Calendar effects and the pricing of risk:the UK evidence

For some time there has been a puzzle surrounding the seasonal behaviour of stock returns. This paper demonstrates that there is an asymmetric relationship between risk and return across the different months of the year. The paper finds that systematic risk is only priced during the months of January, April and July. Variance risk and firm size are priced during several months of the year including January. An analysis of the relative behaviour of size based securities reveals that firm capitalization makes a valuable contribution to the magnitude of risk premiums.

Endothelial NADPH oxidase-2 promotes interstitial cardiac fibrosis and diastolic dysfunction through proinflammatory effects and endothelial-mesenchymal transition

OBJECTIVES: This study sought to investigate the effect of endothelial dysfunction on the development of cardiac hypertrophy and fibrosis. BACKGROUND: Endothelial dysfunction accompanies cardiac hypertrophy and fibrosis, but its contribution to these conditions is unclear. Increased nicotinamide adenine dinucleotide phosphate oxidase-2 (NOX2) activation causes endothelial dysfunction. METHODS: Transgenic mice with endothelial-specific NOX2 overexpression (TG mice) and wild-type littermates received long-term angiotensin II (AngII) infusion (1.1 mg/kg/day, 2 weeks) to induce hypertrophy and fibrosis. RESULTS: TG mice had systolic hypertension and hypertrophy similar to those seen in wild-type mice but developed greater cardiac fibrosis and evidence of isolated left ventricular diastolic dysfunction (p < 0.05). TG myocardium had more inflammatory cells and VCAM-1-positive vessels than did wild-type myocardium after AngII treatment (both p < 0.05). TG microvascular endothelial cells (ECs) treated with AngII recruited 2-fold more leukocytes than did wild-type ECs in an in vitro adhesion assay (p < 0.05). However, inflammatory cell NOX2 per se was not essential for the profibrotic effects of AngII. TG showed a higher level of endothelial-mesenchymal transition (EMT) than did wild-type mice after AngII infusion. In cultured ECs treated with AngII, NOX2 enhanced EMT as assessed by the relative expression of fibroblast versus endothelial-specific markers. CONCLUSIONS: AngII-induced endothelial NOX2 activation has profound profibrotic effects in the heart in vivo that lead to a diastolic dysfunction phenotype. Endothelial NOX2 enhances EMT and has proinflammatory effects. This may be an important mechanism underlying cardiac fibrosis and diastolic dysfunction during increased renin-angiotensin activation.

Abnormal photosensitivity effects and the formation of type IA FBGs

We report the abnormal photosensitivity effects leading to the formation of Type IA FBGs. We show the rate at which these gratings form is related to the intensity of the UV inscription laser. We report the first measurement of the reflection along the gratings’ length.

Pore confinement effects and stabilization of carbon nitride oligomers in macroporous silica for photocatalytic hydrogen production

An ordered macroporous host (mac-SiO2) has been used to prevent aggregation of layered photocatalysts based on carbon nitride. Using typical carbon nitride synthesis conditions, cyanamide was condensed at 550 °C in the presence and absence of mac-SiO2. Condensation in the absence of mac-SiO2 results in materials with structural characteristics consistent with the carbon nitride, melon, accompanied by ca. 2 wt% carbonization. For mac-SiO2 supported materials, condensation occurs with greater carbonization (ca. 6 wt%). On addition of 3 wt% Pt cocatalyst photocatalytic hydrogen production under visible light is found to be up to 10 times greater for the supported composites. Time-resolved photoluminescence spectroscopy shows that excited state relaxation is more rapid for the mac-SiO2 supported materials suggesting faster electron-hole recombination and that supported carbon nitride does not exhibit improved charge separation. CO2 temperature programmed desorption indicates that enhanced photoactivity of supported carbon nitride is attributable to an increased surface area compared to bulk carbon nitride and an increase in the concentration of weakly basic catalytic sites, consistent with carbon nitride oligomers.

Why (and When) are Preferences Convex? Threshold Effects and Uncertain Quality

It is often assumed (for analytical convenience, but also in accordance with common intuition) that consumer preferences are convex. In this paper, we consider circumstances under which such preferences are (or are not) optimal. In particular, we investigate a setting in which goods possess some hidden quality with known distribution, and the consumer chooses a bundle of goods that maximizes the probability that he receives some threshold level of this quality. We show that if the threshold is small relative to consumption levels, preferences will tend to be convex; whereas the opposite holds if the threshold is large. Our theory helps explain a broad spectrum of economic behavior (including, in particular, certain common commercial advertising strategies), suggesting that sensitivity to information about thresholds is deeply rooted in human psychology.

