Bear factor and hedge fund performance

YesWe find that hedge funds that have low (negative) return covariance with the return of a bear spread portfolio (i.e., Bear factor) after controlling for the market factor, earn significantly higher returns in the cross-section. The return spread does not reflect bear risk premia; instead, it represents a low risk-high return relation. We decompose the Bear factor into different components to identify the one driving the bear beta effect on fund performance and show that the return spread can be attributed to the differential ability of low bear beta funds to reduce their market exposures when the market declines and the VIX increases (i.e., downside timing). Further analysis suggests that these fund managers are more skilled at selling overpriced insurance during volatile market periods. Overall, we propose a simple option-implied predictor of hedge fund returns and unravel a novel economic mechanism that associates the Bear factor exposure with fund performance

AI-Enhanced Pilot-Assisted Angle-of-Arrival Estimation for Wearable Devices in Rician Fading Channels: A Low-SNR Focused Method

YesAccurate angle-of-arrival (AoA) estimation is critical for precise localisation in wearable devices, particularly in challenging wireless environments such as Rician fading with low signal-to-noise ratios (SNRs). This paper proposes a pilot-assisted AoA estimation technique that integrates pseudo-random permutations and Walsh sequences within an OFDM-based transmission framework. The method preserves phase coherence and enhances spatial resolution by optimising pilot allocation and leveraging advanced signal processing. Comprehensive MATLAB simulations show high robustness: At −38dB (per-subcarrier, per-snapshot SNR), the ≈1.5∘ RMS is achieved by aggregating across L snapshots and multiple subcarriers (see Table 12 for K-factor scenarios), with sub-degree accuracy at moderate-to-high SNRs. Furthermore, a lightweight, one-dimensional (1D) convolutional neural network (CNN) reduces residual carrier-frequency offsets by over 30%, highlighting a promising synergy between classical signal processing and data-driven learning. Comparative analysis against state-of-the-art techniques and a discussion of computational complexity are provided, underscoring the suitability of the proposed method for next-generation wearable and IoT direction-finding applications.This work was supported in part by the U.K. Engineering and Physical Sciences Research Council (EPSRC) under Grant EP/X039366/1; and in part by the HORIZON-MSCA-RISE, a Marie Skłodowska-Curie Research and Innovation Staff Exchange (RISE) Initiative titled ‘‘FractuRe Orthopaedic Rehabilitation: Ubiquitous eHealth Solution (Robust),’’ under Project 101086492

The role of human capital and Industry 4.0 in socio-technical dynamic capabilities for freight transport resilience

YesThis study examines the role of socio-technical dynamic resources and capabilities in enhancing the resilience of freight transport firms. Focusing on unique characteristics of freight transport sector, this study considers human capital and Industry 4.0 as socio-technical resources whereas network integration and operations planning as socio-technical capabilities. A survey is conducted on freight transport managers in the UK and partial least squares structural equation modelling (PLS-SEM) is employed to analyse the data. Our findings indicate that human capital and Industry 4.0 positively affect network integration and operations planning, which in turn enhance perceived resilience. Among two dynamic capabilities, network integration has a stronger impact on resilience than operations planning. Mediation analysis shows technical resources and capabilities partially enhance the impact of social resources and capabilities in SEM model. Our results suggest that socio resources and capabilities are at least as important as technical ones for building resilience in the freight sector. Practical and policy implications in our study suggest that freight transport firms and policy makers should invest and support skillbuilding initiatives, digital tools, supply chain analytics and collaboration platforms to increase freight transport resilience

Flow pattern and turbulent kinetic energy analysis around tandem piers: insights from k-ε modelling and acoustic doppler velocimetry measurements

YesThis study investigated the distribution and dynamics of the Turbulent Kinetic Energy (TKE) around a group of three tandem piers using a combination of numerical simulations and experimental measurements. The Volume of Fluid (VOF) method, coupled with the k- turbulence model, was implemented in ANSYS FLUENT to replicate the free-surface flow conditions. An experimental validation was conducted using Acoustic Doppler Velocimetry (ADV) to assess the model’s capability at capturing the turbulence characteristics. While the model effectively reproduced the near-bed turbulence, it consistently underestimated the TKE magnitudes across the flow domain, particularly in regions of strong vortex-induced turbulence. Discrepancies emerged in the confined regions between the piers, where the velocity profiles were overestimated at the surface and underestimated near the bed and mid-depth, impacting the TKE predictions. Despite these inconsistencies, the general pattern of the TKE distribution aligned with the experimental trends, though the absolute values remained underestimated due to the inherent limitations of the k- model. The model’s performance in less turbulent regions demonstrated improved accuracy, reinforcing its applicability for moderate turbulence simulations. To further examine the interaction between vortex structures and the TKE, velocity distributions were analyzed at three specific depths (z/h = 0.15, 0.4, and 0.62). The findings showed the critical role of vortex shedding in TKE generation and dissipation, with notable variations in the turbulence intensity influenced by structural confinement effects. This study offers a novel, high-resolution evaluation of the k-ε model’s ability to predict TKE distributions around tandem piers, using spatially detailed comparisons with the experimental data. Unlike previous studies that broadly acknowledged the model’s limitations, this work systematically identifies the specific regions, particularly vortex-dominated zones, where its predictive accuracy significantly degrades

