Analysis of cross-correlations between financial markets after the 2008 crisis

We analyze the cross-correlation matrix C of the index returns of the main financial markets after the 2008 crisis using methods of random matrix theory. We test the eigenvalues of C for universal properties of random matrices and find that the majority of the cross-correlation coefficients arise from randomness. We show that the eigenvector of the largest deviating eigenvalue of C represents a global market itself. We reveal that high volatility of financial markets is observed at the same times with high correlations between them which lowers the risk diversification potential even if one constructs a widely internationally diversified portfolio of stocks. We identify and compare the connection and cluster structure of markets before and after the crisis using minimal spanning and ultrametric hierarchical trees. We find that after the crisis, the co-movement degree of the markets increases. We also highlight the key financial markets of pre and post crisis using main centrality measures and analyze the changes. We repeat the study using rank correlation and compare the differences. Further implications are discussed.     

Similarity measure and topology evolution of foreign exchange markets using dynamic time warping method: Evidence from minimal spanning tree

In this study, we employ a dynamic time warping method to study the topology of similarity networks among 35 major currencies in international foreign exchange (FX) markets, measured by the minimal spanning tree (MST) approach, which is expected to overcome the synchronous restriction of the Pearson correlation coefficient. In the empirical process, firstly, we subdivide the analysis period from June 2005 to May 2011 into three sub-periods: before, during, and after the US sub-prime crisis. Secondly, we choose NZD (New Zealand dollar) as the numeraire and then, analyze the topology evolution of FX markets in terms of the structure changes of MSTs during the above periods. We also present the hierarchical tree associated with the MST to study the currency clusters in each sub-period. Our results confirm that USD and EUR are the predominant world currencies. But USD gradually loses the most central position while EUR acts as a stable center in the MST passing through the crisis. Furthermore, an interesting finding is that, after the crisis, SGD (Singapore dollar) becomes a new center currency for the network.     

High-frequency sonoelectrochemical processes: mass transport, thermal and surface effects induced by cavitation in a 500 kHz reactor

The use of high frequency ultrasound in electrochemical systems is of major interest for the optimisation of electrosynthetic and electroanalytical procedures, especially when the strong mechanical effects of 20 kHz ultrasound are detrimental. The characterisation of a 500 kHz ultrasound reactor for sonoelectrochemical experiments by voltammetric and potentiometric measurements revealed the presence of considerable thermal, as well as mass transport, effects depending on geometric parameters and the material used for the construction of the working electrode. Micromixing and cavitation processes govern the mass transport to and from the electrode surface and are shown by atomic force microscopy (AFM) to cause erosion on the electrode surface. Electrochemically active films of Prussian blue are shown to be gradually removed by cavitation erosion. Degassing the solution prior to sonication increases the efficiency of cavitation processes.     

Differences in voice quality between men and women: Use of the long-term average spectrum (LTAS)

The goal of this study was to determine if there are acoustical differences between male and female voices, and if there are, where exactly do these differences lie. Extended speech samples were used. The recorded readings of a text by 31 women and by 24 men were analyzed by means of the Long-term Spectrum (LTAS), extracting the amplitude values (in decibels) at intervals of 160 Hz over a range of 8 kHz. The results showed a significant difference between genders, as well as an interaction of gender and frequency level. The female voice showed greater levels of aspiration noise, located in the spectral regions corresponding to the third formant, which causes the female voice to have a more “breathy” quality than the male voice. The lower spectral tilt in the women's voices is another consequence of this presence of greater aspiration noise.     

Electromigration revisited: competition between Kirkendall shift and backstress in pure metals and two-phase alloys

The simple phenomenological model and analytical approach of electromigration in the two-phase alloy (solder) under combined influence of the Kirkendall effect, backstress and sedimentation is presented. It is compared with electromigration in pure metal under condition of quasi-equilibrium vacancies (unlimited power of vacancy sinks-sources) and electromigration in pure metal with account of nonequilibrium vacancies.     

