Impact of Stock Market Structure on Intertrade Time and Price Dynamics

We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies'' market capitalization–a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing patterns in price prediction and risk management optimization on different stock markets.     

Fe‐N‐C Oxygen Reduction Fuel Cell Catalyst Derived from Carbendazim: Synthesis,Structure, and Reactivity

New non‐PGM catalysts from the family of Fe‐N‐C pyrolyzed materials are reported. They are synthesized using a templating silica powder with iron nitrate and carbendazim (CBDZ) precursors (sacrificial support method). The synthesis involves high temperature pyrolysis, followed by etching of the sacrificial support (silica) and obtaining a “self‐supported” open frame morphology catalyst. Both the temperature of heat treatment and Fe to CBDZ ratio play a crucial role in the final catalytic activity in oxygen reduction reaction (ORR). Prepared materials have extremely high durability in RDE tests, ending up with more than 94% of initial activity (by E_1/2 value) after 10 000 cycles in an oxygen atmosphere, which is the result we report for the first time. Evaluation of these new M‐N‐C catalysts in a single membrane electrode assembly (MEA) has shown an exceptionally high open circuit voltage (OCV) of 1 V and the world's second best performance with no IR correction. MEA tests have shown high current density of 700 mA cm^‐2 at 0.6 V and 120 mA cm^‐2 at 0.8 V. In‐depth structure‐to‐property correlation presents an evidence that Fe‐N_x centers are the active sites playing a key role in oxygen reduction reaction.     

The translocated <Emphasis Type="Italic">Liza haematocheila</Emphasis> (Teleostei: Mugilidae) as a new host of four species of <Emphasis Type="Italic">Saturnius</Emphasis> Manter, 1969 (Digenea: Hemiuridae) within its invasive range in the Black Sea

This paper presents the first documented record of four species of Saturnius Manter, 1969 in Liza haematocheila (Temminck & Schlegel) in its invasive Pontic range. S. papernai Overstreet, 1977, S. dimitrovi Blasco-Costa, Pankov, Gibson, Balbuena, Raga, Sarabeev & Kostadinova, 2006, S. minutus Blasco-Costa, Pankov, Gibson, Balbuena, Raga, Sarabeev & Kostadinova, 2006 and Saturnius sp. are described and compared with existing data by means of multivariate morphometric analysis. The morphological and morphometric similarities between the specimens of Saturnius sp. from L. haematocheila and a small form of S. papernai from L. aurata indicate the possible existence of another, cryptic species. Although having acquired at least three species of Saturnius since its establishment in the Black Sea region, there is no evidence that a Pacific congener has been introduced with this fish. This is the first report of S. minutus from the Black Sea.     

Comparative studies of different cryopreservation methods for mesenchymal stem cells derived from human fetal liver

Fetal stem cells possess some intriguing characteristics, which delineate them as promising cellular therapeutics. They are less immunogenic, at lower stage of differentiation and have higher potential for repopulation and migration. Furthermore, the fetal stem cells secrete a set of cytokines and growth factors, which stimulate the regeneration of the recipient tissue. The present study indicated that the adhesive fraction of human fetal liver cells possessed the morphological characteristics of mesenchymal stem cells, as well as potential to differentiate into adipocyte and osteoblast lineages. The immunophenotypic analysis showed that the cells expressed CD13, CD73, CD90 and CD105 (typical for mesenchymal stem cells) and lacked the haematopoietic lineage markers CD34 and CD45. Addressing the issue of the low‐temperature storage of the human fetal liver cells, four different methods for cryopreservation were assessed: conventional slow freezing, program freezing and two vitrification protocols. The obtained results demonstrated that the cells were cryotolerant and maintained their properties and differentiation potential after thawing. Program freezing showed to be the most efficient method for cryopreservation of the investigated cells.     

Sleep and eating behavior in adults at risk for type 2 diabetes

Insufficient quantity and quality of sleep may modulate eating behavior, everyday physical activity, overall energy balance, and individual risk of obesity and type 2 diabetes. We examined the association of habitual sleep quantity and quality with the self-reported pattern of eating behavior in 53 healthy urban adults with parental history of type 2 diabetes (30 F/23 M; mean (s.d.) age: 27 (4) years; BMI: 23.9 (2.3) kg/m(2)) while taking into consideration the amount of their everyday physical activity. Participants completed 13 (3) days of sleep and physical activity monitoring by wrist actigraphy and waist accelerometry while following their usual lifestyle at home. Overnight laboratory polysomnography was used to screen for sleep disorders. Subjective sleep quality was measured with the Pittsburgh Sleep Quality Index. Eating behavior was assessed using the original 51-item and the revised 18-item version of the Three-Factor Eating Questionnaire including measures of cognitive restraint, disinhibition, hunger, and uncontrolled and emotional eating. In multivariable regression analyses adjusted for age, BMI, gender, race/ethnicity, level of education, habitual sleep time measured by wrist actigraphy and physical activity measured by waist accelerometry, lower subjective sleep quality was associated with increased hunger, more disinhibited, uncontrolled and emotional eating, and higher cognitive restraint. There was no significant association between the amount of sleep measured by wrist actigraphy and any of these eating behavior factors. Our findings indicate that small decrements in self-reported sleep quality can be a sensitive indicator for the presence of potentially problematic eating patterns in healthy urban adults with familial risk for type 2 diabetes.     

