Academic literature on the topic 'Price discovery process'

AbstractThis study investigates the relationship between cash and futures prices of soybeans and soybean meal from 1992 to 2013. Error correction models are estimated for the prices of both commodities. An exogenous measure of price variability is included in both models to determine if variability increases the speed with which cash and futures prices return to their long-run equilibrium relationship. This is used to measure the impact of price variability on short-run market efficiency and the price discovery process. The findings indicate that the level of price variability influences market adjustment rates and the price discovery process.

This paper estimates the contribution of KOSPI200 futures to spot price discovery based on methodology of ‘information share’, which is suggested by Hasbrouck (1995). Using the intraday data covering sample period from year 1997 to 2003, I estimate information share with specification of Vector Error Correction Model. Main empirical findings are summarized as followings; First. estimate of information share is above 60 percent on average through-out the entire sample period. Second. the contribution of KOSPI200 futures to error correction increased during the recent year of sample period. showing that futures price have strong tendency to lead the spot price. Third. price discovery of KOSPI200 futures have significantly positive relationship with program trading volume and seems to increase under contango. These empirical findings explain the ‘market maturity effect’ that role of futures in spot price discovery enhances as cointegration between futures and spot prices strengthens and futures market countervails the arbitrage opportunity. In general. this paper presents that mature futures market Significantly contributes to spot market efficiency and price discovery process.

Role of agricultural sector in Indian economy is prominent, as being an agrarian economy and having the second highest population in the world. Thus, the efficiency of this sector is the foremost factor for development and growth of the economy. This article attempts to examine the price discovery relationship of future and spot prices of five agricultural commodities, namely cardamom, crude palm oil, cotton, mentha oil and kapas, during the period 2011–2019. Johansen’s co-integration test, vector error correction model (VECM) and Granger causality block exogeneity test were employed for the study. We found that price discovery process is established for agricultural commodities under consideration. Future prices act as a leader in achieving long-run equilibrium for all commodities except cardamom. Causality was significantly reported for all commodities, as bidirectional causality runs between the prices. The study suggests that Forward Market Commission should be empowered more to control and regulate the market, which will ensure the efficient market situations in these commodities’ market. Attempt was made to evaluate price discovery process in agricultural commodities market during post sub-prime crisis period, which was ignored by majority of researchers.

This study empirically investigates the contributions of three crude oil-based exchange-traded funds (ETFs) in the price discovery process. Using daily data on the crude oil spot, near month crude oil futures, and three crude-oil-based ETFs, we analyze the price discovery contributions of the five-price series. We use two information share measures, namely the generalized information share (GIS) measure (Lien and Shrestha, 2014) and the permanent-temporary decomposition (PT/GG) measure (Gonzalo and Granger, 1995). We find that the futures market dominates the price discovery process. However, we also find that the crude-oil-based ETFs significantly contribute to the price discovery process. Thus, we find that additional ETFs play a significant role in price discovery. Therefore, they are not redundant in terms of their price discovery contributions.

In this study, we empirically analyze the contribution of futures markets to the price discovery process for seven agricultural commodities using the generalized information share proposed by Lien and Shrestha (2014) and component share based on the permanent-temporary decomposition proposed by Gonzalo and Granger (1995). We find that most of the price discovery takes place in the futures markets with the exception of cocoa. Our results show that futures markets play an important role in price discovery process. These results are important to academicians, practitioners, policymakers as well as business leaders.

The price discovery process of the Taipei residential real estate market is examined. Using data from the Ta-An District of Taipei City, empirical evidence indicates that there exists a causal relationship between rental rates and property prices. Results here suggest that the two real estate markets are linked together; hence investors and end users can use price information in one market to predict future movements of the other market.

<p>In this paper we analyse and show how price discovery process influence the volatility of stocks. Using a theoretical approach, our initial analysis revealed that stocks experience ‘normal’ volatility as the price move from one equilibrium price to another as part of the price discovery process. Our further analysis revealed that, due to the inefficiency of financial markets, stocks also experience transitionary volatility which occurs when the price transition from one equilibrium price to another. The implication of these analytical findings means that the price discovery volatility effects can only be reduced by improving the efficiency of financial markets. Thus, we recommended that the financial microstructure be designed in a manner that promotes the efficiency of financial markets. </p>

Purpose – The purpose of this paper is to study price discovery and price convergence in securities trading within a fragmented market environment where stocks are traded on multiple venues. The results provide novel empirical insights questioning the generalizability of the current literature and aim to expand the understanding of price determination in a fragmented market microstructure. Design/methodology/approach – This paper provides an empirical data analysis based on an event study methodology. The authors applied Thomson Reuters Tick History data covering German blue chip stocks listed on multiple venues in 2009 and 2013. Different time aggregations up to one second are applied to provide an in-depth analysis. Findings – The paper empirically discovers a persistent price leader-follower relationship not only during intraday auctions but also in subsequent continuous trading. The authors found that trading on alternative venues instantly dries out in case the dominant market switches to a call auction. In these situations, alternative markets await and adopt the official price signal of the dominant market although prices on alternative venues still indicate a certain extent of price discovery. This phenomenon remains persistent at different levels of market fragmentation, indicating that alternative trading venues fully accept the price leadership role of the dominant market, no matter their own market share. Originality/value – This paper provides an innovative empirical setup to analyze price co-movement and convergence based on high-frequent data. Further, the results provide novel and robust insights into the price determination process in fragmented markets that clarify the role of price follower and price leader.

In this paper, we make a comparison of price efficiency between the new market (KOSDAQ) and the main board (KOSPI) in the Korean stock market. More specifically, we evaluate the relative price efficiency of both markets by comparing the speed, degree and accuracy in process of intraday price discovery. Each market’s speed and degree of price discovery are measured by WPC (weighted price contribution) devised by Barclay and Warner (1993) and WPCT (weighted price contribution per trade) proposed by Barclay and Hendershott (2003), respectively. Each market’s accuracy of price discovery is measured by unbiased regression coefficient used by Biais et al. (1999). We analyze 535 KOSPI stocks and 803 KOSDAQ stocks using 1-minute-interval transaction data collected from Bloomberg. The major findings of this paper are summarized as follows: Fist, the price discovery in KOSDAQ, the new market is slower than in KOSPI, the main board. Second, the morning session’s degree of price discovery per trade in KOSDAQ is smaller than KOSPI. Finally, the price discovery in KOSDAQ is more accurate than in KOSPI. Overall, our results indicate that the prices of KOSDAQ stocks are as efficient as the prices of KOSPI stocks, thought they have smaller firm size, younger ages, and greater uncertainty in cash flow and asset value than the main board stocks do.

