The Cross-Sectional Intrinsic Entropy-A Comprehensive Stock Market Volatility Estimator.

To take into account the temporal dimension of uncertainty in stock markets, this paper introduces a cross-sectional estimation of stock market volatility based on the intrinsic entropy model. The proposed cross-sectional intrinsic entropy (CSIE) is defined and computed as a daily volatility estimate for the entire market, grounded on the daily traded prices-open, high, low, and close prices (OHLC)-along with the daily traded volume for all symbols listed on The New York Stock Exchange (NYSE) and The National Association of Securities Dealers Automated Quotations (NASDAQ). We perform a comparative analysis between the time series obtained from the CSIE and the historical volatility as provided by the estimators: close-to-close, Parkinson, Garman-Klass, Rogers-Satchell, Yang-Zhang, and intrinsic entropy (IE), defined and computed from historical OHLC daily prices of the Standard & Poor's 500 index (S&P500), Dow Jones Industrial Average (DJIA), and the NASDAQ Composite index, respectively, for various time intervals. Our study uses an approximate 6000-day reference point, starting 1 January 2001, until 23 January 2022, for both the NYSE and the NASDAQ. We found that the CSIE market volatility estimator is consistently at least 10 times more sensitive to market changes, compared to the volatility estimate captured through the market indices. Furthermore, beta values confirm a consistently lower volatility risk for market indices overall, between 50% and 90% lower, compared to the volatility risk of the entire market in various time intervals and rolling windows.

A Volatility Estimator of Stock Market Indices Based on the Intrinsic Entropy Model.

Grasping the historical volatility of stock market indices and accurately estimating are two of the major focuses of those involved in the financial securities industry and derivative instruments pricing. This paper presents the results of employing the intrinsic entropy model as a substitute for estimating the volatility of stock market indices. Diverging from the widely used volatility models that take into account only the elements related to the traded prices, namely the open, high, low, and close prices of a trading day (OHLC), the intrinsic entropy model takes into account the traded volumes during the considered time frame as well. We adjust the intraday intrinsic entropy model that we introduced earlier for exchange-traded securities in order to connect daily OHLC prices with the ratio of the corresponding daily volume to the overall volume traded in the considered period. The intrinsic entropy model conceptualizes this ratio as entropic probability or market credence assigned to the corresponding price level. The intrinsic entropy is computed using historical daily data for traded market indices (S&P 500, Dow 30, NYSE Composite, NASDAQ Composite, Nikkei 225, and Hang Seng Index). We compare the results produced by the intrinsic entropy model with the volatility estimates obtained for the same data sets using widely employed industry volatility estimators. The intrinsic entropy model proves to consistently deliver reliable estimates for various time frames while showing peculiarly high values for the coefficient of variation, with the estimates falling in a significantly lower interval range compared with those provided by the other advanced volatility estimators.

Restructuring of the electricity industry and environmental issues: a California research program.

As part of the restructuring of the electricity industry in many states, public benefits funding has emerged as a primary mechanism for supporting social benefits such as energy efficiency and research and development (RD). In California, a Public Interest Energy Research (PIER) Program was established to "conduct public interest energy research that seeks to improve the quality of life for California"s citizens by providing environmentally sound, safe, reliable, and affordable energy services and products. PIER includes the full range of research, development, and demonstration activities that will advance science or technology not adequately provided by competitive and regulated markets." The PIER Program is comprised of six PIER Program funding areas, including the Energy-Related Environmental Research. The overall mission of the Energy-Related Environmental Research is to "Develop cost-effective approaches to evaluating and resolving environmental effects of energy production, delivery, and use in California, and explore how new energy applications and products can solve environmental problems." This paper describes the process used in developing these approaches and identifies a set of environmental issues that the State plans to evaluate.

Sexuality and pregnancy. A prospective study.

The normative changes in various sexual variables in pregnancy remain controversial. Much of the data available have been derived from retrospective and subjective, prospective investigations. The present prospective study indicated decreases in sexual enjoyment, coital frequency and orgasm as pregnancy progressed. A midtrimester increase in sexual desire preceding a progressive decrease was evident. Overall sexual satisfaction was correlated with feeling happy about being pregnant, feeling more attractive in late pregnancy than before pregnancy and experiencing orgasm. Anticipatory guidance and informed counsel regarding sexual changes in pregnancy should be provided to help pregnant patients and their husbands adapt to the pregnancy and enhance their marital bonds.

Metabolic and distribution studies with radiolabeled 5-fluorouracil.

5-Fluorouracil (5-FU) is an effective anti-tumor drug, which has been used both as a single agent and in combination with other chemotherapeutic agents for the treatment of tumors such as breast and colorectal carcinoma. We synthesized 5-FU with trace amounts of 18F-5-FU and administered the compounds intravenously to 6 cancer patients. The patients were scanned at 2 hr intervals for 12 hrs and their urine collected whenever possible. We also injected 5-FU with the tracer 18F-5-FU, at pharmacological doses, into non-tumored rats, and sampled their bile and blood for 95 mins post-injection. For comparison, 2-14C-5-FU was injected into non-tumored rats and their bile and blood sampled at the same intervals. Minute quantities of rat bile and serum were analyzed chromatographically by high-performance TLC. 5-FU and two of its metabolites (FBAL and FUPA) were identified and quantified by this technique. Both percentage and absolute amounts of 5-FU in the bile follow comparative kinetic patterns. While the liver and the urinary bladder were clearly observable in all 16 patients, the detectability of the gall-bladder was correlated to the inverse of the alkaline phosphatase level in the blood. This work suggests that the diversity of the 5-FU metabolism in cancer patients may allow the use of 18F-5-FU as a probe for understanding those individual variabilities in clinical situations.

A cojoint, operant model for assisting profoundly behaviorally disordered adolescents.

This article describes a community treatment program established in a semirural New Mexico community that was cojointly administered by the local school district, university and mental health center in order to facilitate the adoption of personal and academic skills among profoundly, behaviorally disordered adolescents. The treatment, a model classroom, is staffed by a fulltime teacher and a full-time psychologist whose roles are differentiated primarily by the ways and type of operant behavior they reinforce. This cojoint operant model for assisting profoundly behaviorally disordered adolescents was successful in facilitating the overall adjustment of eight adolescents in one academic year, as evidenced results of a behavior rating scale, projective testing, and parents' checklist and individual interviews. Theoretical bases and procedures for implementing the model are described, and recommendations for future programs serving emotionally disturbed adolescents are proposed.