Liquidity in global markets.

The latest episode of turbulence has been marked by an extended period of illiquidity in a large number of markets –ranging from traditionally highly liquid interbank money markets to the less-liquid structured credit markets. The event began with what was widely perceived as a credit deterioration in the US subprime mortgage market. However, this quickly raised uncertainty about the valuation of securities related to this market, thus affecting their liquidity. The rapidity with which this market illiquidity has been transmitted into funding illiquidity has been both striking and unprecedented. The event has raised questions about how market liquidity in a variety of instruments is determined in both primary and secondary markets and how mechanisms act to transmit illiquidity across markets during a period of stress. The article seeks to identify how standard concepts of liquidity can be applied to various types of markets across the globe with a view to interpreting how liquidity deteriorated so quickly. Several attributes of liquidity –types of market structures (including existence of formal intermediaries and trading venues), the construction of the instruments, and the types of investors– are used to guide the analysis. One feature that appears to be important for liquidity is the degree to which information about the risks underlying the financial instrument are well understood by both buyers and sellers. Another insight is that the expectations of market participants about liquidity and their ability to monitor it also have an impact on liquidity itself. These attributes suggest that the growth in securitization and complex structured credit products –new developments in the transfer of credit risk– may carry with them a predilection to adverse liquidity events that will require further examination. In light of the analysis, the article identifies ways of mitigating some of the problems that arose in this latest bout of illiquidity. Because liquidity is created and maintained by the market participants themselves, most of the room for improvement rests with the private sector. It is already clear that some market practices and policies will need to change and in this context some suggestions for enhancements to financial institutions’ liquidity risk management are outlined. However, given that both market and funding liquidity are intimately related to financial stability, a public good, there is also a potential role for the public sector. Hence, the tools used by central banks to maintain their role in effi cient monetary policy transmission together with financial stability will need to be reviewed.

Do patients with suspected heart failure and preserved left ventricular systolic function suffer from "diastolic heart failure" or from misdiagnosis? A prospective descriptive study

OBJECTIVES: To characterise the clinical features of patients with suspected heart failure but preserved left ventricular systolic function to determine if they have other potential causes for their symptoms rather than being diagnosed with 'diastolic heart failure.' DESIGN: Prospective descriptive study. SETTING: Outpatient based direct access echocardiography service. PARTICIPANTS: 159 consecutive patients with suspected heart failure referred by general practitioners. MAIN OUTCOME MEASURES: Symptoms (including shortness of breath, ankle oedema, and paroxysmal nocturnal dyspnoea) and history of coronary heart disease and chronic pulmonary disease. Transthoracic echocardiography, body mass index, pulmonary function tests, and electrocardiography. RESULTS: 109 of 159 participants had suspected heart failure in the absence of left ventricular systolic dysfunction, valvular heart disease, or atrial fibrillation. Of these 109, 40 were either obese or very obese, 54 had a reduction in forced expiratory volume in 1 second to </=70%, and 97 had a peak expiratory flow rate </=70% of normal. Thirty one patients had a history of angina, 12 had had a myocardial infarction, and seven had undergone a coronary artery bypass graft. Only seven patients lacked a recognised explanation for their symptoms. CONCLUSIONS: For most patients with a diagnosis of heart failure but preserved left ventricular systolic function there is an alternative explanation for their symptoms-for example, obesity, lung disease, and myocardial ischaemia-and the diagnosis of diastolic heart failure is rarely needed. These alternative diagnoses should be rigorously sought and managed accordingly

Diversification strategies for the service sector

An analysis of the American economy shows that the service sector overshadows the manufacturing sector, both in size and in state of tunnoil. The tunnoil is due to Ute rapid expansion of franchise chains, computerization, evolving professional standards, and competitive pressures. From the consumer's perspective, as client sensitivity intensifies and professional malpractice suits become more threatening, the issue of understanding and examining services becomes more important. In line with Wind's (1982) observation, service decisions in a finn are not limited to individual services. A finn should take into account its service line (a number of related services), service mix (combination of service lines), and service portfolio (assortments of service mixes). The lines of demarcation among these tenns are not always clear because they depend on organizational position as well as personal preferences in defining classification systems. At the most basic level, an institution offers only a singular service. Extensions of offerings within a restricted and related group of service categories constitute a service line, an exanlple of which is the tax consulting services market where an accountant may file a tax form on behalf of a client either by mail or through computer services linked up with the IRS office.peer-reviewe

Experimental Characterization of the Wettability of Coated and Uncoated Plates for Indirect Evaporative Cooling Systems

Indirect Evaporative Cooling (IEC) is a very promising technology to substitute and/or integrate traditional air conditioning systems, due to its ability to provide cooling capacity with limited power consumption. Literature studies proved that a higher wettability of the IEC plates corresponds to better performance of the system. In this work, wettability of three different surfaces used for IEC systems plates—uncoated aluminum alloy (AL), standard epoxy coating (STD), and a hydrophilic lacquer (HPHI)—is studied and characterized in terms of static and dynamic contact angles. The static contact angle resulted to be the lowest for the HPHI surface (average 69°), intermediate for the STD surface (average 75°), and the highest for the AL surface (average 89°). The analysis of the dynamic contact angles showed that their transient behavior is similar for all the surfaces, and the advancing and receding contact angles obtained are consistent with the results of the static analysis. These results will be useful as input parameters in models aimed at predicting the IEC system performance, also using computational fluid dynamics