碩士
長庚大學
企業管理研究所
91
The paper focuses on the increasing competition between exchanges for listing similar index futures contracts and the impact this on information dissemination between various markets. Specially, using Gonzalo-Granger methodologies for exacting the information content held in each market, a comparison of information efficiencies between the Singapore Exchange and the Taiwan Futures Exchange is examined for Taiwan Index Futures listed in both markets. The results shows: 1. Not only TAIFEX market but also SIMEX market has a long-run equilibrium., that is, has a common stochastic trend. 2. Four pairwise analysis show that TAIFEX and SIMEX have a feedback relation. 3. The spot market which is adjusting to future prices, with no significant long-run causality running from futures to the spot market. 4. The results also provide strong evidence to suggest price discovery primarily originates from the Singapore futures. 5. We found that SIMEX future’s advantages, like lower execution costs, taxes and position limits and so on may outweigh TAIFEX future’s home market advantage.

碩士
國立中央大學
財務金融研究所
96
This article examines the trading cost hypothesis by using Taiwan stock index futures and mini index futures. Empirical results show that Taiwan stock index futures, which has a lower trading cost than mini index futures, plays a dominant role in the price discovery process. The results suggest that trading cost hypothesis is supportive in Taiwan futures market. Moreover, the empirical results also find that, the institutional investors move the price of Taiwan stock index futures more than the individual investors do. In other words, the informed traders in Taiwan futures market are institutional investors, which is consistent with the findings in the European and American financial markets.

碩士
國立交通大學
財務金融研究所
100
The purpose of this paper is to observe the price discovery process in the preopening period among Spot, Futures, and Option markets. The sample period is between 3rd.Jan.2007 to 30th.Jun.2008, with totally 266 trading days. The intraday data frequency is every minute from 8:30 to 9:15 in the morning, with totally 49410 observations for the three markets. The data in the preopening period are obtained by simulated matching which are calculated through the orders in the preopening. To compare the prices from three different markets, we not only transform the simulated stock prices into index but also inference the implied spot price from the simulated option prices by Put-Call Parity. We divide the intraday data period into three subperiods according to different open timing of the markets. We then analyze the data from the three markets using VECM and Hasbrouck information share model in each subperiod. The findings of the paper could be summarized in the following points. First, the characteristics such as low transaction cost, high leverage result in the advantage for derivatives in price discovery. These findings are coherent with the trading cost hypothesis and the past researches. Next, in the second subperiod, i.e., the preopening period of spot market but opening period of derivatives market, the derivatives prices still lead the spot prices. This is probably because informed traders would like to disclose their private information as early as possible. Third, through the analysis of order behavior of investors and the result of simulated matching, we could conclude that the price discovery process of spot market in the preopening period is affected by the opening of derivatives market.

碩士
國立中央大學
財務金融研究所
99
Two futures contracts which have the same underlying asset do not have the simultaneous price reactions toward new information due to the differences in trader composition, contract specification, trading cost, and so on. The leading contract can reflect the new information in its price earlier. This article compares the information reaction efficiency and price discovery ability of the TX with MTX, the two important futures contracts traded in Taiwan Futures Exchange. Empirical results from pricing error model and relative information efficiency method suggest that two contracts have similar degree of random walk approximation. However, TX is shown to have better price discovery ability than MTX has. The article also finds that the local traders have better price discovery ability than foreign traders. The frequency and the trading volume of local traders are both much greater than foreign traders’, and this will decrease the explanation power of information share model.

碩士
國立雲林科技大學
財務金融系
90
This article examines the minute-by-minute price discovery process and asymmetric volatility spillovers between the Taiwan stock index and the index futures markets. The first objective of this investigation is to study the stochastic dynamic relationship between Taiwan stock index and index futures. By the Granger Causality test, there is a two-way feedback relationship in the overall sample period. The co-integration analysis reveals that a long-run equilibrium relationship between the pair of non-stationary price series. Both the Granger Causality test and VECM provide evidence to support the dominant role of futures in price discovery. Besides, we set up a bivariate GJR-GARCH model which is followed by VECM model to describe the joint distribution of stock index and index futures returns. By examining the volatility spillovers between the two markets thru the bivariate GJR-GARCH model, we found that the spillovers from index to futures are more significant than the other direction. Both markets also exhibit asymmetric volatility effects, with bad news (negative innovation) having a greater impact on volatility than good news (positive innovation). However, bad news in either market will increase volatility in both the futures and spot markets more than good news. Consequently, the study provides some implications to government in deregulating foreign capital in the futures markets.

abstract: 中医药是中华文明的瑰宝，中药材是中医药文化和产业的核心。随着近年来国家相关政策出台，中药材产业的发展备受瞩目。由于中药材产业链条长，层级多，各层级间信息不对称，因而中药材市场普遍具有“假”、“乱”、“杂”的问题。 A公司的中药材全产业链服务商模式，通过对上游各主要专营商的整合，形成一定的平台综合集采能力，并开始得到下游医药厂家、药店认可，在市场逐步形成品牌号召力。本文实证研究A公司商业模式的转型对中药材市场价格的影响，进而分析中药材全产业链服务商模式在中药材行业健康发展中所发挥的积极作用。研究结果表明，上下游产销结合的中药材全产业链服务商模式，只有在形成一定收购规模，对市场价格产生一定影响的时候，才能充分释放药材质量的信号，润滑药材交易市场，提高收购价格，增加市场波动率，发挥价格发现作用。由于中药材市场的信息不对称程度较高，如果产销结合模式仍处于初级开创阶段，产销结合模式释放的药材质量信号则不足以全面改善信息不对称的状况。
Dissertation/Thesis
Doctoral Dissertation Business Administration 2019

