Short-selling, margin-trading, and price efficiency: Evidence from the Chinese market

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Cross-listing and pricing efficiency: The informational and anchoring role played by the reference price

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Is warrant really a derivative? Evidence from the Chinese warrant market

This paper studies the Chinese warrant market that has been developing since August 2005. Empirical evidence shows that the market prices of warrants are much higher systematically than the Black-Scholes prices with historical volatility. The prices of a warrant and its underlying asset do not support the monotonicity, perfect correlation and option redundancy properties. The cumulated delta-hedged gains for almost all expired warrants are negative. The negative gains are mainly driven by the volatility risk, and the trading values of the warrants for puts and the market risk for calls. The investors are trading some other risks in addition to the underlying risks. © 2012 Elsevier B.V. All rights reserved.postprin

Ex-Day Returns of Stock Distributions: An Anchoring Explanation

We offer a new anchoring explanation for the ex-day abnormal returns of stock distributions including stock dividend distributions, splits, and reverse splits. We propose that investors tend to anchor on cum-day prices in valuating ex-distribution stocks, resulting in a positive association between ex-day returns and adjustment factors. We find that this positive return-factor relation exists for all three types of stock distributions and in both the pre- and post-decimalization periods. Furthermore, we find that this positive return-factor relation is more pronounced among events that are more subject to investors’ anchoring propensity, featured by less investor attention, greater arbitrage difficulty, greater valuation uncertainty, less investor sophistication, and higher market sentiment. Lastly, using brokerage account data, we show that stocks that are traded by investors with more investment experience demonstrate a weaker return-factor relation.postprin

Sign-reversal of the in-plane resistivity anisotropy in hole-doped iron pnictides

The in-plane anisotropy of the electrical resistivity across the coupled orthorhombic and magnetic transitions of the iron pnictides has been extensively studied in the parent and electron-doped compounds. All these studies universally show that the resistivity $\rho_{a}$ across the long orthorhombic axis $a_{O}$ - along which the spins couple antiferromagnetically below the magnetic transition temperature - is smaller than the resistivity $\rho_{b}$ of the short orthorhombic axis $b_{O}$, i. e. $\rho_{a}<\rho_{b}$. Here we report that in the hole-doped compounds Ba$_{1-x}$K$_{x}$Fe$_{2}$As$_{2}$, as the doping level increases, the resistivity anisotropy initially becomes vanishingly small, and eventually changes sign for sufficiently large doping, i. e. $\rho_{b}<\rho_{a}$. This observation is in agreement with a recent theoretical prediction that considers the anisotropic scattering of electrons by spin-fluctuations in the orthorhombic/nematic state.Comment: This paper has been replaced by the new version offering new explanation of the experimental results first reported her

CFD analysis of thermodynamic cycles in a pulse tube refrigerator

The objectives of this paper are to study the thermodynamic cycles in an inertance tube pulse tube refrigerator (ITPTR) by means of CFD method The simulation results show that gas parcels working in different parts of ITPTR undergo different thermodynamic cycles The net effects of those thermodynamic cycles are pumping heat from the low temperature part to the high temperature part of the system The simulation results also show that under different frequencies of piston movement the gas parcels working in the same part of the system will undergo the same type of thermodynamic cycles The simulated thermal cycles are compared with those thermodynamic analysis results from a reference Comparisons show that both CFD simulations and theoretical analysis predict the same type of thermal cycles at the same location However only CFD simulation can give the quantitative results while the thermodynamic analysis is still remaining in quality (C) 2010 Elsevier Ltd All rights reserve

Lead-free piezoceramics - Where to move on?

Lead-free piezoceramics aiming at replacing the market-dominant lead-based ones have been extensively searched for more than a decade worldwide. Some noteworthy outcomes such as the advent of commercial products for certain applications have been reported, but the goal, i.e., the invention of a lead-free piezocermic, the performance of which is equivalent or even superior to that of PZT-based piezoceramics, does not seem to be fulfilled yet. Nevertheless, the academic effort already seems to be culminated, waiting for a guideline to a future research direction. We believe that a driving force for a restoration of this research field needs to be found elsewhere, for example, intimate collaborations with related industries. For this to be effectively realized, it would be helpful for academic side to understand the interests and demands of the industry side as well as to provide the industry with new scientific insights that would eventually lead to new applications. Therefore, this review covers some of the issues that are to be studied further and deeper, so-to-speak, lessons from the history of piezoceramics, and some technical issues that could be useful in better understanding the industry demands. As well, the efforts made in the industry side will be briefly introduced for the academic people to catch up with the recent trends and to be guided for setting up their future research direction effectively.ope