The Association between Urbanisation and Household Food Security

YesA growing number of studies have shown that urbanisation is commonly associated with a change in dietary or consumption patterns towards more expensive and exotic foods. Previous attempts to investigate the implications of urbanisation on household food security have commonly employed dichotomous or binary indicators of urbanisation. Unlike previous studies, we employ satellite-based night-time light intensity data from the U.S. Air Force Defense Meteorological Satellites Program and use it as a proxy for different stages or degrees of urbanisation. The night-time light data provide a continuous, spatially explicit, and objective proxy for urbanisation. The data are measured with consistent quality across countries, regardless of the different institutional capacities, allowing for consistent measurement of urban growth across various communities and regions. In our analysis, we explore the impact of variations in nightlight intensity on household food security in Nigeria. Our results show that night-time light is positively associated with household food security. However, we find that higher polynomial terms of night-time light intensity exhibit a non-linear relationship between urbanisation and household food security. Based on the results of the quantitative analysis, our findings will advance the current understanding of the relationship between urbanisation and household food security, which could have implications on maternal and child wellbeing

Overcoming ‘Diffusion Limits’ - Principles required to measure high molar mass polymers by diffusion ordered NMR

YesQuestion: This paper studies the importance of resolving ‘in-solution’ viscosity to determine an accurate hydrodynamic radii for high molar mass or high dispersity macromolecules via DOSY NMR. Analysis of polymer size via diffusion NMR has become increasingly more common, however as in-solution viscosity increases NMR output becomes more complex and requires dedicated methodologies (both in the instrumentation and data treatment) that can sufficiently resolve slowly diffusing analytes. Results: Diffusion measurements were used to determine hydrodynamic radii of dissolved polymer chains of materials across a broad molar mass ranges in multiple solvents. Studied systems included poly(ethylene glycol), poly(ethylene oxide), poly(styrene), poly(methyl methacrylate) and poly(N-isopropylacrylamide) and all are shown to match known literature values for dissolved polymer coils with a high degree of accuracy. However, it is shown that it is essential to use the “in-solution viscosity”, which can be obtained by applying a viscosity correction factor to the pure solvent viscosity. It was found that % error in outputs correlates to the viscosity of the solvent, with low viscosity solvents contributing to a higher variability in output data. We have also shown how the experimental range of the technique can be expanded to high molar mass (in excess of 1 million g mol-1), or high viscosity, and demonstrated the advantages of a diffusion optimised NMR probe (Bruker DiffBB) to target slowly diffusing chemical species. Significance: The presence of even small quantities of large molar mass polymer analytes (2 mg ml-1) has an impact on in-solution viscosity, and thus provides a systematic offset in output diffusion values that are commonly used to interpret polymer sample size. DOSY NMR data include the diffusion of the solvent in-solution. Therefore, DOSY NMR measurements alone, with no internal or external standard besides the solvent itself, can be used to correct for this, allowing for prediction of an accurate hydrodynamic radius (and thus molar mass) of large, slowly diffusing, materials.Wellcome Trus

Magnetically induced drug release from niosome-based nanocarriers loaded with doxorubicin

YesNiosomes co-loaded with doxorubicin and magnetic nanoparticles were synthesised using the thin film hydration method. The loading efficiency of the doxorubicin was between 60–70%. The hydrodynamic diameter measured as the average number (mean ± standard deviation), using dynamic light scattering, was found to be 188 ± 68 nm, 141 ± 86 nm and 169 ± 69 nm for the plain niosomes, niosomes loaded with doxorubicin and niosomes loaded with doxorubicin and magnetic nanoparticles, respectively. The zeta potential for all three niosome samples was determined to be −26.4 mV ± 1.9 mV. The thermally mediated release of doxorubicin was monitored using fluorescence spectroscopy and found to follow 1st order kinetics. The rate constant for the thermal release was 1.2 × 10−6, 1.0 × 10−4 and 5.1 × 10−4 min−1 at 298, 313 and 333 K, respectively. The doxorubicin was also released using an alternating magnetic field, this also followed 1st order kinetics and had a rate constant of 1.7 × 10−2 min−1. This is four orders of magnitude greater than the thermal release at the same temperature (298 K). The work shows the magnetically controlled, burst release from a drug-loaded niosome delivery system. The release was triggered on demand by the application of the alternating magnetic field, resulting in 86% doxorubicin release within 3 hours compared to 3% release in 30 days via thermalThis research was supported by the Royal Society of Chemistry (E22-5590558249), the University of Bradford and Airlangga Universit

Factors affecting the lifetime cost of myopia and the impact of active myopia treatments in Europe