Using the deviations from the put-call parity, we investigate the existence of relevant information about the future stock price not yet incorporated in the stock market. In order to capture the extent of the mispricing between pairs of calls and puts’ options, we calculate daily volatility spreads as the weighted average of the difference between implied volatilities. We use the option signals provided by our measure to create stock portfolios, assessing the informational flow between the two markets. We find a strong evidence that relatively expensive calls in respect to puts carry more information about future stock returns than the opposite: the hedge portfolio earns a four-week abnormal return of 31.6 bps. We further extend our research to study the effect of liquidity and informed trading. Our results suggest that the most liquid options are the ones conveying more information about future stock returns. Furthermore, informed trading is only relevant when its probability in the stock market assumes high values. Finally, we show an increase of returns’ predictability in the post-financial crisis period, which contradicts the argument present in literature that this flow would tend to disappear due to the learning process of the market participants. Overall, we provide evidence on return predictability by the incorporation in the stock market of information intrinsic to the deviations from put-call parity.
Através dos desvios da paridade entre opções de compra e de venda, investigamos a existência de informação relevante sobre o preço futuro das ações, não incorporada no mercado de ações. De forma a quantificar o mispricing entre os dois tipos de opção, calculamos spreads de volatilidade definidos como a média ponderada da diferença entre as volatilidades implícitas pela opção de compra e de venda. Os diferentes níveis de indicadores revelados definem a criação de cada portfolio de ações, o que nos permitirá avaliar o fluxo de informação entre os dois mercados. Os resultados mostram que as opções de compra, sobrevalorizadas face às de venda, compreendem mais informação sobre os retornos futuros do mercado de ações do que o inverso: o hedge portfolio obtém um retorno anormal de 31.6 pp, após quatro semanas da sua formação. Numa extensão da análise, estudamos o efeito da liquidez e da existência de trading informado no mercado de ações. Os resultados sugerem que as opções mais líquidas são as que transmitem mais informação futura. Por outro lado, a existência de trading informado apenas se torna relevante quando a sua probabilidade assume valores elevados. Por último, verificamos um aumento na previsibilidade dos retornos no período após a crise financeira, o que não revela a aprendizagem dos participantes como referido na literatura. No geral, encontramos evidência da previsibilidade dos retornos através da incorporação, no mercado de ações, de informação intrínseca aos desvios da paridade entre opções de compra e de venda.

Hitler annexed Austria to Germany on March 15, 1938. Erwin Schrödinger, in Graz, soon regretted having applauded this and fled to Dublin. Stefan Meyer pre-emptively resigned his professorship in Vienna. Marietta Blau, discoverer of cosmic-ray disintegration “stars,” immigrated to Mexico. Polonium expert Elizabeth Rona immigrated to America. Renowned Lise Meitner escaped to Stockholm, where she received little scientific or personal support. Mussolini’s Fascist Italy adopted Nazi racial policies and enacted anti-Semitic laws in the fall of 1938. Bruno Rossi, dismissed from his professorship in Padua, immigrated with his wife to England and then to America. Emilio Segrè relinquished his professorship in Palermo and immigrated with his wife and young son to America. Enrico Fermi, his Jewish wife Laura, and their two children, went to Stockholm where he received the 1938 Nobel Prize in Physics and then immigrated to America to begin what Laura Fermi called the process of Americanization.

In Leonardo’s Salvator Mundi and the Collecting of Leonardo in the Stuart Courts the ‘Three Salvateers’—Robert Simon, Martin Kemp and Margaret Dalivalle—give a first-hand account of the discovery of the lost Renaissance masterpiece; from its purchase for $1,175 in a New Orleans auction house in 2005, to the worldwide media spectacle of its sale to a Saudi prince for $450 million in 2017. A behind-the-scenes view of the painstaking processes of identification, consultation, scientific analysis, conservation, and archival research that underpinned the attribution of the painting to Leonardo, the book presents a consideration of the place of the painting in Leonardo’s body of work. Exploring the meaning of the painting in terms of Renaissance theology, it considers the identity of its original patron or intended recipient. Unravelling networks of early modern art dealers and collectors in Europe, it traces the emerging reception of Leonardo during the sixteenth and seventeenth centuries. It was in Enlightenment Britain that the idea of Leonardo as artist–scientist took hold of the public imagination. This book examines the ‘invention’ of Leonardo through the unique prism of the Stuart courts. The documented presence of three paintings of Christ attributed to Leonardo in the vicinity of the seventeenth-century British Royal Collection is both extraordinary and perplexing. Today, Leonardo’s five-hundred-year-old Salvator has not yet disclosed its secret history.

This is an account of John Ashbery’s career in which, as he puts it in ‘Grand Galop’, the ‘minor eras / Take on an importance all out of proportion to the story’.1 The ‘minority’ of any part of any story is, of course, a relational status always open to dispute, but in the available narratives of Ashbery’s life and work his personal and textual engagements with contemporaneous English poets have, up to this point, occupied a certifiably marginal position. This is unsurprising. When compared with the most ambitious, compelling narratives of Ashbery’s place within literary history—portraying him as a late Romantic, a Francophile avant-gardist, or a coterie poet of the New York School, among many other possible identities—concentrating on his English connections might seem a limited perspective from which to view his work. Yet because the idea of ‘minority’ was a central preoccupation for Ashbery throughout his career, it is apt to discover that many of the important, enduring points of interest which occupied his poetry and poetics—the relation of the margin to the centre, the ways in which art represents the historical moment of its composition, the processes by which canons are formed, the methods through which aesthetic ‘strength’ and ‘weakness’ are determined, the connection between national identities and traditions and individual poetic expression—are foregrounded and illuminated when raised within such a ‘minor’ context. The limitation of scope in this study—which attends to Ashbery’s relationships with W. H. Auden, F. T. Prince, Lee Harwood and Mark Ford—allows for a localized, concentrated sample of his writing to be attended to, and obliquely to substantiate or complicate our understanding of more general themes or practices in his oeuvre. Ashbery’s body of work is broad and varied enough to justify its fragmentation into specific sub-categories, which in combination will allow for a larger, more comprehensive and more complex picture of this inexhaustible poet to be presented. This book hopes to make three central contributions to that broader picture: to demonstrate the significance of Anglo-American contexts to Ashbery’s work, to illustrate his importance ...

