Implied volatility spreads and expected market returns

This article investigates the intertemporal relation between volatility spreads and expected returns on the aggregate stock market. We provide evidence for a significantly negative link between volatility spreads and expected returns at the daily and weekly frequencies. We argue that this link is driven by the information flow from option markets to stock markets. The documented relation is significantly stronger for the periods during which (i) S&P 500 constituent firms announce their earnings; (ii) cash flow and discount rate news are large in magnitude; and (iii) consumer sentiment index takes extreme values. The intertemporal relation remains strongly negative after controlling for conditional volatility, variance risk premium, and macroeconomic variables. Moreover, a trading strategy based on the intertemporal relation with volatility spreads has higher portfolio returns compared to a passive strategy of investing in the S&P 500 index, after transaction costs are taken into account

Predictors of enhancing human physical attractiveness: Data from 93 countries

People across the world and throughout history have gone to great lengths to enhance their physical appearance. Evolutionary psychologists and ethologists have largely attempted to explain this phenomenon via mating preferences and strategies. Here, we test one of the most popular evolutionary hypotheses for beauty-enhancing behaviors, drawn from mating market and parasite stress perspectives, in a large cross-cultural sample. We also test hypotheses drawn from other influential and non-mutually exclusive theoretical frameworks, from biosocial role theory to a cultural media perspective. Survey data from 93,158 human participants across 93 countries provide evidence that behaviors such as applying makeup or using other cosmetics, hair grooming, clothing style, caring for body hygiene, and exercising or following a specific diet for the specific purpose of improving one physical attractiveness, are universal. Indeed, 99% of participants reported spending >10 min a day performing beauty-enhancing behaviors. The results largely support evolutionary hypotheses: more time was spent enhancing beauty by women (almost 4 h a day, on average) than by men (3.6 h a day), by the youngest participants (and contrary to predictions, also the oldest), by those with a relatively more severe history of infectious diseases, and by participants currently dating compared to those in established relationships. The strongest predictor of attractiveness-enhancing behaviors was social media usage. Other predictors, in order of effect size, included adhering to traditional gender roles, residing in countries with less gender equality, considering oneself as highly attractive or, conversely, highly unattractive, TV watching time, higher socioeconomic status, right-wing political beliefs, a lower level of education, and personal individualistic attitudes. This study provides novel insight into universal beauty-enhancing behaviors by unifying evolutionary theory with several other complementary perspectives.info:eu-repo/semantics/publishedVersio

Validation of the Short Version (TLS-15) of the Triangular Love Scale (TLS-45) Across 37 Languages

Love is a phenomenon that occurs across the world and affects many aspects of human life, including the choice of, and process of bonding with, a romantic partner. Thus, developing a reliable and valid measure of love experiences is crucial. One of the most popular tools to quantify love is Sternberg’s 45-item Triangular Love Scale (TLS-45), which measures three love components: intimacy, passion, and commitment. However, our literature review reveals that most studies (64%) use a broad variety of shortened versions of the TLS-45. Here, aiming to achieve scientific consensus and improve the reliability, comparability, and generalizability of results across studies, we developed a short version of the scale—the TLS-15—comprised of 15 items with 5-point, rather than 9-point, response scales. In Study 1 (N = 7,332), we re-analyzed secondary data from a large-scale multinational study that validated the original TLS-45 to establish whether the scale could be truncated. In Study 2 (N = 307), we provided evidence for the three-factor structure of the TLS-15 and its reliability. Study 3 (N = 413) confirmed convergent validity and test–retest stability of the TLS-15. Study 4 (N = 60,311) presented a large-scale validation across 37 linguistic versions of the TLS-15 on a cross-cultural sample spanning every continent of the globe. The overall results provide support for the reliability, validity, and cross-cultural invariance of the TLS-15, which can be used as a measure of love components—either separately or jointly as a three-factor measure

Seismic resistance of traditional timber-frame hımış

Hımış structures have hardly ever found as extensive a role as other traditional timber housing, such as those originating from Japan or Central Europe, within the wide discourse on the seismic performance of timber-frame architecture that has gained significant momentum in the last few decades owing to advancing testing technologies. While the hımış construction technique was perhaps not born as a result of a conscious search for a seismically resistant building form, it was soon widely appreciated for its structural features advantageous under seismic loading - especially from the sixteenth century when it has become a well-established construction technique in part of the Balkans and in today’s Turkey. Despite widely available anecdotal information based on post-disaster studies regarding its performance under earthquakes, robust quantitative data on the seismic behaviour of these structures were practically non-existent until quite recently, and are still somewhat limited. However, we are now able to confirm that hımış constructions do have intrinsic qualities that are very beneficial under seismic action. This paper aims to make a brief review of the current state of our knowledge on structural performance of hımış buildings under earthquake loading, with specific emphasis on infill/cladding techniques, connection details and energy dissipation characteristics

Exploring Attitudes Toward “Sugar Relationships” Across 87 Countries: A Global Perspective on Exchanges of Resources for Sex and Companionship

