The Relationship Between Stock Markets Of Major Developed Countries And Asian Emerging Markets

With the emergence of new capital markets and liberalization of stock markets in recent years, there has been an increase in investors' interest in international diversification. This is so because international diversification allows investors to have a larger basket of foreign securities to choose from as part of their portfolio assets, so as to enhance the reward-to-volatility ratio. This benefit would be limited if national equity markets tend to move together in the long run. This paper thus studies the issue of co-movement between stock markets in major developed countries and those in Asian emerging markets using the concept of cointegration. We find that there is co-movement between some of the developed and emerging markets, but some emerging markets do differ from the developed markets with which they share a long-run equilibrium relationship. Furthermore, it has been observed that there has been increasing interdependence between most of the developed and emerging markets since the 1987 Stock Market Crash. This interdependence intensified after the 1997 Asian Financial Crisis. With this phenomenon of increasing co-movement between developed and emerging stock markets, the benefits of international diversification become limited.     

Parameter estimation of an asymmetric vocal-fold system from glottal area time series using chaos synchronization

In this paper, we apply an iterative parameter adaption scheme based on chaos synchronization to estimate system parameters of the asymmetric vocal folds from glottal area time series. The original asymmetric vocal-fold system associated with recurrent laryngeal paralysis shows chaotic vibrations with positive Lyapunov exponents. Aperiodic glottal area time series from the original system will be applied as the feedback variable coupling the simulative and the original vocal-fold systems. The parameter adaption technique based on chaos synchronization is employed to manipulate the simulative system parameters. The chaotic vibrations, system parameters, and the bifurcation diagram of the original vocal-fold system can be exactly reproduced in the simulative system, and the two chaotic systems can be synchronized. Furthermore, the effects of noise, sampling rate, and equation difference due to nonlinear spring terms on vocal-fold parameter estimations are investigated. Despite large noise perturbations, large equation differences, and low sampling rate, the parameter adaption scheme can effectively estimate the original vocal-fold system parameters. This study provides a theoretical base to apply chaos synchronization to estimate the vocal-fold system parameters from the glottal area data and show its potential application in laryngeal physiology.     

Quasi-active suspension design using magnetorheological dampers

Quasi-active damping is a method of coupled mechanical and control system design using multiple semi-active dampers. By designing the systems such that the desired control force may always be achieved using a combination of the dampers, quasi-active damping seeks to approach levels of vibration isolation achievable through active damping, whilst retaining the desirable attributes of semi-active systems. In this article a design is proposed for a quasi-active, base-isolating suspension system.Control laws are firstly defined in a generalised form, where semi-active dampers are considered as idealised variable viscous dampers. This system is used to demonstrate in detail the principles of quasi-active damping, in particular the necessary interaction between mechanical and control systems. It is shown how such a system can produce a tunable, quasi-active region in the frequency response of very low displacement transmissibility.Quasi-active control laws are then proposed which are specific for use with magnetorheological dampers. These are validated in simulation using a realistic model of the damper dynamics, again producing a quasi-active region in the frequency response. Finally, the robustness of the magnetorheological, quasi-active suspension system is demonstrated.     

Modeling longevity risks using a principal component approach: A comparison with existing stochastic mortality models

This research proposes a mortality model with an age shift to project future mortality using principal component analysis (PCA). Comparisons of the proposed PCA model with the well-known models—the Lee-Carter model, the age-period-cohort model (Renshaw and Haberman, 2006), and the Cairns, Blake, and Dowd model—employ empirical studies of mortality data from six countries, two each from Asia, Europe, and North America. The mortality data come from the human mortality database and span the period 1970-2005. The proposed PCA model produces smaller prediction errors for almost all illustrated countries in its mean absolute percentage error. To demonstrate longevity risk in annuity pricing, we use the proposed PCA model to project future mortality rates and analyze the underestimated ratio of annuity price for whole life annuity and deferred whole life annuity product respectively. The effect of model risk on annuity pricing is also investigated by comparing the results from the proposed PCA model with those from the LC model. The findings can benefit actuaries in their efforts to deal with longevity risk in pricing and valuation.     

