Process for producing volatile hydrocarbons from hydrocarbonaceous solids

Energy Technology Data Exchange (ETDEWEB)

1949-02-03

In a process for producing volatile hydrocarbons from hydrocarbonaceous solids, a hydrocarbonaceus solid is passed in subdivided state and in the form of a bed downwardly through an externally unheated distilling retort wherein the evolution of volatiles from the bed is effected while solid material comprising combustible heavy residue is discharged from the lower portion of the bed and retort, combustibles are burned from the discharged solid material. The admixture resultant combustion gases with the vapours evolved in the retort is prevented, and a stream of hydrocarbon fluid is heated by indirect heat exchange with hot combustion gases produced by burning to a high temperature and is introduced into the distilling retort and direct contact with bed, supplying heat to the latter for effecting the evolution of volatiles from the hydrocarbonaceous solid. The improvement consists of subjecting the volatile distillation products evolved and removed from the bed to a fractionation and separating selected relatively light and heavy hydrocarbon fractions from the distillation products, withdrawing at least one of the selected fractions from the prcess as a product heating at least one other of the selected fractions to high temperature by the indirect heat exchange with hot combustion gases, and introducing the thus heated hydrocarbon fraction into direct contact with the bed.

Development of volatile compounds in processed cheese during storage

DEFF Research Database (Denmark)

Sunesen, Lars Oddershede; Lund, Pia; Sørensen, J.

2002-01-01

The purpose of this work teas to study tire impact of storage conditions, such as light and temperature, on the development of volatile compounds to processed cheese. Cheese in glass containers was stored at 5, 20 or 37 degreesC in light or darkness for up to 1 yr. Dynamic headspace and gas...... chromatography/mass spectrometry leas used for quantifying 28 volatile organic compounds at eight stages during tree storage period. Through principal component analysis, three important storage parameters could be identified. Principal components 1, 2 and 3 reflected storage tinge, conditions of light...

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.

Volatilization and trapping of ruthenium in high temperature processes

International Nuclear Information System (INIS)

Klein, M.; Weyers, C.; Goossens, W.R.A.

1983-01-01

This experimental study has indicated the importance of moisture and NO/sub x/ vapors on the volatility and trapping conditions of ruthenium in high temperature processes. Also the process operating conditions have a great influence on the ruthenium behavior in the off-gas purification units. Of particular interest is the observation that the ruthenium release during direct vitrification of simulated high-level liquid waste is a factor of about 5 smaller than the ruthenium release during calcination of this type of waste. Moreover, in the direct vitrification case the ruthenium escapes mostly in the form of an aerosol whereas in the calcination case a volatile ruthenium compound is dominating. Consequently, a specific ruthenium filter is not needed in the off-gas line of a direct vitrifier simplifying in this way the number of units in this off-gas line and avoiding the handling and controlling problems of such a ruthenium filter. In the future, a similar program will be started on the volatility of cesium and antimony in a liquid fed melter and on the technical reliability of the liquid fed melter and its associated gas purification units on a semi-pilote scale under simulated conditions

Phytochemical screening of volatile constituents from aerial parts of murraya paniculata

International Nuclear Information System (INIS)

Saied, S.

2014-01-01

The volatile components of the aerial parts of Murraya paniculata have been analyzed by GC and GC-MS, revealing the presence of forty eight compounds. Identifications were made by their respective characteristic mass fragmentation pattern, with the help of NIST mass spectral search program and GC-MS Library. These identities were further authenticated by comparison of their calculated Kovat's retention indices (RI) with those cited in literature. (author)

American option pricing with stochastic volatility processes

Directory of Open Access Journals (Sweden)

Ping LI

2017-12-01

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

[Analysis of Volatile Oils from Different Processed Products of Zingiber officinale Rhizome by GC-MS].

Science.gov (United States)

Zhao, Hong-bing; Wang, Zhi-hui; He, Fang; Meng, Han; Peng, Jian-hua; Shi, Ji-lian

2015-04-01

To analyze the volatile components in different processed products of Zingiber officinale rhizome, and to make clear the effect of different heating degree on them. The volatile components were extracted from four kinds of processed products by applying steam distillation, and then were analyzed by GC-MS. There were totally 43 components of volatile oil identified from four kinds of processed products of Zingiber officinale rhizome. Fresh product, dried product, and charcoal product of Zingiber officinale rhizome each had 27 components of volatile oil, while sand fried product contained 24 components. Fresh Zingiber officinale rhizome contained 22. 59% of zingiberene, 20. 87% of a-citral and 11. 01% of β-phellandrene, respectively. After processing in different heating degree, the volatile components changed greatly in both of their quantity and quality, For instance, dried Zingiber officinale rhizome contained 40. 48% of α-citral and 8-phellandrene content was slightly lower at 10. 38%. 32.73% of 3,7,11-trimethyl-l, 6, 10-dodecatriene,16. 38% of murolan-3, 9 (11)-diene-10-peroxy and 3. 36% of cubebene newly emerged in the sand fried Zingiber officinale rhizome, and eudesm-4 (14) and β-bisabolol, etc. However, β-phellandrene content was only 1. 95%. The zingiberene and β-sesquiphellandrene were the highest in charcoal product, besides, new components such as α-cedrene, decanal and γ-elemene appeared. Volatile components in different processed products of Zingiber officinale rhizome were different in both of their kinds and contents. This method is suitable for the analysis of volatile components in Zingiber officinale rhizome, and this study can provide the experimental evidence for quality evaluation and clinical application for ginger processed products.

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.

Dietary exposure to volatile and non-volatile N-nitrosamines from processed meat products in Denmark

DEFF Research Database (Denmark)

Herrmann, Susan Strange; Duedahl-Olesen, Lene; Christensen, Tue

2015-01-01

the carcinogenicity for the majority of the non-volatile NA (NVNA) remains to be elucidated. Danish adults (15–75 years) and children (4–6 years) consume 20 g and 16 g of processed meat per day (95th percentile), respectively. The consumption is primarily accounted for by sausages, salami, pork flank (spiced...

Testing for a Common Volatility Process and Information Spillovers in Bivariate Financial Time Series Models

NARCIS (Netherlands)

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

2016-01-01

textabstractThe paper considers the problem as to whether financial returns have a common volatility process in the framework of stochastic volatility models that were suggested by Harvey et al. (1994). We propose a stochastic volatility version of the ARCH test proposed by Engle and Susmel (1993),

Testing for Volatility Co-movement in Bivariate Stochastic Volatility Models

NARCIS (Netherlands)

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

2017-01-01

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

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

Science.gov (United States)

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

2017-04-01

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

Testing for Volatility Co-movement in Bivariate Stochastic Volatility Models

OpenAIRE

Chen, Jinghui; Kobayashi, Masahito; McAleer, Michael

2017-01-01

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

Price generating process and volatility in the Nigerian agricultural ...

African Journals Online (AJOL)

The study examined the price generating process and volatility of Nigerian agricultural commodities market using secondary data for price series on meat, cereals, sugar, dairy and food for the period of January 1990 to February 2014. The data were analysed using both descriptive and inferential statistics. The descriptive ...

A process for producing lignin and volatile compounds from hydrolysis liquor.

Science.gov (United States)

Khazraie, Tooran; Zhang, Yiqian; Tarasov, Dmitry; Gao, Weijue; Price, Jacquelyn; DeMartini, Nikolai; Hupa, Leena; Fatehi, Pedram

2017-01-01

Hot water hydrolysis process is commercially applied for treating wood chips prior to pulping or wood pellet production, while it produces hydrolysis liquor as a by-product. Since the hydrolysis liquor is dilute, the production of value-added materials from it would be challenging. In this study, acidification was proposed as a viable method to extract (1) furfural and acetic acid from hot water hydrolysis liquor and (2) lignin compounds from the liquor. The thermal properties of the precipitates made from the acidification of hydrolysis liquor confirmed the volatile characteristics of precipitates. Membrane dialysis was effective in removing inorganic salts associated with lignin compounds. The purified lignin compounds had a glass transition temperature (Tg) of 180-190 °C, and were thermally stable. The results confirmed that lignin compounds present in hot water hydrolysis liquor had different characteristics. The acidification of hydrolysis liquor primarily removed the volatile compounds from hydrolysis liquor. Based on these results, a process for producing purified lignin and precipitates of volatile compounds was proposed.

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.

Characterization and extraction of volatile compounds from pineapple (Ananas comosus L. Merril processing residues

Directory of Open Access Journals (Sweden)

Lília Calheiros de Oliveira Barretto

2013-12-01

Full Text Available The aim of this study was to extract and identify volatile compounds from pineapple residues generated during concentrated juice processing. Distillates of pineapple residues were obtained using the following techniques: simple hydrodistillation and hydrodistillation by passing nitrogen gas. The volatile compounds present in the distillates were captured by the solid-phase microextraction technique. The volatile compounds were identified in a system of high resolution gas chromatography system coupled with mass spectrometry using a polyethylene glycol polar capillary column as stationary phase. The pineapple residues constituted mostly of esters (35%, followed by ketones (26%, alcohols (18%, aldehydes (9%, acids (3% and other compounds (9%. Odor-active volatile compounds were mainly identified in the distillate obtained using hydrodistillation by passing nitrogen gas, namely decanal, ethyl octanoate, acetic acid, 1-hexanol, and ketones such as γ-hexalactone, γ-octalactone, δ-octalactone, γ-decalactone, and γ-dodecalactone. This suggests that the use of an inert gas and lower temperatures helped maintain higher amounts of flavor compounds. These data indicate that pineapple processing residue contained important volatile compounds which can be extracted and used as aroma enhancing products and have high potential for the production of value-added natural essences.

Volatility Discovery

DEFF Research Database (Denmark)

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

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

Space-weathering processes and products on volatile-rich asteroids

Science.gov (United States)

Britt, D.; Schelling, P.; Consolmagno, G.; Bradley, T.

2014-07-01

Space weathering is a generic term for the effects on atmosphereless solid bodies in the solar system from a range of processes associated with direct exposure to the space environment. These include impact processes (shock, vaporization, fragmentation, heating, melting, and ejecta formation), radiation damage (from galactic and solar cosmic rays), solar-wind effects (irradiation, ion implantation, and sputtering), and the chemical reactions driven by these processes. The classic example of space weathering is the formation of the lunar spectral red slope associated with the production of nanophase Fe (npFe0) in the dusty lunar regolith (C.R. Chapman, 2004, Annual Review of Earth & Planet. Sci. 32, C.M. Pieters, 2000, MAPS 35). Similar npFe0 has been recovered from asteroid (25143) Itokawa and some asteroid classes do exhibit modest spectral red slopes (T. Noguchi, 2011, Science 333). Space weathering can be thought of as driven by a combination of the chemical environment of space (hard vacuum, low oxygen fugacity, solar-wind implantation of hydrogen) along with thermal energy supplied by micrometeorite impacts. The forward modeling of space weathering as thermodynamically-driven decomposition of common rock-forming minerals suggests the production of a range of daughter products: (1) The silicate products typically lose oxygen, other volatile elements (i.e., sulfur and sodium), and metallic cations, producing minerals that are typically more disordered and less optically active than the original parent materials. (2) The decomposed metallic cations form in nano-sized blebs including npFe0, on the surfaces or in condensing rims of mineral grains. This creates a powerful optical component as seen in the lunar red slope. Surfaces with exposed npFe0 are an ideal environment for catalyzing further reactions. (3) The liberated volatile elements and gases (O, S, Na) may form an observable exosphere (e.g., Moon and Mercury) and can either escape from the body or

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

DEFF Research Database (Denmark)

Bach, Christian; Christensen, Bent Jesper

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

Endogenous Lunar Volatiles

Science.gov (United States)

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

Does Partner Volatility Have Firm Value Relevance? An Empirical Analysis of Part Suppliers

OpenAIRE

Insung Son; Sihyun Kim

2018-01-01

Considering the lifecycle of products, firms are releasing new products through diversified strategic partnerships via the global supply chain. As the uncertainty about the future increases and strategic partnership grows more important, part suppliers are becoming more and more significant in assessing firm value. From the perspective of the signaling effect, this study analyzed the impact of partner volatility (new partner, old partner, revocation partner) on firm value in terms of global s...

The Role of Permanent and Transitory Components in Business Cycle Volatility Moderation

OpenAIRE

Korenok, Oleg; Radchenko, Stanislav

2004-01-01

The paper examines the processes underlying economic fluctuations by investigating the volatility moderation of U.S. economy in the early 1980's. We decompose the volatility decline using a dynamic factor framework into a common stochastic trend, common transitory component and idiosyncratic components. We find that the moderation of business cycle was a result of the moderation in transitory and idiosyncratic components. Our results suggest that important part of stochastic process that driv...

Development of pyrometallurgical partitioning technology of long-lived nuclides. Recovery of volatile chlorides for chlorination process using molten salt trap. 1

International Nuclear Information System (INIS)

Hijikata, Takatoshi; Nakamura, Kyosei; Kurata, Masateru; Konagaya, Hideaki

1997-01-01

The dry process for partitioning of long-lived nuclides from high level radioactive waste has been developed. One of the subjects for development of this process is the recovering of the volatilization of chlorides for the chlorination process. We proposed that the volatile chlorides were recovered by the molten salt trap. We researched the behavior of volatile chlorides (ferric chloride, zirconium tetra-chloride and molybdenum pent-chloride) in LiCl-KCl eutectic salt. In this result, the volatile rate of these chlorides was slower than the volatile rate of undissolved chlorides in LiCl-KCl eutectic salt. Also, we make a prototype of molten salt trap for recovering the volatile chlorides and tested the performance of this experimental apparatus and recovering ratio of volatile chlorides. This trap has a good performance of recovering volatile chlorides. (author)

Automated Signal Processing Applied to Volatile-Based Inspection of Greenhouse Crops

Science.gov (United States)

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

The fight against Volatile Organic Compounds (VOC)

International Nuclear Information System (INIS)

Anon.

1993-01-01

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

The Variation of Oncidium Rosy Sunset Flower Volatiles with Daily Rhythm, Flowering Period, and Flower Parts

Directory of Open Access Journals (Sweden)

Yi-Tien Chiu

2017-09-01

Full Text Available Oncidium is an important ornamental crop worldwide, and in recent years, the characteristics of the flower aroma have become a concern for breeders. This study used headspace solid-phase microextraction (HS-SPME and gas chromatography/mass spectrometry (GC-MS analysis of the volatile compounds to study the aroma characteristics of Onc. Rosy Sunset. A total of 45 compounds were identified, with the major compound being linalool. Onc. Rosy Sunset had the highest odor concentration from 10:00 to 12:00 and lowest from 20:00 to 24:00. The inflorescence emitted the highest quantities of volatile compounds during stages 3–6, which then decreased with the aging of the flowers. In Onc. Rosy Sunset, the sepals and petals were the major parts for the floral fragrance emission, in which linalool content was the highest, whereas the lip and column had a different composition of major volatile compounds, of which benzaldehyde, β-myrcene, and β-caryophyllene dominated.

Nonparametric methods for volatility density estimation

NARCIS (Netherlands)

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

2009-01-01

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

Use of a free-jet expansion, molecular beam mass spectrometer to understand processes involving volatile corrosion products

International Nuclear Information System (INIS)

Jacobson, N.S.

1997-01-01

Many high-temperature corrosion processes generate volatile products in addition to condensed phase products. Examples of these volatile products are chlorides, oxychlorides, and certain oxides and hydroxyl species. One of the best techniques to identify high temperature vapor molecules is mass spectrometry. Most mass spectrometers operate in high vacuum and are generally used to examine processes ocurring at greatly reduced pressures. However, a free-jet expansion, molecular beam mass spectrometer system allows direct sampling of volatile corrosion products. This instrument is described. Several examples from our studies on chlorination/oxidation of metals and ceramics are discussed. In addition, reactions of Cr 2 O 3 , SiO 2 , and Al 2 O 3 with water vapor, which produce volatile hydroxyl species are discussed. (orig.)

Volatiles from roasted byproducts of the poultry-processing industry.

Science.gov (United States)

Wettasinghe, M; Vasanthan, T; Temelli, F; Swallow, K

2000-08-01

Volatiles of roasted chicken breast muscle and byproducts, such as backbones, breastbones, spent bones, and skin, were investigated. Total volatile concentrations ranged from 2030 ppb in the roasted backbones to 4049 ppb in the roasted skin. The major classes of volatile compounds detected in roasted samples were aldehydes (648-1532 ppb) and alcohols (336-1006 ppb). Nitrogen- and/or sulfur-containing compounds were also detected in appreciable quantities (161-706 ppb) in all samples. For all samples, hexanal and 2-methyl-2-buten-1-ol were dominant among the aldehydes and alcohols, respectively. Among the nitrogen- and sulfur-containing compounds, Maillard reaction products, such as tetrahydropyridazines, piperidines, and thiazoles, were the major contributors to the total volatile content in all samples. The composition of volatiles observed in roasted byproducts was markedly different from that of the roasted breast muscle. Therefore, the blending of the byproducts in appropriate proportions or blending of volatile flavor extracts from different byproducts may be necessary to obtain an aroma that mimics roasted chicken aroma.

Volatile particles formation during PartEmis: a modelling study

Directory of Open Access Journals (Sweden)

X. Vancassel

2004-01-01

Full Text Available A modelling study of the formation of volatile particles in a combustor exhaust has been carried out in the frame of the PartEmis European project. A kinetic model has been used in order to investigate nucleation efficiency of the H2O-H2SO4 binary mixture in the sampling system. A value for the fraction of the fuel sulphur S(IV converted into S(VI has been indirectly deduced from comparisons between model results and measurements. In the present study, ranges between roughly 2.5% and 6%, depending on the combustor settings and on the value assumed for the parameter describing sulphuric acid wall losses. Soot particles hygroscopicity has also been investigated as their activation is a key parameter for contrail formation. Growth factors of monodisperse particles exposed to high relative humidity (95% have been calculated and compared with experimental results. The modelling study confirms that the growth factor increases as the soot particle size decreases.

Influence of partial replacement of NaCl with KCl on profiles of volatile compounds in dry-cured bacon during processing.

Science.gov (United States)

Wu, Haizhou; Zhuang, Hong; Zhang, Yingyang; Tang, Jing; Yu, Xiang; Long, Men; Wang, Jiamei; Zhang, Jianhao

2015-04-01

This study investigated the influence of partial substitution of NaCl with KCl on the formation of volatile compounds in bacons during processing using a purge and trap dynamic headspace GC/MS system. Three substitutions were 0% KCl (I), 40% KCl (II), and 70% KCl (III). The profiles of the volatile compounds significantly changed during processing, particularly during the drying/ripening. At the end of process, the bacons from substitution III formed significantly higher levels of lipid-derived volatiles, such as straight chain aldehydes, hydrocarbons than bacons from substitution I and II, whereas the latter formed higher levels of volatiles from amino acid degradation such as 3-methylbutanal. There were very few differences in volatile formation between 0% and 40% KCl application. These results suggest that K(+) substitution of Na(+) by more than 40% may significantly change profiles of volatiles in finished dry-cured bacons and therefore would result in changes in the product aroma and/or flavour. Copyright © 2014 Elsevier Ltd. All rights reserved.

Virtual volatility

Science.gov (United States)

Silva, A. Christian; Prange, Richard E.

2007-03-01

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

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.

Low-temperature process steps for realization of non-volatile memory devices

NARCIS (Netherlands)

Brunets, I.; Boogaard, A.; Aarnink, Antonius A.I.; Kovalgin, Alexeij Y.; Wolters, Robertus A.M.; Holleman, J.; Schmitz, Jurriaan

2007-01-01

In this work, the low-temperature process steps required for the realization of nano-crystal non-volatile memory cells are discussed. An amorphous silicon film, crystallized using a diode pumped solid state green laser irradiating at 532 nm, is proposed as an active layer. The deposition of the

Unstable volatility

DEFF Research Database (Denmark)

Casas, Isabel; Gijbels, Irène

2012-01-01

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

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

Science.gov (United States)

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

2015-11-01

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

On stochastic integration for volatility modulated Brownian-driven Volterra processes via white noise analysis

DEFF Research Database (Denmark)

E. Barndorff-Nielsen, Ole; Benth, Fred Espen; Szozda, Benedykt

This paper generalizes the integration theory for volatility modulated Brownian-driven Volterra processes onto the space G* of Potthoff-Timpel distributions. Sufficient conditions for integrability of generalized processes are given, regularity results and properties of the integral are discussed...

On stochastic integration for volatility modulated Brownian-driven Volterra processes via white noise analysis

DEFF Research Database (Denmark)

Barndorff-Nielsen, Ole E.; Benth, Fred Espen; Szozda, Benedykt

This paper generalizes the integration theory for volatility modulated Brownian-driven Volterra processes onto the space G∗ of Potthoff--Timpel distributions. Sufficient conditions for integrability of generalized processes are given, regularity results and properties of the integral are discusse...

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

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.

System of extraction of volatiles from soil using microwave processes

Science.gov (United States)

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

2013-01-01

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

Approaches for quantifying reactive and low-volatility biogenic organic compound emissions by vegetation enclosure techniques - part B: applications.

Science.gov (United States)

Ortega, John; Helmig, Detlev; Daly, Ryan W; Tanner, David M; Guenther, Alex B; Herrick, Jeffrey D

2008-06-01

The focus of the studies presented in the preceding companion paper (Part A: Review) and here (Part B: Applications) is on defining representative emission rates from vegetation for determining the roles of biogenic volatile organic compound (BVOC) emissions in atmospheric chemistry and aerosol processes. The review of previously published procedures for identifying and quantifying BVOC emissions has revealed a wide variety of experimental methods used by various researchers. Experimental details become increasingly critical for quantitative emission measurements of low volatility monoterpenes (MT) and sesquiterpenes (SQT). These compounds are prone to be lost inadvertently by uptake to materials in contact with the sample air or by reactions with atmospheric oxidants. These losses become more prominent with higher molecular weight compounds, potentially leading to an underestimation of their emission rates. We present MT and SQT emission rate data from numerous experiments that include 23 deciduous tree species, 14 coniferous tree species, 8 crops, and 2 shrubs. These data indicate total, normalized (30 degrees C) basal emission rates from emissions have exponential dependencies on temperature (i.e. rates are proportional to e(betaT)). The inter-quartile range of beta-values for MT was between 0.12 and 0.17K(-1), which is higher than the value commonly used in models (0.09K(-1)). However many of the MT emissions also exhibited light dependencies, making it difficult to separate light and temperature influences. The primary light-dependent MT was ocimene, whose emissions were up to a factor of 10 higher than light-independent MT emissions. The inner-quartile range of beta-values for SQT was between 0.15 and 0.21K(-1).

On Using the Volatile Mem-Capacitive Effect of TiO2 Resistive Random Access Memory to Mimic the Synaptic Forgetting Process

Science.gov (United States)

Sarkar, Biplab; Mills, Steven; Lee, Bongmook; Pitts, W. Shepherd; Misra, Veena; Franzon, Paul D.

2018-02-01

In this work, we report on mimicking the synaptic forgetting process using the volatile mem-capacitive effect of a resistive random access memory (RRAM). TiO2 dielectric, which is known to show volatile memory operations due to migration of inherent oxygen vacancies, was used to achieve the volatile mem-capacitive effect. By placing the volatile RRAM candidate along with SiO2 at the gate of a MOS capacitor, a volatile capacitance change resembling the forgetting nature of a human brain is demonstrated. Furthermore, the memory operation in the MOS capacitor does not require a current flow through the gate dielectric indicating the feasibility of obtaining low power memory operations. Thus, the mem-capacitive effect of volatile RRAM candidates can be attractive to the future neuromorphic systems for implementing the forgetting process of a human brain.

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...

Identification and Quantification of Volatile Compounds Found in Vinasses from Two Different Processes of Tequila Production

Directory of Open Access Journals (Sweden)

Elizabeth Rodríguez-Félix

2018-02-01

Full Text Available Vinasses are the main byproducts of ethanol distillation and distilled beverages worldwide and are generated in substantial volumes. Tequila vinasses (TVs could be used as a feedstock for biohydrogen production through a dark fermentative (DF process due to their high content of organic matter. However, TV components have not been previously assayed in order to evaluate if they may dark ferment. This work aimed to identify and quantify volatile compounds (VC in TV and determine if the VC profile depends upon the type of production process (whether the stems were initially cooked or not. TVs were sampled from 3 agave stems with a not-cooking (NC process, and 3 agave stems with a cooking (C process, and volatile compounds were determined by gas chromatography coupled with mass spectrometry (GC–MS. A total of 111 volatile compounds were identified, the TV from the cooking process (C showed the higher presence of furanic compounds (furfural and 5-(hydroxymethyl furfural and organic acids (acetic acid and butyric acid, which have been reported as potential inhibitors for DF. To our knowledge, this is the first description of the VC composition from TVs. This study could serve as a base for further investigations related to vinasses from diverse sources.

Pulsed electric field and combination processing of mango nectar: effect on volatile compounds and HMF formation

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A. S. Bawa

2015-01-01

Full Text Available Mango nectar is a commercially familiar and preferred product. The traditional processing of mango nectar has been by thermal processing which resulted in the alteration of the flavour of the product due to the effect of high temperature. The thermal processing of the nectar also resulted in the production of byproducts of non-enzymatic browning such as 5- hydroxy methyl furfural (HMF. These process induced effects, affect both the nutritive and sensory attributes of the fruit product, making it less preferable. With the growing interest and awareness about the benefits of alternative non-thermal technologies, such as pulsed electric field (PEF, the present work was proposed to use PEF to minimize the loss of volatiles and formation of HMF. The study involves thermal (96 ºC for 300 s and 600 s, PEF (24 µs, 120 Hz and 38 kV/cm and combination processing (PEF + Thermal (96 ºC for 90 s of mango nectar. The effect of these treatments on the volatile composition of mango nectar has been analysed using GC-MS technique. The reduction in the volatile compounds was significant (p 0.05 different from unprocessed sample, proving the fresh-like character of the product.

Pluto's Volatile Transport

Science.gov (United States)

Young, Leslie

2012-10-01

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

Does Partner Volatility Have Firm Value Relevance? An Empirical Analysis of Part Suppliers

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Insung Son

2018-03-01

Full Text Available Considering the lifecycle of products, firms are releasing new products through diversified strategic partnerships via the global supply chain. As the uncertainty about the future increases and strategic partnership grows more important, part suppliers are becoming more and more significant in assessing firm value. From the perspective of the signaling effect, this study analyzed the impact of partner volatility (new partner, old partner, revocation partner on firm value in terms of global supply chain management. Regarding both Apple and Samsung which have bisected the premium smart phone market, research results reveal that companies eliminated from partnership selection are found to show negative signaling effect, and the newly selected companies have the stronger innovative capacity and higher signaling effect of higher excess earning rate than that of re-selected companies. The findings indicate that the partner volatility of partner companies work as a reliable investment signal for investors to recognize as an investment indication, contributing to firm value. In particular, it is meaningful to confirm that a new partner’s differentiated R&D capacity is a key factor of new product launching and a significant variable capable of determining a firm’s survival in the smart phone market.

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.

Impact of Anaerobic Digestion of Liquid Dairy Manure on Ammonia Volatilization Process

Science.gov (United States)

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

Process engineering versus product engineering - A case study on volatile organic compounds removal

DEFF Research Database (Denmark)

Coutinho, João A.P.; Vilela, T.; Pereira, P.

2005-01-01

Three solutions for removing the dangerous volatile organic compound (VOC) xylene from an industrial coating process are presented and compared. Two of them are based on classical process engineering principles, i.e., development of separation-cleaning methods such as incineration and adsorption...... to the problem-need specified in the beginning of the project, but producing a novel formulation (chemical product design) represents a method that results to a completely xylene-free process which is environmentally and economically more interesting than those generated via the more traditional process...

Labour Demand and Exchange Rate Volatility

OpenAIRE

Udo Broll; Sabine Hansen

2004-01-01

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

Does Interest rate Exposure explain the Low-Volatility Anomaly?

NARCIS (Netherlands)

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

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

Chemical Compositions of Achillea sivasica: Different Plant Part Volatiles, Enantiomers and Fatty Acids

Directory of Open Access Journals (Sweden)

Gülmira Özek

2018-03-01

Full Text Available In the present work, Microsteam distillation - Solid phase microextraction (MSD-SPME and hydrodistillation (HD techniques were applied to obtain volatiles from Achillea sivasica, an endemic species from Turkey. GC-FID and GC/MS analysis revealed that 1,8-cineole (22.1% and a -pinene (9.3% were the main constituents of the hydrodistilled flower volatiles. (Z- b -Farnesene (23.9%, decanoic acid (10.1%, b- eudesmol (8.0%, tricosane (7.3% and hexadecanoic acid (7.2% were the main volatiles obtained from flowers by MSD-SPME. The leaf volatiles obtained by HD contained camphor (9.0%, b -pinene (6.9%, 1,8-cineole (6.7%, a -pinene (6.7% and a -bisabolol (6.6% as the main constituents while the leaf volatiles obtained by MSD-SPME technique were rich in (E-geranyl acetone (10.5%, (E- b -ionone (10.3%, camphor (10.2%, 1,8-cineole (9.6%, longiverbenone (7.9%, b -eudesmol (7.5%, isopropyl myristate (6.7% and epi- a -bisabolol (6.4%. The root volatiles were rich in longiverbenone (14.1%, (E-geranyl acetone (9.3%, nonanol (12.1% and decanol (12.5%. The enantiomeric distribution of the major volatile constituents was analyzed by using different b -cyclodextrin chiral columns. (1R-(+- a -Pinene, (1S-(-- b -pinene, (4R-(+-limonene, (1R,3S,5R-(--trans-pinocarveol, (1S,2R,4S-(--borneol, (2S-(-- a -bisabolol were detected as dominant enantiomers. The lipids extracted from the flower and leaf with Folch method and methylated with BF 3 reagent contained common acids: linolenic, linoleic, hexadecanoic acids. Oleic and stearic acids were detected particularly in high amount in the flower lipids

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

International Nuclear Information System (INIS)

Gulisashvili, Archil; Stein, Elias M.

2010-01-01

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

Mutual fund volatility timing and management fees

NARCIS (Netherlands)

Giambona, E.; Golec, J.

2009-01-01

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

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...

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.

Dynamics of the anaerobic process: Effects of volatile fatty acids

DEFF Research Database (Denmark)

Pind, Peter Frode; Angelidaki, Irini; Ahring, Birgitte Kiær

2003-01-01

A complex and fast dynamic response of the anaerobic biogas system was observed when the system was subjected to pulses of volatile fatty acids (VFAs). It was shown that a pulse of specific VFAs into a well-functioning continuous stirred tank reactor (CSTR) system operating on cow manure affected...... and the history of the reactor process. It should be pointed out that the observed dynamics of VFA responses were based on hourly measurements, meaning that the response duration was much lower than the hydraulic retention time, which exceeds several days in anaerobic CSTR systems....