On the correlation between order parameter, superconducting volume fraction and critical current density in R: 123 superconductors

Resistivity and low field ac susceptibility measurements are made on R: 123 superconducting samples with different rare earth elements R. The order parameter dimensionality OPD is deduced from resistivity versus temperature plot using the Aslamazov and Larkin expression, while the analysis of the temperature dependence of ac susceptibility is done employing Beans’ critical state model and with the help of the Ravi expression. With increasing R, the critical temperatures T_c are nearly kept constant (∼90 K), while the crossover temperatures T_o are shifted to lower values. Moreover, the superconducting order parameter OPD is shifted toward 2D behavior. On the other hand, the values of superconducting volume fraction f_g decrease with increasing ac field amplitude H_m for all samples and it is higher in Er: 123 sample than in Nd: 123 sample. Although the values of critical current density J_c at the peak temperature T_m are nearly unchanged with increasing R, the values of J_c(T), at T<T_m and T>T_m, are found to be dependent on the chosen R. The correlation between the above calculated parameters against R is also mentioned.     

Postnatal development of urea synthesis in VLBW-infants as estimated by 15N-ammonium chloride urine test: Differences between AGA- and SGA-Infants

A prototype off-axis integrated cavity output spectrometer (OA-ICOS) utilizing two identical cavities together with a near-infrared (1.63 μm) external cavity tunable diode laser is described. The two-cavity design—one for a reference gas and one for a sample gas—takes advantage of classical double-beam infrared spectrometer characteristics in reducing uncertainties due to laser scan or power instabilities and major temperature variations by a factor of three or better compared with a single-cavity scheme. This is the first OA-ICOS instrument designed to determine ¹³C/¹²C and ¹⁸O/¹⁶O ratios from CO₂ rotation/vibration fine structure in three different combination bands. Preliminary results indicate that at 0.8 Hz a precision of 3.3 and 2.8 \permil\ is obtained for δ¹³C and δ¹⁸O, respectively, over a period of 10 h and a pure CO₂ gas sample at 26 hPa. By averaging 100 spectra over a subset of the data, we achieved a precision of 1.6 and 0.8 \permil\ for δ¹³C and δ¹⁸O, respectively.     

Ab initio study of Nb2SC and Nb2S2C: Differences in coupling between the S and Nb-C layers

Using ab initio calculations, we have studied the structurally related compounds Nb₂SC and Nb₂S₂C. In Nb₂S₂C (space group , prototype Bi₂Te₃), S atoms are nearest neighbours, while in Nb₂SC (space group P6₃/mmc, prototype Cr₂AlC) this is not the case. The calculated equilibrium volume for these two phases deviates by 1.6-3.7% to previously-published experimental data and the bulk modulus-to-c₄₄ ratios obtained are 1.5 and 5.9, respectively. These results indicate a resemblance of Nb₂S₂C to hexagonal BN and graphite. Furthermore, we have demonstrated that the uniform compression method is adequate for estimating the elastic properties of Nb₂SC, a so-called MAX phase. It is our ambition that these calculations will stimulate further experimental research on these compounds.     

A paradigm shift in rate determining step from single electron transfer between phenylsulfinylacetic acids and iron(III) polypyridyl complexes to nucleophilic attack of water to the produced sulfoxide radical cation: a non‐linear Hammett

Mechanism of oxidative decarboxylation of phenylsulfinylacetic acids (PSAAs) by iron(III) polypyridyl complexes in aqueous acetonitrile medium has been investigated spectrophotometrically. An initial intermediate formation between PSAA and [Fe(NN)₃]³⁺ is confirmed from the observed Michaelis–Menten kinetics and fractional order dependence on PSAA. Significant rate retardation with concentration of [Fe(NN)₃]³⁺ is rationalized on the basis of coordination of a water molecule at the carbon atom adjacent to the ring nitrogen of the metal polypyridyl complexes by nucleophilic attack at higher concentrations. Electron‐withdrawing and electron‐releasing substituents in PSAA facilitate the reaction and Hammett correlation gives an upward ‘V’ shaped curve. The apparent upward curvature is rationalized based on the change in the rate determining step from electron transfer to nucleophilic attack, by changing the substituents from electron‐releasing to electron‐withdrawing groups. Electron‐releasing substituents in PSAA accelerate the electron transfer from PSAA to the complex and also stabilize the intermediate through resonance interaction leading to negative reaction constants (ρ). Conversely, electron‐withdrawing groups, while retarding the electron transfer exert an accelerating effect on the nucleophilic attack of H₂O which leading to low magnitude of ρ⁺ compared to high ρ^? values of electron‐releasing groups. Marcus theory is applied, and a fair agreement is seen with the experimental values. Copyright © 2016 John Wiley & Sons, Ltd.