Asymmetric conditional volatility in international stock markets

Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the SP 500, FTSE 100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of changes in macroeconomic variables, we find no significant evidence of asymmetric behaviour of the stock market returns. There are some signs that the Portuguese Stock Market tends to show somewhat less market efficiency than other markets since the effect of the shocks appear to take a longer time to dissipate.     

Structural,morphological, ionic conductivity,and thermal properties of pectin-based polymer electrolytes

New polymer electrolytes (PEs), potentially interesting for solid-state electrochemical devices applications, were synthesized by a solvent casting method using pectin and ionic liquid (IL) N,N,N-trimethyl-N-(2-hydroxyethyl)ammonium bis(trifluoromethylsulfonyl)imide ([N_{1 1 1 2(OH)}] [NTf₂]. The resulting electrolytes besides being moderately homogenous and thermally stable below 155°C, they also exhibited good mechanical properties. The SPE membranes were analyzed by differential scanning calorimetry (DSC), X-ray diffraction (XRD), scanning electron microscopy (SEM), atomic force microscopy (AFM), and complex impedance spectroscopy.     

Photoresists comparative analysis using soft X-ray synchrotron radiation and time-of-flight mass spectrometry

Positive photoresists are widely used in lithographic process for the fabrication of relief components. When exposed to UV radiation they suffer chemical reactions modifying their chemical and physical properties. Aiming to follow molecular modifications among two different photoresists unexposed and previously exposed to ultraviolet light we have employed spectroscopic techniques coupled with mass spectrometry in the study of the AZ-1518 and AZ-4620 photoresists. The photon stimulated ion desorption (PSID) technique following the S K-edge NEXAFS spectrum was employed at the brazilian synchrotron light source (LNLS), during single-bunch operation and using time-of-flight mass spectrometry (TOF-MS) for ion analysis. NEXAFS and PSID mass spectra on both AZ-1518 and AZ-4620 photoresists (unexposed and exposed) were obtained and relative desorption ion yield curves determined for the main fragments as a function of the photon energy. They present marked different PSID spectra. Fragments related to the photochemical decomposition of the AZ-1518 photoresist could be clearly identified differently from the AZ-4620. Studies on the hardness of both photoresists were performed using O₂ plasma reactive ion etching (RIE) technique, analyzed by scanning electron microscopy (SEM) and used to explain different desorption yields in the PSID spectra. These results show that the PSID technique is adequate to investigate structural changes in molecular level in different unexposed and exposed photoresists, which is crucial for improving our knowledge about the breakup process.     

A simple and general preparation of vinylic sulfides, selenides and tellurides

A general method for the synthesis of vinylic chalcogenides by nucleophilic and Ni-catalyzed vinylic substitution on vinylic halides by phenyl chalcogenolates is described. The reactions were regio and stereoselective for the nickel catalyzed substitution, and mixture of isomers was observed for some examples in the thermal process in DMF.     

Effect of melt flow rate of polycarbonate and cobalt catalyst on properties of PET/PC (80/20 wt%) reactive blending

The influence of PC melt flow rate (MFR) on phase behavior, thermal and rheological properties of catalysed and non-catalysed poly(ethylene terephthalate)/polycarbonate (PET/PC) (80/20 wt%) reactive blending were investigated. Two types of PC named PC1 and PC2 with MFR 3.1 and 10.8 g/10 min, respectively, were used. Each PC and the catalyst showed significant influence on calorimetric properties, thermal stability and WAXS patterns of the blends. Regarding to TG/DTG, the blends degraded in two steps which were attributed to PET rich phase and PC one and permit to infer that a partially miscible blends were produced.     

