Using a Stochastic Complexity Measure to Check the Efficient Market Hypothesis

The weak form of the Efficient Market Hypothesis (EMH) states that current market price reflects fully the information from past prices and rules out prediction based on price data alone. No recent test of time series of stock returns rejects this weak-form hypothesis. This research offers another test of the weak form of the EHM that leads to different conclusions for some time series.The stochastic complexity of a time series is a measure of the number of bits needed to represent and reproduce the information in the time series. In an efficient market, compression of the time series is not possible, because there are no patterns and the stochastic complexity is high. In this research, Rissanen's context tree algorithm is used to identify recurring patterns in the data, and use them for compression. The weak form of the EMH is tested for 13 international stock indices and for all the stocks that comprise the Tel-Aviv 25 index (TA25), using sliding windows of 50, 75, and 100 consecutive daily returns. Statistically significant compression is detected in ten of the international stock index series. In the aggregate, 60% to 84% of the TA25 stocks tested demonstrate compressibility beyond randomness. This indicates potential market inefficiency.     

Integrated optical pH sensor using replicated chirped grating coupler sensor chips

Integrated optical sensor chips suitable for high-resolution pH measurements are presented. The pH-sensitive swelling of a polymer membrane is detected by refractometry using a compact multi-channel sensor module. The signal transduction is achieved by means of chirped grating couplers which allow simple yet high functionality sensor modules to be built. The experiments have been performed with high sensitivity replicated polycarbonate TiO₂ waveguide sensor chips coated with an ultrathin photopatterned hydrogel membrane having functional groups which reversibly change from the neutral state to a charged state upon acidification. A resolution δpH <±1.1×10⁻⁴ in terms of the pH (at pH 7.5) has been obtained in a dual-channel module with size 10×10×10 cm³.     

Mapped infinite elements for three-dimensional multi-region boundary element analysis

A formulation for an infinite boundary element (BE) is presented, which allows the modelling of infinite surfaces. The concept is that the finite surface is mapped to an infinite surface using special mapping functions. Using such mapping functions together with linear and quadratic interpolation for the displacements and the tractions, respectively, the desired decay behaviour can be modelled. The implementation of the proposed infinite elements becomes straightforward, since the Cauchy principal value, as well as the free term, are evaluated for the finite and infinite BEs with exactly the same techniques. The element developed can be used in a multi-region BE analysis of piecewise homogeneous domains, or for domains with joints and faults. The accuracy of the element is tested on some benchmark problems. Finally, a practical application in tunnelling is shown. Copyright © 2004 John Wiley & Sons, Ltd.     

Current Status of Long Non-Coding RNAs in Human Cancer with Specific Focus on Colorectal Cancer

The latest investigations of long non-coding RNAs (lncRNAs) have revealed their important role in human cancers. LncRNAs are larger than 200 nucleotides in length and fulfill their cellular purpose without being translated into proteins. Though the molecular functions of some lncRNAs have been elucidated, there is still a high number of lncRNAs with unknown or controversial functions. In this review, we provide an overview of different lncRNAs and their role in human cancers. In particular, we emphasize their importance in tumorigenesis of colorectal cancer, the third most common cancer worldwide.     

Interaction of β‐casein with (−)‐epigallocatechin‐3‐gallate assayed by fluorescence quenching: effect of thermal processing temperature

The interactions between the flavan‐3‐ol (?)‐epigallocatechin‐3‐gallate (EGCG) and bovine β‐casein in phosphate‐buffered saline (PBS) of pH 6.5 subjected to thermal processing at various temperatures (25–100 °C) were investigated using fluorescence quenching. The results indicated that different temperatures had different effects on the structural changes and EGCG‐binding ability of β‐casein. At temperatures below 60 °C, the β‐casein–EGCG interaction changed little (P > 0.05) with increasing temperature. At temperatures above 80 °C, native assemblies of β‐casein in solution dissociated into individual β‐casein molecules and unfolded, as demonstrated by a red shift of the maximum fluorescence emission wavelength (λ_max) of up to 8.8 nm. The highest quenching constant (K_q) and the number of binding sites (n) were 0.92 (±0.01) × 10¹³ m ^?1 s^?1 and 0.73 (±0.02) (100 °C), respectively. These results provide insight into the potential of interactions between β‐casein–EGCG that may modulate bioactivity or bioavailability to be altered during thermal process.     