There are few groups of viral zoonoses that have attracted such widespread publicity as the arenaviruses, particularly during the 1960’s and 1970’s when Lassa emerged as a major cause of haemorrhagic disease in West Africa. More than any other zoonoses, members of the family are used extensively for the study of virus-host relationships. Thus the study of this unique group of enveloped, single-stranded RNA viruses has been pursued for two quite separate reasons. First, lymphocytic choriomeningitis virus (LCM) has been used as a model of persistent virus infections for over half a century; its study has contributed, and continues to contribute, a number of cardinal concepts to our present understanding of immunology. LCM virus remains the prototype of the Arenaviridae and is a common infection of laboratory mice, rats and hamsters. Once thought rare in humans there is now increasing evidence of LCM virus being implicated in renal disease and as a complication in organ transplantation. Second, certain arenaviruses cause severe haemorrhagic diseases in man, notably Lassa fever in Africa, Argentine and Bolivian haemorrhagic fevers in South America, Guaranito infection in Venezuela and Chaparé virus in Bolivia. The latter is a prime example for the need of ever-continuing vigilance for the emergence of new viral diseases; over the past few years several new arenaviruses have been reported as implicated with severe human disease and indeed the number of new arenaviruses discovered since the last edition of this book have increased the size of this virus family significantly.In common with LCM, the natural reservoir of these infections is a limited number of rodent species (Howard, 1986). Although the initial isolates from South America were at first erroneously designated as newly defined arboviruses, there is no evidence to implicate arthropod transmission for any arenavirus. However, similar methods of isolation and the necessity of trapping small animals have meant that the majority of arenaviruses have been isolated by workers in the arbovirus field. A good example of this is Guaranito virus that emerged during investigation of a dengue virus outbreak in Venezuela (Salas et al. 1991).There is an interesting spectrum of pathological processes among these viruses. All the evidence so far available suggests that the morbidity of Lassa fever and South American haemorrhagic fevers due to arenavirus infection results from the direct cytopathic action of these agents. This is in sharp contrast to the immunopathological basis of ‘classic’ lymphocytic choriomeningitis disease seen in adult mice infected with LCM virus and the use of this system for elucidating the phenomenon of H2-restriction of the host cytotoxic T cell response (Zinkernagel and Doherty 1979). Despite the utility of this experimental model for dissecting the nature of the immune response to virus infection and the growing interest in arenaviruses of rodents, there remains much to be done to elucidate the pathogenesis of these infections in humans.

