How value-glamour investors use financial information: UK evidence of investor's confirmation bias

The paper investigates investor’s behaviour in the context of value–glamour investing and fundamental analysis, and provides a direct test of the confirmation bias by bringing together the evidence from several strands of literature into a well-defined framework of investor behaviour. The empirical evidence presented is in line with a model of investor’s asymmetric reaction to good and bad news due to confirmation bias. Pessimistic value investors typically under-react to good financial information, but they process bad information rationally or over-confidently. On the contrary, glamour investors are often too optimistic to timely update prices following bad financial information, but they are likely to fairly price or even over-react when receiving good information

Frames and Topological Algebras for a Double-Power Monad

We study the algebras for the double power monad on the Sierpinski space in the Cartesian closed category of equilogical spaces and produce a connection of the algebras with frames. The results hint at a possible synthetic, constructive approach to frames via algebras, in line with that considered in Abstract Stone Duality by Paul Taylor and others

Automatic detection and recording of moving a subject

Peer Reviewe

Multiple-phase biometric relationships and sexual maturity in the atlantic bluefin tuna, thunnus thynnus (Osteichthyes: Scombridae)

Most fish undergo distinct growth phases during ontogenesis. An extremely important passage from the juvenile to adult phase occurs at the onset of sexual maturity, which shows in body proportion and/or growth rate changes. These can be detected as change-points in biometric relationships. In this paper, the Atlantic bluefin tuna was analyzed to verify whether its somatic proportions show any sign of discontinuity during growth, i.e., whether any change-points may be detected in its somatic proportions. This fish has never been examined in this respect, and single-phase models, which are indeed easier to both compute and apply, are used in stock analyses. The following somatic relationships were analyzed in Atlantic bluefin tuna captured in the Mediterranean Sea between 1998 and 2010: “fork length–weight” regression, the von Bertalanffy growth equation, and “first dorsal spine cross section surface–fork length” regression. All of the examined relationships were found to be best modelled by multiple-phase regression equations, and all of them showed a change-point within the range of 101–110 cm fork length, which corresponds to 3–4 years of age. The present results, based on reproductive state-independent analyses, corroborate the disputed hypothesis that Atlantic bluefin tuna from the eastern stock in fact reproduce for the first time at this age

Laser induced fluorescence for axion dark matter detection: a feasibility study in YLiF4_4:Er3+^{3+}

We present a detection scheme to search for QCD axion dark matter, that is based on a direct interaction between axions and electrons explicitly predicted by DFSZ axion models. The local axion dark matter field shall drive transitions between Zeeman-split atomic levels separated by the axion rest mass energy $m_a c^2$. Axion-related excitations are then detected with an upconversion scheme involving a pump laser that converts the absorbed axion energy ($\sim$ hundreds of $\mu$eV) to visible or infrared photons, where single photon detection is an established technique. The proposed scheme involves rare-earth ions doped into solid-state crystalline materials, and the optical transitions take place between energy levels of $4f^N$ electron configuration. Beyond discussing theoretical aspects and requirements to achieve a cosmologically relevant sensitivity, especially in terms of spectroscopic material properties, we experimentally investigate backgrounds due to the pump laser at temperatures in the range $1.9-4.2$ K. Our results rule out excitation of the upper Zeeman component of the ground state by laser-related heating effects, and are of some help in optimizing activated material parameters to suppress the multiphonon-assisted Stokes fluorescence.Comment: 8 pages, 5 figure

Protandric hermaphroditism in the bivalve Arca noae (Mollusca: Arcidae)

Following the histological analysis of Arca noae samples from the south-western Adriatic Sea, five hermaphroditic specimens were found out of 168 sexed individuals (3.0%). The hermaphrodite gonads showed the co-occurrence of male and female germ cells within the same acini, i.e. both spermatozoa in the lumen and oogonia lining its wall. Oogonia increased in size through winter, thus suggesting that the direction of sex change is from male to female. Both the biometrical analyses and theoretical considerations strongly suggest that A. noae is an obligate protandric species