Asymmetric responses of international stock markets to trading volume

The major goal of this paper is to examine the hypothesis that stock returns and return volatility are asymmetric, threshold nonlinear, functions of change in trading volume. A minor goal is to examine whether return spillover effects also display such asymmetry. Employing a double-threshold GARCH model with trading volume as a threshold variable, we find strong evidence supporting this hypothesis in five international market return series. Asymmetric causality tests lend further support to our trading volume threshold model and conclusions. Specifically, an increase in volume is positively associated, while decreasing volume is negatively associated, with the major price index in four of the five markets. The volatility of each series also displays an asymmetric reaction, four of the markets display higher volatility following increases in trading volume. Using posterior odds ratio, the proposed threshold model is strongly favored in three of the five markets, compared to a US news double threshold GARCH model and a symmetric GARCH model. We also find significant nonlinear asymmetric return spillover effects from the US market.     

Exact Scaling Functions for One-Dimensional Stationary KPZ Growth

We determine the stationary two-point correlation function of the one-dimensional KPZ equation through the scaling limit of a solvable microscopic model, the polynuclear growth model. The equivalence to a directed polymer problem with specific boundary conditions allows one to express the corresponding scaling function in terms of the solution to a Riemann–Hilbert problem related to the Painlevé II equation. We solve these equations numerically with very high precision and compare our, up to numerical rounding exact, result with the prediction of Colaiori and Moore⁽¹⁾ obtained from the mode coupling approximation.     

Characterization of archaeological frankincense by gas chromatography-mass spectrometry

A simple gas chromatography-mass spectrometry (GC-MS) method has been developed for the characterization of frankincense in archaeological samples. After trimethylsilylation of the methanolic extract, 15 triterpenoids have been found among the chemical constituents of commercial olibanum (alpha-boswellic acid, 3-O-acetyl-alpha-boswellic acid, beta-boswellic acid, 3-O-acetyl-beta-boswellic acid, alpha-amyrin, beta-amyrin, lupeol, 3-epi-beta-amyrin, 3-epi-beta-amyrin, 3-epi-lupeol, alpha-amyrenone, beta-amyrenone, lupenone, 3alpha-hydroxy-lup-20(29)-en-24-oic acid and 3-O-acetyl-hydroxy-lup-20(29)-en-24-oic acid). These compounds have been unequivocally identified by retention time and mass spectral comparison with pure standards previously isolated, for the most part, in our laboratory. Within these triterpenes, acid ones, the corresponding O-acetates, and their products of degradation were found to be characteristic of frankincense (Boswellia resin). The presence of these unusual triterpenic compounds in an archaeological resinous sample, recovered during excavations from Dahshour site (Egypt, XIIth Dynasty), enabled us to identify unambiguously frankincense resin among several other materials. Additional chromatographic peaks of this sample were assigned to broad chemical classes using retention time and mass spectra features.     

Development and characterisation of a new interface for coupling capillary LC with collision-cell ICP–MS and its application for phosphorylation profiling of tryptic protein digests

A comparison of different nebulisers for direct hyphenation of capillary and nano liquid chromatography (Cap-LC, Nano-LC) and quadrupole-based collision cell inductively coupled plasma mass spectrometry (CC-ICP–MS) for phosphorylation profiling of tryptic protein digests is described. Helium was used as cell gas and specially tuned instrumental conditions were used to achieve background minimisation at the mass of phosphorus, because of kinetic energy discrimination of the interfering polyatomic ions. The proposed set-up is based on a modified capillary electrophoresis interface and a home-made 4 mL spray chamber. It enables the use of gradient conditions with a highly concentrated organic mobile phase as often used in protein phosphorylation analysis, without the need to apply membrane desolvation for removal of the organic phase or further background minimisation. No significant signal suppression or other negative effects caused by the organic mobile phase occur, because of the low flow rates used in Cap-LC and the robust plasma conditions of the CC-ICP–MS instrument. A tryptic digest of beta-casein was investigated as model compound to demonstrate the applicability of the proposed set-up for phosphorylation profiling in protein analysis using quadrupole based collision-cell ICP–MS as phosphorus-specific detector. Detection limits for phosphorylated peptides down to the sub picomole level were obtained. As a complementary technique, electrospray ionisation tandem mass spectrometry (ESI–MS–MS) with data base searching was used for further characterisation of the phosphorylated peptides detected.     

