Forecasting for the generation of trading signals in financial markets

In this paper we show that optimal trading results can be achieved if we can forecast a key summary statistic of future prices. Consider the following optimization problem. Let the return r_i (over time i=1, 2, ..., n) for the ith day be given and the investor has to make investment decision d_i on the ith day with d_i=1 representing a ‘long' position and d_i=0 a ‘neutral' position. The investment return is given by r=Σⁿ_i=1r_id_i−cΣⁿ⁺¹_i=1∣d_i−d_i−1∣, where c is the transaction cost. The mathematical programming problem of choosing d₁, ..., d_n to maximize r under a given transaction cost c is shown to have an analytic solution, which is a function of a key summary statistic called the largest change before reversal. The largest change before reversal is recommended to be used as an output in a neural network for the generation of trading signals. When neural network forecasting is applied to a dataset of Hang Seng Index Futures Contract traded in Hong Kong, it is shown that forecasting the largest change before reversal outperforms the k‐step‐ahead forecast in achieving higher trading profits. Copyright © 2000 John Wiley & Sons, Ltd.     

Chromosomal abnormalities in an anholocyclic biotype ofMyzus persicae (sulzer)

Résumé Le karyotype normal deMyzus persicae (Sulzer) provenant de diverses sources fut de 2n=12. Une forme anholocyclique verte de cette espèce possède un karyotype de 2n=13 ou 2n=14, avec 1 ou 2 autosomes non appariés. Une comparaison des dimensions relatives des chromosomes des karyotypes normaux et anormaux suggère que ces derniers dérivent des chromosomes par fragmentation.

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The work is sponsored by a British Science Research Council grant for research on variation inM. persicae, as part of the United Kingdom contribution to the International Biological Programme project on biological control of aphids.     

Karyotypic data for five species of anguid lizards

Zusammenfassung Die Chromosomensätze von 5 Eidechsenarten der Familie Aguidae, davon vier vom GenusGerrhonotus und eine vom GenusDiploglossus werden beschrieben.D. costatus ist 2n=36 mit 12 grossen metazentrischen Chromosomen und 24 Mikrochromosomen.G. multicarinatus ist 2n=48,G. paucicarinatus 2n=46 undG. coeruleus 2n=38. Diese 3 Arten haben einen identischen «nombre fondamentale» von 48 und alle haben 26 Mikrochromosomen.G. monticolus besitzt 2n=30. Die Anzahl der Mikrochromosomen ist auf 12 reduziert.     

Production and characterization of antibodies cross-reactive with major aflatoxins

Antibodies cross-reactive with 4 major aflatoxins were demonstrated three weeks after immunization of rabbits with an immunogen which was prepared by conjugating aflatoxin B₃ to bovine serum albumin. Aflatoxin B₃ was first converted to its hemisuccinate before conjugation to the protein. Tritiated aflatoxin B₁ (AFB₁) was used as the marker ligand both for antibody titer determination as well as for analysis of antibody specificity. Competitive RIA revealed that the antibodies have good cross-reactivity with aflatoxins B₁, B₂, G₁, and G₂ when tritiated AFB₁ was used as the marker ligand. The concentrations causing 50% inhibition of binding of³H-AFB₁ to the antibodies by unlabeled aflatoxins B₁, B₂, G₁, G₂ and B₃ were found to be 0.25, 3.34, 0.32, 4.0 and 0.53 ng/assay, respectively. The antibodies could be used for simultaneous analysis of aflatoxins B₁ and G₁, two of the most important toxic metabolites produced byAspergillus flavus andA. parasiticus.     

The cell cycle of an established line ofDrosophila melanogaster cells in vitro

Riassunto La durata media delle fasi del ciclo cellulare (G₁, S e G₂) e del tempo di generazione totale (G _T ) in una linea stabilizzata di cellule diDrosophila melanogaster risulta essere rispettivamente di 1.8, 10.0, 7.2 e 18.8 ore.     

Monoclonal antibodies to L-asparaginase

Summary Five hybridomas secreting monoclonal antibody toE. coli L-asparaginase were isolated. These monoclonal antibodies were classified into 3 different subclasses; Ig G₁ (1 clone), Ig G₂ (2 clones) and Ig G₃ (2 clones). One of them possessed anti-L-asparaginase neutralizing activity. Four antibodies examined demonstrated a linear Langmuir binding plot and binding affinities, with equilibrium dissociation constant (K_d) ranging between 2.5×10^–9M and 6.3×10^–10 M. The monoclonal antibodies should be useful probes for investigation of the enzyme activity.     

Cell cycle determination of phytohemagglutinin-stimulated lymphocytes from the opossum,Didelphis virginiana

Résumé La courbe PLM (pourcentages indiqués de mitoses) pour les lymphocytes d'opossum in vitro a fait preuve d'unT _c (temps générateur) que n'atteignait pas la somme de G₂, S, et M (mitosis). Tandis que les calculations pour les phases de G₂ et S sont représentées avec exactitude sur la courbe, il y a des variations dans le G₁ parmi les population de lymphocytes au fonctionnement divers (au nombre de deux ou peut-être plus parmi cellesci) qui sont responsables de ce désaccord apparent.     

