Do Low-Priced Stocks Drive Long-Term Contrarian Performance on the London Stock Exchange?

We investigate whether low-priced stocks drive long-term contrarian performance on the U.K. market. We find that contrarian performance at low, middle, and high price levels is positive. On the Fama-French risk adjusted basis, we find both low-priced and middle-priced losers have significantly positive returns. When we adjust returns by market and liquidity risk, only middle-priced losers maintain their positive returns. Our results reveal that low-priced stocks are not fully responsible for contrarian performance. Our empirical evidence is generally consistent with the overreaction hypothesis and behavioral models of value investing.

Measurement of single mode imprint in laser ablative drive of a thin Al foil by extreme ultraviolet laser radiography

The temporal development of laser driven single mode perturbations in thin A1 foils has been measured using extreme ultraviolet (XUV) laser radiography. 15, 30, 70 and 90 mu m single modes were imprinted on 2 mu m thick A1 foils with an optical driver laser at 527 nm for intensities in the range 5 x 10(12) to 1.5 x 10(13) W cm(-2). The magnitude of the imprinted perturbation at the time of shock break out was determined by fitting to the data estimated curves of growth of the Rayleigh-Taylor instability after shock break out. The efficiency of imprinting is independent of perturbation wavelength in the parameter range of this experiment, suggesting little influence of thermal conduction smoothing. The results are of interest for directly driven inertially confined fusion. (C) 1998 American Institute of Physics.

A study to optimise the temporal drive pulse structure for efficient XUV lasing on the J=0-1, 19.6 nm line of Ge XXIII

Short pulses of 100 ps FWHM duration at 1.06 mu m wavelength are used as the pump source for driving the J = 0-1, 19.6 nm, Ne-like germanium X-ray laser. Different combinations of short pulses are investigated and quantitatively compared. Configurations investigated include a single pulse, double pulses at 400 ps and 800 ps separation, single pulses with prepulses and double pulses with prepulses. Data are presented in the form of integrated energy measurements, and supported by modelling. The most efficient short pulse configurations are shown to be orders of magnitude more effective than pumping with nanosecond duration pulses. (C) 1997 Elsevier Science B.V.

Optimisation of drive pulse configuration for a Ni-like Sn X-ray laser at 12 nm

The current saturated operation of X-ray lasers at wavelengths > 15 nm requires at least kilojoule drive energy, which is only available at the largest laser installations in the world, Using a specially designed drive pulse configuration, saturated operation of a Ni-like Sn X-ray laser at 12 nm has been achieved with only 75 J drive energy, An efficiency as high as 9 x 10(6) in converting laser energy from the 1 eV optical spectral range to the 100 eV soft X-ray range has been reached, This paves the way for applications of saturated X-ray lasers at 12 nm at many other smaller laboratories. (C) 1997 Published by Elsevier Science B.V.

Indirect-drive inertial confinement fusion using highly supersonic, radiatively cooled, plasma slugs

We present a new approach to indirect-drive inertial confinement fusion which makes use of highly supersonic, radiatively cooled, slugs of plasma to energize a hohlraum. 2D resistive magnetohydrodynamic simulations of slug formation in shaped liner Z -pinch implosions are presented along with 2D-radiation-hydrodynamic simulations of the slug impacting a converter foil and 3D-view-factor simulations of a double-ended hohlraum. Results for the Z facility at Sandia National Laboratory indicate that two synchronous slugs of 250 kJ kinetic energy could be produced, resulting in a capsule surface temperature of similar to225 eV .

eNOS overexpression exacerbates vascular closure in the obliterative phase of OIR and increases angiogenic drive in the subsequent proliferative stage

Purpose: In ischemic retinopathies, the misdirection of reparative angiogenesis away from the hypoxic retina leads to pathologic neovascularization. Thus, therapeutic strategies that reverse this trend would be extremely beneficial. Nitric oxide (NO) produced by endothelial nitric oxide synthase (eNOS) is an important mediator of vascular endothelial growth factor (VEGF) function facilitating vascular growth and maturation. However, in addition to NO, eNOS can also produce superoxide (O), exacerbating pathology. Here, our aim was to investigate the effect of eNOS overexpression on vascular closure and subsequent recovery of the ischemic retina.