Demográfiai hatások és implicit hozamok kapcsolata a nyugdíjrendszerekben = The relationship of demographic effects and implicit returns in pension systems

E tanulmány központi témája a nyugdíjrendszerek implicit hozama. Az együtt élő nemzedékek figyelembevételével felépülő nyugdíjmodellekben kétféle implicit hozamot különböztetünk meg. A hosszmetszeti implicit hozamot valamely adott nemzedékhez tartozó, különböző években esedékes pénzáramlások alapján, a keresztmetszeti implicit hozamot pedig több, különböző nemzedék adott évben jellemző pénzáramlásai alapján számíthatjuk ki. A hosszmetszeti és keresztmetszeti implicit hozamok értékeit és a közük lévő összefüggéseket a tőkefedezeti, a névleges egyéni számlás és a hagyományos felosztó-kirovó nyugdíjrendszerek egyszerű elméleti modelljeiben hasonlítjuk össze. A számításokhoz használt modellkeret fontos eleme a várható élettartam figyelembevétele. Az eredmények azt mutatják, hogy a maximális és a várható élettartam eltérésekor a hosszmetszeti és a keresztmetszeti implicit hozamok közötti összefüggések még egyszerű elméleti modellben is meglehetősen összetettek lehetnek. ____ The focus of this study is on the implicit returns of pension systems. Two types are analysed using an overlapping generations model: the calculation of longitudinal\" return is based on cash flows in different years belonging to a given generation, while cross-section\" implicit return is calculated in a given year with cash flows of multiple generations. Values and relationships of longitudinal and cross-section implicit returns are compared in simple theoretical models of fully funded\", notional defined-contribution\" and traditional pay-as-you-go\" pension systems. An important element of the theoretical model is the inclusion of an assumption about life expectancy. Model results point to the complexity of the relation between longitudinal and cross-section implicit returns, if expected and maximum life expectancy differ. The study maps and introduces these complex relationships.

Multiple predator effects and native prey responses to two non-native Everglades cichlids

Non-native predators may have negative impacts on native communities, and these effects may be dependent on interactions among multiple non-native predators. Sequential invasions by predators can enhance risk for native prey. Prey have a limited ability to respond to multiple threats since appropriate responses may conflict, and interactions with recent invaders may be novel. We examined predator–prey interactions among two non-native predators, a recent invader, the African jewelfish, and the longer-established Mayan cichlid, and a native Florida Everglades prey assemblage. Using field enclosures and laboratory aquaria, we compared predatory effects and antipredator responses across five prey taxa. Total predation rates were higher for Mayan cichlids, which also targeted more prey types. The cichlid invaders had similar microhabitat use, but varied in foraging styles, with African jewelfish being more active. The three prey species that experienced predation were those that overlapped in habitat use with predators. Flagfish were consumed by both predators, while riverine grass shrimp and bluefin killifish were eaten only by Mayan cichlids. In mixed predator treatments, we saw no evidence of emergent effects, since interactions between the two cichlid predators were low. Prey responded to predator threats by altering activity but not vertical distribution. Results suggest that prey vulnerability is affected by activity and habitat domain overlap with predators and may be lower to newly invading predators, perhaps due to novelty in the interaction.

The effects and extent of 1,1,1-trichloroethane vapor concentration exposure on workers during solvent vapor degreasing

This study attempted to determine if an excessive amount of 1,1,1 - Trichloroethane was released into the air, the acute effects of exposure and the cause(s) of excessive use. The types of degreasing equipments which were tested in this study are straight vapor and the vapor spray machines. The instruments utilized to obtain the data for this study are Gastech Haline Detector, Organic Vapor Monitor Badge and Personal Sampling Pump. Readings were taken on three different tanks. The data accumulated by this study were obtained during actual cleaning operation. During testing, increased exposure was detected due to exceeding the rate of removal, downward drafts were blowing right over the top of a degreaser and, in some cases, poor general ventilation caused solvent vapor to be blown out of the tank and into the workers' breathing zone, affecting excessive vapor drag out and solvent loss. The results show that, since the characteristics of solvent 1,1,1 - Trichloroethane are well suited to vapor degreasing requirements, by using proper procedures and maintenance, 1,1,1 - Trichloroethane emission during vapor degreasing can be controlled at levels well below the industrial hygiene standard established by OSHA for safe and healthful conditions.