Influence of physicochemical characteristics and high pressure processing on the volatile fraction of Iberian dry-cured ham.

Science.gov (United States)

Martínez-Onandi, Nerea; Rivas-Cañedo, Ana; Ávila, Marta; Garde, Sonia; Nuñez, Manuel; Picon, Antonia

2017-09-01

The volatile fraction of 30 Iberian dry-cured hams of different physicochemical characteristics and the effect of high pressure processing (HPP) at 600MPa on volatile compounds were investigated. According to the analysis of variance carried out on the levels of 122 volatile compounds, intramuscular fat content influenced the levels of 8 benzene compounds, 5 carboxylic acids, 2 ketones, 2 furanones, 1 alcohol, 1 aldehyde and 1 sulfur compound, salt concentration influenced the levels of 1 aldehyde and 1 ketone, salt-in-lean ratio had no effect on volatile compounds, and water activity influenced the levels of 3 sulfur compounds, 1 alcohol and 1 aldehyde. HPP-treated samples of Iberian ham had higher levels of 4 compounds and lower levels of 31 compounds than untreated samples. A higher influence of HPP treatment on volatile compounds than physicochemical characteristics was observed for Iberian ham. Therefore, HPP treatment conditions should be optimized in order to diminish its possible effect on Iberian ham odor and aroma characteristics. Copyright © 2017 Elsevier Ltd. All rights reserved.

Bio-electrolytic sensor for rapid monitoring of volatile fatty acids in anaerobic digestion process

DEFF Research Database (Denmark)

Jin, Xiangdan; Li, Xiaohu; Zhao, Nannan

2017-01-01

This study presents an innovative biosensor that was developed on the basis of a microbial electrolysis cell for fast and reliable measurement of volatile fatty acids (VFA) during anaerobic digestion (AD) process. The bio-electrolytic sensor was first tested with synthetic wastewater containing...

Release of hydroxycinnamic acids and formation of flavour-active volatile phenols during the beer production process

OpenAIRE

Vanbeneden, Nele

2007-01-01

Among the flavour-active volatile phenols in beer, most of them originate from the raw materials used in the brewing process. Only some of them can be formed by yeast activity, namely 4-vinylguaiacol (4VG) and 4-vinylphenol (4VP). The presence of these volatile phenolic compounds is considered undesirable when present in excessive concentration in bottom-fermented pilsner beers, hence the term “phenolic off-flavour” (POF). It is attributed to beers with a strong medicinal, clove-like aroma. D...

Occurence and dietary exposure of volatile and non-volatile N-Nitrosamines in processed meat products

DEFF Research Database (Denmark)

Herrmann, Susan Strange; Duedahl-Olesen, Lene; Granby, Kit

Nitrite and nitrate have for many decades been used for preservation of meat. However, nitrite can react with secondary amines in meat to form N-Nitrosamines (NAs), many of which have been shown to be genotoxic1 . The use of nitrite therefore ought to be limited as much as possible. To maintain...... a high level of consumer protection Denmark obtains National low limits of the nitrite use in meat products. An estimation of the dietary exposure to volatile NAs (VNA) and non-volatile NAs (NVNA) is necessary when performing a risk assessment of the use of nitrite and nitrate for meat preservation....

Volatile, anthocyanidin, quality and sensory changes in rabbiteye blueberry from whole fruit through pilot plant juice processing.

Science.gov (United States)

Beaulieu, John C; Stein-Chisholm, Rebecca E; Lloyd, Steven W; Bett-Garber, Karen L; Grimm, Casey C; Watson, Michael A; Lea, Jeanne M

2017-01-01

High antioxidant content and keen marketing have increased blueberry demand and increased local production which in turn mandates new uses for abundant harvests. Pilot scale processes were employed to investigate the anthocyanidin profiles, qualitative volatile compositions, and sensorial attributes in not-from-concentrate (NFC) 'Tifblue' rabbiteye blueberry juices. Processing prior to pasteurization generally resulted in increased L * and hue angle color, while a * , b * , and C * decreased. After 4 months pasteurized storage, non-clarified juice (NCP) lost 73.8% of total volatiles compared with 70.9% in clarified juice (CJP). There was a total anthocyanidin decrease of 84.5% and 85.5% after 4 months storage in NCP and CJP, respectively. Storage itself resulted in only 14.2% and 7.2% anthocyanidin loss after pasteurization in NCP and CJP. Storage significantly affected nine flavor properties in juices; however, there were no significant differences in the blueberry, strawberry, purple grape, floral, sweet aroma, or sweet tastes between processed and stored juices. NFC pasteurized blueberry juices maintained desirable flavors even though highly significant volatile and anthocyanidin losses occurred through processing. Maintenance of color and flavor indicate that NFC juices could have an advantage over more abusive methods often used in commercial juice operations. © 2016 Society of Chemical Industry. © 2016 Society of Chemical Industry.

Controlled production of Camembert-type cheeses. Part II. Changes in the concentration of the more volatile compounds.

Science.gov (United States)

Leclercq-Perlat, Marie-Noëlle; Latrille, Eric; Corrieu, Georges; Spinnler, Henry-Eric

2004-08-01

Flavour generation in cheese is a major aspect of ripening. In order to enhance aromatic qualities it is necessary to better understand the chemical and microbiological changes. Experimental Camembert-type cheeses were prepared in duplicate from pasteurized milk inoculated with Kluyveromyces lactis, Geotrichum candidum, Penicillium camemberti and Brevibacterium linens under aseptic conditions. Two replicates performed under controlled conditions of temperature (12 degrees C), relative humidity (95 +/- 2%), and atmosphere showed similar ripening characteristics. The evolutions of metabolite concentrations were studied during ripening. The volatile components were extracted by dynamic headspace extraction, separated and quantified by gas chromatography and identified by mass spectrometry. For each cheese the volatile concentrations varied with the part considered (rind or core). Except for ethyl acetate and 2-pentanone, the volatile quantities observed were higher than their perception thresholds. The flavour component production was best correlated with the starter strains. During the first 10 days the ester formations (ethyl, butyl and isoamyl acetates) were associated with the concentrations of K. lactis and G. candidum. The rind quantity of esters was lower than that observed in core probably due to (1) a diffusion from the core to the surface and (2) evaporation from the surface to the chamber atmosphere. G. candidum and Brev. linens association produced 3 methyl butanol and methyl 3-butanal from leucine, respectively. DMDS came from the methionine catabolism due to Brev. linens. Styrene production was attributed to Pen. camemberti. 2-Pentanone evolution was associated with Pen. camemberti spores and G. candidum. 2-Heptanone changes were not directly related to flora activities while 2-octanone production was essentially due to G. candidum. This study also demonstrates the determining role of volatile component diffusion.

Asymptotics for Exponential Levy Processes and their Volatility Smile: Survey and New Results

OpenAIRE

Leif Andersen; Alexander Lipton

2012-01-01

Exponential L\\'evy processes can be used to model the evolution of various financial variables such as FX rates, stock prices, etc. Considerable efforts have been devoted to pricing derivatives written on underliers governed by such processes, and the corresponding implied volatility surfaces have been analyzed in some detail. In the non-asymptotic regimes, option prices are described by the Lewis-Lipton formula which allows one to represent them as Fourier integrals; the prices can be trivia...

Influence of processing on the volatile profile of strawberry spreads made with isomaltulose.

Science.gov (United States)

Peinado, I; Rosa, E; Heredia, A; Escriche, I; Andrés, A

2013-05-01

A new strawberry spread formulated with fructose and isomaltulose (replacing sucrose partially or totally) and a high percentage of fruit was developed in line with the new trend of healthier products. This work studies the influence of some process variables (percentage of sugar, pectin and citric acid, and time of thermal treatment) on the volatile profile of these spreads with different formulations. The ripeness of the raw strawberries influences the concentrations of some of the compounds in the spreads, such as isobutyl acetate, butyl butyrate, 3-hexen-1-yl acetate or propan-2-ol. The process conditions have an important effect on the volatile profiles. Most of the esters and alcohols decreased whereas 13 new compounds appear, mostly furans (furfural, 2-acetylfurane, 5-methyl furfural, mesifurane) and aldehydes (octanal, nonanal, decanal and benzaldeyhde). In general, the spreads formulated with sucrose-isomaltulose that contained higher levels of pectin and citric acid gave better results in the preservation of the original aromatic compounds in raw strawberries. Copyright © 2012 Elsevier Ltd. All rights reserved.

Effects of high hydrostatic pressure and thermal processing on bioactive compounds, antioxidant activity, and volatile profile of mulberry juice.

Science.gov (United States)

Wang, Fan; Du, Bao-Lei; Cui, Zheng-Wei; Xu, Li-Ping; Li, Chun-Yang

2017-03-01

The aim of this study was to investigate the effects of high hydrostatic pressure and thermal processing on microbiological quality, bioactive compounds, antioxidant activity, and volatile profile of mulberry juice. High hydrostatic pressure processing at 500 MPa for 10 min reduced the total viable count from 4.38 log cfu/ml to nondetectable level and completely inactivated yeasts and molds in raw mulberry juice, ensuring the microbiological safety as thermal processing at 85 ℃ for 15 min. High hydrostatic pressure processing maintained significantly (p hydrostatic pressure processing enhanced the volatile compound concentrations of mulberry juice while thermal processing reduced them in comparison with the control. These results suggested that high hydrostatic pressure processing could be an alternative to conventional thermal processing for production of high-quality mulberry juice.

Volatile isoprenoids as defense compounds during abiotic stress in tropical plants

Science.gov (United States)

Jardine, K.

2015-12-01

Emissions of volatile isoprenoids from tropical forests play central roles in atmospheric processes by fueling atmospheric chemistry resulting in modified aerosol and cloud lifecycles and their associated feedbacks with the terrestrial biosphere. However, the identities of tropical isoprenoids, their biological and environmental controls, and functions within plants and ecosystems remain highly uncertain. As part of the DOE ARM program's GoAmazon 2014/15 campaign, extensive field and laboratory observations of volatile isoprenoids are being conducted in the central Amazon. Here we report the results of our completed and ongoing activities at the ZF2 forest reserve in the central Amazon. Among the results of the research are the suprisingly high abundance of light-dependent volatile isoprenoid emissions across abundant tree genera in the Amazon in both primary and secondary forests, the discovery of highly reactive monoterpene emissions from Amazon trees, and evidence for the importance of volatile isoprenoids in protecting photosynthesis during oxidative stress under elevated temperatures including energy consumption and direct antioxidant functions and a tight connection betwen volatile isoprenoid emissions, photorespiration, and CO2 recycling within leaves. The results highlight the need to model allocation of carbon to isoprenoids during elevated temperature stress in the tropics.

2-22 Study of Oxidation/reduction Volatilization Technology

Institute of Scientific and Technical Information of China (English)

Tan; Cunmin[1; Cao; Shiwei[1; Tian; Yuan[1; Qin; Zhi[1

2015-01-01

As an advanced dry head-end processing of spent fuel reprocessing, the oxidation-reduction volatilization technology will use for pulverizing uranium oxide ceramic pellets, decladding, and removal of most of volatile and semi-volatile fission elements, 3H, 14C, Kr, Xe, I, Cs, Ru and Tc, from fuel prior to main treatment process. The AIROX and ORIOX process, including circulation of oxidation in oxygen atmosphere and reduction in hydrogen atmosphere, researched on international at present, is considered to be the first choice for head-end processing.

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)

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....

Volatile element trends in gas-rich meteorites

Energy Technology Data Exchange (ETDEWEB)

Bart, G; Lipschutz, M E [Purdue Univ., Lafayette, IN (USA). Dept. of Chemistry

1979-09-01

Study of 10 volatile elements (and non-volatile Co) in co-existing light and dark portions of 5 gas-rich chondrites indicates patterns of distinct but non-uniform enrichment of volatile elements. Only Cs is enriched in all samples; Bi and Tl enrichments covary. The observed enrichments are inconsistent with prior suggestions of admixture of C1 or C2 chondritic matter, whether pristine or partly devolatilized, but suggest that both light and dark portions of each chondrite represents a compositionally more extended sampling of parental nebular material than hitherto known.

Lipid oxidation in baked products: impact of formula and process on the generation of volatile compounds.

Science.gov (United States)

Maire, Murielle; Rega, Barbara; Cuvelier, Marie-Elisabeth; Soto, Paola; Giampaoli, Pierre

2013-12-15

This paper investigates the effect of ingredients on the reactions occurring during the making of sponge cake and leading to the generation of volatile compounds related to flavour quality. To obtain systems sensitive to lipid oxidation (LO), a formulation design was applied varying the composition of fatty matter and eggs. Oxidation of polyunsaturated fatty acids (PUFA) and formation of related volatile compounds were followed at the different steps of cake-making. Optimised dynamic Solid Phase Micro Extraction was applied to selectively extract either volatile or semi-volatile compounds directly from the baking vapours. We show for the first time that in the case of alveolar baked products, lipid oxidation occurs very early during the step of dough preparation and to a minor extent during the baking process. The generation of lipid oxidation compounds depends on PUFA content and on the presence of endogenous antioxidants in the raw matter. Egg yolk seemed to play a double role on reactivity: protecting unsaturated lipids from oxidation and being necessary to generate a broad class of compounds of the Maillard reaction during baking and linked to the typical flavour of sponge cake. Copyright © 2013 Elsevier Ltd. All rights reserved.

ASYMPTOTICS FOR EXPONENTIAL LÉVY PROCESSES AND THEIR VOLATILITY SMILE: SURVEY AND NEW RESULTS

OpenAIRE

LEIF ANDERSEN; ALEXANDER LIPTON

2013-01-01

Exponential Lévy processes can be used to model the evolution of various financial variables such as FX rates, stock prices, and so on. Considerable efforts have been devoted to pricing derivatives written on underliers governed by such processes, and the corresponding implied volatility surfaces have been analyzed in some detail. In the non-asymptotic regimes, option prices are described by the Lewis-Lipton formula, which allows one to represent them as Fourier integrals, and the prices can ...

Process model for ammonia volatilization from anaerobic swine lagoons incorporating varying wind speeds and biogas bubbling

Science.gov (United States)

Ammonia volatilization from treatment lagoons varies widely with the total ammonia concentration, pH, temperature, suspended solids, atmospheric ammonia concentration above the water surface, and wind speed. Ammonia emissions were estimated with a process-based mechanistic model integrating ammonia ...

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

DEFF Research Database (Denmark)

Barletta, Andrea; Nicolato, Elisa; Pagliarani, Stefano

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

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...

Mitigation of release of volatile iodine species during severe reactor accidents - a novel reliable process of safety technology

International Nuclear Information System (INIS)

Guentay, S.; Bruchertseifer, H.

2010-01-01

In severe accidents, a significant risk for public health may be generated as a result of release of the gaseous iodine species into the environment through the containment leaks or containment venting filter systems with low retention efficiency. The elemental iodine and volatile organic iodides are the main gaseous iodine species in the containment. Potential release of large quantities of gaseous elemental iodine from the reactor coolant system or its radiolytic generation in the containment sump constitute the key source of gaseous elemental iodine in containment atmosphere. Iodine paint reactions as well as the reaction of iodine with organic residuals in sump water are the main mechanisms for the generation of high volatile organic iodides in the containment. Although very much desired, significant research activities conducted in 70's unfortunately did not create any technically feasible solution to mitigate iodine release into the environment under prevailing conditions. Development of a process leading to a fast, comprehensive and reliable retention of volatile iodine species in aqueous solution with an aim to implement for the severe accident management applications has been subject of a research project in the recent years at Paul Scherrer Institut. The process developed utilizes simultaneous use of two customary technical chemical additives in an aqueous solution. The results of the experimental program have demonstrated a fast and reliable destruction of high volatile organic iodine species and fast reduction of elemental iodine into iodide ions in aqueous solutions and an efficient mitigation of the re-formation of gaseous iodine from iodide ions. Investigations covered a broad range of anticipated severe accident conditions in the containment. The project additionally focused on possible application of the process to existing containment venting filter systems, specifically as a passive add-on for back-fitting. This paper describes the process

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 ...

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.

Volatile components and continental material of planets

International Nuclear Information System (INIS)

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

1984-01-01

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

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

Science.gov (United States)

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

2017-05-28

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

A Fractionally Integrated Wishart Stochastic Volatility Model

NARCIS (Netherlands)

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

2013-01-01

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

Adaptation of the continuous cold-trap system of fluidized-bed to the fluoride volatility process

International Nuclear Information System (INIS)

1976-01-01

A continuous cold-trap system consisting of fluidized condensor and stripper has been evaluated with a view to adapt it to the Fluoride Volatility Process in establishing the continuous purification process without radiation decomposition of PuF 6 . Its feasibility is shown by the test with UF 6 -air. Necessary conditions for the cold trap, and performance of the 2-in.-dia. fluidized-bed cold-trap system are presented, and also a model of mist formation in the condensor

Generalized Fractional Processes with Long Memory and Time Dependent Volatility Revisited

Directory of Open Access Journals (Sweden)

M. Shelton Peiris

2016-09-01

Full Text Available In recent years, fractionally-differenced processes have received a great deal of attention due to their flexibility in financial applications with long-memory. This paper revisits the class of generalized fractionally-differenced processes generated by Gegenbauer polynomials and the ARMA structure (GARMA with both the long-memory and time-dependent innovation variance. We establish the existence and uniqueness of second-order solutions. We also extend this family with innovations to follow GARCH and stochastic volatility (SV. Under certain regularity conditions, we give asymptotic results for the approximate maximum likelihood estimator for the GARMA-GARCH model. We discuss a Monte Carlo likelihood method for the GARMA-SV model and investigate finite sample properties via Monte Carlo experiments. Finally, we illustrate the usefulness of this approach using monthly inflation rates for France, Japan and the United States.

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....

Method for processing coal-enrichment waste with solid and volatile fuel inclusions

Science.gov (United States)

Khasanova, A. V.; Zhirgalova, T. B.; Osintsev, K. V.

2017-10-01

The method relates to the field of industrial heat and power engineering. It can be used in coal preparation plants for processing coal waste. This new way is realized to produce a loose ash residue directed to the production of silicate products and fuel gas in rotary kilns. The proposed method is associated with industrial processing of brown coal beneficiation waste. Waste is obtained by flotation separation of rock particles up to 13 mm in size from coal particles. They have in their composition both solid and volatile fuel inclusions (components). Due to the high humidity and significant rock content, low heat of combustion, these wastes are not used on energy boilers, they are stored in dumps polluting the environment.

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

Science.gov (United States)

Võ, Uyên-Uyén T; Morris, Michael P

2014-06-01

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

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)

Adaptation of the continuous cold trap system of fluidized-bed to the fluoride volatility process

International Nuclear Information System (INIS)

1976-02-01

A continuous cold trap system consisting of fluidized condenser and stripper has been evaluated with a view to adapt it to the Fluoride Volatility Process in establishing the continuous purification process without radiation decomposition of PuF 6 . Its feasibility is shown by the test with UF 6 -air. Necessary conditions for the cold trap, and performance of the two inch-dia. fluidized bed cold trap system are presented, and also a model of mist formation in the condenser. (auth.)

A Jump-Diffusion Model with Stochastic Volatility and Durations

DEFF Research Database (Denmark)

Wei, Wei; Pelletier, Denis

jumps in two ways: as exogenous sampling intervals, and through the interaction with volatility. We adopt a bivariate Ornstein-Ulenbeck process to model intraday volatility and conditional duration. We develop a MCMC algorithm for the inference on irregularly spaced multivariate processes with jumps...

Option pricing under stochastic volatility: the exponential Ornstein–Uhlenbeck model

International Nuclear Information System (INIS)

Perelló, Josep; Masoliver, Jaume; Sircar, Ronnie

2008-01-01

We study the pricing problem for a European call option when the volatility of the underlying asset is random and follows the exponential Ornstein–Uhlenbeck model. The random diffusion model proposed is a two-dimensional market process that takes a log-Brownian motion to describe price dynamics and an Ornstein–Uhlenbeck subordinated process describing the randomness of the log-volatility. We derive an approximate option price that is valid when (i) the fluctuations of the volatility are larger than its normal level, (ii) the volatility presents a slow driving force, toward its normal level and, finally, (iii) the market price of risk is a linear function of the log-volatility. We study the resulting European call price and its implied volatility for a range of parameters consistent with daily Dow Jones index data

Pricing of American Put Option under a Jump Diffusion Process with Stochastic Volatility in an Incomplete Market

Directory of Open Access Journals (Sweden)

Shuang Li

2014-01-01

Full Text Available We study the pricing of American options in an incomplete market in which the dynamics of the underlying risky asset is driven by a jump diffusion process with stochastic volatility. By employing a risk-minimization criterion, we obtain the Radon-Nikodym derivative for the minimal martingale measure and consequently a linear complementarity problem (LCP for American option price. An iterative method is then established to solve the LCP problem for American put option price. Our numerical results show that the model and numerical scheme are robust in capturing the feature of incomplete finance market, particularly the influence of market volatility on the price of American options.

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

Changing volatility of U.S. annual tornado reports

Science.gov (United States)

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.

Volatile oils from the plant and hairy root cultures of Ageratum conyzoides L.

Science.gov (United States)

Abdelkader, Mohamed Salaheldin A; Lockwood, George B

2011-05-01

Two lines of hairy root culture of Ageratum conyzoides L. induced by Agrobacterium rhizogenes ATCC 15834 were established under either complete darkness or 16 h light/8 h dark photoperiod conditions. The volatile oil yields from aerial parts and roots of the parent plant, the hairy root culture photoperiod line and the hairy root culture dark line were 0.2%, 0.08%, 0.03% and 0.02%, (w/w), respectively. The compositions of the volatiles from the hairy roots, plant roots and aerial parts were analysed by GC and GC-MS. The main components of the volatiles from the hairy root cultures were β-farnesene, precocene I and β-caryophyllene, in different amounts, depending on light conditions and also on the age of cultures. Precocene I, β-farnesene, precocene II and β-caryophyllene were the main constituents of the volatile oils from the parent plant roots, whereas precocene I, germacrene D, β-caryophyllene and precocene II were the main constituents of the aerial parts of the parent plant. Growth and time-course studies of volatile constituents of the two hairy root lines were compared. Qualitative and quantitative differences were found between the volatile oils from the roots of the parent plant and those from the hairy roots.

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.

A Hull and White Formula for a General Stochastic Volatility Jump-Diffusion Model with Applications to the Study of the Short-Time Behavior of the Implied Volatility

Directory of Open Access Journals (Sweden)

Elisa Alòs

2008-01-01

Full Text Available We obtain a Hull and White type formula for a general jump-diffusion stochastic volatility model, where the involved stochastic volatility process is correlated not only with the Brownian motion driving the asset price but also with the asset price jumps. Towards this end, we establish an anticipative Itô's formula, using Malliavin calculus techniques for Lévy processes on the canonical space. As an application, we show that the dependence of the volatility process on the asset price jumps has no effect on the short-time behavior of the at-the-money implied volatility skew.

Effects of high pressure processing on fatty acid composition and volatile compounds in Korean native black goat meat.

Science.gov (United States)

Kang, Geunho; Cho, Soohyun; Seong, Pilnam; Park, Beomyoung; Kim, Sangwoo; Kim, Donghun; Kim, Youngjun; Kang, Sunmun; Park, Kyoungmi

2013-08-01

This study investigated the effects of high pressure processing (HPP) on fatty acid composition and volatile compounds in Korean native black goat (KNBG) meat. Fatty acid content in KNBG meat was not significantly (p > 0.05) different among the control goats and those subjected HPP. The 9,12-octadecadienoic acid and octadecanoic acid, well-known causes of off-flavors, were detected from meat of some KNBG. A difference between the control and HPP treatment was observed in the discriminated function analysis using an electronic nose. The results suggest that the volatile compounds in KNBG meat were affected by HPP.

Variation in highbush blueberry floral volatile profiles as a function of pollination status, cultivar, time of day and flower part: implications for flower visitation by bees

Science.gov (United States)

Rodriguez-Saona, Cesar; Parra, Leonardo; Quiroz, Andrés; Isaacs, Rufus

2011-01-01

Background and Aims Studies of the effects of pollination on floral scent and bee visitation remain rare, particularly in agricultural crops. To fill this gap, the hypothesis that bee visitation to flowers decreases after pollination through reduced floral volatile emissions in highbush blueberries, Vaccinium corymbosum, was tested. Other sources of variation in floral emissions and the role of floral volatiles in bee attraction were also examined. Methods Pollinator visitation to blueberry flowers was manipulated by bagging all flowers within a bush (pollinator excluded) or leaving them unbagged (open pollinated), and then the effect on floral volatile emissions and future bee visitation were measured. Floral volatiles were also measured from different blueberry cultivars, times of the day and flower parts, and a study was conducted to test the attraction of bees to floral volatiles. Key Results Open-pollinated blueberry flowers had 32 % lower volatile emissions than pollinator-excluded flowers. In particular, cinnamyl alcohol, a major component of the floral blend that is emitted exclusively from petals, was emitted in lower quantities from open-pollinated flowers. Although, no differences in cinnamyl alcohol emissions were detected among three blueberry cultivars or at different times of day, some components of the blueberry floral blend were emitted in higher amounts from certain cultivars and at mid-day. Field observations showed that more bees visited bushes with pollinator-excluded flowers. Also, more honey bees were caught in traps baited with a synthetic blueberry floral blend than in unbaited traps. Conclusions Greater volatile emissions may help guide bees to unpollinated flowers, and thus increase plant fitness and bee energetic return when foraging in blueberries. Furthermore, the variation in volatile emissions from blueberry flowers depending on pollination status, plant cultivar and time of day suggests an adaptive role of floral signals in

Variation in highbush blueberry floral volatile profiles as a function of pollination status, cultivar, time of day and flower part: implications for flower visitation by bees.

Science.gov (United States)

Rodriguez-Saona, Cesar; Parra, Leonardo; Quiroz, Andrés; Isaacs, Rufus

2011-06-01

Studies of the effects of pollination on floral scent and bee visitation remain rare, particularly in agricultural crops. To fill this gap, the hypothesis that bee visitation to flowers decreases after pollination through reduced floral volatile emissions in highbush blueberries, Vaccinium corymbosum, was tested. Other sources of variation in floral emissions and the role of floral volatiles in bee attraction were also examined. Pollinator visitation to blueberry flowers was manipulated by bagging all flowers within a bush (pollinator excluded) or leaving them unbagged (open pollinated), and then the effect on floral volatile emissions and future bee visitation were measured. Floral volatiles were also measured from different blueberry cultivars, times of the day and flower parts, and a study was conducted to test the attraction of bees to floral volatiles. Open-pollinated blueberry flowers had 32 % lower volatile emissions than pollinator-excluded flowers. In particular, cinnamyl alcohol, a major component of the floral blend that is emitted exclusively from petals, was emitted in lower quantities from open-pollinated flowers. Although, no differences in cinnamyl alcohol emissions were detected among three blueberry cultivars or at different times of day, some components of the blueberry floral blend were emitted in higher amounts from certain cultivars and at mid-day. Field observations showed that more bees visited bushes with pollinator-excluded flowers. Also, more honey bees were caught in traps baited with a synthetic blueberry floral blend than in unbaited traps. Greater volatile emissions may help guide bees to unpollinated flowers, and thus increase plant fitness and bee energetic return when foraging in blueberries. Furthermore, the variation in volatile emissions from blueberry flowers depending on pollination status, plant cultivar and time of day suggests an adaptive role of floral signals in increasing pollination of flowers.

CAM Stochastic Volatility Model for Option Pricing

Directory of Open Access Journals (Sweden)

Wanwan Huang

2016-01-01

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

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.

Development of multicomponent parts-per-billion-level gas standards of volatile toxic organic compounds

International Nuclear Information System (INIS)

Rhoderick, G.C.; Zielinski, W.L. Jr.

1990-01-01

This paper reports that the demand for stable, low-concentration multicomponent standards of volatile toxic organic compounds for quantifying national and state measurement of ambient air quality and hazardous waste incineration emissions has markedly increased in recent years. In response to this demand, a microgravimetric technique was developed and validated for preparing such standards; these standards ranged in concentration from several parts per million (ppm) down to one part per billion (ppb) and in complexity from one organic up to 17. Studies using the gravimetric procedure to prepare mixtures of different groups of organics. including multi-components mixtures in the 5 to 20 ppb range, revealed a very low imprecision. This procedure is based on the separate gravimetric introduction of individual organics into an evacuated gas cylinder, followed by the pressurized addition of a precalculated amount of pure nitrogen. Additional studies confirmed the long-term stability of these mixtures. The uncertainty of the concentrations of the individual organics at the 95% confidence level ranged from less than 1% relative at 1 ppm to less than 10% relative at 1 ppb. Over 100 primary gravimetric standards have been developed, validated, and used for certifying the concentrations of a variety of mixtures for monitoring studies

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...

Volatility in energy prices

International Nuclear Information System (INIS)

Duffie, D.

1999-01-01

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

Regime-switching stochastic volatility. Evidence from the crude oil market

International Nuclear Information System (INIS)

Vo, Minh T.

2009-01-01

This paper incorporates regime-switching into the stochastic volatility (SV) framework in an attempt to explain the behavior of crude oil prices in order to forecast their volatility. More specifically, it models the volatility of oil return as a stochastic volatility process whose mean is subject to shifts in regime. The shift is governed by a two-state first-order Markov process. The Bayesian Markov Chain Monte Carlo method is used to estimate the models. The main findings are: first, there is clear evidence of regime-switching in the oil market. Ignoring it will lead to a false impression that the volatility is highly persistent and therefore highly predictable. Second, incorporating regime-switching into the SV framework significantly enhances the forecasting power of the SV model. Third, the regime-switching stochastic volatility model does a good job in capturing major events affecting the oil market. (author)

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)

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

40 CFR Table 2 to Subpart Jj of... - List of Volatile Hazardous Air Pollutants

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 10 2010-07-01 2010-07-01 false List of Volatile Hazardous Air Pollutants 2 Table 2 to Subpart JJ of Part 63 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY.... JJ, Table 2 Table 2 to Subpart JJ of Part 63—List of Volatile Hazardous Air Pollutants Chemical name...

Evolution of Volatile Compounds during the Distillation of Cognac Spirit.

Science.gov (United States)

Awad, Pierre; Athès, Violaine; Decloux, Martine Esteban; Ferrari, Gérald; Snakkers, Guillaume; Raguenaud, Patrick; Giampaoli, Pierre

2017-09-06

Cognac wine spirit has a complex composition in volatile compounds which contributes to its organoleptic profile. This work focused on the batch distillation process and, in particular, on volatile compounds specifically produced by chemical reactions during the distillation of Cognac wine spirit, traditionally conducted in two steps with charentais pot stills. The aim of this study was to characterize these volatile compounds formed during distillation. Sampling has been performed on the distillates and inside the boiler during a typical Cognac distillation. The analysis of these samples allowed us to perform a mass balance and to point out several types of volatile compounds whose quantities strongly increased during the distillation process. These compounds were distinguished by their chemical family. It has been found that the first distillation step was decisive for the formation of volatile compounds. Moreover, 2 esters, 3 aldehydes, 12 norisoprenoids, and 3 terpenes were shown to be generated during the process. These results suggest that some volatile compounds found in Cognac spirit are formed during distillation due to chemical reactions induced by high temperature. These findings give important indications to professional distillers in order to enhance the product's quality.