Methods: Mice overexpressing eNOS-GFP were subjected to oxygen-induced retinopathy (OIR) and changes in retinal vascularization quantified. Background angiogenic drive was assessed during vascular development and in aortic rings. NOS activity was measured by Griess assay or conversion of radiolabeled arginine to citrulline, nitrotyrosine (NT), and superoxide by immunolabeling and dihydroethidium fluorescence and VEGF by ELISA.

Results: In response to hyperoxia, enhanced eNOS expression led to increased NOS-derived superoxide and dysfunctional NO production, NT accumulation, and exacerbated vessel closure associated with tetrahydrobiopterin (BH) insufficiency. Despite worse vaso-obliteration, eNOS overexpression resulted in elevated hypoxia-induced angiogenic drive, independent of VEGF production. This correlated with increased vascular branching similar to that observed in isolated aortas and during development. Enhanced recovery was also associated with neovascular tuft formation, which showed defective NO production and increased eNOS-derived superoxide and NT levels.

Conclusions: In hyperoxia, reduced BH bioavailability causes overexpressed eNOS to become dysfunctional, exacerbating vaso-obliteration. In the proliferative phase, however, eNOS has important prorepair functions enhancing angiogenic growth potential and recovery in ischemia. © 2012 The Association for Research in Vision and Ophthalmology, Inc.

Th1 not Th17 cells drive spontaneous MS-like disease despite a functional regulatory T cell response

Multiple sclerosis is considered a disease of complex autoimmune etiology, yet there remains a lack of consensus as to specific immune effector mechanisms. Recent analyses of experimental autoimmune encephalomyelitis, the common mouse model of multiple sclerosis, have investigated the relative contribution of Th1 and Th17 CD4 T cell subsets to initial autoimmune central nervous system (CNS) damage. However, inherent in these studies are biases influenced by the adjuvant and toxin needed to break self-tolerance. We investigated spontaneous CNS disease in a clinically relevant, humanized, T cell receptor transgenic mouse model. Mice develop spontaneous, ascending paralysis, allowing unbiased characterization of T cell immunity in an HLA-DR15-restricted T cell repertoire. Analysis of naturally progressing disease shows that IFN?(+) cells dominate disease initiation with IL-17(+) cells apparent in affected tissue only once disease is established. Tregs accumulate in the CNS but are ultimately ineffective at halting disease progression. However, ablation of Tregs causes profound acceleration of disease, with uncontrolled infiltration of lymphocytes into the CNS. This synchronous, severe disease allows characterization of the responses that are deregulated in exacerbated disease: the correlation is with increased CNS CD4 and CD8 IFN? responses. Recovery of the ablated Treg population halts ongoing disease progression and Tregs extracted from the central nervous system at peak disease are functionally competent to regulate myelin specific T cell responses. Thus, in a clinically relevant mouse model of MS, initial disease is IFN? driven and the enhanced central nervous system responses unleashed through Treg ablation comprise IFN? cytokine production by CD4 and CD8 cells, but not IL-17 responses.

The use of a dynamic truck-trailer drive-by system to monitor bridge damping

Bridge structures are continuously subject to degradation due to the environment, ageing and excess loading. Periodic monitoring of bridges is therefore a key part of any maintenance strategy as it can give early warning if a bridge becomes unsafe. This article investigates an alternative method for the monitoring of bridge dynamic behaviour: a truck-trailer vehicle system, with accelerometers fitted to the axles of the trailer. The method aims to detect changes in the damping of a bridge, which may indicate the existence of damage. A simplified vehicle-bridge interaction model is used in theoretical simulations to assess the effectiveness of the method in detecting those changes. The influence of road profile roughness on the vehicle vibration is overcome by recording accelerations from both axles of a trailer and then analysing the spectra of the difference in the accelerations between the two axles. The effectiveness of the approach in detecting damage simulated as a loss in stiffness is also investigated. In addition, the sensitivity of the approach to the vehicle speed, road roughness class, bridge span length, changes in the equal axle properties and noise is investigated.