Morphology and molecules reveal the alien <Emphasis Type="Italic">Posthodiplostomum centrarchi</Emphasis> Hoffman, 1958 as the third species of <Emphasis Type="Italic">Posthodiplostomum</Emphasis> Dubois, 1936 (Digenea: Diplostomidae) in Europe

Metacercariae of two species of Posthodiplostomum Dubois, 1936 (Digenea: Diplostomidae) were subjected to morphological and molecular studies: P. brevicaudatum (von Nordmann, 1832) from Gasterosteus aculeatus (L.) (Gasterosteiformes: Gasterosteidae), Bulgaria (morphology, cox1 and ITS1-5.8S-ITS2) and Perca fluviatilis L. (Perciformes: Percidae), Czech Republic (morphology, cox1, ITS1-5.8S-ITS2 and 28S); and P. centrarchi Hoffman, 1958 from Lepomis gibbosus (L.) (Perciformes: Centrarchidae), Bulgaria (morphology, cox1 and ITS1-5.8S-ITS2) and Slovakia (cox1 and ITS1-5.8S-ITS2). In addition, cercariae of P. cuticola (von Nordmann, 1832) from Planorbis planorbis (L.) (Mollusca: Planorbidae), Lithuania (morphology and cox1) and metacercariae of Ornithodiplostomum scardinii (Schulman in Dubinin, 1952) from Scardinius erythrophthalmus (L.) (Cypriniformes: Cyprinidae), Czech Republic, were examined (morphology, cox1, ITS1-5.8S-ITS2 and 28S). These represent the first molecular data for species of Posthodiplostomum and Ornithodiplostomum Dubois, 1936 from the Palaearctic. Phylogenetic analyses based on cox1 and ITS1-5.8S-ITS2, using O. scardinii as the outgroup and including the three newly-sequenced Posthodiplostomum spp. from Europe and eight published unidentified (presumably species-level) lineages of Posthodiplostomum from Canada confirmed the distinct status of the three European species (contrary to the generally accepted opinion that only P. brevicaudatum and P. cuticola occur in the Palaearctic). The subspecies Posthodiplostomum minimum centrarchi Hoffmann, 1958, originally described from North America, is elevated to the species level as Posthodiplostomum centrarchi Hoffman, 1958. The undescribed “Posthodiplostomum sp. 3” of Locke et al. (2010) from centrarchid fishes in Canada has identical sequences with the European isolates of P. centrarchi and is recognised as belonging to the same species. The latter parasite, occurring in the alien pumpkinseed sunfish Lepomis gibbosus in Europe, is also supposed to be alien for this continent. It is speculated that it colonised Europe long ago and is currently widespread (recorded in Bulgaria, Slovakia and Spain); based on the cox1 sequence of an adult digenean isolate from the Ebro Delta, Spain, only the grey heron (Ardea cinerea L.) (Ciconiiformes: Ardeidae) is known to be its definitive host in Europe.     

Upper Ordovician chondrichthyan‐like scales from North America

Studies of Ordovician micromeric fish scales from the Sandbian of North America have identified a number of scale‐based taxa potentially referable to the chondrichthyans and therefore can be among the stratigraphically oldest representatives of the clade described to date. Two of these, Tezakia hardingensis gen. et sp. nov. and Canyonlepis smithae gen. et sp. nov., are formally described herein. Tezakia gen. nov. scales are composed exclusively of tubular dentine and possess polyodontocomplex crowns with a characteristically large primordial odontode. Similar scale crown architecture has been reported only in the reputed chondrichthyan Altholepis composita (Lower Devonian of Podolia, Ukraine), and on these grounds, the two are united within the newly erected Altholepidiformes ordo nov. Multiple odontocomplexes are also a feature of Canyonlepis gen. nov. scale crowns; however, the latter do not demonstrate prominent primordial odontodes and are supported by a base composed of acellular bone. Additional data suggest that both taxa possess a combination of characteristics (areal crown growth, scale symmetry, linear odontocomplex architecture and absence of enamel, osteons, cancellous bone and hard‐tissue resorption) previously documented to occur only in chondrichthyan scales. This study contributes to a growing body of evidence that reveals the presence of diverse tissue types (bone, tubular and atubular dentine) and morphogenetic patterns (odontocomplex and non‐odontocomplex type of scale crown growth) in the dermal skeleton of putative Ordovician chondrichthyans.     