Silicon isotopes in angrites and volatile loss in planetesimals

Science.gov (United States)

Moynier, Frédéric; Savage, Paul S.; Badro, James; Barrat, Jean-Alix

2014-01-01

Inner solar system bodies, including the Earth, Moon, and asteroids, are depleted in volatile elements relative to chondrites. Hypotheses for this volatile element depletion include incomplete condensation from the solar nebula and volatile loss during energetic impacts. These processes are expected to each produce characteristic stable isotope signatures. However, processes of planetary differentiation may also modify the isotopic composition of geochemical reservoirs. Angrites are rare meteorites that crystallized only a few million years after calcium–aluminum-rich inclusions and exhibit extreme depletions in volatile elements relative to chondrites, making them ideal samples with which to study volatile element depletion in the early solar system. Here we present high-precision Si isotope data that show angrites are enriched in the heavy isotopes of Si relative to chondritic meteorites by 50–100 ppm/amu. Silicon is sufficiently volatile such that it may be isotopically fractionated during incomplete condensation or evaporative mass loss, but theoretical calculations and experimental results also predict isotope fractionation under specific conditions of metal–silicate differentiation. We show that the Si isotope composition of angrites cannot be explained by any plausible core formation scenario, but rather reflects isotope fractionation during impact-induced evaporation. Our results indicate planetesimals initially formed from volatile-rich material and were subsequently depleted in volatile elements during accretion. PMID:25404309

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....

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)

Fixed-film processes. Part 2

International Nuclear Information System (INIS)

Canziani, R.

1999-01-01

Recently, full scale fixed-film or mixed suspended have been applied in many wastewater treatments plants. These processes no longer depend on biomass settle ability and can be used to improve the performance of existing plants as required by more stringent discharge permit limits, especially for nutrients suspended solids. Also, processes may work at high rates making is possible to build small footprint installations. Fixed-film processes include trickling filters (and combined suspended and fixed-films processes), rotating biological contactors, biological aerated submerged, filters moving bed reactors, fluidized bed reactors. In the first part, the theoretical based governing fixed-film processes are briefly outlined, with some simple examples of calculations, underlining the main differences with conventional activate sludge processes. In the second part, the most common types of reactors are reviewed [it

Volatiles from solids

Energy Technology Data Exchange (ETDEWEB)

Loughrey, C T

1939-08-24

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

Part I. Mechanisms of injury associated with extracorporeal shock wave lithotripsy; Part II. Exsolution of volatiles

Science.gov (United States)

Howard, Danny Dwayne

Part I - Shock waves are focused in extracorporeal shock wave lithotripsy (ESWL) machines to strengths sufficient to fracture kidney stones. Substantial side effects-most of them acute-have resulted from this procedure, including injury to soft tissue. The focusing of shock waves through various layers of tissue is a complex process which stimulates many bio-mechano-chemical responses.This thesis presents results of an in vitro study of the initial mechanical stimulus. Planar nitrocellulose membranes of order 10 um thick were used as models of thin tissue structures. Two modes of failure were recorded: Failure due to cavitation collapsing on or near the membranes, and failure induced by altering the structure of shock waves. Tests were done in water at and around F2 to characterize the extent of cavitation damage, and was found to be confined within the focal region, 1.2 cm along the axis of focus.Scattering media were used to simulate the effects of acoustic nonuniformity of tissue and to alter the structure of focusing shock waves. 40 um diameter (average) hollow glass spheres were added to ethylene glycol, glycerine and castor oil to vary the properties of the scattering media. Multiple layer samples of various types of phantom tissue were tested in degassed castor oil to gauge the validity of the scattering media. The scattering media and tissue samples increased the rise time decreased strain rate in a similar fashion. Membranes were damaged by the decreased strain rate and accumulated effects of the altered structure: After about 20 or so shocks immersed in the scattering media and after about 100 shocks behind the tissue samples. The mode of failure was tearing with multiple tears in some cases from about .1 cm to about 3 cm depending of the number of shocks and membrane thickness.Part II - This work examines the exsolution of volatiles-carbon dioxide from water-in a cylindrical test cell under different pressure conditions. Water was supersaturated with

The ESA Lunar Lander and the search for Lunar Volatiles

Science.gov (United States)

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.

Drug interactions: volatile anesthetics and opioids.

Science.gov (United States)

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

1997-09-01

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

Human skin volatiles: a review.

Science.gov (United States)

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

2013-05-01

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

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

Estimation and prediction under local volatility jump-diffusion model

Science.gov (United States)

Kim, Namhyoung; Lee, Younhee

2018-02-01

Volatility is an important factor in operating a company and managing risk. In the portfolio optimization and risk hedging using the option, the value of the option is evaluated using the volatility model. Various attempts have been made to predict option value. Recent studies have shown that stochastic volatility models and jump-diffusion models reflect stock price movements accurately. However, these models have practical limitations. Combining them with the local volatility model, which is widely used among practitioners, may lead to better performance. In this study, we propose a more effective and efficient method of estimating option prices by combining the local volatility model with the jump-diffusion model and apply it using both artificial and actual market data to evaluate its performance. The calibration process for estimating the jump parameters and local volatility surfaces is divided into three stages. We apply the local volatility model, stochastic volatility model, and local volatility jump-diffusion model estimated by the proposed method to KOSPI 200 index option pricing. The proposed method displays good estimation and prediction performance.

Multifractal analysis of implied volatility in index options

Science.gov (United States)

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.

Holistic processing from learned attention to parts.

Science.gov (United States)

Chua, Kao-Wei; Richler, Jennifer J; Gauthier, Isabel

2015-08-01

Attention helps us focus on what is most relevant to our goals, and prior work has shown that aspects of attention can be learned. Learned inattention to parts can abolish holistic processing of faces, but it is unknown whether learned attention to parts is sufficient to cause a change from part-based to holistic processing with objects. We trained subjects to individuate nonface objects (Greebles) from 2 categories: Ploks and Glips. Diagnostic information was in complementary halves for the 2 categories. Holistic processing was then tested with Plok-Glip composites that combined the kind of part that was diagnostic or nondiagnostic during training. Exposure to Greeble parts resulted in general failures of selective attention for nondiagnostic composites, but face-like holistic processing was only observed for diagnostic composites. These results demonstrated a novel link between learned attentional control and the acquisition of holistic processing. (c) 2015 APA, all rights reserved).

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.

In situ volatiles from a single cultivar of Prunus dulcis and their relationship to navel orangeworm

Science.gov (United States)

Nonpareil almonds, Prunus dulcis, account for the largest percentage of almond varieties grown in the Central and San Joaquin valleys of California. Several studies have investigated the various non-volatile and volatile components of various plant parts; however, the volatile organic compound (VOC)...

Beta Risk and Regime Shift in Market Volatility

OpenAIRE

Don U.A. Galagedera; Roland G. Shami

2004-01-01

In this paper, we relate security returns in the thirty securities in the Dow Jones index to regime shifts in the market portfolio (S&P500) volatility. We model market volatility as a multiple-state Markov switching process of order one and estimate non-diversifiable security risk (beta) in the different market volatility regimes. We test the significance of the premium of the beta risk associated with the different market regimes and find evidence of a relationship between security return an...

Consequences for option pricing of a long memory in volatility

OpenAIRE

Taylor, S J

2001-01-01

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

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

Science.gov (United States)

2017-01-01

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

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

Science.gov (United States)

Blau, Benjamin M; Whitby, Ryan J

2017-01-01

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

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.

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.

Restraining Sodium Volatilization in the Ferric Bauxite Direct Reduction System

Directory of Open Access Journals (Sweden)

Wentao Hu

2016-03-01

Full Text Available Direct reduction is an emerging utilization technology of ferric bauxite. However, it requires much more sodium carbonate than ordinary bauxite does. The volatilization is one of the most significant parts of sodium carbonate consumption, as reported in previous studies. Based on the new direct reduction method for utilization of ferric bauxite, this paper has systematically investigated factors including heating temperature, heating time, and sodium carbonate dosage influencing sodium volatilization. For the purpose of reducing sodium volatilization, the Box–Benhken design was employed, and the possibility of separating iron and sodium after direct reduction was also investigated.

Evaluation of volatile profiles obtained for minimally-processed pineapple fruit samples during storage by headspace-solid phase microextraction gas chromatography-mass spectrometry

Directory of Open Access Journals (Sweden)

Francielle Crocetta TURAZZI

Full Text Available Abstract This paper describes the application of the solid-phase microextraction (SPME technique for the determination and monitoring of the volatile profile of minimally-processed pineapple fruit stored at various temperatures (-12 °C, 4 °C and 25 °C for different periods (1, 4 and 10 days. The SPME fiber coating composed of Car/PDMS presented the best performance. The optimal extraction conditions obtained through a Doehlert design were 60 min at 35 °C. The profiles for the volatile compounds content of the fruit at each stage of storage were determined by gas chromatography-mass spectrometry (GC-MS. The variation in the volatile profile over time was greater when the fruit samples were stored at 25 °C and at -12 °C compared to 4 °C. Thus, according to the volatile profiles associated with the storage conditions evaluated in this study, packaged pineapple retains best its fresh fruit aroma when stored at 4 °C.

Exposure assessment of process-related contaminants in food by biomarker monitoring

NARCIS (Netherlands)

Rietjens, Ivonne M.C.M.; Dussort, P.; Günther, Helmut; Hanlon, Paul; Honda, Hiroshi; Mally, Angela; O’Hagan, Sue; Scholz, Gabriele; Seidel, Albrecht; Swenberg, James; Teeguarden, Justin; Eisenbrand, Gerhard

2018-01-01

Exposure assessment is a fundamental part of the risk assessment paradigm, but can often present a number of challenges and uncertainties. This is especially the case for process contaminants formed during the processing, e.g. heating of food, since they are in part highly reactive and/or volatile,

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)

Iodine volatility

International Nuclear Information System (INIS)

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

1984-01-01

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

Modeling volatility using state space models.

Science.gov (United States)

Timmer, J; Weigend, A S

1997-08-01

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

From quantum mechanics to finance: Microfoundations for jumps, spikes and high volatility phases in diffusion price processes

Science.gov (United States)

Henkel, Christof

2017-03-01

We present an agent behavior based microscopic model that induces jumps, spikes and high volatility phases in the price process of a traded asset. We transfer dynamics of thermally activated jumps of an unexcited/excited two state system discussed in the context of quantum mechanics to agent socio-economic behavior and provide microfoundations. After we link the endogenous agent behavior to price dynamics we establish the circumstances under which the dynamics converge to an Itô-diffusion price processes in the large market limit.

Volume, Volatility and Public News Announcements

DEFF Research Database (Denmark)

Bollerslev, Tim; Li, Jia; Xue, Yuan

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

Inefficient volatile loss from the Moon-forming disk: Reconciling the giant impact hypothesis and a wet Moon

Science.gov (United States)

Nakajima, Miki; Stevenson, David J.

2018-04-01

The Earth's Moon is thought to have formed from a circumterrestrial disk generated by a giant impact between the proto-Earth and an impactor approximately 4.5 billion years ago. Since this impact was energetic, the disk would have been hot (4000-6000 K) and partially vaporized (20-100% by mass). This formation process is thought to be responsible for the geochemical observation that the Moon is depleted in volatiles (e.g., K and Na). To explain this volatile depletion, some studies suggest the Moon-forming disk was rich in hydrogen, which was dissociated from water, and it escaped from the disk as a hydrodynamic wind accompanying heavier volatiles (hydrodynamic escape). This model predicts that the Moon should be significantly depleted in water, but this appears to contradict some of the recently measured lunar water abundances and D/H ratios that suggest that the Moon is more water-rich than previously thought. Alternatively, the Moon could have retained its water if the upper parts (low pressure regions) of the disk were dominated by heavier species because hydrogen would have had to diffuse out from the heavy-element rich disk, and therefore the escape rate would have been limited by this slow diffusion process (diffusion-limited escape). To identify which escape the disk would have experienced and to quantify volatiles loss from the disk, we compute the thermal structure of the Moon-forming disk considering various bulk water abundances (100-1000 ppm) and mid-plane disk temperatures (2500-4000 K). Assuming that the disk consists of silicate (SiO2 or Mg2SiO4) and water and that the disk is in the chemical equilibrium, our calculations show that the upper parts of the Moon-forming disk are dominated by heavy atoms or molecules (SiO and O at Tmid > 2500- 2800 K and H2O at Tmid lost water and hydrogen would have been small compared to the initial abundance assumed. This result indicates that the giant impact hypothesis can be consistent with the water-rich Moon

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.

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...

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...

Flavor characteristics of the juices from fresh market tomatoes differentiated from those from processing tomatoes by combined analysis of volatile profiles with sensory evaluation.

Science.gov (United States)

Iijima, Yoko; Iwasaki, Yumi; Otagiri, Yuji; Tsugawa, Hiroshi; Sato, Tsuneo; Otomo, Hiroe; Sekine, Yukio; Obata, Akio

2016-12-01

Various commercial tomato juices with different flavors are available at markets worldwide. To clarify the marker compounds related to the flavor characteristics of tomato juice, we analyzed 15 pure commercial tomato juices by a combination of volatile profiling and sensory evaluation. The correlations among volatiles and the relationship between volatiles and sensory descriptors were elucidated by multivariate analyses. Consequently, the tomato juices made from fresh market tomatoes (including the popular Japanese tomato variety "Momotaro") were clearly separated from other juices made from processing tomatoes, by both the volatile composition and sensory profiles. cis-3-Hexenol, hexanal, and apocarotenoids negatively contributed to the juices from fresh market tomatoes, whereas Strecker aldehydes and furfural showed positive contributions to the juices. Accordingly, the sensory characteristics of juices from fresh market tomatoes were related to cooked and fruity flavors but not to green or fresh notes.

How specialized volatiles respond to chronic and short-term physiological and shock heat stress in Brassica nigra.

Science.gov (United States)

Kask, Kaia; Kännaste, Astrid; Talts, Eero; Copolovici, Lucian; Niinemets, Ülo

2016-09-01

Brassicales release volatile glucosinolate breakdown products upon tissue mechanical damage, but it is unclear how the release of glucosinolate volatiles responds to abiotic stresses such as heat stress. We used three different heat treatments, simulating different dynamic temperature conditions in the field to gain insight into stress-dependent changes in volatile blends and photosynthetic characteristics in the annual herb Brassica nigra (L.) Koch. Heat stress was applied by either heating leaves through temperature response curve measurements from 20 to 40 °C (mild stress), exposing plants for 4 h to temperatures 25-44 °C (long-term stress) or shock-heating leaves to 45-50 °C. Photosynthetic reduction through temperature response curves was associated with decreased stomatal conductance, while the reduction due to long-term stress and collapse of photosynthetic activity after heat shock stress were associated with non-stomatal processes. Mild stress decreased constitutive monoterpene emissions, while long-term stress and shock stress resulted in emissions of the lipoxygenase pathway and glucosinolate volatiles. Glucosinolate volatile release was more strongly elicited by long-term stress and lipoxygenase product released by heat shock. These results demonstrate that glucosinolate volatiles constitute a major part of emission blend in heat-stressed B. nigra plants, especially upon chronic stress that leads to induction responses. © 2016 John Wiley & Sons Ltd.

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.

Volatility Spillover in Chinese Steel Markets

Science.gov (United States)

Fang, Wen

2018-03-01

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

Asymmetry Effects of shocks in Chinese Stock Markets Volatility

DEFF Research Database (Denmark)

Hou, Ai Jun

2013-01-01

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

User's guide for polyethylene-based passive diffusion bag samplers to obtain volatile organic compound concentrations in wells. Part 2, Field tests

Science.gov (United States)

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.

A volatile topic: Parsing out the details of Earth's formation through experimental metal-silicate partitioning of volatile and moderately volatile elements

Science.gov (United States)

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.

Realized Volatility Risk

NARCIS (Netherlands)

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

2013-01-01

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

Volatile element loss during planetary magma ocean phases

Science.gov (United States)

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

2018-01-01

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

Minimum Tracking Error Volatility

OpenAIRE

Luca RICCETTI

2010-01-01

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

Testing for long memory in volatility in the Indian Forex market

Directory of Open Access Journals (Sweden)

Kumar Anoop S.

2014-01-01

Full Text Available This article attempts to verify the presence of long memory in volatility in the Indian foreign exchange market using daily bilateral returns of the Indian Rupee against the US dollar from 17/02/1994 to 08/11/2013. In the first part of the analysis the presence of long-term dependence is confirmed in the return series as well as in two measures of unconditional volatility (absolute returns and squared returns by employing three measures of long memory. Next, the presence of long memory in conditional volatility is tested using ARMA-FIGARCH and ARMA-FIAPARCH models under various distributional assumptions. The results confirm the presence of long memory in conditional variance for two models. In the last part, the presence of long memory in conditional mean and conditional variance is verified using ARFIMA-FIGARCH and ARFIMA-FIAPARCH models. It is also found that long-memory models fare well compared to short-memory models in sample forecast performance.

Volatilization and trapping of ruthenium during calcination of nitric acid solutions

International Nuclear Information System (INIS)

Klein, M.; Weyers, C.; Goossens, W.R.A.; Smet, M. de; Trine, J.

1983-01-01

Solid radioactive aerosols and semi-volatile fission products e.g. Ru, Cs, Sb are generated during high level liquid waste calcination and vitrification processes. The retention of Ruthenium was studied because of its strong tendency to form volatile compounds in oxidative media. Since RuO 4 was the suspected form for high temperature processes, the study was carried out on the behaviour of RuO 4 and its retention on adsorbants and catalysts for various gas compositions. The behaviour of volatilized Ru species obtained by calcination of nitrosyl Ru compounds was then compared with the RuO 4 case

New technology for volatile components stripping in process fluids; Nova tecnologia para estripagem de componentes volateis em fluidos de processo

Energy Technology Data Exchange (ETDEWEB)

Yoshida, Roberto Massao [White Martins Gases Industriais, Rio de Janeiro, RJ (Brazil)

1992-12-31

Stripping is a process used in order to remove volatile contaminants during the purification step by bubbling inert gas in a contaminated liquid. This work defines the stripping process and its process parameters, describes some stripping techniques and introduces the supersonic stripper, that works at supersonic velocity. Dissolved oxygen reduction and stripping time reduction results are shown. The conclusion is that the supersonic stripper is superior to the in-line conventional systems. (author) 6 refs., 2 figs.

New technology for volatile components stripping in process fluids; Nova tecnologia para estripagem de componentes volateis em fluidos de processo

Energy Technology Data Exchange (ETDEWEB)

Yoshida, Roberto Massao [White Martins Gases Industriais, Rio de Janeiro, RJ (Brazil)

1993-12-31

Stripping is a process used in order to remove volatile contaminants during the purification step by bubbling inert gas in a contaminated liquid. This work defines the stripping process and its process parameters, describes some stripping techniques and introduces the supersonic stripper, that works at supersonic velocity. Dissolved oxygen reduction and stripping time reduction results are shown. The conclusion is that the supersonic stripper is superior to the in-line conventional systems. (author) 6 refs., 2 figs.

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

Volatility effect and the role of firm quality factor in returns: Evidence from the Indian stock market

Directory of Open Access Journals (Sweden)

Asheesh Pandey

2017-03-01

Full Text Available In the study, we examine if there are any volatility patterns in stock returns for India. Data are employed for 493 companies that form part of BSE 500 index from March 2000 to November 2013. Unlike previous international evidence, no volatility anomaly is observed. Consistent with theory, high volatility stocks significantly outperform low volatility stocks. Alternative risk models fail to explain the volatility effect. Consistent with prior research, we confirm the role of firm quality factor in explaining these volatility patterns. Cash flow variability seems to be a more appropriate measure of firm quality compared to profitability.

Measurement of the volatility and glass transition temperatures of glasses produced during the DWPF startup test program

International Nuclear Information System (INIS)

Marra, J.C.; Harbour, J.R.

1995-01-01

The Defense Waste Processing Facility (DWPF) will immobilize high-level radioactive waste currently stored in underground tanks at the Savannah River Site by incorporating the waste into a glass matrix. The molten waste glass will be poured into stainless steel canisters which will be welded shut to produce the final waste form. One specification requires that any volatiles produced as a result of accidentally heating the waste glass to the glass transition temperature be identified. Glass samples from five melter campaigns, run as part of the DWPF Startup Test Program, were analyzed to determine glass transition temperatures and to examine the volatilization (by weight loss). Glass transition temperatures (T g ) for the glasses, determined by differential scanning calorimetry (DSC), ranged between 445 C and 474 C. Thermogravimetric analysis (TGA) scans showed that no overall weight loss occurred in any of the glass samples when heated to 500 C. Therefore, no volatility will occur in the final glass product when heated up to 500 C

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

Science.gov (United States)

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

Exact probability distribution function for the volatility of cumulative production

Science.gov (United States)

Zadourian, Rubina; Klümper, Andreas

2018-04-01

In this paper we study the volatility and its probability distribution function for the cumulative production based on the experience curve hypothesis. This work presents a generalization of the study of volatility in Lafond et al. (2017), which addressed the effects of normally distributed noise in the production process. Due to its wide applicability in industrial and technological activities we present here the mathematical foundation for an arbitrary distribution function of the process, which we expect will pave the future research on forecasting of the production process.

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

Science.gov (United States)

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

2014-01-01

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

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.

A Non-Targeted Approach Unravels the Volatile Network in Peach Fruit

Science.gov (United States)

Sánchez, Gerardo; Besada, Cristina; Badenes, María Luisa; Monforte, Antonio José; Granell, Antonio

2012-01-01

Volatile compounds represent an important part of the plant metabolome and are of particular agronomic and biological interest due to their contribution to fruit aroma and flavor and therefore to fruit quality. By using a non-targeted approach based on HS-SPME-GC-MS, the volatile-compound complement of peach fruit was described. A total of 110 volatile compounds (including alcohols, ketones, aldehydes, esters, lactones, carboxylic acids, phenolics and terpenoids) were identified and quantified in peach fruit samples from different genetic backgrounds, locations, maturity stages and physiological responses. By using a combination of hierarchical cluster analysis and metabolomic correlation network analysis we found that previously known peach fruit volatiles are clustered according to their chemical nature or known biosynthetic pathways. Moreover, novel volatiles that had not yet been described in peach were identified and assigned to co-regulated groups. In addition, our analyses showed that most of the co-regulated groups showed good intergroup correlations that are therefore consistent with the existence of a higher level of regulation orchestrating volatile production under different conditions and/or developmental stages. In addition, this volatile network of interactions provides the ground information for future biochemical studies as well as a useful route map for breeding or biotechnological purposes. PMID:22761719

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunou, 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...... for straightforward filtering and estimation of the model. Our model belongs to the affine class enabling us to derive the conditional characteristic function so that option values can be computed rapidly without simulation. When estimated on S&P500 index options and returns the new model performs well compared...

78 FR 29032 - Approval and Promulgation of Implementation Plans Tennessee: Revisions to Volatile Organic...

Science.gov (United States)

2013-05-17

... of the term ``particulate matter emissions'' at 1200-03-09-.01(4)(b)47 (vi) as part of the definition... Promulgation of Implementation Plans Tennessee: Revisions to Volatile Organic Compound Definition AGENCY..., 1999, SIP adds 17 compounds to the list of compounds excluded from the definition of ``Volatile Organic...

Algal growth inhibition test in filled, closed bottles for volatile and sorptive materials

DEFF Research Database (Denmark)

Mayer, Philipp; Nyholm, Niels; Verbruggen, Eric M. J.

2000-01-01

Exposure concentrations of many hydrophobic substances are difficult to maintain in algal growth inhibition tests performed in open agitated flasks. This is partly because such compounds tend to volatilize from aqueous solution and partly because of sorption to the algal biomass as well as to the......Exposure concentrations of many hydrophobic substances are difficult to maintain in algal growth inhibition tests performed in open agitated flasks. This is partly because such compounds tend to volatilize from aqueous solution and partly because of sorption to the algal biomass as well......, and the resulting dissolved CO2 concentration supported maximum algal growth rates without pH drift for algal densities up to 4 mg dry weight/L. Two-day toxicity tests with kerosene were performed with this new test design and compared with an open bottle test and with a closed bottle test with headspace. Exposure...... concentrations of the volatile fraction of kerosene decreased by 99% in the open test, by 77% in the closed flask test with headspace, and by 16% in the filled closed bottle test. Algal growth inhibition was observed at much lower additions of kerosene in the new test design because of the improved maintenance...

Stochastic Volatility and DSGE Models

DEFF Research Database (Denmark)

Andreasen, Martin Møller

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

Volatile compounds of Aspergillus strains with different abilities to produce ochratoxin A.

Science.gov (United States)

Jeleń, Henryk H; Grabarkiewicz-Szczesna, Jadwiga

2005-03-09

Volatile compounds emitted by Aspergillus strains having different abilities to produce ochratoxin A were investigated. Thirteen strains of Aspergillus ochraceus, three belonging to the A. ochraceus group, and eight other species of Aspergillus were examined for their abilities to produce volatile compounds and ochratoxin A on a wheat grain medium. The profiles of volatile compounds, analyzed using SPME, in all A. ochraceus strains, regardless of their toxeginicity, were similar and comprised mainly of 1-octen-3-ol, 3-octanone, 3-octanol, 3-methyl-1-butanol, 1-octene, and limonene. The prevailing compound was always 1-octen-3-ol. Mellein, which forms part of the ochratoxin A molecule, was found in both toxigenic and nontoxigenic strains. Volatile compounds produced by other Aspergillus strains were similar to those of A. ochraceus. Incubation temperatures (20, 24, and 27 degrees C) and water content in the medium (20, 30, and 40%) influenced both volatile compounds formation and ochratoxin A biosynthesis efficiency, although conditions providing the maximum amount of volatiles were different from those providing the maximum amount of ochratoxin A. The pattern of volatiles produced by toxigenic A. ochraceus strains does not facilitate their differentiation from nontoxigenic strains.

Effect of inorganic salts on the volatility of organic acids.

Science.gov (United States)

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.

Modeling and Forecasting the Implied Volatility of the WIG20 Index

OpenAIRE

Buszkowska-Khemissi, Eliza; Płuciennik, Piotr

2007-01-01

The implied volatility is one of the most important notions in the financial market. It informs about the volatility forecasted by the participans of the market. In this paper we calculate the daily implied volatility from options on the WIG20 index. First we test the long memory property of the time series obtained in such a way, and then we model and forcast it as ARFIMA process

A numerical solution to three-dimensional multiphase transport of volatile organic compounds in unsaturated soils -- with an application to the remedial method of in-situ volatilization

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

Xe isotopic constraints on cycling of deep Earth volatiles

Science.gov (United States)

Parai, R.; Mukhopadhyay, S.

2017-12-01

The modern deep Earth volatile budget reflects primordial volatiles delivered during accretion, radiogenic ingrowth of volatile species (e.g., 40Ar produced by 40K decay), outgassing in association with mantle processing, and regassing via subduction. The noble gases are unique volatile tracers in that they are chemically inert, but are thought to be trapped within hydrous alteration phases in downwelling lithologies. Noble gases thus provide a tracer of volatile transport between the deep Earth and surface reservoirs. Constraints on the fluxes of noble gases between deep Earth and surface reservoirs over time can accordingly be used to provide insight into temperature conditions at subduction zones, limits on volatile cycling, and the evolving distribution of major volatile species in terrestrial reservoirs over time. Xe isotope systematics in mantle-derived rocks show that 80-90% of the mantle Xe budget is derived from recycling of atmospheric Xe, indicating that atmospheric Xe is retained in subducting slabs beyond depths of magma generation in subduction zones over Earth history. We present an integrated model of Xe cycling between the mantle and atmosphere in association with mantle processing over Earth history. We test a wide variety of outgassing and regassing rates and take the evolution of the atmospheric Xe isotopic composition [e.g., 1] into account. Models in which the deep Earth transitions from a net outgassing to net regassing regime best satisfy Xe isotopic constraints from mantle-derived rocks [2-6]. [1] Avice et al., 2017; Nature Communications, 8; [2] Mukhopadhyay, 2012, Nature 486, 101-104; [3] Parai et al., 2012, EPSL 359-360, 227-239; [4] Parai and Mukhopadhay, 2015, G-cubed 16, 719-735; [5] Peto et al., 2013, EPSL 369-370, 13-23; [6] Tucker et al., 2012, EPSL 355-356, 244-254.

Volatility of organic aerosol and its components in the Megacity of Paris

Science.gov (United States)

Paciga, A.; Karnezi, E.; Kostenidou, E.; Hildebrandt, L.; Psichoudaki, M.; Engelhart, G. J.; Lee, B.-H.; Crippa, M.; Prévôt, A. S. H.; Baltensperger, U.; Pandis, S. N.

2015-08-01

Using a mass transfer model and the volatility basis set, we estimate the volatility distribution for the organic aerosol (OA) components during summer and winter in Paris, France as part of the collaborative project MEGAPOLI. The concentrations of the OA components as a function of temperature were measured combining data from a thermodenuder and an aerosol mass spectrometer (AMS) with Positive Matrix Factorization (PMF) analysis. The hydrocarbon-like organic aerosol (HOA) had similar volatility distributions for the summer and winter campaigns with half of the material in the saturation concentration bin of 10 μg m-3 and another 35-40 % consisting of low and extremely low volatility organic compounds (LVOCs and ELVOCs, respectively). The winter cooking OA (COA) was more than an order of magnitude less volatile than the summer COA. The low volatility oxygenated OA (LV-OOA) factor detected in the summer had the lowest volatility of all the derived factors and consisted almost exclusively of ELVOCs. The volatility for the semi-volatile oxygenated OA (SV-OOA) was significantly higher than that of the LV-OOA, containing both semi-volatile organic components (SVOCs) and LVOCs. The oxygenated OA (OOA) factor in winter consisted of SVOCs (45 %), LVOCs (25 %) and ELVOCs (30 %). The volatility of marine OA (MOA) was higher than that of the other factors containing around 60 % SVOCs. The biomass burning OA (BBOA) factor contained components with a wide range of volatilities with significant contributions from both SVOCs (50 %) and LVOCs (30 %). Finally, combining the O : C ratio and volatility distributions of the various factors, we incorporated our results into the two-dimensional volatility basis set (2D-VBS). Our results show that the factors cover a broad spectrum of volatilities with no direct link between the average volatility and average O : C of the OA components. Agreement between our findings and previous publications is encouraging for our understanding of the

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

Chemical Diversity in Volatiles of Helichrysum plicatum DC. Subspecies in Turkey

Directory of Open Access Journals (Sweden)

Bintuğ Öztürk

2014-07-01

Full Text Available In the present work three subspecies of Helichrysum plicatum DC. (Helichrysum plicatum DC. subsp. plicatum, Helichrysum plicatum DC. subsp. polyphillum (Ledeb P.H.Davis & Kupicha and Helichrysum plicatum DC. subsp. isauricum Parolly were investigated for the essential oil chemical compositions. The volatiles were obtained by conventional hydrodistillation of aerial parts and microdistillation of inflorescences. Subsequent gas chromatography (GC-FID and gas chromatography coupled to mass spectrometry (GC/MS revealed chemical diversity in compositions of the volatiles analyzed. A total of 199 compounds were identified representing 73.9-98.3% of the volatiles compositions. High abundance of fatty acids and their esters (24.9-70.8% was detected in the herb volatiles of H. plicatum subsp. polyphyllum and H. plicatum subsp. isauricum. The inflorescences of Helichrysum subspecies were found to be rich in monoterpenes (15.0-93.1%, fatty acids (0.1-36.3% and sesquiterpenes (1.1-25.5%. The inflorescence volatiles of H. plicatum subsp. isauricum were distinguished by predomination of monoterpene hydrocarbons (93.1% with fenchene (88.3% as the major constituent

Fixed-film processes. Part 1

International Nuclear Information System (INIS)

Canziani, R.

