Limits to arbitrage, investor sentiment, and factor returns in international government bond markets

The perspective of behavioural finance is that anomalies in the cross-section of returns are driven by mispricing that arises from investor irrationality that cannot be easily arbitraged away. In this study, we examine the implications of this for international government bond markets. Using data for 25 countries for the years 1992–2015, we replicate multiple factor strategies that represent four major return drivers: defensive (low-risk), carry, value and momentum. We investigate the relationships between the performance of these strategies and market-wide measures of limits to arbitrage and investor sentiment. We find that the defensive strategy performs best during tight arbitrage conditions whereas severe limits to arbitrage negatively affect momentum profits

Predicting the performance of equity anomalies in frontier emerging markets: a Markov switching model approach

Equity anomalies in frontier markets appear and disappear over time. This article aims to demonstrate the predictability of which of these transient anomalies will be profitable using a Markov switching model. To do so, we examine 140 equity anomalies identified in the literature using a unique sample of over 3,600 stocks from 23 frontier equity markets between 1997 and 2016. The application of a Markov switching model reveals that the time-series pattern of expected returns is dependent upon the type of anomaly; some anomalies become unprofitable over time whereas profitability increases in tandem with the development of a specific stock market for other types of anomalies. Results further indicate that forecasts of the next month’s return obtained from this model can translate into profitable investment strategies. We find that an anomaly selection strategy that relies on the model produces abnormal returns and outperforms a naïve benchmark that considers all the anomalies. We go onto demonstrate that our results are robust

Simple Video Game Based on Reconfigurable FPGA Platform

Cílem této práce je vytvoření videohry. Cílová platforma je vývojový kit Minerva, který je osazen mikrokontrolérem Kinetis K60 a programovatelným hradlovým polem Spartan 6 od firmy Xilinx. Videohra obsahuje grafický výstup pomocí HDMI, k tomu využívá obvod TFP410, který se stará o generování obrazu. Vstup od uživatele je realizován pomocí klávesnice připojené na pinech kitu. Videohra má sloužit jako ukázková aplikace pro výukový kit.The aim of this thesis is to create video game. The target platfrom in this thesis is educational kit Minerva, which is equiped by microcontroller Kinetis K60 and Field-programmable gate array Spartan 6 by company Xilinx. The video game includes graphics output via HDMI, using the TFP410 circuit, which takes care of image generation. User input is realized using a keyboard connected to the pins of the kit. The video game is intended to serve as a sample application for a educational kit.

Seasonality in the Cross-Section of Cryptocurrency Returns

This study presents the first attempt to examine the cross-sectional seasonality anomaly in cryptocurrency markets. To this end, we apply sorts and cross-sectional regressions to investigate daily returns on 151 cryptocurrencies for the years 2016 to 2019. We find a significant seasonal pattern: average past same-weekday returns positively predict future performance in the cross-section. Cryptocurrencies with high same-day returns in the past outperform cryptocurrencies with a low same-day return. This effect is not subsumed by other established return predictors such as momentum, size, beta, idiosyncratic risk, or liquidity

Conditional Loss of ErbB3 Delays Mammary Gland Hyperplasia Induced by Mutant PIK3CA without Affecting Mammary Tumor Latency, Gene Expression, or Signaling

Mutations in PIK3CA, the gene encoding the p110α catalytic subunit of phosphatidylinositol-3 kinase (PI3K), have been shown to transform mammary epithelial cells (MECs). Studies suggest this transforming activity requires binding of mutant p110α via p85 to phosphorylated YXXM motifs in activated receptor tyrosine kinases (RTKs) or adaptors. Using transgenic mice, we examined if ErbB3, a potent activator of PI3K, is required for mutant PIK3CA-mediated transformation of MECs. Conditional loss of ErbB3 in mammary epithelium resulted in a delay of PIK3CAH1047R-dependent mammary gland hyperplasia, but tumor latency, gene expression and PI3K signaling were unaffected. In ErbB3-deficient tumors, mutant PI3K remained associated with several tyrosyl phosphoproteins, potentially explaining the dispensability of ErbB3 for tumorigenicity and PI3K activity. Similarly, inhibition of ErbB RTKs with lapatinib did not affect PI3K signaling in PIK3CAH1047R-expressing tumors. However, the p110α-specific inhibitor BYL719, in combination with lapatinib impaired mammary tumor growth and PI3K signaling more potently than BYL719 alone. Further, co-inhibition of p110α and ErbB3 potently suppressed proliferation and PI3K signaling in human breast cancer cells harboring PIK3CAH1047R. These data suggest that PIK3CAH1047R-driven tumor growth and PI3K signaling can occur independently of ErbB RTKs. However, simultaneous blockade of p110α and ErbB RTKs results in superior inhibition of PI3K and mammary tumor growth, suggesting a rational therapeutic combination against breast cancers harboring PIK3CA activating mutations

Graft versus Host Disease: From Basic Pathogenic Principles to DNA Damage Response and Cellular Senescence

Graft versus host disease (GVHD), a severe immunogenic complication of allogeneic hematopoietic stem cell transplantation (HSCT), represents the most frequent cause of transplant-related mortality (TRM). Despite a huge progress in HSCT techniques and posttransplant care, GVHD remains a significant obstacle in successful HSCT outcome. This review presents a complex summary of GVHD pathogenesis with focus on references considering basic biological processes such as DNA damage response and cellular senescence

Data from: Do wild ungulates experience higher stress with humans than with large carnivores?

Predation is a major selective pressure for prey; however, the stress response to predation risk and the relative importance of natural versus anthropogenic stress factors in wild populations of animals have rarely been studied. We investigated the level of fecal glucocorticoid metabolites (FGMs) in 6 populations of red deer and roe deer exposed to potentially different levels of stress, resulting from both natural (predator presence, forest cover, undergrowth, ungulate density, and temperature) and anthropogenic (hunting harvest, percentage of build-up areas, and road density) factors. We found the highest and most variable FGM concentrations in both ungulates in areas without large carnivores, and the lowest and least variable FGM levels in areas with wolf and lynx. Anthropogenic factors (hunting harvest, roads, and built-up area) positively correlated with the gradient of FGM levels in both species. Both the mean and the variance of the FGM concentrations measured within populations of both red deer and roe deer were affected positively by variation in hunting harvest and negatively by the minimum temperature. The variance in the roe deer FGM was also positively influenced by the percentage of built-up areas. The results indicate that stress in wild ungulate populations is lower and less variable in areas utilized by large carnivores than in carnivore-free areas where human-related factors predominate. This may be explained by evolutionary adaptations of prey animals constantly exposed to the risk of natural predation and their inability of adapting to the risk from humans probably due to its high intensity and erratic occurrence