Entropy and Efficiency of the ETF Market

We investigate the relative information efficiency of financial markets by measuring the entropy of the time series of high frequency data. Our tool to measure efficiency is the Shannon entropy, applied to 2-symbol and 3-symbol discretisations of the data. Analysing 1-min and 5-min price time series of 55 Exchange Traded Funds traded at the New York Stock Exchange, we develop a methodology to isolate residual inefficiencies from other sources of regularities, such as the intraday pattern, the volatility clustering and the microstructure effects. The first two are modelled as multiplicative factors, while the microstructure is modelled as an ARMA noise process. Following an analytical and empirical combined approach, we find a strong relationship between low entropy and high relative tick size and that volatility is responsible for the largest amount of regularity, averaging 62% of the total regularity against 18% of the intraday pattern regularity and 20% of the microstructure

Modelling systemic price cojumps with Hawkes factor models

Instabilities in the price dynamics of a large number of financial assets are a clear sign of systemic events. By investigating portfolios of highly liquid stocks, we find that there are a large number of high-frequency cojumps. We show that the dynamics of these jumps is described neither by a multivariate Poisson nor by a multivariate Hawkes model. We introduce a Hawkes one-factor model which is able to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets

Plasmonic Light Trapping in Titania–Silver Dots Thin Films

Metal nanoparticles (NPs) in a transparent dielectric matrix represent a very intriguing system due to the plasmonic absorption tunable in the range of visible wavelengths. Herein, the preparation and physical characterization of plasmonic titania–silver dots thin films are reported. The synthesis parameter that leads to making a TiO2 matrix in which the Ag NPs are actually incorporated is carefully analyzed and controlled. Morphological (scanning electron microscopy, transmission electron microscopy, high resolution electron microscopy), structural (selected area diffraction, X-ray diffraction), and spectroscopic (Raman spectroscopy) characterization techniques attest that the Ag NPs are spherical and homogeneously distributed into the TiO2 dielectric matrix in the structural modification of anatase. The study of the optical properties of films concludes the work. Plasmonic resonance is analyzed according to the light scattering theory

Characterization of the Airborne Microbiome in Different Indoor and Outdoor Locations of a University Building Using an Innovative Compositional Data Analysis Approach

In this work, we investigated the structure of the airborne bacterial community obtained by 16S rRNA gene sequencing performed on aerosol samples from different indoor and outdoor locations. The 48-h aerosol samples were collected in two laboratories, in the corridors, and on the roof of the Mathematics and Physics Department of the University of Salento (Italy). The investigation was carried out through the application of an innovative compositional data analysis approach, mainly based on a centered log-ratio transformation as a standardization procedure, the Aitchison distance for data ordination, and the principal component analysis via singular value decomposition for data clustering. This methodology allowed us to explore the main relationships among samples, identifying different results between indoor and outdoor samples both at the genus level and at the species level. Bacillus and Pseudomonas represented the most abundant genera identified in the analyzed samples. Out of the 21 identified bacterial species with the highest abundances in the collected aerosol samples, Acinetobacter lwoffii, Propionibacterium acnes, Diplorickettsia massiliensis, and Corynebacterium tuberculostearicum were the only four commonly classified as human opportunistic pathogens. Among the genera mostly associated with indoor environments, Hymenobacter and Arthrobacter could be noted as including many species that are unique in being radiation resistant

Diagnostic investigation to support the restoration of the polychrome terracotta relief "Madonna and Child" in Piove di Sacco (Padova, Italy)

Restoration procedures of the polychrome terracotta relief “Madonna and Child” with papier-mâché inserts from a shrine in Piove di Sacco (Padova, orthern Italy) were assisted by analytical investigations, contributing to identify the chemical composition of the pigments, fractures and internal damages, additions and retouchings, which strongly modified the original manufact. In particular, energy dispersive X-ray fluorescence, Raman spectroscopy and FT-IR spectroscopy were employed to determine the chemical composition of pigments on the original layer and on the overpaintings and to understand the artistic techniques. Moreover, X-ray planar radiography and computed tomography were used to understand the structure and its conservative state. Finally, the relief, stylistically dated to the 17th century, turned out to be a Renaissance terracotta artefact. The polychrome blue traces of lapis lazuli highlighted a valuable artwork and the resemblance with the style of Donatello and his apprentices have recently led to further studies, as an initial part of a larger research on polychrome terracotta in Veneto