1999-01-01

Recently, full scale fixed-film or mixed suspended and fixed biomass bioreactors have been applied in many wastewater treatments plants. These process no longer depend on biomass settle ability and can be used to improve the performance of existing plants as required by more stringent discharge permit limits, especially for nutrients and suspended solid. Also, processes may work at high rates making it possible to build small footprint installations. Fixed-film process include trickling filter, moving bed reactors fluidized bed reactors. In the first part, the theoretical base governing fixed-film processes are briefly outlined with some simple examples of calculations underlining the main differences with conventional activated sludge processes [it

Normalization for Implied Volatility

OpenAIRE

Fukasawa, Masaaki

2010-01-01

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

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

OpenAIRE

Brüggemann, Imke; Nautz, Dieter

1997-01-01

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

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.

Development of Volatile Compounds during Hydrolysis of Porcine Hemoglobin with Papain

Directory of Open Access Journals (Sweden)

Kathrine Holmgaard Bak

2018-02-01

Full Text Available There is a growing market for the use of hydrolysates from animal side-streams for production of high-protein supplements. However, there can be issues with development of off-flavors, either due to the raw material in question or due to the hydrolysis process itself. This study examined the development of volatile compounds during hydrolysis of hemoglobin. Briefly, porcine hemoglobin was hydrolyzed by 0.5% papain for up to 5 h, and the development of volatile compounds was analyzed via gas chromatography-mass spectrometry. The results showed that there was significant development of a number of volatile compounds with time, e.g., certain Maillard reaction and lipid oxidation products, which are likely candidates for the aroma development during hydrolysis. Furthermore, it was shown that development of a number of the volatiles was due to the hydrolysis process, as these compounds were not found in a control without enzyme.

New evidence on the asymmetry in gasoline price: volatility versus margin?

International Nuclear Information System (INIS)

Abosedra, S.; Radchenko, S.

2006-01-01

This paper examines recent evidence on the role that gasoline margins and volatility play in the asymmetric response of gasoline prices to changes in oil prices at different stages of distribution process. In a regression model with margins, we find that margins are statistically significant in explaining asymmetry between crude oil and spot gasoline prices, spot gasoline prices and wholesale gasoline prices, and wholesale gasoline prices and retail prices. In a regression model with input volatility, we find evidence that volatility is responsible for asymmetry between wholesale gasoline prices and retail gasoline prices. When both, gasoline margins and gasoline volatility are included in the regression, we find evidence supporting margins, the search theory, volatility, the oligopolistic coordination theory and an explanation of asymmetry. (author)

Thermodynamic analysis for syngas production from volatiles released in waste tire pyrolysis

International Nuclear Information System (INIS)

Martínez, Juan Daniel; Murillo, Ramón; García, Tomás; Arauzo, Inmaculada

2014-01-01

Highlights: • Pyrolysis experiments have been conducted in a continuous auger reactor. • Pyrolysis temperature influence on composition of both volatiles and char was studied. • A process for syngas production has been proposed from the volatiles. • Equivalence ratio down to 0.4 is a practical limit for syngas production. • The results provide essential data prior to perform any experimental campaign. - Abstract: This paper shows the maximum limit on syngas composition obtained from volatiles released in waste tire pyrolysis when they are submitted to an air–steam partial oxidation process. Thus, from mass and energy balances and a stoichiometric equilibrium model, syngas composition and reaction temperature as well as some process parameters were predicted by varying both the equivalence ratio (ER) and the steam to fuel ratio (SF). In addition, pyrolysis experiments were performed using a continuous auger reactor, and the influence of pyrolysis temperature on composition of both volatiles and char was studied. Consequently, the resulting syngas characteristics were correlated with the pyrolysis temperature. The stoichiometric equilibrium model showed that an ER down to 0.4 is a practical limit to perform the air–steam partial oxidation process. When the process is carried out only with air, volatiles obtained at high pyrolysis temperature lead to lower reaction temperature and higher LHV of syngas in comparison with those found at low pyrolysis temperature. The H 2 production is favored between 0.20 and 0.40 of ER and seems to be more influenced by the H/C ratio than by the water gas-shift reaction. On the other hand, the steam addition shows a more notable effect on the H 2 production for volatiles obtained at the highest pyrolysis temperature (600 °C) in agreement with the lower reaction temperature under these experimental conditions. This thermodynamic analysis provides essential data on the optimization of syngas production from volatiles

Chasing volatility

DEFF Research Database (Denmark)

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

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

Nonparametric volatility density estimation for discrete time models

NARCIS (Netherlands)

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

2005-01-01

We consider discrete time models for asset prices with a stationary volatility process. We aim at estimating the multivariate density of this process at a set of consecutive time instants. A Fourier-type deconvolution kernel density estimator based on the logarithm of the squared process is proposed

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

Comparative Analysis of Market Volatility in Indian Banking and IT Sectors by using Average Decline Model

OpenAIRE

Kirti AREKAR; Rinku JAIN

2017-01-01

The stock market volatility is depends on three major features, complete volatility, volatility fluctuations, and volatility attention and they are calculate by the statistical techniques. Comparative analysis of market volatility for two major index i.e. banking & IT sector in Bombay stock exchange (BSE) by using average decline model. The average degeneration process in volatility has being used after very high and low stock returns. The results of this study explain significant decline in...

Decoupling the short- and long-term behavior of stochastic volatility

DEFF Research Database (Denmark)

Bennedsen, Mikkel; Lunde, Asger; Pakkanen, Mikko

behavior) from long memory and persistence (long-term behavior) in a simple and parsimonious way, which allows us to successfully model volatility at all intraday time scales. Our prime model is based on the so-called Brownian semistationary process and we derive a number of theoretical properties...... measures of close to two thousand individual US equities, we find that both roughness and persistence appear to be universal properties of volatility. Inspired by the empirical findings, we introduce a new class of continuous-time stochastic volatility models, capable of decoupling roughness (short-term...

Extreme-Strike and Small-time Asymptotics for Gaussian Stochastic Volatility Models

OpenAIRE

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...

Pesticide volatilization from soil and plant surfaces: Measurements at different scales versus model predictions

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.)

Volatility in Equilibrium

DEFF Research Database (Denmark)

Bollerslev, Tim; Sizova, Natalia; Tauchen, George

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

American options under stochastic volatility

NARCIS (Netherlands)

Chockalingam, A.; Muthuraman, K.

2011-01-01

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

Hedging electricity price volatility using nuclear power

International Nuclear Information System (INIS)

Mari, Carlo

2014-01-01

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

Stochastic volatility and multi-dimensional modeling in the European energy market

Energy Technology Data Exchange (ETDEWEB)

Vos, Linda

2012-07-01

In energy prices there is evidence for stochastic volatility. Stochastic volatility has effect on the price of path-dependent options and therefore has to be modeled properly. We introduced a multi-dimensional non-Gaussian stochastic volatility model with leverage which can be used in energy pricing. It captures special features of energy prices like price spikes, mean-reversion, stochastic volatility and inverse leverage. Moreover it allows modeling dependencies between different commodities.The derived forward price dynamics based on this multi-variate spot price model, provides a very flexible structure. It includes cotango, backwardation and hump shape forward curves.Alternatively energy prices could be modeled by a 2-factor model consisting of a non-Gaussian stable CARMA process and a non-stationary trend models by a Levy process. Also this model is able to capture special features like price spikes, mean reversion and the low frequency dynamics in the market. An robust L1-filter is introduced to filter out the states of the CARMA process. When applying to German electricity EEX exchange data an overall negative risk-premium is found. However close to delivery a positive risk-premium is observed.(Author)

An in situ, seasonal study of volatiles from a single cultivar of Prunus dulcis, and their relationship to navel orangeworm moth

Science.gov (United States)

Nonpareil almonds, Prunus dulcis, account for the largest percentage of almond varieties grown in the Central and San Joaquin valleys of California. Several studies have investigated the various non-volatile and volatile components of various plant parts; however, the volatile organic compound (VOC)...

“Gold” Pressed Essential Oil: An Essay on the Volatile Fragment from Citrus Juice Industry By-Products Chemistry and Bioactivity

Directory of Open Access Journals (Sweden)

V. N. Kapsaski-Kanelli

2017-01-01

Full Text Available Present essay explores the potentials of Citrus juice industry’s by-products as alternative bioactive natural products resources. Four crude Cold Pressed Essential Oils (CPEOs, derived from orange, lemon, grapefruit, and mandarin, were studied. All CPEOs were subjected to water distillation, in order to obtain the volatile fragment, which was further fractionated with respect to distillation period in two parts, concluding to eight samples. These samples along with the four original CPEOs were assessed in relation to their phytochemical content and their repellent and larvicidal properties against Asian Tiger Mosquito. The volatiles recovery rates ranged from 74% to 88% of the CPEO. Limonene presented a significant increase in all samples ranging from 8% to 52% of the respective CPEO’s content and peaked in mandarin’s 2nd volatile fragment which comprised 97% of the essential oil. The refinement process presented clear impacts on both bioassays: a significant increase in larvicidal potency was observed, annotated best by the improvement by 1100% and 1300% of the grapefruit volatile fractions; repellence testing provided only one significant result, the decrease of landings by 50% as a response to mandarin’s second volatile fraction. The applied methodology thus may be considered for the improvement of Citrus juice industry’s by-products chemistry and bioactivity.

PTR-MS monitoring of volatiles fingerprint evolution during grape must cooking

NARCIS (Netherlands)

Dimitri, G.; Ruth, van S.M.; Sacchetti, G.; Piva, G.; Alewijn, M.; Arfelli, G.

2013-01-01

The main aim of this study was to investigate the effect of processing temperature on the evolution of volatiles during grape must concentration upon cooking. The evolution of the volatiles fingerprint of grape must heated at 80, 90, and 100 °C was studied by Proton Transfer Reaction Mass

Development of Volatile Compounds during Hydrolysis of Porcine Hemoglobin with Papain

DEFF Research Database (Denmark)

Bak, Kathrine Holmgaard; Petersen, Mikael Agerlin; Lametsch, Rene

2018-01-01

of volatile compounds with time, e.g., certain Maillard reaction and lipid oxidation products, which are likely candidates for the aroma development during hydrolysis. Furthermore, it was shown that development of a number of the volatiles was due to the hydrolysis process, as these compounds were not found...

Comparative Analysis of Market Volatility in Indian Banking and IT Sectors by using Average Decline Model

Directory of Open Access Journals (Sweden)

Kirti AREKAR

2017-12-01

Full Text Available The stock market volatility is depends on three major features, complete volatility, volatility fluctuations, and volatility attention and they are calculate by the statistical techniques. Comparative analysis of market volatility for two major index i.e. banking & IT sector in Bombay stock exchange (BSE by using average decline model. The average degeneration process in volatility has being used after very high and low stock returns. The results of this study explain significant decline in volatility fluctuations, attention, and level between epochs of pre and post particularly high stock returns.

Different importance of the volatile and non-volatile fractions of an olfactory signature for individual social recognition in rats versus mice and short-term versus long-term memory.

Science.gov (United States)

Noack, Julia; Richter, Karin; Laube, Gregor; Haghgoo, Hojjat Allah; Veh, Rüdiger W; Engelmann, Mario

2010-11-01

When tested in the olfactory cued social recognition/discrimination test, rats and mice differ in their retention of a recognition memory for a previously encountered conspecific juvenile: Rats are able to recognize a given juvenile for approximately 45 min only whereas mice show not only short-term, but also long-term recognition memory (≥ 24 h). Here we modified the social recognition/social discrimination procedure to investigate the neurobiological mechanism(s) underlying the species differences. We presented a conspecific juvenile repeatedly to the experimental subjects and monitored the investigation duration as a measure for recognition. Presentation of only the volatile fraction of the juvenile olfactory signature was sufficient for both short- and long-term recognition in mice but not rats. Applying additional volatile, mono-molecular odours to the "to be recognized" juveniles failed to affect short-term memory in both species, but interfered with long-term recognition in mice. Finally immunocytochemical analysis of c-Fos as a marker for cellular activation, revealed that juvenile exposure stimulated areas involved in the processing of olfactory signals in both the main and the accessory olfactory bulb in mice. In rats, we measured an increased c-Fos synthesis almost exclusively in cells of the accessory olfactory bulb. Our data suggest that the species difference in the retention of social recognition memory is based on differences in the processing of the volatile versus non-volatile fraction of the individuals' olfactory signature. The non-volatile fraction is sufficient for retaining a short-term social memory only. Long-term social memory - as observed in mice - requires a processing of both the volatile and non-volatile fractions of the olfactory signature. Copyright © 2010 Elsevier Inc. All rights reserved.

Hot char-catalytic reforming of volatiles from MSW pyrolysis

International Nuclear Information System (INIS)

Wang, Na; Chen, Dezhen; Arena, Umberto; He, Pinjing

2017-01-01

Highlights: • Volatile from MSW pyrolysis is reformed with hot char from the same pyrolysis process. • The yields of syngas increase evidently with H 2 being the main contributor and the major component of the syngas. • Pyrolysis oil becomes light and its composition distribution is narrowed. • The HHV, volatile elements and alkali metals contents in the char decrease. • The emissions including SO 2 , NO, NO 2 and HCN changed after reforming process. - Abstract: Volatile products obtained from pyrolysis of municipal solid waste (MSW), including syngas and pyrolysis oil, were forced to contact the hot char from the same pyrolysis process at 500–600 °C in a fixed bed reactor to be reformed. The yields and properties of syngas, char and pyrolysis liquid were investigated; and the energy re-distribution among the products due to char reforming was quantified. The preliminary investigation at lab scale showed that hot char-catalytic reforming of the volatiles leads to an increase in the dry syngas yield from 0.25 to 0.37 N m 3 kg −1 MSW at 550 °C. Accordingly, the carbon conversion ratio into syngas increases from 29.6% to 35.0%; and the MSW chemical energy transferred into syngas increased from 41.8% to 47.4%. The yield of pyrolysis liquid products, including pyrolysis oil and water, decreased from 27.3 to 16.5 wt%, and the molecular weight of the oil becoming lighter. Approximately 60% of the water vapour contained in the volatiles converted into syngas. After reforming, the concentrations of SO 2 and HCN in the syngas decreases, while those of NO and NO 2 increase. The char concentrations of N, H, C and alkali metal species decreased and its higher heating value decreased too.

Change in Color and Volatile Composition of Skim Milk Processed with Pulsed Electric Field and Microfiltration Treatments or Heat Pasteurization

OpenAIRE

Chugh, Anupam; Khanal, Dipendra; Walkling-Ribeiro, Markus; Corredig, Milena; Duizer, Lisa; Griffiths, Mansel

2014-01-01

Non-thermal processing methods, such as pulsed electric field (PEF) and tangential-flow microfiltration (TFMF), are emerging processing technologies that can minimize the deleterious effects of high temperature short time (HTST) pasteurization on quality attributes of skim milk. The present study investigates the impact of PEF and TFMF, alone or in combination, on color and volatile compounds in skim milk. PEF was applied at 28 or 40 kV/cm for 1122 to 2805 µs, while microfiltration (MF) was c...

Volatilization of selenium from agricultural evaporation pond sediments.

Science.gov (United States)

Karlson, U; Frankenberger, W T

1990-03-01

Microbial volatilization of Se was evaluated as a means of detoxifying Se-contaminated sediments. Sediment samples containing 60.7 (Kesterson Reservoir) and 9.0 mg Se kg-1 (Peck ponds) were incubated for 273 days in closed systems located in the greenhouse. Volatile Se was collected from a continuous air-exchange stream using activated carbon. Various economical and readily available organic and inorganic amendments were tested for their capacity to enhance the microbial process, including Citrus (orange) peel, Vitis (grape) pomace, feedlot manure, barley straw, chitin, pectin, ZnSO4, (NH4)2SO4, and an inoculum of Acremonium falciforme (an active Se methylating fungus). With the Kesterson sediment, the highest Se removal (44.0%) resulted from the combined application of citrus peel and ZnSO4, followed by citrus peal alone (39.6%), and citrus peel combined with ZnSO4, (NH4)2SO4 and A. falciforme (30.1%). Manure (19.5%), pectin (16.4%), chitin (9.8%) and straw plus N (8.8%) had less pronounced effects. Without the amendments, cumulative Se volatilization was 6.1% of the initial inventory. Grape pomace (3.0%) inhibited the process. With the Peck sediment, the highest amount of Se removed was observed with chitin (28.6%), manure (28.5%), and citrus peel alone (27.3%). Without amendments, 14.0% of the native Se was volatilized in 273 days. Cumulative Se volatilization was 24.7% with citrus plus Zn and N, 17.2% with citrus plus Zn, and 18.8% with citrus plus Zn, N and A. falciforme. Pectin (15.2%), straw plus N (16.4%), and grape pomace (7.3%) were among the less effective amendments for the Peck sediment. The differences in the effectiveness of each treatment between the two seleniferous soils may be a result of the residual N content of the sediments. With the Kesterson sediment, which was high in organic C and N, added N inhibited volatilization of Se, while with Peck sediments (low in organic C and N) N-rich materials tended to accelerate Se volatilization

Cleaning Process Development for Metallic Additively Manufactured Parts

Science.gov (United States)

Tramel, Terri L.; Welker, Roger; Lowery, Niki; Mitchell, Mark

2014-01-01

Additive Manufacturing of metallic components for aerospace applications offers many advantages over traditional manufacturing techniques. As a new technology, many aspects of its widespread utilization remain open to investigation. Among these are the cleaning processes that can be used for post finishing of parts and measurements to verify effectiveness of the cleaning processes. Many cleaning and drying processes and measurement methods that have been used for parts manufactured using conventional techniques are candidates that may be considered for cleaning and verification of additively manufactured parts. Among these are vapor degreasing, ultrasonic immersion and spray cleaning, followed by hot air drying, vacuum baking and solvent displacement drying. Differences in porosity, density, and surface finish of additively manufactured versus conventionally manufactured parts may introduce new considerations in the selection of cleaning and drying processes or the method used to verify their effectiveness. This presentation will review the relative strengths and weaknesses of different candidate cleaning and drying processes as they may apply to additively manufactured metal parts for aerospace applications. An ultrasonic cleaning technique for exploring the cleanability of parts will be presented along with an example using additively manufactured Inconel 718 test specimens to illustrate its use. The data analysis shows that this ultrasonic cleaning approach results in a well-behaved ultrasonic cleaning/extraction behavior. That is, it does not show signs of accelerated cavitation erosion of the base material, which was later confirmed by neutron imaging. In addition, the analysis indicated that complete cleaning would be achieved by ultrasonic immersion cleaning at approximately 5 minutes, which was verified by subsequent cleaning of additional parts.

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

Science.gov (United States)

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

2017-12-01

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

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)

No-arbitrage, leverage and completeness in a fractional volatility model

Science.gov (United States)

Vilela Mendes, R.; Oliveira, M. J.; Rodrigues, A. M.

2015-02-01

When the volatility process is driven by fractional noise one obtains a model which is consistent with the empirical market data. Depending on whether the stochasticity generators of log-price and volatility are independent or are the same, two versions of the model are obtained with different leverage behaviors. Here, the no-arbitrage and completeness properties of the models are rigorously studied.

Modelling the Growth and Volatility in Daily International Mass Tourism to Peru

OpenAIRE

Jose Angelo Divino; Michael McAleer

2009-01-01

Peru is a South American country that is divided into two parts by the Andes Mountains. The rich historical, cultural and geographic diversity has led to the inclusion of ten Peruvian sites on UNESCO’s World Heritage List. For the potential negative impacts of mass tourism on the environment, and hence on future international tourism demand, to be managed appropriately require modelling growth rates and volatility adequately. The paper models the growth rate and volatility (or the variability...

Low-cost fabrication of ternary CuInSe{sub 2} nanocrystals by colloidal route using a novel combination of volatile and non-volatile capping agents

Energy Technology Data Exchange (ETDEWEB)

Chawla, Parul; Narain Sharma, Shailesh, E-mail: shailesh@nplindia.org; Singh, Son

2014-11-15

Wet-route synthesis of CuInSe{sub 2} (CISe) nanocrystals has been envisaged with the utilization of the unique combination of coordinating ligand and non coordinating solvent. Our work demonstrates the formation of a single-phase, nearly stoichiometric and monodispersive, stable and well-passivated colloidal ternary CISe nanocrystals (band gap (E{sub g})∼1.16 eV) using a novel combination of ligands; viz. volatile arylamine aniline and non-volatile solvent 1-octadecene. The synthesis and growth conditions have been manoeuvred using the colligative properties of the mixture and thus higher growth temperature (∼250 °C) could be attained that promoted larger grain growth. The beneficial influence of the capping agents (aniline and 1-octadecene) on the properties of chalcopyrite nanocrystals has enabled us to pictorally model the structural, morphological and optoelectronic aspects of CISe nanoparticles. - Graphical abstract: Without resorting to any post-selenization process and using the colligative properties of the mixture comprising of volatile aniline and non-volatile 1-octadecene to manoeuvre the growth conditions to promote Ostwald ripening, a single phase, monodispersive and nearly stoichiometric ternary CISe nanocrystals are formed by wet-synthesis route. - Highlights: • Wet-route synthesis of CISe nanocrystals reported without post-selenization process. • Single-phase, stable and well-passivated colloidal ternary CISe nanocrystals formed. • Novel combination of capping agents: volatile aniline and non-volatile 1-octadecene. • Higher growth temperature attained using the colligative properties of the mixture. • Metallic salts presence explains exp. and theoretical boiling point difference.

Explaining output volatility: The case of taxation

DEFF Research Database (Denmark)

Posch, Olaf

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

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

OpenAIRE

Röring, Johan

2017-01-01

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

Endogenous Lunar Volatiles

Science.gov (United States)

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

2018-04-01

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

Emerging non-volatile memories

CERN Document Server

Hong, Seungbum; Wouters, Dirk

2014-01-01

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

Volatility Exposure for Strategic Asset Allocation

OpenAIRE

Briere, Marie; Burgues, Alexandre; Signori, Ombretta

2008-01-01

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

Volatile substance misuse : clinical considerations, neuropsychopharmacology and potential role of pharmacotherapy in management.

Science.gov (United States)

Garland, Eric L; Howard, Matthew O

2012-11-01

Volatile substance misuse is among the most prevalent and toxic forms of psychoactive drug use, and often results in highly deleterious social, psychological and medical consequences. The prevalence of this pernicious form of substance misuse owes in part to the fact that volatile substances of misuse are ubiquitous in the natural environment. Commonly misused commercial products include glue, shoe polish, nail polish remover, butane lighter fluid, gasoline and computer duster spray. National samples of volatile substance misusers tend to exhibit high rates of psychiatric problems and antisocial behaviour. In addition, cognitive impairments and affective dysregulation are often observed among these individuals. Volatile substances exert their complex neuropharmacological effects on dopaminergic, glutamatergic, GABAergic and serotoninergic receptor systems, as well as on cell membranes and ion channels. Concomitantly, pharmacotherapies for volatile substance abuse might profitably target a number of mechanisms, including reward circuitry in the brain, symptoms of craving and withdrawal, neuropsychiatric and emotional impairments that promote volatile substance abuse, and cognitive enhancement to rectify deficits in executive function. This review details the modes of use, subjective effects, epidemiology, adverse consequences, neuropsychopharmacology and drug treatment of volatile substance misuse, and discusses the potential role of novel forms of pharmacological intervention for this oft-overlooked public health threat of epidemic proportions.

Measurement of volatiles, semi-volatiles and heavy metals in an oil burn test

International Nuclear Information System (INIS)

Li, K.; Caron, T.; Landriault, M.; Pare, J.R.J.; Fingas, M.

1992-01-01

Tests involving meso-scale burning of Louisiana crude oil were conducted, and during each burn, extensive samples were taken from the oil, residue, and the smoke plume. The detailed analytical work employed to obtain and analyze the burn samples is outlined and discussed. The analytical parameters included volatiles and semi-volatiles of environmental interests as well as heavy metals typically contained in the starting crude oil. Because the smoke plume did not always impinge on the samplers, the ground samplers did not collect sufficient samples for a definitive analysis. Crude/residue analyses showed the burn resulted in a significant reduction of polycyclic aromatic hydrocarbons (PAH) in the original oil. Most of the reduction was thought to be simply evaporation or destruction from combustion. The residue did not have the degree of enrichment of the higher molecular weight PAHs as was the case in bench-scale burn experiments. Volatile organic compound and dioxin/furan measurements likewise did not show high levels of contamination from the burn itself. Most of the elevated levels of contaminants could probably be due to evaporation of the oil itself. Insufficient sampling was conducted to investigate the background levels from the weathering process. A novel means of sampling using a small remote controlled helicopter was attempted and sufficiently interesting results were obtained to indicate the potential of this passive sampling device for future work. 5 refs., 4 figs

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

Science.gov (United States)

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

2015-01-01

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

A method for the combined measurement of volatile and condensable organic AMC in semiconductor applications

Science.gov (United States)

Miller, Charles M.; Zaloga, Emily C.; Lobert, Jürgen M.

2014-04-01

Monitoring airborne molecular contamination (AMC) at the parts per trillion (ppt) level in cleanroom environments, scanner applications and compressed gas lines is essential for processes, equipment and yield-control. For the operation of EUV tools, in particular, volatile organic contamination is known to have as much impact as condensable organic compounds, which requires a suitable sampling and measurement methodology. Some of the current industry standards use sample traps comprised of porous 2,6-diphenylene-oxide polymer resin, such as Tenax®, for measuring volatile organic (6 C atoms, about toluene and higher) AMC. Inherent problems associated with these traps are a number of artifacts and chemical reactions that reduce accuracy of reported organic AMC concentrations. The break-down of the polymeric material forms false positive artifacts when used in the presence of reactive gases, such as nitrous acid and ozone, which attack and degrade the polymer to form detectable AMC. Most importantly, these traps have poor capture efficiency for volatile organic compounds (VOC). To address the disadvantages of polymer-based sample traps, we developed a method based on carbonaceous, multi-layered adsorbent traps to replace the 2,6-diphenylene-oxide polymer resin sample trap type. Along with the new trap's ability to retain volatile organics, the trap was found to provide artifact-free results. With industry trends towards detecting more contaminants while continuously reducing required reporting limits for those compounds, artifact-free and accurate detection of AMC is needed at the parts per quadrillion (ppq) level. The proposed, multi-layered trap substantially increases laboratory productivity and reduces cost by eliminating the need to analyze condensable and volatile organic compounds in two separate methods. In our studies, even some organic compounds with six C-atoms, that are part of exposure tool OEM requirements, were not effectively retained by polymeric

Stock markets volatility spillovers during financial crises: A DCC-MGARCH with skewed-t density approach

Directory of Open Access Journals (Sweden)

Dahiru A. Bala

2017-03-01

Full Text Available This paper investigates stock returns volatility spillovers in emerging and developed markets (DMs using multivariate-GARCH (MGARCH models and their variants. In addition, we analyse the impacts of global financial crisis (2007–2009 on stock market volatility interactions and modify the BEKK-MGARCH-type models by including financial crisis dummies to assess their impact on volatilities and spillovers. Major findings reveal that correlations among emerging markets (EMs are lower compared with correlations among DMs and increase during financial crises. Furthermore, we detect evidence of volatility spillovers and observe that own-volatility spillovers are higher than cross-volatility spillovers for EMs suggesting that shocks have not been substantially transmitted among EMs compared to DMs. We also find significant asymmetric behaviour in DMs while weak evidence is detected for EMs. Finally, the DCC-with-skewed-t density model provided improved diagnostics compared to other models partly due to its taking into account fat tails and skewed features often present in financial returns.

Flavor of roasted peanuts (Arachis hypogaea) - Part II: Correlation of volatile compounds to sensory characteristics

NARCIS (Netherlands)

Lykomitros, Dimitrios; Fogliano, Vincenzo; Capuano, Edoardo

2016-01-01

Flavor and color of roasted peanuts are important research areas due to their significant influence on consumer preference. The aim of the present study was to explore correlations between sensory attributes of peanuts, volatile headspace compounds and color parameters. Different raw peanuts were

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

International Nuclear Information System (INIS)

Le Pen, Yannick; Sevi, Benoit

2008-01-01

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

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 volatility of HOL

International Nuclear Information System (INIS)

Wren, D.J.; Sanipelli, G.

1985-01-01

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

Influence of pulsed electric field treatments on the volatile compounds of milk in comparison with pasteurized processing.

Science.gov (United States)

Zhang, Sha; Yang, Ruijin; Zhao, Wei; Hua, Xiao; Zhang, Wenbin; Zhang, Zhong

2011-01-01

Effects of pulsed electric field (PEF) treatments on the volatile profiles of milk were studied and compared with pasteurized treatment of high temperature short time (HTST) (75 °C, 15 s). Volatile compounds were extracted by solid-phase micro-extraction (SPME) and identified by gas chromatography/mass spectrometry (GC-MS) and gas chromatography-olfactometry (GC-O). A total of 37 volatile compounds were determined by GC-MS, and 19 volatile compounds were considered to be major contributors to the characteristic flavor of milk samples. PEF treatment resulted in an increase in aldehydes. Milk treated with PEF at 30 kV/cm showed the highest content of pentanal, hexanal, and nonanal, while heptanal and decanal contents were lower than in pasteurized milk, but higher than in raw milk. All the methyl ketones detected in PEF milk were lower than in pasteurized milk. No significant differences in acids (acetic acid, butanoic acid, hexanoic acid, octanoic acid, and decanoic acid), lactones, and alcohols were observed between pasteurized and PEF-treated samples; however, 2(5H)-furanone was only detected in PEF-treated milk. Although GC-MS results showed that there were some volatile differences between pasteurized and PEF-treated milk, GC-O data showed no significant difference between the 2 samples.

