Search results for "Exchange"
showing 10 items of 2035 documents
Motives for partial acquisitions between firms in the spanish stock market
2003
The paper analyses the motivations for inter-company investment on the Spanish Stock Market through the study of a sample of significant acquisitions reported to the CNMV (the Spanish Securities and Exchange Commission) by quoted firms. By analysing the sign of the cumulative abnormal returns (CAR) and of the correlations among the gains produced by the operation, an attempt is made to find out which motives predominate of the three most important ones suggested by the literature for takeovers: synergy, agency and hubris. Empirical evidence is presented that in the Spanish Stock Market the main motive for acquiring a holding is similar to synergy, especially in partial acquisitions with pos…
Multi-agent-based Order Book Model of financial markets
2006
We introduce a simple model for simulating financial markets, based on an order book, in which several agents trade one asset at a virtual exchange continuously. For a stationary market the structure of the model, the order flow rates of the different kinds of order types and the used price time priority matching algorithm produce only a diffusive price behavior. We show that a market trend, i.e. an asymmetric order flow of any type, leads to a non-trivial Hurst exponent for the price development, but not to "fat-tailed" return distributions. When one additionally couples the order entry depth to the prevailing trend, also the stylized empirical fact of "fat tails" can be reproduced by our …
Statistical analysis of financial returns for a multiagent order book model of asset trading
2007
We recently introduced a realistic order book model [T. Preis, Europhys. Lett. 75, 510 (2006)] which is able to generate the stylized facts of financial markets. We analyze this model in detail, explain the consequences of the use of different groups of traders, and focus on the foundation of a nontrivial Hurst exponent based on the introduction of a market trend. Our order book model supports the theoretical argument that a nontrivial Hurst exponent implies not necessarily long-term correlations. A coupling of the order placement depth to the market trend can produce fat tails, which can be described by a truncated Lévy distribution.
Molecular dynamics simulations of elementary chemical processes in liquid water using combined density functional and molecular mechanics potentials.…
1997
The first molecular dynamics (MD) simulation of a chemical process in solution with an ab initio description of the reactant species and a classical representation of the solvent is presented. We study the dynamics of proton (deuterium) transfer in strongly hydrogen-bonded systems characterized by an energy surface presenting a double well separated by a low activation barrier. We have chosen the hydroxyl-water complex in liquid water to analyze the coupling between the reactive system and the environment. The proton is transferred from one well to the other with a frequency close to 1 ps−1 which is comparable to the low-frequency band associated to hindered translations, diffusional transl…
Ab initio molecular dynamics study of overtone excitations in formic acid and its water complex
2018
In this article, we present results from ab initio molecular dynamics simulation of overtone excitation in formic acid monomer and its water complex in the gas phase. For the monomer, a conformation change is observed employing both OH and CH vibrational excitations, which supports experimental findings. In the formic acid–water complex, interconversion also takes place, but it proceeds via hydrogen exchange rather than via intramolecular reaction. Simulations raise a question on effect of quantum and matrix effects to the results. Also, a brief test of different computation methods was done on the system. peerReviewed
Preliminary Tests On A Miniaturized Hybrid Pv-Pemfc System
2007
A regenerative hybrid PV-PEMFC low power system is a suitable solution to replace batteries and to supply small electric devices placed in remote areas with no grid connection. Such a system was designed and built including a PV array, electrolyzer, PEMFC stack (6We) and hydrogen storage tank. As well known a hybrid PV-PEMFC energy system may represent a reliable solution to the renewable energy storage problem. Hydrogen produced by such a system is a clean fuel, suitable to replace traditional fuels which contain carbon damaging the environment. The paper reports results of a preliminary, non-dynamic experimental analysis performed on the system in order to study the effects of the anode p…
Gas-phase H/D-exchange reactions on resorcinarene and pyrogallarene capsules: Proton transport through a one-dimensional Grotthuss mechanism
2011
Hydrogen/deuterium exchange (HDX) experiments can be used to examine the gas-phase structure of hydrogen-bonded dimeric resorcinarene and pyrogallarene capsules. Already the qualitative comparison of the isotope exchange rates of different host–guest complexes with Cs+, tetramethyl ammonium (TMA+) and tetraethyl ammonium (TEA+) as the guest cations provides insight into the H/D-exchange mechanisms and with it, into the capsules' gas-phase ion structures. The smaller Cs+cations bind inside dimeric capsules with an intact seam of hydrogen bonds between the two monomers. Larger cations such as TEA+ lead to capsules with partially disrupted seams of hydrogen bonds. A fast isotope exchange is on…
Improvement of FAO-56 Model to Estimate Transpiration Fluxes of Drought Tolerant Crops under Soil Water Deficit: Application for Olive Groves
2014
[EN] Agro-hydrological models are considered an economic and simple tool for quantifying crop water requirements. In the last two decades, agro-hydrological physically based models have been developed to simulate mass and energy exchange processes in the soil-plant-atmosphere system. Although very reliable, because of the high number of required variables, simplified models have been proposed to quantify crop water consumes. The main aim of this paper is to propose an amendment of the Food and Agricultural Organization (FAO) of the United Nations FAO-56 spreadsheet program to introduce a more realistic shape of the stress function, valid for mature olive orchards (Olea europaea L.). The mod…
Methodological approach for evaluating the geo-exchange potential: VIGOR Project
2012
In the framework of VIGOR Project, a national project coordinated by the Institute of Geosciences and Earth Resources (CNR-IGG) and sponsored by the Ministry of Economic Development (MiSE), dedicated to the evaluation of geothermal potential in the regions of the Convergence Objective in Italy (Puglia, Calabria, Campania and Sicily), is expected to evaluate the ability of the territory to heat exchange with the ground for air conditioning of buildings. To identify the conditions for the development of low enthalpy geothermal systems collected and organized on a regional scale geological and stratigraphic data useful for the preparation of a specific thematic mapping, able to represent in a …
Modeling soil cation exchange capacity in multiple countries
2017
Abstract Cation exchange capacity (CEC), as an important indicator for soil quality, represents soil's ability to hold positively charged ions. We attempted to predict CEC using different statistical methods including monotone analysis of variance (MONANOVA), artificial neural networks (ANNs), principal components regressions (PCR), and particle swarm optimization (PSO) in order to compare the utility of these approaches and identify the best predictor. We analyzed 170 soil samples from four different nations (USA, Spain, Iran and Iraq) under three land uses (agriculture, pasture, and forest). Seventy percent of the samples (120 samples) were selected as the calibration set and the remainin…