Are Price Limits on Futures Markets That Cool? Evidence from the Brazilian Mercantile and Futures Exchange

This paper investigates the impact of price limits on the Brazilian futures markets using high frequency data. The aim is to identify whether there is a cool-off or a magnet effect. For that purpose, we examine a tick-by-tick data set that includes all contracts on the S�o Paulo stock index futures traded on the Brazilian Mercantile and Futures Exchange from January 1997 to December 1999. The results indicate that the conditional mean features a floor cool-off effect, whereas the conditional variance significantly increases as the price approaches the upper limit. We then build a trading strategy that accounts for the cool-off effect in the conditional mean so as to demonstrate that the latter has not only statistical, but also economic significance. The in-sample Sharpe ratio indeed is way superior to the buy-and-hold benchmarks we consider, whereas out-of-sample results evince similar performances.Cool-off effect, Futures markets, Magnet effect, Price limits, Transactions data

Deciphering the genome structure and paleohistory of _Theobroma cacao_

We sequenced and assembled the genome of _Theobroma cacao_, an economically important tropical fruit tree crop that is the source of chocolate. The assembly corresponds to 76% of the estimated genome size and contains almost all previously described genes, with 82% of them anchored on the 10 _T. cacao_ chromosomes. Analysis of this sequence information highlighted specific expansion of some gene families during evolution, for example flavonoid-related genes. It also provides a major source of candidate genes for _T. cacao_ disease resistance and quality improvement. Based on the inferred paleohistory of the T. cacao genome, we propose an evolutionary scenario whereby the ten _T. cacao_ chromosomes were shaped from an ancestor through eleven chromosome fusions. The _T. cacao_ genome can be considered as a simple living relic of higher plant evolution

Color Stability of Polymers for Facial Prosthesis

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Color stability of resin and silicone is an important factor for longevity of facial prostheses. The aim of this study was to evaluate the color stability of resins and silicone for facial prostheses. Three brands of acrylic resin and I of facial silicone were evaluated considering pigment incorporation for the colorless materials. Ten samples of each material were fabricated and submitted to measurements of chromatic alteration initially and after 252, 504, and 1008 hours of weathering through Visual analysis and spectrophotometry. Data were evaluated by analysis of variance and Tukey test (P < 0.05). Results showed a statistically significant difference in color alteration among materials independent of aging. According to visual analysis, the color difference between pigmented and colorless Silastic MDX4-4210 and between pigmented and colorless Classico acrylic resin was statistically significant for the 3 weathering periods. Aging for 1008 hours represented a significant influence on color alteration of all resins. All materials presented chromatic alteration after accelerated artificial aging.2115458Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP

The value of open-source clinical science in pandemic response: lessons from ISARIC

International audienc