Strategies used as spectroscopy of financial markets reveal new stylized facts

We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed order flow on the Shenzhen Stock Exchange of China for the whole year of 2003. This enormous dataset allows us to compare (i) a closed national market (A-shares) with an international market (B-shares), (ii) individuals and institutions and (iii) real investors to random strategies with respect to timing that share otherwise all other characteristics. We find that more trading results in smaller net return due to trading frictions. We unveiled quantitative power laws with non-trivial exponents, that quantify the deterioration of performance with frequency and with holding period of the strategies used by investors. Random strategies are found to perform much better than real ones, both for winners and losers. Surprising large arbitrage opportunities exist, especially when using zero-intelligence strategies. This is a diagnostic of possible inefficiencies of these financial markets.Comment: 13 pages including 5 figures and 1 tabl

Effective Field Theory for Few-Nucleon Systems

We review the effective field theories (EFTs) developed for few-nucleon systems. These EFTs are controlled expansions in momenta, where certain (leading-order) interactions are summed to all orders. At low energies, an EFT with only contact interactions allows a detailed analysis of renormalization in a non-perturbative context and uncovers novel asymptotic behavior. Manifestly model-independent calculations can be carried out to high orders, leading to high precision. At higher energies, an EFT that includes pion fields justifies and extends the traditional framework of phenomenological potentials. The correct treatment of QCD symmetries ensures a connection with lattice QCD. Several tests and prospects of these EFTs are discussed.Comment: 55 pages, 18 figures, to appear in Ann. Rev. Nucl. Part. Sci. 52 (2002

Challenges to the development of antigen-specific breast cancer vaccines

Continued progress in the development of antigen-specific breast cancer vaccines depends on the identification of appropriate target antigens, the establishment of effective immunization strategies, and the ability to circumvent immune escape mechanisms. Methods such as T cell epitope cloning and serological expression cloning (SEREX) have led to the identification of a number target antigens expressed in breast cancer. Improved immunization strategies, such as using dendritic cells to present tumor-associated antigens to T lymphocytes, have been shown to induce antigen-specific T cell responses in vivo and, in some cases, objective clinical responses. An outcome of successful tumor immunity is the evolution of antigen-loss tumor variants. The development of a polyvalent breast cancer vaccine, directed against a panel of tumor-associated antigens, may counteract this form of immune escape

The prescribed mean curvature equation in weakly regular domains

We show that the characterization of existence and uniqueness up to vertical translations of solutions to the prescribed mean curvature equation, originally proved by Giusti in the smooth case, holds true for domains satisfying very mild regularity assumptions. Our results apply in particular to the non-parametric solutions of the capillary problem for perfectly wetting fluids in zero gravity. Among the essential tools used in the proofs, we mention a \textit{generalized Gauss-Green theorem} based on the construction of the weak normal trace of a vector field with bounded divergence, in the spirit of classical results due to Anzellotti, and a \textit{weak Young's law} for $(\Lambda,r_{0})$-minimizers of the perimeter.Comment: 23 pages, 1 figure --- The results on the weak normal trace of vector fields have been now extended and moved in a self-contained paper available at: arXiv:1708.0139

Nonlinear Localization in Metamaterials

Metamaterials, i.e., artificially structured ("synthetic") media comprising weakly coupled discrete elements, exhibit extraordinary properties and they hold a great promise for novel applications including super-resolution imaging, cloaking, hyperlensing, and optical transformation. Nonlinearity adds a new degree of freedom for metamaterial design that allows for tuneability and multistability, properties that may offer altogether new functionalities and electromagnetic characteristics. The combination of discreteness and nonlinearity may lead to intrinsic localization of the type of discrete breather in metallic, SQUID-based, and ${\cal PT}-$symmetric metamaterials. We review recent results demonstrating the generic appearance of breather excitations in these systems resulting from power-balance between intrinsic losses and input power, either by proper initialization or by purely dynamical procedures. Breather properties peculiar to each particular system are identified and discussed. Recent progress in the fabrication of low-loss, active and superconducting metamaterials, makes the experimental observation of breathers in principle possible with the proposed dynamical procedures.Comment: 19 pages, 14 figures, Invited (Review) Chapte

Combining system dynamic model and CLUE-S model to improve land use scenario analyses at regional scale: A case study of Sangong watershed in Xinjiang, China