The current study investigates attitudes toward one form of sex for resources: the so-called sugar relationships, which often involve exchanges of resources for sex and/or companionship. The present study examined associations among attitudes toward sugar relationships and relevant variables (e.g., sex, sociosexuality, gender inequality, parasitic exposure) in 69,924 participants across 87 countries. Two self-report measures of Acceptance of Sugar Relationships (ASR) developed for younger companion providers (ASR-YWMS) and older resource providers (ASR-OMWS) were translated into 37 languages. We tested cross-sex and cross-linguistic construct equivalence, cross-cultural invariance in sex differences, and the importance of the hypothetical predictors of ASR. Both measures showed adequate psychometric properties in all languages (except the Persian version of ASR-YWMS). Results partially supported our hypotheses and were consistent with previous theoretical considerations and empirical evidence on human mating. For example, at the individual level, sociosexual orientation, traditional gender roles, and pathogen prevalence were significant predictors of both ASR-YWMS and ASR-OMWS. At the country level, gender inequality and parasite stress positively predicted the ASR-YWMS. However, being a woman negatively predicted the ASR-OMWS, but positively predicted the ASR-YWMS. At country-level, ingroup favoritism and parasite stress positively predicted the ASR-OMWS. Furthermore, significant cross-subregional differences were found in the openness to sugar relationships (both ASR-YWMS and ASR-OMWS scores) across subregions. Finally, significant differences were found between ASR-YWMS and ASR-OMWS when compared in each subregion. The ASR-YWMS was significantly higher than the ASR-OMWS in all subregions, except for Northern Africa and Western Asia

Towards crystal structure prediction of complex organic compounds - a report on the fifth blind test

Following on from the success of the previous crystal structure prediction blind tests (CSP1999, CSP2001, CSP2004 and CSP2007), a fifth such collaborative project (CSP2010) was organized at the Cambridge Crystallographic Data Centre. A range of methodologies was used by the participating groups in order to evaluate the ability of the current computational methods to predict the crystal structures of the six organic molecules chosen as targets for this blind test. The first four targets, two rigid molecules, one semi-flexible molecule and a 1: 1 salt, matched the criteria for the targets from CSP2007, while the last two targets belonged to two new challenging categories - a larger, much more flexible molecule and a hydrate with more than one polymorph. Each group submitted three predictions for each target it attempted. There was at least one successful prediction for each target, and two groups were able to successfully predict the structure of the large flexible molecule as their first place submission. The results show that while not as many groups successfully predicted the structures of the three smallest molecules as in CSP2007, there is now evidence that methodologies such as dispersion-corrected density functional theory (DFT-D) are able to reliably do so. The results also highlight the many challenges posed by more complex systems and show that there are still issues to be overcome

Çoklu fetal anomali (OEIS kompleksi)

OEIS complex (omphalocele, exstrophy, imperforate anus, spinal defects) is a combination of anomalies with unknown etiology. It was first described by Carey and colleagues in 1978. The condition is also known as exstrophy of the cloaca (EC) and seen in about 1/200.000 to 400.000 pregnancies. The case we present here was 30 year old women with a fetus at 16-17 weeks of gestation, gravida 3, parity 0. The woman was informed of the diagnosis of multiple fetal anomaly. Detailed ultrasonography revealed 23 mm size omphalocele which included the liver and above the omphalosel sac there was a cord cyst, bilateral pes equinovarus and thoracal vertebral angulation was also present. The bladder could not be visualised. QF PCR (Polymeraz chain reaction) and chorion villus biopsy revealed 46 XY normal karyotype. The option of termination was offered to family and pregnancy was terminated. Our case did not include all the components of the OEIS complex but it can be evaluated as OEIS complex because it included some of the structural deformities seen in the OEIS complex. We considered our case to be within the parameters of the OEIS complex.OEIS kompleksi (omfalosel, mesane ekstrofisi, anüs imperforatus ve spina bifida) etiyolojisi net bilinmeyen anomaliler bütünüdür. İlk kez 1978 yılında Carey ve arkadaşları tarafından tanımlanmıştır. Bu durum kloaka ekstrofisi olarak da adlandırılır ve 200.000-400.000 doğumda bir görülür. Birçok olguda sporadik olarak oluşsa da, genetik anomaliler nedeniyle de oluşabilmektedir. Burada sunduğumuz olgu, 30 yaşında 16-17 hafta gravida 3 parite 0, dış merkezden çoklu fetal anomali tanısı ile kliniğimize başvurmuştur. Kliniğimizde yapılan ayrıntılı ultrasonografisinde, haftası ile uyumlu bir fetus ve fetal batın ön duvarında yaklaşık olarak 23 mm boyutunda, içerisinde karaciğerin izlendiği omfalosel hali, omfalosel kesesinin üst kısmında kordon kisti, fetal ayaklarda bilateral pes ekinovarus ve torakal vertebral bölgede angulasyon izlendi. Mesane görüntülenemedi. Olgunun QF polimeraz zincir reaksiyonu (PCR) ve koryon villus biopsisinin kültür sonuçları 46 XY normal olarak saptandı. Hastaya terminasyon seçeneği önerildi ve gebelik termine edildi. Olgumuz OEIS kompleksinin tüm anomalilerini bulundurmamaktadır ancak bazı bulgularını içermesi nedeniyle OEIS kompleksi içerisinde değerlendirilmiştir