Trading European sovereign bonds: the microstructure of the MTS trading platforms

We study the microstructure of the MTS Global Market bond trading system, which is the largest interdealer trading system for Eurozone government bonds. Using a unique new dataset we find that quoted and effective spreads are related to maturity and trading intensity. Securities can be traded on a domestic and EuroMTS platform. We show that despite the apparent fragmentation of trading, both platforms are closely connected in terms of liquidity. We also study the intraday price order flow relation in the Euro bond market. We estimate the price impact of order flow and control for the intraday trading intensity and the announcement of macroeconomic news. The regression results show a larger impact of order flows during announcement days and a higher price impact of trading after a longer period of inactivity. We relate these findings to interdealer trading and to the structure of European bond markets. JEL Classification: F31, C32Bonds markets, Microstructure, order flow

Cloning of a Carcinoembryonic Antigen Gene Family Member Expressed in Leukocytes of Chronic Myeloid Leukemia Patients and Bone Marrow

The carcinoembryonic antigen (CEA) gene family belongs to the immunoglobulin superfamily and can be subdivided into the CEA and pregnancy-specific glycoprotein subgroups. The basic structure of the encoded proteins consists of, in addition to a leader, one IgV-like and 2, 3, or 6 IgC-like domains. These domains are followed by varying COOH-terminal regions responsible for secretion, transmembrane anchoring, or insertion into the membrane by a glycosyl phosphatidylinositol tail. Here we report on the characterization of CGM6, a new member of the CEA gene subgroup, by complementary DNA cloning. The deduced coding region comprises 349 amino acids and consists of a leader, one IgV-like, two IgC-like domains, and a hydrophobic region, which is replaced by a glycosyl phosphatidylinositol moiety in the mature protein. CGM6 transcripts were only found thus far in leukocytes of chronic myeloid leukemia patients, in normal bone marrow, and in marginal amounts in normal granulocytes. The CGM6 gene product might, therefore, represent a myeloid marker. Analyses of CGM6 protein-expressing HeLa transfectants with monoclonal antibodies strongly indicate that the CGM6 gene codes for the CEA family member NCA-95

Conceptual Challanges to the Paradigms of Comparative Media Systems in a Globalized World

National media systems are the central units of analysis in comparative mass communication research. In times of growing globalization, however, it is increasingly difficult to treat national media systems as isolated cases — a dilemma that undermines the traditional logic of comparative research. A careful examination of the core conceptual challenges leads this article to conclude that global processes of diffusion do by no means spell the end of the comparative research of media systems. Global processes of diffusion do however demand for comparative designs that account for the fact that national media systems are becoming increasingly interconnected. This article makes three practical suggestions to tackle these challenges: The first suggestion is to include additional levels of analysis below and above the nation state level; the second suggestion is to incorporate theories from the field of International Communications; and the third is to remain cautious about the extent to which globalization penetrates national media systems. There is still reason to presume that media systems can be compared along the lines of national boundaries. We are required to modify and extent our tools though

An Investigation of the Effects of Categorization and Discrimination Training on Auditory Perceptual Space

Psychophysical phenomena such as categorical perception and the perceptual magnet effect indicate that our auditory perceptual spaces are warped for some stimuli. This paper investigates the effects of two different kinds of training on auditory perceptual space. It is first shown that categorization training, in which subjects learn to identify stimuli within a particular frequency range as members of the same category, can lead to a decrease in sensitivity to stimuli in that category. This phenomenon is an example of acquired similarity and apparently has not been previously demonstrated for a category-relevant dimension. Discrimination training with the same set of stimuli was shown to have the opposite effect: subjects became more sensitive to differences in the stimuli presented during training. Further experiments investigated some of the conditions that are necessary to generate the acquired similarity found in the first experiment. The results of these experiments are used to evaluate two neural network models of the perceptual magnet effect. These models, in combination with our experimental results, are used to generate an experimentally testable hypothesis concerning changes in the brain's auditory maps under different training conditions.Alfred P. Sloan Foundation and the National institutes of Deafness and other Communication Disorders (R29 02852); Air Force Office of Scientific Research (F49620-98-1-0108

Nutrition-Sensitive Agriculture Interventions in Mountain Areas-Lessons Learned From a 5-Country Project to Upscale Best Practices

Many people living in mountain regions in lowand middle-income countries are vulnerable to food and nutrition insecurity, which contributes to poor nutritional status. Food and nutrition security require stability of access to affordable, safe, diverse, and nutritious foods. In mountainous areas, affordability and access to diverse foods are challenged by climatic factors constraining agricultural production, poor infrastructure, and geographic isolation. This article describes a nutrition-sensitive agriculture (NSA) project focusing on 5 countries—Ethiopia, Kyrgyzstan, Nepal, Pakistan, and Peru— where 132 microinterventions were implemented by rural service providers (RSPs) who received training and technical support from the project. These microinterventions serve as learning cases for advocacy work to promote the NSA approach at the local, national, and global levels. They are also documented on an Internet platform allowing RSPs and other stakeholders to share best practices and lessons learned at the national and global levels. Preliminary results indicate that this approach is highly effective in addressing nutrition and livelihood issues in remote mountain areas. To scale up the approach and boost its integration into policies at the local, national, and global levels, 2 aspects will be critical. First, more systemic and integrated NSA initiatives need to be implemented that functionally combine production- and consumption-related aspects to effectively change nutrition behavior and serve as learning cases for scaling up. Second, effective capacity development of RSPs and encouragement of interaction among them is key to empowering them as change agents

Prevalence of respiratory pathogens in nasal swabs from horses with acute respiratory disease in Belgium

Contagious respiratory infections are an important cause of respiratory disease in horses, resulting in impaired pulmonary function, poor performance and sometimes severe illness. Although bacterial infections are often suspected to be involved, viruses are frequently overlooked and are an underestimated cause of respiratory disease outbreaks in horses. In this study, nasal swabs of 103 horses with acute symptoms of respiratory disease were analyzed for the presence of 13 different respiratory pathogens. Gamma herpesviruses were the most commonly detected, with 60% of the samples being positive, followed by streptococcus equi subsp. zooepidemicus infection (30%). Rhinovirus B, streptococcus equi subsp. equi, adenovirus 1 and EHV-4 were more rarely detected. Further research is necessary to correctly interpret the importance of gamma herpesviruses in horses, for example by screening a healthy control population. National surveillance of respiratory viruses in horses by PCR analysis on nasal swabs might be a useful, early warning system for viral epidemics

Thermochemical energy storage for a lunar base

A thermochemical solar energy storage concept involving the reversible reaction CaO + H2O yields Ca(OH)2 is proposed as a power system element for a lunar base. The operation and components of such a system are described. The CaO/H2O system is capable of generating electric power during both the day and night. Mass of the required amount of CaO is neglected since it is obtained from lunar soil. Potential technical problems, such as reactor design and lunar soil processing, are reviewed