Are crude oil markets multifractal? Evidence from MF-DFA and MF-SSA perspectives

In this article, we investigated the multifractality and its underlying formation mechanisms in international crude oil markets, namely, Brent and WTI, which are the most important oil pricing benchmarks globally. We attempt to find the answers to the following questions: (1) Are those different markets multifractal? (2) What are the dynamical causes for multifractality in those markets (if any)? To answer these questions, we applied both multifractal detrended fluctuation analysis (MF-DFA) and multifractal singular spectrum analysis (MF-SSA) based on the partition function, two widely used multifractality detecting methods. We found that both markets exhibit multifractal properties by means of these methods. Furthermore, in order to identify the underlying formation mechanisms of multifractal features, we destroyed the underlying nonlinear temporal correlation by shuffling the original time series; thus, we identified that the causes of the multifractality are influenced mainly by a nonlinear temporal correlation mechanism instead of a non-Gaussian distribution. At last, by tracking the evolution of left- and right-half multifractal spectra, we found that the dynamics of the large price fluctuations is significantly different from that of the small ones. Our main contribution is that we not only provided empirical evidence of the existence of multifractality in the markets, but also the sources of multifractality and plausible explanations to current literature; furthermore, we investigated the different dynamical price behaviors influenced by large and small price fluctuations.     

A copula–multifractal volatility hedging model for CSI 300 index futures

In this paper, we propose a new hedging model combining the newly introduced multifractal volatility (MFV) model and the dynamic copula functions. Using high-frequency intraday quotes of the spot Shanghai Stock Exchange Composite Index (SSEC), spot China Securities Index 300 (CSI 300), and CSI 300 index futures, we compare the direct and cross hedging effectiveness of the copula–MFV model with several popular copula–GARCH models. The main empirical results show that the proposed copula–MFV model obtains better hedging effectiveness than the copula–GARCH-type models in general. Furthermore, the hedge operating strategy based MFV hedging model involves fewer transaction costs than those based on the GARCH-type models. The finding of this paper indicates that multifractal analysis may offer a new way of quantitative hedging model design using financial futures.     

Are Guessing,Source Coding and Tasks Partitioning Birds of A Feather?

This paper establishes a close relationship among the four information theoretic problems, namely Campbell source coding, Arikan guessing, Huleihel et al. memoryless guessing and Bunte and Lapidoth tasks’ partitioning problems in the IID-lossless case. We first show that the aforementioned problems are mathematically related via a general moment minimization problem whose optimum solution is given in terms of Renyi entropy. We then propose a general framework for the mismatched version of these problems and establish all the asymptotic results using this framework. The unified framework further enables us to study a variant of Bunte–Lapidoth’s tasks partitioning problem which is practically more appealing. In addition, this variant turns out to be a generalization of Arıkan’s guessing problem. Finally, with the help of this general framework, we establish an equivalence among all these problems, in the sense that, knowing an asymptotically optimal solution in one problem helps us find the same in all other problems.     

Are Mobility and COVID-19 Related? A Dynamic Analysis for Portuguese Districts

In this research work, we propose to assess the dynamic correlation between different mobility indices, measured on a daily basis, and the new cases of COVID-19 in the different Portuguese districts. The analysis is based on global correlation measures, which capture linear and non-linear relationships in time series, in a robust and dynamic way, in a period without significant changes of non-pharmacological measures. The results show that mobility in retail and recreation, grocery and pharmacy, and public transport shows a higher correlation with new COVID-19 cases than mobility in parks, workplaces or residences. It should also be noted that this relationship is lower in districts with lower population density, which leads to the need for differentiated confinement policies in order to minimize the impacts of a terrible economic and social crisis.     

