ambient OA and is found to give results consistent with the high and variable ΔHvap assumptions. Our results also show that the amount of semivolatile gas-phase organics in equilibrium with the OA could range from ~20
Cuevas, F J; Moreno-Rojas, J M; Arroyo, F; Daza, A; Ruiz-Moreno, M J
2016-05-15
The volatile profiles of six plum cultivars ('Laetitia', 'Primetime', 'Sapphire', 'Showtime', 'Songold' and 'Souvenir') produced under two management systems (conventional and organic) and harvested in two consecutive years were obtained by HS-SPME-GC-MS. Twenty-five metabolites were determined, five of which (pentanal, (E)-2-heptenal, 1-octanol, eucalyptol and 2-pentylfuran) are reported for the first time in Prunus salicina Lindl. Hexanal stood out as a major volatile compound affected by the management system. In addition, partial least square discriminant analysis (PLS-DA) achieved an effective classification of genotypes based on their volatile profiles. A high classification accuracy model was obtained with a sensitivity of 97.9% and a specificity of 99.6%. Furthermore, the application of a dual criterion, based on a method of variable selection, VIP (variable importance in projection) and the results of a univariate analysis (ANOVA), allowed the identification of potential volatile markers in 'Primetime', 'Showtime' and 'Souvenir' genotypes (cultivars not characterised to date). Copyright © 2015 Elsevier Ltd. All rights reserved.
Volatile-Mediated within-Plant Signaling in Hybrid Aspen: Required for Systemic Responses.
Li, Tao; Blande, James D
2017-04-01
Plant volatiles play crucial roles in signaling between plants and their associated community members, but their role in within-plant signaling remains largely unexplored, particularly under field conditions. Using a system comprising the hybrid aspen (Populus tremula x tremuloides) and the specialized herbivorous leaf beetle (Phratora laticollis) and, combining field, greenhouse and laboratory experiments, we examined whether local damage triggered systemic responses in undamaged branches that lack vascular connection to the damaged branches, and to what extent this was caused by airborne volatile signals versus internal signals. An experiment tracing dye through the vasculature of saplings revealed no downward movement of the dye from upper to lower branches, suggesting a lack of vascular connectivity among branches. However, we found under both field and laboratory conditions that herbivore feeding on upper branches elicited volatile emissions by undamaged lower branches. Greenhouse experiments manipulating air contact between damaged and undamaged branches showed that systemic induction of volatiles was almost eliminated when air contact was interrupted. Our findings clearly demonstrate that herbivore-induced volatiles overcome vascular constraints and mediate within-plant signaling. Further, we found that volatile signaling led to induction of different classes of volatiles under field and environment controlled conditions, with a weaker response observed in the field. This difference not only reflects the dose- and time-dependent nature of volatile signaling, but also points out that future studies should focus more on field observations to better understand the ecological role of volatile-mediated within-plant signaling.
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...
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.
Emerging non-volatile memories
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.
High salinity volatile phases in magmatic Ni-Cu-platinum group element deposits
Hanley, J. J.; Mungall, J. E.
2004-12-01
The role of "deuteric" fluids (exsolved magmatic volatile phases) in the development of Ni-Cu-PGE (platinum group element) deposits in mafic-ultramafic igneous systems is poorly understood. Although considerable field evidence demonstrates unambiguously that fluids modified most large primary Ni-Cu-PGE concentrations, models which hypothesize that fluids alone were largely responsible for the economic concentration of the base and precious metals are not widely accepted. Determination of the trace element composition of magmatic volatile phases in such ore-forming systems can offer considerable insight into the origin of potentially mineralizing fluids in such igneous environments. Laser ablation ICP-MS microanalysis allows researchers to confirm the original metal budget of magmatic volatile phases and quantify the behavior of trace ore metals in the fluid phase in the absence of well-constrained theoretical or experimental predictions of ore metal solubility. In this study, we present new evidence from major deposits (Sudbury, Ontario, Canada; Stillwater Complex, Montana, U.S.A.) that compositionally distinct magmatic brines and halide melt phases were exsolved from crystallizing residual silicate melt and trapped within high-T fluid conduits now comprised of evolved rock compositions (albite-quartz graphic granite, orthoclase-quartz granophyre). Petrographic evidence demonstrates that brines and halide melts coexisted with immiscible carbonic phases at the time of entrapment (light aliphatic hydrocarbons, CO2). Brine and halide melt inclusions are rich in Na, Fe, Mn, K, Pb, Zn, Ba, Sr, Al and Cl, and homogenize by either halite dissolution at high T ( ˜450-700° C) or by melting of the salt phase (700-800° C). LA-ICPMS analyses of single inclusions demonstrate that high salinity volatile phases contained abundant base metals (Cu, Fe, Sn, Bi) and precious metals (Pt, Pd, Au, Ag) at the time of entrapment. Notably, precious metal concentrations in the inclusions
Volatility Exposure for Strategic Asset Allocation
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...
Comparison of methods for determining volatile compounds in milk, cheese, and whey powder
Solid phase microextraction (SPME) and gas chromatography-mass spectrometry (GC-MS) are commonly used for qualitative and quantitative analysis of volatile compounds in various dairy products, but conditions have to be adjusted for optimal SPME release while not generating new compounds that are abs...
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.
Directory of Open Access Journals (Sweden)
Chukeatirote, E.,
2017-07-01
Full Text Available Fermented soybeans are traditional foods widely consumed in many countries (i.e., Natto in Japan, Jang in Korea, Kinema in India, Douichi in China, and Thua Nao in Thailand. In this study, an attempt was made with an expectation to improve the fermentation process using a co-culture of Bacillus subtilis and Rhizopus oligosporus. Initially, the raw soybeans were washed, sterilized by autoclaving, and inoculated with two inocula; for this, three different ratios between B. subtilis and R. oligosporus used were 100:0, 50:50, and 0:100. The fermentation was then carried out at 30°C for 3 days. The volatile compounds in the non-fermented and the fermented soybean products were determined by gas chromatography/ mass spectrometry (GC/MS and extracted using a solid phase microextraction (SPME technique. In total, 165 compounds were identified in the non-fermented and the fermented soybean products. For the non-fermented products, the predominant volatile compounds were alcohols (25.81%, aldehydes (13.64%, acids and esters (7.57%, furans (6.13% and ketones (0.88%. In contrast, the major volatiles compounds presented in the fermented soybeans were as follows: i The treatment of 100:0 consisted of acids and esters (35.89%, alcohols (14.55%, aldehydes (8.72%, ketones (4.97%, pyrazines (4.87%, and furans (4.22%; ii 50:50 comprised of acids and esters (55.62%, alcohols (16.22%, aldehydes (7.80%, pyrazine (3.65%, ketones (2.55%, furans (1.67%, and aromatic compounds (1.46%; and iii 0:100 included acids and esters (66.50%, alcohols (15.44%, aldehydes (2.59%, ketones (2.72%, furans (1.89%, aromatic compounds (1.80%, pyrazines (1.35%, and sulphur containing compounds (0.24% respectively.
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
Biogenic volatile organic compounds in the Earth system.
Laothawornkitkul, Jullada; Taylor, Jane E; Paul, Nigel D; Hewitt, C Nicholas
2009-01-01
Biogenic volatile organic compounds produced by plants are involved in plant growth, development, reproduction and defence. They also function as communication media within plant communities, between plants and between plants and insects. Because of the high chemical reactivity of many of these compounds, coupled with their large mass emission rates from vegetation into the atmosphere, they have significant effects on the chemical composition and physical characteristics of the atmosphere. Hence, biogenic volatile organic compounds mediate the relationship between the biosphere and the atmosphere. Alteration of this relationship by anthropogenically driven changes to the environment, including global climate change, may perturb these interactions and may lead to adverse and hard-to-predict consequences for the Earth system.
A rapid method for the determination of some volatile aromatic compounds (VACs), including citronellal, citronellol, neral, geranial, geraniol, and eugenol in citronella grass and lemongrass leaves, was developed using surfactant as a surface tension modifier while performing headspace single drop m...
Volatility Mean Reversion and the Market Price of Volatility Risk
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
Miniaturized test system for soil respiration induced by volatile pollutants
International Nuclear Information System (INIS)
Kaufmann, Karin; Chapman, Stephen J.; Campbell, Colin D.; Harms, Hauke; Hoehener, Patrick
2006-01-01
A miniaturized method based on 96-well microtitre plates was developed and used to study respiration in pristine and contaminated soils following addition of volatile substrates. Small soil samples were exposed to fuel components, which were volatilized from spatially separate reservoirs of 2,2,4,4,6,8,8-heptamethylnonane (HMN) as an organic carrier. Respiration was determined as CO 2 production by means of a pH-indicator and bicarbonate-containing agar, or as 14 CO 2 evolution from 14 C-labelled substrates. Substrate concentrations inducing maximum microbial activity or inhibition were determined and CO 2 production profiles examined by multivariate analysis. When high concentrations of fuel components were applied, distinction of hydrocarbon exposed soils from unexposed soil was achieved within 6 h of incubation. With low concentrations, adequate distinction was achieved after 24 h, probably as a result of community adaptation. Nutrient limitation was identified with the 14 C method for toluene, and the optimal N and P amendment determined. Further potential applications of this rapid and inexpensive method are outlined. - A new method to study soil respiration is used when volatile organic contaminants are added
Yu, Yuan; Bai, Jinhe; Chen, Chunxian; Plotto, Anne; Baldwin, Elizabeth A; Gmitter, Frederick G
2018-02-01
Citrus fruit flavor is an important attribute prioritized in variety improvement. The present study compared juice volatiles compositions from 13 selected citrus genotypes, including six mandarins (Citrus reticulata), three sour oranges (Citrus aurantium), one blood orange (Citrus sinensis), one lime (Citrus limonia), one Clementine (Citrus clementina) and one satsuma (Citrus unshiu). Large differences were observed with respect to volatile compositions among the citrus genotypes. 'Goutou' sour orange contained the greatest number of volatile compounds and the largest volatile production level. 'Ponkan' mandarin had the smallest number of volatiles and 'Owari' satsuma yielded the lowest volatile production level. 'Goutou' sour orange and 'Moro' blood orange were clearly distinguished from other citrus genotypes based on the analysis of volatile compositions, even though they were assigned into one single group with two other sour oranges by the molecular marker profiles. The clustering analysis based on the aroma volatile compositions was able to differentiate mandarin varieties and natural sub-groups, and was also supported by the molecular marker study. The gas chromatography-mass spectrometry analysis of citrus juice aroma volatiles can be used as a tool to distinguish citrus genotypes and assist in the assessment of future citrus breeding programs. The aroma volatile profiles of the different citrus genotypes and inter-relationships detected among volatile compounds and among citrus genotypes will provide fundamental information on the development of marker-assisted selection in citrus breeding. © 2017 Society of Chemical Industry. © 2017 Society of Chemical Industry.
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...
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...
Determinants of exchange rate volatility: the case of the new EU members
Czech Academy of Sciences Publication Activity Database
Stančík, Juraj
2007-01-01
Roč. 57, 9-10 (2007), s. 414-432 ISSN 0015-1920 R&D Projects: GA ČR GA402/06/1293; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : exchange - rate volatility * TARCH model * EMU integration Subject RIV: AH - Economics Impact factor: 0.382, year: 2007 http://journal.fsv.cuni.cz/storage/1085_fau_9_10_2007_00000002.pdf
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)
[Analysis of chemical constituents of volatile components from Jia Ga Song Tang by GC-MS].
Tan, Qing-long; Xiong, Tian-qin; Liao, Jia-yi; Yang, Tao; Zhao, Yu-min; Lin, Xi; Zhang, Cui-xian
2014-10-01
To analyze the chemical components of volatile components from Jia Ga Song Tang. The volatile oils were extracted by water steam distillation. The chemical components of essential oil were analyzed by GC-MS and quantitatively determined by a normalization method. 103 components were separated and 87 components were identified in the volatile oil of Zingiberis Rhizoma. 58 components were separated and 38 components were identified in the volatile oil of Myristicae Semen. 49 components were separated and 38 components were identified in the volatile oil of Amomi Rotundus Fructus. 89 components were separated and 63 components were identified in the volatile oil of Jia Ga Song Tang. Eucalyptol, β-phellandrene and other terpenes were the main compounds in the volatile oil of Jia Ga Song Tang. Changes in the kinds and content of volatile components can provide evidences for scientific and rational compatibility for Jia Ga Song Tang.
DEFF Research Database (Denmark)
Stahnke, Marie Louise Heller
1999-01-01
Aseptic model minces were inoculated with commercial samples of either Staphylococcus xylosus or Staphylococcus carnosus. Volatiles produced by the cultures were collected during growth by diffusive sampling onto adsorbent traps, identified by thermal desorption-gas chromatography-mass spectrometry...... and quantified by thermal desorption-gas chromatography-flame ionisation. The data were analysed by principal component analysis. The study showed that both starter cultures produced a large number of volatiles in concentrations of sensory importance. Almost all of the major volatiles resulted from amino acid...... degradation, suggesting that the effect of Staphylococcus starter cultures on flavour quality is much related to their ability of catabolizing amino acids. With the exception of diacetyl, acetoin and 2-methyl-1-butanol, both cultures formed the same volatiles. Diacetyl and acetoin were not produced...
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)
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)
A Consistent Pricing Model for Index Options and Volatility Derivatives
DEFF Research Database (Denmark)
Cont, Rama; Kokholm, Thomas
observed properties of variance swap dynamics and allows for jumps in volatility and returns. An affine specification using L´evy processes as building blocks leads to analytically tractable pricing formulas for options on variance swaps as well as efficient numerical methods for pricing of European......We propose and study a flexible modeling framework for the joint dynamics of an index and a set of forward variance swap rates written on this index, allowing options on forward variance swaps and options on the underlying index to be priced consistently. Our model reproduces various empirically...... 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...
PRICE GENERATING PROCESS AND VOLATILITY IN NIGERIAN AGRICULTURAL COMMODITIES MARKET
Directory of Open Access Journals (Sweden)
Osaihiomwan Ojogho
2015-10-01
Full Text Available The literature on agricultural commodity price volatility in Nigeria has constantly reflected that an excessive price movement is harmful for both producers and consumers, particularly for those who are not able to cope with that new source of economic uncertainty. It has also raised an extensive debate on the main determinants behind the large agricultural commodity price swings observed in the last years without recourse for the price generating process. To narrow this gap, the study examined the price generating process and volatility in the Nigerian agricultural commodities market using secondary data for price series on meat, cereals, sugar, dairy and aggregate food for the period of January 1990 to February 2014. The data were analysed using the linear Gaussian State-Space (SS model. The results of the descriptive statistics showed that the coefficients of variation for cereals (39.88%, food (32.65% and dairy price (43.08% were respectively higher during the overall time period (January 1990 to February 2014 than during the first (January 1990 to January 2002 and second (February 2002 to February 2014 sub-time periods. The results of the inferential statistics showed that authoregressive moving average (ARMA model is the most selected Nigeria agricultural commodity price generating model for the time periods, that a unit increase in the past price state of cereals, dairy, sugar, meat and aggregate food would increase the future price of sugar, meat and aggregate food by N0.14, N0.28 and N0.15 respectively but decrease future price of cereals and dairy by about N1.00 and N0.21 respectively, and that the one-step ahead predicted value for the first out-ofsample period for cereals, meat, dairy and sugar price were 6317.86, 10.24 and 2.06 respectively. The Nigerian agricultural commodity prices have experienced high variability over the period, and such volatility, price-generating process and the determinants of the Nigerian food commodities
Exploring heterogeneous market hypothesis using realized volatility
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.
Fredes, Alejandro; Sales, Carlos; Barreda, Mercedes; Valcárcel, Mercedes; Roselló, Salvador; Beltrán, Joaquim
2016-01-01
A dynamic headspace purge-and-trap (DHS-P&T) methodology for the determination and quantification of 61 volatile compounds responsible for muskmelon and watermelon aroma has been developed and validated. The methodology is based on the application of purge-and-trap extraction followed by gas chromatography coupled to (ion trap) mass spectrometry detection. For this purpose two different P&T sorbent cartridges have been evaluated. The influence of different extraction factors (sample weight, extraction time, and purge flow) on extraction efficiency has been studied and optimised using response surface methodology. Precision, expressed as repeatability, has been evaluated by analysing six replicates of real samples, showing relative standard deviations between 3% and 27%. Linearity has been studied in the range of 10-6130 ng mL(-1) depending on the compound response, showing coefficients of correlation between 0.995 and 0.999. Detection limits ranged between 0.1 and 274 ng g(-1). The methodology developed is well suited for analysis of large numbers of muskmelon and watermelon samples in plant breeding programs. Copyright © 2015 Elsevier Ltd. All rights reserved.
Heating on the volatile composition and sensory aspects of extra-virgin olive oil
Directory of Open Access Journals (Sweden)
Cleiton Antônio Nunes
2013-12-01
Full Text Available The main ways by which extra-virgin olive oil is consumed include direct application on salads or as an ingredient in sauces, but it is also been used by some for cooking, including frying and baking. However, it has been reported that under heat stress, some nonglyceridic components of olive oil are degraded. So, the effect of heating (at 50, 100, 150, and 200 °C for 2 h on the volatile composition and sensory aspects of extra-virgin olive oil were evaluated. Heating altered the volatile composition of extra-virgin olive oil, mainly at higher temperatures (above 150 °C. The main modifications were related to the formation of large amounts of oxidized compounds, particularly large chain aldehydes. Sensory aspects were also altered when the oil was heated to higher temperatures, which might have occurred because of color alterations and mainly changes in the volatile composition of the oil.
Determinants of exchange rate volatility: the case of the new EU members
Czech Academy of Sciences Publication Activity Database
Stančík, Juraj
2007-01-01
Roč. 57, 9-10 (2007), s. 414-432 ISSN 0015-1920 R&D Projects: GA MŠk LC542 Grant - others:GA ČR(CZ) GA402/06/1293 Program:GA Institutional research plan: CEZ:AV0Z70850503 Keywords : exchange - rate volatility * TARCH model * EMU integration Subject RIV: AH - Economics Impact factor: 0.382, year: 2007 http://journal.fsv.cuni.cz/storage/1085_fau_9_10_2007_00000002.pdf
Alternative Asymmetric Stochastic Volatility Models
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
Mobility and volatility: What is behind the rising income inequality in the United States
Wu, Huixuan; Li, Yao
2018-02-01
Inequality of family incomes in the United States has increased significantly in the past four decades. This is largely interpreted as a result of unequal mobility, e.g., the rich can get richer at a faster pace than the rest of the population. However, using nationally representative data and the Fokker-Planck equation, our study shows that income mobility in the United States has remained stable. Instead, we find another factor - income volatility, which measures the instability of incomes - has increased considerably and caused the surge of income inequality. In addition, the rising volatility is associated with the plummeting of income-growth opportunity, creating the feeling that the American Dream is in decline. Volatility has often been overlooked in previous studies on inequality, partially because mobility and volatility are usually studied separately. By contrast, the Fokker-Planck equation takes both mobility and volatility into consideration, making it a more comprehensive model.
Quantitative estimates of the volatility of ambient organic aerosol
Directory of Open Access Journals (Sweden)
C. D. Cappa
2010-06-01
Full Text Available Measurements of the sensitivity of organic aerosol (OA, and its components mass to changes in temperature were recently reported by Huffman et al.~(2009 using a tandem thermodenuder-aerosol mass spectrometer (TD-AMS system in Mexico City and the Los Angeles area. Here, we use these measurements to derive quantitative estimates of aerosol volatility within the framework of absorptive partitioning theory using a kinetic model of aerosol evaporation in the TD. OA volatility distributions (or "basis-sets" are determined using several assumptions as to the enthalpy of vaporization (ΔHvap. We present two definitions of "non-volatile OA," one being a global and one a local definition. Based on these definitions, our analysis indicates that a substantial fraction of the organic aerosol is comprised of non-volatile components that will not evaporate under any atmospheric conditions; on the order of 50–80% when the most realistic ΔHvap assumptions are considered. The sensitivity of the total OA mass to dilution and ambient changes in temperature has been assessed for the various ΔHvap assumptions. The temperature sensitivity is relatively independent of the particular ΔHvap assumptions whereas dilution sensitivity is found to be greatest for the low (ΔHvap = 50 kJ/mol and lowest for the high (ΔHvap = 150 kJ/mol assumptions. This difference arises from the high ΔHvap assumptions yielding volatility distributions with a greater fraction of non-volatile material than the low ΔHvap assumptions. If the observations are fit using a 1 or 2-component model the sensitivity of the OA to dilution is unrealistically high. An empirical method introduced by Faulhaber et al. (2009 has also been used to independently estimate a volatility distribution for the ambient OA and is found to give results consistent with the
Directory of Open Access Journals (Sweden)
Jonathan A Cale
Full Text Available Mountain pine beetle (Dendroctonus ponderosae has killed millions of hectares of pine forests in western North America. Beetle success is dependent upon a community of symbiotic fungi comprised of Grosmannia clavigera, Ophiostoma montium, and Leptographium longiclavatum. Factors regulating the dynamics of this community during pine infection are largely unknown. However, fungal volatile organic compounds (FVOCs help shape fungal interactions in model and agricultural systems and thus may be important drivers of interactions among bark beetle-associated fungi. We investigated whether FVOCs can mediate interspecific interactions among mountain pine beetle's fungal symbionts by affecting fungal growth and reproduction. Headspace volatiles were collected and identified to determine species-specific volatile profiles. Interspecific effects of volatiles on fungal growth and conidia production were assessed by pairing physically-separated fungal cultures grown either on a carbon-poor or -rich substrate, inside a shared-headspace environment. Fungal VOC profiles differed by species and influenced the growth and/or conidia production of the other species. Further, our results showed that FVOCs can be used as carbon sources for fungi developing on carbon-poor substrates. This is the first report demonstrating that FVOCs can drive interactions among bark beetle fungal symbionts, and thus are important factors in beetle attack success.
The Asymmetric Effect in the Volatility of the South African Rand
Directory of Open Access Journals (Sweden)
Idoko Ahmed Itodo
2017-09-01
Full Text Available This study investigates the behaviour of the volatility in the South African Rand/USD exchange rate and its impact on the value of the Rand between 2001 and 2017. The key objectives were to assess the impact of its volatility on its market value, and determine the presence of asymmetric effect in the times path of the volatility, resulting from shocks to its market value. From the estimates of our EGARCH-M (1,1 model, we found the value of the Rand to respond negatively to volatility it is time path, suggesting that the Rand appreciates more in value under conditions of less tranquillity. In addition, we found evidence of asymmetric effect, of shocks to the conditional mean, in the conditional variance of the Rand. The asymmetric effect is such that negative shocks to the conditional mean, which causes the Rand to appreciate, have more impact on next point volatility in the Rand than positive shocks of the same magnitude, which causes depreciation in its value.
A Simplified Model for Volatile-N Oxidation
DEFF Research Database (Denmark)
Hansen, Stine; Glarborg, Peter
2010-01-01
In solid fuel flames, NO is largely formed from the oxidation of volatile nitrogen compounds such as HCN and NH3. To be able to model the nitrogen chemistry in these flames, it is necessary to have an adequate model for volatile-N oxidation. Simple global models for oxidation of HCN and NH3 from...... the literature should be used cautiously, since their predictive capabilities are limited, particularly under reducing conditions. Models for HCN/NH3/NO conversion based on the systematic reduction of a detailed chemical kinetic model offer high accuracy but rely on input estimates of combustion intermediates...... for the sub-bituminous and bituminous coals, especially at lower temperatures. The semiempirical correlations for estimating radical concentrations may also be useful in combination with models for other trace species, such as sulfur oxides, organic species, etc....
Relationship between sensory attributes and volatile compounds of polish dry-cured loin
Górska, Ewa; Nowicka, Katarzyna; Jaworska, Danuta; Przybylski, Wiesław; Tambor, Krzysztof
2017-01-01
Objective The aim of this work was to determine the relationship between objective sensory descriptors and volatile flavour compound composition of Polish traditional dry-cured loin. Methods The volatile compounds were investigated by using solid phase microextraction (SPME) and gas chromatography–mass spectrometry (GC–MS). For sensory assessment, the quantitative descriptive analysis (QDA) method was used. Results A total of 50 volatile compounds were found and assigned to 17 chemical families. Most of the detected volatile compounds derived from smoking, lipid oxidative reactions and seasoning (46.8%, 21.7%, and 18.9%, respectively). The dominant compounds were: aromatic hydrocarbon (toluene); alkanes (hexane, heptane, and 2,2,4-trimethylpentane); aldehyde (hexanal); alcohol (2-furanmethanol); ketone (3-hydroxy-2-butanone); phenol (guaiacol); and terpenes (eucalyptol, cymene, γ-terpinen, and limonene). Correlation analysis showed that some compounds derived from smoking were positively correlated with the intensity of cured meat odour and flavour and negatively with the intensity of dried meat odour and flavour, while terpenes were strongly correlated with odour and flavour of added spices. Conclusion The analysed dry-cured loins were characterized by specific and unique sensory profile. Odour and flavour of studied loins was mainly determined by volatile compounds originating from smoking, seasoning and lipid oxidation. Obtained results suggest that smoking process is a crucial stage during Polish traditional dry-cured loins production. PMID:27456422
Relationship between sensory attributes and volatile compounds of polish dry-cured loin
Directory of Open Access Journals (Sweden)
Ewa Górska
2017-05-01
Full Text Available Objective The aim of this work was to determine the relationship between objective sensory descriptors and volatile flavour compound composition of Polish traditional dry-cured loin. Methods The volatile compounds were investigated by using solid phase microextraction (SPME and gas chromatography–mass spectrometry (GC–MS. For sensory assessment, the quantitative descriptive analysis (QDA method was used. Results A total of 50 volatile compounds were found and assigned to 17 chemical families. Most of the detected volatile compounds derived from smoking, lipid oxidative reactions and seasoning (46.8%, 21.7%, and 18.9%, respectively. The dominant compounds were: aromatic hydrocarbon (toluene; alkanes (hexane, heptane, and 2,2,4-trimethylpentane; aldehyde (hexanal; alcohol (2-furanmethanol; ketone (3-hydroxy-2-butanone; phenol (guaiacol; and terpenes (eucalyptol, cymene, γ-terpinen, and limonene. Correlation analysis showed that some compounds derived from smoking were positively correlated with the intensity of cured meat odour and flavour and negatively with the intensity of dried meat odour and flavour, while terpenes were strongly correlated with odour and flavour of added spices. Conclusion The analysed dry-cured loins were characterized by specific and unique sensory profile. Odour and flavour of studied loins was mainly determined by volatile compounds originating from smoking, seasoning and lipid oxidation. Obtained results suggest that smoking process is a crucial stage during Polish traditional dry-cured loins production.
Krips, O.E.; Willems, P.E.I.; Gols, R.; Posthumus, M.A.; Dicke, M.
1999-01-01
When leaves of the ornamental crop Gerbera jamesonii are damaged by the spider mite Tetranychus urticae, they produce many volatile compounds in large quantities. Undamaged gerbera leaves produce only a few volatiles in very small quantities. In the headspace of spider mite-damaged gerbera leaves
Testing for co-integration in vector autoregressions with non-stationary volatility
DEFF Research Database (Denmark)
Cavaliere, Giuseppe; Rahbek, Anders Christian; Taylor, Robert M.
2010-01-01
cases. We show that the conventional rank statistics computed as in (Johansen, 1988) and (Johansen, 1991) are potentially unreliable. In particular, their large sample distributions depend on the integrated covariation of the underlying multivariate volatility process which impacts on both the size...... and power of the associated co-integration tests, as we demonstrate numerically. A solution to the identified inference problem is provided by considering wild bootstrap-based implementations of the rank tests. These do not require the practitioner to specify a parametric model for volatility, or to assume...
