On the Modelling and Forecasting of Multivariate Realized Volatility: Generalized Heterogeneous Autoregressive (GHAR) Model

Recent multivariate extensions of the popular heterogeneous autoregressive model (HAR) for realized volatility leave substantial information unmodelled in residuals. We propose to employ a system of seemingly unrelated regressions to model and forecast a realized covariance matrix to capture this information. We find that the newly proposed generalized heterogeneous autoregressive (GHAR) model outperforms competing approaches in terms of economic gains, providing better mean–variance trade‐off, while, in terms of statistical precision, GHAR is not substantially dominated by any other model. Our results provide a comprehensive comparison of the performance when realized covariance, subsampled realized covariance and multivariate realized kernel estimators are used. We study the contribution of the estimators across different sampling frequencies, and show that the multivariate realized kernel and subsampled realized covariance estimators deliver further gains compared to realized covariance estimated on a 5‐minute frequency. In order to show economic and statistical gains, a portfolio of various sizes is used. Copyright © 2016 John Wiley & Sons, Ltd.     

Project Management Supports (Requisitely) Holistic: Socially Responsible Action in Business Systems

This article emphasizes the role of projects and project management in assuring socially responsible acting of contemporary business systems, presenting some practical applications in the field of tourism. With arising number of projects in business systems and their growing strategic importance, the role of project management has radically been changing for the last two decades. Managing organizations, as a central topic among seven crucial topics in ISO 26000 on social responsibility, is strongly associated with managing projects. Projects have important influence on the established as well as on establishing ongoing operations and are important tools in assuring business systems’ strategic development, by exposing interdependences and supporting the requisitely holistic approach. This article tries to fill the gap we detected in literature on social responsibility where projects and project management seem not to have a proper role. Four different links and interdependencies between project management and systems theory (which ISO 26000 reinforces) are exposed: (1) systemic treatment of project management, (2) systematical treatment of projects as holistic works, (3) systemic treatment of projects as parts of BSs’ strategies, (4) systemic treatment of projects throughout their entire life cycle.     

Temperature dependence of Naja toxin blocking effect inRana temporaria

Zusammenfassung Die Abhängigkeit der blockierenden Wirkung des Najatoxins von der Temperatur zeigt, dass es bei seiner Einwirkung auf das cholinergische System nicht zur Bildung einer Ionenbindung kommt. Die Aktivierungsenergie der blockierenden Wirkung des Najatoxins war 3.4 kcal. mol.     

Continuous disintegration of microorganisms in a new laboratory apparatus

Zusammenfassung Die kontinuierliche Desintegration von Hefen und Bakterien mit Hilfe einer horizontalen, schnellaufenden Labor-Kugelmühle wird beschrieben, deren Arbeitsprinzip auf industrielle Desintegrationsverfahren anwendbar ist.     

Synaptic glomeruli in the thalamus of the rat: Three-dimensional relationships between glomerular components

Résumé L'organisation tridimensionelle des glomérules synaptiques enveloppés dans les processus astrocytiques du thalamus somatosensoriel du rat a été étudié par microscopie électronique. Un glomérule entier a été reconstruit et divers paramètres des rapports synaptiques et non-synaptiques entre les éléments constitutifs ont été mesurés.