Estimation of potential gains from bank mergers:a novel two-stage cost efficiency DEA model

This paper develops a novel two-stage cost efficiency model to estimate and decompose the potential gains from Mergers and Acquisitions (M&As). In this model, a merged DMU is defined as a combination of two or more candidate DMUs. The merged DMU would surpass the traditional Production Possibility Set (PPS). In order to solve the problem, a Merger Production Possibility Set (PPSM) is constructed. The model minimizes the total cost of the merged DMU while maintaining its outputs at the current level, estimates the overall merger efficiency by comparing its minimal total cost with its actual cost. Moreover, the overall merger efficiency could be decomposed into technical efficiency, harmony efficiency and scale efficiency. We show that the model can be extended to a two-stage structure and these efficiencies can be decomposed to both sub-systems. To show the usefulness of the proposed approach, we applied it to a real dataset of top 20 most competitive Chinese City Commercial Banks (CCBs). We concluded that (1) There exist considerably potential gains for the proposed merged banks. (2) It is also shown that the main impact on potential merger gains are from technical and harmony efficiency. (3) As an interesting result we found that the scale effect works against the merger, indicating that it is not favorable for a full-scale merger

Factors associated with failed treatment : an analysis of 121,744 women embarking on their first IVF cycles

Peer reviewedPublisher PD

Successful network inference from time-series data using Mutual Information Rate

This work uses an information-based methodology to infer the connectivity of complex systems from observed time-series data. We first derive analytically an expression for the Mutual Information Rate (MIR), namely, the amount of information exchanged per unit of time, that can be used to estimate the MIR between two finite-length low-resolution noisy time-series, and then apply it after a proper normalization for the identification of the connectivity structure of small networks of interacting dynamical systems. In particular, we show that our methodology successfully infers the connectivity for heterogeneous networks, different time-series lengths or coupling strengths, and even in the presence of additive noise. Finally, we show that our methodology based on MIR successfully infers the connectivity of networks composed of nodes with different time-scale dynamics, where inference based on Mutual Information fails

The SDSS-IV extended Baryon Oscillation Spectroscopic Survey: selecting emission line galaxies using the Fisher discriminant

We present a new selection technique of producing spectroscopic target catalogues for massive spectroscopic surveys for cosmology. This work was conducted in the context of the extended Baryon Oscillation Spectroscopic Survey (eBOSS), which will use ~200 000 emission line galaxies (ELGs) at 0.6<zspec<1.0 to obtain a precise baryon acoustic oscillation measurement. Our proposed selection technique is based on optical and near-infrared broad-band filter photometry. We used a training sample to define a quantity, the Fisher discriminant (linear combination of colours), which correlates best with the desired properties of the target: redshift and [OII] flux. The proposed selections are simply done by applying a cut on magnitudes and this Fisher discriminant. We used public data and dedicated SDSS spectroscopy to quantify the redshift distribution and [OII] flux of our ELG target selections. We demonstrate that two of our selections fulfil the initial eBOSS/ELG redshift requirements: for a target density of 180 deg^2, ~70% of the selected objects have 0.6<zspec<1.0 and only ~1% of those galaxies in the range 0.6<zspec<1.0 are expected to have a catastrophic zspec estimate. Additionally, the stacked spectra and stacked deep images for those two selections show characteristic features of star-forming galaxies. The proposed approach using the Fisher discriminant could, however, be used to efficiently select other galaxy populations, based on multi-band photometry, providing that spectroscopic information is available. This technique could thus be useful for other future massive spectroscopic surveys such as PFS, DESI, and 4MOST.Comment: Version published in A&

Spinons and triplons in spatially anisotropic frustrated antiferromagnets

The search for elementary excitations with fractional quantum numbers is a central challenge in modern condensed matter physics. We explore the possibility in a realistic model for several materials, the spin-1/2 spatially anisotropic frustrated Heisenberg antiferromagnet in two dimensions. By restricting the Hilbert space to that expressed by exact eigenstates of the Heisenberg chain, we derive an effective Schr\"odinger equation valid in the weak interchain-coupling regime. The dynamical spin correlations from this approach agree quantitatively with inelastic neutron measurements on the triangular antiferromagnet Cs_2CuCl_4. The spectral features in such antiferromagnets can be attributed to two types of excitations: descendents of one-dimensional spinons of individual chains, and coherently propagating "triplon" bound states of spinon pairs. We argue that triplons are generic features of spatially anisotropic frustrated antiferromagnets, and arise because the bound spinon pair lowers its kinetic energy by propagating between chains.Comment: 16 pages, 6 figure

