Financial panic and emerging market funds

This article studies equity investment of emerging-market funds based on the 2003–2009 weekly data and compares the dynamics of flow and return between tranquil period and financial panic based on the experience of the latest 2008–2009 global financial crisis. First, we find that the well-documented positive feedback trading is a tranquil-period phenomenon such that it is more difficult in general for emerging-market funds to attract new investment in financial panic. Second, the predictive power of flow on return is driven by a combination of price pressure and information effects in tranquil period, while the information effect dominates in financial panic. Third, the underlying co-movements or contagion of flow across the emerging-market funds influence the association between flow and return. Overall, the findings highlight the importance of accounting for state-dependent dynamics as well as cross-regional co-movements in the analysis of flow and return

Personality filters for online news interest and engagement

Our many online routines leave behind trails of data about our identities, habits, preferences and connections. These data serve as filters when we seek out information, yielding relevant results and content of interest. However, commercial and political parties can use the same data to personalize persuasive messages, and some even use psychological profiles to target individuals. With this revelation come concerns that news can be framed to appeal to individual personalities. This study investigates the relationship between personality and news engagement among predominantly young Norwegian adults across different news angles. It addresses the Big Five personality traits as well as rational and experiential information-processing styles. The results provide support for our hypothesis on the relation between neuroticism and lowered news engagement, although the effect sizes are small. When exploring iso- lated news stories, we find greater differentiation among the participants, suggesting that individuals’ news interest really does start at the headline.Personality filters for online news interest and engagementpublishedVersio

Adaptive Horizon Model Predictive Control and Al'brekht's Method

A standard way of finding a feedback law that stabilizes a control system to an operating point is to recast the problem as an infinite horizon optimal control problem. If the optimal cost and the optmal feedback can be found on a large domain around the operating point then a Lyapunov argument can be used to verify the asymptotic stability of the closed loop dynamics. The problem with this approach is that is usually very difficult to find the optimal cost and the optmal feedback on a large domain for nonlinear problems with or without constraints. Hence the increasing interest in Model Predictive Control (MPC). In standard MPC a finite horizon optimal control problem is solved in real time but just at the current state, the first control action is implimented, the system evolves one time step and the process is repeated. A terminal cost and terminal feedback found by Al'brekht's methoddefined in a neighborhood of the operating point is used to shorten the horizon and thereby make the nonlinear programs easier to solve because they have less decision variables. Adaptive Horizon Model Predictive Control (AHMPC) is a scheme for varying the horizon length of Model Predictive Control (MPC) as needed. Its goal is to achieve stabilization with horizons as small as possible so that MPC methods can be used on faster and/or more complicated dynamic processes.Comment: arXiv admin note: text overlap with arXiv:1602.0861

Altered expression of glutamate signaling, growth factor, and glia genes in the locus coeruleus of patients with major depression.

Several studies have proposed that brain glutamate signaling abnormalities and glial pathology have a role in the etiology of major depressive disorder (MDD). These conclusions were primarily drawn from post-mortem studies in which forebrain brain regions were examined. The locus coeruleus (LC) is the primary source of extensive noradrenergic innervation of the forebrain and as such exerts a powerful regulatory role over cognitive and affective functions, which are dysregulated in MDD. Furthermore, altered noradrenergic neurotransmission is associated with depressive symptoms and is thought to have a role in the pathophysiology of MDD. In the present study we used laser-capture microdissection (LCM) to selectively harvest LC tissue from post-mortem brains of MDD patients, patients with bipolar disorder (BPD) and from psychiatrically normal subjects. Using microarray technology we examined global patterns of gene expression. Differential mRNA expression of select candidate genes was then interrogated using quantitative real-time PCR (qPCR) and in situ hybridization (ISH). Our findings reveal multiple signaling pathway alterations in the LC of MDD but not BPD subjects. These include glutamate signaling genes, SLC1A2, SLC1A3 and GLUL, growth factor genes FGFR3 and TrkB, and several genes exclusively expressed in astroglia. Our data extend previous findings of altered glutamate, astroglial and growth factor functions in MDD for the first time to the brainstem. These findings indicate that such alterations: (1) are unique to MDD and distinguishable from BPD, and (2) affect multiple brain regions, suggesting a whole-brain dysregulation of such functions

Energy efficiency of iron-boron-silicon metallic glasses in sulfuric acid solutions