Directory of Open Access Journals (Sweden)
Rosa María Rosales Aranda
2012-01-01
Full Text Available The optimal detection and quantification of contamination plumes in soil and groundwater by petroleum organic compounds, gasoline and diesel, is critical for the reclamation of hydrocarbons contaminated soil at petrol stations. Through this study it has been achieved a sampling stage optimization in these scenarios by means of the location of potential contamination areas before sampling with the application of the 2D electrical resistivity tomography method, a geophysical non destructive technique based on resistivity measurements in soils. After the detection of hydrocarbons contaminated areas, boreholes with continuous coring were performed in a petrol station located in Murcia Region (Spain. The drillholes reached depths down to 10 m and soil samples were taken from each meter of the drilling. The optimization in the soil samples handling and storage, for both volatile and semi-volatile organic compounds determinations, was achieved by designing a soil sampler to minimize volatilization losses and in order to avoid the manual contact with the environmental samples during the sampling. The preservation of soil samples was performed according to Europe regulations and US Environmental Protection Agency recommendations into two kinds of glass vials. Moreover, it has been taken into account the determination techniques to quantify the hydrocarbon pollution based on Gas Chromatography with different detectors and headspace technique to reach a liquid-gas equilibrium for volatile analyses.
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)
Scaling and volatility of breakouts and breakdowns in stock price dynamics.
Liu, Lu; Wei, Jianrong; Huang, Jiping
2013-01-01
Because the movement of stock prices is not only ubiquitous in financial markets but also crucial for investors, extensive studies have been done to understand the law behind it. In particular, since the financial crisis in 2008, researchers have a more interest in investigating large market volatilities in order to grasp changing market trends. In this work, we analyze the breakouts and breakdowns of both the Standard & Poor's 500 Index in the US stock market and the Shanghai Composite Index in the Chinese stock market. The breakout usually represents an ongoing upward trend in technical analysis while the breakdown represents an ongoing downward trend. Based on the renormalization method, we introduce two parameters to quantize breakouts and breakdowns, respectively. We discover scaling behavior, characterized by power-law distributions for both the breakouts and breakdowns in the two financial markets with different power-law exponents, which reflect different market volatilities. In detail, the market volatility for breakdowns is usually larger than that for breakouts. Moreover, as an emerging market, the Chinese stock market has larger market volatilities for both the breakouts and breakdowns than the US stock market (a mature market). Further, the short-term volatilities show similar features for both the US stock market and the Chinese stock market. However, the medium-term volatilities in the US stock market are almost symmetrical for the breakouts and breakdowns, whereas those in the Chinese stock market appear to be asymmetrical for the breakouts and breakdowns. The methodology presented here provides a way to understand scaling and hence volatilities of breakouts and breakdowns in stock price dynamics. Our findings not only reveal the features of market volatilities but also make a comparison between mature and emerging financial markets.
Scaling and volatility of breakouts and breakdowns in stock price dynamics.
Directory of Open Access Journals (Sweden)
Lu Liu
Full Text Available BACKGROUND: Because the movement of stock prices is not only ubiquitous in financial markets but also crucial for investors, extensive studies have been done to understand the law behind it. In particular, since the financial crisis in 2008, researchers have a more interest in investigating large market volatilities in order to grasp changing market trends. METHODOLOGY/PRINCIPAL FINDINGS: In this work, we analyze the breakouts and breakdowns of both the Standard & Poor's 500 Index in the US stock market and the Shanghai Composite Index in the Chinese stock market. The breakout usually represents an ongoing upward trend in technical analysis while the breakdown represents an ongoing downward trend. Based on the renormalization method, we introduce two parameters to quantize breakouts and breakdowns, respectively. We discover scaling behavior, characterized by power-law distributions for both the breakouts and breakdowns in the two financial markets with different power-law exponents, which reflect different market volatilities. In detail, the market volatility for breakdowns is usually larger than that for breakouts. Moreover, as an emerging market, the Chinese stock market has larger market volatilities for both the breakouts and breakdowns than the US stock market (a mature market. Further, the short-term volatilities show similar features for both the US stock market and the Chinese stock market. However, the medium-term volatilities in the US stock market are almost symmetrical for the breakouts and breakdowns, whereas those in the Chinese stock market appear to be asymmetrical for the breakouts and breakdowns. CONCLUSIONS/SIGNIFICANCE: The methodology presented here provides a way to understand scaling and hence volatilities of breakouts and breakdowns in stock price dynamics. Our findings not only reveal the features of market volatilities but also make a comparison between mature and emerging financial markets.
LEFT-WING ASYMPTOTICS OF THE IMPLIED VOLATILITY IN THE PRESENCE OF ATOMS
ARCHIL GULISASHVILI
2015-01-01
The paper considers the asymptotic behavior of the implied volatility in stochastic asset price models with atoms. In such models, the asset price distribution has a singular component at zero. Examples of models with atoms include the constant elasticity of variance (CEV) model, jump-to-default models, and stochastic models described by processes stopped at the first hitting time of zero. For models with atoms, the behavior of the implied volatility at large strikes is similar to that in mod...
Frederickx, C; Dekeirsschieter, J; Brostaux, Y; Wathelet, J-P; Verheggen, F J; Haubruge, E
2012-06-10
To evaluate postmortem intervals (PMIs), one should take into account the determined age of necrophagous flies present on the cadaver. However, PMI determination needs further improvement, and rapid and accurate approaches have therefore to be developed. While previous studies have focussed on insect cuticular hydrocarbons, here we explore the volatile profile released by larvae and pupae of Calliphora vicina Robineau-Desvoidy (Diptera: Calliphoridae). We monitored changes in volatile compounds daily, by headspace solid-phase microextraction, followed by gas chromatography-mass spectrometry. Branched and unbranched hydrocarbons, alcohols, esters and acids were identified, and the volatile profile was shown to vary, in both composition and quantity, with the age of the larva/pupa under investigation. We concluded, based on the analysis of the released volatile organic compounds, that it is possible to increase the accuracy of the estimated PMI, through improved estimation of the age of blowflies present on the cadaver. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.
Volatile Compounds in Dry Dog Foods and Their Influence on Sensory Aromatic Profile
Directory of Open Access Journals (Sweden)
Koushik Adhikari
2013-02-01
Full Text Available The aim of this study was to determine volatile compounds in dry dog foods and their possible influence on sensory aromatic profile. Grain-free dry dog foods were compared to dry dog foods manufactured with grain, but also with different protein sources for their aromatic volatiles. Solid-phase microextraction/gas chromatography/mass spectrometry was used to determine the aromatic compounds present in the headspace of these samples. Partial Least Squares regression was performed to correlate the instrumental aromatic data with the descriptive aroma analysis data. A total of 54 aromatic compounds were tentatively identified in the dry dog food samples, with aldehydes and ketones being the most represented organic volatiles group. Grain-added products were on the average higher in total volatiles than grain-free products. Partial Least Squares regression analysis indicated possible connections with sensory aromatic profile and grain-added samples, such as rancid aroma and aldehydes, especially hexanal. The results of this study showed that dry dog foods are products with complex odor characteristics and that grain-free products are less aromatic.
Healthy scents: microbial volatiles as new frontier in antibiotic research?
Avalos Garcia, M.; van Wezel, G.P.; Raaijmakers, J.M.; Garbeva, P.V.
2018-01-01
Microorganisms represent a large and still resourceful pool for the discovery of novel compounds to combat antibiotic resistance in human and animal pathogens. The ability of microorganisms to produce structurally diverse volatile compounds has been known for decades, yet their biological functions
Methods of Si based ceramic components volatilization control in a gas turbine engine
Garcia-Crespo, Andres Jose; Delvaux, John; Dion Ouellet, Noemie
2016-09-06
A method of controlling volatilization of silicon based components in a gas turbine engine includes measuring, estimating and/or predicting a variable related to operation of the gas turbine engine; correlating the variable to determine an amount of silicon to control volatilization of the silicon based components in the gas turbine engine; and injecting silicon into the gas turbine engine to control volatilization of the silicon based components. A gas turbine with a compressor, combustion system, turbine section and silicon injection system may be controlled by a controller that implements the control method.
International Nuclear Information System (INIS)
Chen, Zhendong; Gao, Cunxu; Wei, Yanping; Zhang, Peng; Wang, Yutian; Zhang, Chao; Ma, Zhikun
2017-01-01
Electric-field control of magnetism is now an attractive trend to approach a new kind of fast, low-power-cost memory device. In this work, we report a strong non-volatile electric control of magnetism in an Fe–Al/Pb(Mg 1/3 Nb 2/3 )O 3 –PbTiO 3 heterostructure. In this system, a 90° rotation of the in-plane uniaxial magnetic anisotropy is exhibited during the increase of the external electric field, which means the easy axis turns into a hard axis and the hard axis turns into an easy one. Additionally, a non-volatile switch of the remanence is observed after a sweeping of the electric field from 0 kV cm −1 to ± 10 kV cm −1 , then back to 0 kV cm −1 . More interestingly, a 20% non-volatile magnetic state tuning driven by individual pulse electric fields is shown in contrast to large tuning up to 120% caused by pulse electric fields with small assistant pulse magnetic fields, which means a 180° reverse of the magnetization. These remarkable behaviors demonstrated in this heterostructure reveal a promising potential application in magnetic memory devices mediated by electric fields. (paper)
Stochastic volatility models and Kelvin waves
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.
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
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.
Differential Contribution of Jasmine Floral Volatiles to the Aroma of Scented Green Tea
Directory of Open Access Journals (Sweden)
Jian-Xia Shen
2017-01-01
Full Text Available Tea volatiles’ generation and retention over manufacturing processes are crucial for tea quality. In this study, floral volatile adsorption and retention in green tea scented with Jasminum sambac flowers were examined over the scenting process. Out of 34 enhanced volatiles in the scented tea, β-ionone, β-linalool, indole, and methyl anthranilate were the most potent odorants with 5.1–45.2-fold higher odor activity values than the corresponding controls in the nonscented tea. Scenting efficiencies for the floral volatiles retained in the scented tea (the percentage of volatile abundance over its corresponding amount in jasmine flowers ranged from 0.22% for α-farnesene to 75.5% for β-myrcene. Moreover, due to additional rounds of heat treatment for scented green tea manufacturing, some volatiles such as carotenoid-derived geraniol and β-ionone and lipid-derived (Z-jasmone were heat-enhanced and others such as nonanal were heat-desorbed in the scented green tea. Our study revealed that dynamic volatile absorption and desorption collectively determined tea volatile retention and tea aroma. Our findings may have a great potential for practical improvement of tea aroma.
Chemically-resolved aerosol volatility measurements from two megacity field studies
Directory of Open Access Journals (Sweden)
J. A. Huffman
2009-09-01
Full Text Available The volatilities of different chemical species in ambient aerosols are important but remain poorly characterized. The coupling of a recently developed rapid temperature-stepping thermodenuder (TD, operated in the range 54–230°C with a High-Resolution Time-of-Flight Aerosol Mass Spectrometer (HR-ToF-AMS during field studies in two polluted megacities has enabled the first direct characterization of chemically-resolved urban particle volatility. Measurements in Riverside, CA and Mexico City are generally consistent and show ambient nitrate as having the highest volatility of any AMS standard aerosol species while sulfate showed the lowest volatility. Total organic aerosol (OA showed volatility intermediate between nitrate and sulfate, with an evaporation rate of 0.6%·K−1 near ambient temperature, although OA dominates the residual species at the highest temperatures. Different types of OA were characterized with marker ions, diurnal cycles, and positive matrix factorization (PMF and show significant differences in volatility. Reduced hydrocarbon-like OA (HOA, a surrogate for primary OA, POA, oxygenated OA (OOA, a surrogate for secondary OA, SOA, and biomass-burning OA (BBOA separated with PMF were all determined to be semi-volatile. The most aged OOA-1 and its dominant ion, CO2+, consistently exhibited the lowest volatility, with HOA, BBOA, and associated ions for each among the highest. The similar or higher volatility of HOA/POA compared to OOA/SOA contradicts the current representations of OA volatility in most atmospheric models and has important implications for aerosol growth and lifetime. A new technique using the AMS background signal was demonstrated to quantify the fraction of species up to four orders-of-magnitude less volatile than those detectable in the MS mode, which for OA represent ~5% of the non-refractory (NR OA signal. Our results strongly imply that all OA types should be considered
The price of fixed income market volatility
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...
Directory of Open Access Journals (Sweden)
T. Tuch
2007-11-01
Full Text Available Atmospheric aerosol particle size distributions at a continental background site in Eastern Germany were examined for a one-year period. Particles were classified using a twin differential mobility particle sizer in a size range between 3 and 800 nm. As a novelty, every second measurement of this experiment involved the removal of volatile chemical compounds in a thermodenuder at 300°C. This concept allowed to quantify the number size distribution of non-volatile particle cores – primarily associated with elemental carbon, and to compare this to the original non-conditioned size distribution. As a byproduct of the volatility analysis, new particles originating from nucleation inside the thermodenuder can be observed, however, overwhelmingly at diameters below 6 nm. Within the measurement uncertainty, every particle down to particle sizes of 15 nm is concluded to contain a non-volatile core. The volume fraction of non-volatile particulate matter (non-conditioned diameter < 800 nm varied between 10 and 30% and was largely consistent with the experimentally determined mass fraction of elemental carbon. The average size of the non-volatile particle cores was estimated as a function of original non-conditioned size using a summation method, which showed that larger particles (>200 nm contained more non-volatile compounds than smaller particles (<50 nm, thus indicating a significantly different chemical composition. Two alternative air mass classification schemes based on either, synoptic chart analysis (Berliner Wetterkarte or back trajectories showed that the volume and number fraction of non-volatile cores depended less on air mass than the total particle number concentration. In all air masses, the non-volatile size distributions showed a more and a less volatile ("soot" mode, the latter being located at about 50 nm. During unstable conditions and in maritime air masses, smaller values were observed compared to stable or continental conditions
Magnitude determination for large underground nuclear explosions
Energy Technology Data Exchange (ETDEWEB)
Porter, Lawrence D [Lawrence Radiation Laboratory, University of California, Livermore, CA (United States)
1970-05-15
A method is presented for determining the local magnitudes for large underground nuclear explosions. The Gutenberg-Richter nomograph is applied to the peak amplitudes for 24 large underground nuclear explosions that took place in Nevada. The amplitudes were measured at 18 California Wood-Anderson stations located 150-810 km from the explosion epicenter. The variation of the individual station magnitudes and magnitude corrections and the variation of the average and rms error estimates in the magnitude determinations are examined with respect to distance, azimuth, and event location. The magnitude prediction capability of the Gutenberg-Richter nomograph is examined on the basis of these two criteria, and certain corrections are suggested. The azimuthal dependence of the individual station magnitudes is investigated, and corrections for the California stations are calculated. Statistical weighting schemes for two-component data are employed, and the assumptions and limitations in the use of peak amplitudes are discussed. (author)
Fusarium oxysporum volatiles enhance plant growth via affecting auxin transport and signaling
Directory of Open Access Journals (Sweden)
Vasileios eBitas
2015-11-01
Full Text Available Volatile organic compounds (VOCs have well-documented roles in plant-plant communication and directing animal behavior. In this study, we examine the less understood roles of VOCs in plant-fungal relationships. Phylogenetically and ecologically diverse strains of Fusarium oxysporum, a fungal species complex that often resides in the rhizosphere of assorted plants, produce volatile compounds that augment shoot and root growth of Arabidopsis thaliana and tobacco. Growth responses of A. thaliana hormone signaling mutants and expression patterns of a GUS reporter gene under the auxin-responsive DR5 promoter supported the involvement of auxin signaling in F. oxysporum volatile-mediated growth enhancement. In addition, 1-naphthylthalamic acid, an inhibitor of auxin efflux, negated F. oxysporum volatile-mediated growth enhancement in both plants. Comparison of the profiles of volatile compounds produced by F. oxysporum strains that differentially affected plant growth suggests that the relative compositions of both growth inhibitory and stimulatory compounds may determine the degree of plant growth enhancement. Volatile-mediated signaling between fungi and plants may represent a potentially conserved, yet mostly overlooked, mechanism underpinning plant-fungus interactions and fungal niche adaption.
Analytical Characterization of Volatile Active Principles from the ...
African Journals Online (AJOL)
After the extraction of volatile active principles in water, analytical separation and quantitative determination using a GC/MS technique was performed. The compounds detected, are belonging to the following classes: aldehydes, ketones, aromatic hydrocarbons and alcohols. South African Journal of Chemistry Vol.55 2002: ...
Volatile accretion history of the Earth.
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.
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
Financial market volatility and contagion effect: A copula-multifractal volatility approach
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.
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...
Asymptotic Expansions of the Lognormal Implied Volatility : A Model Free Approach
Cyril Grunspan
2011-01-01
We invert the Black-Scholes formula. We consider the cases low strike, large strike, short maturity and large maturity. We give explicitly the first 5 terms of the expansions. A method to compute all the terms by induction is also given. At the money, we have a closed form formula for implied lognormal volatility in terms of a power series in call price.
Shao, Qingsong; Huang, Yuqiu; Zhou, Aicun; Guo, Haipeng; Zhang, Ailian; Wang, Yong
2014-05-01
Crocus sativus has been used as a traditional Chinese medicine for a long time. The volatile compounds of C. sativus appear biologically active and may act as antioxidants as well as anticonvulsants, antidepressants and antitumour agents. In order to obtain the highest possible yield of essential oils from C. sativus, response surface methodology was employed to optimise the conditions of supercritical fluid carbon dioxide extraction of the volatile compounds from C. sativus. Four factorswere investigated: temperature, pressure, extraction time and carbon dioxide flow rate. Furthermore, the chemical compositions of the volatile compounds extracted by supercritical fluid extraction were compared with those obtained by hydro-distillation and Soxhlet extraction. The optimum extraction conditions were found to be: optimised temperature 44.9°C, pressure 34.9 MPa, extraction time 150.2 min and CO₂ flow rate 10.1 L h⁻¹. Under these conditions, the mean extraction yield was 10.94 g kg⁻¹. The volatile compounds extracted by supercritical fluid extraction and Soxhlet extraction contained a large amount of unsaturated fatty acids. Response surface methodology was successfully applied for supercritical fluid CO₂ extraction optimisation of the volatile compounds from C. sativus. The study showed that pressure and CO₂ flow rate had significant effect on volatile compounds yield produced by supercritical fluid extraction. This study is beneficial for the further research operating on a large scale. © 2013 Society of Chemical Industry.
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.
Assessment of volatile organic emissions from a petroleum refinery land treatment site
International Nuclear Information System (INIS)
Wetherold, R.G.; Eklund, B.M.; Blaney, B.J.; Throneloe, S.A.
1990-01-01
This paper reports on a field assessment performed to measure the emissions of volatile organics from a petroleum refinery land treatment site. As part of this study, the emissions of total volatile organics from surface-applied and subsurface-injected oily sludge were measured over a 5-week period. The effect of soil tilling on the emissions also was monitored. Volatile organics emission rates were measured using the emission isolation flex chamber method. Soil samples were collected during the test periods to determine soil properties, oil levels and microbe count. Soil surface and ambient temperatures, both inside and outside the flux chambers, were measured throughout the test periods
Vaporization of low-volatile fission products under severe CANDU reactor accident conditions
International Nuclear Information System (INIS)
Lewis, B.J.; Corse, B.J.; Thompson, W.T.; Kaye, M.H.; Iglesias, F.C.; Elder, P.; Dickson, R.; Liu, Z.
1997-01-01
An analytical model has been developed to describe the release behaviour of low-volatile fission products from uranium dioxide fuel under severe reactor accident conditions. The effect of the oxygen potential on the chemical form and volatility of fission products is determined by Gibbs-energy minimization. The release kinetics are calculated according to the rate-controlling step of diffusional transport in the fuel matrix or fission product vaporization from the fuel surface. The effect of fuel volatilization (i.e., matrix stripping) on the release behaviour is also considered. The model has been compared to data from an out-of-pile annealing experiment performed in steam at the Chalk River Laboratories. (author)
Volatile communication in plant-aphid interactions.
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.
Essays on nonparametric econometrics of stochastic volatility
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.
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.
Volatile metabolites profiling of a Chinese mangrove endophytic ...
African Journals Online (AJOL)
Pestalotiopsis JCM2A4, an endophytic fungus originally isolated from leaves of the Chinese mangrove plant Rhizophora mucronata, produces a mixture of volatile metabolites. As determined by gas chromatography and gas chromatography/mass spectrometry (GC/GC-MS), 18 compounds representing all of the hexane ...
Niinemets, Ülo
2017-04-01
Vegetation constitutes the greatest source of reactive volatile organic compounds in the atmosphere. The current emission estimates primarily rely on constitutive emissions that are present only in some plant species. However, all plant species can be induced to emit reactive volatiles by different abiotic and biotic stresses, but the stress-dependent emissions have been largely neglected in emission measurements and models. This presentation provides an overview of systematic screening of stress-dependent volatile emissions from a broad range of structurally and physiologically divergent plant species from temperate to tropical ecosystems. Ozone, heat, drought and wounding stress were the abiotic stresses considered in the screening, while biotic stress included herbivory, chemical elicitors simulating herbivory and fungal infections. The data suggest that any moderate to severe stress leads to significant emissions of a rich blend of volatiles, including methanol, green leaf volatiles (the lipoxygenase pathway volatiles, dominated by C6 aldehydes, alcohols and derivatives), different mono- and sesquiterpenes and benzenoids. The release of volatiles occurs in stress severity-dependent manner, although the emission responses are often non-linear with more severe stresses resulting in disproportionately greater emissions. Stress volatile release is induced in both non-constitutive and constitutive volatile emitters, whereas the rate of constitutive volatile emissions in constitutive emitters is often reduced under environmental and biotic stresses. Given that plants in natural conditions often experience stress, this analysis suggests that global volatile emissions have been significantly underestimated. Furthermore, in globally changing hotter climates, the frequency and severity of both abiotic and biotic stresses is expected to increase. Thus, the stress-induced volatile emissions are predicted to play a dominant role in plant-atmosphere interactions in near
Son, Eun Yeong; Lee, Sang Mi; Kim, Minjoo; Seo, Jeong-Ah; Kim, Young-Suk
2018-07-01
This study investigated volatile and nonvolatile metabolite profiles of makgeolli (a traditional rice wine in Korea) fermented by koji inoculated with Saccharomycopsis fibuligera and/or Aspergillus oryzae. The enzyme activities in koji were also examined to determine their effects on the formation of metabolites. The contents of all 18 amino acids detected were the highest in makgeolli fermented by S. fibuligera CN2601-09, and increased after combining with A. oryzae CN1102-08, unlike the contents of most fatty acids. On the other hand, major volatile metabolites were fusel alcohols, acetate esters, and ethyl esters. The contents of most fusel alcohols and acetate esters were the highest in makgeolli fermented by S. fibuligera CN2601-09, for which the protease activity was the highest, leading to the largest amounts of amino acods. The makgeolli samples fermented only by koji inoculated with S. fibuligera could be discriminated on PCA plots from the makgeolli samples fermented in combination with A. oryzae. In the case of nonvolatile metabolites, all amino acids and some metabolites such as xylose, 2-methylbenzoic acid, and oxalic acid contributed mainly to the characteristics of makgeolli fermented by koji inoculated with S. fibuligera and A. oryzae. These results showed that the formations of volatile and nonvolatile metabolites in makgeolli can be significantly affected by microbial strains with different enzyme activities in koji. To our knowledge, this study is the first report on the effects of S. fibuligera strains on the formation of volatile and non-volatile metabolites in rice wine, facilitating their use in brewing rice wine. Copyright © 2018. Published by Elsevier Ltd.
Epidemiology of volatile substance abuse (VSA) cases reported to US poison centers.
Spiller, Henry A
2004-01-01
Volatile substance abuse (VSA) is believed to be widespread. The Toxic Exposure Surveillance System (TESS) of the American Association of Poison Control Systems offers an opportunity to evaluate the epidemiology of volatile substance abuse using a data set that captures data from a large geographic area covering a wide-ranging group of socioeconomic strata, ethnic groups, and demographics. To utilize this potential we analyzed a data set of TESS for the 6-year period of 1996 through 2001 involving all cases of intentional inhalational abuse of nonpharmaceutical substances. Over the study period there was a mean annual decline of 9% of reported VSA with an overall decline of 37% from 1996 to 2001. Volatile substance abuse was reported primarily in children, with 6358 cases (54%) in children 13-19 yr and 1803 (15%) cases in children 6-12 yr. Fifty-two cases were reported in children air fresheners (6%), and formalin (5%). Three categories were responsible for the majority of deaths: gasoline (45%), air fresheners (26%), and propane/butane (11%). While there was a decline in reported cases, there was no decline in major outcomes or fatalities. Volatile substance abuse was reported in all 50 states, with case distribution similar to population distribution. However, seven states had > 2 times the expected rate based on their population; three western states, two midwestern states, and two Appalachian states. The role of urban vs. rural population may possibly explain the difference in numbers, with a greater incidence of VSA cases reported in states with large rural populations. The mean monthly occurrence rate was 162 VSA cases/month (S.D. +/- 10.85). There were 4 months that were > 2 standard deviations from the mean, with two peak months (May, 192/month and March, 187/month) and two trough months (December, 126/month and January, 137/month). This report presents a broad picture of VSA in the United States. Volatile substance abuse, as reported to U.S. poison centers
Understanding Financial Market Volatility
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
Characterization of Volatiles in Rambutan Fruit (Nephelium lappaceum L.).
Ong; Acree; Lavin
1998-02-16
The volatile compounds from the red-skinned cultivar of rambutan, Jitlee (Nephelium lappaceumL.), a tropical fruit native to Southeast Asia, were extracted using both Freon 113 and ethyl acetate solvents. Isolation and characterization of odor-active compounds present in the fruit were mediated by gas chromatography/olfactory (GC/O), chromatography, and spectrometry. Authentic standards were used to determine mass spectral, retention index, and odor match. Of over 100 volatiles detected by GC/MS, twice as many polar volatiles were detected in the ethyl acetate extract as in the nonpolar Freon extract. GC/O analysis also detected more odor-active compounds in the polar extracts. Over 60 compounds in the extracts had some odor activity. The 20 most potent odorants included beta-damascenone, (E)-4,5-epoxy-(E)-2-decenal, vanillin, (E)-2-nonenal, phenylacetic acid, cinnamic acid, unknown 1 (sweaty), ethyl 2-methylbutyrate, and delta-decalactone. On the basis of calculated odor activity values, beta-damascenone, ethyl 2-methylbutyrate, 2,6-nonadienal, (E)-2-nonenal, and nonanal were determined to be the main contributors to the fruit aroma. Taken together, these results indicate that the exotic aroma character of rambutan is the interaction of fruity-sweet and fatty-green odors, with the possible contribution of "civet-like"-sweaty, spicy, and woody notes.
Aroma profile and volatiles odor activity along gold cultivar pineapple flesh.
Montero-Calderón, Marta; Rojas-Graü, María Alejandra; Martín-Belloso, Olga
2010-01-01
Physicochemical attributes, aroma profile, and odor contribution of pineapple flesh were studied for the top, middle, and bottom cross-sections cut along the central axis of Gold cultivar pineapple. Relationships between volatile and nonvolatile compounds were also studied. Aroma profile constituents were determined by headspace solid-phase microextraction at 30 °C, followed by gas chromatography/mass spectrometry analysis. A total of 20 volatile compounds were identified and quantified. Among them, esters were the major components which accounted for 90% of total extracted aroma. Methyl butanoate, methyl 2-methyl butanoate, and methyl hexanoate were the 3 most abundant components representing 74% of total volatiles in pineapple samples. Most odor active contributors were methyl and ethyl 2-methyl butanoate and 2,5-dimethyl 4-methoxy 3(2H)-furanone (mesifuran). Aroma profile components did not vary along the fruit, but volatile compounds content significantly varied (P fresh-cut pineapple trays, compromising consumer perception and acceptance of the product. Such finding highlighted the need to include volatiles content and SSC/TA ratio and their variability along the fruit as selection criteria for pineapples to be processed and quality assessment of the fresh-cut fruit. © 2010 Institute of Food Technologists®
Volatile emissions from an epiphytic fungus are semiochemicals for eusocial wasps.
