Real-time price discovery in stock, bond and foreign exchange markets

We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. The details of the linkages are particularly intriguing as regards equity markets. We show that equity markets react differently to the same news depending on the state of the economy, with bad news having a positive impact during expansions and the traditionally-expected negative impact during recessions. We rationalize this by temporal variation in the competing "cash flow" and "discount rate" effects for equity valuation. This finding helps explain the time-varying correlation between stock and bond returns, and the relatively small equity market news effect when averaged across expansions and recessions. Lastly, relying on the pronounced heteroskedasticity in the high-frequency data, we document important contemporaneous linkages across all markets and countries over-and-above the direct news announcement effects. JEL Klassifikation: F3, F4, G1, C

The evolution of Omega(HI) and the epoch of formation of damped Lyman-alpha absorbers

We present a study of the evolution of the column density distribution, f(N,z), and total neutral hydrogen mass in high-column density quasar absorbers using candidates from a recent high-redshift survey for damped Lyman-alpha (DLA) and Lyman limit system (LLS) absorbers. The observed number of LLS (N(HI)> 1.6 * 10^{17} atom/cm^2) is used to constrain f(N,z) below the classical DLA Wolfe et al. (1986) definition of 2 * 10^{20} atom/cm^2. The joint LLS-DLA analysis shows unambiguously that f(N,z) deviates significantly from a single power law and that a Gamma-law distribution of the form f(N,z)=(f_*/N_*)(N/N_*)^{-Beta} exp(-N/N_*) provides a better description of the observations. These results are used to determine the amount of neutral gas contained in DLAs and in systems with lower column density. Whilst in the redshift range 2 to 3.5, ~90% of the neutral HI mass is in DLAs, we find that at z>3.5 this fraction drops to only 55% and that the remaining 'missing' mass fraction of the neutral gas lies in sub-DLAs with N(HI) 10^{19} - 2 * 10^{20} atom/cm^2. The characteristic column density, N_*, changes from 1.6 * 10^{21} atom/cm^2 at z3.5, supporting a picture where at z>3.5, we are directly observing the formation of high column density neutral hydrogen DLA systems from lower column density units. Moreover since current metallicity studies of DLA systems focus on the higher column density systems they may be giving a biased or incomplete view of global galactic chemical evolution at z>3. After correcting the observed mass in HI for the ``missing'' neutral gas the comoving mass density now shows no evidence for a decrease above z=2. (abridged)Comment: Replaced to match version published in MNRAS. One figure and appendix added, analysis and conclusions unchange

Recent increases in terrestrial carbon uptake at little cost to the water cycle

Quantifying the responses of the coupled carbon and water cycles to current global warming and rising atmospheric CO2 concentration is crucial for predicting and adapting to climate changes. Here we show that terrestrial carbon uptake (i.e. gross primary production) increased significantly from 1982 to 2011 using a combination of ground-based and remotely sensed land and atmospheric observations. Importantly, we find that the terrestrial carbon uptake increase is not accompanied by a proportional increase in water use (i.e. evapotranspiration) but is largely (about 90%) driven by increased carbon uptake per unit of water use, i.e. water use efficiency. The increased water use efficiency is positively related to rising CO2 concentration and increased canopy leaf area index, and negatively influenced by increased vapour pressure deficits. Our findings suggest that rising atmospheric CO2 concentration has caused a shift in terrestrial water economics of carbon uptake

Happiness matters : exploring the linkages between personality, personal happiness, and work-related psychological health among priests and sisters in Italy

This study responds to the challenge posed by Rossetti’s work to explore the antecedents and consequences of individual differences in happiness among priests and religious sisters. The Oxford Happiness Questionnaire was completed together with measures of personality and work-related psychological health by 95 priests and 61 religious sisters. Overall the data demonstrated high levels of personal happiness among priests and religious sisters, but also significant signs of vulnerability. Personality provided significant prediction of individual differences in both personal happiness and work-related psychological health. However, personal happiness provided additional protection against work-related emotional exhaustion and additional enhancement of work-related satisfaction. These findings suggest that acknowledging and affirming personal happiness may enhance the work-related psychological health of Catholic priests and religious sisters

