ASSET PRICING AND SYSTEMATIC LIQUIDITY RISK: AN EMPIRICAL INVESTIGATION OF THE SPANISH STOCK MARKET

It seems reasonable to expect systematic liquidity shocks to affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks(Chordia, Roll and Subrahmanyam (2000)). Thus, this paper empirically analyzes whether Spanish expected returns during the nineties are associated cross-sectionally to betas estimated relative to two competing liquidity risk factors. On one hand, we propose a new market-wide liquidity factor which is defined as the difference between returns of stocks highly sensitive to changes in the relative bid-ask spread less returns from stocks with low sensitivities to those changes. We argue that stocks with positive covariability between returns and this factor are assets whose returns tend to go down when aggregate liquidity is low, and hence do not hedge a potential liquidity crisis. Consequently, investors will require a premium to hold these assets. Similarly, note that in the case of assets that covary negatively with the liquidity factor, investors may be willing to pay a premium rather than to require an additional compensation. On the other hand, Pastor and Stambaugh (2002) suggest that a reasonable liquidity risk factor should be associated with the strength of volume-related return reversals since order flow induces greater return reversals when liquidity is lower. Our empirical results show that neither of these proxies for systematic liquidity risk carries a premium in the Spanish stock market.

Temporal evolution of short-lived penumbral microjets

Context. Penumbral microjets are elongated jet-like brightenings observed in the chromosphere above sunspot penumbrae. They are transient events that last from a few seconds to several minutes and are thought to originate from magnetic reconnection processes. Previous studies have mainly focused on their morphological and spectral characteristics, and more recently on their spectropolarimetric signals during the maximum brightness stage. Studies addressing the temporal evolution of PMJs have also been carried out, but they are based on spatial and spectral time variations only. Aims. Here we investigate the temporal evolution of the polarization signals produced by short-lived PMJs (lifetimes $<$ 2 minutes) to infer how the magnetic field vector evolves in the upper photosphere and mid-chromosphere. Methods. We use fast-cadence spectropolarimetric observations of the Ca II 854.2 nm line taken with the CRisp Imaging Spectropolarimeter at the Swedish 1-m Solar Telescope. The weak-field approximation (WFA) is used to estimate the strength and inclination of the magnetic field vector. Results. The WFA reveals larger magnetic field changes in the upper photosphere than in the chromosphere during the PMJ maximum brightness stage. In the photosphere, the magnetic field inclination and strength undergo a transient increase for most PMJs, but in 25$\%$ of the cases the field strength decreases during the brightening. In the chromosphere, the magnetic field tends to be slightly stronger during the PMJs. Conclusions. The propagation of compressive perturbation fronts followed by a rarefaction phase in the aftershock region may explain the observed behavior of the magnetic field vector. The fact that such behavior varies among the analyzed PMJs could be a consequence of the limited temporal resolution of the observations and the fast-evolving nature of the PMJs.Comment: Paper accepted for publication in section 9. The Sun and the Heliosphere of Astronomy and Astrophysics. 18 pages, 21 figure

Mo–Catalyzed One-Pot Synthesis of N-Polyheterocycles from Nitroarenes and Glycols with Recycling of the Waste Reduction Byproduct. Substituent-Tuned Photophysical Properties

A catalytic domino reduction–imine formation– intramolecular cyclization–oxidation for the general synthesis of a wide variety of biologically relevant N-polyheterocycles, such as quinoxaline- and quinoline-fused derivatives, and phenanthridines, is reported. A simple, easily available, and environmentally friendly dioxomolybdenum(VI) complex has proven to be a highly efficient and versatile catalyst for transforming a broad range of starting nitroarenes involving several redox processes. Not only is this a sustainable, stepeconomical as well as air- and moisture-tolerant method, but also it is worth highlighting that the waste byproduct generated in the first step of the sequence is recycled and incorporated in the final target molecule, improving the overall synthetic efficiency. Moreover, selected indoloquinoxalines have been photophysically characterized in cyclohexane and toluene with exceptional fluorescence quantum yields above 0.7 for the alkyl derivatives.Junta de Castilla y León and FEDER (BU291P18 and BU049P20) and Ministerio de Economía y Competitividad (MINECO) and FEDER (CTQ2016-75023-C2-1P) for financial support. The project leading to these results has also received funding from “la Caixa” Foundation, under the agreement (LCF/PR/PR18/51130007) (CAIXA-UBU001). R.H.-R. thanks Ministerio de Educación for a FPU predoctoral contract. S.S P. thanks Junta de Castilla y León and FSE and FEDER for a postdoctoral contract