Uses of models of land use change are primary tools for analyzing the causes and consequences of land use changes, assessing the impacts of land use change on ecosystems and supporting land use planning and policy. However, no single model is able to capture all of key processes essential to explore land use change at different scales and make a full assessment of driving factors and impacts. Based on the multi-scale characteristics of land use change, combination and integration of currently existed models of land use change could be a feasible solution. Taken Sangong watershed as a case study, this paper describes an integrated methodology in which the conversion of land use and its effect model (CLUE), a spatially explicit land use change model, has been combined with a system dynamic model (SD) to analyze land use dynamics at different scales. A SD model is used to calculate area changes in demand for land types as a whole while a CLUE model is used to transfer these demands to land use patterns. Without the spatial consideration, the SD model ensures an appropriate treatment of macro-economic, demographic and technology developments, and changes in economic policies influencing the demand and supply for land use in a specific region. With CLUE model the land use change has been simulated at a high spatial resolution with the spatial consideration of land use suitability, spatial policies and restrictions to satisfy the balance between land use demand and supply. The application of the combination of SD and CLUE model in Sangong watershed suggests that this methodology have the ability to reflect the complex behaviors of land use system at different scales to some extent and be a useful tool for analysis of complex land use driving factors such as land use policies and assessment of its impacts on land use change. The established SD model was fitted or calibrated with the 1987-1998 data and validated with the 1998-2004 data; combining SD model with CLUE-S model, future land use scenarios were analyzed during 2004-2030. This work could be used for better understanding of the possible impacts of land use change on terrestrial ecosystem and provide scientific support for land use planning and managements of the watershed. (C) 2010 Elsevier B.V. All rights reserved

T helper cell subsets specific for pseudomonas aeruginosa in healthy individuals and patients with cystic fibrosis

Background: We set out to determine the magnitude of antigen-specific memory T helper cell responses to Pseudomonas aeruginosa in healthy humans and patients with cystic fibrosis. Methods: Peripheral blood human memory CD4+ T cells were co-cultured with dendritic cells that had been infected with different strains of Pseudomonas aeruginosa. The T helper response was determined by measuring proliferation, immunoassay of cytokine output, and immunostaining of intracellular cytokines. Results: Healthy individuals and patients with cystic fibrosis had robust antigen-specific memory CD4+ T cell responses to Pseudomonas aeruginosa that not only contained a Th1 and Th17 component but also Th22 cells. In contrast to previous descriptions of human Th22 cells, these Pseudomonal-specific Th22 cells lacked the skin homing markers CCR4 or CCR10, although were CCR6+. Healthy individuals and patients with cystic fibrosis had similar levels of Th22 cells, but the patient group had significantly fewer Th17 cells in peripheral blood. Conclusions: Th22 cells specific to Pseudomonas aeruginosa are induced in both healthy individuals and patients with cystic fibrosis. Along with Th17 cells, they may play an important role in the pulmonary response to this microbe in patients with cystic fibrosis and other conditions

Key indicators to track current progress and future ambition of the Paris Agreement

Current emission pledges to the Paris Agreement appear insufficient to hold the global average temperature increase to well below 2 °C above pre-industrial levels. Yet, details are missing on how to track progress towards the â € Paris goal', inform the five-yearly â € global stocktake', and increase the ambition of Nationally Determined Contributions (NDCs). We develop a nested structure of key indicators to track progress through time. Global emissions track aggregated progress, country-level decompositions track emerging trends that link directly to NDCs, and technology diffusion indicates future reductions. We find the recent slowdown in global emissions growth is due to reduced growth in coal use since 2011, primarily in China and secondarily in the United States. The slowdown is projected to continue in 2016, with global CO 2 emissions from fossil fuels and industry similar to the 2015 level of 36 GtCO 2. Explosive and policy-driven growth in wind and solar has contributed to the global emissions slowdown, but has been less important than economic factors and energy efficiency. We show that many key indicators are currently broadly consistent with emission scenarios that keep temperatures below 2 °C, but the continued lack of large-scale carbon capture and storage threatens 2030 targets and the longer-term Paris ambition of net-zero emissions

On some differential-geometric aspects of the Torelli map

In this note we survey recent results on the extrinsic geometry of the Jacobian locus inside $\mathsf{A}_g$. We describe the second fundamental form of the Torelli map as a multiplication map, recall the relation between totally geodesic subvarieties and Hodge loci and survey various results related to totally geodesic subvarieties and the Jacobian locus.Comment: To appear on Boll. UMI, special volume in memory of Paolo de Bartolomei