Concentrated Equilibrium and Intraday Patterns in Financial Markets

Abstract

We introduce endogenous participation of market makers into a Kyle-type model with long-lived asymmetric information. In our model with plausible parameter values, the trading volume and price volatility show a U-shaped intraday pattern, often observed in actual financial markets. It will be shown that the pattern is caused not only by the trading behaviour of liquidity traders but also by that of market makers. Our findings shed new light on the stylized fact of the trade concentration at the opening and closing periods.     

Evolution of paramagnetic quasiparticle excitations emerged in the high-field superconducting phase of CeCoIn5

We present (115)In NMR measurements in a novel thermodynamic phase of CeCoIn(5) in a high magnetic field, where exotic superconductivity exists with the incommensurate spin-density wave order. We show that the NMR spectra in this phase provide direct evidence for the emergence of the spatially distributed normal quasiparticle regions. The quantitative analysis for the field evolution of the paramagnetic magnetization and newly emerged low-energy quasiparticle density of states is consistent with the nodal plane formation, which is characterized by an order parameter in the Fulde-Ferrell-Larkin-Ovchinnikov (FFLO) state. The NMR spectra also suggest that the spatially uniform spin-density wave is induced in the FFLO phase.     

Gold-platinum bimetallic clusters for aerobic oxidation of alcohols under ambient conditions

We have developed gold/platinum alloyed bimetallic cluster catalysts supported on a cross-linked polystyrene derivative, which present much higher activity and selectivity than single metal gold or platinum clusters for aerobic oxidation of alcohols under ambient conditions.     

Development of dispersed-type sonophotocatalytic process using piezoelectric effect caused by ultrasonic resonance

Recently, degradation of persistent organic pollutants (POPs) with low biodegradability in the environment and in industrial and municipal wastewaters has gained importance. In this study, a dispersed-type sonophotocatalysis (SP) process, which is a combination of sonolysis and photocatalysis with dispersed light sources, has been proposed for the effective and energy-efficient degradation of POPs. In this method, the piezoelectric effect caused by ultrasonic resonance in a piezoelectric element is used for producing luminescence in a LED. A luminescent device composed of eight UV-LEDs and a piezoelectric element was designed for dispersion of UV light in water; this device was confirmed to show luminescence under ultrasonic irradiation. Sonophotocatalytic degradation experiments were carried out using several such devices, and the results were compared with those obtained in sonolysis, photocatalysis, and fixed-type SP. The comparison showed that the degradation rate constants in fixed-type and dispersed-type SP were larger than the sum of the rate constants obtained for sonolysis and photocatalysis; further, the synergetic effect caused by the combination of sonolysis and photocatalysis was 7.5% and 18% in fixed-type and dispersed-type SP, respectively.     

Synthesis of (−)‐Morphine: Application of Sequential Claisen/Claisen Rearrangement of an Allylic Vicinal Diol

A detailed exploration of the synthesis of (?)‐morphine based on sequential [3,3]‐sigmatropic rearrangements is described. The sequential Claisen/Claisen rearrangements of an allylic vicinal diol resulted in the stereoselective formation of the two contiguous carbon centers, including a sterically encumbered quaternary carbon, in a single operation. The two ethyl esters generated in this reaction were successfully differentiated during a subsequent Friedel–Crafts‐type cyclization. The (?)‐morphine double bond was introduced at a late stage in our first‐generation synthesis, but was formed at an earlier stage in the second‐generation synthesis, resulting in a more efficient route to the end product.     

Barotropic phase transition between the lamellar liquid crystal phase and the inverted hexagonal phase of dioleoylphosphatidylethanolamine

The phase transition between the lamellar liquid crystal (Lalpha) phase and the inverted hexagonal (H(II)) phase of dioleoylphosphatidylethanolamine (DOPE) in aqueous NaCl solutions was observed by means of differential scanning calorimetry (DSC) under ambient pressure and light-transmittance technique under high pressure. The pressure dependence of the transition temperature (dT/dp) and the thermodynamic quantities for the Lalpha/H(II) transition were compared with those of another phase transition found in the DOPE bilayer membrane, which is the transition from the lamellar crystal (Lc) phase to the Lalpha phase. The dT/dp value of the Lalpha/H(II) transition was about 3.5 times as large as that of the Lc/Lalpha transition while the thermodynamic quantities were significantly smaller than those of the latter to the contrary. Comparing the enthalpy and volume behavior of the Lalpha/H(II) transition with that of the Lc/Lalpha transition, we concluded that the Lalpha/H(II) transition can be regarded as the volume-controlled transition for the reconstruction of molecular packing.     

Infrared spectroscopy of hydrogen-bonded 2-fluoropyridine-water clusters in supersonic jets

The hydrogen-bonded clusters of 2-fluoropyridine with water were studied experimentally in a supersonic free jet and analyzed with molecular orbital calculations. The IR spectra of 2-fluoropyridine-(H2O)(n) (n = 1 to 3) clusters were observed with a fluorescence detected infrared depletion (FDIR) technique in the OH and CH stretching vibrational regions. The frequencies of OH stretching vibrations show that water molecules bond to the nitrogen atom of 2-fluoropyridine in the clusters. The hydrogen-bond formation between aromatic CH and O was evidenced in the 1:2 and 1:3 clusters from the experimental and calculated results. The overtone vibrations of the OH bending mode in hydrogen-bonded water molecules appear in the IR spectra, and these frequencies become higher with the increase of the number of water molecules in the clusters. The band structure of the IR spectra in the CH stretching region changes depending on the number of coordinating water molecules.