Davis, Thomas Seth; Boundy-Mills, Kyria; Landolt, Peter J
2012-11-01
Microbes are ubiquitous on plant surfaces. However, interactions between epiphytic microbes and arthropods are rarely considered as a factor that affects arthropod behaviors. Here, volatile emissions from an epiphytic fungus were investigated as semiochemical attractants for two eusocial wasps. The fungus Aureobasidium pullulans was isolated from apples, and the volatile compounds emitted by fungal colonies were quantified. The attractiveness of fungal colonies and fungal volatiles to social wasps (Vespula spp.) were experimentally tested in the field. Three important findings emerged: (1) traps baited with A. pullulans caught 2750 % more wasps on average than unbaited control traps; (2) the major headspace volatiles emitted by A. pullulans were 2-methyl-1-butanol, 3-methyl-1-butanol, and 2-phenylethyl alcohol; and (3) a synthetic blend of fungal volatiles attracted 4,933 % more wasps on average than unbaited controls. Wasps were most attracted to 2-methyl-1-butanol. The primary wasp species attracted to fungal volatiles were the western yellowjacket (Vespula pensylvanica) and the German yellowjacket (V. germanica), and both species externally vectored A. pullulans. This is the first study to link microbial volatile emissions with eusocial wasp behaviors, and these experiments indicate that volatile compounds emitted by an epiphytic fungus can be responsible for wasp attraction. This work implicates epiphytic microbes as important components in the community ecology of some eusocial hymenopterans, and fungal emissions may signal suitable nutrient sources to foraging wasps. Our experiments are suggestive of a potential symbiosis, but additional studies are needed to determine if eusocial wasp-fungal associations are widespread, and whether these associations are incidental, facultative, or obligate.
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...
Core-Mantle Partitioning of Volatile Elements and the Origin of Volatile Elements in Earth and Moon
Righter, K.; Pando, K.; Danielson, L.; Nickodem, K.
2014-01-01
Depletions of siderophile elements in mantles have placed constraints on the conditions on core segregation and differentiation in bodies such as Earth, Earth's Moon, Mars, and asteroid 4 Vesta. Among the siderophile elements there are a sub-set that are also volatile (volatile siderophile elements or VSE; Ga, Ge, In, As, Sb, Sn, Bi, Zn, Cu, Cd), and thus can help to constrain the origin of volatile elements in these bodies, and in particular the Earth and Moon. One of the fundamental observations of the geochemistry of the Moon is the overall depletion of volatile elements relative to the Earth, but a satisfactory explanation has remained elusive. Hypotheses for Earth include addition during accretion and core formation and mobilized into the metallic core, multiple stage origin, or addition after the core formed. Any explanation for volatile elements in the Earth's mantle must also be linked to an explanation of these elements in the lunar mantle. New metal-silicate partitioning data will be applied to the origin of volatile elements in both the Earth and Moon, and will evaluate theories for exogenous versus endogenous origin of volatile elements.
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...
Water stress and ripeness effects on the volatile composition of Cabernet Sauvignon wines.
Talaverano, Inmaculada; Ubeda, Cristina; Cáceres-Mella, Alejandro; Valdés, María Esperanza; Pastenes, Claudio; Peña-Neira, Álvaro
2018-02-01
Controlled water deficits affect grape berry physiology and the resulting wines, with volatile composition being the one of the affected parameters. However, there is a potential disconnect between aromatic maturity and sugar accumulation. Accordingly, the effects of three different water status levels over two growing seasons (2014 and 2015) and two different harvest dates on the aroma compounds from Cabernet Sauvignon wines were studied. Volatile compounds were determined using headspace solid phase microextraction coupled with gas chromatoghraphy/mass spectrometry. Around 45 volatile compounds were determined in the wines and, among these, esters were affected the most, presenting lower concentrations when the most restrictive water treatment was applied in both years. By contrast, volatile acids presented the highest concentrations when the lowest level of irrigation was applied. On the other hand, a delay in harvesting produced an increase in the total amount of volatile compounds in samples from the most restrictive water treatment. These results are coincident with a principal component analysis that indicated a great separation between years, deficit irrigation treatments and harvest dates. The results of the present study suggest that a low water supply had a negative effect on the aromatic potential of wines at a similar ripening stage. However, this effect could be countered by harvesting at a later date. © 2017 Society of Chemical Industry. © 2017 Society of Chemical Industry.
Kosinski Lima, Nathalya; Romualdo Lopes, André; Gimenes Guerrero, Palimecio; Itsuo Yamamoto, Carlos; Augusto Hansel, Fabricio
2018-01-01
This paper reports a full evaporation (FE) headspace gas chromatographic (HS-GC) method for the determination of the volatile organic compounds (VOCs) in bio-oil (i.e. methanol, ethanol, acetone, acetic acid and furfural). The method uses a 4μL sample of bio-oil in a headspace vial (ca. 20mL). Complete evaporation of the compounds was achieved after seven minutes at 90°C. The method showed good precision and accuracy for methanol, ethanol, acetone and acetic acid. The recovery of furfural was low (74.3%). The results showed that the protocol can be applied for the determination of methanol, ethanol, acetone and acetic acid in bio-oil. Detection limits ranged from 0.13 to 0.16μg. Acetic acid was the dominant analyte in the heavy bio-oil and light bio-oil analysis (113. 3 and 85.1µgmg -1 , respectively), followed by methanol, ethanol, and acetone. The polymerisation of furfural was suspected as the cause of its poor quantification. Copyright © 2017 Elsevier B.V. All rights reserved.
The ESA Lunar Lander and the search for Lunar Volatiles
Morse, A. D.; Barber, S. J.; Pillinger, J. M.; Sheridan, S.; Wright, I. P.; Gibson, E. K.; Merrifield, J. A.; Waltham, N. R.; Waugh, L. J.; Pillinger, C. T.
2011-10-01
extraction of volatiles and determine the volatile inventory of the moon with a view for future In-Situ Resource Utilization (ISRU). Surface samples will be collected by a robotic arm with the possibility of a rover to collect more distant samples. The concentration, chemical and accurate isotopic ratios (D/H, 12C/13C, 15N/14N, 18O/16O and noble gases) of liberated volatiles will be determined, possibly using similar technology to the Philae comet lander of the Rosetta mission [6]. An additional aim is the monitoring of the chemical and isotopic composition of the tenuous lunar atmosphere [7] which will become contaminated by active human exploration. The lunar atmosphere will provide information on the processes involved in forming lunar volatiles and their concentration mechanisms. Modelling the effects of contamination from the Lander is an essential part of this study so that these can be recognized and minimized.
Volatile chemicals in glands of the carpenter ant, Camponotus ...
African Journals Online (AJOL)
Volatile chemicals in glands of the carpenter ant, Camponotus arminius. J.M. Brand, L.V. Mabinya, E.D. Morgan. Abstract. Camponotus arminius is a large black carpenter ant that occurs in tropical and sub-tropical Africa and has extensive foraging trails both in trees and on the ground. Analysis of excised mandibular glands ...
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.
Nonparametric methods for volatility density estimation
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
Volatile metabolites profiling of a Chinese mangrove endophytic ...
African Journals Online (AJOL)
ufuoma
plant Rhizophora mucronata, produces a mixture of volatile metabolites. As determined ... screened using 2,2'-diphenyl-b-picrylhydrazyl (DPPH) free radical scavenging method. This is the ... night prior to autoclaving, two flasks) at room temperature under ... stand at room temperature for 30 min in the dark and absorbance.
Composition of the earth's upper mantle. II - Volatile trace elements in ultramafic xenoliths
Morgan, J. W.; Wandless, G. A.; Petrie, R. K.; Irving, A. J.
1980-01-01
Radiochemical neutron activation analysis was used to determine the nine volatile elements Ag, Bi, Cd, In, Sb, Se, Te, Tl, and Zn in 19 ultramafic rocks, consisting mainly of spinel and garnet lherzolites. A sheared garnet lherzolite, PHN 1611, may approximate undepleted mantle material and tends to have a higher volatile element content than the depleted mantle material represented by spinel lherzolites. Comparisons of continental basalts with PHN 1611 and of oceanic ridge basalts with spinel lherzolites show similar basalt: source material partition factors for eight of the nine volatile elements, Sb being the exception. The strong depletion of Te and Se in the mantle, relative to lithophile elements of similar volatility, suggests that 97% of the earth's S, Se and Te may be in the outer core.
Fluctuation behaviors of financial return volatility duration
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.
Development of analytical methods for the determination of volatile fatty acids in wastewater
2013-01-01
M.Sc. (Chemistry) Volatile fatty acids (VFAs) play a pivotal in the process of nutrient removal by biological processes particularly the enhanced biological nutrient removal process with a side-stream elutriation process using activated sludge. These acids are said to act as intermediates which provide feed for the organisms in a biological phosphorus and nitrogen removal (BNPR) system, such as phosphorus-accumulating organisms (PAOs) and nitrate-accumulating bacteria (NABs). In wastewater...
Ambient Volatility of Triethyl Phosphate
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
Estimating the Volatility of Cocoa Price Return with ARCH and GARCH Models
Directory of Open Access Journals (Sweden)
Lya Aklimawati
2013-08-01
Full Text Available Dynamics of market changing as a result of market liberalization have an impact on agricultural commodities price fluctuation. High volatility on cocoa price movement reflect its price and market risk. Because of price and market uncertainty, the market players face some difficulties to make a decision in determining business development. This research was conducted to 1 understand the characteristics of cocoa price movement in cocoa futures trading, and 2analyze cocoa price volatility using ARCH and GARCH type model. Research was carried out by direct observation on the pattern of cocoa price movement in the futures trading and volatility analysis based on secondary data. The data was derived from Intercontinental Exchange ( ICE Futures U.S. Reports. The analysis result showed that GARCH is the best model to predict the value of average cocoa price return volatility, because it meets criteria of three diagnostic checking, which are ARCH-LM test, residual autocorrelation test and residual normality test. Based on the ARCH-LM test, GARCH (1,1did not have heteroscedasticity, because p-value 2 (0.640139and F-statistic (0.640449 were greater than 0.05. Results of residual autocorrelation test indicated that residual value of GARCH (1,1 was random, because the statistic value of Ljung-Box (LBon the 36 th lag is smaller than the statistic value of 2. Whereas, residual normality test concluded the residual of GARCH (1,1 were normally distributed, because AR (29, MA (29, RESID (-1^2, and GARCH (-1 were significant at 5% significance level. Increasing volatility value indicate high potential risk. Price risk can be reduced by managing financial instrument in futures trading such as forward and futures contract, and hedging. The research result also give an insight to the market player for decision making and determining time of hedging. Key words: Volatility, price, cocoa, GARCH, risk, futures trading
Improving Garch Volatility Forecasts
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
Naranjo-Guevara, Natalia; Peñaflor, Maria Fernanda G. V.; Cabezas-Guerrero, Milton F.; Bento, José Maurício S.
2017-10-01
Numerous studies have demonstrated that entomophagous arthropods use herbivore-induced plant volatile (HIPV) blends to search for their prey or host. However, no study has yet focused on the response of nocturnal predators to volatile blends emitted by prey damaged plants. We investigated the olfactory behavioral responses of the night-active generalist predatory earwig Doru luteipes Scudder (Dermaptera: Forficulidae) to diurnal and nocturnal volatile blends emitted by maize plants ( Zea mays) attacked by either a stem borer ( Diatraea saccharalis) or a leaf-chewing caterpillar ( Spodoptera frugiperda), both suitable lepidopteran prey. Additionally, we examined whether the earwig preferred odors emitted from short- or long-term damaged maize. We first determined the earwig diel foraging rhythm and confirmed that D. luteipes is a nocturnal predator. Olfactometer assays showed that during the day, although the earwigs were walking actively, they did not discriminate the volatiles of undamaged maize plants from those of herbivore damaged maize plants. In contrast, at night, earwigs preferred volatiles emitted by maize plants attacked by D. saccharalis or S. frugiperda over undamaged plants and short- over long-term damaged maize. Our GC-MS analysis revealed that short-term damaged nocturnal plant volatile blends were comprised mainly of fatty acid derivatives (i.e., green leaf volatiles), while the long-term damaged plant volatile blend contained mostly terpenoids. We also observed distinct volatile blend composition emitted by maize damaged by the different caterpillars. Our results showed that D. luteipes innately uses nocturnal herbivore-induced plant volatiles to search for prey. Moreover, the attraction of the earwig to short-term damaged plants is likely mediated by fatty acid derivatives.
Large Deviations and Asymptotic Methods in Finance
Gatheral, Jim; Gulisashvili, Archil; Jacquier, Antoine; Teichmann, Josef
2015-01-01
Topics covered in this volume (large deviations, differential geometry, asymptotic expansions, central limit theorems) give a full picture of the current advances in the application of asymptotic methods in mathematical finance, and thereby provide rigorous solutions to important mathematical and financial issues, such as implied volatility asymptotics, local volatility extrapolation, systemic risk and volatility estimation. This volume gathers together ground-breaking results in this field by some of its leading experts. Over the past decade, asymptotic methods have played an increasingly important role in the study of the behaviour of (financial) models. These methods provide a useful alternative to numerical methods in settings where the latter may lose accuracy (in extremes such as small and large strikes, and small maturities), and lead to a clearer understanding of the behaviour of models, and of the influence of parameters on this behaviour. Graduate students, researchers and practitioners will find th...
Josino Soares, Denise; Pignitter, Marc; Ehrnhöfer-Ressler, Miriam Margit; Walker, Jessica; Montenegro Brasil, Isabella; Somoza, Veronika
2015-01-01
The pulp of pitanga (Eugenia uniflora L.) is used to prepare pitanga juice. However, there are no reports on the identification and quantification of the main constituents in pitanga pulp. The aim of this study was to identify and quantify the major volatile and non-volatile low-molecular-weight constituents of the pulp. Isolation of volatile compounds was performed by solvent-assisted flavor evaporation technique. Characterization of the main volatile and non-volatile constituents was performed by GC-MS, LC-MS and NMR spectroscopy. For quantitative measurements, the main volatile compound needed to be isolated from pitanga pulp to obtain a commercially not available reference standard. Cyanidin-3-glucoside was determined as one of the most abundant non-volatile pulp compound yielding 53.8% of the sum of the intensities of all ions detected by LC-MS. Quantification of cyanidin-3-glucoside in pitanga pulp resulted in a concentration of 344 ± 66.4 μg/mL corresponding to 688 ± 133 μg/g dried pulp and 530 ± 102 μg/g fruit. For the volatile fraction, oxidoselina-1,3,7(11)-trien-8-one was identified as the main volatile pulp constituent (27.7% of the sum of the intensities of all ions detected by GC-MS), reaching a concentration of 89.0 ± 16.9 μg/mL corresponding to 1.34 ± 0.25 μg/g fresh pulp and 1.03 ± 0.19 μg/g fruit. The results provide quantitative evidence for the occurrence of an anthocyanin and an oxygenated sesquiterpene as one of the major volatile and non-volatile low-molecular-weight compounds in pitanga pulp.
International Nuclear Information System (INIS)
Gelinck, Gerwin H; Cobb, Brian; Van Breemen, Albert J J M; Myny, Kris
2015-01-01
Ferroelectric polymers and amorphous metal oxide semiconductors have emerged as important materials for re-programmable non-volatile memories and high-performance, flexible thin-film transistors, respectively. However, realizing sophisticated transistor memory arrays has proven to be a challenge, and demonstrating reliable writing to and reading from such a large scale memory has thus far not been demonstrated. Here, we report an integration of ferroelectric, P(VDF-TrFE), transistor memory arrays with thin-film circuitry that can address each individual memory element in that array. n-type indium gallium zinc oxide is used as the active channel material in both the memory and logic thin-film transistors. The maximum process temperature is 200 °C, allowing plastic films to be used as substrate material. The technology was scaled up to 150 mm wafer size, and offers good reproducibility, high device yield and low device variation. This forms the basis for successful demonstration of memory arrays, read and write circuitry, and the integration of these. (paper)
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Zhisheng Xie
2013-01-01
Full Text Available Volatile components from Exocarpium Citri Grandis (ECG were, respectively, extracted by three methods, that is, steam distillation (SD, headspace solid-phase microextraction (HS-SPME, and solvent extraction (SE. A total of 81 compounds were identified by gas chromatography-mass spectrometry including 77 (SD, 56 (HS-SPME, and 48 (SE compounds, respectively. Despite of the extraction method, terpenes (39.98~57.81% were the main volatile components of ECG, mainly germacrene-D, limonene, 2,6,8,10,14-hexadecapentaene, 2,6,11,15-tetramethyl-, (E,E,E-, and trans-caryophyllene. Comparison was made among the three methods in terms of extraction profile and property. SD relatively gave an entire profile of volatile in ECG by long-time extraction; SE enabled the analysis of low volatility and high molecular weight compounds but lost some volatiles components; HS-SPME generated satisfactory extraction efficiency and gave similar results to those of SD at analytical level when consuming less sample amount, shorter extraction time, and simpler procedure. Although SD and SE were treated as traditionally preparative extractive techniques for volatiles in both small batches and large scale, HS-SPME coupled with GC/MS could be useful and appropriative for the rapid extraction and qualitative analysis of volatile components from medicinal plants at analytical level.
Herbicide volatilization trumps runoff losses, a multi-year investigation
Surface runoff and volatilization are two processes critical to herbicide off-site transport. To determine the relevance of these off-site transport mechanisms, runoff and turbulent vapor fluxes were simultaneously monitored on the same site for eight years. Site location, herbicide formulations, ...
Volatility of fragrance chemicals: patch testing implications.
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.
Interior Volatile Reservoirs in Mercury
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.
International Nuclear Information System (INIS)
Oshio, Shuichi; Tahata, Ichiro; Kobayashi, Haruo; Ami, Tsuyako
1977-01-01
The rate of production of volatile fatty acids (VFA) in the rumen of animals on high concentrate feeding was studied with eighteen young heifers fitted with a permanent rumen fistula, using a single injection method of 14 C-acetate and polyethylene glycol (PEG) in order to get some basic informations of rumen fermentation on concentrate diets. The results obtained were as follows; 1) The pH value, total VFA concentration, and proportion of each acid on all-concentrate diets showed distinguished differences in comparison with those of the animals fed a large proportion of hay, but varied widely between days and heifers. 2) VFA proportions were significantly correlated with pH. At the pH value of about 5.2, acetic acid was minimum, and propionic acid and valeric acid were maximum in molar proportion. 3) It was suggested that, in the case of all-concentrate feeding for a long period, the VFA production in the rumen was depressed to 33.5-41% of digestible energy. In the animals fed hay and concentrate, the percentage was about 50%. (auth.)
Salazar Gómez, J I; Lohmann, H; Krassowski, J
2016-06-01
Characterisation of biogases is normally dedicated to the online monitoring of the major components methane and carbon dioxide and, to a lesser extent, to the determination of ammonia and hydrogen sulphide. For the case of Volatile Organic Compounds (VOCs), much less attention is usually paid, since such compounds are normally removed during gas conditioning and with exception of sulphur compounds and siloxanes represent a rather low risk to conventional downstream devices but could be a hindrance for fuel cells. However, there is very little information in the literature about the type of substances found in biogases generated from biowaste or co-fermentation plants and their concentration fluctuations. The main aim of this study was to provide information about the time dependencies of the VOCs in three biogas plants spread out through Germany from autumn until summer, which have different process control, in order to assess their potential as biofuels. Additionally, this study was an attempt to establish a correlation between the nature of the substrates used in the biogas plants and the composition of the VOCs present in the gas phase. Significant time-dependent variations in concentration were observed for most VOCs but only small changes in composition were observed. In general, terpenes and ketones appeared as the predominant VOCs in biogas. Although for substances such as esters, sulphur-organic compounds and siloxanes the average concentrations observed were rather low, they exhibited significant concentration peaks. The second biogas plant which operates with dry fermentation was found to contain the highest levels of VOCs. The amount of total volatile organic compounds (TVOCs) for the first, second and third biogas plants ranged from 35 to 259 mg Nm(-3), 291-1731 mg Nm(-3) and 84-528 mg Nm(-3), respectively. Copyright © 2016 Elsevier Ltd. All rights reserved.
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.
Forecasting Performance of Asymmetric GARCH Stock Market Volatility Models
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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.
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
A high volume sampling system for isotope determination of volatile halocarbons and hydrocarbons
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E. Bahlmann
2011-10-01
Full Text Available The isotopic composition of volatile organic compounds (VOCs can provide valuable information on their sources and fate not deducible from mixing ratios alone. In particular the reported carbon stable isotope ratios of chloromethane and bromomethane from different sources cover a δ13C-range of almost 100‰ making isotope ratios a very promising tool for studying the biogeochemistry of these compounds. So far, the determination of the isotopic composition of C1 and C2 halocarbons others than chloromethane is hampered by their low mixing ratios.
In order to determine the carbon isotopic composition of C1 and C2 halocarbons with mixing ratios as low as 1 pptv (i a field suitable cryogenic high volume sampling system and (ii a chromatographic set up for processing these samples have been developed and validated. The sampling system was tested at two different sampling sites, an urban and a coastal location in Northern Germany. The average δ13C-values for bromomethane at the urban site were −42.9 ± 1.1‰ and agreed well with previously published results. But at the coastal site bromomethane was substantially enriched in 13C by almost 10‰. Less pronounced differences were observed for chlorodifluoromethane, 1,1,1-trichloroethane and chloromethane. We suggest that these differences are related to the turnover of these compounds in ocean surface waters. Furthermore we report first carbon isotope ratios for iodomethane (−40.4‰ to −79.8‰, bromoform (−13.8‰ to 22.9‰, and other halocarbons.
Effect of inorganic salts on the volatility of organic acids.
Häkkinen, Silja A K; McNeill, V Faye; Riipinen, Ilona
2014-12-02
Particulate phase reactions between organic and inorganic compounds may significantly alter aerosol chemical properties, for example, by suppressing particle volatility. Here, chemical processing upon drying of aerosols comprised of organic (acetic, oxalic, succinic, or citric) acid/monovalent inorganic salt mixtures was assessed by measuring the evaporation of the organic acid molecules from the mixture using a novel approach combining a chemical ionization mass spectrometer coupled with a heated flow tube inlet (TPD-CIMS) with kinetic model calculations. For reference, the volatility, i.e. saturation vapor pressure and vaporization enthalpy, of the pure succinic and oxalic acids was also determined and found to be in agreement with previous literature. Comparison between the kinetic model and experimental data suggests significant particle phase processing forming low-volatility material such as organic salts. The results were similar for both ammonium sulfate and sodium chloride mixtures, and relatively more processing was observed with low initial aerosol organic molar fractions. The magnitude of low-volatility organic material formation at an atmospherically relevant pH range indicates that the observed phenomenon is not only significant in laboratory conditions but is also of direct atmospheric relevance.
[Chemical components of Vetiveria zizanioides volatiles].
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.
Analysis of volatile compounds from Iberian hams: a review
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Narváez-Rivas, M.
2012-10-01
Full Text Available This article provides information on the study of the volatile compounds in raw and dry-cured Iberian hams. Different volatile compounds are identified and studies carried out by different authors are presented. This article reviews the analytical methods that have been used to determine the different volatiles of these samples. Furthermore, all volatile compounds identified (a total of 411 volatiles have been collected in several tables according to different series of compounds: hydrocarbons, aldehydes, ketones, alcohols, esters and ethers, lactones, terpenes and chloride compounds, nitrogenous compounds, sulfur compounds and carboxylic acids. This review can be useful in subsequent research due to the complexity of the study.
En este artículo se proporciona información sobre el estudio de los compuestos volátiles del jamón ibérico tanto fresco como curado. Se presentan los diferentes compuestos volátiles identificados por distintos autores. Además, se evalúan los métodos analíticos que han sido utilizados para determinar dichos compuestos volátiles en este tipo de muestras. Todos los compuestos identificados y descritos en esta revisión (un total de 411 compuestos volátiles han sido agrupados en diversas tablas de acuerdo a las diferentes familias a que pertenecen: hidrocarburos, aldehídos, cetonas, alcoholes, ésteres y éteres, lactonas, terpenos, compuestos halogenados, compuestos nitrogenados, compuestos de azufre y ácidos carboxílicos. Debido a la complejidad de este estudio, la presente revisión puede ser muy útil en investigaciones posteriores.
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Denise Josino Soares
Full Text Available The pulp of pitanga (Eugenia uniflora L. is used to prepare pitanga juice. However, there are no reports on the identification and quantification of the main constituents in pitanga pulp. The aim of this study was to identify and quantify the major volatile and non-volatile low-molecular-weight constituents of the pulp. Isolation of volatile compounds was performed by solvent-assisted flavor evaporation technique. Characterization of the main volatile and non-volatile constituents was performed by GC-MS, LC-MS and NMR spectroscopy. For quantitative measurements, the main volatile compound needed to be isolated from pitanga pulp to obtain a commercially not available reference standard. Cyanidin-3-glucoside was determined as one of the most abundant non-volatile pulp compound yielding 53.8% of the sum of the intensities of all ions detected by LC-MS. Quantification of cyanidin-3-glucoside in pitanga pulp resulted in a concentration of 344 ± 66.4 μg/mL corresponding to 688 ± 133 μg/g dried pulp and 530 ± 102 μg/g fruit. For the volatile fraction, oxidoselina-1,3,7(11-trien-8-one was identified as the main volatile pulp constituent (27.7% of the sum of the intensities of all ions detected by GC-MS, reaching a concentration of 89.0 ± 16.9 μg/mL corresponding to 1.34 ± 0.25 μg/g fresh pulp and 1.03 ± 0.19 μg/g fruit. The results provide quantitative evidence for the occurrence of an anthocyanin and an oxygenated sesquiterpene as one of the major volatile and non-volatile low-molecular-weight compounds in pitanga pulp.
Volatile organic compound emissions from Larrea tridentata (creosotebush
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A. Guenther
2010-12-01
Full Text Available We present results from the CREosote ATmosphere Interactions through Volatile Emissions (CREATIVE 2009 field study in southern Arizona aimed at quantifying emission rates of VOCs from creosotebush (Larrea tridentata during the summer 2009 monsoon season. This species was chosen because of its vast distribution in North and South American deserts and because its resins have been reported to contain a rich set of volatile organic compounds (VOC. While a variety of ecosystems have been investigated for VOC emissions, deserts remain essentially unstudied, partially because of their low biomass densities and water limitations. However, during the North American monsoon, a pronounced increase in rainfall from an extremely dry June (80 mm occurs over large areas of the Sonoran desert in the southwestern United States and northwestern Mexico. We observed a strong diurnal pattern of branch emissions and ambient concentrations of an extensive suite of VOCs with maxima in early afternoon. These include VOCs typically observed in forest sites (oxygenated VOCs and volatile isoprenoids as well as a large number of other compounds, some of which have not been previously described from any plant including 1-chloro-2-methoxy-benzene and isobutyronitrile. Although generally considered to be derived from anthropogenic sources, we observed emissions of aromatic compounds including benzene, and a broad range of phenolics. Dimethyl sulfide emissions from creosotebush were higher than reported from any previously studied plant suggesting that terrestrial ecosystems should be reconsidered as an important source of this climatically important gas. We also present direct, primary emission measurements of isoprene and its apparent oxidation products methyl vinyl ketone, methacrolein, and 3-methyl furan (the later three compounds are typically assumed to form from secondary reactions within the atmosphere, as well as a group of compounds considered to be fatty acid
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Ling-Han Jia
2011-08-01
Full Text Available The total volatile components were extracted from safflower by ultrasonic-assisted solvent extraction (USE and their chemical constituents were analyzed by gas chromatographyâmass spectrometry (GCâMS to provide scientific basis for the quality control of safflower. Five different solvents (diethyl ether, ethanol, ethyl acetate, dichloromethane and acetone were used and compared in terms of number of volatile components extracted and the peak areas of these components in TIC. The results showed that USE could be used as an efficient and rapid method for extracting the volatile components from safflower. It also could be found that the number of components in the TIC of ethyl acetate extract was more than that in the TIC of other solvent ones. Meanwhile, the volatile components of safflower from Xinjiang Autonomous Region and Henan Province of China were different in chemical components and relative contents. It could be concluded that both the extraction solvents and geographical origin of safflower are responsible for these differences. The experimental results also indicated that USE/GCâMS is a simple, rapid and effective method to analyze the volatile oil components of safflower. Keywords: Safflower, Ultrasonic solvent extraction, Gas chromatographyâmass spectrometry (GCâMS
Jia, Ling-Han; Liu, Yi; Li, Yu-Zhen
2011-01-01
The total volatile components were extracted from safflower by ultrasonic-assisted solvent extraction (USE) and their chemical constituents were analyzed by gas chromatographyâmass spectrometry (GCâMS) to provide scientific basis for the quality control of safflower. Five different solvents (diethyl ether, ethanol, ethyl acetate, dichloromethane and acetone) were used and compared in terms of number of volatile components extracted and the peak areas of these components in TIC. The results sh...
