Stock interest rate risk and inflation shocks

In this paper we proceed to estimate a measure of the flow-through capability of the firms listed on the Spanish Stock Exchange. The flow-through capability is defined as the ability of firms to transmit inflation shocks to the prices of the products and services sold by the company. According to a strand of the literature, this flow-through capability can to some extent explain the so called “stock duration paradox”, which is the difference between the theoretical stock duration derived from the DDM model and its empirical estimates. The line of reasoning suggests that if a company can pass on inflation shocks to the prices of its own outputs and then to profits and dividends, nominal interest rate changes due to variations in the expected inflation will have a limited impact on stock prices. So in this paper we first estimate the flow-through capability for different industries and find great differences among them. Then we analyse the link between flow-through capability and stock duration and find a significant negative relationship between them, as claimed by part of the literature.     

Development and characterisation of a molecularly imprinted polymer prepared by precipitation polymerisation for the determination of phenylurea herbicides

New materials based on molecularly imprinted polymers (MIPs) have been developed for use as sorbents in solid phase extraction to preconcentrate some urea herbicides. In the preconcentration step, different molecularly imprinted polymers were tested using methacrylic acid (MAA) and 2-(trifluoromethyl)acrylic acid (TFMAA) as functional monomers, and linuron and isoproturon as templates. The best results were obtained when the polymer was synthesised using MAA with isoproturon as template. Another parameter evaluated was the way in which the polymer was obtained. We observed that the imprinted polymers obtained by precipitation displayed a greater capacity to retain the phenylureas. Studies conducted using scanning electron microscopy (SEM) revealed that the bulk polymerisation method is far from ideal owing to the random shape and size distribution of the particles obtained, whereas when polymerisation was carried out in precipitation microspheres were obtained. In order to confirm the interaction between the functional monomer and the template, 1H NMR (CD2Cl2) analyses were conducted. The results obtained suggest that the hydrogen and/or nitrogen of the amino group of the template would be involved in the formation of hydrogen bonds with the functional monomer. The imprinted polymer obtained by precipitation polymerisation with MAA as functional monomer and isoproturon as template can be applied to preconcentrate phenylureas when the sample is dissolved in toluene. The proposed methodology was employed to evaluate polymer selectivity towards humic acids and towards other herbicides.     

Asymmetric azido-copper(II) bridges: ferro- or antiferromagnetic? experimental and theoretical magneto-structural studies

Reaction of NaN(3) with the [Cu(II)(tn)](2+) ion (tn = 1,3-diaminopropane) in basic aqueous solution yields the azido-bridged complex of formula [Cu(2)(tn)(2)(N(3))(4)] (1), which is characterized by X-ray crystallography. The structure of 1 is made up of dinuclear neutral complexes, of formula [Cu(2)(tn)(2)(N(3))(4)], resulting from the assembling of two mononuclear units through two equivalent end-on azide bridges connecting asymmetrically two Cu(tn)(N(3))(2) entities. These dinuclear units are connected through two asymmetric end-to-end N(3) bridges to form a chain of dimers. Magnetic measurements for compound 1 show weak antiferromagnetic exchange interactions between the Cu(II) ions. The magnetic data were modeled using the susceptibility expression derived for an alternating AF S = 1/2 chain. A very satisfactory fit over the whole temperature range was obtained with g = 2.1438(4), J(1) = -3.71(2) cm(-1), and J(2) = -3.10(2) cm(-1) (J(1) and J(2) are the singlet-triplet separations). This magnetic behavior differs from those observed for similar examples which were reported as having alternating ferro- and antiferromagnetic exchange interactions; thus, DFT calculations were done to understand the nature of the magnetic coupling in such asymmetric end-on and end-to-end N(3) bridges. Theoretical results show that the double asymmetric end-on bridges produce antiferromagnetic coupling while the end-to-end ones can present ferro- or antiferromagnetic coupling depending on the copper coordination sphere.     

Nitridsulfidchloride der Lanthanide: II. Der Formeltyp M6N3S4Cl (M = La?Nd)