Nationalism: Past as Prologue began as a single volume being compiled by Ad Akande, a scholar from South Africa, who proposed it to me as co-author about two years ago. The original idea was to examine how the damaging roots of nationalism have been corroding political systems around the world, and creating dangerous obstacles for necessary international cooperation. Since I (Bruce E. Johansen) has written profusely about climate change (global warming, a.k.a. infrared forcing), I suggested a concerted effort in that direction. This is a worldwide existential threat that affects every living thing on Earth. It often compounds upon itself, so delays in reducing emissions of fossil fuels are shortening the amount of time remaining to eliminate the use of fossil fuels to preserve a livable planet. Nationalism often impedes solutions to this problem (among many others), as nations place their singular needs above the common good. Our initial proposal got around, and abstracts on many subjects arrived. Within a few weeks, we had enough good material for a 100,000-word book. The book then fattened to two moderate volumes and then to four two very hefty tomes. We tried several different titles as good submissions swelled. We also discovered that our best contributors were experts in their fields, which ranged the world. We settled on three stand-alone books:” 1/ nationalism and racial justice. Our first volume grew as the growth of Black Lives Matter following the brutal killing of George Floyd ignited protests over police brutality and other issues during 2020, following the police assassination of Floyd in Minneapolis. It is estimated that more people took part in protests of police brutality during the summer of 2020 than any other series of marches in United States history. This includes upheavals during the 1960s over racial issues and against the war in Southeast Asia (notably Vietnam). We choose a volume on racism because it is one of nationalism’s main motive forces. This volume provides a worldwide array of work on nationalism’s growth in various countries, usually by authors residing in them, or in the United States with ethnic ties to the nation being examined, often recent immigrants to the United States from them. Our roster of contributors comprises a small United Nations of insightful, well-written research and commentary from Indonesia, New Zealand, Australia, China, India, South Africa, France, Portugal, Estonia, Hungary, Russia, Poland, Kazakhstan, Georgia, and the United States. Volume 2 (this one) describes and analyzes nationalism, by country, around the world, except for the United States; and 3/material directly related to President Donald Trump, and the United States. The first volume is under consideration at the Texas A & M University Press. The other two are under contract to Nova Science Publishers (which includes social sciences). These three volumes may be used individually or as a set. Environmental material is taken up in appropriate places in each of the three books. * * * * * What became the United States of America has been strongly nationalist since the English of present-day Massachusetts and Jamestown first hit North America’s eastern shores. The country propelled itself across North America with the self-serving ideology of “manifest destiny” for four centuries before Donald Trump came along. Anyone who believes that a Trumpian affection for deportation of “illegals” is a new thing ought to take a look at immigration and deportation statistics in Adam Goodman’s The Deportation Machine: America’s Long History of Deporting Immigrants (Princeton University Press, 2020). Between 1920 and 2018, the United States deported 56.3 million people, compared with 51.7 million who were granted legal immigration status during the same dates. Nearly nine of ten deportees were Mexican (Nolan, 2020, 83). This kind of nationalism, has become an assassin of democracy as well as an impediment to solving global problems. Paul Krugman wrote in the New York Times (2019:A-25): that “In their 2018 book, How Democracies Die, the political scientists Steven Levitsky and Daniel Ziblatt documented how this process has played out in many countries, from Vladimir Putin’s Russia, to Recep Erdogan’s Turkey, to Viktor Orban’s Hungary. Add to these India’s Narendra Modi, China’s Xi Jinping, and the United States’ Donald Trump, among others. Bit by bit, the guardrails of democracy have been torn down, as institutions meant to serve the public became tools of ruling parties and self-serving ideologies, weaponized to punish and intimidate opposition parties’ opponents. On paper, these countries are still democracies; in practice, they have become one-party regimes….And it’s happening here [the United States] as we speak. If you are not worried about the future of American democracy, you aren’t paying attention” (Krugmam, 2019, A-25). We are reminded continuously that the late Carl Sagan, one of our most insightful scientific public intellectuals, had an interesting theory about highly developed civilizations. Given the number of stars and planets that must exist in the vast reaches of the universe, he said, there must be other highly developed and organized forms of life. Distance may keep us from making physical contact, but Sagan said that another reason we may never be on speaking terms with another intelligent race is (judging from our own example) could be their penchant for destroying themselves in relatively short order after reaching technological complexity. This book’s chapters, introduction, and conclusion examine the worldwide rise of partisan nationalism and the damage it has wrought on the worldwide pursuit of solutions for issues requiring worldwide scope, such scientific co-operation public health and others, mixing analysis of both. We use both historical description and analysis. This analysis concludes with a description of why we must avoid the isolating nature of nationalism that isolates people and encourages separation if we are to deal with issues of world-wide concern, and to maintain a sustainable, survivable Earth, placing the dominant political movement of our time against the Earth’s existential crises. Our contributors, all experts in their fields, each have assumed responsibility for a country, or two if they are related. This work entwines themes of worldwide concern with the political growth of nationalism because leaders with such a worldview are disinclined to co-operate internationally at a time when nations must find ways to solve common problems, such as the climate crisis. Inability to cooperate at this stage may doom everyone, eventually, to an overheated, stormy future plagued by droughts and deluges portending shortages of food and other essential commodities, meanwhile destroying large coastal urban areas because of rising sea levels. Future historians may look back at our time and wonder why as well as how our world succumbed to isolating nationalism at a time when time was so short for cooperative intervention which is crucial for survival of a sustainable earth. Pride in language and culture is salubrious to individuals’ sense of history and identity. Excess nationalism that prevents international co-operation on harmful worldwide maladies is quite another. As Pope Francis has pointed out: For all of our connectivity due to expansion of social media, ability to communicate can breed contempt as well as mutual trust. “For all our hyper-connectivity,” said Francis, “We witnessed a fragmentation that made it more difficult to resolve problems that affect us all” (Horowitz, 2020, A-12). The pope’s encyclical, titled “Brothers All,” also said: “The forces of myopic, extremist, resentful, and aggressive nationalism are on the rise.” The pope’s document also advocates support for migrants, as well as resistance to nationalist and tribal populism. Francis broadened his critique to the role of market capitalism, as well as nationalism has failed the peoples of the world when they need co-operation and solidarity in the face of the world-wide corona virus pandemic. Humankind needs to unite into “a new sense of the human family [Fratelli Tutti, “Brothers All”], that rejects war at all costs” (Pope, 2020, 6-A). Our journey takes us first to Russia, with the able eye and honed expertise of Richard D. Anderson, Jr. who teaches as UCLA and publishes on the subject of his chapter: “Putin, Russian identity, and Russia’s conduct at home and abroad.” Readers should find Dr. Anderson’s analysis fascinating because Vladimir Putin, the singular leader of Russian foreign and domestic policy these days (and perhaps for the rest of his life, given how malleable Russia’s Constitution has become) may be a short man physically, but has high ambitions. One of these involves restoring the old Russian (and Soviet) empire, which would involve re-subjugating a number of nations that broke off as the old order dissolved about 30 years ago. President (shall we say czar?) Putin also has international ambitions, notably by destabilizing the United States, where election meddling has become a specialty. The sight of Putin and U.S. president Donald Trump, two very rich men (Putin $70-$200 billion; Trump $2.5 billion), nuzzling in friendship would probably set Thomas Jefferson and Vladimir Lenin spinning in their graves. The road of history can take some unanticipated twists and turns. Consider Poland, from which we have an expert native analysis in chapter 2, Bartosz Hlebowicz, who is a Polish anthropologist and journalist. His piece is titled “Lawless and Unjust: How to Quickly Make Your Own Country a Puppet State Run by a Group of Hoodlums – the Hopeless Case of Poland (2015–2020).” When I visited Poland to teach and lecture twice between 2006 and 2008, most people seemed to be walking on air induced by freedom to conduct their own affairs to an unusual degree for a state usually squeezed between nationalists in Germany and Russia. What did the Poles then do in a couple of decades? Read Hlebowicz’ chapter and decide. It certainly isn’t soft-bellied liberalism. In Chapter 3, with Bruce E. Johansen, we visit China’s western provinces, the lands of Tibet as well as the Uighurs and other Muslims in the Xinjiang region, who would most assuredly resent being characterized as being possessed by the Chinese of the Han to the east. As a student of Native American history, I had never before thought of the Tibetans and Uighurs as Native peoples struggling against the Independence-minded peoples of a land that is called an adjunct of China on most of our maps. The random act of sitting next to a young woman on an Air India flight out of Hyderabad, bound for New Delhi taught