Characteristics of the volatile organic compounds -- Arid Integrated Demonstration Site
International Nuclear Information System (INIS)
Last, G.V.; Lenhard, R.J.; Bjornstad, B.N.; Evans, J.C.; Roberson, K.R.; Spane, F.A.; Amonette, J.E.; Rockhold, M.L.
1991-10-01
The Volatile Organic Compounds -- Arid Integrated Demonstration Program (VOC-Arid ID) is targeted at demonstration and testing of technologies for the evaluation and cleanup of volatile organic compounds and associated contaminants at arid DOE sites. The initial demonstration site is an area of carbon tetrachloride (CCl 4 ) contamination located near the center of the Hanford Site. The movement of CCl 4 and other volatile organic contaminants in the subsurface is very complex. The problem at the Hanford Site is further complicated by the concurrent discharge of other waste constituents including acids, lard oil, organic phosphates, and transuranic radionuclides. In addition, the subsurface environment is very complex, with large spatial variabilities in hydraulic properties. A thorough understanding of the problem is essential to the selection of appropriate containment, retrieval, and/or in situ remedial technologies. The effectiveness of remedial technologies depends on knowing where the contaminants are, how they are held up in a given physical and chemical subsurface environment; and knowing the physical, chemical, and microbiological changes that are induced by the various remedial technologies
Dutta, Suryendu; Mehrotra, Rakesh C; Paul, Swagata; Tiwari, R P; Bhattacharya, Sharmila; Srivastava, Gaurav; Ralte, V Z; Zoramthara, C
2017-09-08
Plants produce and release a large array of volatile organic compounds that play many ecological functions. These volatile plant metabolites serve as pollinator attractants, herbivore and pathogen repellents and protect plants from abiotic stresses. To date, the geological evolution of these organic compounds remains unknown. The preservation potential of these metabolites in the fossil record is very poor due to their low boiling points. Here we report a series of volatile sesquiterpenoids, including δ-elemene, α-copaene, β-elemene, β-caryophyllene, α-humulene, germacrene D, δ-cadiene and spathunenol, from early Miocene (~17 million year) amber from eastern India. The survival of these unaltered bioterpenoids can be attributed to the existence of extraordinary taphonomic conditions conducive to the preservation of volatile biomolecules through deep time. Furthermore, the occurrence of these volatiles in the early Miocene amber suggests that the plants from this period had evolved metabolic pathways to synthesize these organic molecules to play an active role in forest ecology, especially in plant-animal interactions.
Trophic complexity and the adaptive value of damage-induced plant volatiles.
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Ian Kaplan
Full Text Available Indirect plant defenses are those facilitating the action of carnivores in ridding plants of their herbivorous consumers, as opposed to directly poisoning or repelling them. Of the numerous and diverse indirect defensive strategies employed by plants, inducible volatile production has garnered the most fascination among plant-insect ecologists. These volatile chemicals are emitted in response to feeding by herbivorous arthropods and serve to guide predators and parasitic wasps to their prey. Implicit in virtually all discussions of plant volatile-carnivore interactions is the premise that plants "call for help" to bodyguards that serve to boost plant fitness by limiting herbivore damage. This, by necessity, assumes a three-trophic level food chain where carnivores benefit plants, a theoretical framework that is conceptually tractable and convenient, but poorly depicts the complexity of food-web dynamics occurring in real communities. Recent work suggests that hyperparasitoids, top consumers acting from the fourth trophic level, exploit the same plant volatile cues used by third trophic level carnivores. Further, hyperparasitoids shift their foraging preferences, specifically cueing in to the odor profile of a plant being damaged by a parasitized herbivore that contains their host compared with damage from an unparasitized herbivore. If this outcome is broadly representative of plant-insect food webs at large, it suggests that damage-induced volatiles may not always be beneficial to plants with major implications for the evolution of anti-herbivore defense and manipulating plant traits to improve biological control in agricultural crops.
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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
Oliver-Pozo, Celia; Aparicio-Ruiz, Ramón; Romero, Inmaculada; García-González, Diego L
2015-12-09
The need to explain virgin olive oil (VOO) aroma descriptors by means of volatiles has raised interest in applying analytical techniques for trapping and quantitating volatiles. Static headspace sampling with solid phase microextraction (SPME) as trapping material is one of the most applied solutions for analyzing volatiles. The use of an internal standard and the determination of the response factors of the main volatiles seem to guarantee the correct determination of volatile concentrations in VOOs by SPME-GC/FID. This paper, however, shows that the competition phenomena between volatiles in their adsorption to the SPME fiber, inherent in static headspace sampling, may affect the quantitation. These phenomena are more noticeable in the particular case of highly odorant matrices, such as rancid and vinegary VOOs with high intensity of defect. The competition phenomena can modify the measurement sensitivity, which can be observed in volatile quantitation as well as in the recording of internal standard areas in different matrices. This paper analyzes the bias of the peak areas and concentrations of those volatiles that are markers for each sensory defect of VOOs (rancid, vinegary, musty, and fusty) when the intensity and complexity of aroma are increased. Of the 17 volatile markers studied in this work, 10 presented some anomalies in the quantitation in highly odorant matrices due the competition phenomena. However, quantitation was not affected in the concentration ranges at which each volatile marker is typically found in the defective oils they were characteristic of, validating their use as markers.
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)
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Meltem Gulenay Chadwick
2018-06-01
Full Text Available This paper proposes a panel VAR model to uncover the effect of monetary policy and macroprudential tightening probability on general purpose loans, housing loans, vehicle loans, credit cards and their respective volatilities in Turkey. To conduct our analysis, first, we compare a number of stochastic volatility models using our loan and credit card series in a formal Bayesian model comparison exercise, in order to determine the best volatility model for our series. Second we disclose the latent probability of macroprudential tightening from the binary information of policy episodes, using an instrumental variable probit model estimated by conditional maximum likelihood with heteroscedasticity robust standard errors. Lastly we estimate the dynamic impact of monetary policy and macroprudential measures using a panel VAR, incorporating the latent probability of tightening episodes, credit growth, industrial production growth, loan rates, inflation and credit growth volatilities into the endogenous system of equations. We conclude that macroprudential tightening is effective in dampening credit growth, credit growth volatility and reducing consumer price inflation. Besides, this effect is more prominent when macroprudential tools are administered in coordination with monetary policy. Keywords: Consumer loans, Monetary policy, Macroprudential policy, Stochastic volatility models, Credit growth volatility, IV probit model, Panel VAR model, JEL classification: C54, E44, E52
Mathieu, Sandrine; Cin, Valeriano Dal; Fei, Zhangjun; Li, Hua; Bliss, Peter; Taylor, Mark G; Klee, Harry J; Tieman, Denise M
2009-01-01
The unique flavour of a tomato fruit is the sum of a complex interaction among sugars, acids, and a large set of volatile compounds. While it is generally acknowledged that the flavour of commercially produced tomatoes is inferior, the biochemical and genetic complexity of the trait has made breeding for improved flavour extremely difficult. The volatiles, in particular, present a major challenge for flavour improvement, being generated from a diverse set of lipid, amino acid, and carotenoid precursors. Very few genes controlling their biosynthesis have been identified. New quantitative trait loci (QTLs) that affect the volatile emissions of red-ripe fruits are described here. A population of introgression lines derived from a cross between the cultivated tomato Solanum lycopersicum and its wild relative, S. habrochaites, was characterized over multiple seasons and locations. A total of 30 QTLs affecting the emission of one or more volatiles were mapped. The data from this mapping project, combined with previously collected data on an IL population derived from a cross between S. lycopersicum and S. pennellii populations, were used to construct a correlational database. A metabolite tree derived from these data provides new insights into the pathways for the synthesis of several of these volatiles. One QTL is a novel locus affecting fruit carotenoid content on chromosome 2. Volatile emissions from this and other lines indicate that the linear and cyclic apocarotenoid volatiles are probably derived from separate carotenoid pools.
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.
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...
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....
Directory of Open Access Journals (Sweden)
Andrea Caiminagua
2015-03-01
Full Text Available The electrochemical generation of arsenic volatile species (arsine using an Au/Hg amalgam cathode in a 0.5 M H2SO4 solution, is described. Results were compared with those obtained with other cathodes commonly used for generation of arsine. The effects of the electrolytic conditions and interferent ions have been studied. Results show that the Au/Hg cathode has better tolerance to interference and higher repeatability than cathodes made out of platinum (Pt, gold (Au, reticulated glassy carbon (RGC, lead (Pb. Under optimized conditions, a 0.027 μg L−1 (3σ detection limit for As(III in aqueous solutions and a 2.4% relative standard deviation for a 0.1 μg L−1 As(III were obtained. The accuracy of the method was verified by determination of As in a certified reference material. The proposed method was applied to the determination of As in spiked tap water samples.
International Nuclear Information System (INIS)
Worthington, A.; Kay-Spratley, A.; Higgs, H.
2005-01-01
This paper examines the transmission of spot electricity prices and price volatility among the five regional electricity markets in the Australian National Electricity Market: namely, New South Wales, Queensland, South Australia, the Snowy Mountains Hydroelectric Scheme and Victoria. A multivariate generalised autoregressive conditional heteroskedasticity model is used to identify the source and magnitude of price and price volatility spillovers. The results indicate the presence of positive own mean spillovers in only a small number of markets and no mean spillovers between any of the markets. This appears to be directly related to the physical transfer limitations of the present system of regional interconnection. Nevertheless, the large number of significant own-volatility and cross-volatility spillovers in all five markets indicates the presence of strong autoregressive conditional heteroskedasticity and generalised autoregressive conditional heteroskedasticity effects. This indicates that shocks in some markets will affect price volatility in others. Finally, and contrary to evidence from studies in North American electricity markets, the results also indicate that Australian electricity spot prices are stationary. (author)
Rose, Donna L.; Sandstrom, Mark W.; Murtagh, Lucinda K.
2016-09-08
Two new analytical methods have been developed by the U.S. Geological Survey (USGS) National Water Quality Laboratory (NWQL) that allow the determination of 37 heat purgeable volatile organic compounds (VOCs) (USGS Method O-4437-16 [NWQL Laboratory Schedule (LS) 4437]) and 49 ambient purgeable VOCs (USGS Method O-4436-16 [NWQL LS 4436]) in unfiltered water. This report documents the procedures and initial performance of both methods. The compounds chosen for inclusion in the methods were determined as having high priority by the USGS National Water-Quality Assessment (NAWQA) Program. Both methods use a purge-and-trap technique with gas chromatography/mass spectrometry. The compounds are extracted from the sample by bubbling helium through a 25-milliliter sample. For the polar and less volatile compounds, the sample is heated at 60 degrees Celsius, whereas the less polar and more volatile compounds are purged using a separate analytical procedure at ambient temperature. The compounds are trapped on a sorbent trap, desorbed into a gas chromatograph/mass spectrometer for separation, and then identified and quantified. Sample preservation is recommended for both methods by adding a 1:1 solution of hydrochloric acid (HCl [1:1]) to water samples to adjust the pH to 2. Analysis within 14 days from sampling is recommended.The heat purgeable method (USGS Method O-4437-16) operates with the mass spectrometer in the simultaneous full scan/selected ion monitoring mode. This method supersedes USGS Method O-4024-03 (NWQL LS 4024). Method detection limits (MDLs) for fumigant compounds 1,2-dibromoethane, 1,2-dichloropropane, 1,2,3-trichloropropane, chloropicrin, and 1,2-dibromo-3-chloropropane range from 0.002 to 0.010 microgram per liter (µg/L). The MDLs for all remaining heat purgeable VOCs range from 0.006 µg/L for tert-butyl methyl ether to 3 µg/L for alpha-terpineol. Calculated holding times indicate that 36 of the 37 heat purgeable VOCs are stable for a minimum of 14 days
Response of Sitophilus granarius L. to fumigant toxicity of some plant volatile oils
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Ali F. Hamza
2016-01-01
Full Text Available One-week-old adults of Sitophilus granarius (L. reared on wheat were subjected to pure plant volatile oils of Thuja, Eucalyptus and Peppermint. Volatile oil of Thuja was extracted from unripe fruits of Thuja orientalis plant by water distillation. The objective of the current study was to determine the fumigant toxicity of these volatile oils against adults of S. granarius. The fumigant toxicity of the volatile oils was tested against 1week old adults of S. granarius at 28±2 °C and 65±5% RH in darkness. The mortality of adults was tested at different concentrations ranging from 20 to 100 μl of Thuja, 10–30 μl of Eucalyptus and 3–15 μl of Peppermint at different exposure times (24, 48 and 72 h. The results demonstrated that the mortality increased with increases in concentration and exposure periods. The percent mortality of S. granarius reached 91.2, 95.0 and 91.2% when 1-w-old adult exposed to higher concentration of Thuja, Eucalyptus and Peppermint oils, respectively, comparing to 0% in the control after 24 h. After 72 h the percent mortality was 100% at the higher concentration of the three volatile oils. LC50 and LC90 were determined for each volatile oil and each exposure period. Data probit analysis demonstrated that concentrations of 70.71 μl Thuja, 16.95 μl Eucalyptus and 10.48 μl Peppermint, recorded 50% mortality after 24 h, however it reached 90% when concentrations increased to 104.04 μl Thuja, 25.48 μl Eucalyptus and 15.92 μl Peppermint after the same period. LC50 and LC90 values were decreased by increasing the exposure periods. These results showed that the three volatile oils could be applicable to the management of populations of S. granarius (L..
Manure application and ammonia volatilization
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
Oxidation/volatilization rates in air for candidate fusion reactor blanket materials, PCA and HT-9
International Nuclear Information System (INIS)
Piet, S.J.; Kraus, H.G.; Neilson, R.M. Jr.; Jones, J.L.
1986-01-01
Large uncertainties exist in the quantity of neutron-induced activation products that can be mobilized in potential fusion accidents. The accidental combination of high temperatures and oxidizing conditions might lead to mobilization of a significant amount of activation products from structural materials. Here, the volatilization of constituents of PCA and HT-9 resulting from oxidation in air was investigated. Tests were conducted in flowing air at temperatures from 600 to 1300 0 C for 1, 5, or 20 hours. Elemental volatility was calculated in terms of the weight fraction of the element volatilized from the initial alloy. Molybdenum and manganese were the radiologically significant primary constituents most volatilized, suggesting that molybdenum and manganese should be minimized in fusion steel compositions. Higher chromium content appears beneficial in reducing hazards from mobile activation products. Scanning electron microscopy and energy dispersive spectroscopy were used to study the oxide layer on samples
Recovery of wine volatile compounds during the vinification
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Encarnación Gómez-Plaza
1993-09-01
Full Text Available During the fermentation of grape sugars there is a formation of CO2, which escapes along with other volatile compounds being formed during the fermentation. To determine these lost main compounds, we placed an experimental system in a winery, which consisted in a cold trap connected to the exit of the fermentation tanks.
Chemical composition and seasonal variation of the volatile oils from Trembleya phlogiformis leaves
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Sarah R. Fernandes
Full Text Available ABSTRACT Trembleya phlogiformis DC., Melastomataceae, is a shrub whose leaves are used as a dye for dyeing wool and cotton. The present article aimed to carry out the morphological description of the species, to study the chemical composition of volatile oils from the leaves and flowers and the seasonal variability from the leaves during a year. Macroscopic characterization was carried out with the naked eye and with a stereoscopic microscope. Volatile oils were isolated by hydrodistillation in Clevenger apparatus and analyzed by gas chromatography/mass spectrometry. The major components of the volatile oil of T. phlogiformis flowers were: n-heneicosane (33.5%, phytol (12.3%, n-tricosane (8.4% and linoleic acid (6.1%. It was verified the existence of a large chemical variability of the volatile oils from the leaves of T. phlogiformis over the months, with the majority compound (oleic alcohol, ranging from 5.7 to 26.8% present in all samples. A combination of Cluster Analysis and Principal Component Analysis showed the existence of three main clusters, probably related to the seasons. The results suggested that the volatile oils of T. phlogiformis leaves possess high chemical variability, probably related to variation associated with rainfall and the variation in the behavior of specimens throughout the year. This research provides insights for future studies on the volatile oils obtained from the T. phlogiformis leaves and flowers, mainly related to biological markers of applications monitored in the leaves and flowers of this species.
Turbulence effects on volatilization rates of liquids and solutes.
Lee, Jiunn-Fwu; Chao, Huan-Ping; Chiou, Cary T; Manes, Milton
2004-08-15
Volatilization rates of neat liquids (benzene, toluene, fluorobenzene, bromobenzene, ethylbenzene, m-xylene, o-xylene, o-dichlorobenzene, and 1-methylnaphthalene) and of solutes (phenol, m-cresol, benzene, toluene, ethylbenzene, o-xylene, and ethylene dibromide) from dilute water solutions have been measured in the laboratory over a wide range of air speeds and water-stirring rates. The overall transfer coefficients (K(L)) for individual solutes are independent of whether they are in single- or multi-solute solutions. The gas-film transfer coefficients (kG) for solutes in the two-film model, which have hitherto been estimated by extrapolation from reference coefficients, can now be determined directly from the volatilization rates of neat liquids through a new algorithm. The associated liquid-film transfer coefficients (kL) can then be obtained from measured K(L) and kG values and solute Henry law constants (H). This approach provides a novel means for checking the precision of any kL and kG estimation methods for ultimate prediction of K(L). The improved kG estimation enables accurate K(L) predictions for low-volatility (i.e., low-H) solutes where K(L) and kGH are essentially equal. In addition, the prediction of K(L) values for high-volatility (i.e., high-H) solutes, where K(L) approximately equal to kL, is also improved by using appropriate reference kL values.
Turbulence effects on volatilization rates of liquids and solutes
Lee, J.-F.; Chao, H.-P.; Chiou, C.T.; Manes, M.
2004-01-01
Volatilization rates of neat liquids (benzene, toluene, fluorobenzene, bromobenzene, ethylbenzene, m-xylene, o-xylene, o-dichlorobenzene, and 1-methylnaphthalene) and of solutes (phenol, m-cresol, benzene, toluene, ethylbenzene, o-xylene, and ethylene dibromide) from dilute water solutions have been measured in the laboratory over a wide range of air speeds and water-stirring rates. The overall transfer coefficients (KL) for individual solutes are independent of whether they are in single- or multi-solute solutions. The gas-film transfer coefficients (kG) for solutes in the two-film model, which have hitherto been estimated by extrapolation from reference coefficients, can now be determined directly from the volatilization rates of neatliquids through anew algorithm. The associated liquid-film transfer coefficients (KL) can then be obtained from measured KL and kG values and solute Henry law constants (H). This approach provides a novel means for checking the precision of any kL and kG estimation methods for ultimate prediction of KL. The improved kG estimation enables accurate K L predictions for low-volatility (i.e., low-H) solutes where K L and kGH are essentially equal. In addition, the prediction of KL values for high-volatility (i.e., high-H) solutes, where KL ??? kL, is also improved by using appropriate reference kL values.
Financial Development, Financial Structure, and Macroeconomic Volatility: Evidence from China
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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.
VOLATILE COMPOUNDS OF LITHRAEA CAUSTICA (LITRE) DETERMINATED BY SOLID PHASE MICRO-EXTRACTION (SPME)
GARBARINO, JUAN A; SALVATORE, GIUSEPPE; PIVANOVO, MARISA; CHAMY, MARÍA CRISTINA; NICOLETTI, MARCELLO; DE IOANNES, ALFREDO
2002-01-01
The head space of the aerial parts of Lithraea caustica was analyzed by Solid Phase Micro-Extraction (SPME) technique, obtaining as main volatile compounds the monoterpenes, myrcene, a -pinene, , p-cymene and limonene, as well as the sesquiterpene caryophylene. De las partes áereas de Lithraea caustica y usando la técnica de Micro-Extracción en Fase Sólida (MEFS), fueron identificados y cuantificados los principales compuestos volátiles: los monoterpenos, mirceno, a -pineno, p-cimeno y lim...
Effects of Idiosyncratic Volatility in Asset Pricing
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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.
American option pricing with stochastic volatility processes
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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.
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
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Esmeraldo A. Cappelaro
2015-03-01
Full Text Available This paper reports on the identification of volatile and semi-volatile compounds and a comparison of the chromatographic profiles obtained by Headspace Solid-Phase Microextraction/Gas Chromatography with Mass Spectrometry detection (HS-SPME-GC-MS of dried leaves of Mikania glomerata Sprengel (Asteraceae, also known as 'guaco.' Three different types of commercial SPME fibers were tested: polydimethylsiloxane (PDMS, polydimethylsiloxane/divinylbenzene (PDMS/DVB and polyacrylate (PA. Fifty-nine compounds were fully identified by HS-SPME-HRGC-MS, including coumarin, a marker for the quality control of guaco-based phytomedicines; most of the other identified compounds were mono- and sesquiterpenes. PA fibers performed better in the analysis of coumarin, while PDMS-DVB proved to be the best choice for a general and non-selective analysis of volatile and semi-volatile guaco-based compounds. The SPME method is faster and requires a smaller sample than conventional hydrodistillation of essential oils, providing a general overview of the volatile and semi-volatile compounds of M. glomerata.
Ammonia volatilization from sows on grassland
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.
Volatile and non-volatile chemical constituents of Cochlospermum vitifolium (Willdenow) Sprengel
International Nuclear Information System (INIS)
Almeida, Sheyla Cristiane Xenofonte de; Lemos, Telma Leda Gomes de; Silveira, Edilberto Rocha; Pessoa, Otilia Deusdenia Loiola
2005-01-01
The essential oils from leaves, root bark and root wood of Cochlospermum vitifolium were investigated for the first time. The oils were obtained by hydrodistillation and analyzed by GC/MS. The main volatile constituents were β-caryophyllene (8.2 - 46.5%), β-bisabolene (11.5 - 29.3%), γ-muurolene (28.4%), α-humulene (26.0%), 1-hydroxy-3-hexadecanone (16.2 - 19.5%) and β-pinene (10.6%). Phytochemical analysis of the root bark and root wood extracts yielded excelsin, pinoresinol, narigenin, aromadendrin, galic acid and a triacylbenzene, along with β-sitosterol and stigmasterol and their D-glucosides. The structures of all compounds were determined by analyses of the spectroscopic data (NMR and MS), and comparison with the literature. (author)
Herbivore-induced blueberry volatiles and intra-plant signaling.
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
Volatile characteristic of trace elements during microwave pyrolysis of oil shale
Energy Technology Data Exchange (ETDEWEB)
Bai, Jing-ru; Wang, Qing; Kong, Ling-wen; Bai, Zhang [Northeast Dianli Univ., Jilin (China). Engineering Research Centre
2013-07-01
Oil shale is abundant in the world. Today, the industry of oil shale retorting for producing shale oil is developing owing to high price of oil in the world. In order to study migratory behavior of trace elements in oil shale at microwave pyrolysis, tests were performed in laboratory with oil shale of the Huadian deposit of China at different powers from 400 to 700 W. The trace elements As, Cd, Hg, Mo, Pb, Se, Cr, Cu, Ni, V, Zn, Ba, Co, Mn present in oil shale and shale char were determined by the inductively coupled plasma-mass spectrometry (ICP-MS). By comparing the content of trace elements in oil shale and shale char, distribution characteristics of trace elements at retorting were studied. The overall trends of volatile ratio of trace elements are ascending with higher microwave power and higher than the conventional pyrolysis. The differences in the volatile ratio indicate that the trace elements investigated are bound with the oil shale kerogen and its mineral matter in different manner. So Float-sink experiments (FSE) were performed on oil shale. Huadian oil shale has more included mineral. The volatilization of organic matter is not the main reason for the volatilization of trace elements in oil shale. The trace elements combined with the mineral elements may be also certain volatility.
Endogenous Lunar Volatiles: Insights into the Abundances of Volatiles in the Moon from Lunar Apatite
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.
Vroblesky, Don A.
2001-01-01
Diffusion samplers installed in observation wells were found to be capable of yielding representative water samples for chlorinated volatile organic compounds. The samplers consisted of polyethylene bags containing deionized water and relied on diffusion of chlorinated volatile organic compounds through the polyethylene membrane. The known ability of polyethylene to transmit other volatile compounds, such as benzene and toluene, indicates that the samplers can be used for a variety of volatile organic compounds. In wells at the study area, the volatile organic compound concentrations in water samples obtained using the samplers without prior purging were similar to concentrations in water samples obtained from the respective wells using traditional purging and sampling approaches. The low cost associated with this approach makes it a viable option for monitoring large observation-well networks for volatile organic compounds.
Bor, G.; Berg, van den F.; Smelt, J.H.; Smidt, R.A.; Peppel-Groen, van de A.E.; Leistra, M.
1995-01-01
At about eleven times after application of tri-allate, ethoprophos and parathion to a sandy soil, their rates of volatilization were determined by the aerodynamic method (AD), the Bowen-ratio method (BR), the theoretical-profile method (TP) and the Box method. The volatilization was highest for
Loge, G.
1994-09-01
Using hardware and materials supplied by LANL, a prototype quadrupole mass spectrometer system designed for portable field analysis of isotopic composition of solid uranium samples was assembled and tested. The system contained the capability for fluorine volatilization of solid uranium samples with gas introduction, which was successfully tested and demonstrated using 100 mg samples of U3O8. Determination of precision and accuracy for measuring isotopic composition was performed using isotopic standards. Use with soil samples containing uranium were also attempted. Silicates in the soil forming SiF4 were found to be a kinetic bottleneck to the formation of UF6. This could be avoided by performing some sort of chemical separation as a pre-treatment step, which was demonstrated using nitric acid.
Verma, M.; Diffenbaugh, N. S.; Hertel, T. W.; Beckman, J.