S100A12 in Digestive Diseases and Health: A Scoping Review

Calgranulin proteins are an important class of molecules involved in innate immunity. These members of the S100 class of the EF-hand family of calcium-binding proteins have numerous cellular and antimicrobial functions. One protein in particular, S100A12 (also called EN-RAGE or calgranulin C), is highly abundant in neutrophils during acute inflammation and has been implicated in immune regulation. Structure-function analyses reveal that S100A12 has the capacity to bind calcium, zinc, and copper, processes that contribute to nutritional immunity against invading microbial pathogens. S100A12 is a ligand for the receptor for advanced glycation end products (RAGE), toll-like receptor 4 (TLR4), and CD36, which promote cellular and immunological pathways to alter inflammation. We conducted a scoping review of the existing literature to define what is known about the association of S100A12 with digestive disease and health. Results suggest that S100A12 is implicated in gastroenteritis, necrotizing enterocolitis, gastritis, gastric cancer, Crohn’s disease, irritable bowel syndrome, inflammatory bowel disease, and digestive tract cancers. Together, these results reveal S100A12 is an important molecule broadly associated with the pathogenesis of digestive diseases

b -> s gamma in the left-right supersymmetric model

The rare decay $b \to s \gamma$ is studied in the left-right supersymmetric model. We give explicit expressions for all the amplitudes associated with the supersymmetric contributions coming from gluinos, charginos and neutralinos in the model to one-loop level. The branching ratio is enhanced significantly compared to the standard model and minimal supersymmetric standard model values by contributions from the right-handed gaugino and squark sector. We give numerical results coming from the leading order contributions. If the only source of flavor violation comes from the CKM matrix, we constrain the scalar fermion-gaugino sector. If intergenerational mixings are allowed in the squark mass matrix, we constrain such supersymmetric sources of flavor violation. The decay $b \to s \gamma$ sets constraints on the parameters of the model and provides distinguishing signs from other supersymmetric scenarios.Comment: 12 figure

A repurposing strategy for Hsp90 inhibitors demonstrates their potency against filarial nematodes

Novel drugs are required for the elimination of infections caused by filarial worms, as most commonly used drugs largely target the microfilariae or first stage larvae of these infections. Previous studies, conducted in vitro, have shown that inhibition of Hsp90 kills adult Brugia pahangi. As numerous small molecule inhibitors of Hsp90 have been developed for use in cancer chemotherapy, we tested the activity of several novel Hsp90 inhibitors in a fluorescence polarization assay and against microfilariae and adult worms of Brugia in vitro. The results from all three assays correlated reasonably well and one particular compound, NVP-AUY922, was shown to be particularly active, inhibiting Mf output from female worms at concentrations as low as 5.0 nanomolar after 6 days exposure to drug. NVP-AUY922 was also active on adult worms after a short 24 h exposure to drug. Based on these in vitro data, NVP-AUY922 was tested in vivo in a mouse model and was shown to significantly reduce the recovery of both adult worms and microfilariae. These studies provide proof of principle that the repurposing of currently available Hsp90 inhibitors may have potential for the development of novel agents with macrofilaricidal properties

Stressor- and Corticotropin releasing Factor-induced Reinstatement and Active Stress-related Behavioral Responses are Augmented Following Long-access Cocaine Self-administration by Rats

Rationale Stressful events during periods of drug abstinence likely contribute to relapse in cocaine-dependent individuals. Excessive cocaine use may increase susceptibility to stressor-induced relapse through alterations in brain corticotropin-releasing factor (CRF) responsiveness. Objectives This study examined stressor- and CRF-induced cocaine seeking and other stress-related behaviors in rats with different histories of cocaine self-administration (SA). Materials and methods Rats self-administered cocaine under short-access (ShA; 2 h daily) or long-access (LgA; 6 h daily) conditions for 14 days or were provided access to saline and were tested for reinstatement by a stressor (electric footshock), cocaine or an icv injection of CRF and for behavioral responsiveness on the elevated plus maze, in a novel environment and in the light–dark box after a 14- to 17-day extinction/withdrawal period. Results LgA rats showed escalating patterns of cocaine SA and were more susceptible to reinstatement by cocaine, EFS, or icv CRF than ShA rats. Overall, cocaine SA increased activity in the center field of a novel environment, on the open arms of the elevated plus maze, and in the light compartment of a light–dark box. In most cases, the effects of cocaine SA were dependent on the pattern/amount of cocaine intake with statistically significant differences from saline self-administering controls only observed in LgA rats. Conclusions When examined after several weeks of extinction/ withdrawal, cocaine SA promotes a more active pattern of behavior during times of stress that is associated with a heightened susceptibility to stressor-induced cocaine-seeking behavior and may be the consequence of augmented CRF regulation of addiction-related neurocircuitry