Stability of Markovian structure observed in high frequency foreign exchange data

Contrary to the common sense in economics and financial engineering, price fluctuations at very fine level of motion exhibit various evidences against the efficient market hypothesis. We attempt to investigate this issue by studying extensive amount of foreign currency exchange data for over five years at the finest level of resolution. We specifically focus on the proposed stability in binomial conditional probabilities originally found in much smaller examples of financial time series. In order to handle very large data, we have written an efficient program in C that automatically generates those conditional probabilities. It is found that the stability is maintained for extremely large time duration that covers almost the entire period. Based on the length of conditions for which the conditional probabilities are distinguishable each other, we identify the length of memory being less than 3 movements.     

Novel ethero atoms containing polyesters based on 2,6‐naphthalendicarboxylic acid: A comparative study with poly(butylene naphthalate)

Poly(butylene naphthalate) (PBN), poly(diethylene naphthalate) (PDEN), and poly(thiodiethylene naphthalate) (PTDEN) were synthesized and characterized in terms of chemical structure and molecular weight. The polyesters were examined by TGA, DSC, and DMTA. All the polymers showed a good thermal stability, even though depending on chemical structure. At room temperature they appeared as semicrystalline materials; the effect of the introduction along the PBN polymer chain of ether oxygen atoms or sulfur ones was a lowering in the T_g value, a decrement of T_m, and a decrease of the crystallization rate. Changing in chemical structure also affects the main α absorption associated with the glass transition which moves to lower temperature and whose energetic requirements decrease. The results were explained as due to the presence of highly flexible C? S? C or C? O? C bonds in the polymeric chain. © 2007 Wiley Periodicals, Inc. J Polym Sci Part B: Polym Phys 45: 1694–1703, 2007     

Synthesis and characterization of poly(vinyl alcohol)‐graft‐[poly(D,L‐lactide)/poly(D,L‐lactide‐co‐glycolide)] hydrogels

Poly(D ,L ‐lactide) and poly(D ,L ‐lactide‐co‐glycolide) with various composition and with one methacrylate and one carboxylate end group were synthesized and grafted onto poly(vinyl alcohol) (PVA) via the carboxylate group. The graft copolymers were crosslinked via the methacrylate groups using a free radical initiator. The polymer networks were characterized by means of NMR and studied qualitatively by means of IR spectroscopy. The influence of the glycolide content in the polyester grafts and of the number of ester units in the grafts on thermal properties and swellability were studied as well. The high swellability in water is characteristic of all hydrogels. Differential scanning calorimetry (DSC) showed a single glass transition temperature that occurs in the range between 51 and 69 °C. Thermogravimetric analysis (TGA) of the networks showed the main loss in weight in the temperature range between 290 and 370 °C. © 2007 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 45: 4536–4544, 2007     

The influence of hard‐segments on two‐phase structure and shape memory properties of PCL‐based segmented polyurethanes

Poly(ε‐caprolactone)‐based segmented polyurethanes (PCLUs) were prepared from poly(ε‐caprolactone) diol, diisocyanates (DI), and 1,4‐butanediol. The DIs used were 4,4′‐diphenylmethane diisocyanate (MDI), 2,4‐toluenediisocyanate (TDI), isophorone diisocyanate (IPDI), and hexamethylene diisocyanate (HDI). Differential scanning calorimetry, small‐angle X‐ray scattering, and dynamic mechanical analysis were employed to characterize the two‐phase structures of all PCLUs. It was found that HDI‐ and MDI‐based PCLUs had higher degree of microphase separation than did IPDI‐ and TDI‐based PCLUs, which was primarily due to the crystallization of HDI‐ and MDI‐based hard‐segments. As a result, the HDI‐based PCLU exhibited the highest recovery force up to 6 MPa and slowest stress relaxation with increasing temperature. Besides, it was found that the partial damage in hard‐segment domains during the sample deformation was responsible for the incomplete shape‐recovery of PCLUs after the first deformation, but the damage did not develop during the subsequent deformation. © 2007 Wiley Periodicals, Inc. J Polym Sci Part B: Polym Phys 45: 557–570, 2007     

FexNi100−x nanometric films deposited by laser ablation on SiO2/Si substrates

Fe_xNi_100−x nanometric films were deposited on SiO₂/Si substrates at room temperature using the pulsed laser deposition technique. The targets were Fe-Ni amorphous magnetic foils with composition Fe₅₀Ni₅₀, Fe₃₅Ni₆₅ and Fe₂₂Ni₇₈. Morphological and structural properties of the deposited films were investigated using scanning electron microscopy, Rutherford backscattering spectrometry, grazing incidence X-ray diffraction, and X-ray reflectivity. Electrical and magnetic characteristics of the films were investigated by using the four-point probe and the magneto-optic Kerr effect techniques, respectively. The film properties are strictly dependent on the Fe-Ni compositional ratio.     