2011-12-01
In presence of bio-fuels, link between energy and agricultural commodity markets has become more complex. An increase in ethanol production to minimum 15bn gallons a year - Renewable Fuel Standard (RFS) and current technically permissible maximum 10% blending limit - Blend Wall (BW); make the link even stronger. If oil prices in future do not rise significantly from their current levels, this minimum production requirement would likely be binding. In such a scenario any fluctuation in crop production will have to be absorbed by the non-ethanol usage of the crop and would translate into crop prices adjusting to clear the markets and therefore the commodity prices will be more volatile. At high oil prices it is possible that the BW may become binding, severing the link between oil prices and commodity prices as well, potentially leading to higher price volatility. Hertel and Beckman (2010) find that, with both RFS and BW simultaneously binding, corn price volatility due to supply side shocks (which could arise from extreme climate events) could be more than 50% as large as in the absence of bio-fuel policies. So energy markets are important determinants of agricultural commodity price volatility. This proposal intends to introduce the increased supply side volatility on account of climate change and volatility, in the framework. Global warming on account of increased GHG concentrations is expected to increase the intensity and frequency of hot extremes in US (Diffenbaugh et al. 2008) and therefore affect corn yields. With supply shocks expected to increase, binding RFS and BW will exacerbate the volatility, while if they are non-binding then the price changes could be cushioned. We propose to model the impacts of climate changes and volatility on commodity prices by linking three main components - a. Projections for change in temperature and precipitation using climate model b. A statistical model to predict impacts of change in climate variable on corn yields in US
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.
Two Proposals for determination of large reactivity of reactor
International Nuclear Information System (INIS)
Kaneko, Yoshihiko; Nagao, Yoshiharu; Yamane, Tsuyoshi; Takeuchi, Mituo
1999-01-01
Two Proposals for determination of large reactivity of reactors are presented. One is for large positive reactivity. The other is for large negative reactivity. Existing experimental methods for determination of large positive reactivity, the fuel addition method and the neutron adsorption substitution method were analyzed. It is found that both the experimental methods are possibly affected to the substantially large systematic error up to ∼ 20%, when the value of the excess multiplication factor comes into the range close to ∼20%Δk. To cope with this difficulty, a revised method is validly proposed. The revised method evaluates the value of the potential excess multiplication factor as the consecutive increments of the effective multiplication factor in a virtual core, which are converted from those in an actual core by multiplying a conversion factor f to it. The conversion factor f is to be obtained in principle by calculation. Numerical experiments were done on a slab reactor using one group diffusion model. The rod drop experimental method is widely used for determination of large negative negative reactivity values. The decay of the neutron density followed by initiating the insertion of the rod is obliged to be slowed down according to its speed. It is proved by analysis based on the one point reactor kinetics that in such a case the integral counting method hitherto used tend to significantly underestimate the absolute values of negative reactivity, even if the insertion time is in the range of 1-2 s. As for the High Temperature Engineering Test Reactor (HTTR), the insertion time will be lengthened up to 4-6 s. In order to overcome the difficulty , the delayed integral counting method is proposed, in which the integration of neutron counting starts after the rod drop has been completed and the counts before is evaluated by calculation using one point reactor kinetics. This is because the influence of the insertion time on the decay of the neutron
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...
A nonparametric approach to forecasting realized volatility
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...
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 ...
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
The multivariate supOU stochastic volatility model
DEFF Research Database (Denmark)
Barndorff-Nielsen, Ole; Stelzer, Robert
Using positive semidefinite supOU (superposition of Ornstein-Uhlenbeck type) processes to describe the volatility, we introduce a multivariate stochastic volatility model for financial data which is capable of modelling long range dependence effects. The finiteness of moments and the second order...... structure of the volatility, the log returns, as well as their "squares" are discussed in detail. Moreover, we give several examples in which long memory effects occur and study how the model as well as the simple Ornstein-Uhlenbeck type stochastic volatility model behave under linear transformations....... In particular, the models are shown to be preserved under invertible linear transformations. Finally, we discuss how (sup)OU stochastic volatility models can be combined with a factor modelling approach....
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....
Volatilization from borosilicate glass melts of simulated Savannah River Plant waste
International Nuclear Information System (INIS)
Wilds, G.W.
1979-01-01
Laboratory scale studies determined the rates at which the semivolatile components sodium, boron, lithium, cesium, and ruthenium volatilized from borosilicate glass melts that contained simulated Savannah River Plant waste sludge. Sodium and boric oxides volatilize as the thermally stable compound sodium metaborate, and accounted for approx. 90% of the semivolatiles that evolved. The amounts of semivolatiles that evolved increased linearly with the logarithm of the sodium content of the glass-forming mixture. Cesium volatility was slightly suppressed when titanium dioxide was added to the melt, but was unaffected when cesium was added to the melt as a cesium-loaded zeolite rather than as a cesium carbonate solution. Volatility of ruthenium was not suppressed when the glass melt was blanketed with a nonoxidizing atmosphere. Trace quantities of mercury were removed from vapor streams by adsorption onto a silver-exchanged zeolite. A bed containing silver in the ionic state removed more than 99.9% of the mercury and had a high chemisorption capacity. Beds of lead-, copper-, and copper sulfide-exchanged zeolite-X and also an unexchanged zeolite-X were tested. None of these latter beds had high removal efficiency and high chemisorption capacity
Volatilization from borosilicate glass melts of simulated Savannah River Plant waste
International Nuclear Information System (INIS)
Wilds, G.W.
1978-01-01
Laboratory scale studies determined the rates at which the semivolatile components sodium, boron, lithium, cesium, and ruthenium volatilized from borosilicate glass melts that contained simulated Savannah River Plant waste sludge. Sodium and boric oxides volatilize as the thermally stable compound sodium metaborate, and accounted for approx. 90% of the semivolatiles that evolved. The amounts of semivolatiles that evolved increased linearly with the logarithm of the sodium content of the glass-forming mixture. Cesium volatility was slightly suppressed when titanium dioxide was added to the melt, but was unaffected when cesium was added to the melt as a cesium-loaded zeolite rather than as a cesium carbonate solution. Volatility of ruthenium was not suppressed when the glass melt was blanketed with a nonoxidizing atmosphere. Trace quantities of mercury were removed from vapor streams by adsorption onto a silver-exchanged zeolite. A bed containing silver in the ionic state removed more than 99.9% of the mercury and had a high chemisorption capacity. Beds of lead-, copper-, and copper sulfide-exchanged zeolite-X and also an unexchanged zeolite-X were tested. None of these latter beds had high removal efficiency and high chemisorption capacity
VOLATILIZATION RATES FROM WATER TO INDOOR AIR ...
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
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...
Volatility of Stock Markets (an Analysis of South Asian and G8 Countries
Directory of Open Access Journals (Sweden)
Muhammad Mansoor Baig
2015-12-01
Full Text Available The objective of this study is to make an analysis of volatility of stock markets between South Asian Stock Markets and Stock Markets of Group of Eight Countries. This study important for the investors whose want to invest in stock markets. This study helps investors to determine what stock market is more volatile. To make the analysis three South Asian stock markets and Group of Eight countries stock markets are selected. South Asian stock markets indexes include KSE 100 (Pakistan, SENSEX (India, ASPI (Sri Lanka, CAC 40 (France, DAX (Germany, S &P / TSX Composite (Canada, FTSE MIB (Italy, RTS (Russia, Nikkei 225 (Japan, S & P 500 (USA and FTSE 100 (UK. Data is collected from the period of January 1st 2005 to August 31st 2015. ARCH and GARCH model is used to analyze the volatility of South Asian Stock Markets and stock markets of Group of Eight Countries. The findings show that South Asian Stock Markets are less volatile while Stock Markets of Group of Eight Countries are high volatile. This study is useful for investment institutions and portfolio managers because it focuses on current issues and takes the current data.
DEFF Research Database (Denmark)
Jensen, Niels Otto; Andersen, Helle Vibeke
2008-01-01
The paper describes an experimental set-up designed to measure the volatilization of different pesticides after application under full-scale field conditions. The pesticides were sprayed around the circumference of a circle and measurements of meteorology and air concentrations of pesticides were...
Muhamad Fahmi, M. H.; Ahmad Bukhary, A. K.; Norma, H.; Idris, A. B.
2016-11-01
The main attractant compound for Eleidobius kamerunicus to male spikelet Elaeis guineensis (oil palm) were determined by analyzing volatile organic compound extracted from E. guineenses inflorescences planted on different soil types namely peat soil, clay soil and sandy soil. Anthesizing male oil palm inflorescences were randomly choosen from palm aged between 4-5 years old age. Extraction of the volatiles from the oil palm inflorescences were performed by Accelerated Solvent Extraction method (ASE). The extracted volatile compound were determined by using gas chromatography-mass spectrometry. Out of ten identified compound, estragole was found to be a major compound in sandy soil (37.49%), clay soil (30.71%) and peat soil (27.79%). Other compound such as 9,12-octadecadieonic acid and n-hexadecanoic acid were found as major compound in peat soil (27.18%) and (7.45%); sandy soil (14.15 %) and (9.31%); and clay soil (30.23%) and (4.99%). This study shows that estragole was the predominant volatile compound detected in oil palm inflorescences with highly concentrated in palm planted in sandy soil type.
Fundamental volatility is regime specific
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
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....
Directory of Open Access Journals (Sweden)
Pablo Rogers
2008-01-01
Full Text Available Em contraposição às hipóteses para sustentação dos modelos financeiros "clássicos", como o Capital Asset Pricing Model (CAPM de Sharpe-Litner-Mossin, a literatura recente de Finanças tem documentado que algumas características das empresas se mostram relevantes para explicar retornos esperados. Este artigo tem por objetivo analisar se o tamanho da empresa no Brasil é uma característica importante para explicar uma outra dimensão da relação risco versus retorno: a volatilidade. Como metodologia, procedeu-se a uma reestruturação completa do índice IBrX da Bolsa de Valores de São Paulo (Bovespa, obtendo-se dois novos índices: um de empresas com grande porte e outro de empresas com pequeno porte. A partir dos índices construídos, analisaram-se o comportamento e a estrutura a termo da volatilidade, com ajustes dos modelos GARCH (1,1 e TARCH (1,1. Em linhas gerais, pode-se concluir que o comportamento e a estrutura a termo da volatilidade de empresas de grande e pequeno porte são diferentes, o que permite a incorporação da característica tamanho da empresa nas funções financeiras, tais como decisões de investimentos, precificação de títulos e gerenciamento de risco.Recent finance literature states that certain company characteristics are relevant to explain the returns expected, which is contrary to classic financial models such as the Capital Asset Pricing Model. The effect of company size in Brazil was investigated to verify if it explains another aspect of the relationship of risk versus return, which is volatility. The method used was to restructure the IBrX index (Sao Paulo Stock Exchange - Bovespa to obtain a new index for large sized companies and also another for small companies. The behavior and term structure of volatility was analyzed using adjustments of the GARCH (1.1 and TARCH (1.1 models for each of the two new indices. It was concluded that, in general, small and large companies have different behaviors
Mann, R S; Rouseff, R L; Smoot, J M; Castle, W S; Stelinski, L L
2011-02-01
The Asian citrus psyllid, Diaphorina citri Kuwayama, vectors Candidatus Liberibacter asiaticus (Las) and Candidatus Liberibacter americanus (Lam), the presumed causal agents of huanglongbing. D. citri generally rely on olfaction and vision for detection of host cues. Plant volatiles from Allium spp. (Alliaceae) are known to repel several arthropod species. We examined the effect of garlic chive (A. tuberosum Rottl.) and wild onion (A. canadense L.) volatiles on D. citri behaviour in a two-port divided T-olfactometer. Citrus leaf volatiles attracted significantly more D. citri adults than clean air. Volatiles from crushed garlic chive leaves, garlic chive essential oil, garlic chive plants, wild onion plants and crushed wild onion leaves all repelled D. citri adults when compared with clean air, with the first two being significantly more repellent than the others. However, when tested with citrus volatiles, only crushed garlic chive leaves and garlic chive essential oil were repellent, and crushed wild onions leaves were not. Analysis of the headspace components of crushed garlic chive leaves and garlic chive essential oil by gas chromatography-mass spectrometry revealed that monosulfides, disulfides and trisulfides were the primary sulfur volatiles present. In general, trisulfides (dimethyl trisulfide) inhibited the response of D. citri to citrus volatiles more than disulfides (dimethyl disulfide, allyl methyl disulfide, allyl disulfide). Monosulfides did not affect the behaviour of D. citri adults. A blend of dimethyl trisulfide and dimethyl disulfide in 1:1 ratio showed an additive effect on inhibition of D. citri response to citrus volatiles. The plant volatiles from Allium spp. did not affect the behaviour of the D. citri ecto-parasitoid Tamarixia radiata (Waterston). Thus, Allium spp. or the tri- and di-sulphides could be integrated into management programmes for D. citri without affecting natural enemies.
Origin of the earth's moon: constraints from alkali volatile trace elements
International Nuclear Information System (INIS)
Kreutzberger, M.E.; Drake, M.J.; Jones, J.H.
1986-01-01
Although the Moon is depleted in volatile elements compared to the Earth, these depletions are not in accord with simple volatility. For example, the Cs/Rb ratios of the Earth and Moon inferred from basalts are approximately one seventh and one half of the CI ratio, respectively. Volatility considerations alone predict that the lunar Cs/Rb ratio should be equal to or lower than the terrestrial ratio if the Moon was derived entirely from Earth mantle material. Thus hypotheses such as rotational fission which invoke derivation of lunar material entirely from the Earth's mantle may be excluded. The collisional ejection hypothesis of lunar origin requires at least 18% of lunar material to be derived from a projectile with dehydrated CI composition to match the lunar Cs/Rb ratio, and 25% to 50% to match both the lunar Cs/Rb ratio and absolute concentrations of Cs and Rb. It remains to be demonstrated that this relatively large contribution of projectile material is consistent with other elemental abundances and element ratios in the Moon. (author)
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.
Political institutions and economic volatility
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
Sakai, Kiyoshi; Kamijima, Michihiro; Shibata, Eiji; Ohno, Hiroyuki; Nakajima, Tamie
2010-09-01
This study aimed to clarify indoor air pollution levels of volatile organic compounds (VOCs), especially 2-ethyl-1-hexanol (2E1H) in large buildings after revising of the Act on Maintenance of Sanitation in Buildings in 2002. We measured indoor air VOC concentrations in 57 (97%) out of a total of 61 large buildings completed within one year in half of the area of Nagoya, Japan, from 2003 through 2007. Airborne concentrations of 13 carbonyl compounds were determined with diffusion samplers and high-performance liquid chromatography, and of the other 32 VOCs with diffusion samplers and gas chromatography with a mass spectrometer. Formaldehyde was detected in all samples of indoor air but the concentrations were lower than the indoor air quality standard value set in Japan (100 microg/m3). Geometric mean concentrations of the other major VOCs, namely toluene, xylene, ethylbenzene, styrene, p-dichlorobenzene and acetaldehyde were also low. 2E1H was found to be one of the predominating VOCs in indoor air of large buildings. A few rooms in a small number of buildings surveyed showed high concentrations of 2E1H, while low concentrations were observed in most rooms of those buildings as well as in other buildings. It was estimated that about 310 buildings had high indoor air pollution levels of 2E1H, with increase during the 5 years from 2003 in Japan. Indoor air pollution levels of VOCs in new large buildings are generally good, although a few rooms in a small number of buildings showed high concentrations in 2E1H, a possible causative chemical in sick building symptoms. Therefore, 2E1H needs particular attention as an important indoor air pollutant.
The predictive content of CBOE crude oil volatility index
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.
Analysis of volatiles in silver carp by headspace solid phase micro-extraction coupled with GC-MS
International Nuclear Information System (INIS)
Yang Yuping; Xiong Guangquan; Cheng Wei; Liao Tao; Lin Ruotai; Geng Shengrong; Li Xin; Li Xiaoding; Wu Wenjin
2010-01-01
In this paper, a method for the determination of volatiles using headspace solid phase microextraction (HS-SPME) and gas chromatography-mass spectrometry (GC-MS) was presented. The extraction conditions were optimized with reference to these volatiles as hexanal, heptanal, benzaldehyde, 1-Octen-3-ol, octanal, nonanal, decenal, 2,4-heptadienal and 2,4-decadienal. The extraction of fish muscle followed by incubation on a StableFlex divinyl benzene/Carboxen/polydimethylsiloxane (DVB/CAR/PDMS) fiber during 50 in at 60 obtained the most effective extraction of the analytes. The methods by HS-SPME and GC-MS were effective in detecting volatiles in the gills, scales, viscera and fish muscles. The types of volatiles in the gill were more than other organs and the number of odors compounds was 63, and the number of volatiles in scales, viscera and fish muscles was 48, 44 and 42 respectively. (authors)
Volatile emerging contaminants in melon fruits, analysed by HS-SPME-GC-MS.
Cincotta, Fabrizio; Verzera, Antonella; Tripodi, Gianluca; Condurso, Concetta
2018-03-01
The aim of this research was to develop and validate a headspace-solid phase micro-extraction-gas chromatography-mass spectrometry (HS-SPME-GC-MS) method for the determination of volatile emerging contaminants in fruit. The method showed good precision (RSD ≤ 14%) and satisfactory recoveries (99.1-101.7%) and LOD and LOQ values ranging between 0.011-0.033 μg kg -1 and 0.037-0.098 μg kg -1 , respectively. The method was applied to investigate the content of volatile emerging contaminants in two varieties of melon fruit (Cucumis melo L.) cultivated adjoining high-risk areas. Glycol ethers, BHT, BHA and BTEX (benzene, toluene, ethylbenzene and xylene) were determined in melon fruit pulps for the first time, with different sensitivities depending on sample and variety. Although the amount of the volatile contaminants in the melon samples were in the order of µg kg -1 , the safety of vegetable crops cultivated near risk areas should be more widely considered. The results showed that this accurate and reproducible method can be useful for routine safety control of fruits and vegetables.
Interplay between past market correlation structure changes and future volatility outbursts
Musmeci, Nicoló; Aste, Tomaso; Di Matteo, T.
2016-11-01
We report significant relations between past changes in the market correlation structure and future changes in the market volatility. This relation is made evident by using a measure of “correlation structure persistence” on correlation-based information filtering networks that quantifies the rate of change of the market dependence structure. We also measured changes in the correlation structure by means of a “metacorrelation” that measures a lagged correlation between correlation matrices computed over different time windows. Both methods show a deep interplay between past changes in correlation structure and future changes in volatility and we demonstrate they can anticipate market risk variations and this can be used to better forecast portfolio risk. Notably, these methods overcome the curse of dimensionality that limits the applicability of traditional econometric tools to portfolios made of a large number of assets. We report on forecasting performances and statistical significance of both methods for two different equity datasets. We also identify an optimal region of parameters in terms of True Positive and False Positive trade-off, through a ROC curve analysis. We find that this forecasting method is robust and it outperforms logistic regression predictors based on past volatility only. Moreover the temporal analysis indicates that methods based on correlation structural persistence are able to adapt to abrupt changes in the market, such as financial crises, more rapidly than methods based on past volatility.
Ammagarahalli, Byrappa; Gemeno, César
2015-10-01
In moths, sex pheromone components are detected by pheromone-specific olfactory receptor neurons (ph-ORNs) housed in sensilla trichodea in the male antennae. In Grapholita molesta, ph-ORNs are highly sensitive and specific to the individual sex pheromone components, and thus help in the detection and discrimination of the unique conspecific pheromone blend. Plant odors interspersed with a sub-optimal pheromone dose are reported to increase male moth attraction. To determine if the behavioral synergism of pheromone and plant odors starts at the ph-ORN level, single sensillum recordings were performed on Z8-12:Ac and E8-12:Ac ph-ORNs (Z-ORNs and E-ORNs, respectively) stimulated with pheromone-plant volatile mixtures. First, biologically meaningful plant-volatile doses were determined by recording the response of plant-specific ORNs housed in sensilla auricillica and trichodea to several plant odorants. This exploration provided a first glance at plant ORNs in this species. Then, using these plant volatile doses, we found that the spontaneous activity of ph-ORNs was not affected by the stimulation with plant volatiles, but that a binary mixture of sex pheromone and plant odorants resulted in a small (about 15%), dose-independent, but statistically significant, reduction in the spike frequency of Z-ORNs with respect to stimulation with Z8-12:Ac alone. The response of E-ORNs to a combination of E8-12:Ac and plant volatiles was not different from E8-12:Ac alone. We argue that the small inhibition of Z-ORNs caused by physiologically realistic plant volatile doses is probably not fully responsible for the observed behavioral synergism of pheromone and plant odors. Copyright © 2015 Elsevier Ltd. All rights reserved.
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...
Estimation of stochastic volatility with long memory for index prices of FTSE Bursa Malaysia KLCI
Energy Technology Data Exchange (ETDEWEB)
Chen, Kho Chia; Kane, Ibrahim Lawal; Rahman, Haliza Abd [Department of Mathematical Sciences, Faculty of Science, Universiti Teknologi Malaysia, 81310, Johor Bahru (Malaysia); Bahar, Arifah [UTM Centre for Industrial and Applied Mathematics (UTM-CIAM), Universiti Teknologi Malaysia, 81310, Johor Bahru and Department of Mathematical Sciences, Faculty of Science, Universiti Teknologi Malaysia, 81310, Johor Bahru (Malaysia); Ting, Chee-Ming [Center for Biomedical Engineering, Universiti Teknologi Malaysia, 81310, Johor Bahru (Malaysia)
2015-02-03
In recent years, modeling in long memory properties or fractionally integrated processes in stochastic volatility has been applied in the financial time series. A time series with structural breaks can generate a strong persistence in the autocorrelation function, which is an observed behaviour of a long memory process. This paper considers the structural break of data in order to determine true long memory time series data. Unlike usual short memory models for log volatility, the fractional Ornstein-Uhlenbeck process is neither a Markovian process nor can it be easily transformed into a Markovian process. This makes the likelihood evaluation and parameter estimation for the long memory stochastic volatility (LMSV) model challenging tasks. The drift and volatility parameters of the fractional Ornstein-Unlenbeck model are estimated separately using the least square estimator (lse) and quadratic generalized variations (qgv) method respectively. Finally, the empirical distribution of unobserved volatility is estimated using the particle filtering with sequential important sampling-resampling (SIR) method. The mean square error (MSE) between the estimated and empirical volatility indicates that the performance of the model towards the index prices of FTSE Bursa Malaysia KLCI is fairly well.
Estimation of stochastic volatility with long memory for index prices of FTSE Bursa Malaysia KLCI
Chen, Kho Chia; Bahar, Arifah; Kane, Ibrahim Lawal; Ting, Chee-Ming; Rahman, Haliza Abd
2015-02-01
In recent years, modeling in long memory properties or fractionally integrated processes in stochastic volatility has been applied in the financial time series. A time series with structural breaks can generate a strong persistence in the autocorrelation function, which is an observed behaviour of a long memory process. This paper considers the structural break of data in order to determine true long memory time series data. Unlike usual short memory models for log volatility, the fractional Ornstein-Uhlenbeck process is neither a Markovian process nor can it be easily transformed into a Markovian process. This makes the likelihood evaluation and parameter estimation for the long memory stochastic volatility (LMSV) model challenging tasks. The drift and volatility parameters of the fractional Ornstein-Unlenbeck model are estimated separately using the least square estimator (lse) and quadratic generalized variations (qgv) method respectively. Finally, the empirical distribution of unobserved volatility is estimated using the particle filtering with sequential important sampling-resampling (SIR) method. The mean square error (MSE) between the estimated and empirical volatility indicates that the performance of the model towards the index prices of FTSE Bursa Malaysia KLCI is fairly well.
Estimation of stochastic volatility with long memory for index prices of FTSE Bursa Malaysia KLCI
International Nuclear Information System (INIS)
Chen, Kho Chia; Kane, Ibrahim Lawal; Rahman, Haliza Abd; Bahar, Arifah; Ting, Chee-Ming
2015-01-01
In recent years, modeling in long memory properties or fractionally integrated processes in stochastic volatility has been applied in the financial time series. A time series with structural breaks can generate a strong persistence in the autocorrelation function, which is an observed behaviour of a long memory process. This paper considers the structural break of data in order to determine true long memory time series data. Unlike usual short memory models for log volatility, the fractional Ornstein-Uhlenbeck process is neither a Markovian process nor can it be easily transformed into a Markovian process. This makes the likelihood evaluation and parameter estimation for the long memory stochastic volatility (LMSV) model challenging tasks. The drift and volatility parameters of the fractional Ornstein-Unlenbeck model are estimated separately using the least square estimator (lse) and quadratic generalized variations (qgv) method respectively. Finally, the empirical distribution of unobserved volatility is estimated using the particle filtering with sequential important sampling-resampling (SIR) method. The mean square error (MSE) between the estimated and empirical volatility indicates that the performance of the model towards the index prices of FTSE Bursa Malaysia KLCI is fairly well
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...
Equity Volatility and Corporate Bond Yields
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.
Impact of Anaerobic Digestion of Liquid Dairy Manure on Ammonia Volatilization Process
Koirala, K.
2013-12-01
The goal of this study was to determine the effect of anaerobic digestion (AD) on the mechanism of ammonia volatilization from liquid dairy manure, in storage or treatment lagoon, prior to land application. Physical-chemical properties of liquid dairy manure, which may affect ammonia volatilization process, were determined before and after AD. The properties of interest included: particle size distribution (PSD), total solids (TS), volatile solids (VS), viscosity, pH, total ammoniacal nitrogen (TAN), and ionic strength (IS). The overall mass transfer coefficient of ammonia (KoL) and the NH3 fraction of TAN (β) for the undigested (UD) and AD manures were then experimentally determined in a laboratory convective emission chamber (CEC) at a constant wind speed of 1.5 m s-1 and fixed air temperature of 25 °C at liquid manure temperatures of 15, 25, and 35 °C. The PSD indicated non-normal left skewed distribution for both AD and UD manures particles, suggestive of heavier concentrations of particles towards the lower particle size range. The volume median diameters (VMD) for solids from UD and AD were not significantly different (p= 0.65), but the geometric standard deviations (GSD) were significantly different (p = 0.001), indicating slightly larger particles but more widely distributed solids in UD than AD manure. Results also indicated significantly higher pH, TAN, ionic strength (IS) and viscosity in AD manure. The KoL and β for AD manure determined under identical conditions (air temperature, liquid temperature, and airflow) were significantly higher (p > 0.05) than for UD manure. Overall, these findings suggest that AD of dairy manure significantly increased initial ammonia volatilization potential from liquid dairy manure; with the largest increase (~62%) emanating from increased ammonium dissociation. The initial flux of ammonia, during the experiment period, was ~84% more from AD than in UD dairy manure. Keywords. Process based models, mass transfer
HS-SPME analysis of volatile organic compounds of coniferous needle litter
Isidorov, V. A.; Vinogorova, V. T.; Rafałowski, K.
The composition of volatile emission of Scots pine ( Pinus sylvestris) and spruce ( Picea exelsa) litter was studied by gas chromatography-mass spectrometry (GC-MS) and samples were collected by solid-phase microextraction (SPME) method. The list of identified compounds includes over 60 organic substances of different classes. It was established that volatile emission contain not only components of essential oils of pine and spruce needles but also a large number of organic compounds which are probably secondary metabolites of litter-decomposing fungi. They include lower carbonyl compounds and alcohols as well as products of terpene dehydration and oxidation. These data show that the processes of litter decomposition are an important source of reactive organic compounds under canopy of coniferous forests.
Firm-level volatility and exports
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
Energy Technology Data Exchange (ETDEWEB)
Connolly, M.J.; Liekhus, K.J. [Lockheed Martin Idaho Technologies Co., Idaho Falls, ID (United States). Idaho National Engineering and Environmental Lab.; Djordjevic, S.M.; Loehr, C.A.; Spangler, L.R. [Benchmark Environmental Corp. (United States)
1998-06-01
In the conditional no-migration determination (NMD) for the test phase of the Waste Isolation Pilot Plant (WIPP), the US Environmental Protection Agency (EPA) imposed certain conditions on the US Department of Energy (DOE) regarding gas phase volatile organic compound (VOC) concentrations in the void space of transuranic (TRU) waste containers. Specifically, the EPA required the DOE to ensure that each waste container has no layer of confinement that contains flammable mixtures of gases or mixtures of gases that could become flammable when mixed with air. The EPA also required that sampling of the headspace of waste containers outside inner layers of confinement be representative of the entire void space of the container. The EPA stated that all layers of confinement in a container would have to be sampled until DOE can demonstrate to the EPA that sampling of all layers is either unnecessary or can be safely reduced. A test program was conducted at the Idaho National Engineering and Environmental Laboratory (INEEL) to demonstrate that the gas phase VOC concentration in the void space of each layer of confinement in vented drums can be estimated from measured drum headspace using a theoretical transport model and that sampling of each layer of confinement is unnecessary. This report summarizes the studies performed in the INEEL test program and extends them for the purpose of developing a methodology for determining gas phase VOC concentrations in both vented and unvented TRU waste containers. The methodology specifies conditions under which waste drum headspace gases can be said to be representative of drum gases as a whole and describes a method for predicting drum concentrations in situations where the headspace concentration is not representative. The methodology addresses the approach for determining the drum VOC gas content for two purposes: operational period drum handling and operational period no-migration calculations.