A young double stellar cluster in a HII region, emerging from its parent molecular cloud

We report the properties of a new young double stellar cluster in the region towards IRAS 07141-0920 contained in the HII region Sh2-294. High-resolution optical UBVRI and Halpha images, near-infrared JHKs and H2 filter images were used to make photometric and morphological studies of the point sources and the nebula seen towards Sh2-294. The optical images reveal an emission nebula with very rich morphological details, composed mainly of UV scattered light and of Halpha emission. Contrasting with the bright parts of the nebula, opaque, elongated patches are seen. Our optical photometry confirms that the illuminator of the nebula is likely to be a B0.5V star located at a distance of about 3.2 kpc. Our near-IR images reveal an embedded cluster, extending for about 2 pc and exhibiting sub-clustering: a denser, more condensed, sub-cluster surrounding the optical high-mass B0.5V illuminator star; and a more embedded, optically invisible, sub-cluster located towards the eastern, dark part of the nebula and including the luminous MSX source G224.1880+01.2407, a massive protostellar candidate that could be the origin of jets and extended features seen at 2.12 micron. The double cluster appears to be clearing the remaining molecular material of the parent cloud, creating patches of lower extinction and allowing some of the least reddened members to be detected in the optical images. We find 12 MS and 143 PMS members using 3 different methods: comparison with isochrones in optical colour-magnitude diagrams, detection of near-IR excess, and presence of Halpha emission. The most massive star fits a 4 Myr post-MS isochrone. The age of the optically selected PMS population is estimated to be 7-8 Myr. The IR-excess population shows sub-clustering on scales as small as 0.23 pc and is probably much younger.Comment: 15 pages, 16 figure

Synchronization of Discrete-Time Chaotic Fuzzy Systems by means of Fuzzy Output Regulation Using Genetic Algorithm

The synchronization of chaotic systems, described by discrete-time T-S fuzzy models, is treated by means of fuzzy output regulation theory. The conditions for designing a discrete-time output regulator are given in this paper. Besides, when the system does not fulfill the conditions for exact tracking, a new regulator based on genetic algorithms is considered. The genetic algorithms are used to approximate the adequate membership functions, which allow the adequate combination of local regulators. As a result, the tracking error is significantly reduced. Both the Complete Synchronization and the Generalized Synchronization problem are studied. Some numerical examples are used to illustrate the effectiveness of the proposed approach

Epidemiological cutoff values for fluconazole, itraconazole, posaconazole, and voriconazole for six Candida species as determined by the colorimetric Sensititre YeastOne method

