Why Do Hedge Funds Stop Reporting Their Performance?

It is well known that the voluntary reporting of hedge funds may cause biases in estimates of their investment returns. But wide disagreements exist in explaining why hedge funds stop reporting to the datagathering services. Academic studies have suggested that poor or failing funds stop reporting while industry analysts suggest that better performing funds cease reporting because they no longer need to attract new capital. Using the TASS dataset, we find that hedge funds’ returns are significantly worse at the end of their reporting live. We then use survival time analysis techniques to examine the funds’ time to failure and changes in the hazard rate (i.e., the probability of failure) over time. We also estimate the effects of funds’ performance, size, and other characteristics on the hazard rate. Consistent with the finding on funds’ returns at the end of their reporting lives, we find that better performing and larger hedge funds have lower hazard rates.

Holomorphic Hartree-Fock Theory: An Inherently Multireference Approach.

We investigate the existence of holomorphic Hartree–Fock solutions using a revised SCF algorithm. We use this algorithm to study the Hartree–Fock solutions for H2 and H42+ and report the emergence of holomorphic solutions at points of symmetry breaking. Finally, we find these holomorphic solutions for H4 and use them as a basis for Non-Orthogonal Configuration Interaction at a range of rectangular geometries and show them to produce energies in good agreement with Full Configuration Interaction.A.J.W.T. thanks the Royal Society for a University Research Fellowship (UF110161), and H.G.A.B. thanks the Royal Society of Chemistry for an Undergraduate Research Bursary.This is the author accepted manuscript. The final version is available from the American Chemical Society via http://dx.doi.org/10.1021/acs.jctc.5b0100

General Approach for Multireference Ground and Excited States Using Nonorthogonal Configuration Interaction.

A balanced description of ground and excited states is essential for the description of many chemical processes. However, few methods can handle cases where static correlation is present, and often these scale very unfavorably with system size. Recently, multiple Hartree-Fock (HF) solutions have been proposed as a basis for nonorthogonal configuration interaction (NOCI) to provide multireference ground- and excited-state energies, although applications across multiple geometries have been limited by the coalescence of HF solutions. Holomorphic HF (h-HF) theory allows solutions to be analytically continued beyond the Coulson-Fischer points at which they vanish, but, until now, this has only been demonstrated for small model systems. In this work, we propose a general protocol for computing NOCI ground- and excited-state energies using multiple HF solutions. To do so, we outline an active space variation of SCF metadynamics that allows a chemically relevant set of HF states to be identified and describe how these states can be routinely traced across all molecular geometries by exploiting the topology of h-HF solutions in the complex plane. Finally, we illustrate our approach using the dissociation of the fluorine dimer and the pseudo-Jahn-Teller distortion of cyclobutadiene, demonstrating its applicability for multireference ground and excited states

Geothermal heat flow in Antarctica: Current and future directions

Antarctic geothermal heat flow (GHF) affects the temperature of the ice sheet, determining its ability to slide and internally deform, as well as the behaviour of the continental crust. However, GHF remains poorly constrained, with few and sparse local, borehole-derived estimates and large discrepancies in the magnitude and distribution of existing continent-scale estimates from geophysical models. We review the methods to estimate GHF, discussing the strengths and limitations of each approach; compile borehole and probe-derived estimates from measured temperature profiles; and recommend the following future directions. (1) Obtain more borehole-derived estimates from the subglacial bedrock and englacial temperature profiles. (2) Estimate GHF from inverse glaciological modelling, constrained by evidence for basal melting and englacial temperatures (e.g. using microwave emissivity). (3) Revise geophysically derived GHF estimates using a combination of Curie depth, seismic, and thermal isostasy models. (4) Integrate in these geophysical approaches a more accurate model of the structure and distribution of heat production elements within the crust and considering heterogeneities in the underlying mantle. (5) Continue international interdisciplinary communication and data access

Towards a Holomorphic Density Functional Theory.

Self-consistent-field (SCF) approximations formulated using Hartree-Fock (HF) or Kohn-Sham density-functional theory (KS-DFT) have the potential to yield multiple solutions. However, the formal relationship between multiple solutions identified using HF or KS-DFT remains generally unknown. We investigate the connection between multiple SCF solutions for HF or KS-DFT by introducing a parameterized functional that scales between the two representations. Using the hydrogen molecule and a model of electron transfer, we continuously map multiple solutions from the HF potential to a KS-DFT description. We discover that multiple solutions can coalesce and vanish as the functional changes, forming a direct analogy with the disappearance of real HF solutions along a change in molecular structure. To overcome this disappearance of solutions, we develop a complex-analytic extension of DFT-the "holomorphic DFT" approach-that allows every SCF stationary state to be analytically continued across all molecular structures and exchange-correlation functionals.Royal Society Cambridge Trust

An automated methodology for differentiating rock from snow, clouds and sea in Antarctica from Landsat 8 imagery: A new rock outcrop map and area estimation for the entire Antarctic continent