Background and line interference corrections in quantitative GD-OES – New approaches to an old problem

The origin of radiative background in GD-OES is discussed, in connection with the problem of multi-matrix measurements in depth profile analysis. Backed by some experimental evidence in the form of line scans, it is argued that line emission from sample material and the plasma gas (Ar) make up the dominating contributions to the radiative background. The contribution from Ar, in this work termed Matrix-independent Background (MIB), is investigated in more detail. It is shown that, at constant voltage and current, the Ar emission intensity is nearly constant and independent of the pressure, but somewhat matrix-dependent. It is suggested that the MIB can be expressed as a linear function of the intensity of an Ar reference line. This idea is tested experimentally by making intensity measurements on a large set of calibration standards of varying composition. The results are fitted to a calibration function which allows optional definitions of the MIB. It is shown that with a MIB defined as a linear function of the Ar intensity, the different contributions to the spectral background can be more accurately determined than with the MIB defined as a constant.     

Ligand exchange reactions of some Cr(III) complexes investigated by cyclic voltammetry

From cyclic linear sweep voltammograms of some Cr(III) complexes it is evident that after electron transfer ligand groups are expelled relatively slowly inDMSO and the tetra coordinated complex is formed. The rate constants could be determined in some cases by the methods of cyclic voltammetry. The following compounds were examined: [Cr(en)₃]³⁺, [Cr(acac)(en)₂]²⁺, [Cr(acac)₃]. [Cr(dien)₂]³⁺, [Cr(DMSO)₆]³⁺, [Cr(ur)₆]³⁺. For [Cr(en)₃]³⁺ the energy of activation could be determined as well.The dependence of the velocity of ligand elimination on complex structure is discussed.

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Untersuchung von Ligandenaustauschreaktionen einiger Cr(III)-Komplexe mittels cyclischer Voltammetrie

Zusammenfassung Bei der Reduktion einiger der folgenden Cr(III)-Komplexe inDMSO läßt sich auf Grund der Voltammogramme auf eine Ligandenabspaltung und Bildung der vierfach koordinierten Cr(II)-Komplexe schließen: [Cr(en)₃]³⁺, [Cr(acac)(en)₂]²⁺, [Cr(acac)₃], [Cr(dien)₂]³⁺, [Cr(DMSO)₆]³⁺, [Cr(ur)₆]³⁺. Für das [Cr(en)₃]³⁺ konnten Geschwindigkeitskonstante und Aktivierungsenergie dieser nachgelagerten Reaktion bestimmt werden.Der Einfluß der Struktur des Komplexes auf die Zerfallsgeschwindigkeit wird diskutiert.

     

New hardware for radio frequency powered glow discharge spectroscopies and its capabilities for analytical applications

A new radio frequency (rf) hardware is developed for glow discharge spectroscopic methods. The resulting features and its capabilities for analytical applications are discussed. The electrical equipment developed allows to work as quickly, stably, reliably and easily as known from the direct current (dc) mode. Moreover, the rf power measurement has been improved. The hardware has been developed, optimised and tested for glow discharge optical emission spectroscopy (GDOES), but nevertheless it is possible to use it for all procedures applying glow discharge sources.     

Regioselective Synthesis of Mixed Indole 2,3-Bis(sulfides). A Study of the Mechanism of the Second Sulfenylation of Indole

Sulfenylation of indole using sulfenyl chlorides leads to the initial formation of a 3-indolyl sulfide, while excess reagent introduces a second sulfide at the 2-position of the ring. The mechanism of this second sulfenylation has not, to date, been rigorously elucidated. The development of the first, regioselective synthesis of mixed indole 2,3-bis(sulfides) has allowed the study of the sulfenylation of 3-indolyl sulfides using a different sulfenyl chloride. Our results afford evidence that the reaction proceeds via an intermediate 3,3-disulfenylated indolenine species, with subsequent migration of one of the sulfide groups to the 2-position.