A comparative study of F_0 patterns between Chinese and other languages

I.IntroductionEady[1]examinedhowthefundamentalfrequencyF,patternsintone1anguage-Chinesearcdifferentfromthatinstresslang1agnEnglish.HearguedthatthcF,patternsinatonelanguagearesystematica1lydifferentfromthoseinastress1anguageandhisfindingcontradictstheclaimofBo1ingerthat-humanspcakerseverywhercdoessentiallythesamethingwithfundamentalpiteh'.EadyusedcepstalmethodtOdoF,extractionsohecannotgetaninsightintothemicrostructureofthelaryngea1vibrahonsprecisely,althoughanaveragerateofchangeinF,forevery…     

Are wave mechanics and matrix mechanics equivalent theories?

The Eckart and Schrödinger proofs of 1926 are often described as having established the equivalence of wave mechanics and matrix mechanics as physical theories. The objective of this paper is to show that these “proofs” establish nothing of the kind. The Eckart-Schrödinger “proofs” have to do only with the formal identity of two different calculi. The question is, do the “proofs” establish the mathematical identity ofC ₁ andC ₂? Two views are possible: (1) Eckart and Schrödinger subsumed wave mechanics (C ₁) and matrix mechanics (C ₂) within a more comprehensive theory — which might be called “the operator calculus” (O). From this alone it does not follow thatC ₁ andC ₂ are formally identical. In general, the identity of two theories can never be established just by the fact that they both follow from the same premise. The other view (2) is thatO is simply a logical transformer which converts any statement ofC ₁ into a corresponding statement ofC ₂ — without adding any theoretical content of its own. That this is so could never beproved by an inductive selection of typical problems within microphysics; yet this is the actual procedure of Eckart and Schrödinger. Strictly speaking, one could consistently doubt thatC ₁ andC ₂ are ultimately identical even after sympathetically entertaining the Eckart-Schrödinger “proofs”. The really convincing argument for the equivalence asphysical theories of wave mechanics and matrix mechanics was provided by Born's statistical interpretation of theψ-function. Because here, in a frankly inductive procedure, Bornforces a physical interpretation onto bothC ₁ andC ₂ which at last makes it a matter of indifference which algorithm one chooses to express his predictions.     

Are metabolites of Fusarium oxysporum responsible for fungal skin invasion? A morphological and Raman spectroscopy monitoring

Fusarium is an emerging pathogen with high levels of morbidity and mortality. A significant tissue response is observed in infected patients, and the condition has been associated with the production of toxic metabolites. The aim of the present study was to identify a major fraction of crude metabolic extract of Fusarium oxysporum and investigate its effects on the skin of healthy rats. Fraction F1 was obtained from the cultivation of F. oxysporum in Czapek–Dox. In the treatment groups, fraction F1 (0.05 mg/ ml) was injected intradermally, while (50 µl) 0.9% of saline solution was injected in the control groups. The animals were killed 3, 6, 12, and 24 h after inoculation. The skin was fixed for inclusion in paraffin to obtain histological sections and stained with hematoxylin and eosin, Sirius red, and terminal deoxynucleotidyl transferase‐mediated dUTP nick‐end labeling. Samples were analyzed using Fourier transform Raman spectroscopy. The tissue reactions were classified and compared over time and by treatment. In the treatment group, inflammatory reaction peaked at 6 h, being classified as moderate, with infiltrate composed mainly of neutrophils. terminal deoxynucleotidyl transferase‐mediated dUTP nick‐end labeling staining was negative. The area occupied by types I and III collagen in the treatment group increased over time. There was a change in the area occupied by amide I and the ratios of the –CH₂ and –CH₃ molecules. It can be argued that the fraction F1 contains elements that contribute to the invasion of Fusarium in the skin, destructurizing the organization of the extracellular matrix. Copyright © 2014 John Wiley & Sons, Ltd.     

Are the Weyl and coherent state descriptions physically equivalent?

We investigate the consistency of coherent state quantization in regard to physical observations in the non-relativistic (or Galilean) regime. We compare this particular type of quantization of the complex plane with the canonical (Weyl) quantization and examine whether they are or not equivalent in their predictions. As far as only usual dynamical observables (position, momentum, energy, …) are concerned, the quantization through coherent states is proved to be a perfectly valid alternative. We successfully put to the test the validity of CS quantization in the case of data obtained from vibrational spectroscopy.     