International Nuclear Information System (INIS)
Connolly, M.J.; Liekhus, K.J.; Djordjevic, S.M.; Loehr, C.A.; Spangler, L.R.
1995-08-01
In the conditional no-migration determination (NMD) for the test phase of the Waste Isolation Pilot Plant (WIPP), the US Environmental Protection Agency (EPA) imposed certain conditions on the US Department of Energy (DOE) regarding gas phase volatile organic compound (VOC) concentrations in the void space of transuranic (TRU) waste containers. Specifically, the EPA required the DOE to ensure that each waste container has no layer of confinement that contains flammable mixtures of gases or mixtures of gases that could become flammable when mixed with air. The EPA also required that sampling of the headspace of waste containers outside inner layers of confinement be representative of the entire void space of the container. The EPA stated that all layers of confinement in a container would have to be sampled until DOE can demonstrate to the EPA that sampling of all layers is either unnecessary or can be safely reduced. A test program was conducted at the Idaho National Engineering Laboratory (INEL) to demonstrate that the gas phase VOC concentration in the void space of each layer of confinement in vented drums can be estimated from measured drum headspace using a theoretical transport model and that sampling of each layer of confinement is unnecessary. This report summarizes the studies performed in the INEL test program and extends them for the purpose of developing a methodology for determining gas phase VOC concentrations in both vented and unvented TRU waste containers. The methodology specifies conditions under which waste drum headspace gases can be said to be representative of drum gases as a whole and describes a method for predicting drum concentrations in situations where the headspace concentration is not representative. The methodology addresses the approach for determining the drum VOC gas content for two purposes: operational period drum handling and operational period no-migration calculations
International Nuclear Information System (INIS)
Connolly, M.J.; Liekhus, K.J.
1998-06-01
In the conditional no-migration determination (NMD) for the test phase of the Waste Isolation Pilot Plant (WIPP), the US Environmental Protection Agency (EPA) imposed certain conditions on the US Department of Energy (DOE) regarding gas phase volatile organic compound (VOC) concentrations in the void space of transuranic (TRU) waste containers. Specifically, the EPA required the DOE to ensure that each waste container has no layer of confinement that contains flammable mixtures of gases or mixtures of gases that could become flammable when mixed with air. The EPA also required that sampling of the headspace of waste containers outside inner layers of confinement be representative of the entire void space of the container. The EPA stated that all layers of confinement in a container would have to be sampled until DOE can demonstrate to the EPA that sampling of all layers is either unnecessary or can be safely reduced. A test program was conducted at the Idaho National Engineering and Environmental Laboratory (INEEL) to demonstrate that the gas phase VOC concentration in the void space of each layer of confinement in vented drums can be estimated from measured drum headspace using a theoretical transport model and that sampling of each layer of confinement is unnecessary. This report summarizes the studies performed in the INEEL test program and extends them for the purpose of developing a methodology for determining gas phase VOC concentrations in both vented and unvented TRU waste containers. The methodology specifies conditions under which waste drum headspace gases can be said to be representative of drum gases as a whole and describes a method for predicting drum concentrations in situations where the headspace concentration is not representative. The methodology addresses the approach for determining the drum VOC gas content for two purposes: operational period drum handling and operational period no-migration calculations
Getting the Most out of Macroeconomic Information for Predicting Stock Returns and Volatility
C. Cakmakli (Cem); D.J.C. van Dijk (Dick)
2010-01-01
textabstractThis paper documents that factors extracted from a large set of macroeconomic variables bear useful information for predicting monthly US excess stock returns and volatility over the period 1980-2005. Factor-augmented predictive regression models improve upon both benchmark models that
Getting the most out of macroeconomic information for predicting stock returns and volatility
Cakmakli, C.; van Dijk, D.
2011-01-01
This paper documents that factors extracted from a large set of macroeconomic variables bear useful information for predicting monthly US excess stock returns and volatility over the period 1980-2005. Factor-augmented predictive regression models improve upon both benchmark models that only include
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)
Drug interactions: volatile anesthetics and opioids.
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.
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)
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.
Kim, Youngmok; Lee, Kwang-Geun; Kim, Mina K
2016-10-01
Current study was designed to find out how tea harvesting time affects the volatile and non-volatile compounds profiles of green tea. In addition, correlation of instrumental volatile and non-volatile compounds analyses to consumer perception were analyzed. Overall, earlier harvested green tea had stronger antioxidant capacity (~61.0%) due to the polyphenolic compounds from catechin (23,164 mg/L), in comparison to later harvested green teas (11,961 mg/L). However, high catechin content in green tea influenced negatively the consumer likings of green tea, due to high bitterness (27.6%) and astringency (13.4%). Volatile compounds drive consumer liking of green tea products were also identified, that included linalool, 2,3-methyl butanal, 2-heptanone, (E,E)-3,5-Octadien-2-one. Finding from current study are useful for green tea industry as it provide the difference in physiochemical properties of green tea harvested at different intervals.
Yang, Yanqin; Chu, Guohai; Zhou, Guojun; Jiang, Jian; Yuan, Kailong; Pan, Yuanjiang; Song, Zhiyu; Li, Zuguang; Xia, Qian; Lu, Xinbo; Xiao, Weiqiang
2016-03-01
An ultrasound-microwave synergistic extraction coupled to headspace solid-phase microextraction was first employed to determine the volatile components in tobacco samples. The method combined the advantages of ultrasound, microwave, and headspace solid-phase microextraction. The extraction, separation, and enrichment were performed in a single step, which could greatly simplify the operation and reduce the whole pretreatment time. In the developed method, several experimental parameters, such as fiber type, ultrasound power, and irradiation time, were optimized to improve sampling efficiency. Under the optimal conditions, there were 37, 36, 34, and 36 components identified in tobacco from Guizhou, Hunan, Yunnan, and Zimbabwe, respectively, including esters, heterocycles, alkanes, ketones, terpenoids, acids, phenols, and alcohols. The compound types were roughly the same while the contents were varied from different origins due to the disparity of their growing conditions, such as soil, water, and climate. In addition, the ultrasound-microwave synergistic extraction coupled to headspace solid-phase microextraction method was compared with the microwave-assisted extraction coupled to headspace solid-phase microextraction and headspace solid-phase microextraction methods. More types of volatile components were obtained by using the ultrasound-microwave synergistic extraction coupled to headspace solid-phase microextraction method, moreover, the contents were high. The results indicated that the ultrasound-microwave synergistic extraction coupled to headspace solid-phase microextraction technique was a simple, time-saving and highly efficient approach, which was especially suitable for analysis of the volatile components in tobacco. © 2016 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.
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...
Xu, Enbo; Long, Jie; Wu, Zhengzong; Li, Hongyan; Wang, Fang; Xu, Xueming; Jin, Zhengyu; Jiao, Aiquan
2015-07-01
Enzymatic extrusion, instead of traditional steam cooking, to treat rice is an efficient and alternative pretreatment for Chinese rice wine fermentation. In order to determine the formation of volatiles in enzymatic extrusion-processed rice wine (EE), and to confirm its characteristic flavor compounds, headspace solid-phase micro-extraction followed by GC-MS was used. A total of 66 volatile compounds were identified in EE. During fermentation, most volatiles generated from enzymatic extruded rice had the similar trends with those from steam-cooked rice, but the differences in the concentration of volatiles indicated a changed balance of flavors release caused by enzymatic extrusion. Besides, the concentrations and sorts of volatiles in EEs fermented from different rice particle sizes, were not dramatically different. By principal component analysis, EE could be distinctly separated from other traditional Chinese rice wines according to its characteristic volatiles, namely, 2-heptanol, 1-octen-3-ol, ethyl 4-hydroxybenzoate, methylpentyl 2-propenoate, γ-hexalactone, and 4-vinylguaiacol. Enzymatic extrusion liquefaction has been a popular thermal treatment for cereals, and gradually being applied in fermentation and liquor-making industry all over the world. The characterization of volatile flavor compounds in Chinese rice wine processed by enzymatic extrusion liquefaction pretreatment, might be made use not only for a better understanding of this new-type rice wine, but for the further utilization of enzymatic extrusion in other wine or alcohol production as well. © 2015 Institute of Food Technologists®
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
Xia, Zhiyuan; Zhai, Xiandun; Liu, Beibei; Mo, Yaonan
2016-11-01
Precise measurement of cadaver decomposition rate is the basis to accurate post-mortem interval (PMI) estimation. There are many approaches explored in recent years, however, it is still unsolved completely. Total volatile basic nitrogen (TVB-N), which is an important index to predict meat freshness and shelf life in food science, could serve as an indicator for measuring PMI associated decomposition rate of cadavers. The aim of this work was to establish a practical method to determine TVB-N in cadaver soft tissues (mainly skeletal muscle) for measuring decomposition rate. Determination of TVB-N in the simulation and animal experiments was conducted by steam distillation and conductometric titration using Kjeldahl distillation unit and conductivity meter. In simulation, standard concentrations of ammonium were used as TVB analogies, TVB-N contents were determined and the recovery rates of nitrogen were calculated. In animal experiment, TVB-N in skeletal muscle of forty-two rats was determined at different PMIs for 312 h at 24 °C ± 1 °C. The relationship between PMI and TVB-N was investigated also. The method showed high precision with 99%-100% recovery rates. TVB-N in skeletal muscle changed significantly with PMI especially after 24 h, and the data fit well to y = 3.35 E -5 x 3 -2.17 E -2 x 2 +6.13x-85.82 (adj. R 2 = 0.985). EC i (initial electrical conductivity in the samples just before titration) had positive linear relationship to final measured TVB-N values, y = 1.98x+16.16 (adj. R 2 = 0.985). The overall results demonstrated that the method is accurate, rapid and flexible, which could be expected as a basic technique for measuring decomposition rate in later PMI-estimation researches. Further studies are needed to validate our findings. Copyright © 2016 Elsevier Ltd and Faculty of Forensic and Legal Medicine. All rights reserved.
How to analyze the supply and demand balance to predict future volatility
International Nuclear Information System (INIS)
Willis, K.
2002-01-01
The impact of electricity price volatility with a focus on supply and demand is discussed. Factors that influence volatility and the impact of volatility on market participants are also highlighted. It is this author's view that despite initial difficulties and customary inefficiencies (not unusual in a new market), the market performed as might have been expected and government interference in the market was not necessary. As far as market participants are concerned, they must be vigilant at all times because of the millisecond time horizons; an understanding of market volatility and its key drivers are absolutely essential to proper management of risks inherent in the market. An understanding of the relationship between supply and demand and volatility is important. Just as important, or even more so, is an appreciation of the delicate nature of this relationship and the dynamics behind it. Consequently, one must apply the same rigor that is used to analyze supply and demand in the electricity market to other market fundamentals such as the natural gas market, interconnections, generation fuel sources, regulatory actions and market rules. A three-step process, involving a review of history to develop the relationships, supply and demand forecasts and scenario planning, is proposed for use in analyzing supply and demand to predict future volatility. Irrespective of the sophistication of analytical tools, the most important determinant to success in the electricity market is for market players to perceive the earliest signs of a changing market landscape and respond to them with lightning speed
Directory of Open Access Journals (Sweden)
Ahmet Akköse
2017-08-01
Full Text Available Objective The aim of the study was to evaluate the effects of different nitrate levels (150, 300, 450, and 600 ppm KNO3 on the volatile compounds and some other properties of pastırma. Methods Pastırma samples were produced under the controlled condition and analyses of volatile compounds, and thiobarbituric acid reactive substances (TBARS as an indicator of lipid oxidation, non-protein nitrogenous matter content as an indicator of proteolysis, color and residual nitrite were carried out on the final product. The profile of volatile compounds of pastırma samples was analyzed by gas chromatography/mass spectrometry using a solid phase microextraction. Results Nitrate level had a significant effect on pH value (p<0.05 and a very significant effect on TBARS value (p<0.01. No significant differences were determined in terms of aw value, non-protein nitrogenous substance content, color and residual nitrite between pastırma groups produced by using different nitrate levels. Nitrate level had a significant (p<0.05 or a very significant (p<0.01 effect on some volatile compounds. It was determined that the amounts and counts of volatile compounds were lower in the 450 and especially 600 ppm nitrate levels than 150 and 300 ppm nitrate levels (p<0.05. While the use of 600 ppm nitrate did not cause an increase in residual nitrite levels, the use of 150 ppm nitrate did not negatively affect the color of pastırma. However, the levels of volatile compounds decreased with an increasing level of nitrate. Conclusion The use of 600 ppm nitrate is not a risk in terms of residual nitrite in pastırma produced under controlled condition, however, this level is not suitable due to decrease in the amount of volatile compounds.
Chemical Composition of the Semi-Volatile Grains of Comet 67P/Churyumov-Gerasimenko
Wurz, P.; Altwegg, K.; Balsiger, H. R.; Berthelier, J. J.; De Keyser, J.; Fiethe, B.; Fuselier, S. A.; Gasc, S.; Gombosi, T. I.; Korth, A.; Mall, U.; Reme, H.; Rubin, M.; Tzou, C. Y.
2017-12-01
Rosetta was in orbit of comet 67P/Churyumov-Gerasimenko from August 2014 to September 2016. On board is the Rosetta Orbiter Spectrometer for Ion and Neutral Analysis (ROSINA) experiment that has been continuously collecting data on the chemical composition and activity of the coma from 3.5 AU to pericentre at 1.24 AU and out again to 3.5 AU. ROSINA consists of two mass spectrometers, the Double Focusing Mass Spectrometer (DFMS) and the Reflectron-type Time-Of-Flight (RTOF), as well as the COmet Pressure Sensor (COPS). ROSINA recorded the neutral gas and thermal plasma in the comet's coma. The two mass spectrometers have high dynamic ranges and complement each other with high mass resolution, and high time resolution and large mass range. COPS measures total gas densities, bulk velocities, and gas temperatures. Occasionally, a dust grain of cometary origin enters the ion source of a ROSINA instrument where the volatile part evaporates since these ion sources are hot. The release of volatiles from cometary dust grains was observed with all three ROSINA instruments on several occasions. Because the volatile content of such a dust grain is completely evaporated after a few seconds, the RTOF instrument is best suited for the investigation of its chemical composition since complete mass spectra are recorded during this time. During the mission 9 dust grains were observed with RTOF during the October 2014 to July 2016 time period. It is estimated that these grains contain about 10-15 g of volatiles. The mass spectra were interpreted with a set of 75 molecules, with the major groups of chemical species being hydrocarbons, oxygenated hydrocarbons, nitrogen-bearing molecules, sulphur-bearing molecules, halogenated molecules and others. About 70% of these grains are depleted in water compared to the comet coma, thus, can be considered as semi-volatile dust grains, and the other about 30% are water grains. The chemical composition varies considerably from grain to grain
Labour Demand and Exchange Rate Volatility
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...
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
Intorasoot, Amornrat; Chornchoem, Piyaorn; Sookkhee, Siriwoot; Intorasoot, Sorasak
2017-01-01
The aim of the study is to investigate the antibacterial activity of 10 volatile oils extracted from medicinal plants, including galangal ( Alpinia galanga Linn.), ginger ( Zingiber officinale ), plai ( Zingiber cassumunar Roxb.), lime ( Citrus aurantifolia ), kaffir lime ( Citrus hystrix DC.), sweet basil ( Ocimum basilicum Linn.), tree basil ( Ocimum gratissimum ), lemongrass ( Cymbopogon citratus DC.), clove ( Syzygium aromaticum ), and cinnamon ( Cinnamomum verum ) against four standard strains of Staphylococcus aureus , Escherichia coli , Pseudomonas aeruginosa , Acinetobacter baumannii , and 30 clinical isolates of multidrug-resistant A. baumannii (MDR- A. baumannii ). Agar diffusion, minimum inhibitory concentration, and minimum bactericidal concentration (MBC) were employed for the determination of bactericidal activity of water distilled medicinal plants. Tea tree oil ( Melaleuca alternifolia ) was used as positive control in this study. The results indicated the volatile oil extracted from cinnamon exhibited potent antibacterial activity against the most common human pathogens, S. aureus , E. coli , P. aeruginosa , and A. baumannii . Most of volatile oil extracts were less effective against non-fermentative bacteria, P. aeruginosa . In addition, volatile oil extracted from cinnamon, clove, and tree basil possessed potent bactericidal activity against MDR- A. baumannii with MBC 90 of 0.5, 1, and 2 mg/mL, respectively. The volatile oil extracts would be useful as alternative natural product for the treatment of the most common human pathogens and MDR- A. baumannii infections.
Energy Technology Data Exchange (ETDEWEB)
Duodu, Godfred Odame [School of Chemistry, Physics and Mechanical Engineering, Science and Engineering Faculty, Queensland University of Technology (QUT), 2 George St, 4001, QLD (Australia); Goonetilleke, Ashantha [School of Civil Engineering and Built Environment, Science and Engineering Faculty, Queensland University of Technology (QUT), 2 George St, 4001, QLD (Australia); Allen, Charlotte [Institute for Future Environments, Queensland University of Technology (QUT), 2 George St, 4001, QLD (Australia); Ayoko, Godwin A., E-mail: g.ayoko@qut.edu.au [School of Chemistry, Physics and Mechanical Engineering, Science and Engineering Faculty, Queensland University of Technology (QUT), 2 George St, 4001, QLD (Australia)
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. - Highlights: • Wet milling was used to produce pressed tablet sediment for LA-ICP-MS analysis. • Milling was effective for refractive elements with narrow range of particle size. • This is the first use of LA-ICP-MS for Hg analysis in sediment samples. • Acceptable accuracy and precision were obtained for most of the elements studied. • Detection limits down to parts per trillion were observed for some elements.
Cho, Gyeongjun; Kim, Junheon; Park, Chung Gyoo; Nislow, Corey; Weller, David M; Kwak, Youn-Sig
2017-07-01
Streptomyces spp. have the ability to produce a wide variety of secondary metabolites that interact with the environment. This study aimed to discover antifungal volatiles from the genus Streptomyces and to determine the mechanisms of inhibition. Volatiles identified from Streptomyces spp. included three major terpenes, geosmin, caryolan-1-ol and an unknown sesquiterpene. antiSMASH and KEGG predicted that the volatile terpene synthase gene clusters occur in the Streptomyces genome. Growth inhibition was observed when fungi were exposed to the volatiles. Biological activity of caryolan-1-ol has previously not been investigated. Fungal growth was inhibited in a dose-dependent manner by a mixture of the main volatiles, caryolan-1-ol and the unknown sesquiterpene, from Streptomyces sp. S4-7. Furthermore, synthesized caryolan-1-ol showed similar antifungal activity. Results of chemical-genomics profiling assays showed that caryolan-1-ol affected the endomembrane system by disrupting sphingolipid synthesis and normal vesicle trafficking in the fungi. © 2017 The Authors.
Constraining the volatile fraction of planets from transit observations
Alibert, Y.
2016-06-01
Context. The determination of the abundance of volatiles in extrasolar planets is very important as it can provide constraints on transport in protoplanetary disks and on the formation location of planets. However, constraining the internal structure of low-mass planets from transit measurements is known to be a degenerate problem. Aims: Using planetary structure and evolution models, we show how observations of transiting planets can be used to constrain their internal composition, in particular the amount of volatiles in the planetary interior, and consequently the amount of gas (defined in this paper to be only H and He) that the planet harbors. We first explore planets that are located close enough to their star to have lost their gas envelope. We then concentrate on planets at larger distances and show that the observation of transiting planets at different evolutionary ages can provide statistical information on their internal composition, in particular on their volatile fraction. Methods: We computed the evolution of low-mass planets (super-Earths to Neptune-like) for different fractions of volatiles and gas. We used a four-layer model (core, silicate mantle, icy mantle, and gas envelope) and computed the internal structure of planets for different luminosities. With this internal structure model, we computed the internal and gravitational energy of planets, which was then used to derive the time evolution of the planet. Since the total energy of a planet depends on its heat capacity and density distribution and therefore on its composition, planets with different ice fractions have different evolution tracks. Results: We show for low-mass gas-poor planets that are located close to their central star that assuming evaporation has efficiently removed the entire gas envelope, it is possible to constrain the volatile fraction of close-in transiting planets. We illustrate this method on the example of 55 Cnc e and show that under the assumption of the absence of
Estimation and prediction under local volatility jump-diffusion model
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.
Zhang, Delong; Wang, Xiaodong; Lu, Ruili; Li, Kangle; Hu, Fenglin
2011-12-01
To determine the volatile components of mycelia of Isaria cateinannulata cultured under different culture conditions, and to analyze the relationships between the culture conditions and volatile metabolites. Mycelia were cultured in solid plates with SDAY medium and liquid shake flasks with SDY medium. The culture conditions were at 25 degrees C and 8 days. Volatile components in the mycelia of I. cateinannulata were extracted with simultaneous distillation extraction and analyzed by gas chromatography-mass spectrometry. Alkenes, alkanes, heterocyclic and polycyclic aromatic hydrocarbons (PAH) were existed abundantly both in the mycelia of liquid and solid cultures, but the kinds and relative concentrations of the volatile components in mycelia of liquid and solid cultures were very different. Forty-one compounds were identified from the mycelia of solid culture and 32 compounds were identified from the mycelia of liquid culture. Esters, quinones and oximes were only found in solid cultured mycelia whereas carboxylic acids were only discovered in the mycelia of liquid culture. At the same time, mycelia of liquid culture contained much more phenols. The most abundant compounds in mycelia of liquid and solid cultures were hydrocarbons. The volatile extracts of solid cultured mycelia contained 57.6% alkenes and 9.19% alkanes. The volatile extracts of liquid cultured mycelia contained 7.85% alkenes and 22.4% alkanes. Liquid or solid culture conditions influenced the volatile components of mycelia of I. cateinannulata.
Energy Technology Data Exchange (ETDEWEB)
Shrivastava, ManishKumar B.; Easter, Richard C.; Liu, Xiaohong; Zelenyuk, Alla; Singh, Balwinder; Zhang, Kai; Ma, Po-Lun; Chand, Duli; Ghan, Steven J.; Jiminez, J. L.; Zhang, Qibin; Fast, Jerome D.; Rasch, Philip J.; Tiitta, P.
2015-05-16
Secondary organic aerosols (SOA) are large contributors to fine particle loadings and radiative forcing, but are often represented crudely in global models. We have implemented three new detailed SOA treatments within the Community Atmosphere Model version 5 (CAM5) that allow us to compare the semi-volatile versus non-volatile SOA treatments (based on some of the latest experimental findings) and also investigate the effects of gas-phase fragmentation reactions. For semi-volatile SOA treatments, fragmentation reactions decrease simulated SOA burden from 7.5 Tg to 1.8 Tg. For the non-volatile SOA treatment with fragmentation, the burden is 3.1 Tg. Larger differences between non-volatile and semi-volatile SOA (upto a factor of 5) correspond to continental outflow over the oceans. Compared to a global dataset of surface Aerosol Mass Spectrometer measurements and the US IMPROVE network measurements, the non-volatile SOA with fragmentation treatment (FragNVSOA) agrees best at rural locations. Urban SOA is under-predicted but this may be due to the coarse model resolution. All our three revised treatments show much better agreement with aircraft measurements of organic aerosols (OA) over the N. American Arctic and sub-Arctic in spring and summer, compared to the standard CAM5 formulation. This is due to treating SOA precursor gases from biomass burning, and long-range transport of biomass burning OA at elevated levels. The revised model configuration that include fragmentation (both semi-volatile and non-volatile SOA) show much better agreement with MODIS AOD data over regions dominated by biomass burning during the summer, and predict biomass burning as the largest global source of OA followed by biogenic and anthropogenic sources. The non-volatile and semi-volatile configuration predict the direct radiative forcing of SOA as -0.5 W m-2 and -0.26 W m-2 respectively, at top of the atmosphere, which are higher than previously estimated by most models, but in reasonable
International Nuclear Information System (INIS)
Riaz, T.; Abbasi, M.A.; Umar, M.I.; Aziz-ur-Rehman; Shahzadi, T.; Khan, K.M.; Ahmad, V.U.
2011-01-01
The volatile oils of Syzygium aromaticum Linn. (cloves) and Illicium verum Hook. (star anise) were extracted by steam distillation. The antioxidant potential of these oils was evaluated by four methods: 1,1-Diphenyl-2-picrylhydrazyl radical (DPPH) free radical scavenging activity, total antioxidant activity, Ferric Reducing Antioxidant Power (FRAP) assay and ferric thiocyanate assay and total phenolics were also determined. The results revealed that scavenging potential of clove volatile oil was more than star anise volatile oil. The IC/sub 50/ of the clove volatile oil was 4.56 +- 1.07 mu g/mL while that of star anise was found to be 120 +- 1.80 mu mL relative to butylated hydroxytoluene (BHT), having IC/sub 50/ of 12.1 +- 0.92 mu g/mL. Total antioxidant activity of clove volatile oil was also higher than star anise volatile oil. The FRAP values of clove and star anise volatile oils were 2830 +- 2.14 and 388 +- 1.32 mu g of trolox equivalents (TE) respectively. The total phenolic contents of clove and star anise volatile oils were 934.34 +- 1.6 and 85.36 +- 0.28 mg of gallic acid equivalents (GAE)/g of volatile oil respectively. The inhibition of lipid peroxidation by clove volatile oil was found to be 66.63% +- 0.41 while that of star anise was 43.24% +- 0.48. (author)
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.