Volatiles Profile of Red Apple from Marche Region (Italy

Directory of Open Access Journals (Sweden)

Daniele Fraternale

2011-01-01

Full Text Available The volatile composition of different parts (whole fruit, peel and flesh of a rare wild red apple named “Mela Rossa Val Metauro” was established by SPME (Solid Phase Micro-Extraction sampling, followed by GC-MS analysis. The most prominent constituent in all the three parts was the sesquiterpene (E,E-α-farnesene. The presence of the ester ethyl hexanoate particularly in the flesh (39.8% gives a special exotic flavor to the fruit.

Organic non-volatile memories from ferroelectric phase separated blends

Science.gov (United States)

Asadi, Kamal; de Leeuw, Dago; de Boer, Bert; Blom, Paul

2009-03-01

Ferroelectric polarisation is an attractive physical property for non-volatile binary switching. The functionality of the targeted memory should be based on resistive switching. Conductivity and ferroelectricity however cannot be tuned independently. The challenge is to develop a storage medium in which the favourable properties of ferroelectrics such as bistability and non-volatility can be combined with the beneficial properties provided by semiconductors such as conductivity and rectification. In this contribution we present an integrated solution by blending semiconducting and ferroelectric polymers into phase separated networks. The polarisation field of the ferroelectric modulates the injection barrier at the semiconductor--metal contact. This combination allows for solution-processed non-volatile memory arrays with a simple cross-bar architecture that can be read-out non-destructively. Based on this general concept a non-volatile, reversible switchable Schottky diode with relatively fast programming time of shorter than 100 microseconds, long information retention time of longer than 10^ days, and high programming cycle endurance with non-destructive read-out is demonstrated.

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.

Process and part filling control in micro injection molding

DEFF Research Database (Denmark)

Tosello, Guido; Hansen, Hans Nørgaard; Schoth, Andreas

2008-01-01

The influence of process parameters on μ-injection molding (μIM) and on μ-injection molded parts has been investigated using Design of Experiments. A mold with a sensor applied at injection location was used to monitor actual injection pressure and to determine the cavity filling time. Flow markers...... position was measured on the polymer μ-parts to evaluate filling behavior of the polymer melt flowing through μ-features. Experimental results obtained under different processing conditions were evaluated to correlate the process parameter levels influence on the selected responses. Results showed...... that the injection speed in one of the most influencing process parameters on the μIM process and on the μ-parts filling....

Macroeconomic dataset for generating macroeconomic volatility among selected countries in the Asia Pacific region.

Science.gov (United States)

Chow, Yee Peng; Muhammad, Junaina; Amin Noordin, Bany Ariffin; Cheng, Fan Fah

2018-02-01

This data article provides macroeconomic data that can be used to generate macroeconomic volatility. The data cover a sample of seven selected countries in the Asia Pacific region for the period 2004-2014, including both developing and developed countries. This dataset was generated to enhance our understanding of the sources of macroeconomic volatility affecting the countries in this region. Although the Asia Pacific region continues to remain as the most dynamic part of the world's economy, it is not spared from various sources of macroeconomic volatility through the decades. The reported data cover 15 types of macroeconomic data series, representing three broad categories of indicators that can be used to proxy macroeconomic volatility. They are indicators that account for macroeconomic volatility (i.e. volatility as a macroeconomic outcome), domestic sources of macroeconomic volatility and external sources of macroeconomic volatility. In particular, the selected countries are Malaysia, Thailand, Indonesia and Philippines, which are regarded as developing countries, while Singapore, Japan and Australia are developed countries. Despite the differences in level of economic development, these countries were affected by similar sources of macroeconomic volatility such as the Asian Financial Crisis and the Global Financial Crisis. These countries were also affected by other similar external turbulence arising from factors such as the global economic slowdown, geopolitical risks in the Middle East and volatile commodity prices. Nonetheless, there were also sources of macroeconomic volatility which were peculiar to certain countries only. These were generally domestic sources of volatility such as political instability (for Thailand, Indonesia and Philippines), natural disasters and anomalous weather conditions (for Thailand, Indonesia, Philippines, Japan and Australia) and over-dependence on the electronic sector (for Singapore).

Volatility Mean Reversion and the Market Price of Volatility Risk

NARCIS (Netherlands)

Boswijk, H.P.

2001-01-01

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

Preliminary studies on the volatile constitution of Mikania species

Directory of Open Access Journals (Sweden)

Anair A. Reis

Full Text Available Volatile oils obtained from the aerial parts of three Mikania species plants were analyzed by GC-MS and NMR. Forty-six terpenes among monoterpenes, sesquiterpenes and diterpenes were identified by this methodology. The analysis classified Mikania hookriana as diterpene producer as the majority Mikania species occurring in Brazil.

Non-Host Plant Volatiles Disrupt Sex Pheromone Communication in a Specialist Herbivore.

Science.gov (United States)

Wang, Fumin; Deng, Jianyu; Schal, Coby; Lou, Yonggen; Zhou, Guoxin; Ye, Bingbing; Yin, Xiaohui; Xu, Zhihong; Shen, Lize

2016-09-02

The ecological effects of plant volatiles on herbivores are manifold. Little is known, however, about the impacts of non-host plant volatiles on intersexual pheromonal communication in specialist herbivores. We tested the effects of several prominent constitutive terpenoids released by conifers and Eucalyptus trees on electrophysiological and behavioral responses of an oligophagous species, Plutella xylostella, which feeds on Brassicaceae. The non-host plant volatile terpenoids adversely affected the calling behavior (pheromone emission) of adult females, and the orientation responses of adult males to sex pheromone were also significantly inhibited by these terpenoids in a wind tunnel and in the field. We suggest that disruption of both pheromone emission and orientation to sex pheromone may explain, at least in part, an observed reduction in herbivore attack in polyculture compared with monoculture plantings. We also propose that mating disruption of both male and female moths with non-host plant volatiles may be a promising alternative pest management strategy.

Non-Host Plant Volatiles Disrupt Sex Pheromone Communication in a Specialist Herbivore

Science.gov (United States)

Wang, Fumin; Deng, Jianyu; Schal, Coby; Lou, Yonggen; Zhou, Guoxin; Ye, Bingbing; Yin, Xiaohui; Xu, Zhihong; Shen, Lize

2016-01-01

The ecological effects of plant volatiles on herbivores are manifold. Little is known, however, about the impacts of non-host plant volatiles on intersexual pheromonal communication in specialist herbivores. We tested the effects of several prominent constitutive terpenoids released by conifers and Eucalyptus trees on electrophysiological and behavioral responses of an oligophagous species, Plutella xylostella, which feeds on Brassicaceae. The non-host plant volatile terpenoids adversely affected the calling behavior (pheromone emission) of adult females, and the orientation responses of adult males to sex pheromone were also significantly inhibited by these terpenoids in a wind tunnel and in the field. We suggest that disruption of both pheromone emission and orientation to sex pheromone may explain, at least in part, an observed reduction in herbivore attack in polyculture compared with monoculture plantings. We also propose that mating disruption of both male and female moths with non-host plant volatiles may be a promising alternative pest management strategy. PMID:27585907

Volatile phenols in wine: Control measures of Brettanomyces/Dekkera yeasts

Directory of Open Access Journals (Sweden)

Sanja Šućur

2016-10-01

Full Text Available This review focuses on the considerable amount of research regarding volatile phenols production by Brettanomyces and on microbiological and technological parameters that influence development of these compounds during all stages of grape processing and winemaking. Also, volatile phenols impact on wine aroma and quality and prevention methods were discussed. The yeast genus Brettanomyces is the major microorganism that has the ability to convert hydroxycinnamic acids into significant concentration of phenolic compounds, especially of 4-ethylphenol and 4-ethylguaiacol, in red wine. When volatile phenols reach concentrations above the sensory threshold in wine, it is then characterized as wine with fault. In order to control the growth of Brettanomyces and preclude volatile phenols production, it is helpful to keep good quality of grape, winery sanitation, control of oxygen and sulphite level, as well as orderly check physiochemical composition of wine.

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...

Macroeconomic dataset for generating macroeconomic volatility among selected countries in the Asia Pacific region

Directory of Open Access Journals (Sweden)

Yee Peng Chow

2018-02-01

Full Text Available This data article provides macroeconomic data that can be used to generate macroeconomic volatility. The data cover a sample of seven selected countries in the Asia Pacific region for the period 2004–2014, including both developing and developed countries. This dataset was generated to enhance our understanding of the sources of macroeconomic volatility affecting the countries in this region. Although the Asia Pacific region continues to remain as the most dynamic part of the world's economy, it is not spared from various sources of macroeconomic volatility through the decades. The reported data cover 15 types of macroeconomic data series, representing three broad categories of indicators that can be used to proxy macroeconomic volatility. They are indicators that account for macroeconomic volatility (i.e. volatility as a macroeconomic outcome, domestic sources of macroeconomic volatility and external sources of macroeconomic volatility. In particular, the selected countries are Malaysia, Thailand, Indonesia and Philippines, which are regarded as developing countries, while Singapore, Japan and Australia are developed countries. Despite the differences in level of economic development, these countries were affected by similar sources of macroeconomic volatility such as the Asian Financial Crisis and the Global Financial Crisis. These countries were also affected by other similar external turbulence arising from factors such as the global economic slowdown, geopolitical risks in the Middle East and volatile commodity prices. Nonetheless, there were also sources of macroeconomic volatility which were peculiar to certain countries only. These were generally domestic sources of volatility such as political instability (for Thailand, Indonesia and Philippines, natural disasters and anomalous weather conditions (for Thailand, Indonesia, Philippines, Japan and Australia and over-dependence on the electronic sector (for Singapore. Keywords

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

Science.gov (United States)

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

2011-06-22

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

Effect of a cationic surfactant on the volatilization of PAHs from soil.

Science.gov (United States)

Lu, Li; Zhu, Lizhong

2012-06-01

Cationic surfactants are common in soils because of their use in daily cosmetic and cleaning products, and their use as a soil amendment for the mitigation and remediation of organic contaminated soils has been proposed. Such surfactant may affect the transfer and fate of organic contaminants in the environment. This study investigated the effect of a cationic surfactant, dodecylpyridinium bromide (DDPB), on the volatilization of polycyclic aromatic hydrocarbons (PAHs) from a paddy soil. The volatilization of PAHs from moist soil amended with different concentrations of DDPB was tested in an open system. The specific effects of DDPB on the liquid-vapor and solid-vapor equilibriums of PAHs were separately investigated in closed systems by headspace analysis. DDPB affects both liquid-vapor and solid-vapor processes of PAHs in soil. At DDPB concentrations below the critical micelle concentration (CMC), movement of PAHs from the bulk solution to the gas-liquid interface appeared to be facilitated by interaction between PAHs and the surfactant monomers adsorbed at the gas-liquid interface, promoting the volatilization of PAHs from solution. However, when DDPB was greater than the CMC, volatilization was inhibited due to the solubilization of PAHs by micelles. On the other hand, the formation of sorbed surfactant significantly inhibited the solid-vapor volatilization of PAHs. The overall effect of the two simultaneous effects of DDPB on liquid-vapor and solid-vapor processes was a decreased volatilization loss of PAHs from soil. Inhibition of PAH volatilization was more significant for the soil with a lower moisture content.

Chemical composition and biological evaluation of the volatile constituents from the aerial parts of Nephrolepis exaltata (L.) and Nephrolepis cordifolia (L.) C. Presl grown in Egypt.

Science.gov (United States)

El-Tantawy, Mona E; Shams, Manal M; Afifi, Manal S

2016-01-01

The essential oil from the aerial parts of Nephrolepis exaltata and Nephrolepis cordifolia obtained by hydro-distillation were analyzed by gas chromatography/ mass spectrometry. The essential oils exhibited potential antibacterial and antifungal activities against a majority of the selected microorganisms. NEA oil showed promising cytotoxicity in breast, colon and lung carcinoma cells. The results presented indicate that NEA oil could be useful alternative for the treatment of dermatophytosis. Comparative investigation of hydro-distilled volatile constituents from aerial parts (A) of Nephrolepis exaltata (NE) and Nephrolepis cordifolia (NC) (Family Nephrolepidaceae) was carried out. Gas chromatography/mass spectrometry revealed that oils differ in composition and percentages of components. Oxygenated compounds were dominant in NEA and NCA. 2,4-Hexadien-1-ol (16.1%), nonanal (14.4%), β-Ionone (6.7%) and thymol (2.7%) were predominant in NEA. β-Ionone (8.0%), eugenol (7.2%) and anethol (4.6%) were the main constituents in NCA. Volatile samples were screened for their antibacterial and antifungal activities using agar diffusion method and minimum inhibitory concentrations. The cytotoxic activity was evaluated using viability assay in breast (MCF-7), colon (HCT-116) and lung carcinoma (A-549) cells by the MTT assay. The results revealed that NEA oil exhibited potential antimicrobial activity against most of the tested organisms and showed promising cytotoxicity.

Source profiles of volatile organic compounds (VOCs) measured in China: Part I

Science.gov (United States)

Liu, Ying; Shao, Min; Fu, Linlin; Lu, Sihua; Zeng, Limin; Tang, Dagang

The profiles of major volatile organic compound (VOC) sources in China, including vehicle exhaust, gasoline vapor, paint, asphalt, industrial and residential coal burning, biomass burning, and the petrochemical industry, were experimentally determined. Source samples were taken using a dilution chamber for mobile and stationary sources, biomass burning in an actual Chinese farmer's house, and ambient air in a petrochemical industrial area. The concentrations of 92 VOC species were quantified using canister sampling and a gas chromatography-flame ionization detection/mass spectrometry system, and VOC source profiles were developed for source apportionment of VOCs in the Pearl River Delta region. Based on the measurement of source profiles, possible tracers for various emission sources were identified; e.g., 2-methylpentane and 1,3-butadiene could be used as tracers for vehicle exhaust; the characteristic compounds of architectural coating were aromatics such as toluene and m, p-xylene; the light hydrocarbons, namely n-butane, trans-2-butene, and n-pentane, dominated the composition of gasoline vapor; and n-nonane, n-decane, and n-undecane were found to be typical of diesel vapor and asphalt application processes. As different emission sources are characterized by overlapping VOC species, the ratio of possible VOC tracers could be used to assess the contribution of various sources. The ratios between n-butane and isobutane, 1,3-butadiene and isoprene, and the ratios of aromatics (e.g., toluene to benzene and ethylbenzene to m, p-xylene) in the measured sources were compared.

A process-based emission model of volatile organic compounds from silage sources on farms

DEFF Research Database (Denmark)

Bonifacio, H. F.; Rotz, C. A.; Hafner, S. D.

2017-01-01

Silage on dairy farms can emit large amounts of volatile organic compounds (VOCs), a precursor in the formation of tropospheric ozone. Because of the challenges associated with direct measurements, process-based modeling is another approach for estimating emissions of air pollutants from sources...... was evaluated using ethanol and methanol emissions measured from conventional silage piles (CSP), silage bags (SB), total mixed rations (TMR), and loose corn silage (LCS) at a commercial dairy farm in central California. With transport coefficients for ethanol refined using experimental data from our previous......% if feeds were delivered as four feedings per day rather than as one. Reducing the exposed face of storage can also be useful. Simulated use of silage bags resulted in 90% and 18% reductions in emissions from the storage face and whole farm, respectively....

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

Science.gov (United States)

Takaishi, Tetsuya

2018-06-01

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

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)

Modeling long-term uptake and re-volatilization of semi-volatile organic compounds (SVOCs) across the soil-atmosphere interface.

Science.gov (United States)

Bao, Zhongwen; Haberer, Christina; Maier, Uli; Beckingham, Barbara; Amos, Richard T; Grathwohl, Peter

2015-12-15

Soil-atmosphere exchange is important for the environmental fate and atmospheric transport of many semi-volatile organic compounds (SVOCs). This study focuses on modeling the vapor phase exchange of semi-volatile hydrophobic organic pollutants between soil and the atmosphere using the multicomponent reactive transport code MIN3P. MIN3P is typically applied to simulate aqueous and vapor phase transport and reaction processes in the subsurface. We extended the code to also include an atmospheric boundary layer where eddy diffusion takes place. The relevant processes and parameters affecting soil-atmosphere exchange were investigated in several 1-D model scenarios and at various time scales (from years to centuries). Phenanthrene was chosen as a model compound, but results apply for other hydrophobic organic compounds as well. Gaseous phenanthrene was assumed to be constantly supplied to the system during a pollution period and a subsequent regulation period (with a 50% decline in the emission rate). Our results indicate that long-term soil-atmosphere exchange of phenanthrene is controlled by the soil compartment - re-volatilization thus depends on soil properties. A sensitivity analysis showed that accumulation and transport in soils in the short term is dominated by diffusion, whereas in the long term groundwater recharge and biodegradation become relevant. As expected, sorption causes retardation and slows down transport and biodegradation. If atmospheric concentration is reduced (e.g. after environmental regulations), re-volatilization from soil to the atmosphere occurs only for a relatively short time period. Therefore, the model results demonstrate that soils generally are sinks for atmospheric pollutants. The atmospheric boundary layer is only relevant for time scales of less than one month. The extended MIN3P code can also be applied to simulate fluctuating concentrations in the atmosphere, for instance due to temperature changes in the topsoil. Copyright �

40 CFR Table 2 to Subpart II of... - Volatile Organic HAP (VOHAP) Limits for Marine Coatings

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 10 2010-07-01 2010-07-01 false Volatile Organic HAP (VOHAP) Limits... (Surface Coating) Pt. 63, Subpt. II, Table 2 Table 2 to Subpart II of Part 63—Volatile Organic HAP (VOHAP...) through (4). b VOC (including exempt compounds listed as HAP) shall be used as a surrogate for VOHAP for...

Silicon isotopes in angrites and volatile loss in planetesimals

OpenAIRE

Pringle, Emily A.; Moynier, Frédéric; Savage, Paul S.; Badro, James; Barrat, Jean-Alix

2014-01-01

Understanding volatile elements in the early solar system is a key step toward understanding the processes of planetary formation and the composition of Earth, but the origin of volatiles on Earth is not well understood. In this article, we present measurements of silicon isotope ratios in angrites, a class of meteorites dating from the first few million years after condensation of solids from the solar nebula. We show that the silicon isotope composition of angrites is consistent with a depl...

Comets, volcanism, the salt-rich regolith, and cycling of volatiles on Mars

International Nuclear Information System (INIS)

Clark, B.C.

1987-01-01

The composition of the Martian surface and its evolution are examined, reviewing the results of recent theoretical models and composition estimates based on Viking-lander analyses. The data are compiled in tables and characterized in detail, and a high degree of variation among the predictions is noted. The discussion centers on the possible roles of comets (as sources of volatiles), the salt-rich regolith (as an important water sink), and volcanic activity (interfering with volatile-recycling processes and eventually producing a volatile-depleted surface layer). 45 references

The volatile compound BinBase mass spectral database.

Science.gov (United States)

Skogerson, Kirsten; Wohlgemuth, Gert; Barupal, Dinesh K; Fiehn, Oliver

2011-08-04

Volatile compounds comprise diverse chemical groups with wide-ranging sources and functions. These compounds originate from major pathways of secondary metabolism in many organisms and play essential roles in chemical ecology in both plant and animal kingdoms. In past decades, sampling methods and instrumentation for the analysis of complex volatile mixtures have improved; however, design and implementation of database tools to process and store the complex datasets have lagged behind. The volatile compound BinBase (vocBinBase) is an automated peak annotation and database system developed for the analysis of GC-TOF-MS data derived from complex volatile mixtures. The vocBinBase DB is an extension of the previously reported metabolite BinBase software developed to track and identify derivatized metabolites. The BinBase algorithm uses deconvoluted spectra and peak metadata (retention index, unique ion, spectral similarity, peak signal-to-noise ratio, and peak purity) from the Leco ChromaTOF software, and annotates peaks using a multi-tiered filtering system with stringent thresholds. The vocBinBase algorithm assigns the identity of compounds existing in the database. Volatile compound assignments are supported by the Adams mass spectral-retention index library, which contains over 2,000 plant-derived volatile compounds. Novel molecules that are not found within vocBinBase are automatically added using strict mass spectral and experimental criteria. Users obtain fully annotated data sheets with quantitative information for all volatile compounds for studies that may consist of thousands of chromatograms. The vocBinBase database may also be queried across different studies, comprising currently 1,537 unique mass spectra generated from 1.7 million deconvoluted mass spectra of 3,435 samples (18 species). Mass spectra with retention indices and volatile profiles are available as free download under the CC-BY agreement (http://vocbinbase.fiehnlab.ucdavis.edu). The Bin

The volatile compound BinBase mass spectral database

Directory of Open Access Journals (Sweden)

Barupal Dinesh K

2011-08-01

Full Text Available Abstract Background Volatile compounds comprise diverse chemical groups with wide-ranging sources and functions. These compounds originate from major pathways of secondary metabolism in many organisms and play essential roles in chemical ecology in both plant and animal kingdoms. In past decades, sampling methods and instrumentation for the analysis of complex volatile mixtures have improved; however, design and implementation of database tools to process and store the complex datasets have lagged behind. Description The volatile compound BinBase (vocBinBase is an automated peak annotation and database system developed for the analysis of GC-TOF-MS data derived from complex volatile mixtures. The vocBinBase DB is an extension of the previously reported metabolite BinBase software developed to track and identify derivatized metabolites. The BinBase algorithm uses deconvoluted spectra and peak metadata (retention index, unique ion, spectral similarity, peak signal-to-noise ratio, and peak purity from the Leco ChromaTOF software, and annotates peaks using a multi-tiered filtering system with stringent thresholds. The vocBinBase algorithm assigns the identity of compounds existing in the database. Volatile compound assignments are supported by the Adams mass spectral-retention index library, which contains over 2,000 plant-derived volatile compounds. Novel molecules that are not found within vocBinBase are automatically added using strict mass spectral and experimental criteria. Users obtain fully annotated data sheets with quantitative information for all volatile compounds for studies that may consist of thousands of chromatograms. The vocBinBase database may also be queried across different studies, comprising currently 1,537 unique mass spectra generated from 1.7 million deconvoluted mass spectra of 3,435 samples (18 species. Mass spectra with retention indices and volatile profiles are available as free download under the CC-BY agreement (http

Alternative Asymmetric Stochastic Volatility Models

NARCIS (Netherlands)

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

2010-01-01

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

Constitutive and herbivore-induced volatiles in pear, alder and hawthorn trees

NARCIS (Netherlands)

Scutareanu, P.; Bruin, de J.; Posthumus, M.A.; Drukker, B.

2003-01-01

Qualitative and quantitative differences among pear cultivars were found in constitutive and Cacopsylla-induced volatiles, depending on experimental treatment of the trees (i.e., uninfested and partly or completely infested by psyllids). Blend differences were also found between pear cultivars and

Volatile Constituents of Three Myrsine L. Species from Brazil

Directory of Open Access Journals (Sweden)

Arthur L. Corrêa

2017-01-01

Full Text Available The chemical compositions of the essential oils obtained by hydrodistillation from the aerial parts of Myrsine rubra, Myrsine gardneriana and Myrsine parvifolia and the fruits of Myrsine parvifolia were elucidated by a combination of GC and GC-MS analyses. The main constituents of the native M. parvifolia were caryophyllene oxide (14.4%, β-caryophyllene (12.6% and γ-Muurolene (7.9% of the leaves oil and β-caryophyllene (11.7%, δ-Cadinene (7.1% of the fruit oil. The volatile oil of the endemic M. rubra leaves was dominated by β-caryophyllene (17.2%, γ-Muurolene (11.1%, Germacrene B (10.0%. The essential oil of the native M. gardneriana leaves was characterized by β-caryophyllene (18.0%, γ-Muurolene (8.4%. These three Myrsine species are similar in the dominance of sesquiterpenes. By contrast, monoterpenes were found only in the volatile oil from the fruits of M. parvifolia. To the best of our knowledge, this study is the first report on the volatile constituents of M. rubra, M. gardneriana, M. parvifolia.

Volatile molecular markers of VOO Thermo-oxidation: Effect of heating processes, macronutrients composition, and olive ripeness on the new emitted aldehydic compounds.

Science.gov (United States)

Oueslati, Imen; Manaï, Hédia; Madrigal-Martínez, Mónica; Martínez-Cañas, Manuel A; Sánchez-Casas, Jacinto; Zarrouk, Mokhtar; Flamini, Guido

2018-04-01

Heating operation has been applied to Chétoui extra-virgin olive oils (EVOOs) extracted from fruits with several ripening stages (RS). The studied samples, were subjected to microwave and conventional heating. Results showed that heated VOOs after 2.5 h and 7 min of conventional and microwave heating, respectively, gave rise to a drastically decrease of LOX products and allowed the detection of toxic new formed aldehydic volatiles (alkanal: nonanal, alkenals: (Z)-2-heptenal and (E)-2-decenal, and alkadienals: (E.E)-2.4-decadienal), which can be used as markers of VOO degradation. Their abundance in the VOO headspaces depends on their boiling points, the rate of their possible degradation to yield other compounds, on the heating processes and on the rate of macronutrients. The emission rate of the new synthesized volatiles during heating processes was mainly attributed to enzymatic oxidation of some fatty acids. Hexanal, (Z)-2-heptenal, (E)-2-octenal, (E)-2-nonenal, (E,E) and (E,Z)-2,4-decadienal, and (E,E)-2,4-nonadienal, derived from linoleic acid, and heptanol, octanal, nonanal, decanal, (E) and (Z)-2-decenal, (E)-2-undecenal, and (E,E)-2,4-nonadienal, are emitted after degradation of oleic acid. During thermo-oxidation, the ECN 44 (LLO, and OLnO), and the ECN 46 (OLO, and PLO + SLL) compounds decreased, whereas, the ECN 48 (OOO, and PPO), and the ECN 50 (SOO) compounds increased when temperature and heating time increased. The several variations of the studied biochemical compounds depend to the heating processes. Ripening stage of olive fruits can be used as a tool to monitor the emission rate of the aldehydic volatiles, but cannot be used for a chemometric discrimination. Copyright © 2018 Elsevier Ltd. All rights reserved.

Diacetyl levels and volatile profiles of commercial starter distillates and selected dairy foods.

Science.gov (United States)

Rincon-Delgadillo, M I; Lopez-Hernandez, A; Wijaya, I; Rankin, S A

2012-03-01

Starter distillates (SDL) are used as ingredients in the formulation of many food products such as cottage cheese, margarine, vegetable oil spreads, processed cheese, and sour cream to increase the levels of naturally occurring buttery aroma associated with fermentation. This buttery aroma results, in part, from the presence of the vicinal dicarbonyl, diacetyl, which imparts a high level of buttery flavor notes and is a key component of SDL. Diacetyl (2,3-butanedione) is a volatile product of citrate metabolism produced by certain bacteria, including Lactococcus lactis ssp. diacetylactis and Leuconostoc citrovorum. In the United States, SDL are regarded as generally recognized as safe ingredients, whereby usage in food products is limited by good manufacturing practices. Recently, diacetyl has been implicated as a causative agent in certain lung ailments in plant workers; however, little is published about the volatile composition of SDL and the levels of diacetyl or other flavoring components in finished dairy products. The objective of this work was to characterize the volatile compounds of commercial SDL and to quantitate levels of diacetyl and other Flavor and Extract Manufacturers Association-designated high-priority flavoring components found in 18 SDL samples and 24 selected dairy products. Headspace volatiles were assessed using a solid-phase microextraction and analyzed by gas chromatography-mass spectrometry. In addition to diacetyl (ranging from 1.2 to 22,000 μg/g), 40 compounds including 8 organic acids, 4 alcohols, 3 aldehydes, 7 esters, 3 furans, 10 ketones, 2 lactones, 2 sulfur-containing compounds, and 1 terpene were detected in the SDL. A total of 22 food samples were found to contain diacetyl ranging from 4.5 to 2,700 μg/100g. Other volatile compounds, including acetaldehyde, acetic acid, acetoin, benzaldehyde, butyric acid, formic acid, furfural, 2,3-heptanedione, 2,3-pentanedione, and propanoic acid, were also identified and quantified in SDL

Chondritic Mn/Na ratio and limited post-nebular volatile loss of the Earth

Science.gov (United States)

Siebert, Julien; Sossi, Paolo A.; Blanchard, Ingrid; Mahan, Brandon; Badro, James; Moynier, Frédéric

2018-03-01

The depletion pattern of volatile elements on Earth and other differentiated terrestrial bodies provides a unique insight as to the nature and origin of planetary building blocks. The processes responsible for the depletion of volatile elements range from the early incomplete condensation in the solar nebula to the late de-volatilization induced by heating and impacting during planetary accretion after the dispersion of the H2-rich nebular gas. Furthermore, as many volatile elements are also siderophile (metal-loving), it is often difficult to deconvolve the effect of volatility from core formation. With the notable exception of the Earth, all the differentiated terrestrial bodies for which we have samples have non-chondritic Mn/Na ratios, taken as a signature of post-nebular volatilization. The bulk silicate Earth (BSE) is unique in that its Mn/Na ratio is chondritic, which points to a nebular origin for the depletion; unless the Mn/Na in the BSE is not that of the bulk Earth (BE), and has been affected by core formation through the partitioning of Mn in Earth's core. Here we quantify the metal-silicate partitioning behavior of Mn at deep magma ocean pressure and temperature conditions directly applicable to core formation. The experiments show that Mn becomes more siderophile with increasing pressure and temperature. Modeling the partitioning of Mn during core formation by combining our results with previous data at lower P-T conditions, we show that the core likely contains a significant fraction (20 to 35%) of Earth's Mn budget. However, we show that the derived Mn/Na value of the bulk Earth still lies on the volatile-depleted end of a trend defined by chondritic meteorites in a Mn/Na vs Mn/Mg plot, which tend to higher Mn/Na with increasing volatile depletion. This suggests that the material that formed the Earth recorded similar chemical fractionation processes for moderately volatile elements as chondrites in the solar nebula, and experienced limited post

Evaluation of Volatile Species in Green Monopropellant Project

Science.gov (United States)

Greene, Benjamin

2015-01-01

compounds were reported as unidentified. Quantitation of most of the compounds, including unidentified compounds, was as methane. Quantitating compounds or classes of compounds that were detected but for which specific calibration is not established as methane is in accordance with the Test 7 standard protocol. The thermal decomposition temperature of the precursor was significantly higher than the test temperature. Based on thermal decomposition temperature and on an examination of the structure and chemistry of the identified volatile species, the presence of the volatile species appears to be chemically reasonable with respect to the propellant formulation and is at this time attributed to impurities. Further examination of the overall propellant formulation process (including the individual components' synthesis processes) and process quality control (including purity of reagents and possible decomposition reactions) is indicated.