me that the Tibetans had something to share with the Lakota, the Iroquois, and hundreds of other Native American states and nations in North America. Active resistance to Chinese rule lasted into the mid-nineteenth century, and continues today in a subversive manner, even in song, as I learned in 2018 when I acted as a foreign adjudicator on a Ph.D. dissertation by a Tibetan student at the University of Madras (in what is now in a city called Chennai), in southwestern India on resistance in song during Tibet’s recent history. Tibet is one of very few places on Earth where a young dissident can get shot to death for singing a song that troubles China’s Quest for Lebensraum. The situation in Xinjiang region, where close to a million Muslims have been interned in “reeducation” camps surrounded with brick walls and barbed wire. They sing, too. Come with us and hear the music. Back to Europe now, in Chapter 4, to Portugal and Spain, we find a break in the general pattern of nationalism. Portugal has been more progressive governmentally than most. Spain varies from a liberal majority to military coups, a pattern which has been exported to Latin America. A situation such as this can make use of the term “populism” problematic, because general usage in our time usually ties the word into a right-wing connotative straightjacket. “Populism” can be used to describe progressive (left-wing) insurgencies as well. José Pinto, who is native to Portugal and also researches and writes in Spanish as well as English, in “Populism in Portugal and Spain: a Real Neighbourhood?” provides insight into these historical paradoxes. Hungary shares some historical inclinations with Poland (above). Both emerged from Soviet dominance in an air of developing freedom and multicultural diversity after the Berlin Wall fell and the Soviet Union collapsed. Then, gradually at first, right wing-forces began to tighten up, stripping structures supporting popular freedom, from the courts, mass media, and other institutions. In Chapter 5, Bernard Tamas, in “From Youth Movement to Right-Liberal Wing Authoritarianism: The Rise of Fidesz and the Decline of Hungarian Democracy” puts the renewed growth of political and social repression into a context of worldwide nationalism. Tamas, an associate professor of political science at Valdosta State University, has been a postdoctoral fellow at Harvard University and a Fulbright scholar at the Central European University in Budapest, Hungary. His books include From Dissident to Party Politics: The Struggle for Democracy in Post-Communist Hungary (2007). Bear in mind that not everyone shares Orbán’s vision of what will make this nation great, again. On graffiti-covered walls in Budapest, Runes (traditional Hungarian script) has been found that read “Orbán is a motherfucker” (Mikanowski, 2019, 58). Also in Europe, in Chapter 6, Professor Ronan Le Coadic, of the University of Rennes, Rennes, France, in “Is There a Revival of French Nationalism?” Stating this title in the form of a question is quite appropriate because France’s nationalistic shift has built and ebbed several times during the last few decades. For a time after 2000, it came close to assuming the role of a substantial minority, only to ebb after that. In 2017, the candidate of the National Front reached the second round of the French presidential election. This was the second time this nationalist party reached the second round of the presidential election in the history of the Fifth Republic. In 2002, however, Jean-Marie Le Pen had only obtained 17.79% of the votes, while fifteen years later his daughter, Marine Le Pen, almost doubled her father's record, reaching 33.90% of the votes cast. Moreover, in the 2019 European elections, re-named Rassemblement National obtained the largest number of votes of all French political formations and can therefore boast of being "the leading party in France.” The brutality of oppressive nationalism may be expressed in personal relationships, such as child abuse. While Indonesia and Aotearoa [the Maoris’ name for New Zealand] hold very different ranks in the United Nations Human Development Programme assessments, where Indonesia is classified as a medium development country and Aotearoa New Zealand as a very high development country. In Chapter 7, “Domestic Violence Against Women in Indonesia and Aotearoa New Zealand: Making Sense of Differences and Similarities” co-authors, in Chapter 8, Mandy Morgan and Dr. Elli N. Hayati, from New Zealand and Indonesia respectively, found that despite their socio-economic differences, one in three women in each country experience physical or sexual intimate partner violence over their lifetime. In this chapter ther authors aim to deepen understandings of domestic violence through discussion of the socio-economic and demographic characteristics of theit countries to address domestic violence alongside studies of women’s attitudes to gender norms and experiences of intimate partner violence. One of the most surprising and upsetting scholarly journeys that a North American student may take involves Adolf Hitler’s comments on oppression of American Indians and Blacks as he imagined the construction of the Nazi state, a genesis of nationalism that is all but unknown in the United States of America, traced in this volume (Chapter 8) by co-editor Johansen. Beginning in Mein Kampf, during the 1920s, Hitler explicitly used the westward expansion of the United States across North America as a model and justification for Nazi conquest and anticipated colonization by Germans of what the Nazis called the “wild East” – the Slavic nations of Poland, the Baltic states, Ukraine, and Russia, most of which were under control of the Soviet Union. The Volga River (in Russia) was styled by Hitler as the Germans’ Mississippi, and covered wagons were readied for the German “manifest destiny” of imprisoning, eradicating, and replacing peoples the Nazis deemed inferior, all with direct references to events in North America during the previous century. At the same time, with no sense of contradiction, the Nazis partook of a long-standing German romanticism of Native Americans. One of Goebbels’ less propitious schemes was to confer honorary Aryan status on Native American tribes, in the hope that they would rise up against their oppressors. U.S. racial attitudes were “evidence [to the Nazis] that America was evolving in the right direction, despite its specious rhetoric about equality.” Ming Xie, originally from Beijing, in the People’s Republic of China, in Chapter 9, “News Coverage and Public Perceptions of the Social Credit System in China,” writes that The State Council of China in 2014 announced “that a nationwide social credit system would be established” in China. “Under this system, individuals, private companies, social organizations, and governmental agencies are assigned a score which will be calculated based on their trustworthiness and daily actions such as transaction history, professional conduct, obedience to law, corruption, tax evasion, and academic plagiarism.” The “nationalism” in this case is that of the state over the individual. China has 1.4 billion people; this system takes their measure for the purpose of state control. Once fully operational, control will be more subtle. People who are subject to it, through modern technology (most often smart phones) will prompt many people to self-censor. Orwell, modernized, might write: “Your smart phone is watching you.” Ming Xie holds two Ph.Ds, one in Public Administration from University of Nebraska at Omaha and another in Cultural Anthropology from the Chinese Academy of Social Sciences, Beijing, where she also worked for more than 10 years at a national think tank in the same institution. While there she summarized news from non-Chinese sources for senior members of the Chinese Communist Party. Ming is presently an assistant professor at the Department of Political Science and Criminal Justice, West Texas A&M University. In Chapter 10, analyzing native peoples and nationhood, Barbara Alice Mann, Professor of Honours at the University of Toledo, in “Divide, et Impera: The Self-Genocide Game” details ways in which European-American invaders deprive the conquered of their sense of nationhood as part of a subjugation system that amounts to genocide, rubbing out their languages and cultures -- and ultimately forcing the native peoples to assimilate on their own, for survival in a culture that is foreign to them. Mann is one of Native American Studies’ most acute critics of conquests’ contradictions, and an author who retrieves Native history with a powerful sense of voice and purpose, having authored roughly a dozen books and numerous book chapters, among many other works, who has traveled around the world lecturing and publishing on many subjects. Nalanda Roy and S. Mae Pedron in Chapter 11, “Understanding the Face of Humanity: The Rohingya Genocide.” describe one of the largest forced migrations in the history of the human race, the removal of 700,000 to 800,000 Muslims from Buddhist Myanmar to Bangladesh, which itself is already one of the most crowded and impoverished nations on Earth. With about 150 million people packed into an area the size of Nebraska and Iowa (population less than a tenth that of Bangladesh, a country that is losing land steadily to rising sea levels and erosion of the Ganges river delta. The Rohingyas’ refugee camp has been squeezed onto a gigantic, eroding, muddy slope that contains nearly no vegetation. However, Bangladesh is majority Muslim, so while the Rohingya may starve, they won’t be shot to death by marauding armies. Both authors of this exquisite (and excruciating) account teach at Georgia Southern University in Savannah, Georgia, Roy as an associate professor of International Studies and Asian politics, and Pedron as a graduate student; Roy originally hails from very eastern India, close to both Myanmar and Bangladesh, so he has special insight into the context of one of the most brutal genocides of our time, or any other. This is our case describing the problems that nationalism has and will pose for the sustainability of the Earth as our little blue-and-green orb becomes more crowded over time. The old ways, in which national arguments often end in devastating wars, are obsolete, given that the Earth and all the people, plants, and other animals that it sustains are faced with the existential threat of a climate crisis that within two centuries, more or less, will flood large parts of coastal cities, and endanger many species of plants and animals. To survive, we must listen to the Earth, and observe her travails, because they are increasingly our own.