Understanding Immigrants' Travel Behavior in Florida: Neighborhood Effects and Behavioral Assimilation

The goal of this study was to develop Multinomial Logit models for the mode choice behavior of immigrants, with key focuses on neighborhood effects and behavioral assimilation. The first aspect shows the relationship between social network ties and immigrants’ chosen mode of transportation, while the second aspect explores the gradual changes toward alternative mode usage with regard to immigrants’ migrating period in the United States (US). Mode choice models were developed for work, shopping, social, recreational, and other trip purposes to evaluate the impacts of various land use patterns, neighborhood typology, socioeconomic-demographic and immigrant related attributes on individuals’ travel behavior. Estimated coefficients of mode choice determinants were compared between each alternative mode (i.e., high-occupancy vehicle, public transit, and non-motorized transport) with single-occupant vehicles. The model results revealed the significant influence of neighborhood and land use variables on the usage of alternative modes among immigrants. Incorporating these indicators into the demand forecasting process will provide a better understanding of the diverse travel patterns for the unique composition of population groups in Florida.

Physical Insights, Steady Aerodynamic Effects, and a Design Tool for Low-Pressure Turbine Flutter

The successful, efficient, and safe turbine design requires a thorough understanding of the underlying physical phenomena. This research investigates the physical understanding and parameters highly correlated to flutter, an aeroelastic instability prevalent among low pressure turbine (LPT) blades in both aircraft engines and power turbines. The modern way of determining whether a certain cascade of LPT blades is susceptible to flutter is through time-expensive computational fluid dynamics (CFD) codes. These codes converge to solution satisfying the Eulerian conservation equations subject to the boundary conditions of a nodal domain consisting fluid and solid wall particles. Most detailed CFD codes are accompanied by cryptic turbulence models, meticulous grid constructions, and elegant boundary condition enforcements all with one goal in mind: determine the sign (and therefore stability) of the aerodynamic damping. The main question being asked by the aeroelastician, ``is it positive or negative?'' This type of thought-process eventually gives rise to a black-box effect, leaving physical understanding behind. Therefore, the first part of this research aims to understand and reveal the physics behind LPT flutter in addition to several related topics including acoustic resonance effects. A percentage of this initial numerical investigation is completed using an influence coefficient approach to study the variation the work-per-cycle contributions of neighboring cascade blades to a reference airfoil. The second part of this research introduces new discoveries regarding the relationship between steady aerodynamic loading and negative aerodynamic damping. Using validated CFD codes as computational wind tunnels, a multitude of low-pressure turbine flutter parameters, such as reduced frequency, mode shape, and interblade phase angle, will be scrutinized across various airfoil geometries and steady operating conditions to reach new design guidelines regarding the influence of steady aerodynamic loading and LPT flutter. Many pressing topics influencing LPT flutter including shocks, their nonlinearity, and three-dimensionality are also addressed along the way. The work is concluded by introducing a useful preliminary design tool that can estimate within seconds the entire aerodynamic damping versus nodal diameter curve for a given three-dimensional cascade.

Musculoskeletal effects and injury risk in collegiate Indian classical and ballet dancers

Dancers of all forms often engage in aesthetic yet challenging movements. Their training, choreography, and performances require strength, stamina, flexibility, grace, passion, and emotion. Ballet and Bharatanatyam (an Indian classical dance form) dancers utilize two movements in each of their dance forms that are similar—a half-sitting pose and a full-sitting pose, both requiring external rotation of the legs and bending at the knee joints. The purpose of this study was to examine and compare the biomechanics of joint reaction forces and knee angles in both styles of dance for these particular poses. The study included nine female ballet dancers and seven female Bharatanatyam dancers. Hamstring and gastrocnemius flexibility were measured for each dancer. Knee angles, vertical peak forces, and moments were determined for dancers at the lowest point of their bending positions. Mann-Whitney U tests found significant differences in hamstring flexibility, right gastrocnemius flexibility, and knee angles for the full-sitting poses between ballet and Bharatanatyam dancers. No significant difference was found in the vertical peak forces as a ratio to total body weight and moments between the two styles of dance. Further research can be done to more directly assess a difference in injury risk between the ballet and Bharatanatyam dancers.