Exact test for opposite trends of probability changes in one or several 3×2 tables

Zusammenfassung Der «Likelihood»-Quotiententest wird auf einer 3×2-Kontigenztafel mit unbekannten Wahrscheinlichkeitenp _ij (i=1,2,3;j=1,2) angewandt, um die Hypothese H₀:p _i1=p _i2 (i=1,2,3) gegen die alternative Hypothese H₁:p ₁₁>p ₁₂ p ₃₁<p ₃₂ zuprüfen, und zwar wenn kleine Stichproben vorhanden sind. Ausserdem wird die Kombination solcher Tests behandelt. Als Beispiel wird diese Testtheorie beim Wahlverhalten des Kabeljaus im Dressurversuch über akustische Lokalisation in zwei Stimulussituationen verwendet.

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The close cooperation with Drs.E. Meelis, Institute of Theoretical Biology Leyden, The Netherlands, in applying the likelihood ratio test to this case is gratefully acknowledged.

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The author is greatly indebted to Dr.J. Oosterhoff, Mathematical Institute, University of Nijmegen, The Netherlands, for introducing the subclasses 1b and 1c in the computation of vector and for the explicit expressions in these cases which eliminated the need for a numerical optimization. Further more valuable remarks regarding the combination problem were obtained.     

Cholinesterases are down-expressed in human colorectal carcinoma

The aberrations of cholinesterase (ChE) genes and the variation of ChE activity in cancerous tissues prompted us to investigate the expression of ChEs in colorectal carcinoma. The study of 55 paired specimens of healthy (HG) and cancerous gut (CG) showed that acetylcholinesterase (AChE) activity fell by 32% and butyrylcholinesterase (BuChE) activity by 58% in CG. Abundant AChE-H, fewer AChE-T, and even fewer AChE-R and BuChE mRNAs were observed in HG, and their content was greatly diminished in CG. The high level of the AChE-H mRNA explains the abundance of AChE-H subunits in HG, which as glycosylphosphatidylinositol (GPI)-anchored amphiphilic AChE dimers (G₂^A) and monomers (G₁^A) account for 69% of AChE activity. The identification of AChE-T and BuChE mRNAs justifies the occurrence in gut of A₁₂, G₄^H and PRiMA-containing G₄^A AChE forms, besides G₄^H, G₄^A and G₁^H BuChE. The down-regulation of ChEs might contribute to gut carcinogenesis by increasing acetylcholine availability and overstimulating muscarinic receptors. Received 19 May 2006; received after revision 5 June 2006; accepted 5 July 2006     

Chromosomes of some Asian and South American squirrels (rodentia: Sciuridae)

Zusammenfassung Chromosomensätze verschiedener Sciurinae sind:Sciurus anomalus (2n=40),S. granatensis (2n=42),Callosciurus flavimanus (2n=40),Dremomys rufigenis (2n=38) undMenetes berdmorei (2n= 62). Ein Vergleich mit früher beschriebenen Sciurinae-Karyotypen ergibt als ursprünglich diploide Sätze 38–40, Spaltung, sowie Fusion zu grösseren und kleineren2n's führend.     

Chromosomes of three Asian mammals:Meriones meridianus (Rodentia: Gerbillinae),Spermophilopsis leptodactylus (Rodentia: Sciuridae),Ochotona rufescens (Lagomorpha: Ochotonidae)

Zusammenfassung Chromosomenanalyse von 3 asiatischen Säugetieren:Meriones meridianus (2n=50),Ochotona rufescens (2n=60) undSpermiophilopsis lepto-dactylus (2n=38), Deren 2n's und Karyotypen wurden mit verwandten Formen ninsichtlich der Geschlechter und Gattungen verglichen und zur Klassifizierung diskutiert.     

Genetic breakdown of chromosome behaviour ofTribulus terrestris

Zusammenfassung Das Vorkommen einer fruchtbaren Polyploidie-Serie innerhalbTribulus terrestris war bekannt (n=12, Diploid,n=18, Triploid, undn=24, Tetraploid). Untersuchung über die Zytologie eines unfruchtbaren, natürlich vorkommenden Triploides deutet auf genetische Kontrolle bei der Paarbildung der Chromosomen vonTribulus terrestris.     

A new quantitative relation between internal and external steady-state concentrations in active transport

Zusammenfassung Im aktiven Transport der Aminosäureanalogen (-Aminoisobuttersäure und Cyclopentan-1-aminocarbonsäure) in Gehirnschnitten folgt das Verhältnis im stationären Zustand zwischen der intrazellulären Konzentration und der Lösungskonzentration derFreundlich Adsorptionisotherme,C _i =AC ₀ ⁿ . Dieses Verhältnis stimmt mit dem Modell einer aktiven Pumpe, die der Michaelis-Menten Kinetik folgt und mit einer passiven Ausdiffusion ausgeglichen ist, nicht überein. Es wird vermutet, dass eine Kontrolle des aktiven Transports durch intra- und extrazelluläre Konzentrationen reguliert wird.     