Rediscovering Montecristo's treasure: The island's holm oaks reveal exceptional longevity

n

Rifting in heterogeneous lithosphere inferences from numerical modeling of the northern North Sea and the Oslo Graben.

Permian rifting and magmatism are widely documented across NW Europe. The different Permian basins often display contrasting structural styles and evolved in lithospheric domains with contrasting past evolution and contrasting thermotectonic ages. In particular, the Oslo Graben and the northern North Sea rift initiated in close areas of northern Europe. The Oslo Graben evolved in the cold and stable Precambrian lithosphere of Fennoscandia, whereas the northern North Sea rift took birth in freshly reworked Caledonian lithosphere. Huge volumes of magmatic rocks characterize the relatively narrow Oslo Graben. In contrast, little magmatism is documented for the wide northern North Sea rift. Differences in timing between both rifts are inferred but still debated. We present numerical thermomechanical models along a lithospheric E-W section that involves both the Oslo Graben and the northern North Sea area. Because the modeled section crosses the boundary between Caledonian and Proterozoic provinces, thermal and compositional heterogeneities are considered. As is suggested by various geophysical data sets, we also consider lithospheric thickness heterogeneities in the Precambrian lithosphere. Modeling results suggest that the northern North Sea was on top of "weak" lithosphere very sensitive to far-field stresses. Consequently, we suggest that rifting in the northern North Sea began as early as regional extension was effective (i.e., Late Carboniferous-Early Permian) and does not postdate the Oslo Graben as it is commonly assumed. Rifting in the "strong" Precambrian lithosphere is unexpected. Modeling results suggest that a pre-existing lithospheric thickness contrast within the Fennoscandian lithosphere favored rifting in the Oslo Graben

From neurovascular coupling to neurovascular cascade: A study on neural, autonomic and vascular transients in attention

Mental processes bring about neural, vascular and autonomic changes in the brain cortex. Due to the different nature of these modifications, their onsets show no synchrony and time dynamics is often strongly dissimilar. After acquiring data from a group of 16 subjects, we estimated temporal correlation between task and signals in order to assess possible influences induced by an attentive task on electroencephalographic (EEG), heart rate variability (HRV), oxy- and deoxy-haemoglobin concentration signals. We also investigated correlations and time delays between couples of different biological signals. This allowed for the isolation of a subgroup of subjects showing similar tracks. Cardiac frequency and deoxy-haemoglobin signals displayed a strong positive correlation with the task design, while EEG alpha rhythm and oxygenation showed a negative correlation. Neural electrical response was nearly instantaneous with respect to the task progression, and autonomic response showed a mean delay of about 15s and a slower hemodynamic response (mean delay above 20s) was finally induced. Globally, the task elicited a cascade of responses, in which delays can be quantified

Identifying the 993-994 CE Miyake event in the oldest dated living tree in Europe

Combined dendrochronology and accelerator mass spectrometry radiocarbon (AMS 14C) dating analyses were used in order to date an old living tree named Italus, growing in the Pollino massif in Southern Italy. Wiggle match AMS 14C dating analysis was performed on a 320-yr-long floating chronology obtained by cross-dating four wood cores extracted from the exposed roots of the tree. Following this approach, an age for the tree of ≈1230 yr was estimated. This age makes Italus the oldest living tree in Europe. High-resolution 14C dating analyses performed on single rings extracted from the tree stem allowed us to identify the 993.994 CE large excursion in atmospheric 14C concentration (Miyake event) revealing for the first time its presence in the Mediterranean basin