AbstractTrading education is vital for success in the securities and investments industry. Are apprenticeships and time on an institutional trading desk the only way to learn how to trade? Do you need to work with real orders and have real money at risk to gain experience interacting with the dynamic process of price formation? The answers are no and no. Trading simulations that are well-designed can create experiences with price discovery and impose the challenges of illiquidity in ways that replicate the learning accomplished (and pressures felt) on a real trading desk. With TraderEx, you will appreciate the complexity of trading and understand it as a distinct profession within the financial industry, even if it is not always thought of as such in business school curriculum.

Physiologically, in the presence of an intracellular deficit of cholesterol, the LDLR synthesis, expression and function increase, thus uptaking and providing cholesterol to the cell. This process is counter-regulated by PCSK9 expression, the protease inducing LDLR proteolysis, thereby limiting its function maintaining a constant cholesterol intracellular concentration. Accordingly, the balance between PCSK9 and LDLR regulates the intracellular concentration of cholesterol and in consequence has impact on circulating LDL-cholesterol. This chapter reviews the brief and amazing recent history with PCSK9 inhibition from basic science to current clinical recommendations for MAbs-PCSK9. In 2003 and 2005, respectively, the pcsk9 gene mutations, determinants of the “gain of function” of PCSK9 and severe hypercholesterolemia, and the pcsk9 gene mutations with “loss of function” of PCSK9, determinants of hypocholesterolemia were described; subsequently, in 2006, the association between the pcsk9 gene mutations and the “loss of function” of PCSK9 with hypocholesterolemia and reduction of up to 88% for the risk of a coronary event in the “mutant” population versus the control population was published. Since evolocumab clinical research program has completed and published their phases I, II and III results including its cardiovascular outcomes trial, this chapter is focused in reviewing the results of evolocumab clinical research program. In 2009, the effect of a “full human” monoclonal antibody vs PCSK9 in mice and non-human primates was first reported; MAb-PCSK9, AMG-145 (evolocumab) produced in cynomolgus monkeys a doubling in the number of LDLR and an average 75% reduction in circulating LDL-cholesterol. In 2012, the first phase I study with evolocumab versus placebo were reported; this program informed very significant reductions in LDLcholesterol in healthy subjects and patients with familial and non-familial hyper cholesterolemia treated without/with statins; tolerability and safety of evolocumab were similar to placebo. With this evidence, the phase II and III investigations with evolocumab initiated; four years later, the OSLER trial allowed us to envisage the following scenario: MAb-PCSK9 evolocumab have a favorable effect on LDLcholesterol, other apo-B100 lipoproteins and overall mortality and myocardial infarction; all the aforementioned with a very favorable safety and tolerability profile. In the same direction, in 2016 was published the GLAGOV trial, wich demonstrates for the first time that the addition of a non-statin therapy -evolocumab- to the optimal treatment with statins is associated with atheroregression; and finally, in 2017, the FOURIER and the EBBINGHAUS trials were presented, wich confirmed that the addition of evolocumab to the optimal treatment with statins is associated with an additional and significant 20% relative risk reduction -26 months of follow-up- for cardiovascular mortality, myocardial infarction and/or ischemic stroke, all without neurocognitive risk. Beyond the currently approved indications by regulatory agencies, considering the high cost of PCSK9 inhibitors and financial restraints within healthcare budgets, for now and before definitive and necessary cost-effectiveness analysis and price optimization are in place, evolocumab is recommended in specific clinical scenarios reviewed in this chapter.

This chapter addresses David Oppenheim's will to “make books without end” and how he promoted that mission in a variety of material and cultural ways. Much as the circulation of books permitted a vantage point for discovering relationships of power and prestige, the production of books represented an equally fraught political field. To print a Jewish book required the cooperation of Jews and Christians, authors and printers, artisans and wealthy sponsors, censors and endorsers. Oppenheim stood at the meeting place of such concerted action: while his library offered a source of discovery for unpublished manuscripts, he also was personally involved in the publication process on account of his familial wealth to sponsor publications and the cachet he possessed, as a bibliophile and scholar, to discriminate between works that deserved publication and those that did not.

‘Smelling with genes’ begins by looking at the 1991 Nobel Prize-winning discovery of genes in rats that encoded proteins functioning as olfactory receptors. After this groundbreaking discovery, researchers were soon able to identify similar genes in other vertebrates. Experiments with androstenone, a smell secreted in human sweat and the saliva of male pigs, reveal that humans’ DNA sequences can be predicted by their response to certain specific smells. Smell receptor genes of all kinds evolve quickly in humans and animals. What do variants in our olfactory gene repertoire tell us about our ancestors and the processes behind our evolution?

In this chapter Sir Martin Evans, who was awarded the Nobel Prize for Physiology or Medicine in 2007, describes the identification of stem cells, initially from certain cultured tumour cells (teratocarcinoma cells) and latterly from early mammalian embryos. The differentiated cells of the adult vertebrate arise from a single fertilized egg and as development proceeds the commitment to differentiation becomes irreversible....

‘From cards to cryptography’ applies another result of Fermat – his ‘little theorem’ – to the problem of finding the number of different coloured necklaces with a given number of beads and available colours, if we use at least two colours? Euler generalized this theorem, using his so-called ‘totient function’. Multiplying two prime numbers is relatively simple, but factorizing a large number into prime factors can be very difficult. This asymmetric process led to a method for encrypting messages, discovered independently by a former Bletchley Park codebreaker and by three mathematicians with the initials R, S, and A, hence the term ‘RSA encryption’.

Prescriptive pricing is one of the most advanced pricing techniques, which derives the optimal price strategy to maximize the future profit/revenue by carrying out a two-stage process, demand modeling and price optimization.Demand modeling tries to reveal price-demand laws by discovering causal relationships among demands, prices, and objective factors, which is the foundation of price optimization.Existing methods either use regression or causal learning for uncovering the price-demand relations, but suffer from pain points in either accuracy/efficiency or mixed data type processing, while all of these are actual requirements in practical pricing scenarios.This paper proposes a novel demand modeling technique for practical usage.Speaking concretely, we propose a new locally consistent information criterion named MIC,and derive MIC-based inference algorithms for an accurate recovery of causal structure on mixed factor space.Experiments on simulate/real datasets show the superiority of our new approach in both price-demand law recovery and demand forecasting, as well as show promising performance in supporting optimal pricing.