YesPURPOSE: There are an increasing number of effective myopia control options available; however, their financial impacts are unclear. We estimated lifetime costs of myopia under 5 scenarios in France and the United Kingdom (UK): traditional myopia management (single vision correction), low-dose atropine, anti-myopia spectacles, anti-myopia soft contact lenses, and orthokeratology. DESIGN: Model-based cost estimate. METHODS: Each modeled scenario began with an 8-year-old child presenting with −0.75 DS. Natural progression data were used to determine the likelihood of possible refractive outcomes for children predicted to be at risk for faster and slower myopia progression until adulthood followed by an assumed exponential decay to zero progression by age 25 years. Societal care costs (direct and indirect) were collected from published sources, key informants, and informal surveys. Predicted progression rates for those at risk for slower and faster progression, costs, protocols, and risks were used to estimate and compare lifetime cost of myopia and its associated complications under each scenario. All future costs were discounted by 3% per year for sensitivity analysis. The main outcome measures were the lifetime cost of myopia, and cost ratio (myopia control cost divided by traditional care cost). RESULTS: Estimated lifetime cost of myopia using a traditional approach was US$32,492/US$22,606 for those predicted to experience faster/slower myopia progression in France, and US$48,170/US$29,664 in the UK. For those at risk for faster progression in France and the UK, cost ratios for the myopia control options ranged from 0.60 to 0.81, and 0.50 to 0.69, respectively. For those at risk for slower progression in France and the UK, the cost ratios ranged from 0.81 to 1.10, and 0.73 to 1.00, respectively. Female individuals incurred higher lifetime costs due to higher contact lens wear rates, prevalence of vision impairment, and longer life expectancy. CONCLUSIONS: Investment in myopia control during childhood in Europe likely reduces the total lifetime cost of myopia compared to traditional care via reduced refractive progression, need for complex lenses, and risk of pathology and vision loss. Children predicted to experience faster myopia progression derive the greatest economic advantage from myopia control.This project was funded by Thea Pharmaceuticals and Brien Holden Vision Institute , who have interests in myopia control. Finan- cial Disclosures: A.D.-N.: Nevaka, ORA, DopaV, Santen, Thea, Cooper Vision. D.B.G.: Cooper Vision, HOYA Vision Care, Johnson and Johnson, EssilorLuxottica, Santen, Thea, Zeiss. E.M.: Vyluma. K.S.: HOYA Vision Care, EssilorLuxottica, Santen UK Ltd, and Vyluma. L.L.: The Fred Hollows Foundation. N.G.-M.: Association of British Dispensing Opticians (ABDO), Alcon, British Contact Lens Association, British and Irish University and College Contact Lens Educators (BUCCLE; Chair), BMJ Open Ophthalmology (Associate Editor), CooperVision, College of Optometrists & Acuity, Eyerising International, Hoya, Menicon,Rodenstock, SILMO Academy. N.L.: Hoya, Essilor, Krys Group. S.R.: Vyluma, Hoya, EssilorLuxottica, Johnson and Johnson, Thea, SightGlass Vision. T.R.F.: Thea, Brien Holden Vision Institute, Victorian Lions Foundation, National Vision Research Institute Trusts

Digital Monitoring Systems to Mitigate the Impact of Climate Change in Cultural Heritage Protected Areas: The Case Study of Wadi Rum UNESCO Site

NoWorld Heritage sites are increasingly vulnerable to climate change. Extreme weather, rising temperatures, high humidity and sea-level affects historical structures and archaeological sites accelerating deterioration, threatening authenticity, integrity and putting cultural buildings at risk of total loss. A comprehensive strategy, particularly through systematic documentation and monitoring, enabling early interventions are urgently necessary. Wadi Rum UNESCO-inscribed area, situated in southern Jordan is of extraordinary significance. The rock art, inscriptions, and archaeological evidence can be considered exceptional testimony to the cultural traditions of its early inhabitants promoting tourism activities and consequently, being relevant for local economy. Unfortunately, this rock art and widespread inscriptions are threatened by uncontrolled weathering processes, leading to their fading, and making some petroglyphs hard to distinguish. Extreme weather conditions are putting enormous pressure on this heritage, leading it to disappear and accelerating rock decay with surface changes and, in some circumstances, deep cracking effects. The present paper proposes a novel framework for the comprehensive documentation and monitoring of the Cultural and Natural heritage under hazard in the UNESCO area of the Wadi Rum, Jordan. This approach emphasizes collaboration with local stakeholders, enabling early intervention in case of decay of inscriptions and petroglyphics due to harsher climate conditions and ensuring its safeguarded for future generations. Furthermore, it uses advanced digital technologies to create a sustainable and replicable approach. The methodology consists of three key phases: i) Collaborative data documentation; ii) Real time monitoring and visualisation; and iii) Knowledge dissemination and community engagement. While DUNE Framework offers a promising solution, the discussions address some challenges related to its implementation and long-term effectiveness

Understanding the Anomaly: geophysical survey on the arena of the Roman amphitheatre of Porolissum

YesRoman amphitheatre in Romania surveyed with Earth Resistance and GPR, Arena’s infrastructure and later constructions were recorded at different depths