Fabrication of macroporous chitosan scaffolds doped with carbon nanotubes and their characterization in microbial fuel cell operation

Chitosan (CHIT) scaffolds doped with multi-walled carbon nanotubes (CNT) were fabricated and evaluated for their utility as a microbial fuel cell (MFC) anodic material. High resolution microscopy verified the ability of Shewanella oneidensis MR-1 to directly colonize CHIT-CNT scaffolds. Cross-linking agents 1-ethyl-3-[3-dimethylaminopropyl] carbodimide hydrochloride (EDC), glutaraldehyde and glyoxal were independently studied for their ability to strengthen the CHIT-CNT matrix without disrupting the final pore structure. 2.5 vol% glyoxal was found to be the optimal cross-linker in terms of porosity (BET surface area=30.2 m(2) g(-1)) and structural stability. Glyoxyl and EDC cross-linked CHIT-CNT scaffolds were then studied for their ability to transfer electrons to underlying glassy carbon. Results showed an open circuit cell voltage of 600 mV and a maximum power density of 4.75 W/m(3) at a current density of 16 A/m(3) was achieved in non stirred batch mode, which compares well with published data using carbon felt electrodes where a power density of 3.5 W/m(3) at a current density of 7 A/m(3) have been reported. Additionally, CHIT-CNT scaffolds were impregnated into carbon felt electrodes and these results suggest that CHIT-CNT scaffolds can be successfully integrated with multiple support materials to create hybrid electrode materials. Further, preliminary tests indicate that the integrated scaffolds offer a robust macroporous electrode material that can be used in flow-through configurations.     

Enzymatic fuel cells: integrating flow-through anode and air-breathing cathode into a membrane-less biofuel cell design

One of the key goals of enzymatic biofuel cells research has been the development of a fully enzymatic biofuel cell that operates under a continuous flow-through regime. Here, we present our work on achieving this task. Two NAD(+)-dependent dehydrogenase enzymes; malate dehydrogenase (MDH) and alcohol dehydrogenase (ADH) were independently coupled with poly-methylene green (poly-MG) catalyst for biofuel cell anode fabrication. A fungal laccase that catalyzes oxygen reduction via direct electron transfer (DET) was used as an air-breathing cathode. This completes a fully enzymatic biofuel cell that operates in a flow-through mode of fuel supply polarized against an air-breathing bio-cathode. The combined, enzymatic, MDH-laccase biofuel cell operated with an open circuit voltage (OCV) of 0.584 V, whereas the ADH-laccase biofuel cell sustained an OCV of 0.618 V. Maximum volumetric power densities approaching 20 μW cm(-3) are reported, and characterization criteria that will aid in future optimization are discussed.     

Allozyme polymorphism and phylogenetic relationships in Apis mellifera subspecies selectively reared in Poland and Bulgaria

The genetic variability of honey bee populations of three subspecies selectively reared in Poland (A. m. carnica and A. m. caucasica) and Bulgaria (A. m. macedonica-type rodopica) was studied using isoenzyme analysis of six enzyme systems (MDH-1, ME, EST-3, ALP, PGM and HK) corresponding to 6 loci. All loci were found to be polymorphic in the studied populations. Three alleles were detected at each locus: MHD-1 (MDH65, MDH80 and MDH100), Me (ME90, ME100 and ME106), EST-3 (EST94, EST100 and EST118), ALP (ALP80 ALP90 and ALP100), PGM (PGM80, PGM100 and PGM114) and HK (HK87, HK100 and HK110). The observed and expected heterozygosities (Ho and He) ranged from 0.196 (A. m. macedonica SM) to 0.265 (A. m. carnica MV) and from 0.224 (A. m. macedonica SM) to 0.273 (A. m. carnica GR), respectively. Allele frequencies of all loci were used to estimate Nei's (1972) genetic distance, which was found to range from 0.003 (between A. m. macedonica TR and SM and between A. m. carnica GR and MV populations) to 0.057 (between A. m. macedonica SM and A. m. caucasica populations). The estimated mean F(ST) value from allozyme data was 0.0364. A UPGMA dendrogram was obtained by genetic distance matrix methods; A. m. macedonica (type rodopica), A. m. carnica and A. m. caucasica populations represented different clades.