Experimental Quantum Teleportation of a Two-Qubit Composite System

Quantum teleportation, a way to transfer the state of a quantum system from one location to another, is central to quantum communication and plays an important role in a number of quantum computation protocols. Previous experimental demonstrations have been implemented with photonic or ionic qubits. Very recently long-distance teleportation and open-destination teleportation have also been realized. Until now, previous experiments have only been able to teleport single qubits. However, since teleportation of single qubits is insufficient for a large-scale realization of quantum communication and computation2-5, teleportation of a composite system containing two or more qubits has been seen as a long-standing goal in quantum information science. Here, we present the experimental realization of quantum teleportation of a two-qubit composite system. In the experiment, we develop and exploit a six-photon interferometer to teleport an arbitrary polarization state of two photons. The observed teleportation fidelities for different initial states are all well beyond the state estimation limit of 0.40 for a two-qubit system. Not only does our six-photon interferometer provide an important step towards teleportation of a complex system, it will also enable future experimental investigations on a number of fundamental quantum communication and computation protocols such as multi-stage realization of quantum-relay, fault-tolerant quantum computation, universal quantum error-correction and one-way quantum computation.Comment: 16pages, 4 figure

Modelling overdispersion with integer-valued moving average processes

A new first-order integer-valued moving average, INMA(1), model based on the negative binomial thinning operation defined by Risti´c et al. [21] is proposed and characterized. It is shown that this model has negative binomial (NB) marginal distribution when the innovations follow a NB distribution and therefore it can be used in situations where the data present overdispersion. Additionally, this model is extended to the bivariate context. The Generalized Method of Moments (GMM) is used to estimate the unknown parameters of the proposed models and the results of a simulation study that intends to investigate the performance of the method show that, in general, the estimates are consistent and symmetric. Finally, the proposed model is fitted to a real dataset and the quality of the adjustment is evaluated.publishe

Improved annotation of 3' untranslated regions and complex loci by combination of strand-specific direct RNA sequencing, RNA-seq and ESTs

The reference annotations made for a genome sequence provide the framework for all subsequent analyses of the genome. Correct annotation is particularly important when interpreting the results of RNA-seq experiments where short sequence reads are mapped against the genome and assigned to genes according to the annotation. Inconsistencies in annotations between the reference and the experimental system can lead to incorrect interpretation of the effect on RNA expression of an experimental treatment or mutation in the system under study. Until recently, the genome-wide annotation of 3-prime untranslated regions received less attention than coding regions and the delineation of intron/exon boundaries. In this paper, data produced for samples in Human, Chicken and A. thaliana by the novel single-molecule, strand-specific, Direct RNA Sequencing technology from Helicos Biosciences which locates 3-prime polyadenylation sites to within +/- 2 nt, were combined with archival EST and RNA-Seq data. Nine examples are illustrated where this combination of data allowed: (1) gene and 3-prime UTR re-annotation (including extension of one 3-prime UTR by 5.9 kb); (2) disentangling of gene expression in complex regions; (3) clearer interpretation of small RNA expression and (4) identification of novel genes. While the specific examples displayed here may become obsolete as genome sequences and their annotations are refined, the principles laid out in this paper will be of general use both to those annotating genomes and those seeking to interpret existing publically available annotations in the context of their own experimental dataComment: 44 pages, 9 figure

Celecoxib exerts protective effects in the vascular endothelium via COX-2-independent activation of AMPK-CREB-Nrf2 signalling

Although concern remains about the athero-thrombotic risk posed by cyclo-oxygenase (COX)-2-selective inhibitors, recent data implicates rofecoxib, while celecoxib appears equivalent to NSAIDs naproxen and ibuprofen. We investigated the hypothesis that celecoxib activates AMP kinase (AMPK) signalling to enhance vascular endothelial protection. In human arterial and venous endothelial cells (EC), and in contrast to ibuprofen and naproxen, celecoxib induced the protective protein heme oxygenase-1 (HO-1). Celecoxib derivative 2,5-dimethyl-celecoxib (DMC) which lacks COX-2 inhibition also upregulated HO-1, implicating a COX-2-independent mechanism. Celecoxib activated AMPKα(Thr172) and CREB-1(Ser133) phosphorylation leading to Nrf2 nuclear translocation. Importantly, these responses were not reproduced by ibuprofen or naproxen, while AMPKα silencing abrogated celecoxib-mediated CREB and Nrf2 activation. Moreover, celecoxib induced H-ferritin via the same pathway, and increased HO-1 and H-ferritin in the aortic endothelium of mice fed celecoxib (1000 ppm) or control chow. Functionally, celecoxib inhibited TNF-α-induced NF-κB p65(Ser536) phosphorylation by activating AMPK. This attenuated VCAM-1 upregulation via induction of HO-1, a response reproduced by DMC but not ibuprofen or naproxen. Similarly, celecoxib prevented IL-1β-mediated induction of IL-6. Celecoxib enhances vascular protection via AMPK-CREB-Nrf2 signalling, a mechanism which may mitigate cardiovascular risk in patients prescribed celecoxib. Understanding NSAID heterogeneity and COX-2-independent signalling will ultimately lead to safer anti-inflammatory drugs