Dutch corporate liquidity mangement: New evidence on aggregation

In this paper we investigate Dutch corporate liquidity management in general, and target adjustment behaviour in particular. To this purpose, we use a simple error correction model of corporate liquidity holdings applied to firm-level data for the period 1977-1997. We confirm the existence of long-run liquidity targets at the firm level. We also find that changes in liquidity holdings are driven by short-run shocks as well as the urge to converge towards targeted liquidity levels. The rate of target convergence is higher when we include more firm-specific information in the target. This result supports the idea that increased precision in defining liquidity targets associates with a faster observed rate of target convergence. It also suggests that the slow speeds of adjustment obtained in many macro studies on money demand are artefacts of aggregation bias.corporate liquidity demand, precautionary liquidity

Molecular phylogeny of brachiopods and phoronids based on nuclear-encoded small subunit ribosomal RNA gene sequences

Brachiopod and phoronid phylogeny is inferred from SSU rDNA sequences of 28 articulate and nine inarticulate brachiopods, three phoronids, two ectoprocts and various outgroups, using gene trees reconstructed by weighted parsimony, distance and maximum likelihood methods. Of these sequences, 33 from brachiopods, two from phoronids and one each from an ectoproct and a priapulan are newly determined. The brachiopod sequences belong to 31 different genera and thus survey about 10% of extant genus-level diversity. Sequences determined in different laboratories and those from closely related taxa agree well, but evidence is presented suggesting that one published phoronid sequence (GenBank accession UO12648) is a brachiopod-phoronid chimaera, and this sequence is excluded from the analyses. The chiton, Acanthopleura, is identified as the phenetically proximal outgroup; other selected outgroups were chosen to allow comparison with recent, non-molecular analyses of brachiopod phylogeny. The different outgroups and methods of phylogenetic reconstruction lead to similar results, with differences mainly in the resolution of weakly supported ancient and recent nodes, including the divergence of inarticulate brachiopod sub-phyla, the position of the rhynchonellids in relation to long- and short-looped articulate brachiopod clades and the relationships of some articulate brachiopod genera and species. Attention is drawn to the problem presented by nodes that are strongly supported by non-molecular evidence but receive only low bootstrap resampling support. Overall, the gene trees agree with morphology-based brachiopod taxonomy, but novel relationships are tentatively suggested for thecideidine and megathyrid brachiopods. Articulate brachiopods are found to be monophyletic in all reconstructions, but monophyly of inarticulate brachiopods and the possible inclusion of phoronids in the inarticulate brachiopod clade are less strongly established. Phoronids are clearly excluded from a sister-group relationship with articulate brachiopods, this proposed relationship being due to the rejected, chimaeric sequence (GenBank UO12648). Lineage relative rate tests show no heterogeneity of evolutionary rate among articulate brachiopod sequences, but indicate that inarticulate brachiopod plus phoronid sequences evolve somewhat more slowly. Both brachiopods and phoronids evolve slowly by comparison with other invertebrates. A number of palaeontologically dated times of earliest appearance are used to make upper and lower estimates of the global rate of brachiopod SSU rDNA evolution, and these estimates are used to infer the likely divergence times of other nodes in the gene tree. There is reasonable agreement between most inferred molecular and palaeontological ages. The estimated rates of SSU rDNA sequence evolution suggest that the last common ancestor of brachiopods, chitons and other protostome invertebrates (Lophotrochozoa and Ecdysozoa) lived deep in Precambrian time. Results of this first DNA-based, taxonomically representative analysis of brachiopod phylogeny are in broad agreement with current morphology-based classification and systematics and are largely consistent with the hypothesis that brachiopod shell ontogeny and morphology are a good guide to phylogeny

A physically motivated and empirically calibrated method to measure effective temperature, metallicity, and Ti abundance of M dwarfs

The ability to perform detailed chemical analysis of Sun-like F-, G-, and K-type stars is a powerful tool with many applications including studying the chemical evolution of the Galaxy and constraining planet formation theories. Unfortunately, complications in modeling cooler stellar atmospheres hinders similar analysis of M-dwarf stars. Empirically-calibrated methods to measure M dwarf metallicity from moderate-resolution spectra are currently limited to measuring overall metallicity and rely on astrophysical abundance correlations in stellar populations. We present a new, empirical calibration of synthetic M dwarf spectra that can be used to infer effective temperature, Fe abundance, and Ti abundance. We obtained high-resolution (R~25,000), Y-band (~1 micron) spectra of 29 M dwarfs with NIRSPEC on Keck II. Using the PHOENIX stellar atmosphere modeling code (version 15.5), we generated a grid of synthetic spectra covering a range of temperatures, metallicities, and alpha-enhancements. From our observed and synthetic spectra, we measured the equivalent widths of multiple Fe I and Ti I lines and a temperature-sensitive index based on the FeH bandhead. We used abundances measured from widely-separated solar-type companions to empirically calibrate transformations to the observed indices and equivalent widths that force agreement with the models. Our calibration achieves precisions in Teff, [Fe/H], and [Ti/Fe] of 60 K, 0.1 dex, and 0.05 dex, respectively and is calibrated for 3200 K < Teff < 4100 K, -0.7 < [Fe/H] < +0.3, and -0.05 < [Ti/Fe] < +0.3. This work is a step toward detailed chemical analysis of M dwarfs at a similar precision achieved for FGK stars.Comment: accepted for publication in ApJ, all synthetic spectra available at http://people.bu.edu/mveyette/phoenix

