Thin trading and estimation of systematic risk: An application of an error-correction model

Financial economics literature indicates that estimates for securities' systematic risk, i.e. the beta coefficients, are highly affected by infrequent trading. This is an especially serious problem in small security markets. In this study, the applicability of an error-correction model is investigated for modeling the risk behavior of thinly traded securities. The empirical results from a small stock market, i.e. the Helsinki Stock Exchange, indicate the estimated error-correction term to be highly dependent on the underlying trading frequency of the stock, while the direct effect is dependent merely on the market value of the firm. The model thus appears to produce useful information about the risk characteristics of thinly traded stocks.     

Fourth-order schemes for the wave equation,Maxwell equations,and linearized elastodynamic equations

With simple finite-difference operators we construct fourth-order schemes in space and in time for the wave equation, Maxwell equations, and linearized elastodynamic equations using the modified equation approach. The schemes remain stable for arbitrary heterogeneous mediums because the relevant difference operators are always positive definite. We also present some dispersion curves to show the accuracy of the schemes. © 1994 John Wiley & Sons, Inc.     

Atomistic molecular dynamics simulations on the interaction of TEMPO-oxidized cellulose nanofibrils in water

Atomistic molecular dynamics simulations were carried out to obtain information on the rheological, aggregation and disintegration properties of carboxylated (TEMPO-oxidized) cellulose nanofibrils with different functionalization levels. The magnitude of the inter-fibril interaction was quantified for parallel nanofibrils using the umbrella sampling method. The obtained potential of mean force was found highly sensitive to the charge configuration for intermediate functionalization levels. This feature was further studied with an electrostatic model for similar charge configurations and system periodicity as in the case of the molecular dynamics simulations. The electrostatic contribution of the charged surfaces varied from repulsive to attractive depending on the distribution of the carboxylate groups and nearby counter-ions, as well as the distance between the fibrils. The simulated deviations from average behavior for single fibrils in both models suggest heterogeneity in their aggregation and disintegration behavior. This was seen in disintegration experiments, where the differences in disintegration energy and in the structural variation qualitatively agreed with the model predictions. As to aggregation behavior, the studied case with parallel fibrils reflects the upper boundary of the repulsive interaction.     

Über das Spektrum des Laplace-Operators in einigen unbeschränkten Gebieten

In this paper we study the eigenvalues of the Laplace operator u on some classes of unbounded regions G. The starting-point of our study is the paper [5] of Vogelsang. Among other things he has proved that the Laplace operator with zero boundary condition has no negative eigenvalues in unbounded regions the boundary of which satisfies (x) · x 0, where (x) is the exterior normal. We prove in this paper similar results of the spectrum, when the condition above is suitably disturbed. Because our main interest lies in replacing the geometric condition (x) · x 0 with another condition, we have studied neither equations with higher orders nor equations with variable coefficients.     

Sorption of inorganic radiocarbon on iron oxides

Journal of Radioanalytical and Nuclear Chemistry - The sorption of inorganic radiocarbon on goethite, hematite and magnetite was studied as a function of carbon concentration, pH and ionic...     

Crosslinked poly(ester anhydride)s based on poly(ε‐caprolactone) and polylactide oligomers

Resorbable poly(ester anhydride) networks based on ε‐caprolactone, L ‐lactide, and D,L ‐lactide oligomers were synthesized. The ring‐opening polymerization of the monomers yielded hydroxyl telechelic oligomers, which were end‐functionalized with succinic anhydride and reacted with methacrylic anhydride to yield dimethacrylated oligomers containing anhydride bonds. The degree of substitution, determined by ¹³C NMR, was over 85% for acid functionalization and over 90% for methacrylation. The crosslinking of the oligomers was carried out thermally with dibenzoyl peroxide at 120 °C, leading to polymer networks with glass‐transition temperatures about 10 °C higher than those of the constituent oligomers. In vitro degradation tests, in a phosphate buffer solution (pH 7.0) at 37 °C, revealed a rapid degradation of the networks. Crosslinked polymers based on lactides exhibited high water absorption and complete mass loss in 4 days. In ε‐caprolactone‐based networks, the length of the constituent oligomer determined the degradation: PCL5‐AH, formed from longer poly(ε‐caprolactone) (PCL) blocks, lost only 40% of its mass in 2 weeks, whereas PCL10‐AH, composed of shorter PCL blocks, completely degraded in 2 days. The degradation of PCL10‐AH showed characteristics of surface erosion, as the dimensions of the specimens decreased steadily and, according to Fourier transform infrared, labile anhydride bonds were still present after 90% mass loss. © 2003 The Authors. Journal of Polymer Science Part A: Polymer Chemistry Published by Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 41: 3788–3797, 2003     

High-temperature decomposition of amorphous and crystalline cellulose: reactive molecular simulations

