Detrending the realized volatility in the global FX market

There has been growing interest in realized volatility (RV) of financial assets that is calculated using intra-day returns. The choice of optimal time grid for these calculations is not trivial and generally requires analysis of RV dependence on the grid spacing (so-called RV signature). Typical RV signatures have a maximum at the finest time grid spacing available, which is attributed to the microstructure effects. This maximum decays into a plateau at lower frequencies, which implies (almost) stationary return variance. We found that the RV signatures in the modern global FX market may have no plateau or even have a maximum at lower frequencies. Simple averaging methods used to address the microstructure effects in equities have no practical effect on the FX RV signatures. We show that local detrending of the high-frequency FX rate samples yields RV signatures with a pronounced plateau. This implies that FX rates can be described with a Brownian motion having non-stationary trend and stationary variance. We point at a role of algorithmic trading as a possible cause of micro-trends in FX rates.     

Constraints on an asymptotic safety scenario for the Wess–Zumino model

Using the nonrenormalization theorem and Pohlmeyer's theorem, it is proven that there cannot be an asymptotic safety scenario for the Wess–Zumino model unless there exists a non-trivial fixed point with (i) a negative anomalous dimension (ii) a relevant direction belonging to the Kähler potential.     

Growth and properties of ZnO nanorod and nanonails by thermal evaporation

ZnO nanorods and nanonails have been synthesized on silicon wafers by a three-step catalyst-free thermal evaporation method in oxygen atmosphere. All the samples were hexagonal phase ZnO with highly c-axis preferential orientation. Different morphologies of ZnO nanostructures, i.e. ZnO nanorods and two kinds of nanonails, were observed at various temperature regions. Photoluminescence, transmission electron microscopy, and energy-dispersive X-ray spectroscope were employed to elucidate the reason for the formation of such different rod-like structures. The analysis results demonstrated that the caps of nanonails possess a large number of oxygen vacancies, which may play a key role in determining the formation of nanonails and the high intensity of green emission.     

Preparation of P-rich InP surfaces via MOCVD and surface characterization in UHV

For the first time direct contamination-free transfer to UHV was achieved for the P-rich InP(100) surface that is the easiest to prepare and control in the MOCVD environment. To avoid contamination during transfer a commercial MOCVD apparatus was modified to allow for transfer of samples to the 10^-9 mbar UHV range within a very short time (less than 20 s) [1]. Epitaxial InP(100) films were prepared with TBP (tertiarybutylphosphine) and TMIn (trimethylindium) as precursors. In situ reflectance anisotropy spectroscopy (RAS) was carried out in the MOCVD environment. After transfer of the sample to UHV the same RAS spectrum was recovered. Auger-electron spectra (AES) confirmed the P-termination of the surface reconstructions suggested by RAS. Received: 19 October 1998 / Accepted: 21 April 1999 / Published online: 14 July 1999     

Weather effects on returns: Evidence from the Korean stock market

In this study, we attempted to determine whether a relationship exists between stock returns and the weather variables of temperature, humidity, and cloud cover in the Korean stock market. We delineated three key implications with regard to weather effects. First, after the 1997 financial crisis, the presence of a weather effect disappeared. Second, the inclusion of weather variables helps to model the GJR-GARCH process in the conditional variance. Third, the interaction effects of weather variables fully demonstrate the weather effect, but the interaction effects also vanished after the crisis. Overall, the findings of this study indicate that the weather effect was weakened as the result of heightened market efficiency.     

Properties of ZnO thin films grown on Si substrates by photo-assisted MOCVD

ZnO thin films were grown on (1 0 0) p-Si substrates by Photo-assisted Metal Organic Chemical Vapor Deposition (PA-MOCVD) using diethylzinc (DEZn) and O₂ as source materials and tungsten-halogen lamp as a light source. The effects of tungsten-halogen lamp irradiation on the surface morphology, structural and optical properties of the deposited ZnO films have been investigated by means of atomic force microscope (AFM), X-ray diffraction and photoluminescence (PL) spectra measurements. Compared with the samples without irradiation, the several characteristics of ZnO films with irradiation are improved, including an improvement in the crystallinity of c-axis orientation, an increase in the grain size and an improvement in optical quality of ZnO films. These results indicated that light irradiation played an important role in the growth of ZnO films by PA-MOCVD.     

Base doping and dopant profile control of SiGe npn and pnp HBTs

Incorporation of high doping concentrations and the creation and maintaining of steep doping profiles during processing are key enabler for high level RF performance of heterojunction bipolar transistors (HBTs). In this paper, we discuss results of base doping and dopant profile control for npn and pnp SiGe HBTs fabricated within 0.25 μm BiCMOS technologies. High level of electrically active B and P doping concentrations (up to 10²⁰ cm⁻³) have been incorporated into SiGe. By adding C to SiGe steep doping profiles have been maintained due to the prevention of dopant diffusion during device processing. It is shown that broadening of P doping profiles caused by segregation could be reduced by lowering the deposition temperature for the SiGe cap. B and P atomic layer doping is shown to be suitable for the creation of steep and narrow doping profiles. This result is demonstrating the capability of the atomic layer processing approach for future devices with critical requirements of dopant dose and location control.     

Leakage current study of Si1−xCx embedded source/drain junctions

This work investigates the impact of various processing parameters on the leakage current of in situ P-doped Si_1−xC_x embedded source/drain (S/D) junctions, i.e., the carbon content x (%) and the thermal budget used either before or after the selective epitaxial deposition. It is shown that while the area leakage current density, generated by defects in the depletion region is not affected by the epitaxial process or the strain in the substrate, the perimeter leakage current density (J_P) increases with x. From the stronger reverse bias dependence of J_P, it is derived that a higher electric field exists along the junction periphery. This is confirmed by capacitance-voltage (C-V) measurements, demonstrating a higher p-well B doping density for increasing x. It is believed that this originates from the strain dependence of the B diffusivity in the p-well region. No evidence of electrically active extended defect formation was found, so it is expected that the off-state current of embedded Si_1−xC_x S/D nMOSFETs will not be adversely affected by the selective epitaxial deposition.     

Enhanced field emission from ZnO nanopencils by using pyramidal Si(1 0 0) substrates

Zinc oxide nanopencil arrays were synthesized on pyramidal Si(1 0 0) substrates via a simple thermal evaporation method. Their field emission properties have been investigated: the turn-on electric field (at the current density of 10 μA/cm²) was about 3.8 V/μm, and the threshold electric field (at the current density of 1 mA/cm²) was 5.8 V/μm. Compared with similar structures grown on flat Si substrates, which were made as references, the pyramidal Si-based ZnO nanopencil arrays appeared to be superior in field emission performance, thus the importance of the non-flat substrates has been accentuated. The pyramidal Si substrates could not only suppress the field screening effect but also improve the field enhancement effect during the field emission process. These findings indicated that using non-flat substrates is an efficient strategy to improve the field emission properties.     

Electronic Curves Crossing in Methyl Iodide by Spin--Orbit Ab Initio Calculation

An ab initio investigation of electronic curve crossing in a methyl iodide molecule is carried out using spin-orbit multiconfigurational quasidegenerate perturbation theory. The one-dimensional rigid potential curves and optimized effective curves of low-lying states, including spin-orbit coupling and relativistic effects, are calculated. The spin-orbit electronic curve crossing between ^3Qo＋ and ^1Q1, and the shadow minimum in potential energy curve of ^3Qo＋ at large internuclear distance are found in both sets of the curves according to the present calcu- lations. The crossing position is in the range of Re-1 = 0.2370 3：0.0001 nm. Comparisons with other reports are presented.