An elegant but “simple” form for the Dirac hydrogen atom

The operator structures for the constants of the motion of the relativistic hydrogen atom are examined. ThoughJ ³ andJ · J are constants of the motion,J is not. Its replacement, , is shown to emerge rather naturally in transforming the equation to spherical coordinates. The separation of variables is presented in hypercomplex number form. This leads to some interesting suggestions regarding the matter/antimatter operator for the Dirac equation.     

MRI of hepatic lymphoma

Thirteen patients with biopsy proven hepatic lymphoma (2 Hodgkin, 11 Non-Hodgkin) and a control group of 15 patients with hepatic metastases were analyzed quantitatively and qualitatively by MRI. Focal hepatic lymphoma was most reliably detected (eight of eight patients) and appeared hypointense relative to liver on T₁ weighted (CNR − 7.4 ± 2.3) and hyperintense on T₂ weighted (CNR + 8.4 ± 2.9) images. The mean T₁ and T₂ relaxation times of focal hepatic lymphoma (T₁ = 832 ± 234 msec, T₂ = 84 ± 16 ms) differed significantly from adjacent non-tumorous liver (T₁ = 420 ± 121 ms, T₂ = 51 ± 9 ms; p < 0.05), however CNR values and relaxation times were similar to those of hepatic metastases. Diffuse hepatic lymphoma (microscopic periportal infiltration) was undetectable by MRI in three patients by either morphologic features or quantitative criteria. A mixed pattern of hepatic lymphoma (focal lesions and diffuse infiltration) showed focal areas of slightly decreased signal intensity on T₁ weighted images (CNR = −1.7 ± 0.4) while T₂ weighted images revealed multiple regions of focal hyperintensity (CNR = +13.3 ± 8.4) superimposed on a diffusely hyperintense liver. Our experience demonstrates that either T₁ or T₂ weighted techniques are useful in detecting focal and that T₂ weighted techniques are useful in detecting mixed hepatic lymphoma. Conventional image derived relaxation time measurements and quantitative parameters were of no additional diagnostic value.     

Design and Synthesis of Imidazole and Triazole Pyrazoles as Mycobacterium Tuberculosis CYP121A1 Inhibitors

The emergence of untreatable drug-resistant strains of Mycobacterium tuberculosis is a major public health problem worldwide, and the identification of new efficient treatments is urgently needed. Mycobacterium tuberculosis cytochrome P450 CYP121A1 is a promising drug target for the treatment of tuberculosis owing to its essential role in mycobacterial growth. Using a rational approach, which includes molecular modelling studies, three series of azole pyrazole derivatives were designed through two synthetic pathways. The synthesized compounds were biologically evaluated for their inhibitory activity towards M. tuberculosis and their protein binding affinity (K_D). Series 3 biarylpyrazole imidazole derivatives were the most effective with the isobutyl ( 10 f ) and tert-butyl ( 10 g ) compounds displaying optimal activity (MIC 1.562 μg/mL, K_D 0.22 μM ( 10 f ) and 4.81 μM ( 10 g )). The spectroscopic data showed that all the synthesised compounds produced a type II red shift of the heme Soret band indicating either direct binding to heme iron or (where less extensive Soret shifts are observed) putative indirect binding via an interstitial water molecule. Evaluation of biological and physicochemical properties identified the following as requirements for activity: LogP >4, H-bond acceptors/H-bond donors 4/0, number of rotatable bonds 5–6, molecular volume >340 ų, topological polar surface area <40 Ų.     

Stability and instability properties of rotating Bose–Einstein condensates

We consider the mean-field dynamics of Bose–Einstein condensates in rotating harmonic traps and establish several stability and instability properties for the corresponding solution. We particularly emphasize the difference between the situation in which the trap is symmetric with respect to the rotation axis and the one where this is not the case.