One hundred volatile years of volcanic gas studies at the Hawaiian Volcano Observatory: Chapter 7 in Characteristics of Hawaiian volcanoes

Science.gov (United States)

Sutton, A.J.; Elias, Tamar; Poland, Michael P.; Takahashi, T. Jane; Landowski, Claire M.

2014-01-01

The first volcanic gas studies in Hawai‘i, beginning in 1912, established that volatile emissions from Kīlauea Volcano contained mostly water vapor, in addition to carbon dioxide and sulfur dioxide. This straightforward discovery overturned a popular volatile theory of the day and, in the same action, helped affirm Thomas A. Jaggar, Jr.’s, vision of the Hawaiian Volcano Observatory (HVO) as a preeminent place to study volcanic processes. Decades later, the environmental movement produced a watershed of quantitative analytical tools that, after being tested at Kīlauea, became part of the regular monitoring effort at HVO. The resulting volatile emission and fumarole chemistry datasets are some of the most extensive on the planet. These data indicate that magma from the mantle enters the shallow magmatic system of Kīlauea sufficiently oversaturated in CO2 to produce turbulent flow. Passive degassing at Kīlauea’s summit that occurred from 1983 through 2007 yielded CO2-depleted, but SO2- and H2O-rich, rift eruptive gases. Beginning with the 2008 summit eruption, magma reaching the East Rift Zone eruption site became depleted of much of its volatile content at the summit eruptive vent before transport to Pu‘u ‘Ō‘ō. The volatile emissions of Hawaiian volcanoes are halogen-poor, relative to those of other basaltic systems. Information gained regarding intrinsic gas solubilities at Kīlauea and Mauna Loa, as well as the pressure-controlled nature of gas release, have provided useful tools for tracking eruptive activity. Regular CO2-emission-rate measurements at Kīlauea’s summit, together with surface-deformation and other data, detected an increase in deep magma supply more than a year before a corresponding surge in effusive activity. Correspondingly, HVO routinely uses SO2 emissions to study shallow eruptive processes and effusion rates. HVO gas studies and Kīlauea’s long-running East Rift Zone eruption also demonstrate that volatile emissions can

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)

Modelling Time-Varying Volatility in Financial Returns

DEFF Research Database (Denmark)

Amado, Cristina; Laakkonen, Helinä

2014-01-01

The “unusually uncertain” phase in the global financial markets has inspired many researchers to study the effects of ambiguity (or “Knightian uncertainty”) on the decisions made by investors and their implications for the capital markets. We contribute to this literature by using a modified...... version of the time-varying GARCH model of Amado and Teräsvirta (2013) to analyze whether the increasing uncertainty has caused excess volatility in the US and European government bond markets. In our model, volatility is multiplicatively decomposed into two time-varying conditional components: the first...... being captured by a stable GARCH(1,1) process and the second driven by the level of uncertainty in the financial market....

Method for refreshing a non-volatile memory

Science.gov (United States)

Riekels, James E.; Schlesinger, Samuel

2008-11-04

A non-volatile memory and a method of refreshing a memory are described. The method includes allowing an external system to control refreshing operations within the memory. The memory may generate a refresh request signal and transmit the refresh request signal to the external system. When the external system finds an available time to process the refresh request, the external system acknowledges the refresh request and transmits a refresh acknowledge signal to the memory. The memory may also comprise a page register for reading and rewriting a data state back to the memory. The page register may comprise latches in lieu of supplemental non-volatile storage elements, thereby conserving real estate within the memory.

14 CFR 21.305 - Approval of materials, parts, processes, and appliances.

Science.gov (United States)

2010-01-01

..., and appliances. 21.305 Section 21.305 Aeronautics and Space FEDERAL AVIATION ADMINISTRATION..., Parts, Processes, and Appliances § 21.305 Approval of materials, parts, processes, and appliances. Whenever a material, part, process, or appliance is required to be approved under this chapter, it may be...

Distribution, movement, and evolution of the volatile elements in the lunar regolith

International Nuclear Information System (INIS)

Gibson, E.K. Jr.

1975-01-01

The abundances and distributions of carbon, nitrogen, and sulfur in lunar soils are reviewed. Carbon and nitrogen have a predominantly extra-lunar origin in lunar soils and breccias, while sulfur is mostly indigeneous to the Moon. The lunar processes which effect the movement, distribution, and evolution of carbon, nitrogen, and sulfur, along with the volatile alkali elements sodium, potassium, and rubidium during regolith processes are discussed. Possible mechanisms which may result in the addition to or loss from the Moon of these volatile elements are considered. (Auth.)

Distribution, movement, and evolution of the volatile elements in the lunar regolith

Science.gov (United States)

Gibson, E. K., Jr.

1975-01-01

The abundances and distributions of carbon, nitrogen, and sulfur in lunar soils are reviewed. Carbon and nitrogen have a predominantly extra-lunar origin in lunar soils and breccias, while sulfur is mostly indigeneous to the moon. The lunar processes which effect the movement, distribution, and evolution of carbon, nitrogen, and sulfur, along with the volatile alkali elements sodium, potassium, and rubidium during regolith processes are discussed. Possible mechanisms which may result in the addition to or loss from the moon of these volatile elements are considered.

[Study on two preparation methods for beta-CD inclusion compound of four traditional Chinese medicine volatile oils].

Science.gov (United States)

Li, Hailiang; Cui, Xiaoli; Tong, Yan; Gong, Muxin

2012-04-01

To compare inclusion effects and process conditions of two preparation methods-colloid mill and saturated solution-for beta-CD inclusion compound of four traditional Chinese medicine volatile oils and study the relationship between each process condition and volatile oil physical properties and the regularity of selective inclusion of volatile oil components. Volatile oils from Nardostachyos Radix et Rhizoma, Amomi Fructus, Zingiberis Rhizoma and Angelicaesinensis Radix were prepared using two methods in the orthogonal test. These inclusion compounds by optimized processes were assessed and compared by such methods as TLC, IR and scanning electron microscope. Inclusion oils were extracted by steam distillation, and the components found before and after inclusion were analyzed by GC-MS. Analysis showed that new inclusion compounds, but inclusion compounds prepared by the two processes had differences to some extent. The colloid mill method showed a better inclusion effect than the saturated solution method, indicating that their process conditions had relations with volatile oil physical properties. There were differences in the inclusion selectivity of components between each other. The colloid mill method for inclusion preparation is more suitable for industrial requirements. To prepare volatile oil inclusion compounds with heavy gravity and high refractive index, the colloid mill method needs longer time and more water, while the saturated solution method requires higher temperature and more beta-cyclodextrin. The inclusion complex prepared with the colloid mill method contains extended molecular weight chemical composition, but the kinds of components are reduced.

Isolation and characterization of microorganisms and volatiles associated with Moroccan saffron during different processing treatments.

Science.gov (United States)

Fancello, Francesco; Petretto, Giacomo; Sanna, Maria Lina; Pintore, Giorgio; Lage, Mounira; Zara, Severino

2018-05-20

Saffron may be spoiled by a variety of microorganisms during cultivation, harvesting, and post harvesting. As saffron can be dried and stored in different ways, this preliminary study explored the natural microbiota present in Moroccan saffron when subjected to different drying techniques. An analysis of the carotenoid-derived volatiles present in the saffron was also carried out. The culturable microbiota of the saffron samples dried using different methods, namely in the shade (also called natural), in the sun, or in the oven, were studied using classical and molecular approaches. The effect of the drying methods on head-space chemical volatiles was also determined. Eighty-two isolates grown in the different culture media were chosen from the colonies, and genotype analysis grouped the microorganisms into 58 clusters, revealing a wide diversity. Out of the 82 isolates, 75 belonged to the Bacillaceae family. The other isolates were distributed within the Dietziaceae, Paenibacillaceae and Carnobacteriaceae families. The dominant species was Bacillus simplex, which was detected in all samples, regardless of the drying method used. Lysinibacillus macroides was dominant in the sun-dried saffron. No pathogens were isolated, but an isolate belonging to Dietzia maris, a potential human pathogenic species, was detected. The biodiversity indexes were linked to the drying method and generally decreased as the intensity of the treatment increased. The results of this preliminary work show that the different drying methods strongly influenced the microbiota and affect the saffron volatile profile. Further analysis will be needed to determine possible effects of selected microbiota on saffron volatiles. Copyright © 2018 Elsevier B.V. All rights reserved.

Change in Color and Volatile Composition of Skim Milk Processed with Pulsed Electric Field and Microfiltration Treatments or Heat Pasteurization.

Science.gov (United States)

Chugh, Anupam; Khanal, Dipendra; Walkling-Ribeiro, Markus; Corredig, Milena; Duizer, Lisa; Griffiths, Mansel W

2014-04-23

Non-thermal processing methods, such as pulsed electric field (PEF) and tangential-flow microfiltration (TFMF), are emerging processing technologies that can minimize the deleterious effects of high temperature short time (HTST) pasteurization on quality attributes of skim milk. The present study investigates the impact of PEF and TFMF, alone or in combination, on color and volatile compounds in skim milk. PEF was applied at 28 or 40 kV/cm for 1122 to 2805 µs, while microfiltration (MF) was conducted using membranes with three pore sizes (lab-scale 0.65 and 1.2 µm TFMF, and pilot-scale 1.4 µm MF). HTST control treatments were applied at 75 or 95 °C for 20 and 45 s, respectively. Noticeable color changes were observed with the 0.65 µm TFMF treatment. No significant color changes were observed in PEF-treated, 1.2 µm TFMF-treated, HTST-treated, and 1.4 µm MF-treated skim milk ( p ≥ 0.05) but the total color difference indicated better color retention with non-thermal preservation. The latter did not affect raw skim milk volatiles significantly after single or combined processing ( p ≥ 0.05), but HTST caused considerable changes in their composition, including ketones, free fatty acids, hydrocarbons, and sulfur compounds ( p < 0.05). The findings indicate that for the particular thermal and non-thermal treatments selected for this study, better retention of skim milk color and flavor components were obtained for the non-thermal treatments.

Change in Color and Volatile Composition of Skim Milk Processed with Pulsed Electric Field and Microfiltration Treatments or Heat Pasteurization

Directory of Open Access Journals (Sweden)

Anupam Chugh

2014-04-01

Full Text Available Non-thermal processing methods, such as pulsed electric field (PEF and tangential-flow microfiltration (TFMF, are emerging processing technologies that can minimize the deleterious effects of high temperature short time (HTST pasteurization on quality attributes of skim milk. The present study investigates the impact of PEF and TFMF, alone or in combination, on color and volatile compounds in skim milk. PEF was applied at 28 or 40 kV/cm for 1122 to 2805 µs, while microfiltration (MF was conducted using membranes with three pore sizes (lab-scale 0.65 and 1.2 µm TFMF, and pilot-scale 1.4 µm MF. HTST control treatments were applied at 75 or 95 °C for 20 and 45 s, respectively. Noticeable color changes were observed with the 0.65 µm TFMF treatment. No significant color changes were observed in PEF-treated, 1.2 µm TFMF-treated, HTST-treated, and 1.4 µm MF-treated skim milk (p ≥ 0.05 but the total color difference indicated better color retention with non-thermal preservation. The latter did not affect raw skim milk volatiles significantly after single or combined processing (p ≥ 0.05, but HTST caused considerable changes in their composition, including ketones, free fatty acids, hydrocarbons, and sulfur compounds (p < 0.05. The findings indicate that for the particular thermal and non-thermal treatments selected for this study, better retention of skim milk color and flavor components were obtained for the non-thermal treatments.

Design of Test Parts to Characterize Micro Additive Manufacturing Processes

DEFF Research Database (Denmark)

Thompson, Mary Kathryn; Mischkot, Michael

2015-01-01

The minimum feature size and obtainable tolerances of additive manufacturing processes are linked to the smallest volumetric elements (voxels) that can be created. This work presents the iterative design of a test part to investigate the resolution of AM processes with voxel sizes at the micro...... scale. Each design iteration reduces the test part size, increases the number of test features, improves functionality, and decreases coupling in the part. The final design is a set of three test parts that are easy to orient and measure, and that provide useful information about micro additive...... manufacturing processes....

An Effective Quality Control of Pharmacologically Active Volatiles of Houttuynia cordata Thunb by Fast Gas Chromatography-Surface Acoustic Wave Sensor.

Science.gov (United States)

Oh, Se Yeon

2015-06-03

Fast gas chromatography-surface acoustic wave sensor (GC/SAW) has been applied for the detection of the pharmacological volatiles emanated from Houttuynia cordata Thunb which is from South Korea. H. cordata Thunb with unpleasant and fishy odors shows a variety of pharmacological activities such as anti-microbial, anti-inflammatory, anti-cancer, and insect repellent. The aim of this study is to show a novel quality control by GC/SAW methodology for the discrimination of the three different parts of the plant such as leaves, aerial stems, and underground stems for H. cordata Thunb. Sixteen compounds were identified. β-Myrcene, cis-ocimene and decanal are the dominant volatiles for leaves (71.0%) and aerial stems (50.1%). While, monoterpenes (74.6%) are the dominant volatiles for underground stems. 2-Undecanone (1.3%) and lauraldehyde (3.5%) were found to be the characteristic components for leaves. Each part of the plant has its own characteristic fragrance pattern owing to its individual chemical compositions. Moreover, its individual characteristic fragrance patterns are conducive to discrimination of the three different parts of the plant. Consequently, fast GC/SAW can be a useful analytical method for quality control of the different parts of the plant with pharmacological volatiles as it provides second unit analysis, a simple and fragrant pattern recognition.

Stochastic volatility models and Kelvin waves

Science.gov (United States)

Lipton, Alex; Sepp, Artur

2008-08-01

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

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.

Microlayer source of oxygenated volatile organic compounds in the summertime marine Arctic boundary layer

OpenAIRE

Mungall, Emma L.; Abbatt, Jonathan P. D.; Wentzell, Jeremy J. B.; Lee, Alex K. Y.; Thomas, Jennie L.; Blais, Marjolaine; Gosselin, Michel; Miller, Lisa A.; Papakyriakou, Tim; Willis, Megan D.; Liggio, John

2017-01-01

A biogeochemical connection between the atmosphere and the ocean is demonstrated whereby a marine source of oxygenated volatile organic compounds is identified. Compounds of this type are involved in the formation of secondary organic aerosol, which remains one of the most poorly understood components of Earth’s climate system due in part to the diverse sources of its volatile organic compound precursors. This is especially the case for marine environments, where there are more oxygenated vol...

Macroeconomic dataset for generating macroeconomic volatility among selected countries in the Asia Pacific region

OpenAIRE

Chow, Yee Peng; Muhammad, Junaina; Amin Noordin, Bany Ariffin; Cheng, Fan Fah

2017-01-01

This data article provides macroeconomic data that can be used to generate macroeconomic volatility. The data cover a sample of seven selected countries in the Asia Pacific region for the period 2004–2014, including both developing and developed countries. This dataset was generated to enhance our understanding of the sources of macroeconomic volatility affecting the countries in this region. Although the Asia Pacific region continues to remain as the most dynamic part of the world's economy,...

Speech parts as Poisson processes.

Science.gov (United States)

Badalamenti, A F

2001-09-01

This paper presents evidence that six of the seven parts of speech occur in written text as Poisson processes, simple or recurring. The six major parts are nouns, verbs, adjectives, adverbs, prepositions, and conjunctions, with the interjection occurring too infrequently to support a model. The data consist of more than the first 5000 words of works by four major authors coded to label the parts of speech, as well as periods (sentence terminators). Sentence length is measured via the period and found to be normally distributed with no stochastic model identified for its occurrence. The models for all six speech parts but the noun significantly distinguish some pairs of authors and likewise for the joint use of all words types. Any one author is significantly distinguished from any other by at least one word type and sentence length very significantly distinguishes each from all others. The variety of word type use, measured by Shannon entropy, builds to about 90% of its maximum possible value. The rate constants for nouns are close to the fractions of maximum entropy achieved. This finding together with the stochastic models and the relations among them suggest that the noun may be a primitive organizer of written text.

The price of fixed income market volatility

CERN Document Server

Mele, Antonio

2015-01-01

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

Characterization of Volatile Flavor Compounds in Chinese Rice Wine Fermented from Enzymatic Extruded Rice.

Science.gov (United States)

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®

Volatile accretion history of the Earth.

Science.gov (United States)

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

2010-10-28

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

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

Science.gov (United States)

2017-03-06

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

Volatile profiling reveals intracellular metabolic changes in Aspergillus parasiticus: veA regulates branched chain amino acid and ethanol metabolism

Directory of Open Access Journals (Sweden)

Roze Ludmila V

2010-08-01

Full Text Available Abstract Background Filamentous fungi in the genus Aspergillus produce a variety of natural products, including aflatoxin, the most potent naturally occurring carcinogen known. Aflatoxin biosynthesis, one of the most highly characterized secondary metabolic pathways, offers a model system to study secondary metabolism in eukaryotes. To control or customize biosynthesis of natural products we must understand how secondary metabolism integrates into the overall cellular metabolic network. By applying a metabolomics approach we analyzed volatile compounds synthesized by Aspergillus parasiticus in an attempt to define the association of secondary metabolism with other metabolic and cellular processes. Results Volatile compounds were examined using solid phase microextraction - gas chromatography/mass spectrometry. In the wild type strain Aspergillus parasiticus SU-1, the largest group of volatiles included compounds derived from catabolism of branched chain amino acids (leucine, isoleucine, and valine; we also identified alcohols, esters, aldehydes, and lipid-derived volatiles. The number and quantity of the volatiles produced depended on media composition, time of incubation, and light-dark status. A block in aflatoxin biosynthesis or disruption of the global regulator veA affected the volatile profile. In addition to its multiple functions in secondary metabolism and development, VeA negatively regulated catabolism of branched chain amino acids and synthesis of ethanol at the transcriptional level thus playing a role in controlling carbon flow within the cell. Finally, we demonstrated that volatiles generated by a veA disruption mutant are part of the complex regulatory machinery that mediates the effects of VeA on asexual conidiation and sclerotia formation. Conclusions 1 Volatile profiling provides a rapid, effective, and powerful approach to identify changes in intracellular metabolic networks in filamentous fungi. 2 VeA coordinates the

Status of electron beam processing technology in Malaysia

International Nuclear Information System (INIS)

Ghazali, Zulkafli; Dahlan, Khairul Zaman; Aiasah, S.H.; Khomsaton, A.B.; Ting, T.M.

2003-01-01

The electron beam processing in Malaysia starting in 1991 at MINT (Malaysian Institute for Nuclear Technology Research) has been focussed on medical product sterilization, curing of surface coating and polymer modifications. Subsequent installation of accelerators by private companies promoted the development of radiation processing technologies for the use of production of heat-shrinkable products, pilot-scale flue gas purification, as well as wires, cables, tubes and hydrogels. Decomposition of a wide range of volatile organic compounds from industrial exhausts (car painting lines, volatile dioxin and furan from municipal waste incinerators) and purification of liquid wastewater and drinking water are also being under R and D work. Malaysia will continue to play an active part in the program on radiation technology to strengthen environmentally sustainable development in line with FNCA objectives. (S. Ohno)

A hybrid magnetic/complementary metal oxide semiconductor three-context memory bit cell for non-volatile circuit design

International Nuclear Information System (INIS)

Jovanović, B.; Brum, R. M.; Torres, L.

2014-01-01

After decades of continued scaling to the beat of Moore's law, it now appears that conventional silicon based devices are approaching their physical limits. In today's deep-submicron nodes, a number of short-channel and quantum effects are emerging that affect the manufacturing process, as well as, the functionality of the microelectronic systems-on-chip. Spintronics devices that exploit both the intrinsic spin of the electron and its associated magnetic moment, in addition to its fundamental electronic charge, are promising solutions to circumvent these scaling threats. Being compatible with the CMOS technology, such devices offer a promising synergy of radiation immunity, infinite endurance, non-volatility, increased density, etc. In this paper, we present a hybrid (magnetic/CMOS) cell that is able to store and process data both electrically and magnetically. The cell is based on perpendicular spin-transfer torque magnetic tunnel junctions (STT-MTJs) and is suitable for use in magnetic random access memories and reprogrammable computing (non-volatile registers, processor cache memories, magnetic field-programmable gate arrays, etc). To demonstrate the potential our hybrid cell, we physically implemented a small hybrid memory block using 45 nm × 45 nm round MTJs for the magnetic part and 28 nm fully depleted silicon on insulator (FD-SOI) technology for the CMOS part. We also report the cells measured performances in terms of area, robustness, read/write speed and energy consumption

A hybrid magnetic/complementary metal oxide semiconductor three-context memory bit cell for non-volatile circuit design

Energy Technology Data Exchange (ETDEWEB)

Jovanović, B., E-mail: bojan.jovanovic@lirmm.fr, E-mail: lionel.torres@lirmm.fr; Brum, R. M.; Torres, L. [LIRMM—University of Montpellier 2/UMR CNRS 5506, 161 Rue Ada, 34095 Montpellier (France)

2014-04-07

After decades of continued scaling to the beat of Moore's law, it now appears that conventional silicon based devices are approaching their physical limits. In today's deep-submicron nodes, a number of short-channel and quantum effects are emerging that affect the manufacturing process, as well as, the functionality of the microelectronic systems-on-chip. Spintronics devices that exploit both the intrinsic spin of the electron and its associated magnetic moment, in addition to its fundamental electronic charge, are promising solutions to circumvent these scaling threats. Being compatible with the CMOS technology, such devices offer a promising synergy of radiation immunity, infinite endurance, non-volatility, increased density, etc. In this paper, we present a hybrid (magnetic/CMOS) cell that is able to store and process data both electrically and magnetically. The cell is based on perpendicular spin-transfer torque magnetic tunnel junctions (STT-MTJs) and is suitable for use in magnetic random access memories and reprogrammable computing (non-volatile registers, processor cache memories, magnetic field-programmable gate arrays, etc). To demonstrate the potential our hybrid cell, we physically implemented a small hybrid memory block using 45 nm × 45 nm round MTJs for the magnetic part and 28 nm fully depleted silicon on insulator (FD-SOI) technology for the CMOS part. We also report the cells measured performances in terms of area, robustness, read/write speed and energy consumption.

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

Science.gov (United States)

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

2014-03-01

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

Volatile organic pollutants in iron and steel industry

International Nuclear Information System (INIS)

Manea, D.; Dorina, S.; Popescu, L.; Stoian, P.

2009-01-01

It is a well known fact that iron and steel units generate about 25% from total gaseous emissions, and a significant part of these are diffuse emissions, which appear during technological stages. so that, apart from other types of pollutants, appear volatile organic compounds (VOCs) that contain a considerable number of diverse and complex substances that, even in small amounts, affect all environmental factors: air, water, soil. (Author)

Modeling energy price dynamics: GARCH versus stochastic volatility

International Nuclear Information System (INIS)

Chan, Joshua C.C.; Grant, Angelia L.

2016-01-01

We compare a number of GARCH and stochastic volatility (SV) models using nine series of oil, petroleum product and natural gas prices in a formal Bayesian model comparison exercise. The competing models include the standard models of GARCH(1,1) and SV with an AR(1) log-volatility process, as well as more flexible models with jumps, volatility in mean, leverage effects, and t distributed and moving average innovations. We find that: (1) SV models generally compare favorably to their GARCH counterparts; (2) the jump component and t distributed innovations substantially improve the performance of the standard GARCH, but are unimportant for the SV model; (3) the volatility feedback channel seems to be superfluous; (4) the moving average component markedly improves the fit of both GARCH and SV models; and (5) the leverage effect is important for modeling crude oil prices—West Texas Intermediate and Brent—but not for other energy prices. Overall, the SV model with moving average innovations is the best model for all nine series. - Highlights: • We compare a variety of GARCH and SV models for fitting nine series of energy prices. • We find that SV models generally compare favorably to their GARCH counterparts. • The SV model with moving average innovations is the best model for all nine series.

Multidimensional analysis of cannabis volatile constituents: identification of 5,5-dimethyl-1-vinylbicyclo[2.1.1]hexane as a volatile marker of hashish, the resin of Cannabis sativa L.

Science.gov (United States)

Marchini, Marie; Charvoz, Céline; Dujourdy, Laurence; Baldovini, Nicolas; Filippi, Jean-Jacques

2014-11-28

The volatile constituents of drug samples derived from Cannabis sativa L. were investigated by means of headspace solid phase microextraction (HS-SPME) and gas chromatography techniques (GC-MS, GC×GC-MS). Samples of cannabis herb and hashish showed clear differences in their volatile chemical profiles, mostly resulting from photo-oxidation processes occurring during the transformation of fresh cannabis herb into hashish. Most unexpectedly, we could demonstrate hashish samples as containing remarkable amounts of a rare and unusual monoterpene - 5,5-dimethyl-1-vinylbicyclo[2.1.1]hexane - among the volatile compounds detected in their headspaces. We gave evidence for the formation of this compound from the light induced rearrangement of β-myrcene during the manufacture of hashish. In view of its high abundance among volatile constituents of cannabis resin and its scarce occurrence in other natural volatile extracts, we propose to rename this specific monoterpene hashishene. Copyright © 2014 Elsevier B.V. All rights reserved.

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

DEFF Research Database (Denmark)

Bollerslev, Tim; Gibson, Michael; Zhou, Hao

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

Hygroscopicity and ammonia volatilization losses from nitrogen sources in coated urea

Directory of Open Access Journals (Sweden)

Letícia de Abreu Faria

2014-06-01

Full Text Available Hygroscopic fertilizers tend to absorb moisture from the air and may have undesirable characteristics such as moistness, clumping and lower fluidity, hampering the application. The increasing use of urea is due to its numerous advantages, although this nitrogen (N source is highly susceptible to volatilization losses, particularly when applied to the soil surface of management systems with conservation of crop residues. The volatilization losses can be minimized by slow or controlled-release fertilizers, with controlled water solubility of the urea-coating materials; and by stabilized fertilizers, which prolong the period during which N remains in the amide or ammonia forms by urease inhibitors. This study evaluated the hygroscopicity of and ammonia volatilization from urea coated with boric acid and copper sulfate or with sulfur. The hygroscopicity of the sources was evaluated over time after exposure to five levels of relative humidity (RH and volatilization evaluated after application to the soil surface covered with sugarcane trash. Ammonium nitrate has a low potential for volatilization losses, but is highly hygroscopic. Although coating with boric acid and copper sulfate or elemental sulfur reduced the critical humidity level of urea, the delay in the volatilization process is a potential positive factor.

Final Report - Glass Formulation Testing to Increase Sulfate Volatilization from Melter, VSL-04R4970-1, Rev. 0, dated 2/24/05

Energy Technology Data Exchange (ETDEWEB)

Kruger, Albert A.; Matlack, K. A.; Pegg, I. L.; Gong, W.

2013-11-13

The principal objectives of the DM100 and DM10 tests were to determine the impact of four different organics and one inorganic feed additive on sulfate volatilization and to determine the sulfur partitioning between the glass and the off-gas system. The tests provided information on melter processing characteristics and off-gas data including sulfur incorporation and partitioning. A series of DM10 and DM100 melter tests were conducted using a LAW Envelope A feed. The testing was divided into three parts. The first part involved a series of DM10 melter tests with four different organic feed additives: sugar, polyethylene glycol (PEG), starch, and urea. The second part involved two confirmatory 50-hour melter tests on the DM100 using the best combination of reductants and conditions based on the DM10 results. The third part was performed on the DM100 with feeds containing vanadium oxide (V{sub 2}O{sub 5}) as an inorganic additive to increase sulfur partitioning to the off-gas. Although vanadium oxide is not a reductant, previous testing has shown that vanadium shows promise for partitioning sulfur to the melter exhaust, presumably through its known catalytic effect on the SO{sub 2}/SO{sub 3} reaction. Crucible-scale tests were conducted prior to the melter tests to confirm that the glasses and feeds would be processable in the melter and that the glasses would meet the waste form (ILAW) performance requirements. Thus, the major objectives of these tests were to: Perform screening tests on the DM10 followed by tests on the DM100-WV system using a LAW -Envelope A feed with four organic additives to assess their impact on sulfur volatilization. Perform tests on the DM100-WV system using a LAW -Envelope A feed containing vanadium oxide to assess its impact on sulfur volatilization. Determine feed processability and product quality with the above additives. Collect melter emissions data to determine the effect of additives on sulfur partitioning and melter emissions

Wintertime hygroscopicity and volatility of ambient urban aerosol particles

Science.gov (United States)

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

2018-04-01

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

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.

A volatile organics concentrator for use in monitoring Space Station water quality

Science.gov (United States)

Ehntholt, Daniel J.; Bodek, Itamar; Valentine, James R.; Trabanino, Rudy; Vincze, Johanna E.; Sauer, Richard L.

1990-01-01

The process used to identify, select, and design an approach to the isolation and concentration of volatile organic compounds from a water sample prior to chemical analysis in a microgravity environment is discerned. The trade analysis leading to the recommended volatile organics concentrator (VOC) concept to be tested in a breadboard device is presented. The system covers the areas of gases, volatile separation from water, and water removal/gas chromatograph/mass spectrometer interface. Five options for potential use in the VOC and GC/MS system are identified and ranked, and also nine options are presented for separation of volatiles from the water phase. Seven options for use in the water removal/GC column and MS interface are also identified and included in the overall considerations. A final overall recommendation for breadboard VOC testing is given.

Volatile communication in plant-aphid interactions.

Science.gov (United States)

de Vos, Martin; Jander, Georg

2010-08-01

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

Essays on nonparametric econometrics of stochastic volatility

NARCIS (Netherlands)

Zu, Y.

2012-01-01

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

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.

Volatility Informed Trading in the Options Market: Evidence from India

Directory of Open Access Journals (Sweden)

Rajesh Pathak

2015-12-01

Full Text Available The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

Understanding Financial Market Volatility

NARCIS (Netherlands)

A. Opschoor (Anne)

2014-01-01

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

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

Science.gov (United States)

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...

A Computer Model for Analyzing Volatile Removal Assembly

Science.gov (United States)

Guo, Boyun

2010-01-01

A computer model simulates reactional gas/liquid two-phase flow processes in porous media. A typical process is the oxygen/wastewater flow in the Volatile Removal Assembly (VRA) in the Closed Environment Life Support System (CELSS) installed in the International Space Station (ISS). The volatile organics in the wastewater are combusted by oxygen gas to form clean water and carbon dioxide, which is solved in the water phase. The model predicts the oxygen gas concentration profile in the reactor, which is an indicator of reactor performance. In this innovation, a mathematical model is included in the computer model for calculating the mass transfer from the gas phase to the liquid phase. The amount of mass transfer depends on several factors, including gas-phase concentration, distribution, and reaction rate. For a given reactor dimension, these factors depend on pressure and temperature in the reactor and composition and flow rate of the influent.