卤代对苝醌类光敏剂光敏活性影响的量子化学研究

以一种新型的醌类光敏剂—菌生素 (HMB)为模型化合物 ,利用量子化学从头算HF/ 6 31G和含时密度泛函TD B3LYP/ 6 31G方法计算研究了卤代作用对醌类光敏剂分子性质和光敏活性的影响 .结果发现 ,卤代作用降低了HMB母体的HOMO和LUMO能级 (EHOMO和ELUMO)及其差值△E ,随卤族元素从上到下 ,EHOMO和ELUMO呈增大趋势 ,而△E呈减小趋势 ,使得分子激发光谱有不同程度的红移 ,在增加PQP三重态量子产率的同时降低了分子最低三重激发态的能量 ,两种作用相互抵消 ,使得卤代物的 1O2 量子产率与母体相似 ;增加了分子的绝热电子亲合势 ,使分子产生O2 -的能力下降 ;卤原子的引入 ,降低了HMB母体分子内氢键的强度 ,同时使顺式构型的分子内质子传递势垒增大 ,而使反式构型势垒减小 .     

Electronic and Magnetic Properties of the p-NPNN

In this paper, we study the electronic band structure and the ferromagnetic properties of the organic radicalp-NPNN by employing density-functional theory with generalized gradient approximation (GGA) and local-spin densityapproximation (LSDA). The density of states, the total energy, and the spin magnetic moment are calculated. Thecalculations reveal that the δ-phase of p-NPNN has a stable ferromagnetic ground state. It is found that an unpairedelectron in this compound is localized in a single occupied molecular orbital (SOMO) constituted primarily of π* (NO)orbitals, and the main contribution of the spin magnetic moment comes from the π* (NO) orbitals. By comparison, wefind that the GGA is more suitable to describe free radical systems than LSDA.     

Quantum-Chemical Evaluation of the Protolytic Properties of Thiophenols

The enthalpies and free energies of proton affinity (PA) were calculated by the PM3 method for 27 thiophenoxide anions. For thiophenols, linear correlation has been found between the PAs and the values of pK _a measured by different authors in aqueous acetone, aqueous ethanol, and methanol media. The dependences found permit one to predict a priori the protolytic properties of thiophenols. The differential effects of aqueous ethanol media with different ethanol contents on thiophenol acidity were evaluated based on quantum-chemical data.Original Russian Text Copyright © 2004 by A. N. Pankratov and A. V. Shalabai__________Translated from Zhurnal Strukturnoi Khimii, Vol. 45, No. 5, pp. 800–806, September–October, 2004.     

Preparation,thermal properties,and flame retardance of epoxy–silica hybrid resins

A novel epoxy system was developed through the in situ curing of bisphenol A type epoxy and 4,4′‐diaminodiphenylmethane with the sol–gel reaction of a phosphorus‐containing trimethoxysilane (DOPO–GPTMS), which was prepared from the reaction of 9,10‐dihydro‐9‐oxa‐10‐phosphaphenanthrene‐10‐oxide (DOPO) with 3‐glycidoxypropyltrimethoxysilane (GPTMS). The preparation of DOPO–GPTMS was confirmed with Fourier transform infrared, ¹H and ³¹P NMR, and elemental analysis. The resulting organic–inorganic hybrid epoxy resins exhibited a high glass‐transition temperature (167 °C), good thermal stability over 320 °C, and a high limited oxygen index of 28.5. The synergism of phosphorus and silicon on flame retardance was observed. Moreover, the kinetics of the thermal oxidative degradation of the hybrid epoxy resins were studied. © 2003 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 41: 2354–2367, 2003     

A purely algebraic characterization of the hyperreal numbers

The hyperreal numbers of nonstandard analysis are characterized in purely algebraic terms as homomorphic images of a suitable class of rings of functions.