Interphase differential sensitivity to protein synthesis inhibition

Summary The effect of protein synthesis inhibition during interphase ofAllium cepa L. root meristem cells was studied. Anisomycin and cycloheximide were used in intermittent treatments during interphase of a synchronous cell subpopulation labelled as binucleate by caffeine, and the delays in reaching prophase were recorded. High sensitivity to protein synthesis inhibition was detected in G₁ and in the S/G₂ boundary, while protein synthesis in most of the S and G₂ phase was not required for the normal timing of next prophase.     

I cromosomi di alcuniPipidae (Amphibia Salientia)

Summary The karyotype of the African PipidHymenochirus boettgeri (2n=24, all meta- or submetacentric chromosomes) is different from the one of the African PipidXenopus laevis (2n=36). The karyotype of the American PipidPipa (Protopipa)parva (2n=30, all acrocentric chromosomes) is very primitive and different from the karyotypes of the African Pipids and from that ofPipa pipa; the male meiotic chromosomes ofP. parva, usually with 1 procentric chiasma, show a clear difference from the male bivalents of the other Pipids, all with 2 terminal chiasmata.     

Insulin activates Gαil,2 protein in rat hepatoma (HTC) cell membranes

Insulin action is initiated by binding to its cognate receptor, which then triggers multiple cellular responses by activating different signaling pathways. There is evidence that insulin receptor signaling may involve G protein activation in different target cells. We have studied the activation of G proteins in rat hepatoma (HTC) cells. We found that insulin stimulated binding of guanosine 5′-O-(3-thiotriphosphate) (GTP-γ-³⁵S) to plasma membrane proteins of HTC cells, in a dose-dependent manner. This effect was completely blocked by pertussis toxin treatment of the membranes, suggesting the involvement of G proteins of the Gα _i/Gα _o family. The expression of these Gα proteins was checked by Western blotting. Next, we used blocking antibodies to sort out the specific Gα protein activated by insulin stimulation. Anti-Gα _il,2 antibodies completely prevented insulin-stimulated GTP binding, whereas anti-Gα _o,i3 did not modify this effect of insulin on GTP binding. Moreover, we found physical association of the insulin receptor with Gα _i1,2 by copurification studies. These results further support the involvement of a pertussis toxin-sensitive G protein in insulin receptor signaling and provides some evidence of specific association and activation of Gα _i1,2 protein by insulin. These findings suggest that Gα _i1,2 proteins might be involved in insulin action. Received 23 September 1998; received after revision 23 November 1998; accepted 25 November 1998     

Mitotic inhibition induced in human kidney cells by methylglyoxal and kethoxal

Zusammenfassung Synchronisierte menschliche Nieren-T-Zellen zeigen eine Mitoseverzögerung, wenn sie in der G₁-, S- oder G₂-Phase des Zyklus Methylglyoxal oder Kethoxal ausgesetzt werden. Die Mitoseverzögerung wird durch 5mM Cysteamin eliminiert.     

Selective antiproliferative effects of thymidine

A substance with antiproliferative bioactivity in an aqueous extract ofCordyline terminalis was purified and identified by mass spectrometry to be the natural nucleoside, thymidine. 10^–5M Thymidine inhibited EL4 cell replication and decreased cell viability after 12–24 h. The effect was highly specific for this nucleoside. Treated cell cultures showed a significant increase in S phase cells and a corresponding decrease in G₁ phase cells. Nitrobenzylthioinosine (which prevented facilitated entry of thymidine) protected cells from the antiproliferative action of thymidine. A human breast cancer cell line (MCF7) was also growth-inhibited by 10^–5M thymidine but a murine lymphoma cell line (K36) was not. Thus, submillimolar thymidine has effects on cell proliferation which are selective both with respect to specificity for the compound and for different tumour cell lines.     

Ga<Subscript>q</Subscript> proteins: molecular pharmacology and therapeutic potential

Seven transmembrane G protein-coupled receptors (GPCRs) have gained much interest in recent years as it is the largest class among cell surface receptors. G proteins lie in the heart of GPCRs signalling and therefore can be therapeutically targeted to overcome complexities in GPCR responses and signalling. G proteins are classified into four families (G_i, G_s, G_12/13 and G_q); G_q is further subdivided into four classes. Among them G_αq and G_αq/11 isoforms are most crucial and ubiquitously expressed; these isoforms are almost 88% similar at their amino acid sequence but may exhibit functional divergences. However, uncertainties often arise about G_αq and G_αq/11 inhibitors, these G proteins might also have suitability to the invention of novel-specific inhibitors for each isoforms. YM-254890 and UBO-QIC are discovered as potent inhibitors of G_αq functions and also investigated in thrombin protease-activated receptor (PAR)-1 inhibitors and platelet aggregation inhibition. The most likely G protein involved in PAR-1 stimulates responses is one of the G_αq family isoforms. In this review, we highlight the molecular structures and pharmacological responses of G_αq family which may reflect the biochemical and molecular role of G_αq and G_αq/11. The advanced understanding of G_αq and G_αq/11 role in GPCR signalling may shed light on our understanding on cell biology, cellular physiology and pathophysiology and also lead to the development of novel therapeutic agents for a number of diseases.