Exchange rate forecasting and the performance of currency portfolios

We examine the potential gains of using exchange rate forecast models and forecast combination methods in the management of currency portfolios for three exchange rates: the euro versus the US dollar, the British pound, and the Japanese yen. We use a battery of econometric specifications to evaluate whether optimal currency portfolios implied by trading strategies based on exchange rate forecasts outperform single currencies and the equally weighted portfolio. We assess the differences in profitability of optimal currency portfolios for different types of investor preferences, two trading strategies, mean squared error‐based composite forecasts, and different forecast horizons. Our results indicate that there are clear benefits of integrating exchange rate forecasts from state‐of‐the‐art econometric models in currency portfolios. These benefits vary across investor preferences and prediction horizons but are rather similar across trading strategies.     

Macro-radioautographic localization of K42 and I131 in the canine kidney

Zusammenfassung Mittels der makroautoradiographischen Methode wurde festgestellt, dass die höchste Konzentration von K⁴² in der Nierenrinde, die maximale Konzentration von I¹³¹ im Nierenmark auftritt.     

Forecasting Errors,Directional Accuracy and Profitability of Currency Trading: The Case of EUR/USD Exchange Rate

We provide a comprehensive study of out‐of‐sample forecasts for the EUR/USD exchange rate based on multivariate macroeconomic models and forecast combinations. We use profit maximization measures based on directional accuracy and trading strategies in addition to standard loss minimization measures. When comparing predictive accuracy and profit measures, data snooping bias free tests are used. The results indicate that forecast combinations, in particular those based on principal components of forecasts, help to improve over benchmark trading strategies, although the excess return per unit of deviation is limited. Copyright © 2016 John Wiley & Sons, Ltd.     

A comparison of the effect of potassium ions on the metabolism of retina and brain cortex slicesin vitro

Zusammenfassung Der Einfluss einer erhöhten Kalium-Ionenkonzentration auf denin vitro-Metabolismus von Schweine-Retina und Gehirnrindenschnitten des Meerschweinchens wird verglichen. Die höhere Kalium-Ionenkonzentration im Medium bewirkt im ersten Falle eine Verminderung, im zweiten dagegen eine Steigerung von Sauerstoffaufnahme und anaerober Milchsäurebildung. Bei beiden Geweben wird durch die vermehrte Kalium-Ionenkonzentration die Bildung von Ammoniak gehemmt.     

Beating the random walk in Central and Eastern Europe

We compare the accuracy of vector autoregressive (VAR), restricted vector autoregressive (RVAR), Bayesian vector autoregressive (BVAR), vector error correction (VEC) and Bayesian error correction (BVEC) models in forecasting the exchange rates of five Central and Eastern European currencies (Czech Koruna, Hungarian Forint, Slovak Koruna, Slovenian Tolar and Polish Zloty) against the US Dollar and the Euro. Although these models tend to outperform the random walk model for long‐term predictions (6 months ahead and beyond), even the best models in terms of average prediction error fail to reject the test of equality of forecasting accuracy against the random walk model in short‐term predictions. Copyright © 2005 John Wiley & Sons, Ltd.