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.

Asymmetric Realized Volatility Risk

NARCIS (Netherlands)

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

2014-01-01

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

LOGISTICS AS A PART OF INNOVATION PROCESS

Directory of Open Access Journals (Sweden)

Erika Loučanová

2016-03-01

Full Text Available The paper deals with the importance of logistics in innovation process. The issue is focused on management of different logistic processes building on the innovation and on innovation process. However, logistics is an essential part of this process. The results describe logistics chain within innovation process for the satisfaction of customers´ demand and fulfilment of customers’ requests on the innovation. This approach involves “7S of logistics” which means: “create proper innovation, in the proper quality, for the right place and in the right time, as well as, with the proper price and package”.

A combined model of heat and mass transfer for the in situ extraction of volatile water from lunar regolith

Science.gov (United States)

Reiss, P.

2018-05-01

Chemical analysis of lunar soil samples often involves thermal processing to extract their volatile constituents, such as loosely adsorbed water. For the characterization of volatiles and their bonding mechanisms it is important to determine their desorption temperature. However, due to the low thermal diffusivity of lunar regolith, it might be difficult to reach a uniform heat distribution in a sample that is larger than only a few particles. Furthermore, the mass transport through such a sample is restricted, which might lead to a significant delay between actual desorption and measurable outgassing of volatiles from the sample. The entire volatiles extraction process depends on the dynamically changing heat and mass transfer within the sample, and is influenced by physical parameters such as porosity, tortuosity, gas density, temperature and pressure. To correctly interpret measurements of the extracted volatiles, it is important to understand the interaction between heat transfer, sorption, and gas transfer through the sample. The present paper discusses the molecular kinetics and mechanisms that are involved in the thermal extraction process and presents a combined parametrical computation model to simulate this process. The influence of water content on the gas diffusivity and thermal diffusivity is discussed and the issue of possible resorption of desorbed molecules within the sample is addressed. Based on the multi-physical computation model, a case study for the ProSPA instrument for in situ analysis of lunar volatiles is presented, which predicts relevant dynamic process parameters, such as gas pressure and process duration.

Study of volatile oil and lipid content of Jasonia montana (vahl ...

African Journals Online (AJOL)

The volatile oils, prepared by hydrodistillation from the aerial parts of three patches of Jasonia montana (vahl.) collected in May, August and November were subjected separately to GC/Ms analysis. Camphor, endoborneol, endobornyl acetate, intermedeol, 1, 8-cineole, 1-α-terpineol, and α-pinene, represented the major ...

Role of volatilization in changing TBA and MTBE concentrations at MTBE-contaminated sites.

Science.gov (United States)

Eweis, Juana B; Labolle, Eric M; Benson, David A; Fogg, Graham E

2007-10-01

Tertiary butyl alcohol (TBA) is commonly found as an impurity in methyl tertiary butyl ether (MTBE) added to gasoline. Frequent observations of high TBA, and especially rising TBA/MTBE concentration ratios, in groundwater at gasoline spill sites are generally attributed to microbial conversion of MTBE to TBA. Typically overlooked is the role of volatilization in the attenuation of these chemicals especially in the vadose zone, which is a source of contamination to groundwater. Here we show that volatilization, particularly through remediation by vapor extraction, can substantially affect the trends in TBA and MTBE concentrations and the respective mass available to impact groundwater aquifers, through the preferential removal of more volatile compounds, including MTBE, and the apparent enrichment of less volatile compounds like TBA. We demonstrate this phenomenon through numerical simulations of remedial-enhanced volatilization. Results show increases in TBA/MTBE concentration ratios consistent with ratios observed in groundwater at gasoline spill sites. Volatilization is an important, and potentially dominant, process that can result in concentration trends similar to those typically attributed to biodegradation.

Process development for green part printing using binder jetting additive manufacturing

Science.gov (United States)

Miyanaji, Hadi; Orth, Morgan; Akbar, Junaid Muhammad; Yang, Li

2018-05-01

Originally developed decades ago, the binder jetting additive manufacturing (BJ-AM) process possesses various advantages compared to other additive manufacturing (AM) technologies such as broad material compatibility and technological expandability. However, the adoption of BJ-AM has been limited by the lack of knowledge with the fundamental understanding of the process principles and characteristics, as well as the relatively few systematic design guideline that are available. In this work, the process design considerations for BJ-AM in green part fabrication were discussed in detail in order to provide a comprehensive perspective of the design for additive manufacturing for the process. Various process factors, including binder saturation, in-process drying, powder spreading, powder feedstock characteristics, binder characteristics and post-process curing, could significantly affect the printing quality of the green parts such as geometrical accuracy and part integrity. For powder feedstock with low flowability, even though process parameters could be optimized to partially offset the printing feasibility issue, the qualities of the green parts will be intrinsically limited due to the existence of large internal voids that are inaccessible to the binder. In addition, during the process development, the balanced combination between the saturation level and in-process drying is of critical importance in the quality control of the green parts.

Predictive calculations of volatilities of metals and oxides in steam-containing environments

International Nuclear Information System (INIS)

Krikorian, O.H.

1981-01-01

Predictive methods are developed for estimating the bond energies and free energy functions of volatile species having the general formula MO/sub x/ (OH)/sub y/, in order to shed some light on the mechanisms and extent of steam accelerated volatilization processes. A specific example of applying the data is illustrated for the case of a proposed underground radioactive waste disposal process, where oxides of radionuclides are allowed to equilibrate with 100 atm steam and 10 -2 atm oxygen at 1000 to 2000K. Vapor species found to have high volatilities include Cs 2 (OH) 2 , CsOH, AmO 2 (OH) 2 , AmO(OH) 3 , UO 2 (OH) 2 , NbO(OH) 3 , PuO 2 (OH) 2 , CeO(OH) 2 , Ba(OH) 2 , and Eu(OH) 3 . Thermodynamic data are tabulated for all possible monomeric species for this specific example

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.

Electro-volatilization of ruthenium in nitric medium: influences of ruthenium species nature and models solutions composition

International Nuclear Information System (INIS)

Mousset, F.

2004-12-01

Ruthenium is one of the fission products in the reprocessing of irradiated fuels that requires a specific processing management. Its elimination, upstream by the PUREX process, has been considered. A process, called electro-volatilization, which take advantage of the RuO 4 volatility, has been optimised in the present study. It consists in a continuous electrolysis of ruthenium solutions in order to generate RuO 4 species that is volatilized and easily trapped. This process goes to satisfying ruthenium elimination yields with RuNO(NO 3 ) 3 (H 2 O) 2 synthetic solutions but not with fuel dissolution solutions. Consequently, this work consisted in the speciation studies of dissolved ruthenium species were carried out by simulating fuel solutions produced by hot acid attack of several ruthenium compounds (Ru(0), RuO 2 ,xH 2 O, polymetallic alloy). In parallel with dissolution kinetic studies, the determination of dissolved species was performed using voltammetry, spectrometry and spectro-electrochemistry. The results showed the co-existence of Ru(IV) and RuNO(NO 2 ) 2 (H 2 O) 3 . Although these species are different from synthetic RuNO(NO 3 ) 3 (H 2 O) 2 , their electro-oxidation behaviour are similar. The electro-volatilization tests of these dissolution solutions yielded to comparable results as the synthetic RuNO(NO 3 ) 3 (H 2 O) 2 solutions. Then, complexity increase of models solutions was performed by in-situ generation of nitrous acid during ruthenium dissolution. Nitrous acid showed a catalytic effect on ruthenium dissolution. Its presence goes to quasi exclusively RuNO(NO 2 ) 2 (H 2 O) 3 species. It is also responsible of the strong n-bond formation between Ru 2+ and NO + . In addition, it has been shown that its reducing action on RuO 4 hinders the electro-volatilization process. Mn 2+ and Ce 3+ cations also reveal, but to a lesser extent, an electro-eater behaviour as well as Pu 4+ and Cr 3+ according to the thermodynamics data. These results allow one to

Fluctuation behaviors of financial return volatility duration

Science.gov (United States)

Niu, Hongli; Wang, Jun; Lu, Yunfan

2016-04-01

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

Change in Color and Volatile Composition of Skim Milk Processed with Pulsed Electric Field and Microfiltration Treatments or Heat Pasteurization †

Science.gov (United States)

Chugh, Anupam; Khanal, Dipendra; Walkling-Ribeiro, Markus; Corredig, Milena; Duizer, Lisa; Griffiths, Mansel W.

2014-01-01

Non-thermal processing methods, such as pulsed electric field (PEF) and tangential-flow microfiltration (TFMF), are emerging processing technologies that can minimize the deleterious effects of high temperature short time (HTST) pasteurization on quality attributes of skim milk. The present study investigates the impact of PEF and TFMF, alone or in combination, on color and volatile compounds in skim milk. PEF was applied at 28 or 40 kV/cm for 1122 to 2805 µs, while microfiltration (MF) was conducted using membranes with three pore sizes (lab-scale 0.65 and 1.2 µm TFMF, and pilot-scale 1.4 µm MF). HTST control treatments were applied at 75 or 95 °C for 20 and 45 s, respectively. Noticeable color changes were observed with the 0.65 µm TFMF treatment. No significant color changes were observed in PEF-treated, 1.2 µm TFMF-treated, HTST-treated, and 1.4 µm MF-treated skim milk (p ≥ 0.05) but the total color difference indicated better color retention with non-thermal preservation. The latter did not affect raw skim milk volatiles significantly after single or combined processing (p ≥ 0.05), but HTST caused considerable changes in their composition, including ketones, free fatty acids, hydrocarbons, and sulfur compounds (p < 0.05). The findings indicate that for the particular thermal and non-thermal treatments selected for this study, better retention of skim milk color and flavor components were obtained for the non-thermal treatments. PMID:28234317

Ambient Volatility of Triethyl Phosphate

Science.gov (United States)

2017-08-01

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

Aroma profile and volatiles odor activity along gold cultivar pineapple flesh.

Science.gov (United States)

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®

Improving Garch Volatility Forecasts

NARCIS (Netherlands)

Klaassen, F.J.G.M.

1998-01-01

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

The effect of volatility on percutaneous absorption.

Science.gov (United States)

Rouse, Nicole C; Maibach, Howard I

2016-01-01

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

Off-flavor related volatiles in soymilk as affected by soybean variety, grinding, and heat-processing methods.

Science.gov (United States)

Zhang, Yan; Guo, Shuntang; Liu, Zhisheng; Chang, Sam K C

2012-08-01

Off-flavor of soymilk is a barrier to the acceptance of consumers. The objectionable soy odor can be reduced through inhibition of their formation or through removal after being formed. In this study, soymilk was prepared by three grinding methods (ambient, cold, and hot grinding) from two varieties (yellow Prosoy and a black soybean) before undergoing three heating processes: stove cooking, one-phase UHT (ultrahigh temperature), and two-phase UHT process using a Microthermics direct injection processor, which was equipped with a vacuuming step to remove injected water and volatiles. Eight typical soy odor compounds, generated from lipid oxidation, were extracted by a solid-phase microextraction method and analyzed by gas chromatography. The results showed that hot grinding and cold grinding significantly reduced off-flavor as compared with ambient grinding, and hot grinding achieved the best result. The UHT methods, especially the two-phase UHT method, were effective to reduce soy odor. Different odor compounds showed distinct concentration patterns because of different formation mechanisms. The two varieties behaved differently in odor formation during the soymilk-making process. Most odor compounds could be reduced to below the detection limit through a combination of hot grinding and two-phase UHT processing. However, hot grinding gave lower solid and protein recoveries in soymilk.

The origin of volatiles in the Earth's mantle

Science.gov (United States)

Hier-Majumder, Saswata; Hirschmann, Marc M.

2017-08-01

that the mantle stored substantially higher amounts of volatiles than previously thought, thanks to large quantities of melt trapped in the mantle due to rapid freezing of the magma ocean. Our models show that up to 77% of the total planetary budget of water and 12% of CO2 can be stored in the mantle due to this previously unaccounted process.

Interior Volatile Reservoirs in Mercury

Science.gov (United States)

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

2018-05-01

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

Performance Volatility and Wage Elasticity: An Examination of Listed Chinese A-share Enterprises

Directory of Open Access Journals (Sweden)

Donghua Chen

2009-12-01

Full Text Available The management of future financial risk on the part of managers and changes in firm finances are two of the fundamental reasons for upward and downward rigidity of wages. The proxy variable for firm financial risk is volatility, the past performance of which is among the principal indicators of wage rigidity. In firms whose current performance is on the upswing, the greater the volatility in past performance, the smaller the elasticity ratio and the more acute the upward rigidity; the more stable past performance, the larger the elasticity ratio and the more acute the upward elasticity. In firms in which current performance is declining, greater past performance volatility leads to a larger elasticity ratio and more acute downward rigidity, whereas more stable such performance leads to a smaller elasticity ratio and more acute downward rigidity.

Non-volatile memories

CERN Document Server

Lacaze, Pierre-Camille

2014-01-01

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

A DG approach to the numerical solution of the Stein-Stein stochastic volatility option pricing model

Science.gov (United States)

Hozman, J.; Tichý, T.

2017-12-01

Stochastic volatility models enable to capture the real world features of the options better than the classical Black-Scholes treatment. Here we focus on pricing of European-style options under the Stein-Stein stochastic volatility model when the option value depends on the time, on the price of the underlying asset and on the volatility as a function of a mean reverting Orstein-Uhlenbeck process. A standard mathematical approach to this model leads to the non-stationary second-order degenerate partial differential equation of two spatial variables completed by the system of boundary and terminal conditions. In order to improve the numerical valuation process for a such pricing equation, we propose a numerical technique based on the discontinuous Galerkin method and the Crank-Nicolson scheme. Finally, reference numerical experiments on real market data illustrate comprehensive empirical findings on options with stochastic volatility.

Numerical simulation of complex part manufactured by selective laser melting process

Science.gov (United States)

Van Belle, Laurent

2017-10-01

Selective Laser Melting (SLM) process belonging to the family of the Additive Manufacturing (AM) technologies, enable to build parts layer by layer, from metallic powder and a CAD model. Physical phenomena that occur in the process have the same issues as conventional welding. Thermal gradients generate significant residual stresses and distortions in the parts. Moreover, the large and complex parts to manufacturing, accentuate the undesirable effects. Therefore, it is essential for manufacturers to offer a better understanding of the process and to ensure production reliability of parts with high added value. This paper focuses on the simulation of manufacturing turbine by SLM process in order to calculate residual stresses and distortions. Numerical results will be presented.

How common is within-plant signaling via volatiles?

Science.gov (United States)

Li, Tao; Blande, James D

2017-08-03

Many plants respond to herbivory by releasing a complex blend of volatiles that may differ from that emitted by intact counterparts. These herbivore-induced plant volatiles (HIPV) mediate many interactions among plants and their community members, including alerting undamaged leaves of the attacked or neighboring plants to impending danger. It has been postulated that HIPVs evolved for within-plant signaling and that other organisms subsequently evolved to use them. However, only 7 studies have reported HIPV-mediated within-plant signaling, most conducted in the laboratory or greenhouse. This leaves open the ecological relevance and evolutionary underpinning of the phenomenon. We recently observed within-plant signaling in hybrid aspen under laboratory and field conditions. Greenhouse experiments showed that HIPVs mediated the process. While our study adds an aspen hybrid to the list of plants in which within-plant signaling has been demonstrated, we lack understanding of how common the process is and whether plants obtain fitness benefits.

Climate, atmosphere, and volatile inventory evolution: polar processes, climate records, volatile inventories

International Nuclear Information System (INIS)

Pollack, J.B.

1988-01-01

Climate change on Mars was driven by long term changes in the solar luminosity, variations in the partitioning of volatiles between the atmosphere and near-surface reservoirs, and astronomical variations in axial and orbital properties. There are important parallels between these drives for Mars and comparable ones for Earth. In the early history of the solar system, the Sun's luminosity was 25 to 30 percent lower than its current value. It is suggested that an early benign climate on Earth was due to the presence of much more carbon dioxide in its atmosphere at these early times than currently resides there. Such a partitioning of carbon dioxide, at the expense of the carbonate rock reservoir, may have resulted from a more vigorous tectonic and volcanic style at early times. Such a line of reasoning may imply that much more carbon dioxide was present in the Martian atmosphere during the planet's early history than resides there today. It is now widely recognized that astronomical variations of the Earth's axial and orbital characteristics have played a dominant role in causing the succession of glacial and interglacial periods characterizing the last several million years. The magnitude of the axial and eccentricity variations are much larger for Mars than for Earth. Such changes on Mars could result in sizeable variations in atmospheric pressure, dust storm activity, and the stability of perennial carbon dioxide and water ice polar caps. These quasi-periodic climate changes occur on periods of 100,000 to 1,000,000 years and may be recorded in the sedimentary layers of the polar layered terrain

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

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

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...

[Chemical components of Vetiveria zizanioides volatiles].

Science.gov (United States)

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

2004-01-01

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

Volatility of fragrance chemicals: patch testing implications.

Science.gov (United States)

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

2009-01-01

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

A novel process for volatile fatty acids production from syngas by integrating with mesophilic alkaline fermentation of waste activated sludge

DEFF Research Database (Denmark)

Rao, Yue; Wan, Jingjing; Liu, Yafeng

2018-01-01

The present study proposed and demonstrated a novel process for the bioconversion of syngas (mainly CO and H2) to valuable volatile fatty acids (VFA) by integrating with mesophilic alkaline fermentation of waste activated sludge (WAS). The results showed that although pH 9 was suitable for VFA...... to the mesophilic alkaline fermentation of WAS at pH 10 not only resulted in the enrichment of some known bacteria related with syngas conversion, but also changed the microbial community compositions for the fermentation of WAS....

Characterization of volatiles in Beaten cheeses (bieno sirenje by SPME/GC-MC: Influence of geographical origin

Directory of Open Access Journals (Sweden)

Sulejmani Erhan

2014-01-01

Full Text Available In this study, the volatile profiles of a type of economically important cheeses for the FYR Macedonian dairy sector were characterized. A total of eighteen samples belonged to 6 different geographical regions of Beaten cheese, including cheeses from Kumanovo, Tetovo, Struga, Resen, Veles and Radovish were comparatively studied for their volatile profiles. Sixty two volatile compounds were identified in the cheeses by solid-phase microextraction combined with gas chromatography-mass spectrometry and the results are discussed based on their chemical classes (18 esters, 13 ketones, 10 acids, 8 alcohols, 5 terpenes, and 8 miscellaneous compounds. Acids, esters and alcohols were the most abundant classes identified and were highly dependent on the geographical origin of cheeses. Beaten cheese from Struga had the highest levels of carboxylic acids, ketones, alcohols, esters and terpenes. The Beaten cheese from other geographical origin had low levels of volatiles probably from the effect of variable characteristics of used milk and different cheese making process which affects the biochemical processes. The results suggest that each cheese from different geographical regions had different volatiles profile and the manufacturing technique as well as the ripening stage of the cheeses played a major role on the volatile compounds’ distribution.

Choice of volatile component of fluoroplastics containing varnishes for the equipment of radiation protection technique

International Nuclear Information System (INIS)

Shigorina, I.I.; Egorov, B.N.; Timofeeva, L.N.

1978-01-01

The problems of choosing the volatile part (v.p.) for varnishes on the basis of different flourocopolymers are considered. Ketones, esters, freons, dimethylformamide, tetrahydrofuran, aromatic and chlorinated hydrocarbons have been used as solvents. The volatile component has been estimated by the quality of the varnish film obtained (transparency, bubbles), viscosity of the varnishes, completeness of solvent volatility, porosity degree. Besides, analyzed are such factors as kinetics of solvent evaporation, working life time of varnishes, and the degree of their inflammability. Optimum solvents and their mixtures have been found for different grades of fluorolones. The possibility of producing fluorolone lackuers with a reduced degree of inflammability and of incombustible fluorolone varnishes is shown. Fluorolone varnishes find ever increasing application for radiation-protective coating of the equipment

Organic non-volatile memories from ferroelectric phase-separated blends

Science.gov (United States)

Asadi, Kamal; de Leeuw, Dago M.; de Boer, Bert; Blom, Paul W. M.

2008-07-01

New non-volatile memories are being investigated to keep up with the organic-electronics road map. Ferroelectric polarization is an attractive physical property as the mechanism for non-volatile switching, because the two polarizations can be used as two binary levels. However, in ferroelectric capacitors the read-out of the polarization charge is destructive. The functionality of the targeted memory should be based on resistive switching. In inorganic ferroelectrics conductivity and ferroelectricity cannot be tuned independently. The challenge is to develop a storage medium in which the favourable properties of ferroelectrics such as bistability and non-volatility can be combined with the beneficial properties provided by semiconductors such as conductivity and rectification. Here we present an integrated solution by blending semiconducting and ferroelectric polymers into phase-separated networks. The polarization field of the ferroelectric modulates the injection barrier at the semiconductor-metal contact. The combination of ferroelectric bistability with (semi)conductivity and rectification allows for solution-processed non-volatile memory arrays with a simple cross-bar architecture that can be read out non-destructively. The concept of an electrically tunable injection barrier as presented here is general and can be applied to other electronic devices such as light-emitting diodes with an integrated on/off switch.

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

Directory of Open Access Journals (Sweden)

Anton Apriyantono1

2004-08-01

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

[Emission characteristics and safety evaluation of volatile organic compounds in manufacturing processes of automotive coatings].

Science.gov (United States)

Zeng, Pei-Yuan; Li, Jian-Jun; Liao, Dong-Qi; Tu, Xiang; Xu, Mei-Ying; Sun, Guo-Ping

2013-12-01

Emission characteristics of volatile organic compounds (VOCs) were investigated in an automotive coating manufacturing enterprise. Air samples were taken from eight different manufacturing areas in three workshops, and the species of VOCs and their concentrations were measured by gas chromatography-mass spectrometry (GC-MS). Safety evaluation was also conducted by comparing the concentration of VOCs with the permissible concentration-short term exposure limit (PC-STEL) regulated by the Ministry of Health. The results showed that fifteen VOCs were detected in the indoor air of the automotive coatings workshop, including benzene, toluene, ethylbenzene, xylene, ethyl acetate, butyl acetate, methyl isobutyl ketone, propylene glycol monomethyl ether acetate, trimethylbenzene and ethylene glycol monobutyl ether, Their concentrations widely ranged from 0.51 to 593.14 mg x m(-3). The concentrations of TVOCs were significantly different among different manufacturing processes. Even in the same manufacturing process, the concentrations of each component measured at different times were also greatly different. The predominant VOCs of indoor air in the workshop were identified to be ethylbenzene and butyl acetate. The concentrations of most VOCs exceeded the occupational exposure limits, so the corresponding control measures should be taken to protect the health of the workers.

Emission of Volatile OrganoHalogens by Southern African Solar Salt Works

Science.gov (United States)

Kotte, Karsten; Weissflog, Ludwig; Lange, Christian Albert; Huber, Stefan; Pienaar, Jacobus J.

2010-05-01

hyper-saline environments, rich in chloride, bromide and partly iodide. They can be seen as semi natural reactors for hypersaline microorganisms like bacteria, algae and archaea as they can be found in natural hypersaline environments as well. To assess possible VOX emission of solar salt works the Walfishbay Salt Refiners (PTY) LTD (Namibia) were investigated and sediments of several crystallizer pans where collected. Only affected by natural temperature and radiation regime the VOX production inside the tightly closed incubation vials were determined regularly for several months by using headspace GC combined with an electron capture detector. Besides a number of non halogenated volatile hydrocarbons, detected by a self modified purge and trap GC/MS system the following VOX have been identified: CHCl3, CH3J, CH3Br, CCl4, C2HCl3, C2Cl4. According to earlier experiments on natural salt sediments of Southern Russia a biosynthesis process involving halophilic archaea is highly probable. Although the metabolic routes entailed are not yet identified. Obtained long term emission data are presented by focussing on possible meteorological propulsion as solar and UV radiation as well as temperature. Discussing the incubation experiments Southern African solar salt works reveal to represent interesting sources of chemically active VOX.

Housing market volatility in the OECD area

DEFF Research Database (Denmark)

Engsted, Tom; Pedersen, Thomas Quistgaard

2014-01-01

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

Elevated carbon dioxide reduces emission of herbivore induced volatiles in Zea mays

Science.gov (United States)

Terpene volatiles produced by sweet corn (Zea mays) upon infestation with pests such as beet armyworm (Spodoptera exigua) function as part of an indirect defense mechanism by attracting parasitoid wasps; yet little is known about the impact of atmospheric changes on this form of plant defense. To in...

Elevated carbon dioxide reduces emission of herbivore-induced volatiles in Zea mays.

Science.gov (United States)

Block, Anna; Vaughan, Martha M; Christensen, Shawn A; Alborn, Hans T; Tumlinson, James H

2017-09-01

Terpene volatiles produced by sweet corn (Zea mays) upon infestation with pests such as beet armyworm (Spodoptera exigua) function as part of an indirect defence mechanism by attracting parasitoid wasps; yet little is known about the impact of climate change on this form of plant defence. To investigate how a central component of climate change affects indirect defence, we measured herbivore-induced volatile emissions in plants grown under elevated carbon dioxide (CO 2 ). We found that S. exigua infested or elicitor-treated Z. mays grown at elevated CO 2 had decreased emission of its major sesquiterpene, (E)-β-caryophyllene and two homoterpenes, (3E)-4,8-dimethyl-1,3,7-nonatriene and (3E,7E)-4,8,12-trimethyl-1,3,7,11-tridecatetraene. In contrast, inside the leaves, elicitor-induced (E)-β-caryophyllene hyper-accumulated at elevated CO 2 , while levels of homoterpenes were unaffected. Furthermore, gene expression analysis revealed that the induction of terpene synthase genes following treatment was lower in plants grown at elevated CO 2 . Our data indicate that elevated CO 2 leads both to a repression of volatile synthesis at the transcriptional level and to limitation of volatile release through effects of CO 2 on stomatal conductance. These findings suggest that elevated CO 2 may alter the ability of Z. mays to utilize volatile terpenes to mediate indirect defenses. © 2017 John Wiley & Sons Ltd.

12 CFR Appendix A to Part 536 - Consumer Grievance Process

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Consumer Grievance Process A Appendix A to Part 536 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY CONSUMER PROTECTION IN SALES OF INSURANCE Pt. 536, App. A Appendix A to Part 536—Consumer Grievance Process Any consumer who...

12 CFR Appendix A to Part 14 - Consumer Grievance Process

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Consumer Grievance Process A Appendix A to Part 14 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY CONSUMER PROTECTION IN SALES OF INSURANCE Pt. 14, App. A Appendix A to Part 14—Consumer Grievance Process Any consumer who...

Herbicide volatilization trumps runoff losses, a multi-year investigation

Science.gov (United States)

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, ...

Managing volatility in the oil industry

International Nuclear Information System (INIS)

Bookout, J.F.

1990-01-01

A concern often expressed nowadays is that the survivability of parts of the oil industry is threatened. Over the past 15 years the oil industry has experienced a succession of rapid and significant changes. The dimensions of change include oil price, of course, but also changes in activity levels, employment, supply and demand, and in economic and political conditions. In this chapter we will examine some of these changes. In this paper, the authors compare the volatility of oil prices with that of other commodities, to determine whether the oil industry environment is unique in any way. Also in this discussion the authors consider the impact of futures market trading. Second, the authors look at the performance of various parts of the industry-the upstream exploration and production sector, the refining and retailing parts of the downstream sector, as well as a brief look at consumers. last, the authors consider whether the industry has adapted to this change environment, and what we might expect in the 1990s

The Incidence and Fate of Volatile Methyl Siloxanes in a Crewed Spacecraft Cabin

Science.gov (United States)

Perry, Jay L.; Kayatin, Matthew J.

2017-01-01

Volatile methyl siloxanes (VMS) arise from diverse, pervasive sources aboard crewed spacecraft ranging from materials offgassing to volatilization from personal care products. These sources lead to a persistent VMS compound presence in the cabin environment that must be considered for robust life support system design. Volatile methyl siloxane compound stability in the cabin environment presents an additional technical issue because degradation products such as dimethylsilanediol (DMSD) are highly soluble in water leading to a unique load challenge for water purification processes. The incidence and fate of VMS compounds as observed in the terrestrial atmosphere, water, and surface (soil) environmental compartments have been evaluated as an analogy for a crewed cabin environment. Volatile methyl siloxane removal pathways aboard crewed spacecraft are discussed and a material balance accounting for a DMSD production mechanism consistent with in-flight observations is presented.

Manure application and ammonia volatilization

NARCIS (Netherlands)

Huijsmans, J.F.M.

2003-01-01

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

Inflation Volatility and the Inflation-Growth Tradeoff in India

OpenAIRE

Raghbendra Jha; Varsha S. Kulkarni

2012-01-01

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

User's guide for polyethylene-based passive diffusion bag samplers to obtain volatile organic compound concentrations in wells. Part I, Deployment, recovery, data interpretation, and quality control and assurance

Science.gov (United States)

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.

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

Directory of Open Access Journals (Sweden)

Feng Wei

2016-11-01

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

Effect of γ-irradiation on volatile compounds of dried Welsh onion (Allium fistulosum L.)

International Nuclear Information System (INIS)

Gyawali, Rajendra; Seo, Hye-Young; Lee, Hyun-Ju; Song, Hyun-Pa; Kim, Dong-Ho; Byun, Myung-Woo; Kim, Kyong-Su

2006-01-01

The volatile compounds of γ-irradiated dried Welsh onion were isolated by simultaneous distillation-extraction (SDE) technique and then analyzed by gas chromatography-mass spectrometry (GC-MS) along with their non-irradiated counterparts. A total of 35 volatile compounds were identified in non-irradiated and 1 kGy irradiated samples and 36 volatile compounds were identified in 3, 5, 10 and 20 kGy irradiated samples so far belong to chemical classes of acid, alcohol, aldehyde, ester, furan, ketone and S-containing compound. S-containing compounds were detected as major volatile compounds of all experimental samples. Though the content of several compounds was increased after irradiation, content of major S-containing compounds was found to decreased in the process. Application of high-dose irradiation if required for microbial decontamination of dried Welsh onion is feasible as it enhanced the total concentration of volatile compounds by 31.60% and 24.85% at 10 and 20 kGy, respectively

Effects of Idiosyncratic Volatility in Asset Pricing

Directory of Open Access Journals (Sweden)

André Luís Leite

2016-04-01

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

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

Metabolism by grasshoppers of volatile chemical constituents from Mangifera indica and Solanum paniculatum leaves.