Polyphenols and Volatiles in Fruits of Two Sour Cherry Cultivars, Some Berry Fruits and Their Jams
Directory of Open Access Journals (Sweden)
Branka Levaj
2010-01-01
Full Text Available This paper reports about the content of polyphenols and volatiles in fresh fruits of two sour cherry cultivars (Marasca and Oblačinska, some berry fruits (strawberry Maya, raspberry Willamette and wild blueberry and the corresponding low sugar jams. Phenolic compounds (hydroxybenzoic and hydroxycinnamic acids, flavan 3-ols and flavonols were determined by high-performance liquid chromatography (HPLC. Those found in the fruits were also found in the jams. Jams contained lower amounts of polyphenols than fresh fuits, but their overall retention in jams was relatively high. Among fruits, sour cherry Marasca had the highest level of polyphenols, while sour cherry Marasca jam and raspberry Willamette jam had the highest level of polyphenols among jams. The major flavonoid in all investigated fruits, except in sour cherry Oblačinska, was (–-epicatechin. Sour cherry Marasca had the highest level of (–-epicatechin (95.75 mg/kg, and it also contained very high amounts of flavonols, derivatives of quercetin and kaempferol. Hydroxybenzoic acids (HBAs were not found in sour cherries Marasca and Oblačinska, but were found in berry fruits and jams. Phenolic compound (+-gallocatechin was found only in Marasca fruit and jam. Ellagic acid was found in the highest concentration in raspberry Willamette fruit and jam. Hydroxycinnamic acids (HCAs were found in all the investigated fruits, with the exception of a derivative of ferulic acid, which was not found in strawberry. Derivatives of caffeic, p-coumaric and chlorogenic acids were found in all the investigated fruits, with chlorogenic acid being the most abundant, especially in sour cherry Marasca. Volatiles were determined by gas chromatography (GC and expressed as the peak area of the identified compounds. All investigated volatiles of fresh fruit were also determined in the related jams with relatively high retention. Sour cherries Marasca and Oblačinska contained the same volatile compounds, but
A review of the volatiles from the healthy human body.
de Lacy Costello, B; Amann, A; Al-Kateb, H; Flynn, C; Filipiak, W; Khalid, T; Osborne, D; Ratcliffe, N M
2014-03-01
A compendium of all the volatile organic compounds (VOCs) emanating from the human body (the volatolome) is for the first time reported. 1840 VOCs have been assigned from breath (872), saliva (359), blood (154), milk (256), skin secretions (532) urine (279), and faeces (381) in apparently healthy individuals. Compounds were assigned CAS registry numbers and named according to a common convention where possible. The compounds have been grouped into tables according to their chemical class or functionality to permit easy comparison. Some clear differences are observed, for instance, a lack of esters in urine with a high number in faeces. Careful use of the database is needed. The numbers may not be a true reflection of the actual VOCs present from each bodily excretion. The lack of a compound could be due to the techniques used or reflect the intensity of effort e.g. there are few publications on VOCs from blood compared to a large number on VOCs in breath. The large number of volatiles reported from skin is partly due to the methodologies used, e.g. collecting excretions on glass beads and then heating to desorb VOCs. All compounds have been included as reported (unless there was a clear discrepancy between name and chemical structure), but there may be some mistaken assignations arising from the original publications, particularly for isomers. It is the authors' intention that this database will not only be a useful database of VOCs listed in the literature, but will stimulate further study of VOCs from healthy individuals. Establishing a list of volatiles emanating from healthy individuals and increased understanding of VOC metabolic pathways is an important step for differentiating between diseases using VOCs.
Cohesiveness in financial news and its relation to market volatility.
Piškorec, Matija; Antulov-Fantulin, Nino; Novak, Petra Kralj; Mozetič, Igor; Grčar, Miha; Vodenska, Irena; Smuc, Tomislav
2014-05-22
Motivated by recent financial crises, significant research efforts have been put into studying contagion effects and herding behaviour in financial markets. Much less has been said regarding the influence of financial news on financial markets. We propose a novel measure of collective behaviour based on financial news on the Web, the News Cohesiveness Index (NCI), and we demonstrate that the index can be used as a financial market volatility indicator. We evaluate the NCI using financial documents from large Web news sources on a daily basis from October 2011 to July 2013 and analyse the interplay between financial markets and finance-related news. We hypothesise that strong cohesion in financial news reflects movements in the financial markets. Our results indicate that cohesiveness in financial news is highly correlated with and driven by volatility in financial markets.
Cohesiveness in Financial News and its Relation to Market Volatility
Piškorec, Matija; Antulov-Fantulin, Nino; Novak, Petra Kralj; Mozetič, Igor; Grčar, Miha; Vodenska, Irena; Šmuc, Tomislav
2014-01-01
Motivated by recent financial crises, significant research efforts have been put into studying contagion effects and herding behaviour in financial markets. Much less has been said regarding the influence of financial news on financial markets. We propose a novel measure of collective behaviour based on financial news on the Web, the News Cohesiveness Index (NCI), and we demonstrate that the index can be used as a financial market volatility indicator. We evaluate the NCI using financial documents from large Web news sources on a daily basis from October 2011 to July 2013 and analyse the interplay between financial markets and finance-related news. We hypothesise that strong cohesion in financial news reflects movements in the financial markets. Our results indicate that cohesiveness in financial news is highly correlated with and driven by volatility in financial markets. PMID:24849598
International Nuclear Information System (INIS)
Campos, R.C. de.
1988-01-01
A new technique for direct trace element analysis of solid combustible materials is described. The samples (up to 10 mg) are weighed on a graphite platform wich is then placed in a quartz tube, at the focal point of three infrared lamps. When the lamps are turned on, the sample burns in a stream of air, and the resulting dry aerosol containing volatile elements such as Hg, Cd, Bi, Tl, Zn, Pb and Cu is carried into the mixing chamber and thence into the flame, where the atomic absorption measurement is carried out. This technique overcomes chemical sample preparation steps, avoiding contaminations of losses associated with these steps. A ''furnace in flame'' system where the aerosol is transported to a flame heated T-tube is also described. The influence of flame stoichiometry, observation height, platform material and air flux intensity was studied inorder to determine optimal analytical conditions. (author) [pt
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.
Multifractal analysis of implied volatility in index options
Oh, GabJin
2014-06-01
In this paper, we analyze the statistical and the non-linear properties of the log-variations in implied volatility for the CAC40, DAX and S& P500 daily index options. The price of an index option is generally represented by its implied volatility surface, including its smile and skew properties. We utilize a Lévy process model as the underlying asset to deepen our understanding of the intrinsic property of the implied volatility in the index options and estimate the implied volatility surface. We find that the options pricing models with the exponential Lévy model can reproduce the smile or sneer features of the implied volatility that are observed in real options markets. We study the variation in the implied volatility for at-the-money index call and put options, and we find that the distribution function follows a power-law distribution with an exponent of 3.5 ≤ γ ≤ 4.5. Especially, the variation in the implied volatility exhibits multifractal spectral characteristics, and the global financial crisis has influenced the complexity of the option markets.
Kim, Hyun-Wook; Lee, Soo-Yeon; Hwang, Ko-Eun; Song, Dong-Heon; Kim, Yong-Jae; Ham, Yun-Kyung; Lee, Choong-Hee; Choi, Yun-Sang; Lee, Ju-Woon; Kim, Cheon-Jei
2014-10-01
The objective of this study is to determine the effect of soy sauce on volatile compounds and lipid oxidation of cooked irradiated beef patties. Sulfur-containing volatile components, which are produced by irradiation, were not found in all treatments. Volatile components derived from soy sauce, such as 3-hydroxy-2-butanone, acetic acid, 3-methyl-1-butanol and 2-methyl-1-butanol, were detected in beef patties containing soy sauce regardless of irradiation and packaging method. Volatile aldehydes, including hexanal, significantly decreased the irradiated beef patty prepared with soy sauce compared to those of irradiated beef patty made with NaCl at 1 day and 5 days after irradiation. In addition, combined use of vacuum packaging and soy sauce treatments could inhibit the formation of volatile compounds and 2-thiobarbituric acid reactive substances during chilled storage. Therefore, the use of soy sauce in cooked and irradiated beef could reduce the production of volatile components associated with the irradiation-induced off-flavor and lipid oxidation.
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)
A model for the release of low-volatility fission products in oxidizing conditions
International Nuclear Information System (INIS)
Cox, D.S.; Hunt, C.E.L.; Liu, Z.; Keller, N.A.; Barrand, R.D.; O'Connor, R.F.
1991-07-01
A thermodynamic and kinetic model has been developed for calculating low-volatility fission-product releases from UO 2 at high temperatures in oxidizing conditions. Volatilization of the UO 2 matrix is assumed to be the rate controlling process. Oxidation kinetics of the UO 2 are modelled by either interfacial rate control, gas phase oxidant transport control, or solid-state diffusion of oxygen. The vapour pressure of UO 3 in equilibrium with the oxidizing fuel is calculated from thermodynamic data, and volatilization rates are determined using a model for forced convective mass transport. Low-volatility fission-product releases are calculated from the volume of vapourized fuel. Model calculations are conservative compared to experimental data for Zr, La, Ce and Nb fission-product releases from irradiated UO 2 exposed to air at 1973-2350 K. The implications of this conservatism are discussed in terms of possible rate control by processes other than convective mass transport of UO 3 . Coefficients for effective surface area (based on experimental data) and for heterogeneous rate controlling reaction kinetics are introduced to facilitate agreement between calculations and the experimental data.
Effects of Methyl Jasmonate on the Composition of Volatile Compounds in Pyropia yezoensis
He, Lihong; Wang, Liang; Wang, Linfang; Shen, Songdong
2018-04-01
Volatile organic compounds in marine algae have been reported to comprise characteristic flavor of algae and play an important role in their growth, development and defensive response. Yet their biogeneration remain largely unknown. Here we studied the composition of volatile compouds in Pyropia yezoensis and their variations in response to methyl jasmonate (MeJA) and diethyldithiocarbamic acid (DIECA) treatment using gas chromatography-mass spectrometry (GC-MS). A total of 44 compounds belonging to the following chemical classes (n) were identified, including aldehydes (11), alcohols (8), acids and esters (6), alkanes (5), ketones (5), alkenes (3), and S- or N-containing miscellaneous compounds (6). External treatment with plant hormone MeJA increased the content of 1-dodecanol, 4-heptenal, and 2-propenoic acid-2-methyl dodecylester, but decreased the content of phytol, 3-heptadecene, 2-pentadecanone, and isophytol. When pretreated with DIECA, an inhibitor of the octadecanoid pathway leading to the biosynthesis of endogeneous jasmonates and some secondary metabolites, phytol and isophytol were increased, while 4-heptenal, 1-dodecanol, and 2-propenoic acid-2-methyl dodecylester were decreased, both of which were negatively correlated with their variations under MeJA treatment. Collectively, these results suggest that MeJA does affect the volatile composition of P. yezoensis, and the octadecanoid pathway together with endogenous jasmonate pathway may be involved in the biosynthesis of volatile compounds, thereby providing some preliminary envision on the composition and biogeneration of volatile compounds in P. yezoensis.
Option Pricing with Stochastic Volatility and Jump Diffusion Processes
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Radu Lupu
2006-03-01
Full Text Available Option pricing by the use of Black Scholes Merton (BSM model is based on the assumption that asset prices have a lognormal distribution. In spite of the use of these models on a large scale, both by practioners and academics, the assumption of lognormality is rejected by the history of returns. The objective of this article is to present the methods that developed after the Black Scholes Merton environment and deals with the option pricing model adjustment to the empirical properties of asset returns. The main models that appeared after BSM allowed for special changes of the returns that materialized in jump-diffusion and stochastic volatility processes. The article presents the foundations of risk neutral options evaluation and the empirical evidence that fed the amendment of the lognormal assumption in the first part and shows the evaluation procedure under the assumption of stock prices following the jump-diffusion process and the stochastic volatility process.
Evaluation of the volatile profile of Tuber liyuanum by HS-SPME with GC-MS.
Liu, Changjiao; Li, Yu
2017-04-01
The volatile components of Tuber liyuanum were determined by HS-SPME with GC-MS for the first time. The effects of different fibre coating, extraction time, extraction temperature and sample amount were studied to get optimal extraction conditions. The optimal conditions were SPME fibre of Carboxen/PDMS, extraction time of 40 min, extraction temperature of 80 °C, sample amount of 2 g. Under these conditions 57 compounds in volatile of T. liyuanum were detected with a resemblance percentage above 80%. Aldehydes and aromatics were the main chemical families identified. The contribution of 3-Octanone(11.67%), phenylethyl alcohol (10.60%), isopentana (9.29%) and methylbutana (8.06%) for the total volatile profile were more significant in T. liyuanum than other compounds.
International Nuclear Information System (INIS)
Penetrante, B. M.; Hsiao, M. C.; Bardsley, J. N.; Merritt, B. T.; Vogtin, G. E.; Kuthi, A.; Burkhart, C. P.; Bayless, J. R.
1997-01-01
Non-thermal plasma techniques represent a new generation of air emission control technology that potentially could treat large-volume emissions containing dilute concentrations of volatile organic compounds. In order to apply non-thermal plasmas in an industrial scale, it is important to establish the electrical power requirements and byproducts of the process.There is a need for reliable data concerning the primary decomposition mechanisms and subsequent chemical kinetics associated with non- thermal plasma processing of volatile organic compounds. There are many basic atomic and molecular physics issues that are essential in evaluating the economic performance of non-thermal plasma reactors. These studies are important in understanding how the input electrical power is dissipated in the plasma and how efficiently it is converted to the production of the plasma species (radicals, ions or electrons) responsible for the decomposition of the volatile organic compounds. This paper will present results from basic experimental and theoretical studies aimed at identifying the reaction mechanisms responsible for the primary decomposition of various types of volatile organic compounds. (authors)
CAM Stochastic Volatility Model for Option Pricing
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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.
[Solidification of volatile oil with graphene oxide].
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.
Huang, R; Li, G Q; Zhang, J; Yang, L; Che, H J; Jiang, D H; Huang, H C
2011-07-01
A study was conducted to identify volatile organic compounds or volatiles produced by Candida intermedia strain C410 using gas chromatography-mass spectrometry, and to determine efficacy of the volatiles of C. intermedia in suppression of conidial germination and mycelial growth of Botrytis cinerea and control of Botrytis fruit rot of strawberry. Results showed that, among 49 volatiles (esters, alcohols, alkenes, alkanes, alkynes, organic acids, ketones, and aldehydes) identified from C. intermedia cultures on yeast extract peptone dextrose agar, two compounds, 1,3,5,7-cyclooctatetraene and 3-methyl-1-butanol, were the most abundant. Synthetic chemicals of 1,3,5,7-cyclooctatetraene; 3-methyl-1-butanol; 2-nonanone; pentanoic acid, 4-methyl-, ethyl ester; 3-methyl-1-butanol, acetate; acetic acid, pentyl ester; and hexanoic acid, ethyl ester were highly inhibitory to conidial germination and mycelial growth of B. cinerea. Inhibition of conidial germination and mycelial growth of B. cinerea by volatiles of C. intermedia was also observed. Meanwhile, results showed that incidence and severity of Botrytis fruit rot of strawberry was significantly (P intermedia cultures or C. intermedia-infested strawberry fruit. These results suggest that the volatiles of C. intermedia C410 are promising biofumigants for control of Botrytis fruit rot of strawberry.
Volatile Constituents of Three Piper Species from Vietnam.
Hieua, Le D; Hoic, Tran M; Thangda, Tran D; Ogunwande, Isiaka A
2015-11-01
The chemical compositions of the essential oils obtained by hydrodistillation of three Piper plants grown in Vietnam are reported. The analysis was achieved by means of gas chromatography with flame ionization detection (GC-FID) and gas chromatography coupled with mass spectrometry (GC-MS). The main constituents of the leaf oil of Piper majusculum Blume were β-caryophyllene (20.7%), germacrene D (18.6%) and β-elemene (11.3%). The quantitatively significant compounds of the volatile oils of P. harmandii C. DC were sabinene (leaves, 14.5%; stems, 16.2%), benzyl benzoate (leaves, 20.0%; stems, 29.40%) and benzyl salicylate (leaves, 14.1%; stems, 24.3%). Also, α-cadinol (17.0%) was identified in large proportion in the leaf oil. However, sabinene (leaves, 17.9%; stems, 13.5%), benzyl benzoate (leaves, 20.5%; stems, 32.5%) and β-eudesmol (leaves, 13.8%; stems, 8.4%) were the main constituents of P. brevicaule C. DC. This is the first report on the volatile constituents of both P. harmandii and P. brevicaule.
The European power industry : asymmetries and price volatility
International Nuclear Information System (INIS)
Isabel, M.; Soares, R.T.
2005-01-01
A time series model was used to obtain empirical evidence on the spot price volatility of the Spanish electricity market. The model was based on a single market operator and 2 system operators. A generalized autoregressive conditional heteroskedasticity (GARCH) model was used to model and forecast conditional variances related to the spot price volatility of the Spanish electricity market. A correlogram analysis was used to model the processes behind the time series. Autocorrelation and partial autocorrelation functions were used to demonstrate that the the derived electricity spot price series was not a random walk. Lags in various areas were attributed to the fact that a large proportion of electricity is consumed by industry. Weekly cycles justified values presented by a lags multiple of 7. Results of the modelling study showed that the method can be used in the risk management of electricity portfolios as well as in the pricing and hedging of different types of derivatives in electricity markets. It was concluded that further work is needed to reduce instability and asymmetries between generators, consumers and regulators. 16 refs., 5 tabs., 5 figs
Jerković, Igor; Tuberoso, Carlo I G; Tuberso, Carlo I G; Gugić, Mirko; Bubalo, Dragan
2010-09-09
Samples of unifloral sulla (Hedysarum coronarum L.) honey from Sardinia (Italy) were analysed. To investigate the chemical composition of the honey volatiles two solvent systems were used for ultrasonic solvent extraction (USE): 1) a 1:2 (v/v) pentane and diethyl ether mixture and 2) dichloromethane. All the extracts were analysed by GC and GC/MS. These procedures have permitted the identification of 56 compounds that include norisoprenoids, benzene derivatives, aliphatic compounds and Maillard reaction products. Norisoprenoids were the major compounds in both extracts, dominated by vomifoliol (5.3-11.2%; 9.6-14.0%) followed by minor percentages of other norisoprenoids such as α-isophorone, 4-ketoisophorone, 3-oxo-α-ionol or 3-oxo-α-ionone. Other abundant single compounds in the extracts were 3-hydroxy-4-phenylbutan-2-one (0.8-5.4%; 0.6-5.7%) and methyl syringate (3.0-5.7%; 2.2-4.1%). The composition of the volatiles and semi-volatiles in the obtained extracts suggests that sulla honey is quite distinctive relative to the other honeys that have been chemically studied by GC/MS, but no specific markers of the honey botanical origin were found.
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Dragan Bubalo
2010-09-01
Full Text Available Samples of unifloral sulla (Hedysarum coronarum L. honey from Sardinia (Italy were analysed. To investigate the chemical composition of the honey volatiles two solvent systems were used for ultrasonic solvent extraction (USE: 1 a 1:2 (v/v pentane and diethyl ether mixture and 2 dichloromethane. All the extracts were analysed by GC and GC/MS. These procedures have permitted the identification of 56 compounds that include norisoprenoids, benzene derivatives, aliphatic compounds and Maillard reaction products. Norisoprenoids were the major compounds in both extracts, dominated by vomifoliol (5.3-11.2%; 9.6-14.0% followed by minor percentages of other norisoprenoids such as α-isophorone, 4-ketoisophorone, 3-oxo-α-ionol or 3-oxo-α-ionone. Other abundant single compounds in the extracts were 3-hydroxy-4-phenylbutan-2-one (0.8-5.4%; 0.6-5.7% and methyl syringate (3.0-5.7%; 2.2-4.1%. The composition of the volatiles and semi-volatiles in the obtained extracts suggests that sulla honey is quite distinctive relative to the other honeys that have been chemically studied by GC/MS, but no specific markers of the honey botanical origin were found.
Macroeconomic Volatility and Welfare in Developing Countries
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...
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
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YANNE S. FERNANDES
2016-03-01
Full Text Available Trichogonia cinerea is endemic to Brazil and occurs in areas of cerrado and campo rupestre. In this study, we characterized the glandular and non-glandular trichomes on the aerial parts of this species, determined the principal events in the development of the former, and identified the main constituents of the volatile oil produced in its aerial organs. Fully expanded leaves, internodes, florets, involucral bracts, and stem apices were used for the characterization of trichomes. Leaves, internodes, florets, and involucral bracts were examined by light microscopy and scanning electron microscopy, whereas stem apices were examined only by light microscopy. Branches in the reproductive phase were used for the extraction and determination of the composition of the volatile oil. The species has three types of glandular trichomes, biseriate vesicular, biseriate pedunculate, and multicellular uniseriate, which secrete volatile oils and phenolic compounds. The major components identified in the volatile oil were 3,5-muuroladiene (39.56% and butylated hydroxytoluene (13.07%.
Fernandes, Yanne S; Trindade, Luma M P; Rezende, Maria Helena; Paula, José R; Gonçalves, Letícia A
2016-03-01
Trichogonia cinerea is endemic to Brazil and occurs in areas of cerrado and campo rupestre. In this study, we characterized the glandular and non-glandular trichomes on the aerial parts of this species, determined the principal events in the development of the former, and identified the main constituents of the volatile oil produced in its aerial organs. Fully expanded leaves, internodes, florets, involucral bracts, and stem apices were used for the characterization of trichomes. Leaves, internodes, florets, and involucral bracts were examined by light microscopy and scanning electron microscopy, whereas stem apices were examined only by light microscopy. Branches in the reproductive phase were used for the extraction and determination of the composition of the volatile oil. The species has three types of glandular trichomes, biseriate vesicular, biseriate pedunculate, and multicellular uniseriate, which secrete volatile oils and phenolic compounds. The major components identified in the volatile oil were 3,5-muuroladiene (39.56%) and butylated hydroxytoluene (13.07%).
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...
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 ...
Characterization of odor-active volatiles in apples: influence of cultivars and maturity stage.
Mehinagic, Emira; Royer, Gaëlle; Symoneaux, Ronan; Jourjon, Frédérique; Prost, Carole
2006-04-05
The aroma and texture of three different apple cultivars, harvested at three maturity stages, were analyzed by sensory and instrumental analysis. The emphasis was on the identification of the most potent odorant volatiles, and the challenge was to separate the few most important flavor compounds, which may be trace chemicals, from the vast number of nonodorant compounds present in apple aroma extracts. Thirty-six odorant compounds were detected, 24 of which were common to all extracts. A significant correlation coefficient was found between the aroma intensity scores and overall quantity of the odorant volatiles, which shows that the development of sensory aroma is similar to that of odorant volatiles. This study also showed that the parameters measured by penetrometry and compression were highly correlated with sensory textural attributes. The determination of the optimal maturity stage for different apple cultivars by the usual parameters, such as color, diameter, total soluble solids, and titrable acidity, may not be sufficient to determine the optimal sensory quality for consumers. Moreover, the sensory quality of fruits changes during maturation in a different way from one cultivar to another, and this should be taken into account.
Empirical Analysis of Stochastic Volatility Model by Hybrid Monte Carlo Algorithm
International Nuclear Information System (INIS)
Takaishi, Tetsuya
2013-01-01
The stochastic volatility model is one of volatility models which infer latent volatility of asset returns. The Bayesian inference of the stochastic volatility (SV) model is performed by the hybrid Monte Carlo (HMC) algorithm which is superior to other Markov Chain Monte Carlo methods in sampling volatility variables. We perform the HMC simulations of the SV model for two liquid stock returns traded on the Tokyo Stock Exchange and measure the volatilities of those stock returns. Then we calculate the accuracy of the volatility measurement using the realized volatility as a proxy of the true volatility and compare the SV model with the GARCH model which is one of other volatility models. Using the accuracy calculated with the realized volatility we find that empirically the SV model performs better than the GARCH model.
Cejudo-Bastante, María J; Durán-Guerrero, Enrique; Natera-Marín, Ramón; Castro-Mejías, Remedios; García-Barroso, Carmelo
2013-04-01
Nineteen commercially available aromatised vinegars, which were representative of this type of product, were tested to ascertain their phenolic and volatile composition and antioxidant activity. The aromatised vinegars came from different raw materials such as fruits, spices, herbs and vegetables. The antioxidant activity was determined by means of photochemiluminescence, phenolic profile by using ultra performance liquid chromatography with ultraviolet detection, and the volatile composition was determined by using stir bar sorptive extraction-gas chromatography-mass spectrometry. Nine polyphenolic compounds and 141 volatile compounds were identified. Vinegar aromatised with black truffle and rosemary obtained the highest values of antioxidant activity, followed by those aromatised with lemon, tarragon, aromatic herbs and vegetables. Antioxidant activity was highly correlated with the presence of trans-p-coutaric acid, trans-caftaric acid, 5-hydroxy-methylfurfural and furfural. Moreover, (Z)-3-hexen-1-ol was exclusive to the vinegar aromatised with tarragon, while p-menth-1,8-ol, dimethyl styrene, 4-methyl acetophenone and nootkatone were only found in vinegar aromatised with lemon. On the basis of the results from the cluster analysis of cases, it can be concluded that the grouping responds more to the trademark of each vinegar than to the raw material. © 2012 Society of Chemical Industry.
Observability of market daily volatility
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.
Stock return, seasonality and asymmetric conditional volatility in steel & iron subsector
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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.
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...
Volatile-mediated interactions between phylogenetically different soil bacteria
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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.
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
Korpi, A; Kasanen, J P; Alarie, Y; Kosma, V M; Pasanen, A L
1999-01-01
The authors investigated the ability/potencies of 3 microbial volatile organic compounds and a mixture of 5 microbial volatile organic compounds to cause eye and upper respiratory tract irritation (i.e., sensory irritation), with an animal bioassay. The authors estimated potencies by determining the concentration capable of decreasing the respiratory frequency of mice by 50% (i.e., the RD50 value). The RD50 values for 1-octen-3-ol, 3-octanol, and 3-octanone were 182 mg/m3 (35 ppm), 1359 mg/m3 (256 ppm), and 17586 mg/m3 (3360 ppm), respectively. Recommended indoor air levels calculated from the individual RD50 values for 1-octen-3-ol, 3-octanol, and 3-octanone were 100, 1000, and 13000 microg/m3, respectively-values considerably higher than the reported measured indoor air levels for these compounds. The RD50 value for a mixture of 5 microbial volatile organic compounds was also determined and found to be 3.6 times lower than estimated from the fractional concentrations and the respective RD50s of the individual components. The data support the conclusion that a variety of microbial volatile organic compounds may have some synergistic effects for the sensory irritation response, which constrains the interpretation and application of recommended indoor air levels of individual microbial volatile organic compounds. The results also showed that if a particular component of a mixture was much more potent than the other components, it may dominate the sensory irritation effect. With respect to irritation symptoms reported in moldy houses, the results of this study indicate that the contribution of microbial volatile organic compounds to these symptoms seems less than previously supposed.
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Intorp M
2014-12-01
Full Text Available A recommended method has been developed and published by CORESTA, applicable to the quantification of selected volatiles (1,3-butadiene, isoprene, acrylonitrile, benzene, and toluene in the gas phase of cigarette mainstream smoke. The method involved smoke collection in impinger traps and detection and measurement using gas chromatography/mass spectrometry techniques.
Heldmann, Jennifer L.; Colaprete, Anthony; Elphic, Richard C.; Lim, Darlene; Deans, Matthew; Cook, Amanda; Roush, Ted; Skok, J. R.; Button, Nicole E.; Karunatillake, S.; Stoker, Carol; Marquez, Jessica J.; Shirley, Mark; Kobayashi, Linda; Lees, David; Bresina, John; Hunt, Rusty
2016-08-01
The Mojave Volatiles Prospector (MVP) project is a science-driven field program with the goal of producing critical knowledge for conducting robotic exploration of the Moon. Specifically, MVP focuses on studying a lunar mission analog to characterize the form and distribution of lunar volatiles. Although lunar volatiles are known to be present near the poles of the Moon, the three dimensional distribution and physical characteristics of lunar polar volatiles are largely unknown. A landed mission with the ability to traverse the lunar surface is thus required to characterize the spatial distribution of lunar polar volatiles. NASA's Resource Prospector (RP) mission is a lunar polar rover mission that will operate primarily in sunlit regions near a lunar pole with near-real time operations to characterize the vertical and horizontal distribution of volatiles. The MVP project was conducted as a field campaign relevant to the RP lunar mission to provide science, payload, and operational lessons learned to the development of a real-time, short-duration lunar polar volatiles prospecting mission. To achieve these goals, the MVP project conducted a simulated lunar rover mission to investigate the composition and distribution of surface and subsurface volatiles in a natural environment with an unknown volatile distribution within the Mojave Desert, improving our understanding of how to find, characterize, and access volatiles on the Moon.
Geography of Electoral Volatility in the Warmia and Mazury Voivodeship of Poland
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Tarasov Ilya N.