As the accuracy and sensitivity of remote-sensing satellites improve, there is an increasing demand for more accurate and updated base datasets for surveying and monitoring. However, differentiating rock outcrop from snow and ice is a particular problem in Antarctica, where extensive cloud cover and widespread shaded regions lead to classification errors. The existing rock outcrop dataset has significant georeferencing issues as well as overestimation and generalisation of rock exposure areas. The most commonly used method for automated rock and snow differentiation, the normalised difference snow index (NDSI), has difficulty differentiating rock and snow in Antarctica due to misclassification of shaded pixels and is not able to differentiate illuminated rock from clouds. This study presents a new method for identifying rock exposures using Landsat 8 data. This is the first automated methodology for snow and rock differentiation that excludes areas of snow (both illuminated and shaded), clouds and liquid water whilst identifying both sunlit and shaded rock, achieving higher and more consistent accuracies than alternative data and methods such as the NDSI. The new methodology has been applied to the whole Antarctic continent (north of 82°40′ S) using Landsat 8 data to produce a new rock outcrop dataset for Antarctica. The new data (merged with existing data where Landsat 8 tiles are unavailable; most extensively south of 82°40′ S) reveal that exposed rock forms 0.18 % (21 745 km2) of the total land area of Antarctica: half of previous estimates

Why do narcissists disregard social-etiquette norms? A test of two explanations for why narcissism relates to offensive-language use

Narcissists often fail to abide by norms for polite social conduct, but why? The current study addressed this issue by exploring reasons why narcissists use more offensive language (i.e., profanity) than non-narcissists. In this study, 602 participants completed a survey in which they responded on a measure of trait narcissism, rated several offensive words on the degree to which the words were attention-grabbing and offensive, and then indicated how frequently they used the words. Consistent with the idea that narcissists use offensive language to gain attention, narcissists were incrementally more likely to use offensive language if they perceived such language to be highly attention-grabbing, and they were also more likely to perceive offensive language as attention-grabbing. Consistent with the idea that narcissists use more offensive language because they are less sensitive to the offensiveness of the language, an additional mediation analysis showed that narcissists perceived offensive language as less offensive than non-narcissists, a perception that, in turn, enhanced use of offensive language. Thus, this study provides evidence for two mechanisms that underlie narcissists’ frequent use of offensive language, and broadly contributes to the understudied issue of why narcissists violate social-etiquette norms

Risk factors for apathy in Alzheimer’s disease: A systematic review of longitudinal evidence

BACKGROUND: Apathy is frequent and persistent in Alzheimer’s disease (AD), associated with poor prognosis and carer distress; yet our knowledge of risk factors remains limited. AIMS: To identify risk factors associated with apathy incidence and progression in AD over time. METHODS: We systematically reviewed evidence based on longitudinal studies assessing risk factors for apathy in AD up to June 2021. Two authors independently assessed article eligibility and rated quality. RESULTS: 13,280 articles were screened, of which 13 met inclusion criteria. Studies had a mean follow-up of 2.7 years reporting on a total of 2012 participants. Most findings were based on single studies of moderate quality evidence. Risk factors increasing apathy onset were: being a carrier of the T allele of the PRND gene polymorphism, and having high levels of the IL-6 and TNFα cytokines at baseline. Risk factors for apathy worsening were: reduced inferior-temporal cortical thickness, taking antidepressants, being an ApoE ε4 carrier, living longer with AD, lower cognitive test scores, higher baseline apathy, premorbid personality traits (lower agreeableness, higher neuroticism), and higher midlife motivational abilities. CONCLUSIONS: Although results are limited by the small number of studies, this review identified specific genetic, neurobiological, AD specific, and dispositional factors that may increase risk of apathy onset and worsening in AD

The neodymium stable isotope composition of the oceanic crust: Reconciling the mismatch between erupted mid-ocean ridge basalts and lower crustal gabbros

The trace element and isotopic compositions of mid-ocean ridge basalts (MORB) provide an important cornerstone for all studies seeking to understand mantle evolution. Globally there is a significant over-enrichment in the incompatible trace element concentrations of MORB relative to levels which should be generated by fractional crystallization. Thermal and geochemical constraints suggest that MORB require generation in open system magma chambers. However, the petrology of lower oceanic crustal rocks suggests instead that these enrichments maybe formed through reactive porous flow (RPF). Stable isotope compositions are process dependent and therefore provide an excellent mechanism to compare these contrasting models. This study presents the first neodymium (Nd) stable isotope compositions of Indian MORB and well characterized gabbroic rocks from the lower oceanic crust sampled at the Southwest Indian Ridge (Hole 735B). Indian MORB is extremely homogenous with a mean δ146Nd of −0.025 ±0.005‰ which is identical to the composition of Pacific MORB. Despite significant variability in the source composition of MORB globally (i.e. 143Nd/144Nd) their indistinguishable δ146Nd compositions suggests they were homogenized through the same process along the global ridge network. In stark contrast, oceanic gabbros have δ146Nd ranging from −0.026‰ to −0.127‰, doubling the natural variability in Nd stable isotopes observed in terrestrial rocks. Clinopyroxene separates possess variable δ146Nd but are isotopically heavier than the gabbroic whole rocks at the same major element compositions. These large variations in δ146Nd cannot be generated solely by the fractionation or accumulation of clinopyroxene and/or plagioclase. Hole 735B preserves widespread evidence of RPF which could induce kinetic isotopes fractionation during crystal growth. In clinopyroxene kinetic isotope fractionations will only induce ca. 0.02‰ variations therefore several cycles of dissolution and reprecipitation of isotopic signatures at grain boundaries are required to explain the range of δ146Nd observed in the gabbros. Given the large disconnect between the average composition of the lower crust (δ146Nd = −0.076‰) and MORB globally and the evidence of limited melt extraction into the upper crust at Hole 735B it is highly unlikely that the melts involved in RPF contributed in a substantial way to the Nd isotope composition of erupted MORB