Graph Distillation for Action Detection with Privileged Modalities

We propose a technique that tackles action detection in multimodal videos under a realistic and challenging condition in which only limited training data and partially observed modalities are available. Common methods in transfer learning do not take advantage of the extra modalities potentially available in the source domain. On the other hand, previous work on multimodal learning only focuses on a single domain or task and does not handle the modality discrepancy between training and testing. In this work, we propose a method termed graph distillation that incorporates rich privileged information from a large-scale multimodal dataset in the source domain, and improves the learning in the target domain where training data and modalities are scarce. We evaluate our approach on action classification and detection tasks in multimodal videos, and show that our model outperforms the state-of-the-art by a large margin on the NTU RGB+D and PKU-MMD benchmarks. The code is released at http://alan.vision/eccv18_graph/.Comment: ECCV 201

The MUSE-Wide Survey: A first catalogue of 831 emission line galaxies

We present a first instalment of the MUSE-Wide survey, covering an area of 22.2 arcmin$^2$ (corresponding to $\sim$20% of the final survey) in the CANDELS/Deep area of the Chandra Deep Field South. We use the MUSE integral field spectrograph at the ESO VLT to conduct a full-area spectroscopic mapping at a depth of 1h exposure time per 1 arcmin$^2$ pointing. We searched for compact emission line objects using our newly developed LSDCat software based on a 3-D matched filtering approach, followed by interactive classification and redshift measurement of the sources. Our catalogue contains 831 distinct emission line galaxies with redshifts ranging from 0.04 to 6. Roughly one third (237) of the emission line sources are Lyman $\alpha$ emitting galaxies with $3 < z < 6$, only four of which had previously measured spectroscopic redshifts. At lower redshifts 351 galaxies are detected primarily by their [OII] emission line ($0.3 \lesssim z \lesssim 1.5$), 189 by their [OIII] line ($0.21 \lesssim z \lesssim 0.85$), and 46 by their H$\alpha$ line ($0.04 \lesssim z \lesssim 0.42$). Comparing our spectroscopic redshifts to photometric redshift estimates from the literature, we find excellent agreement for $z<1.5$ with a median $\Delta z$ of only $\sim 4 \times 10^{-4}$ and an outlier rate of 6%, however a significant systematic offset of $\Delta z = 0.26$ and an outlier rate of 23% for Ly$\alpha$ emitters at $z>3$. Together with the catalogue we also release 1D PSF-weighted extracted spectra and small 3D datacubes centred on each of the 831 sources.Comment: 24 pages, 14 figures, accepted for publication in A&A, data products are available for download from http://muse-vlt.eu/science/muse-wide-survey/ and later via the CD

Inflammatory mediators as biomarkers in brain disorders.

Neurodegenerative diseases such as Alzheimer, Parkinson, amyotrophic lateral sclerosis, and Huntington are incurable and debilitating conditions that result in progressive death of the neurons. The definite diagnosis of a neurodegenerative disorder is disadvantaged by the difficulty in obtaining biopsies and thereby to validate the clinical diagnosis with pathological results. Biomarkers are valuable indicators for detecting different phases of a disease such as prevention, early onset, treatment, progression, and monitoring the effect of pharmacological responses to a therapeutic intervention. Inflammation occurs in neurodegenerative diseases, and identification and validation of molecules involved in this process could be a strategy for finding new biomarkers. The ideal inflammatory biomarker needs to be easily measurable, must be reproducible, not subject to wide variation in the population, and unaffected by external factors. Our review summarizes the most important inflammation biomarkers currently available, whose specificity could be utilized for identifying and monitoring distinctive phases of different neurodegenerative diseases

Addressing injecting related risks among people who inject both opioids and stimulants: Findings from an Australian survey of people who inject drugs

Background: Opioids and stimulants are the most commonly injected illicit drugs worldwide and in Australia. While some people who inject drugs (PWID) prefer either opioids or stimulants, others regularly use both opioids and stimulants. Limited available research indicates that those who use opioids and stimulants together, either in combination or alternating between the two, may engage in injection-related practices which potentially place them at greater health risk and could lead to poorer health outcomes. Methods: Participants were recruited nationally through member organizations of the Australian Injecting and Illicit Drug Users League (AIVL); these organizations represent PWID in each Australian state and territory. This study compared a sample of PWID (N = 535) who reported past-month injection of opioids only (N = 173), stimulants only (N = 208), or both (N = 154) on a range of health and wellbeing outcomes. PWID completed a survey assessing drugs injected, frequency of injecting, receptive equipment sharing, psychological distress, self-reported hepatitis C (HCV) status, experienced and internalized stigma, drug use salience, and community attachment. Results: People who injected both opioids and stimulants reported more frequent injecting, more experiences of stigma, and greater reported HCV diagnosis than people who injected stimulants or opioids alone. They also showed greater attachment to a community of PWID and greater salience of drug use to their identity. Conclusions: The findings of increased injecting and broader harms associated with injecting both stimulants and opioids are important for tailoring harm reduction and intervention designs for people who use both opioid and stimulant drugs, including prioritizing peer-based approaches