The argument of natural resources’ curse explains that natural resource wealth of the country, leading to a kind of inertia in the economy causes “spendthrift” position. Accordingly, in the first place, the discovery of natural resources and its price rise have positive repercussions on country’s income and welfare. In the long run, obtained this easy enrichment may well lead to remain barren of other sectors and also affect negatively on diversification of national income and export in natural resource-rich countries. In this study, along with the collapse of the former eastern bloc, the functioning of the argument of natural resources’ curse in the natural resources-rich four transition economies, as the subject of descriptive study was conducted. In the literature of natural resources’ curse, with creating crowding-out effect, natural resources income might well brake to the development of other sectors. In addition, this situation is defined such that with increasing weight of defense industry among other sectors in aggregate income and employment, also not transferred to the social and physical infrastructure investment, particularly in education. In this study, it is examined whether there is oil prices sensitivity on the export, employment, public expenditure and national income in natural resource-rich transition economies. From the analysis results, it can be said that there is significant movements between oil prices and chosen variables and considering those findings, strong/powerful of natural resources’ curse is on process for chosen transition economies.

Objective / Scope LNG has proven its worth, to meet energy demands throughout the globe at scale, whilst providing the cleanest fossil fuel. To complement the emerging trend of energy transition all over the globe, LNG provides a robust solution for a potential future. This paper will describe the current state and outlook of the LNG market, rethinking of LNG contracts and the major drivers that could favor a Floating LNG facility as a market driver compared to land-based facilities. Methods, Procedures, Process With recent events which include the oil price slump, LNG supply glut and the ongoing COVID 19 pandemic, the imbalance in the LNG market is predicted to run with low market price that could last up to four more years. On one hand, low market price is putting a lot of pressure on suppliers but on the flip side, this can be a game changer for the consumers. Consumers can potentially exploit buyers' market by making the investments much stronger to strive towards a clean future. Conventionally LNG producers have been land-based until facilities like Golar LNG made historical success. The focus of the Floating LNG industry is now directed towards small and mid-scale production. With a constant demand from stakeholders to get facilities up and running in a short development schedule, Floating LNG can provide some compelling benefits when combined with the concept of an economic time chartering investment rather than a CAPEX investment. This leads to a shortened execution time from discovery to market and avoids the extensive and time-consuming permitting and land use issues that are typical of onshore projects. The main drivers / challenges for a Floating LNG Facility investment are · Location, associated country regulatory restrictions · Source of gas · Market demand · Technology based on capacity · Project financing Floating LNG can not only provide economic benefits for first use but could also provide a commercial route to easy re-deployment to new gas sources, wherever necessary and possible. The paper will include: · Reflection on the LNG market of the recent past · Impact of COVID 19 on LNG market globally and the projected trends by various analysts · Overview of LNG contract types · Technical and commercial Drivers of Floating LNG which will potentially influence the market Results, Observations, Conclusions The take-away from this paper is a deeper understanding of the following: · Current LNG market and outlook · Reimagine LNG Contracts · Re-explore Floating LNG drivers Novel / Additive Information While the COVID 19 has created one of the reasons for the major impact on the market, this paper will present more interesting facts on many other contributing reasons for the present market downturn. This will in turn give an in-depth understanding for reimagining the major three drivers of Floating LNG, potentially leading to a WIN-WIN solution. This will help to sustain a constant cash flow amongst both sellers and buyers.

Testing is an indispensable part of the software development process and is a continuous process during the development life cycle. In this context, examining the behavior of software systems to reveal potential problems is a crucial task. To this end, the test suites usually are utilized to examine the software quality. However, test suite quality control is hard for the tester, especially in an evolving system. Such control is needed to assure and improve the test suite's quality and the application as a consequence. Currently, test coverage criteria are used as a mechanism to assist the tester in analyzing the test suite (e.g., find the weaknesses, and add a new test case or test inputs). However, more strong coverage criteria (potentially showing less glaring weaknesses) are challenging to assess. In this work, we propose a different approach to support the developer in evaluating the test suite quality based on more powerful test coverage criteria. We will follow the Knowledge Discovery in Database process using machine learning algorithms to estimate the prime path coverage at the method and class level. For this purpose, we will create two large datasets consisting of source code metrics and test case metrics from 12 open-source Java projects, and these datasets will be used in the training process to build the predictive models. Using the built models, we expected to predict the prime path coverage at the method and class level with a reliable prediction performance.

The authors of this work propose a Knowledge Discovery in Databases (KDD) model for predicting product market adoption and longevity using large scale, social media data. Social media data, available through sites such as Twitter® and Facebook®, have been shown to be leading indicators and predictors of events ranging from influenza spread, financial stock market prices, and movie revenues. Being ubiquitous and colloquial in nature allows users to honestly express their opinions in a unified, dynamic manner. This makes social media a relatively new data gathering source that can potentially appeal to designers and enterprise decision makers aiming to understand consumers response to their upcoming/newly launched products. Existing design methodologies for leveraging large scale data have traditionally relied on product reviews available on the internet to mine product information. However, such web reviews often come from disparate sources, making the aggregation and knowledge discovery process quite cumbersome, especially reviews for poorly received products. Furthermore, such web reviews have not been shown to be strong indicators of new product market adoption. In this paper, the authors demonstrate how social media can be used to predict and mine information relating to product features, product competition and market adoption. In particular, the authors analyze the sentiment in tweets and use the results to predict product sales. The authors present a mathematical model that can quantify the correlations between social media sentiment and product market adoption in an effort to compute the ability to stay in the market of individual products. The proposed technique involves computing the Subjectivity, Polarity, and Favorability of the product. Finally, the authors utilize Information Retrieval techniques to mine users’ opinions about strong, weak, and controversial features of a given product model. The authors evaluate their approaches using the real-world smartphone data, which are obtained from www.statista.com and www.gsmarena.com.

Manufacturing cost remains one of the major issues facing the solid oxide fuel cell (SOFC) industry. In the anode supported SOFC design, the cermet anode constitutes around 90% of the total material required to build a cell, making the technology very sensitive to anode raw material price. A new patent-pending process called “nickel yttria reaction-sintered zirconia (NiYRSZ)” has been developed for manufacturing SOFC anodes at a fraction of the cost. Typically, the solid component of the anode consists of about 50/50 volume percent nickel and 8 mole percent yttria stabilized zirconia, the latter being a rather costly material. It was discovered that zirconia and yttria powders sintered in the presence of nickel oxide readily form the cubic phase at moderate temperature. Cells manufactured using this process show excellent microstructures for anode supports: a strong bond between the electrolyte and the anode, and a high porosity without addition of pore formers. The strength of the anode was 100 MPa making the material equivalent or slightly superior to an anode fabricated with the traditional NiO/8YSZ material of similar porosity. The resistivity of the material was measured at 850°C and found to be less than 2 mΩ·cm. Cell performance was also compared to cells manufactured with traditional material. Every indication is that SOFC anodes fabricated with this new method perform as well as anodes made with the conventional material set.