A pre-emptive omega-3 infusion significantly reduces infarct size through the dual mechanisms of upregulation of heat shock protein 72, a key preconditioning protein, and a dramatic increase in the omega-3 content of myocardial membranes, which appears to facilitate a shift in oxidant ischemia-reperfusion injury. Further study to optimally shorten the pretreatment regimen for this potentially acceptable infusion will now be pursued.
We study here the behaviour of the first three eigenvalues (λ 1 , λ 2 , λ 3 ) and their ratio [(λ 1 /λ 2 ), (λ 1 /λ 3 ), (λ 2 /λ 3 )] of the covariance matrices of the original return series and of those rebuilt from wavelet components for emerging and mature markets. It has been known for some time that the largest eigenvalue (λ 1 ) contains information on the risk associated with the particular assets of which the covariance matrix is comprised. Here, we wish to ascertain whether the subdominant eigenvalues (λ 2 , λ 3 ) hold information on the risk of the stock market and also to measure the recovery time for emerging and mature markets. To do this, we use the discrete wavelet transform which gives a clear picture of the movements in the return series by reconstructing them using each wavelet component. Our results appear to indicate that mature markets respond to crashes differently to emerging ones, in that emerging markets may take up to two months to recover while major markets take less than a month to do so. In addition, the results appears to show that the subdominant eigenvalues (λ 2 , λ 3 ) give additional information on market movement, especially for emerging markets and that a study of the behaviour of the other eigenvalues may provide insight on crash dynamics.
In this paper, we investigate the price interdependence between seven international stock markets, namely Irish, UK, Portuguese, US, Brazilian, Japanese and Hong Kong, using a new testing method, based on the wavelet transform to reconstruct the data series, as suggested by Lee (2002). We find evidence of intra-European (Irish, UK and Portuguese) market co-movements with the US market also weakly influencing the Irish market. We also find co-movement between the US and Brazilian markets and similar intra-Asian co-movements (Japanese and Hong Kong). Finally, we conclude that the circle of impact is that of the European markets (Irish, UK and Portuguese) on both American markets (US and Brazilian), with these in turn impacting on the Asian markets (Japanese and Hong Kong) which in turn influence the European markets. In summary, we find evidence for intra-continental relationships and an increase in importance of international spillover effects since the mid 1990's, while the importance of historical transmissions has decreased since the beginning of this century.
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