Short-Sale Constraints and the Pricing of Managerial Skills

We investigate the impact of the absence of short selling on the pricing of managerial skills in the mutual fund industry. In the presence of divergent opinions regarding managerial skills, fund managers can strategically use fees to attract only the most optimistic capital. The recognition of this fee strategy helps explain a set of stylized observations and puzzles in the mutual fund industry, including the underperformance of active funds, the existence of flow convexity, and the negative correlation between gross-of-fee α and fees.

Short report on the 1997 field survey season of the Troina project.

Stoddart, S. and M. C, Private circulation to sponsors. 1997.

Short report on the 1998 field survey and excavation season of the Troina project.

Stoddart, S. and M. C, Private circulation to sponsors. 1998.

Short report on the 1999 field survey and excavation season of the Troina project

Stoddart, S. and M. C,. Private circulation to sponsors. 1999.

Short report on the 2000 field survey and excavation season of the Troina project.

Stoddart, S. and C. Malone, Private circulation to sponsors. 2000.

Short report on the 2001 field survey and excavation season of the Troina project

Stoddart, S. and C. Malone,. Private circulation to sponsors. 2001

Auditory gist: Recognition of very short sounds from timbre cues

Sounds such as the voice or musical instruments can be recognized on the basis of timbre alone. Here, sound recognition was investigated with severely reduced timbre cues. Short snippets of naturally recorded sounds were extracted from a large corpus. Listeners were asked to report a target category (e.g., sung voices) among other sounds (e.g., musical instruments). All sound categories covered the same pitch range, so the task had to be solved on timbre cues alone. The minimum duration for which performance was above chance was found to be short, on the order of a few milliseconds, with the best performance for voice targets. Performance was independent of pitch and was maintained when stimuli contained less than a full waveform cycle. Recognition was not generally better when the sound snippets were time-aligned with the sound onset compared to when they were extracted with a random starting time. Finally, performance did not depend on feedback or training, suggesting that the cues used by listeners in the artificial gating task were similar to those relevant for longer, more familiar sounds. The results show that timbre cues for sound recognition are available at a variety of time scales, including very short ones.

Modeling target bulk heating resulting from ultra-intense short pulse laser irradiation of solid density targets

Isochoric heating of solid-density matter up to a few tens of eV is of interest for investigating astrophysical or inertial fusion scenarios. Such ultra-fast heating can be achieved via the energy deposition of short-pulse laser generated electrons. Here, we report on experimental measurements of this process by means of time-and space-resolved optical interferometry. Our results are found in reasonable agreement with a simple numerical model of fast electron-induced heating. (C) 2013 AIP Publishing LLC.

Individual differences provide psychophysical evidence for separate on- and off-pathways deriving from short-wave cones

Distinct neural populations carry signals from short-wave (S) cones. We used individual differences to test whether two types of pathways, those that receive excitatory input (S+) and those that receive inhibitory input (S-), contribute independently to psychophysical performance. We also conducted a genome-wide association study (GWAS) to look for genetic correlates of the individual differences. Our psychophysical test was based on the Cambridge Color Test, but detection thresholds were measured separately for S-cone spatial increments and decrements. Our participants were 1060 healthy adults aged 16-40. Test-retest reliabilities for thresholds were good (ρ=0.64 for S-cone increments, 0.67 for decrements and 0.73 for the average of the two). "Regression scores," isolating variability unique to incremental or decremental sensitivity, were also reliable (ρ=0.53 for increments and ρ=0.51 for decrements). The correlation between incremental and decremental thresholds was ρ=0.65. No genetic markers reached genome-wide significance (p-7). We identified 18 "suggestive" loci (p-5). The significant test-retest reliabilities show stable individual differences in S-cone sensitivity in a normal adult population. Though a portion of the variance in sensitivity is shared between incremental and decremental sensitivity, over 26% of the variance is stable across individuals, but unique to increments or decrements, suggesting distinct neural substrates. Some of the variability in sensitivity is likely to be genetic. We note that four of the suggestive associations found in the GWAS are with genes that are involved in glucose metabolism or have been associated with diabetes.