Science.gov (United States)

Ramos, Clécio S; Ramos, Natália S M; Da Silva, Rodolfo R; Da Câmara, Cláudio A G; Almeida, Argus V

2012-12-01

The chemical volatiles from plant leaves and their biological activities have been extensively studied. However, no studies have addressed plant-chemical volatiles after undergoing the digestive process in host insects. Here we describe for the first time chemical profiles of volatile constituents from Solanum paniculatum and Mangifera indica leaves metabolized by grasshoppers. Both profiles were qualitatively and quantitatively different from the profiles of non-metabolized leaves. The amount of nerolidol, the major constituent of S. paniculatum leaves, decreased and other sesquiterpenes, such as spathulenol, were formed during the digestive process of the grasshopper Chromacris speciosa. In M. indica, the presence of phenylpropanoids was observed (dillapiole, Z-asarone, E-asarone and γ-asarone) in the leaves metabolized by the grasshopper Tropidacris collaris, but these compounds were not found in the non-metabolized leaves. Copyright © 2012 Elsevier Ltd. All rights reserved.

HS-SPME-GC-MS ANALYSIS OF VOLATILE AND SEMI-VOLATILE COMPOUNDS FROM DRIED LEAVES OF Mikania glomerata Sprengel

Directory of Open Access Journals (Sweden)

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

Science.gov (United States)

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

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

Herbivore-induced blueberry volatiles and intra-plant signaling.

Science.gov (United States)

Rodriguez-Saona, Cesar R

2011-12-18

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

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

Science.gov (United States)

McCubbin, Francis

2016-01-01

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

Approaches for quantifying reactive and low-volatility biogenic organic compound emissions by vegetation enclosure techniques - part A.

Science.gov (United States)

Ortega, John; Helmig, Detlev

2008-06-01

The high reactivity and low vapor pressure of many biogenic volatile organic compounds (BVOC) make it difficult to measure whole-canopy fluxes of BVOC species using common analytical techniques. The most appropriate approach for estimating these BVOC fluxes is to determine emission rates from dynamic vegetation enclosure measurements. After scaling leaf- and branch-level emission rates to the canopy level, these fluxes can then be used in models to determine BVOC influences on atmospheric chemistry and aerosol processes. Previously published reports from enclosure measurements show considerable variation among procedures with limited guidelines or standard protocols to follow. This article reviews this literature and describes the variety of enclosure types, materials, and analysis techniques that have been used to determine BVOC emission rates. The current review article is followed by a companion paper which details a comprehensive enclosure technique that incorporates both recommendations from the literature as well as insight gained from theoretical calculations and practical experiences. These methods have yielded new BVOC emission data for highly reactive monoterpenes (MT) and sesquiterpenes (SQT) from a variety of vegetation species.

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

A Green Protocol for Microwave-Assisted Extraction of Volatile Oil Terpenes from Pterodon emarginatus Vogel. (Fabaceae

Directory of Open Access Journals (Sweden)

Giuliana M. Vila Verde

2018-03-01

Full Text Available Microwave-assisted extraction of volatile oils (MAE potentially offers a more efficient and bio-sustainable method than conventional extraction by Clevenger apparatus (CE. This study aimed to optimise the MAE of the volatile oil from Pterodon emarginatus fruits and characterise the volatile compounds. A 23 full-factorial central composite design and response surface methodology were used to evaluate the effects of time (min, moisture (% and microwave power (W on the extraction yield. The process optimisation was based on the desirability function approach. The reaction time and moisture conditions were standardised in these analyses. The volatile oil composition was analysed by Gas Chromatography/Mass Spectrometry (GC/MS in order to compare techniques extractions influences. Microwave irradiation showed excellent performance for extraction of the volatile oil from Pterodon emarginatus and there were some advantages in compare to conventional method with respect to the time (14 times, energy (6 times, reagents amounts and waste formation. About chemical composition presents significant differences with the type of extraction. Caryophyllene (25.65% and trans-α-bisabolol (6.24% were identified as major components in MAE sample while caryophyllene (6.75% and γ-elemene (7.02% are the components with higher relative percentage in CE samples. The microwaves assisted process shown an increase of economic interested compounds present in volatile oil.

On the source of stochastic volatility: Evidence from CAC40 index options during the subprime crisis

Science.gov (United States)

Slim, Skander

2016-12-01

This paper investigates the performance of time-changed Lévy processes with distinct sources of return volatility variation for modeling cross-sectional option prices on the CAC40 index during the subprime crisis. Specifically, we propose a multi-factor stochastic volatility model: one factor captures the diffusion component dynamics and two factors capture positive and negative jump variations. In-sample and out-of-sample tests show that our full-fledged model significantly outperforms nested lower-dimensional specifications. We find that all three sources of return volatility variation, with different persistence, are needed to properly account for market pricing dynamics across moneyness, maturity and volatility level. Besides, the model estimation reveals negative risk premium for both diffusive volatility and downward jump intensity whereas a positive risk premium is found to be attributed to upward jump intensity.

A Generic Decomposition Formula for Pricing Vanilla Options under Stochastic Volatility Models

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Raúl Merino

2015-01-01

Full Text Available We obtain a decomposition of the call option price for a very general stochastic volatility diffusion model, extending a previous decomposition formula for the Heston model. We realize that a new term arises when the stock price does not follow an exponential model. The techniques used for this purpose are nonanticipative. In particular, we also see that equivalent results can be obtained by using Functional Itô Calculus. Using the same generalizing ideas, we also extend to nonexponential models the alternative call option price decomposition formula written in terms of the Malliavin derivative of the volatility process. Finally, we give a general expression for the derivative of the implied volatility under both the anticipative and the nonanticipative cases.

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...

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

OpenAIRE

Grimsrud, David Borkner

2015-01-01

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

A nonparametric approach to forecasting realized volatility

OpenAIRE

Adam Clements; Ralf Becker

2009-01-01

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

Atomic and molecular physics of plasma-based environmental technologies for abatement of volatile organic 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)

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

DEFF Research Database (Denmark)

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

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

Characterization of PLA parts made with AM process

Science.gov (United States)

Spina, Roberto; Cavalcante, Bruno; Lavecchia, Fulvio

2018-05-01

The main objective of the presented work is to evaluate the thermal behavior of Poly-lactic acid (PLA) parts made with a Fused Deposition Modelling (FDM) process. By using a robust framework for the testing sequence of PLA parts, with the aim of establishing a standard testing cycle for the optimization of the part performance and quality. The research involves study the materials before and after 3D printing. Two biodegradable PLA polymers are investigated, characterized by different colors (one black and the other transparent). The study starts with the examination of each polymeric material and measurements of its main thermal properties.

Global volatile profile of virgin olive oils flavoured by aromatic/medicinal plants.

Science.gov (United States)

Perestrelo, R; Silva, C; Silva, P; Câmara, J S

2017-07-15

The global volatile profile of commercial virgin olive oils and flavoured olive oils with aromatic/medicinal plants, was established using liquid-liquid microextraction (LLME) and headspace solid-phase microextraction (HS-SPME) combined with gas chromatography-quadrupole mass spectrometry (GC-qMS). More than 60 volatile organic compounds (VOCs belonging to different groups were identified using both methods. Olive oils volatile profile was slightly influenced by maceration process, which occurred at room temperature (20±2°C) for 15days. The predominant differences were observed in terpenoids group, since some of them were only identified in the flavoured olive oils, while others showed an increase with the maceration process. VOCs mass transfer from plants to olive oils could explain the observed results. Principal components analysis (PCA) applied to LLME/GC-qMS data allowed to distinguish the olive oils. The flavoured oils would increase the use of olive oil among consumers as consequence of the improvement of its aromatic profile and healthy properties. Copyright © 2017 Elsevier Ltd. All rights reserved.

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.

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....

Role of Exchange Rate Volatility in Exchange Rate Pass-Through to Import Prices: Some Evidence from Japan

OpenAIRE

Guneratne Banda Wickremasinghe; Param Silvapulle

2004-01-01

This paper investigates the effect of exchange rate volatility on the degree of exchange rate pass-through in Japan for the period January 1975 to June 1997. Although several studies put forward theoretical arguments for the volatility-domestic import price relationship, only a very few studies produced empirical evidence. The volatility of contractual currency based exchange rate index returns was modelled using GARCH-type processes with skewed student t-distribution, capturing the typical n...

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...

Fundamental volatility is regime specific

NARCIS (Netherlands)

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

2006-01-01

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

LEFT-WING ASYMPTOTICS OF THE IMPLIED VOLATILITY IN THE PRESENCE OF ATOMS

OpenAIRE

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...

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....

Characterization of additive manufacturing processes for polymer micro parts productions using direct light processing (DLP) method

DEFF Research Database (Denmark)

Davoudinejad, Ali; Pedersen, David Bue; Tosello, Guido

The process capability of additive manufacturing (AM) for direct production of miniaturized polymer components with micro features is analyzed in this work. The consideration of the minimum printable feature size and obtainable tolerances of AM process is a critical step to establish a process...... chains for the production of parts with micro scale features. A specifically designed direct light processing (DLP) AM machine suitable for precision printing has been used. A test part is designed having features with different sizes and aspect ratios in order to evaluate the DLP AM machine capability...

Sulfur volatiles from Allium spp. affect Asian citrus psyllid, Diaphorina citri Kuwayama (Hemiptera: Psyllidae), response to citrus volatiles.

Science.gov (United States)

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.

Recent developments in volatility modeling and applications

Directory of Open Access Journals (Sweden)

A. Thavaneswaran

2006-01-01

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

Aerosol volatility in a boreal forest environment

Science.gov (United States)

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

2012-04-01

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

Removal of uranium from simulated fly ash by chloride volatilization method

International Nuclear Information System (INIS)

Nobuaki, Sato; Yoshikatsu, Tochigi; Toshiki, Fukui; Takeo, Fujino

2003-01-01

Fly ash is generated from LWR nuclear power plant as a low-level waste, which is contaminated with a small amount of radioactive materials, composed mainly of uranium oxide. The constituents of the fly ash are similar to those of the ore; the major components of the ash are oxides of silicon, aluminum, sodium, magnesium, zinc, iron sodium and uranium. In this study, removal of uranium from the simulated fly ash, of which composition was U 3 O 8 : 10, CaO:25, SiO 2 : 25, Al 2 O 3 : 20, MgO: 10, ZnO:5, Fe 2 O 3 : 3 and Na 2 CO 3 : 2 wt%, by chloride volatilization method was examined. The simulated fly ash was chlorinated by the same manner as the dry way processing for the ore; namely, the ash was heated in a flow of chlorine in the presence of carbon at high temperatures. In the case of volatilization of uranium from U 3 O 8 and a simulated fly ash by chlorination using chlorine and carbon, it was seen that uranium of both samples showed similar volatilization behaviour: The volatilization ratio of uranium (VU) increased with increasing temperature from 800 to 1100 C. The VU value attained 99.9% at 1100 C. Iron, silicon and zinc showed similar behaviour to uranium, namely, they vaporized completely. The volatilization ratio of aluminum, magnesium and sodium were still high in a range 80-90%. The volatilization ratio of calcium was ∼40% under the same chlorination condition, though it changed to chloride. For recovery of uranium from fly ash by chlorination using chlorine in the presence of carbon, high volatilization ratio of uranium can be achieved at high temperatures. Volatilization ratio of other components also increases, which decreases the amount of decontaminated residue resulting in the reducing of decontamination effect. Selection of heating condition is important. (author)

Storage and sustained release of volatile substances from a hollow silica matrix

Energy Technology Data Exchange (ETDEWEB)

Wang Jiexin [Key Lab for Nanomaterials, Ministry of Education, Beijing 100029 (China); Ding Haomin [Research Center of the Ministry of Education for High Gravity Engineering and Technology, Beijing University of Chemical Technology, Beijing 100029 (China); Tao Xia [Key Lab for Nanomaterials, Ministry of Education, Beijing 100029 (China); Chen Jianfeng [Key Lab for Nanomaterials, Ministry of Education, Beijing 100029 (China)

2007-06-20

Porous hollow silica nanospheres (PHSNSs) prepared by adopting a nanosized CaCO{sub 3} template were utilized for the first time as a novel carrier for the storage and sustained release of volatile substances. Two types of volatile substances, Indian pipal from perfumes and peroxyacetic acid from disinfectants, were selected and then tested by one simple adsorption process with two separate comparative carriers, i.e. activated carbon and solid porous silica. It was demonstrated that a high storage capacity (9.6 ml{sub perfume}/mg{sub carrier}) of perfume could be achieved in a PHSNS matrix, which was almost 14 times as much as that of activated carbon. The perfume release profiles showed that PHSNSs exhibited sustained multi-stage release behaviour, while the constant release of activated carbon at a low level was discerned. Further, a Higuchi model study proved that the release process of perfume in both carriers followed a Fickian diffusion mechanism. For peroxyacetic acid as a disinfectant model, PHSNSs also displayed a much better delayed-delivery process than a solid porous silica system owing to the existence of unique hollow frameworks. Therefore, the aforementioned excellent sustained-release behaviours would make PHSNSs a promising carrier for storage and sustained delivery applications of volatile substances.

Coupled interactions between volatile activity and Fe oxidation state during arc crustal processes

Science.gov (United States)

Humphreys, Madeleine C.S.; Brooker, R; Fraser, D.C.; Burgisser, A; Mangan, Margaret T.; McCammon, C

2015-01-01

Arc magmas erupted at the Earth’s surface are commonly more oxidized than those produced at mid-ocean ridges. Possible explanations for this high oxidation state are that the transfer of fluids during the subduction process results in direct oxidation of the sub-arc mantle wedge, or that oxidation is caused by the effect of later crustal processes, including protracted fractionation and degassing of volatile-rich magmas. This study sets out to investigate the effect of disequilibrium crustal processes that may involve coupled changes in H2O content and Fe oxidation state, by examining the degassing and hydration of sulphur-free rhyolites. We show that experimentally hydrated melts record strong increases in Fe3+/∑Fe with increasing H2O concentration as a result of changes in water activity. This is relevant for the passage of H2O-undersaturated melts from the deep crust towards shallow crustal storage regions, and raises the possibility that vertical variations in fO2 might develop within arc crust. Conversely, degassing experiments produce an increase in Fe3+/∑Fe with decreasing H2O concentration. In this case the oxidation is explained by loss of H2 as well as H2O into bubbles during decompression, consistent with thermodynamic modelling, and is relevant for magmas undergoing shallow degassing en route to the surface. We discuss these results in the context of the possible controls on fO2 during the generation, storage and ascent of magmas in arc settings, in particular considering the timescales of equilibration relative to observation as this affects the quality of the petrological record of magmatic fO2.

Effects of {gamma}-radiation on white tea volatiles

Energy Technology Data Exchange (ETDEWEB)

Fanaro, Gustavo B.; Silveira, Ana Paula M.; Nunes, Thaise C.F.; Costa, Helbert S.F.; Villavicencio, Anna L.C.H. [Instituto de Pesquisas Energeticas e Nucleares (IPEN/CNEN-SP), Sao Paulo, SP (Brazil)], e-mail: gbfanaro@ipen.br; Purgatto, Eduardo [Universidade de Sao Paulo (USP), SP (Brazil). Faculdade de Ciencias Farmaceuticas. Dept. de Alimentos e Nutricao Experimental

2009-07-01

Tea is the second most widely consumed beverages in the world and is processed from two and a bud of Camellia sinensis (L.). Depending on the processing may give rise to four mainly teas (green, black, oolong and white tea). The white tea is the one that has recently awakened interest in scientific community due the fact that this tea has more antioxidant property and activity than green tea. A further industrialization and commercialization of these plants become a problem of public health. The presence of potentially toxigenic fungi can be found in these products, indicating a great potential for the presence of mycotoxins that can cause acute and chronic effects in different organs and systems of the human body. Ionizing radiation is one of the most effective means disinfecting dry food ingredients. This treatment can inhibit cellular life division, like microorganisms, promoting a molecular structural modification. The aim of this study was evaluate the effects of radiation on volatile formation in white tea. Samples were irradiated in room temperature at {sup 60}Co source Gammacell 220 (A.E.C. Ltda) at doses of 0, 5, 10, 15 and 20-kGy. The volatiles organic compound was extracted by hydrodistillation and the extract was separated and identified by gas chromatography-mass spectrometry (GC-MS) analysis. The results show that the quantities of volatiles formations are directly proportional to the increase of radiation dose. About 37.86% of the compounds were stable at all radiation doses and 47.53% of new compounds were identified after irradiation. (author)

Effects of γ-radiation on white tea volatiles

International Nuclear Information System (INIS)

Fanaro, Gustavo B.; Silveira, Ana Paula M.; Nunes, Thaise C.F.; Costa, Helbert S.F.; Villavicencio, Anna L.C.H.; Purgatto, Eduardo

2009-01-01

Tea is the second most widely consumed beverages in the world and is processed from two and a bud of Camellia sinensis (L.). Depending on the processing may give rise to four mainly teas (green, black, oolong and white tea). The white tea is the one that has recently awakened interest in scientific community due the fact that this tea has more antioxidant property and activity than green tea. A further industrialization and commercialization of these plants become a problem of public health. The presence of potentially toxigenic fungi can be found in these products, indicating a great potential for the presence of mycotoxins that can cause acute and chronic effects in different organs and systems of the human body. Ionizing radiation is one of the most effective means disinfecting dry food ingredients. This treatment can inhibit cellular life division, like microorganisms, promoting a molecular structural modification. The aim of this study was evaluate the effects of radiation on volatile formation in white tea. Samples were irradiated in room temperature at 60 Co source Gammacell 220 (A.E.C. Ltda) at doses of 0, 5, 10, 15 and 20-kGy. The volatiles organic compound was extracted by hydrodistillation and the extract was separated and identified by gas chromatography-mass spectrometry (GC-MS) analysis. The results show that the quantities of volatiles formations are directly proportional to the increase of radiation dose. About 37.86% of the compounds were stable at all radiation doses and 47.53% of new compounds were identified after irradiation. (author)

Commercial Parts Technology Qualification Processes

Science.gov (United States)

Cooper, Mark S.

2013-01-01

Many high-reliability systems, including space systems, use selected commercial parts (including Plastic Encapsulated Microelectronics or PEMs) for unique functionality, small size, low weight, high mechanical shock resistance, and other factors. Predominantly this usage is subjected to certain 100% tests (typically called screens) and certain destructive tests usually (but not always) performed on the flight lot (typically called qualification tests). Frequently used approaches include those documented in EEE-INST-002 and JPL DocID62212 (which are sometimes modified by the particular aerospace space systems manufacturer). In this study, approaches from these documents and several space systems manufacturers are compared to approaches from a launch systems manufacturer (SpaceX), an implantable medical electronics manufacturer (Medtronics), and a high-reliability transport system process (automotive systems). In the conclusions section, these processes are outlined for all of these cases and presented in tabular form. Then some simple comparisons are made. In this introduction section, the PEM technology qualification process is described, as documented in EEE-INST-002 (written by the Goddard Space Flight Center, GSFC), as well as the somewhat modified approach employed at the Jet Propulsion Laboratory (JPL). Approaches used at several major NASA contractors are also described

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

Science.gov (United States)

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

2002-01-01

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

Political institutions and economic volatility

NARCIS (Netherlands)

Klomp, Jeroen; de Haan, Jakob

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

Preliminary assessment of laboratory techniques for measurement of volatiles through soils at hazardous waste sites

International Nuclear Information System (INIS)

Breckenridge, R.P.; Case, J.T.

1985-01-01

This study was conducted to determine if an inexpensive laboratory screening technique could be developed to detect the presence of hazardous volatile compounds without disturbing the soil over buried waste. A laboratory investigation was designed to evaluate the movement of two volatile organics through packed soil columns. Six soil columns were filled with three different soils. Two volatile organics, trichloroethylene (TCE) and dichloroethylene (1, 2 DCE), were placed at the base of the columns as a saturated water solution. Column headspace analysis was performed by purging the top of the columns with nitrogen gas and bubbling this gas through a pentane trap. Samples in the air space were also collected using 25 and 100 microliter gas tight syringes. All samples were analyzed using Electron Capture Detector (ECD) by gas chromatography. Results indicate that the volatile organic compounds can be detected through a five foot column of soil in concentrations down to parts-per-billion (ppb) for both TCE and DCE. Distribution coefficients (Kd) experiments were also conducted to assess breakthrough time and related concentration with soil type

The predictive content of CBOE crude oil volatility index

Science.gov (United States)

Chen, Hongtao; Liu, Li; Li, Xiaolei

2018-02-01

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

Real-Time Measurement of Volatile Chemicals Released by Bed Bugs during Mating Activities

DEFF Research Database (Denmark)

Kilpinen, Ole Østerlund; Liu, Dezhao; Adamsen, Anders Peter

2012-01-01

In recent years, bed bug (Hemiptera: Cimicidae) problems have increased dramatically in many parts of the world, leading to a renewed interest in their chemical ecology. Most studies of bed bug semiochemicals have been based on the collection of volatiles over a period of time followed by chemical...

Effect of sugars on liquid-vapour partition of volatile compounds in ready-to-drink coffee beverages.

Science.gov (United States)

Piccone, P; Lonzarich, V; Navarini, L; Fusella, G; Pittia, P

2012-09-01

The effect of sugars (sucrose, lactose, glucose, fructose, 10%w/v) on the liquid-vapour partition of selected volatile compounds of coffee beverages has been investigated in espresso coffee and ready-to-drink (RTD) canned coffee prepared and obtained by using the same Arabica roasted coffee beans blend. Aroma composition of coffee beverages has been preliminary investigated by headspace-gas chromatography (HS-GC) and solid phase microextraction-HS-GC-mass spectrometry to characterize the volatile pattern of the systems and to evaluate the effects of sugars on the aroma release/retention. Then, the liquid-vapour partition coefficient (k) of 4 selected key aroma compounds (diacetyl, 2,3-pentanedione, ethylpyrazine, hexanal) was determined in water, sugars solutions as well as RTD coffee brews added with the same sugars (10%w/v). Sugars added in coffee beverages affected the release of the volatiles and thus its aroma profile with differences due to the type of added sugar and coffee brew type. The k values of the selected volatile compounds resulted different depending on the model system composition (water, coffee brew) and sugar type added. In particular, melanoidins as well as other non-volatile components (lipids, acids, carbohydrates) in the RTD coffee brews could be implied in the change of k of the volatile compounds in respect to that observed in water. The effects of the sugar type on the release/retention of the four key coffee aroma compounds were partly explained in terms of 'salting out' especially for the more polar volatile compounds and in the sucrose-added model systems. The change of chemical and physico-chemical properties of the water and brews induced by the sugars as well as the occurrence of interactions between volatile compounds and non-volatile components may be implied in the reduction of the vapour partition of the aroma compounds. Copyright © 2012 John Wiley & Sons, Ltd.

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...

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...

Effects of Daylight Saving Time changes on stock market volatility: a reply.

Science.gov (United States)

Berument, Hakan; Dogan, Nukhet

2011-12-01

There is a rich array of evidence that suggests that changes in sleeping patterns affect an individual's decision-making processes. A nationwide sleeping-pattern change happens twice a year when the Daylight Saving Time (DST) change occurs. Kamstra, Kramer, and Levi argued in 2000 that a DST change lowers stock market returns. This study presents evidence that DST changes affect the relationship between stock market return and volatility. Empirical evidence suggests that the positive relationship between return and volatility becomes negative on the Mondays following DST changes.

Innate responses of the predatory mite Phytoseiulus persimilis to a herbivore-induced plant volatile

NARCIS (Netherlands)

Sznajder, B.; Sabelis, M.W.; Egas, M.

2011-01-01

The responses of the predatory mite P. persimilis to herbivore-induced plant volatiles are at least partly genetically determined. Thus, there is potential for the evolution of this behaviour by natural selection. We tested whether distinct predator genotypes with contrasting responses to a specific

Estimating and Forecasting Generalized Fractional Long Memory Stochastic Volatility Models

NARCIS (Netherlands)

S. Peiris (Shelton); M. Asai (Manabu); M.J. McAleer (Michael)

2016-01-01

textabstractIn recent years fractionally differenced processes have received a great deal of attention due to its flexibility in financial applications with long memory. This paper considers a class of models generated by Gegenbauer polynomials, incorporating the long memory in stochastic volatility

Equity Volatility and Corporate Bond Yields

OpenAIRE

John Y. Campbell; Glen B. Taksler

2002-01-01

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

Sources of Magmatic Volatiles Discharging from Subduction Zone Volcanoes

Science.gov (United States)

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

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

Firm-level volatility and exports

NARCIS (Netherlands)

Vannoorenberghe, G.C.L.

2012-01-01

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

Lunar Advanced Volatile Analysis Subsystem: Pressure Transducer Trade Study

Science.gov (United States)

Kang, Edward Shinuk

2017-01-01

In Situ Resource Utilization (ISRU) is a key factor in paving the way for the future of human space exploration. The ability to harvest resources on foreign astronomical objects to produce consumables and propellant offers potential reduction in mission cost and risk. Through previous missions, the existence of water ice at the poles of the moon has been identified, however the feasibility of water extraction for resources remains unanswered. The Resource Prospector (RP) mission is currently in development to provide ground truth, and will enable us to characterize the distribution of water at one of the lunar poles. Regolith & Environment Science and Oxygen & Lunar Volatile Extraction (RESOLVE) is the primary payload on RP that will be used in conjunction with a rover. RESOLVE contains multiple instruments for systematically identifying the presence of water. The main process involves the use of two systems within RESOLVE: the Oxygen Volatile Extraction Node (OVEN) and Lunar Advanced Volatile Analysis (LAVA). Within the LAVA subsystem, there are multiple calculations that depend on accurate pressure readings. One of the most important instances where pressure transducers (PT) are used is for calculating the number of moles in a gas transfer from the OVEN subsystem. As a critical component of the main process, a mixture of custom and commercial off the shelf (COTS) PTs are currently being tested in the expected operating environment to eventually down select an option for integrated testing in the LAVA engineering test unit (ETU).

Bid-Ask Spreads, Trading Volume and Return Volatility: Intraday Evidence from Indian Stock Market

Directory of Open Access Journals (Sweden)

Rashmi Ranjan Paital

2016-01-01

Full Text Available This paper empirically examines the relationship between stock return volatility, trading volume and bid-ask spread within the scope of mixture of distribution hypothesis (MDH and sequential information arrival hypothesis (SIAH in the Indian stock market using high frequency 5-minute data set over the period of 2 July 2012 to 31 December 2012. This is the first kind of study in India using bid-ask spread as an additional information variable along with trading volume to investigate the relationship with stock return volatility. Our empirical findings provide evidence of a positive contemporaneous relationship between return volatility and trading volume, and also between return volatility and bid-ask spread. Moreover, the results of Granger causality test show that the information content of trading volume and bid-ask spread are useful for predicting stock return volatility. Our results indicate that information arrival to investors tends to follow a sequential rather than a simultaneous process. This finding is consistent with the sequential information arrival hypothesis and contradicts the mixture of distribution hypothesis.

Ketertarikan Bactrocera carambolae (Diptera: Tephritidae pada Senyawa Volatil Olahan Limbah Kakao

Directory of Open Access Journals (Sweden)

Dyah Rini Indriyanti

2013-03-01

Full Text Available Tanaman kakao (Theobroma cacao menghasilkan biji. Biji ditutupi oleh pulp pada saat dipanen, kemudian difermentasi selama tiga hari untuk diambil biji kakao dan dihasilkan limbah cair. Penelitian ini bertujuan untuk menguji ketertarikan lalat buah pada olahan limbah kakao dan mengidentifikasi senyawa kimia volatil yang menarik lalat buah. Penelitian dilakukan di laboratorium, dimulai dari pengolahan limbah kakao, pengujian ketertarikan B. carambolae pada limbah dan mengidentifikasi senyawa volatil olahan limbah kakao. Hasil penelitian menunjukkan bahwa jantan dan betina B. carambolae tertarik pada limbah. Olahan limbah kakao berisi berbagai senyawa volatil yakni: amonia; etil-2-hidroksi propanoat ; 7-dodesenil asetat; senyawa asetamida; 3,5-dihidroksi-2-metil-5,6-dihidropiran; hidroksi metilfurfurol; dan derivat-1-undekuna.The cocoa plants (Theobroma cacao produce seeds. The seeds are covered by pulp when it is harvested. Then these seeds were fermented for three days to transform them becoming cocoa seeds and the fermentation would produce liquid wastes. The study aims to test the attractiveness of fruit flies to the processed liquid cocoa wastes and to identify the chemical compounds which attract fruit flies. The study was conducted in the laboratory, beginning from the processing of cocoa wastes, the testing of the attractiveness of B. carambolae to wastes and to identify the chemical compounds of the processed cocoa wastes. The result showed that males and females B. carambolae were attracted to the wastes.The processed cocoa wastes contain various chemical compounds, i.e. ammonia; ethyl-2-hydroxy propanoate; 7-dodecenyl acetate; acetamide compounds; 3,5 dihydroxy-2-methyl-5,6-dihydropyrane; hydroxyl methylfurfurol; and 1-undecyne derivates.

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)

Wintertime hygroscopicity and volatility of ambient urban aerosol particles

Directory of Open Access Journals (Sweden)

J. Enroth

2018-04-01

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

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

OpenAIRE

Raghbendra Jha; Varsha S. Kulkarni

2013-01-01

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

Changes in guava (Psidium guajava L. var. Paluma nectar volatile compounds concentration due to thermal processing and storage

Directory of Open Access Journals (Sweden)

Maria Ivaneide Coutinho Correa

2010-12-01

Full Text Available Guava nectars were formulated for approximately 10, 12, or 14 ºBrix, with 40% guava pulp. Sodium benzoate, 500 mg.kg-1 was used as preservative. The Brix value was adjusted with saturated sucrose syrup. The guava nectar was pasteurized (85 ºC/42 seconds in tubular heat exchanger and then hot filled in 500 mL white glass bottles. The products were stored either at room temperature (25 ± 5 ºC or refrigerated (5 ± 2 ºC under fluorescent light exposure and analyzed on the day after processing (time zero and also 40, 80, and 120 days of storage. Eight compounds were identified and quantified by Gas Chromatography (GC -Mass Spectrometry (MS: hexanal, (E-hex-2-enal, 1-hexenol, (Z-hex-3-enol, (Z-hex-3-enyl acetate, phenyl-3-propyl acetate, cinnamyl acetate, and acetic acid. There was no significant effect of thermal treatment on the volatile compound concentrations, except for a significant decrease (p = 0.0001 in hexanal and (Z-hex-3-enyl acetate (p = 0.0029. As for the storage time, there was a much greater decrease in the esters contents, such as (Z-hex-3-enyl and phenyl-3-propyl acetates. Cinnamyl acetate had the greatest decrease over storage time. Refrigeration was better than room temperature for guava nectar volatile compounds stability over storage time, mainly for esters compounds, which are important for the product aroma and flavor

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

Science.gov (United States)

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

2018-05-01

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