Hedge fund market runs during financial crises

Hedge funds exit financial markets simultaneously after enormous shocks, such as the global financial crisis. While previous studies highlight only fund investors’ synchronized withdrawals as the major driver of massive asset liquidations, we primarily focus on informed and rational fund managers and suggest a theoretical model that illustrates fund managers’ synchronized market runs. This study shows that the possibility of runs induces panic-based market runs not because of systematic risk itself but because of the fear of runs. We find that when the market regime changes from a normal to a ‘bad’ state in which runs are possible, hedge funds reduce their investments prior to runs. In addition, market runs are more likely to occur in markets in which hedge funds have greater market exposure and uninformed traders are more sensitive to past price movement

Bistable and Porous Metal–Organic Frameworks with Charge-Neutral <b>acs</b> Net Based on Heterometallic M₃O(CO₂)₆ Building Blocks

A Co­(II)–Ti­(IV) heterometallic approach is successfully adopted to synthesize charge-neutral metal–organic frameworks based on oxo-centered trinuclear cluster and linear dicarboxylate linkers. Unlike their homonuclear predecessors, the cobalt–titanium–organic frameworks not only display a permanent porosity but also show an irreversible phase transition between two stable forms as unambiguously characterized by single-crystal and powder X-ray diffraction studies

Bistable and Porous Metal–Organic Frameworks with Charge-Neutral <b>acs</b> Net Based on Heterometallic M₃O(CO₂)₆ Building Blocks

A Co­(II)–Ti­(IV) heterometallic approach is successfully adopted to synthesize charge-neutral metal–organic frameworks based on oxo-centered trinuclear cluster and linear dicarboxylate linkers. Unlike their homonuclear predecessors, the cobalt–titanium–organic frameworks not only display a permanent porosity but also show an irreversible phase transition between two stable forms as unambiguously characterized by single-crystal and powder X-ray diffraction studies

A Simple and Rational Approach for Binodal Metal–Organic Frameworks with Tetrahedral Nodes and Unexpected Multimodal Porosities from Nonstoichiometric Defects

The fact that asymmetrically substituted dicarboxylate is capable of forming two different coordination modes is exploited to synthesize a binodal metal–organic framework containing tetrahedral nodes, and thus [H₂N­(CH₃)₂]₂[Zn₅(hbdc)₆(dabco)₂] (<b>1</b>) (hbdc =2-hydroxyterephthalate, dabco =1,4-diazabicyclo[2.2.2]­octane) possesses the (8,4)-coordinated fluorite topology. This simple approach is verified by using symmetrically substituted ligand, 2,5-dihydroxyterephthalate to synthesize a uninodal, 4-coordinated net whose tetrahedral nodes lead to the rare lonsdaleite topology. It has been found that <b>1</b> readily loses some of the neutral ligand and cations during the activation processes without collapsing the whole framework, and multimodal porosities are observed due to the nonstoichiometric defects

Heterologous Biosynthesis and Genomics-Driven Derivatization of Fungal Bioactive Sesterterpenoid Variecolin

The biosynthetic gene cluster of fungal bioactive sesterterpenoids, variecolin (1) and variecolactone (2), was identified in Aspergillus aculeatus ATCC 16872. Heterologous production of 1 and 2 was achieved in Aspergillus oryzae by expressing the sesterterpene synthase VrcA and the cytochrome P450 VrcB. Intriguingly, the replacement of VrcB with homologous P450s from other fungal terpenoid pathways yielded three new variecolin analogues, one of which exhibited potent anticancer activity comparable to that of 1