Regularity of higher codimension area minimizing integral currents

This lecture notes are an expanded version of the course given at the ERC-School on Geometric Measure Theory and Real Analysis, held in Pisa, September 30th - October 30th 2013. The lectures aim to explain the main steps of a new proof of the partial regularity of area minimizing integer rectifiable currents in higher codimension, due originally to F. Almgren, which is contained in a series of papers in collaboration with C. De Lellis (University of Zurich).Comment: This text will appear in "Geometric Measure Theory and Real Analysis", pp. 131--192, Proceedings of the ERC school in Pisa (2013), L. Ambrosio Ed., Edizioni SNS (CRM Series

The potential of the ground state of NaRb

The X$^{1}\Sigma ^{+}$ state of NaRb was studied by Fourier transform spectroscopy. An accurate potential energy curve was derived from more than 8800 transitions in isotopomers $^{23}$Na$^{85}$Rb and $^{23}$Na$^{87}$Rb. This potential reproduces the experimental observations within their uncertainties of 0.003 \rcm to 0.007 \rcm. The outer classical turning point of the last observed energy level ($v''=76$, $J''=27$) lies at $\approx 12.4$ \AA, leading to a energy of 4.5 \rcm below the ground state asymptote.Comment: 8 pages, 6 figures and 2 table

Promises of artificial intelligence in neuroradiology:a systematic technographic review

Purpose To conduct a systematic review of the possibilities of artificial intelligence (AI) in neuroradiology by performing an objective, systematic assessment of available applications. To analyse the potential impacts of AI applications on the work of neuroradiologists. Methods We identified AI applications offered on the market during the period 2017–2019. We systematically collected and structured information in a relational database and coded for the characteristics of the applications, their functionalities for the radiology workflow and their potential impacts in terms of ‘supporting’, ‘extending’ and ‘replacing’ radiology tasks. Results We identified 37 AI applications in the domain of neuroradiology from 27 vendors, together offering 111 functionalities. The majority of functionalities ‘support’ radiologists, especially for the detection and interpretation of image findings. The second-largest group of functionalities ‘extends’ the possibilities of radiologists by providing quantitative information about pathological findings. A small but noticeable portion of functionalities seek to ‘replace’ certain radiology tasks. Conclusion Artificial intelligence in neuroradiology is not only in the stage of development and testing but also available for clinical practice. The majority of functionalities support radiologists or extend their tasks. None of the applications can replace the entire radiology profession, but a few applications can do so for a limited set of tasks. Scientific validation of the AI products is more limited than the regulatory approval

Personalized multimodal prehabilitation reduces cardiopulmonary complications after pancreatoduodenectomy:results of a propensity score matching analysis

Background: The purpose of prehabilitation is to improve postoperative outcomes by increasing patients’ resilience against the stress of surgery. This study investigates the effect of personalized multimodal prehabilitation on patients undergoing pancreatoduodenectomy.Methods: Included patients were screened for six modifiable risk factors: (1) low physical fitness, (2) malnutrition, (3) low mental resilience, (4) anemia and hyperglycemia, (5) frailty, and (6) substance abuse. Interventions were performed as needed. Using 1:1 propensity score matching (PSM), patients were compared to a historical cohort.Results: From 120 patients, 77 (64.2%) performed a cardiopulmonary exercise test to assess their physical fitness and provide them with a preoperative training advice. Furthermore, 88 (73.3%) patients received nutritional support, 15 (12.5%) mental support, 17 (14.2%) iron supplementation to correct for iron deficiency, 18 (15%) regulation support for hyperglycemia, 14 (11.7%) a comprehensive geriatric assessment, and 19 (15.8%) substance abuse support. Of all patients, 63% required ≥2 prehabilitation interventions. Fewer cardiopulmonary complications were observed in the prehabilitation cohort (9.2% versus 23.3%; p = 0.002). In surgical outcomes and length of stay no differences were observed.Conclusion: Our prehabilitation program is effective in detecting risk factors in patients; most patients required multiple interventions. Consequently, a reduction in cardiopulmonary complications was observed.</p

Detailed study of dissipative quantum dynamics of K-2 attached to helium nanodroplets

We thoroughly investigate vibrational quantum dynamics of dimers attached to He droplets motivated by recent measurements with K-2 [1]. For those femtosecond pump-probe experiments, crucial observed features are not reproduced by gas phase calculations but agreement is found using a description based on dissipative quantum dynamics, as briefly shown in [2]. Here we present a detailed study of the influence of possible effects induced by the droplet. The helium droplet causes electronic decoherence, shifts of potential surfaces, and relaxation of wave packets in attached dimers. Moreover, a realistic description of (stochastic) desorption of dimers off the droplet needs to be taken into account. Step by step we include and study the importance of these effects in our full quantum calculation. This allows us to reproduce and explain all major experimental findings. We find that desorption is fast and occurs already within 2-10 ps after electronic excitation. A further finding is that slow vibrational motion in the ground state can be considered frictionless.Comment: 17 pages, 5 figure