A criterion of the energy efficiency of iron–boron–silicon metallic glasses in sulfuric acid solutions is proposed for the first time. The criterion has been derived based on calculating the limit of the ratio value of the conductivity of a metallic glass in aqueous solution to the conductivity of the metallic glass in air. In other words, the conductivity ratio of a metallic glass in aqueous solution to the conductivity of the metallic glass in air  = 1, was applied to determine the energy efficiency of the metallic glass in the aqueous solution when the conductivity of a metallic glass in air became equal (decreased) to the steady conductivity of the metallic glass in aqueous solution as a function of time of the exposure of the metallic glass to the aqueous solution. This criterion was not only used to determine the energy efficiency of different metallic glasses, but also, the criterion was used to determine the energy efficiency of metallic glasses exposed to a wide range of sulfuric acid concentrations. These conductivity values were determined by the electrochemical impedance spectroscopy (EIS). In addition, the criterion can be applied under diverse test conditions with a predetermined period of the operational life of the metallic glasses as functional materials. Furthermore, variations of the energy efficiency of the metallic glasses as a function of the acid concentration and time were produced by fitting the experimental data to a numerical model using a nonlinear regression method. The profiles of the metallic glasses exhibit a less conservative behavior of the energy efficiency than the proposed analytical criterion

Money and flexible generosity

Previous research on money and prosociality has described a monotonic pattern, showing that money reduces generosity. The present research aimed to examine whether money differently impairs generosity when arising from altruistic versus egoistic motives. To this end, we employed economic games designed to study generosity (e.g., the Dictator game) and varied experimental currency (i.e., money vs. candy/food). The results (N = 850) showed that although money made people ignore others when others were not crucial for their future gain, generosity was not impacted when egoistic motives (Study 1: avoiding sanctions; Studies 2 and 3: building reputation) were present. In other words, although people in general showed flexible prosociality by adjusting their generosity level according to game type, this was much more strongly the case when money rather than candy/food was the currency. In addition, we demonstrate a boundary condition of money on flexible generosity, namely imbuing money with prosocial meaning (Study 3). Some implications are discussed

Human and machine recognition of dynamic and static facial expressions: prototypicality, ambiguity, and complexity

A growing body of research suggests that movement aids facial expression recognition. However, less is known about the conditions under which the dynamic advantage occurs. The aim of this research was to test emotion recognition in static and dynamic facial expressions, thereby exploring the role of three featural parameters (prototypicality, ambiguity, and complexity) in human and machine analysis. In two studies, facial expression videos and corresponding images depicting the peak of the target and non-target emotion were presented to human observers and the machine classifier (FACET). Results revealed higher recognition rates for dynamic stimuli compared to non-target images. Such benefit disappeared in the context of target-emotion images which were similarly well (or even better) recognised than videos, and more prototypical, less ambiguous, and more complex in appearance than non-target images. While prototypicality and ambiguity exerted more predictive power in machine performance, complexity was more indicative of human emotion recognition. Interestingly, recognition performance by the machine was found to be superior to humans for both target and non-target images. Together, the findings point towards a compensatory role of dynamic information, particularly when static-based stimuli lack relevant features of the target emotion. Implications for research using automatic facial expression analysis (AFEA) are discussed

P19-53 LB. Priming with recombinant BCG expressing HIV-1 Gag or RT and boosting with recombinant MVA induces an effective immune response in mice

Mycobacterium bovis BCG (BCG) has a number of characteristics that give it great potential to act as a vehicle for the delivery of recombinant vaccines. However, its success depends on overcoming the challenges of poor antigen expression levels and genetic instability. Our studies using an optimized mycobacterial shuttle vector which utilizes the Mycobacterium tuberculosis mtrA promoter, induced upon infection of macrophages, and the M. tuberculosis 19 kDa signal sequence may overcome these issues. We have used this system to generate a recombinant BCG (rBCG) expressing HIV-1 subtype C full length Gag or reverse transcriptase (RT)

A novel high-resolution optical instrument for imaging oceanic bubbles

The formation of bubbles from breaking waves has a significant effect on air-sea gas transfer and aerosol production. Detailed data in situ about the bubble populations are required to understand these processes. However, these data are difficult to acquire because bubble populations are complex, spatially inhomogeneous, and short lived. This paper describes the design and development of a novel high-resolution underwater optical instrument for imaging oceanic bubbles at the sea. The instrument was successfully deployed in 2013 as part of the HiWINGS campaign in the North Atlantic Ocean. It contains a high-resolution machine vision camera, strobe flash unit to create a light sheet, and single board computer to control system operation. The instrument is shown to successfully detect bubbles of radii in the range 20-10 000 μm