Biomass, quality traits and methane production of extensive grassland: biodiversity effects and sensor approaches

Energy policies around the world are mandating for a progressive increase in renewable energy production. Extensive grassland areas with low productivity and land use limitations have become target areas for sustainable energy production to avoid competition with food production on the limited available arable land resources and minimize further conversion of grassland into intensively managed energy cropping systems or abandonment. However, the high spatio-temporal variability in botanical composition and biochemical parameters is detrimental to reliable assessment of biomass yield and quality regarding anaerobic digestion. In an approach to assess the performance for predicting biomass using a multi-sensor combination including NIRS, ultra-sonic distance measurements and LAI-2000, biweekly sensor measurements were taken on a pure stand of reed canary grass (Phalaris aruninacea), a legume grass mixture and a diversity mixture with thirty-six species in an experimental extensive two cut management system. Different combinations of the sensor response values were used in multiple regression analysis to improve biomass predictions compared to exclusive sensors. Wavelength bands for sensor specific NDVI-type vegetation indices were selected from the hyperspectral data and evaluated for the biomass prediction as exclusive indices and in combination with LAI and ultra-sonic distance measurements. Ultrasonic sward height was the best to predict biomass in single sensor approaches (R² 0.73 – 0.76). The addition of LAI-2000 improved the prediction performance by up to 30% while NIRS barely improved the prediction performance. In an approach to evaluate broad based prediction of biochemical parameters relevant for anaerobic digestion using hyperspectral NIRS, spectroscopic measurements were taken on biomass from the Jena-Experiment plots in 2008 and 2009. Measurements were conducted on different conditions of the biomass including standing sward, hay and silage and different spectroscopic devices to simulate different preparation and measurement conditions along the process chain for biogas production. Best prediction results were acquired for all constituents at laboratory measurement conditions with dried and ground samples on a bench-top NIRS system (RPD > 3) with a coefficient of determination R2 < 0.9. The same biomass was further used in batch fermentation to analyse the impact of species richness and functional group composition on methane yields using whole crop digestion and pressfluid derived by the Integrated generation of solid Fuel and Biogas from Biomass (IFBB) procedure. Although species richness and functional group composition were largely insignificant, the presence of grasses and legumes in the mixtures were most determining factors influencing methane yields in whole crop digestion. High lignocellulose content and a high C/N ratio in grasses may have reduced the digestibility in the first cut material, excess nitrogen may have inhibited methane production in second cut legumes, while batch experiments proved superior specific methane yields of IFBB press fluids and showed that detrimental effects of the parent material were reduced by the technical treatment

Memory effects and geometrical considerations in open quantum systems

This thesis discusses memory effects in open quantum systems with an emphasis on the Breuer, Laine, Piilo (BLP) measure of non-Markovianity. It is shown how the calculation of the measure can be simplifed and how quantum information protocols can bene t from memory e ects. The superdense coding protocol is used as an example of this. The quantum Zeno effect will also be studied from the point of view of memory e ects. Finally the geometric ideas used in simplifying the calculation of the BLP measure are applied in studying the amount of resources needed for detecting bipartite quantum correlations. It is shown that to decide without prior information if an unknown quantum state is entangled or not, an informationally complete measurement is required. The first part of the thesis contains an introduction to the theoretical ideas such as quantum states, closed and open quantum systems and necessary mathematical tools. The theory is then applied in the second part of the thesis as the results obtained in the original publications I-VI are presented and discussed.

Identifying treatment effects and counterfactual distributions using data combination with unobserved heterogeneity

This paper considers identification of treatment effects when the outcome variables and covari-ates are not observed in the same data sets. Ecological inference models, where aggregate out-come information is combined with individual demographic information, are a common example of these situations. In this context, the counterfactual distributions and the treatment effects are not point identified. However, recent results provide bounds to partially identify causal effects. Unlike previous works, this paper adopts the selection on unobservables assumption, which means that randomization of treatment assignments is not achieved until time fixed unobserved heterogeneity is controlled for. Panel data models linear in the unobserved components are con-sidered to achieve identification. To assess the performance of these bounds, this paper provides a simulation exercise.

Distributional effects and individual differences in L2 morphology learning

Second language (L2) learning outcomes may depend on the structure of the input and learners’ cognitive abilities. This study tested whether less predictable input might facilitate learning and generalization of L2 morphology while evaluating contributions of statistical learning ability, nonverbal intelligence, phonological short-term memory, and verbal working memory. Over three sessions, 54 adults were exposed to a Russian case-marking paradigm with a balanced or skewed item distribution in the input. Whereas statistical learning ability and nonverbal intelligence predicted learning of trained items, only nonverbal intelligence also predicted generalization of case-marking inflections to new vocabulary. Neither measure of temporary storage capacity predicted learning. Balanced, less predictable input was associated with higher accuracy in generalization but only in the initial test session. These results suggest that individual differences in pattern extraction play a more sustained role in L2 acquisition than instructional manipulations that vary the predictability of lexical items in the input.