On the kinetics of AlH3 decomposition and the subsequent Al oxidation

Metal hydrides are used for hydrogen storage. AlH₃ shows a capacity to store about 10 wt% hydrogen. Its hydrogen is split-off in the temperature interval of 400–500 K. On dehydrogenation a nano-structured Al material emerges with specific surfaces up to 15–20 m²/g. The surface areas depend on the heating rate because of a temperature dependent crystallite growth. The resulting Al oxidizes up to 20–25% weight on air access forming an alumina passivation layer of 3–4 nm thickness on all exposed surfaces. The heat released from this Al oxidation induces a high risk to this type of hydrogen storage if the containment might be destroyed, accidentally. The kinetics of the dehydrogenation and the subsequent oxidation is investigated by methods of thermal analysis. A reaction scheme is confirmed which consists of a starting Avrami-Erofeev mechanism followed by formal 1st order oxidation on unlimited air access. The kinetic parameters, activation energies and pre-exponentials are evaluated and can be used to calculate the reaction progress. Together with the heat of the Al oxidation the overall heat release and the related rate can be estimated.     

Effective turbulence and its implications in wind turbine fatigue assessment

The effective turbulence approximation is widely used in the wind energy industry for site‐specific fatigue assessment of wind turbines with reference to loads. It significantly reduces the amount of aero‐elastic simulations required to document structural integrity by integrating out the directional variation of turbulence. Deriving the effective turbulence involves assumptions related to load effect histories, structural dynamics, and material fatigue strength. These assumptions may lead to low accuracy of fatigue load assessments by the effective turbulence compared with full directional simulations. This paper quantifies the implications of the effective turbulence for a multimegawatt wind turbine during normal operation. Analyses based on wind measurements from almost one hundred international sites document that the effective turbulence provides accurate results compared with full sector‐wise simulations, but only when linear SN ‐curves are assumed. For a more advanced steel tower design approach using a bilinear SN ‐curve, a reduction of the cross‐sectional design parameters by almost 10% is achieved. Additional 10% reduction can be obtained if fatigue damage is estimated utilizing the wind direction information. By applying a probabilistic approach, it is shown that this reduction in the design parameter of the steel tower does not compromise the structural integrity when the current IEC 61400‐1 standard is followed. The results presented may improve decision making in site‐specific fatigue assessments of wind turbines and prevent overconservative design, which results from the use of the effective turbulence, and thereby reduce the cost of wind energy.     

Engineering of Saccharomyces cerevisiae for the production of (+)-ambrein

The triterpenoid (+)-ambrein is the major component of ambergris, a coprolite of the sperm whale that can only be rarely found on shores. Upon oxidative degradation of (+)-ambrein, several fragrance molecules are formed, amongst them (−)-ambrox, one of the highest valued compounds in the perfume industry. In order to generate a Saccharomyces cerevisiae whole-cell biocatalyst for the production of (+)-ambrein, intracellular supply of the squalene was enhanced by overexpression of two central enzymes in the mevalonate and sterol biosynthesis pathway, namely the N-terminally truncated 3-hydroxy-3-methylglutaryl-CoA reductase 1 (tHMG) and the squalene synthase (ERG9). In addition, another key enzyme in sterol biosynthesis, squalene epoxidase (ERG1) was inhibited by an experimentally defined amount of the inhibitor terbinafine in order to reduce flux of squalene towards ergosterol biosynthesis while retaining sufficient activity to maintain cell viability and growth. Heterologous expression of a promiscuous variant of Bacillus megaterium tetraprenyl-β-curcumene cyclase (BmeTC-D373C), which has been shown to be able to catalyse the conversion of squalene to 3-deoxyachillol and then further to (+)-ambrein resulted in production of these triterpenoids in S. cerevisiae for the first time. Triterpenoid yields are comparable with the best microbial production chassis described in literature so far, the methylotrophic yeast Pichia pastoris. Consequently, we discuss similarities and differences of these two yeast species when applied for whole-cell (+)-ambrein production.