In the absence of clinical breakpoints (CBP), epidemiological cutoff values (ECVs) are useful to separate wild-type (WT) isolates (without mechanisms of resistance) from non-WT isolates (those that can harbor some resistance mechanisms), which is the goal of susceptibility tests. Sensititre YeastOne (SYO) is a widely used method to determine susceptibility of Candida spp. to antifungal agents. The CLSI CBP have been established, but not for the SYO method. The ECVs for four azoles, obtained using MIC distributions determined by the SYO method, were calculated via five methods (three statistical methods and based on the MIC50 and modal MIC). Respectively, the median ECVs (in mg/liter) of the five methods for fluconazole, itraconazole, posaconazole, and voriconazole (in parentheses: the percentage of isolates inhibited by MICs equal to or less than the ECVs; the number of isolates tested) were as follows: 2 (94.4%; 944), 0.5 (96.7%; 942), 0.25 (97.6%; 673), and 0.06 (96.7%; 849) for Candida albicans; 4 (86.1%; 642), 0.5 (99.4%; 642), 0.12 (93.9%; 392), and 0.06 (86.9%; 559) for C. parapsilosis; 8 (94.9%; 175), 1 (93.7%; 175), 2 (93.6%; 125), and 0.25 (90.4%; 167) for C. tropicalis; 128 (98.6%; 212), 4 (95.8%; 212), 4 (96.0%; 173), and 2 (98.5; 205) for C. glabrata; 256 (100%; 53), 1 (98.1%; 53), 1 (100%; 33), and 1 (97.9%; 48) for C. krusei; 4 (89.2%; 93), 0.5 (100%; 93), 0.25 (100%; 33), and 0.06 (87.7%; 73) for C. orthopsilosis. All methods included =94% of isolates and yielded similar ECVs (within 1 dilution). These ECVs would be suitable for monitoring emergence of isolates with reduced susceptibility by using the SYO method

Coagulopathy as initial manifestation of concomitant celiac disease and cystic fibrosis: a case report

<p>Abstract</p> <p>Introduction</p> <p>Celiac disease and cystic fibrosis have many common manifestations, such as malabsorption, steatorrhea and growth failure, and were for many years recognized as one clinical entity. Since their recognition as two separate diseases, their co-existence in a patient has been described sporadically; around 20 cases have been described in the literature. Taking into consideration the incidences of the two diseases, the chance of them occurring together is one in 2,000,000 in the general population.</p> <p>Case presentation</p> <p>We describe the case of a five-year-old boy of Turkish ethnicity with both celiac disease and cystic fibrosis, who presented initially with a skin hemorrhage. The diagnosis of celiac disease was made with a positive serum anti-tissue transglutaminase antibody test and the presence of HLA-DQ2 heterodimer, and confirmed on histology with small intestinal villous atrophy. A positive sweat test confirmed the diagnosis of associated cystic fibrosis.</p> <p>To the best of our knowledge there has been no previous report of this rare presentation of associated celiac disease and cystic fibrosis.</p> <p>Conclusion</p> <p>The clinical significance of this case is the consideration of malabsorption with both celiac disease and cystic fibrosis in patients who present with unexplained coagulopathy.</p

Mean platelet volume could be a promising biomarker to monitor dietary compliance in celiac disease

Background. Celiac disease (CD) is an autoimmune disease that develops in patients with a genetic predisposition, incurring a susceptibility to gluten-containing foods such as barley, wheat, and rye. The elimination of gluten from the diet is the main therapeutic approach and usually leads to clinical and laboratory improvement. There are no ideal markers that objectively assess dietary compliance in CD patients. Materials and methods. Sixty newly diagnosed CD patients (male/female: 43/17) and 40 healthy subjects (male/female: 23/17) were enrolled in this study. The diagnosis of CD was established by both histological findings of duodenum biopsy (total villous atrophy and lymphocytic infiltration) and positive antibodies against endomysium or gliadin. Results. A significantly higher mean platelet volume (MPV) was observed in the CD group compared with healthy subjects (8.45 +/- 0.96 fL versus 7.93 +/- 0.63 fL; p = 0.004). After introduction of a gluten-free diet, the MPV of CD patients in the dietary adherent group was significantly lower than that of the non-adherent group (8.09 +/- 0.6 fL versus 8.9 +/- 1.08 fL; p = 0.001). Overall dietary adherence rate was 71.6% (43/60 CD patients). In the dietary compliant group, initiation of gluten-free diet was associated with a significant decrease in MPV from base-line values (8.56 fL versus 8.25 fL; p = 0.008). In the non-adherent group, MPV on 3-month follow-up was higher than at base-line (8.05 fL versus 8.91 fL; p = 0.001). Conclusion. MPV could be a promising and easily available biomarker for monitoring of dietary adherence in CD patients at a low cost in comparison with other modalities.WoSScopu