Turnip mosaic potyvirus probably first spread to Eurasian brassica crops from wild orchids about 1000 years ago

Turnip mosaic potyvirus (TuMV) is probably the most widespread and damaging virus that infects cultivated brassicas worldwide. Previous work has indicated that the virus originated in western Eurasia, with all of its closest relatives being viruses of monocotyledonous plants. Here we report that we have identified a sister lineage of TuMV-like potyviruses (TuMV-OM) from European orchids. The isolates of TuMV-OM form a monophyletic sister lineage to the brassica-infecting TuMVs (TuMV-BIs), and are nested within a clade of monocotyledon-infecting viruses. Extensive host-range tests showed that all of the TuMV-OMs are biologically similar to, but distinct from, TuMV-BIs and do not readily infect brassicas. We conclude that it is more likely that TuMV evolved from a TuMV-OM-like ancestor than the reverse. We did Bayesian coalescent analyses using a combination of novel and published sequence data from four TuMV genes [helper component-proteinase protein (HC-Pro), protein 3(P3), nuclear inclusion b protein (NIb), and coat protein (CP)]. Three genes (HC-Pro, P3, and NIb), but not the CP gene, gave results indicating that the TuMV-BI viruses diverged from TuMV-OMs around 1000 years ago. Only 150 years later, the four lineages of the present global population of TuMV-BIs diverged from one another. These dates are congruent with historical records of the spread of agriculture in Western Europe. From about 1200 years ago, there was a warming of the climate, and agriculture and the human population of the region greatly increased. Farming replaced woodlands, fostering viruses and aphid vectors that could invade the crops, which included several brassica cultivars and weeds. Later, starting 500 years ago, inter-continental maritime trade probably spread the TuMV-BIs to the remainder of the world

Novel catalytically active pd/Ru bimetallic nanoparticles synthesized by Bacillus benzeovorans

This work was supported by a UK Commonwealth scholarship to JBO. BK was supported by the Petroleum Technology Development Funds (PTDF) of Nigeria. The project was funded by NERC grant NE/L014076/1 to LEM. The Science City Photoemission Facility used in this research was funded through the Science Cities Advanced Materials Project 1: Creating and Characterizing Next Generation of Advanced Materials with support from AWM and ERDF funds. The microscopy work was conducted in the “Laboratorio de Microscopias Avanzadas” at “Instituto de Nanociencia de Aragon - Universidad de Zaragoza” Spain. The authors acknowledge the LMA-INA for offering access to their instruments and expertise.Bacillus benzeovorans assisted and supported growth of ruthenium (bio-Ru) and palladium/ruthenium (bio-Pd@Ru) core@shell nanoparticles (NPs) as bio-derived catalysts. Characterization of the bio-NPs using various electron microscopy techniques and high-angle annular dark field (HAADF) analysis confirmed two NP populations (1–2 nm and 5–8 nm), with core@shells in the latter. The Pd/Ru NP lattice fringes, 0.231 nm, corresponded to the (110) plane of RuO2. While surface characterization using X-ray photoelectron spectroscopy (XPS) showed the presence of Pd(0), Pd(II), Ru(III) and Ru(VI), X-ray absorption (XAS) studies of the bulk material confirmed the Pd speciation (Pd(0) and Pd(II)- corresponding to PdO), and identified Ru as Ru(III) and Ru(IV). The absence of Ru–Ru or Ru–Pd peaks indicated Ru only exists in oxide forms (RuO2 and RuOH), which are surface-localized. X ray diffraction (XRD) patterns did not identify Pd-Ru alloying. Preliminary catalytic studies explored the conversion of 5-hydroxymethyl furfural (5-HMF) to the fuel precursor 2,5-dimethyl furan (2,5-DMF). Both high-loading (9.7 wt.% Pd, 6 wt.% Ru) and low-loading (2.4 wt.% Pd, 2 wt.% Ru) bio-derived catalysts demonstrated high conversion efficiencies (~95%) and selectivity of ~63% (~20% better than bio-Ru NPs) and 58%, respectively. These materials show promising future scope as efficient low-cost biofuel catalysts.Funded by NERC grant NE/L014076/

Resistance to autosomal dominant Alzheimer's disease in an APOE3 Christchurch homozygote: a case report.

We identified a PSEN1 (presenilin 1) mutation carrier from the world's largest autosomal dominant Alzheimer's disease kindred, who did not develop mild cognitive impairment until her seventies, three decades after the expected age of clinical onset. The individual had two copies of the APOE3 Christchurch (R136S) mutation, unusually high brain amyloid levels and limited tau and neurodegenerative measurements. Our findings have implications for the role of APOE in the pathogenesis, treatment and prevention of Alzheimer's disease