Tin(IV) complexes with 2-pyridineformamide-derived thiosemicarbazones: Antimicrobial and potential antineoplasic activities

Reaction of tin tetrachloride with 2-pyridineformamide thiosemicarbazone (H2Am4DH) and its N(4)-methyl (H2Am4Me), N(4)-ethyl (H2Am4Et) and N(4)-phenyl (H2Am4Ph) derivatives gave [Sn(2Am4DH)Cl₃] (1), [Sn(2Am4Me)Cl₃] (2), [Sn(2Am4Et)Cl₃] (3) and [Sn(2Am4Ph)Cl₃] (4) as products, in which an anionic thiosemicarbazone coordinates to the metal centre along with three chloride ions. The crystal structures of 1 and 2 were determined. The thiosemicarbazones were moderately active against Candida albicans and Pseudomonas aeruginosa. Upon coordination to tin(IV) the antimicrobial activity of the thiosemicarbazones increases. The studied compounds proved to be toxic to Artemia salina, suggesting that they could present cytotoxic activity against solid tumors.     

Comparative study between a CMS membrane and a CMS adsorbent: Part I—Morphology, adsorption equilibrium and kinetics

This paper presents a comparative study between a carbon molecular sieve (CMS) membrane and a commercial CMS adsorbent; these materials are suited for selective gas permeation and adsorption-based gas separations, respectively. The purpose of this analysis is to better understand the mass transport mechanism in CMS membranes and how it is related to the material's structure. The structural characterization based on the adsorption of CO₂ at 0 °C revealed that the adsorbent has a greater micropore volume, a smaller mean pore width and a micropore size distribution shifted to the left, when compared to the membrane. This translates into a lower adsorption capacity of the membrane towards N₂, Ar, CO₂ and O₂ at 29.5 °C and 0–7 bar. The adsorption kinetics were also studied and the pressure-dependence of the apparent time constants established; different models were used to predict the experimental results, emphasizing the very important role of the ultramicroporosity on the properties of the materials. The CMS membrane exhibited a pore blockage effect when permeating O₂ and CO₂. Further morphologic characterization was performed by SEM, X-ray diffraction and mercury porosimetry.     

Sequential Injection Kinetic Flow Assay for Monitoring Glycerol in a Sugar Fermentation Process by <Emphasis Type="Italic">Saccharomyces cerevisiae</Emphasis>

A sequential injection system to monitor glycerol in a Saccharomyces cerevisiae fermentation process was developed. The method relies on the rate of formation of nicotinamide adenine dinucleotide in its reduced form (NADH, measured spectrophotometrically at 340 nm) from the reaction of glycerol with NAD⁺ cofactor, catalysed by the enzyme glycerol dehydrogenase present in solution. This procedure enables the determination of glycerol between 0.046 and 0.46 g/l, (corresponding to yeast fermentation samples with concentrations up to 50 g/l) with good repeatability (relative standard deviation for n = 10 lower than 2.2% for three different samples) at a sampling frequency of 25/h. The detection and quantification limits using a miniaturised spectrophotometer were 0.13 and 0.44 mM, respectively. Reagent consumption was of 0.45 μmol NAD⁺ and 1.8 μg enzyme per assay, and the waste production was 2.8 ml per determination. Results obtained for samples were in agreement with those obtained with a high-performance liquid chromatography method.     

Determination of eight fatty acid ethyl esters in meconium samples by headspace solid‐phase microextraction and gas chromatography–mass spectrometry

A number of fatty acid ethyl esters (FAEEs) have recently been detected in meconium samples. Several of these FAEEs have been evaluated as possible biomarkers for in utero ethanol exposure. In the present study, a method was optimized and validated for the simultaneous determination of eight FAEEs (ethyl laurate, ethyl myristate, ethyl palmitate, ethyl palmitoleate, ethyl stearate, ethyl oleate, ethyl linoleate and ethyl arachidonate) in meconium samples. FAEEs were extracted by headspace solid‐phase microextraction. Analyte detection and quantification were carried out using GC‐MS operated in chemical ionization mode. The corresponding D5‐ethyl esters were synthesized and used as internal standards. The LOQ and LOD for each analyte were <150 and <100 ng/g, respectively. The method showed good linearity (r²>0.98) in the concentration range studied (LOQ – 2000 ng/g). The intra‐ and interday imprecision, given by the RSD of the method, was lower than 15% for all FAEEs studied. The validated method was applied to 63 authentic specimens. FAEEs could be detected in alcohol‐exposed newborns (>600 ng/g cumulative concentration). Interestingly, FAEEs could also be detected in some non‐exposed newborns, although the concentrations were much lower than those measured in exposed cases.