Nitride Sulfide Chlorides of the Lanthanides. II. The Composition M₆N₃S₄Cl (M = La? Nd) The oxidation of the “light” lanthanides (M = La? Nd) with sulfur and NaN₃ in the presence of the chlorides MCl₃ yields chlorine-poor nitride sulfide chlorides with the composition M₆N₃S₄Cl when appropriate molar ratios of the reactants are used. Additional NaCl as a flux secures complete and fast reactions (7 d) at 850°C in evacuated silica vessels as well as single-crystalline products (red-brown needles). The crystal structure was determined from X-ray single crystal data for the limiting representatives La₆N₃S₄Cl (orthorhombic, Pnma (no. 62), Z = 4, a = 1159.7(4), b = 410.95(7), c = 2756.8(9)pm, R = 0.030, R_w = 0.027) and Nd₆N₃S₄Cl (a = 1137.1(3), b = 399.34(6), c = 2687.6(9)pm, R = 0.034, R_w = 0.033). Guinier powder data revealed the cerium and praseodymium analogues to be isotypic. The crystal structure exhibits two different chains of connected [NM₄] tetrahedra which are commensurate in translation. Six crystallographically different M³⁺ are present, two of them (M1 and M2) build up the chain [(N1)(M1) · (M2)]³⁺ together with (N1)^3? by cis-edge connection of tetrahedra. The four remainders (M3? M6) arrange as pairs [N₂M₆] of edge-shared [NM₄] tetrahedra with (N2)^3? and (N3)^3? which are further connected via four vertices to form the [(M5)(N-2){(M3)_(1+1)/(1+1)(M4)_(1+1)/(1+1))}^e(N3)(M6)]⁶⁺ double chain. Bundled along [010] like a closest packing of rods, both types of chains are held together by five crystallographically different but by X-ray diffraction indistinguishable anions S^2? (S1? S4) and Cl^? adjusting the charge balance in a molar ratio of 4:1.     

Broken symmetry approach to calculation of exchange coupling constants for homobinuclear and heterobinuclear transition metal complexes

The application of broken symmetry density functional calculations to homobinuclear and heterobinuclear transition metal complexes produces good estimates of the exchange coupling constants as compared to experimental data. The accuracy of different hybrid density functional theory methods was tested. A discussion is presented of the different methodological approaches that apply when a broken symmetry wave function is used with either Hartree–Fock or density functional calculations. ©1999 John Wiley & Sons, Inc. J Comput Chem 20: 1391–1400, 1999     

One-Dimensional Intercalation Compound 2 HgS⋅SnBr2: Ab Initio Electronic Structure Calculations and Molecular Dynamics Simulations

The one-dimensional intercalation compound 2 HgS⋅SnBr₂ (figure; white: Hg, light gray: S, dark grey: Sn, and black: Br) is an example of the ability of weak host–guest interactions to induce structural modifications in the HgS host. The stability and dynamic behavior of the intercalation compound and its precursors HgS and SnBr₂ have been analyzed by means of DFT/plane wave calculations. The molecular dynamics simulations facilitate the understanding of the structural rearrangements during the intercalation process.     

K3Er7S12 und Rb3Er7S12: Zwei ternäre Erbium(III)‐sulfide mit Kanalstruktur

K₃Er₇S₁₂ and Rb₃Er₇S₁₂: Two Ternary Erbium(III) Sulfides with Channel Structures The isotypic ternary erbium(III) sulfides K₃Er₇S₁₂ (a = 1185.38(9), b = 2461.5(2), c = 393.59(3) pm) and Rb₃Er₇S₁₂ (a = 1203.51(9), b = 2483.0(2), c = 394.85(3) pm; both orthorhombic, Pnnm, Z = 2) are obtained by reacting erbium metal and sulfur with an excess of alkali chloride (KCl or RbCl, respectively) serving as flux and reagent within seven days at 900 °C. The rod—shaped, yellow, transparent single crystals distinguish themselves in their crystal structure by a framework of corner— and edge—linked [ErS₆] octahedra (d(Er³⁺—S^2—) = 265—285 pm), in which the alkali metal cations (K⁺ and Rb⁺, respectively; CN = 6 and 7 + 1) are inserted into channels running along [001]. Under consideration of the ionic radius quotients r_i(A⁺)/r_i(Ch^2—) (A = K—Cs, Ch = S—Te) the existence range of this Cs₃Y₇Se₁₂—type of structure is discussed.     

Kinetic modeling of the thermal degradation of polyethylene and polystyrene mixtures

One possible process for recovering valuable chemical and petrochemical products from plastic waste is the stepwise thermal degradation of polymer mixtures. This potentially allows the step by step simultaneous separation of the different product fractions generated by the polymers of the blend. The aim of this paper is to investigate the effect of the mixing scale of the polymers and their interactions in the melt. Several thermogravimetric analyses were performed on small samples of polyethylene (PE) and polystyrene (PS) mixtures. Two types of operating conditions were adopted: the first one is a dynamic analysis with a linear increase of the temperature over time, the latter consists of two sequential isothermal steps. The experimental results confirm that if the mixing scale is poor, the decomposition of each polymer behaves independently of the presence of the other one. Conversely, when the mixing of the two polymers reaches the molecular scale, a co-pyrolysis takes place with partial interactions. A two phase system is assumed: one phase characterized by a larger PS fraction, the other one by a prevailing PE amount. In order to properly predict the kinetic interactions typical of the mixed phases, it was necessary to extend the detailed kinetic model already developed and validated for the single polymers. The resulting two phase model gives a satisfactory explanation of several experimental data from the thermal degradation of PE–PS mixtures.