2016-12-01
Full Text Available The authors describe the impact of administrative reforms on the electoral volatility in the Warmia and Mazury voivodeship of Poland. The administrative reforms resulted in the formation of a new territorial organization of power. Using three large administrative units of Poland as an example, the authors analyse the experience of the formation of a geographic region by merging several politically diverse territories. The merger took place in a changing political environment. It inevitably affected the strategy and tactics of the development of local self-governance. The formation of the region has been going on in such a manner that differences in the electoral preferences and political behaviour of the urban population (the regional metropolis and the periphery remain unchanged. Having performed the index analysis and a comparative analysis of the electoral data, the authors conclude that the consistency of administrative decisions on the formation of the region and the electoral performance have been weakening over time. During the initial phase, the electoral volatility was mainly due to the sluggishness and inertia of the previous territorial organization. After the phase of stabilization, the electoral volatility indices in different geographical areas changed due to a combination of social and political factors. The authors show that the ‘looseness’ of the Polish party system affect the electoral volatility in the region more than institutional decisions of the administrative reforms.
VOLATILE ORGANO-METALLOIDS IN BIO-SOLID MATERIALS: ANALYSIS BY VACUUM DISTILLATION-GC/MS
An analytical method based on vacuum distillation-gas chromatography-mass spectrometry (VD-GC-MS)was developed for determining volatile organo-metalloid contaminants in bio-solid materials. Methodperformance was evaluated for dimethylselenide (DMSe), dimethyldisel...
International Nuclear Information System (INIS)
Filley, T.; Tomasko, D.
1992-04-01
Part I of this paper presents the development and application of a numerical model for determining the fate and transport of volatile organic compounds (VOCS) in the unsaturated zone resulting from forced volatilization and gaseous advection-dispersion of organic vapor in a multipartitioned three-dimensional environment. The model allows for single-component transport in the gas and water phases. The hydrocarbon is assumed to be in specific retention and, therefore, immobile. Partitioning of the hydrocarbon between the oil, water, gas, and soil is developed as rate-limited functions that are incorporated into sink/source terms in the transport equations. The code for the model was developed specifically to investigate in-situ volatilization (ISV) remedial strategies, predict the extent of cleanup from information obtained at a limited number of measurement locations, and to help design ISV remedial systems. Application of the model is demonstrated for a hypothetical one-dimensional ISV system. Part II of this paper will present the analysis of an existing ISV system using the full three-dimensional capability of the model
The influence of surface roughness on volatile transport on the Moon
Prem, P.; Goldstein, D. B.; Varghese, P. L.; Trafton, L. M.
2018-01-01
The Moon and other virtually airless bodies provide distinctive environments for the transport and sequestration of water and other volatiles delivered to their surfaces by various sources. In this work, we conduct Monte Carlo simulations of water vapor transport on the Moon to investigate the role of small-scale roughness (unresolved by orbital measurements) in the migration and cold-trapping of volatiles. Observations indicate that surface roughness, combined with the insulating nature of lunar regolith and the absence of significant exospheric heat flow, can cause large variations in temperature over very small scales. Surface temperature has a strong influence on the residence time of migrating water molecules on the lunar surface, which in turn affects the rate and magnitude of volatile transport to permanently shadowed craters (cold traps) near the lunar poles, as well as exospheric structure and the susceptibility of migrating molecules to photodestruction. Here, we develop a stochastic rough surface temperature model suitable for simulations of volatile transport on a global scale, and compare the results of Monte Carlo simulations of volatile transport with and without the surface roughness model. We find that including small-scale temperature variations and shadowing leads to a slight increase in cold-trapping at the lunar poles, accompanied by a slight decrease in photodestruction. Exospheric structure is altered only slightly, primarily at the dawn terminator. We also examine the sensitivity of our results to the temperature of small-scale shadows, and the energetics of water molecule desorption from the lunar regolith - two factors that remain to be definitively constrained by other methods - and find that both these factors affect the rate at which cold trap capture and photodissociation occur, as well as exospheric density and longevity.
Experimental study of volatile-N conversion at O{sub 2}/CO{sub 2} atmosphere in a drop tube furnace
Energy Technology Data Exchange (ETDEWEB)
Cao, Huali; Sun, Shaozeng; Chen, Hao; Meng, Xianyu; Wang, Dong [Harbin Institute of Technology, Harbin (China). Combustion Engineering Research Inst.; Wall, Terry F. [Newcastle Univ., NSW (Australia). Chemical Engineering
2013-07-01
In coal combustion, NOx is largely formed from the oxidation of volatile nitrogen compounds such as HCN and NH{sub 3}. The experiments on the volatile-N conversion to NO at O{sub 2}/CO{sub 2} atmosphere were carried out in a drop tube furnace. The effects of the excess oxygen ratio {lambda} (0.6-1.4), temperature (1,000-1,300 C), O{sub 2}/CO{sub 2} ratio, and as well as CH{sub 4}/NH{sub 3} mole ratio were investigated. To further understand the importance of NO reburn during volatile combustion, experiments were also performed with different concentrations of background NO (0-950 ppm). The results show that volatile-N conversion to NO is sensitive to excess oxygen ratio {lambda} at strongly oxidizing atmosphere. For volatile combustion, there is an optimal temperature and inlet O{sub 2} concentration to minimize the volatile-N conversion to NO. The CH{sub 4}/NH{sub 3} mole ratio plays an important role on the NO formation under oxidizing atmosphere. High levels of background NO prohibit the volatile-N conversion to NO significantly as the volatile-N conversion ratio decreases by 19-36%. The reburn fractions of recycle NO in fuel-rich and fuel-lean condition are 14.8 and 9.8% at 1,200 C, respectively.
Energy Technology Data Exchange (ETDEWEB)
Cohen, Y; Wepierre, J [Commissariat a l' Energie Atomique, Saclay (France). Centre d' Etudes Nucleaires
1961-07-01
The autoradiographic methods for animals used up to the present do not make it possible to localise exactly the distribution of marked volatile molecules. The Ullberg method (1954) which we have modified (Cohen, Delassue, 1959) involves cold desiccant. The method due to Pellerin (1957) avoids this desiccant but the histological comparison of the autoradiography with the biological document itself is difficult, if not impossible. Nevertheless, we have adopted certain points in the two methods and propose the following technique for the autoradiographic study of marked volatile molecules: 1- The surface of the frozen sample to be studied is prepared using a freezing microtome. 2- The last section, which is 20 {mu} thick and whose histological elements are parallel to those of the block, is dried by cooling and is used as the biological reference document for the autoradiography obtained, as is indicated in 3; 3- The radiography films are applied to the frozen block at -30 deg. C. The autoradiographs correspond to the radioactivity of the volatile molecule and of its non-volatile degradation products. 4- The radiographic film is also applied to the 20 {mu} section previously dried at -20 deg. C. This autoradiography corresponds to the radioactivity of the non-volatile degradation products of the molecule. 5- We confirmed the absence of diffusion of the volatile molecule and of pseudo-radiographic effects (photochemical and others). This method, which has enabled us to study the distribution of a carbide, para-cymene (C{sup 14}) 7, macroscopically in the case of a whole mouse and microscopically on the skin of a dog, can find general applications. (authors) [French] Les methodes d'autoradiographies sur l'animal, proposees jusqu'a present, ne permettent pas de localiser de facon precise la distribution de molecules marquees volatiles. En effet, la methode de Ullberg (1954) que nous avons modifiee (Cohen, Delassue, 1959) necessite la dessiccation par le froid. La methode
Testing nonlinearities between Brazilian exchange rate and inflation volatilities
Directory of Open Access Journals (Sweden)
Christiane R. Albuquerque
2006-12-01
Full Text Available There are few studies, directly addressing exchange rate and inflation volatilities, and lack of consensus among them. However, this kind of study is necessary, especially under an inflation-targeting system where the monetary authority must know well price behavior. This article analyses the relation between exchange rate and inflation volatilities using a bivariate GARCH model, and therefore modeling conditional volatilities, fact largely unexplored by the literature. We find a semi-concave relation between those series, and this nonlinearity may explain their apparently disconnection under a floating exchange rate system. The article also shows that traditional tests, with non-conditional volatilities, are not robust.Existem poucos estudos, e pouco consenso, sobre a relação entre as volatilidades cambial e da inflação. Todavia, tais estudos são necessários, especialmente em um regime de metas de inflação onde a autoridade monetária deve conhecer detalhadamente o comportamento dos preços. Existem poucos estudos, e pouco consenso, sobre a relação entre as volatilidades cambial e da inflação. Todavia, tais estudos são necessários, especialmente em um regime de metas de inflação onde a autoridade monetária deve conhecer detalhadamente o comportamento dos preços. Este artigo analisa a relação entre aquelas volatilidades usando um modelo Garch bivariado, modelando, portanto, as volatilidades condicionais, enfoque pouco explorado pela literatura. Encontramos uma relação semi-côncava entre as séries, e esta não-linearidade pode explicar o aparente descolamento das mesmas em períodos de regime cambial flutuante. O artigo também mostra que os testes tradicionais, com volatilidades não-condicionais, não são robustos.
The Volatility Effect: Lower Risk without Lower Return
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
Mao, Like; Roos, Yrjö H; Miao, Song
2013-02-20
Monoglycerides (MGs) can form self-assembled structures in emulsions, which can be used to control volatile release. In this study, initial headspace concentrations (C(initial)), maximum headspace concentrations (C(max)), release rates, and partition coefficients of propanol, diacetyl, hexanal, and limonene were determined in MG structured oil-in-water emulsions using dynamic and static headspace analyses. For all of the volatile compounds, C(initial) values above structured emulsions were significantly lower than those above unstructured emulsions and decreased with increasing MG contents (p triglyceride emulsions than in soybean oil emulsions (p structured emulsions than in unstructured emulsions (p structured emulsions can be potentially used as delivery systems to modulate volatile release.
Identification of a volatile phytotoxin from algae
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.
Directory of Open Access Journals (Sweden)
Arie F. Blank
Full Text Available Java citronella (Cymbopogon winterianus Jowitt is member of the Poaceae family. Java citronella volatile oil has been reported to be among the volatile oils, showing repellent, antimycotic, and acaricide activities. It has been known that agronomical factors have a great effect on both the quality and quantity of essential metabolites. For this reason, it is necessary to determine optimum levels of agronomical factors affecting plant growth and production. Harvest time and drying are very important agronomical factors. This study has been conducted in the Research farm of the " Universidade Federal de Sergipe" , Agronomical Engineering Department along 2002-2003 on the base of factorial experiment in randomized complete block design with three replications. Java citronella was cultivated in a 60 x 60 cm space. Early, midday, and late harvest at 9:00 h, 12:00 h, and 15:00 h were conducted on four different seasons. Fresh and dried leaves were used on the experiments. In order to study the effects of harvest time and drying, yields of dry and fresh herbage (kg/ha, moisture content (%, volatile oil content (% and yield (L/ha, and chemical composition of the volatile oil were measured. Seasonal changes had significant effect on yield of fresh herbage, yield and volatile oil content. Maximum volatile oil yields were observed at 9:00 during summer, winter, and spring. Volatile oil content was influenced by season and drying, but not influenced by harvest time.
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...
Release of volatile mercury from vascular plants
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.
Directory of Open Access Journals (Sweden)
Amornrat Intorasoot
2017-06-01
Full Text Available Aim:\tTo investigate the antibacterial activity of ten volatile oils extracted from medicinal plants, including galangal (Alpinia galanga Linn., ginger (Zingiber officinale, plai (Zingiber cassumunar Roxb., lime (Citrus aurantifolia, kaffir lime (Citrus hystrix DC., sweet basil (Ocimum basilicum Linn., tree basil (Ocimum gratissimum, lemongrass (Cymbopogon citratus DC., clove (Syzygium aromaticum and cinnamon (Cinnamomum verum against four standard strains of Staphylococcus aureus, Escherichia coli, Pseudomonas aeruginosa, Acinetobacter baumannii and thirty clinical isolates of multidrug-resistant A. baumannii (MDR-A. baumannii. Methods:\tAgar diffusion, minimal inhibitory concentration (MIC and minimal bactericidal concentration (MBC were employed for determination of bactericidal activity of water distillated medicinal plants. Tea tree oil (Melaleuca alternifolia was used as positive control in this study. Results:\tThe results indicated the volatile oil extracted from cinnamon exhibited potent antibacterial activity against the most common human pathogens, S. aureus, E. coli, P. aeruginosa and A. baumannii. Most of volatile oil extracts were less effective against non-fermentative bacteria, P. aeruginosa. In addition, volatile oil extracted from cinnamon, clove and tree basil possessed potent bactericidal activity against MDR-A. baumannii with MBC90 of 0.5, 1 and 2 mg/mL, respectively. Conclusions: The volatile oil extracts would be useful as alternative natural product for treatment of the most common human pathogens and MDR-A. baumannii infections. [J Complement Med Res 2017; 6(2.000: 218-222
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.
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.
International Nuclear Information System (INIS)
Sussa, Fabio Vitorio; Duarte, Celina Lopes; Silva, Paulo Sergio Cardoso da; Furlan, Marcos Roberto
2016-01-01
The objective of this study was to provide information about organic and mineral fertilization, season and trace elements effects on volatile oil production by the species Melissa officinalis. Elemental concentration was determined by instrumental neutron activation analysis and atomic absorption spectrometry. The volatile oil was extracted by hydrodistillation and analyzed by gas chromatography coupled to a mass spectrometer. The elemental content and the main compounds vary according to agricultural management and season. The results indicate that the production of volatile oil main compounds from M. officinalis is correlated with the concentrations of Na, Co, Rb, Cd, Cs, La, Sm and Hf. (author)
Czech Academy of Sciences Publication Activity Database
Sklenská, Jana; Broškovičová, Anna; Večeřa, Zbyněk
2002-01-01
Roč. 973, 1-2 (2002), s. 211-216 ISSN 0021-9673 R&D Projects: GA ČR GA203/98/0943 Grant - others:SPSDII(XE) EV/02/11 Institutional research plan: CEZ:AV0Z4031919 Keywords : wet effluent denuder technique * volatile organic compounds * monoterpenes Subject RIV: CB - Analytical Chemistry, Separation Impact factor: 3.098, year: 2002
D'Ambro, E.; Schobesberger, S.; Lopez-Hilfiker, F.; Shilling, J. E.; Lee, B. H.; Thornton, J. A.
2017-12-01
α-Pinene (C10H16), the most abundantly emitted monoterpene, is a large contributor to global biogenic secondary organic aerosol (SOA) budgets due to its high SOA yields upon oxidation. We probe the volatility and evaporation behavior upon dilution of α-pinene SOA to further our understanding of the nascent volatility distribution, viscosity, and how these evolve in time absent photochemical oxidation. We present molecular composition measurements of the gas and particle phases of α-pinene ozonolysis SOA formed at 0% and 50% relative humidity (RH), followed by room-temperature evaporation in ultra-high purity N2 humidified to 20-90% RH. Experiments were performed in the Pacific Northwest National Laboratory 10.6 m3 and the University of Washington 0.7 m3 environmental chambers utilizing a Filter Inlet for Gases and AEROsols (FIGAERO) coupled to a high-resolution time of flight chemical ionization mass spectrometer utilizing iodide adduct ionization. We present novel insights into the total mass that evaporates as a function of time from 10 min to 24 hours without heating, the molecular speciation of the evaporate, as well as the effective volatility and composition of the SOA mass remaining. Consistent with previous studies, we find two stages of evaporation: a rapid loss of a large portion of the total signal over the course of ≤3 hours, followed by a stage of much slower evaporation over the proceeding 21 hours. Varying the RH of formation effects evaporation rate on timescales ≤3 hours, however the mass fraction remaining after 24 hours converges to 30-50% under all formation and evaporation RHs. We simulate the evaporation behavior and remaining fractions desorbed via temperature programmed thermal desorption to derive effective saturation vapor concentrations, mass accommodation coefficients, and rates of chemical evolution producing both higher and lower volatility components during the evaporation time period.
Fundamental uncertainty and stock market volatility
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.
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...
Volatile flavor compounds in yogurt: a review.
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.
Long- and Short-Term Cryptocurrency Volatility Components: A GARCH-MIDAS Analysis
Directory of Open Access Journals (Sweden)
Christian Conrad
2018-05-01
Full Text Available We use the GARCH-MIDAS model to extract the long- and short-term volatility components of cryptocurrencies. As potential drivers of Bitcoin volatility, we consider measures of volatility and risk in the US stock market as well as a measure of global economic activity. We find that S&P 500 realized volatility has a negative and highly significant effect on long-term Bitcoin volatility. The finding is atypical for volatility co-movements across financial markets. Moreover, we find that the S&P 500 volatility risk premium has a significantly positive effect on long-term Bitcoin volatility. Finally, we find a strong positive association between the Baltic dry index and long-term Bitcoin volatility. This result shows that Bitcoin volatility is closely linked to global economic activity. Overall, our findings can be used to construct improved forecasts of long-term Bitcoin volatility.
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....
[Study on absorbing volatile oil with mesoporous carbon].
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.
Infrared Spectroscopy of Parent Volatiles in Comets: Implications for Astrobiology
DiSanti, Michael A.
2010-01-01
Current cometary orbits provide information on their recent dynamical history. However, determining a given comet's formation region from its current dynamical state alone is complicated by radial migration in the proto-planetary disk and by dynamical interactions with the growing giant planets. Because comets reside for long periods of time in the outer Solar System, the ices contained in their nuclei (native ices) retain a relatively well-preserved footprint of when and where they formed, and this in turn can provide clues to conditions in the formation epoch. As a comet approaches the Sun, sublimation of its native ices releases parent volatiles into the coma where they can be measured spectroscopically. The past to - 15 years have seen the advent of infrared spectrometers with high sensitivity between about 2.8 and 5.0 micron, enabling a taxonomy among comets based on abundances of parent volatiles (e.g., H2O, CO, CH4, C2H6, HCN, CH30H, H2CO, NH3). Such molecules are of keen interest to Astrobiology, as they include important pre-biotic species that likely were required for the emergence of life on Earth and perhaps elsewhere. Approximately 20 comets have thus far been characterized, beginning with C/1996 82 (Hyakutake) in 1996. Molecular production rates are established through comparison of observed emission line intensities with those predicted by quantum mechanical fluorescence models. Abundances of parent volatiles (relative to H2O) vary among even the relatively small number of comets sampled, with the most volatile species (CO and CH4) displaying the largest variations. Techniques developed for measuring parent volatile abundances in comets will be discussed, as will possible implications for their formation.
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
Biogenic volatile emissions from the soil.
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.
$1.8 Million and counting: how volatile agent education has decreased our spending $1000 per day.
Miller, Scott A; Aschenbrenner, Carol A; Traunero, Justin R; Bauman, Loren A; Lobell, Samuel S; Kelly, Jeffrey S; Reynolds, John E
2016-12-01
Volatile anesthetic agents comprise a substantial portion of every hospital's pharmacy budget. Challenged with an initiative to lower anesthetic drug expenditures, we developed an education-based intervention focused on reducing volatile anesthetic costs while preserving access to all available volatile anesthetics. When postintervention evaluation demonstrated a dramatic year-over-year reduction in volatile agent acquisition costs, we undertook a retrospective analysis of volatile anesthetic purchasing data using time series analysis to determine the impact of our educational initiative. We obtained detailed volatile anesthetic purchasing data from the Central Supply of Wake Forest Baptist Health from 2007 to 2014 and integrated these data with the time course of our educational intervention. Aggregate volatile anesthetic purchasing data were analyzed for 7 consecutive fiscal years. The educational initiative emphasized tissue partition coefficients of volatile anesthetics in adipose tissue and muscle and their impact on case management. We used an interrupted time series analysis of monthly cost per unit data using autoregressive integrated moving average modeling, with the monthly cost per unit being the amount spent per bottle of anesthetic agent per month. The cost per unit decreased significantly after the intervention (t=-6.73, Pper unit decreased $48 after the intervention, with 95% confidence interval of $34 to $62. As evident from the data, the purchasing of desflurane and sevoflurane decreased, whereas that of isoflurane increased. An educational initiative focused solely on the selection of volatile anesthetic agent per case significantly reduced volatile anesthetic expense at a tertiary medical center. This approach appears promising for application in other hospitals in the rapidly evolving, value-added health care environment. We were able to accomplish this with instruction on tissue partition coefficients and each agent's individual cost per MAC
Ríos-Delgado, Silvany Mayoly; Rodríguez-Ramírez, Américo David; Cruz-López, Leopoldo; Escobar-Pérez, Luis Alonso; Aburto-Juárez, Ma de Lourdes; Torres-Estrada, José Luis
2008-01-01
To determine effects of volatile compounds in homes on the behavioral response of Anopheles albimanus. The study was conducted in January 2006, in the village of Nueva Independencia village, Suchiate, Chiapas. Volatile compounds were collected inside homes and the extracts were tested on unfed females in a Y-olfactometer. Extracts were analyzed in a gas chromatography-mass spectrometry system (GC-MS). Twenty eight extracts were obtained, twelve presented attraction and two repellency responses. GC-MS analyses of the extracts indicated variation in the volatile compound present in the extracts, but could not associated specific compounds with any particular effect. Within homes, volatiles presented attraction and repellency responses to An. albimanus. A definate pattern concerning the presence of a characteristic chemical compound and the observed response was not found.
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....
Stock market volatility and macroeconomic uncertainty
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
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.
Does internationalisation of technology determine technological diversification in large firms?
Christian Le Bas; Pari Patel
2005-01-01
The purpose of the paper is to examine the relationship between technological diversification and internationalisation of technology for large multinational firms, operating at the world technological frontier. More precisely we address the question as to whether internationalisation determines diversification. The analysis is based on a rich database of the European patenting activity of 345 large multinational firms with the highest levels of patenting over two periods of time (1988-1990 an...
Dietary vitamin E affects lipid oxidation and total volatiles of irradiated raw turkey meat
International Nuclear Information System (INIS)
Ahn, D.U.; Sell, J.L.; Jeffery, M.; Jo, C.; Chen, X.; Lee, J.I.
1997-01-01
Breast and leg meat patties, prepared from turkeys fed diets containing 25, 200, 400 or 600 IU of dl-alpha-tocopheryl acetate (TA) per kg diet, were irradiated at 0 or 2.5 kGy with vacuum or loose packaging. The effects of dietary TA on storage stability and production of volatiles in irradiated raw turkey meat were determined. Dietary TA at 200 IU/kg decreased lipid oxidation and reduced total volatiles of raw turkey patties after 7-days of storage. However, the antioxidant effects of dietary TA were more notable when the patties were loosely packaged than when vacuum-packaged. Irradiation increased lipid oxidation of raw turkey meats only when loosely packaged but had limited effects on formation of total volatiles after storage at 4 degrees C for 7 days or longer
Long Memory in STOCK Market Volatility: the International Evidence
Yang, Chunxia; Hu, Sen; Xia, Bingying; Wang, Rui
2012-08-01
It is still a hot topic to catch the auto-dependence behavior of volatility. Here, based on the measurement of average volatility, under different observation window size, we investigated the dependence of successive volatility of several main stock indices and their simulated GARCH(1, 1) model, there were obvious linear auto-dependence in the logarithm of volatility under a small observation window size and nonlinear auto-dependence under a big observation. After calculating the correlation and mutual information of the logarithm of volatility for Dow Jones Industrial Average during different periods, we find that some influential events can change the correlation structure and the volatilities of different periods have distinct influence on that of the remote future. Besides, GARCH model could produce similar behavior of dependence as real data and long memory property. But our analyses show that the auto-dependence of volatility in GARCH is different from that in real data, and the long memory is undervalued by GARCH.
Energy Technology Data Exchange (ETDEWEB)
Schroeder, F.; Baumann, R.; Petzold, A.; Busen, R.; Schulte, P.; Fiebig, M. [DLR Deutsches Zentrum fuer Luft- und Raumfahrt e.V., Wessling (Germany). Inst. fuer Physik der Atmosphaere; Brock, C.A. [Denver Univ., CO (United States). Dept. of Engineering
2000-02-01
In-situ measurements of ultrafine aerosol particle emissions were performed at cruise altitudes behind the DLR ATTAS research jet (RR M45H M501 engines) and a B737-300 aircraft (CFM56-3B1 engines). Measurements were made 0.15-20 seconds after emission as the source aircraft burned fuel with sulfur contents (FSC) of 2.6, 56 or 118 mg kg{sup -1}. Particle size distributions of from 3 to 60 nm diameter were determined using CN-counters with varying lower size detection limits. Volatile particle concentrations in the aircraft plumes strongly increased as diameter decreased toward the sizes of large molecular clusters, illustrating that apparent particle emissions are extremely sensitive to the smallest particle size detectable by the instrument used. Environmental conditions and plume age alone could influence the number of detected ultrafine (volatile) aerosols within an order of magnitude, as well. The observed volatile particle emissions decreased nonlinearly as FSC decreased to 60 mg kg{sup -1}, reaching minimum values of about 2 x 10{sup 17} kg{sup -1} and 2 x 10{sup 16} kg{sup -1} for particles >3 nm and >5 nm, respectively. Volatile particle emissions did not change significantly as FSCs were further reduced below 60 mg kg{sup -1}. Volatile particle emissions did not differ significantly between the two studied engine types. In contrast, soot particle emissions from the modern CFM56-3B1 engines were 4-5 times less (4 x 10{sup 14} kg{sup -1}) than from the older RR M45H M501 engines (1.8 x 10{sup 15} kg{sup -1}). Contrail processing has been identified as an efficient sink/quenching parameter for ultrafine particles and reduces the remaining interstitial aerosol by factors 2-10 depending on particle size.
Gardebroek, C.; Hernandez, M.A.
2013-01-01
This paper examines volatility transmission in oil, ethanol and corn prices in the United States between 1997 and 2011. We follow a multivariate GARCH approach to evaluate the level of interdependence and the dynamics of volatility across these markets. Preliminary results indicate a higher
Gardebroek, C.; Hernandez, M.A.
2012-01-01
This paper examines volatility transmission in oil, ethanol and corn prices in the United States between 1997 and 2011. We follow a multivariate GARCH approach to evaluate the level of interdependence and the dynamics of volatility across these markets. Preliminary results indicate a higher
Hernandez, M.A.; Gardebroek, C.
2012-01-01
This paper examines volatility transmission in oil, ethanol and corn prices in the United States between 1997 and 2011. We follow a multivariate GARCH approach to evaluate the level of interdependence and the dynamics of volatility across these markets. The estimation results indicate a higher
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...
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...
Measurements of volatile compound contents in resins using a moisture analyzer.
Hashimoto, Masanori; Nagano, Futami; Endo, Kazuhiko; Ohno, Hiroki
2010-02-01
The contents of volatile adhesive compounds, such as water, solvents, and residual unpolymerized monomers, affect the integrity and durability of adhesive bonding. However, there is no method available that can be used to rapidly assess the residual solvent or water contents of adhesive resins. This study examined the effectiveness of a digital moisture analyzer to measure the volatile compound contents of resins. Five self-etching adhesives and seven experimental light-cured resins prepared with different contents (0, 10, and 20% by weight) of water or solvents (acetone and ethanol) were examined in this study. The resins were prepared using different methods (with and without air blast or light-curing) to simulate the clinical conditions of adhesive application. Resin weight changes (% of weight loss) were determined as the residual volatile compound contents, using the moisture analyzer. After the measurements, the resin films were examined using a scanning electron microscope. The weight changes of the resins were found to depend on the amount of water or solvents evaporating from the resin. Water and solvents were evaporated by air blast or light-curing, but some of the water and solvents remained in the cured resin. The moisture analyzer is easy to operate and is a useful instrument for using to measure the residual volatile compound contents of adhesive resin.
Cheong, Chin Wen
2008-02-01
This article investigated the influences of structural breaks on the fractionally integrated time-varying volatility model in the Malaysian stock markets which included the Kuala Lumpur composite index and four major sectoral indices. A fractionally integrated time-varying volatility model combined with sudden changes is developed to study the possibility of structural change in the empirical data sets. Our empirical results showed substantial reduction in fractional differencing parameters after the inclusion of structural change during the Asian financial and currency crises. Moreover, the fractionally integrated model with sudden change in volatility performed better in the estimation and specification evaluations.
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.
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....
Identify and Manage the Software Requirements Volatility
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...