Individual and collective stock dynamics: intra-day seasonalities

We establish several new stylised facts concerning the intra-day seasonalities of stock dynamics. Beyond the well known U-shaped pattern of the volatility, we find that the average correlation between stocks increases throughout the day, leading to a smaller relative dispersion between stocks. Somewhat paradoxically, the kurtosis (a measure of volatility surprises) reaches a minimum at the open of the market, when the volatility is at its peak. We confirm that the dispersion kurtosis is a markedly decreasing function of the index return. This means that during large market swings, the idiosyncratic component of the stock dynamics becomes sub-dominant. In a nutshell, early hours of trading are dominated by idiosyncratic or sector specific effects with little surprises, whereas the influence of the market factor increases throughout the day, and surprises become more frequent.Comment: 9 pages, 7 figure

The Structure and Dynamics of the Upper Chromosphere and Lower Transition Region as Revealed by the Subarcsecond VAULT Observations

The Very high Angular resolution ULtraviolet Telescope (VAULT) is a sounding rocket payload built to study the crucial interface between the solar chromosphere and the corona by observing the strongest line in the solar spectrum, the Ly-a line at 1216 {\AA}. In two flights, VAULT succeeded in obtaining the first ever sub-arcsecond (0.5") images of this region with high sensitivity and cadence. Detailed analyses of those observations have contributed significantly to new ideas about the nature of the transition region. Here, we present a broad overview of the Ly-a atmosphere as revealed by the VAULT observations, and bring together past results and new analyses from the second VAULT flight to create a synthesis of our current knowledge of the high-resolution Ly-a Sun. We hope that this work will serve as a good reference for the design of upcoming Ly-a telescopes and observing plans.Comment: 28 pages, 11 figure

Abiotic formation of O2 and O3 in high-CO2 terrestrial atmospheres

Previous research has indicated that high amounts of ozone (O3) and oxygen (O2) may be produced abiotically in atmospheres with high concentrations of CO2. The abiotic production of these two gases, which are also characteristic of photosynthetic life processes, could pose a potential "false-positive" for remote-sensing detection of life on planets around other stars.We show here that such false positives are unlikely on any planet that possesses abundant liquid water, as rainout of oxidized species onto a reduced planetary surface should ensure that atmospheric H2 concentrations remain relatively high, and that O2 and O3 remain low. Our aim is to determine the amount of O3 and O2 formed in a high CO2 atmosphere for a habitable planet without life. We use a photochemical model that considers hydrogen (H2) escape and a detailed hydrogen balance to calculate the O2 and O3 formed on planets with 0.2 of CO2 around the Sun, and 0.02, 0.2 and 2 bars of CO2 around a young Sun-like star with higher UV radiation. The concentrations obtained by the photochemical model were used as input in a radiative transfer model that calculated the spectra of the modeled planets. The O3 and O2 concentrations in the simulated planets are extremely small, and unlikely to produce a detectable signature in the spectra of those planets. We conclude that with a balanced hydrogen budget, and for planets with an active hydrological cycle, abiotic formation of O2 and O3 is unlikely to create a possible false positive for life detection in either the visible/near-infrared or mid-infrared wavelength regimes.Comment: 27 pages, 15 figures, Astronomy & Astrophysics accepte

Üzleti etika a magyar kisvállalatok gyakorlatában

A gazdasági átalakulás következményeképpen a kis- és középvállalatok szerepe egyre jelentősebb Magyarországon. Ezzel együtt azonban a kisvállalati szférában is gyakoriakká váltak az erkölcsi konfliktusok és problémák, melyekről eddig csak kevés empirikus felmérés készült. A tanulmány áttekinti, hogy az üzleti etikának milyen sajátosságai figyelhetők meg a kis- és középvállalkozások gyakorlatában, megfogalmazza következtetéseit, és kijelöli a további kutatások irányát

The NEWMEDS rodent touchscreen test battery for cognition relevant to schizophrenia.

RATIONALE: The NEWMEDS initiative (Novel Methods leading to New Medications in Depression and Schizophrenia, http://www.newmeds-europe.com ) is a large industrial-academic collaborative project aimed at developing new methods for drug discovery for schizophrenia. As part of this project, Work package 2 (WP02) has developed and validated a comprehensive battery of novel touchscreen tasks for rats and mice for assessing cognitive domains relevant to schizophrenia. OBJECTIVES: This article provides a review of the touchscreen battery of tasks for rats and mice for assessing cognitive domains relevant to schizophrenia and highlights validation data presented in several primary articles in this issue and elsewhere. METHODS: The battery consists of the five-choice serial reaction time task and a novel rodent continuous performance task for measuring attention, a three-stimulus visual reversal and the serial visual reversal task for measuring cognitive flexibility, novel non-matching to sample-based tasks for measuring spatial working memory and paired-associates learning for measuring long-term memory. RESULTS: The rodent (i.e. both rats and mice) touchscreen operant chamber and battery has high translational value across species due to its emphasis on construct as well as face validity. In addition, it offers cognitive profiling of models of diseases with cognitive symptoms (not limited to schizophrenia) through a battery approach, whereby multiple cognitive constructs can be measured using the same apparatus, enabling comparisons of performance across tasks. CONCLUSION: This battery of tests constitutes an extensive tool package for both model characterisation and pre-clinical drug discovery.This work was supported by the Innovative Medicine Initiative Joint Undertaking under grant agreement no. 115008 of which resources are composed of EFPIA in-kind contribution and financial contribution from the European Union’s Seventh Framework Programme (FP7/2007-2013). The authors thank Charlotte Oomen for valuable comments on the manuscript.This is the author accepted manuscript. The final version is available from Springer via http://dx.doi.org/10.1007/s00213-015-4007-

Qualitative XANES and XPS Analysis of Substrate Effects in VO2 Thin Films: A Route to Improving Chemical Vapor Deposition Synthetic Methods?

Vanadium(IV) oxide thin films were synthesized via atmospheric pressure chemical vapor deposition by the reaction between vanadium(IV) chloride and ethyl acetate at 550 °C. The substrate was varied with films being deposited on glass, SnO2, and F-doped SnO2. The films were characterized by X-ray diffraction, X-ray photoelectron spectroscopy, UV–vis spectroscopy, scanning electron microscopy, and X-ray absorption near-edge structure. The influence of the electronic contribution of the substrate on the deposited VO2 film was found to be key to the functional properties observed. Highly electron-withdrawing substituents, such as fluorine, favored the formation of V5+ ions in the crystal lattice and so reduced the thermochromic properties. By considering both the structural and electronic contributions of the substrate, it is possible to establish the best substrate choices for the desired functional properties of the VO2 thin films synthesized