We study the thermal decomposition of cellulose using molecular simulations based on the ReaxFF reactive force field. Our analysis focuses on the mechanism and kinetics of chain scission, and their sensitivity on the condensed phase environment. For this purpose, we simulate the thermal decomposition of amorphous and partially crystalline cellulose at various heating rates. We find that thermal degradation begins with depolymerization via glycosidic bond cleavage, and that the order of events corresponds to a randomly initiated chain reaction. Depolymerization is followed by ring fragmentation reactions that lead to the formation of a number of light oxygenates. Water is formed mainly in intermolecular dehydration reactions at a later stage. The reaction rate of glycosidic bond cleavage follows a sigmoidal reaction model, with an apparent activation energy of 166?±?4 kJ/mol. Neither the condensed phase environment nor the heating programme have appreciable effects on the reactions. We make several observations that are compatible with mechanisms proposed for cellulose fast pyrolysis. However, due to the absence of anhydrosugar forming reactions, the simulations offer limited insight for conditions of industrial interest. It remains unclear whether this is a natural consequence of the reaction conditions, or a shortcoming of the force field or its parameter set.

Graphic abstract

     

Behavior of liquid crystals confined to mesoporous materials as studied by 13C NMR spectroscopy of methyl iodide and methane as probe molecules

The behavior of thermotropic nematic liquid crystals (LCs) Merck Phase 4 and ZLI 1115 confined to mesoporous controlled pore glass materials was investigated using 13C nuclear magnetic resonance spectroscopy of probe molecules methyl iodide and methane. The average pore diameters of the materials varied from 81 to 375 A, and the temperature series measurements were performed on solid, nematic, and isotropic phases of bulk LCs. Chemical shift, intensity, and line shape of the resonance signals in the spectra contain lots of information about the effect of confinement on the state of the LCs. The line shape of the 13C resonances of the CH3I molecules in LCs confined into the pores was observed to be even more sensitive to the LC orientation distribution than, for example, that of 2H spectra of deuterated LCs or 129Xe spectra of dissolved xenon gas. The effect of the magnetic field on the orientation of LC molecules inside the pores was examined in four different magnetic fields varying from 4.70 to 11.74 T. The magnetic field was found to have significant effect on the orientation of LC molecules in the largest pores and close to the nematic-isotropic phase transition temperature. The theoretical model of shielding of noble gases dissolved in LCs based on pairwise additivity approximation was utilized in the analysis of CH4 spectra. For the first time, a first-order nematic-isotropic phase transition was detected to take place inside such restrictive hosts. In the larger pores a few degrees below the nematic-isotropic phase transition of bulk LC the 13C quartet of CH3I changes as a powder pattern. Results are compared to those derived from 129Xe NMR measurements of xenon gas in similar environments.     

Stabilization of thin-layer agarose gels after isoelectric focusing with polyacrylamide enables reverse imidazole-zinc staining and facilitates two-dimensional gel electrophoresis

Large-pore-size agarose gels provide excellent resolving capacity for high molecular weight biomolecules. Thin-layer agarose isoelectric focusing (IEF) gels on polyester support films are especially useful for the separation of large proteins based on their pI in native conformation, but the method has suffered from the lack of detection methods compatible with agarose gels in hydrated form. Recently, an acrylamide copolymerization method was reported to enable mass-spectrometry-compatible silver staining and in-gel digestion of proteins. In this study, the method was further applied by demonstrating successful reverse imidazole-zinc staining of thin-layer agarose IEF gels copolymerized with acrylamide. The sensitivity of the reverse staining method on the composite gel at its best equaled the sensitivity of the traditional dried agarose silver staining method. Owing to the increased durability and reversible detection, the reverse-stained first-dimension gel could be conveniently prepared for the second-dimension sodium dodecyl sulfate polyacrylamide gel electrophoresis by reduction and alkylation. In addition, the micropreparative generation of tryptic peptides of Coomassie brilliant blue R-250 stained proteins in the composite gel is demonstrated.     

Identification of hydrolysis products of AlCl(3)*6H(2)O in the presence of sulfate by electrospray ionization time-of-flight mass spectrometry and computational methods

ElectroSpray Ionization-Mass Spectrometry (ESI-MS) and computational methods (DFT, MP2, and COSMO) were used to investigate the hydrolysis products of aluminium chloride as a function of sulfate concentration at pH 3.7. With the aid of computational chemistry, structural information was deduced from the chemical compositions observed with ESI-MS. Many novel types of hydrolysis products were noted, revealing that our present understanding of aluminium speciation is too simple. The role of counterions was found to be critical: the speciation of aluminium changed markedly as a function of sulfate concentration. Ab initio calculations were used to reveal the energetically most favoured structures of aluminium sulfate anions and cations selected from the ESI-MS results. Several interesting observations were made. Most importantly, the bonding behaviour of the sulfate group changed as the number of aqua ligands increased. The accompanying structural rearrangement of the clusters revealed the highly active role of sulfate as a ligand. The gas phase calculations were expanded to the aquatic environment using a conductor-like screening model. As expected, the bonding behaviour of the sulfate group in the minimum energy structures was distinctly different in the aquatic environment compared to the gas phase. Together, these methods open a new window for research in the solution chemistry of aluminium species.