Are the Elements Elementary? Nineteenth-Century Chemical and Spectroscopical Answers

We analyze the role and influence of a tradition of research linked to the concept of primary matter in nineteenth-century studies on the nature of the elements.The suggestion of William Prout (1785-1850) in 1816 that the atomic weights of pure chemical elements are whole numbers and multiples of the atomic weight of hydrogen, taken as unity, was met with serious confutations,which in turn prompted several attempts to save Prouts hypothesis.We discuss these attempts in detail and the objections raised against them, for instance by Dmitry Ivanovich Mendeleev (1834-1907). We pay particular attention to the use of spectroscopy as a method for proving the existence of elementary forms of matter inside atoms. Leaders in this field of research were two English scientists, the astrophysicist Norman Lockyer (1836-1920) and the chemist William Crookes (1832- 1919). Both of their approaches involved the idea of primary matter. However, while Crookess approach proved to be incorrect, Lockyers ideas survived for several years and supported the discovery of the electron by J.J.Thomson (1856-1940).     

Optical switching in a Ξ system: A comparative study on DROP and EIT

Liquid Lennard-Jones clusters with magic number of atoms N = 55, 147, 309, 561 and 923 were cooled down in Monte Carlo simulations until freezing. Structural properties of the clusters, including the radial dependence of atomic concentration/density and the local regular structure in arrangement of atoms, just before freezing were analysed. Existence of spherical layers in atomic density around the centre of mass of liquid LJ clusters was confirmed. Formation of layers is explained by central net forces acting on every cluster atom and leading to positioning an atom close to the cluster centre of mass. The strong layering in small clusters of N = 55 and 147 affects atomic diffusion in radial and tangential directions inside the cluster, leading to easier movement of atoms on the layer surface. Analysis of radial profiles of four types of structural units detected in liquid clusters reveals that icosahedral units are the most numerous and are located mainly near cluster surface of all clusters and also in the centre of small clusters.     

Long memory and volatility clustering: Is the empirical evidence consistent across stock markets?

Long memory and volatility clustering are two stylized facts frequently related to financial markets. Traditionally, these phenomena have been studied based on conditionally heteroscedastic models like ARCH, GARCH, IGARCH and FIGARCH, inter alia. One advantage of these models is their ability to capture nonlinear dynamics. Another interesting manner to study the volatility phenomenon is by using measures based on the concept of entropy. In this paper we investigate the long memory and volatility clustering for the SP 500, NASDAQ 100 and Stoxx 50 indexes in order to compare the US and European Markets. Additionally, we compare the results from conditionally heteroscedastic models with those from the entropy measures. In the latter, we examine Shannon entropy, Renyi entropy and Tsallis entropy. The results corroborate the previous evidence of nonlinear dynamics in the time series considered.     

A comparative study of conventional type II and inverted core–shell nanostructures based on CdSe and ZnS

The objective of this work is to investigate structural, morphological and optical properties of conventional CdSe/ZnS core–shell and inverted ZnS/CdSe core–shell nanostructures for opto-electronic device applications. For this purpose both nanostructures were synthesized using chemical bath deposition technique in thin film form. The structural properties were studied using X-ray diffraction technique with Rietveld refinement and transmission electron microscopy (TEM). The surface morphology of synthesized thin film was illustrated in the form 2D and 3D images using atomic force microscopy (AFM). The optical properties were explained using UV–Vis absorption spectroscopy and photo luminescence (PL) spectroscopy in in situ monitoring process. A comparison of estimated particle size from XRD, high resolution AFM and TEM images was resulted in good agreement as 2.1, 2.4 and 2.1 nm respectively for conventional CdSe/ZnS core–shell and as 2.5, 2.5 and 2.2 nm respectively for inverted ZnS/CdSe core–shell nanostructures.     

Are particle and photon tunneling and filling in barriers local or non-local phenomena?

It is shown that particle and photon tunneling exhibits a non-local behaviour. This is also true for the wave filling in a semiclosed barrier with a dead stopper. In this connection, we discuss and define for the first time the penetration time of such a barrier in the wave-packet approach.