Long-term Information, Short-lived Securities

We explore strategic trade in short-lived securities by agents who possess long-term information. Trading short-lived securities is profitable only if enough of the private information becomes public prior to contract expiration; otherwise the security will worthlessly expire. We highlight how this results in trading behavior fundamentally different from that observed in standard models of informed trading in equity. Specifically, we show that informed agents are more reluctant to trade shorter-term securities too far in advance of when their information will necessarily be made public, and that existing positions in a shorter-term security make future purchases more attractive. Because informed agents prefer longer-term securities, this can make trading shorter-term contracts more attractive for liquidity traders. We characterize the conditions under which liquidity traders choose to incur extra costs to roll over short-term positions rather than trade in distant contracts, providing an explanation for why most longer-term derivative security markets have little liquidity and large bid-ask spreads.Priviate information, derivative securities, rolling the hedge, fixed transaction costs

Physiological proteomics of gram-positive bacteria

Comunicaciones a congreso

Marine Pollution and the Law of the Sea

This article reviews, Marine Pollution and the Law of the Sea, by John Warren Kindt, published by William S. Hem & Co., Inc. in 1986

Sneutrino as Lightest Supersymmetric Particle in B3 mSUGRA Models and Signals at the LHC

We consider B3 mSUGRA models where we have one lepton number violating LQD operator at the GUT scale. This can alter the supersymmetric mass spectrum leading to a sneutrino as the lightest supersymmetric particle in a large region of parameter space. We take into account the restrictions from neutrino masses, the muon anomalous magnetic moment, b -> s gamma and other precision measurements. We furthermore investigate existing restrictions from direct searches at LEP, the Tevatron and the CERN p\bar p collider. We then give examples for characteristic signatures at the LHC.Comment: 22 pages, 11 figure

Testing Dividend Signalling Models

This paper derives a key monotonicity property common to all dividend signaling models: the greater the rate that dividend income is taxed relative to capital gains income, the greater the value of information revealed by a given dividend, and hence the greater the associated excess return. This monotonicity condition is tested with robust non-parametric techniques. No evidence is found to support dividend signaling models. The same results are inconsistent with tax-based CAPM arguments

Finding Direct-Collapse Black Holes at Birth

Direct-collapse black holes (DCBHs) are currently one of the leading contenders for the origins of the first quasars in the universe, over 300 of which have now been found at $z >$ 6. But the birth of a DCBH in an atomically-cooling halo does not by itself guarantee it will become a quasar by $z \sim$ 7, the halo must also be located in cold accretion flows or later merge with a series of other gas-rich halos capable of fueling the BH's rapid growth. Here, we present near infrared luminosities for DCBHs born in cold accretion flows in which they are destined to grow to 10$^9$ M$_{\odot}$ by $z \sim$ 7. Our observables, which are derived from cosmological simulations with radiation hydrodynamics with Enzo, reveal that DCBHs could be found by the James Webb Space Telescope at $z \lesssim$ 20 and strongly-lensed DCBHs might be found in future wide-field surveys by Euclid and the Wide-Field Infrared Space Telescope at $z \lesssim$ 15.Comment: 5 pages, 2 figures, accepted by ApJ

Sources of variability in essential oil composition of Ocimum americanum and Ocimum tenuiflorum

Basil has traditionally been used for a long time in medicine and gastronomy. Essential oil is the most important active substance of the drug, which influences the aroma and the effect of the plant. Although the compositions of essential oils vary in different basil cultivars, the main components are oxygenated monoterpenes and phenylpropane derivates. The high chemical variation is most likely caused by interspecific hybridization. Various factors, like genetic background, ontogenesis, morphogenesis, abiotic factors, essential oil extraction method, drying, and storage, are responsible for the variant essential oil composition

Field studies evaluate methods to prevent sudden oak death in oaks and tanoak

We conducted field studies to evaluate management methods for the prevention of sudden oak death (SOD), caused by Phytophthora ramorum. Phosphite was applied as a trunk spray at the product label rate (22.36% a.i. aqueous solution + Pentra-Bark® surfactant at 2.3% v/v) to a 1.35 ha block of 233 large-diameter (mean 46 cm) tanoaks. Annual phosphite applications began in 2008; symptoms of P. ramorum were not seen in the stand until 2011. In 2013, SOD incidence in treated trees was 32% compared to 18% in adjacent untreated trees. Subsequent discontinuation of phosphite treatment did not affect disease progress; SOD continued to increase at similar rates in phosphite-treated and control trees, reaching 47% among phosphite-treated trunks compared to 32% in untreated trunks. Preventative phosphite application did not delay SOD onset, or reduce SOD incidence or SOD-related mortality. In contrast, in other studies we found that removal of California bay (Umbellularia californica) around coast live oaks (Quercus agrifolia), California black oaks (Q. kelloggii), and Shreve oaks (Q. parvula var. shrevei) strongly decreased or prevented new disease development over study periods ranging from 5 to 7 years. In these studies, SOD incidence in oaks treated by removal of nearby California bay was 20 to 25% lower than in untreated controls