Do enhanced derivative disclosures work? An informational perspective

Firms use derivatives both for hedging and nonhedging purposes. The Statement of Financial Accounting Standards No. 161 (SFAS 161) requires firms to disclose the purposes of their derivatives usage, thereby helping investors to evaluate the effects of derivatives usage on firm performance. Using a hand-collected sample of US listed firms and a difference-in-differences research design, we find that, compared with nonderivative-users, derivative-users compliant with SFAS 161 experience a significantly greater reduction in stock illiquidity and the probability of informed trading in the post-SFAS 161 period, and such impact is evident only for firms with a high degree of investor attention

Seed size, fecundity and postfire regeneration strategy are interdependent in Hakea

Seed size is a key functional trait that affects plant fitness at the seedling stage and may vary greatly with species fruit size, growth form and fecundity. Using structural equation modelling (SEM) and correlated trait evolution analysis, we investigated the interaction network between seed size and fecundity, postfire regeneration strategy, fruit size, plant height and serotiny (on-plant seed storage) among 82 species of the woody shrub genus, Hakea, with a wide spectrum of seed sizes (2–500 mg). Seed size is negatively correlated with fecundity, while fire-killed species (nonsprouters) produce more seeds than resprouters though they are of similar size. Seed size is unrelated to plant height and level of serotiny while it scales allometrically with fruit size. A strong phylogenetic signal in seed size revealed phylogenetic constraints on seed size variation in Hakea. Our analyses suggest a causal relationship between seed size, fecundity and postfire regeneration strategy in Hakea. These results demonstrate that fruit size, fecundity and evolutionary history have had most control over seed size variation among Hakea species

Symmetry-breaking instability in a prototypical driven granular gas

Symmetry-breaking instability of a laterally uniform granular cluster (strip state) in a prototypical driven granular gas is investigated. The system consists of smooth hard disks in a two-dimensional box, colliding inelastically with each other and driven, at zero gravity, by a "thermal" wall. The limit of nearly elastic particle collisions is considered, and granular hydrodynamics with the Jenkins-Richman constitutive relations is employed. The hydrodynamic problem is completely described by two scaled parameters and the aspect ratio of the box. Marginal stability analysis predicts a spontaneous symmetry breaking instability of the strip state, similar to that predicted recently for a different set of constitutive relations. If the system is big enough, the marginal stability curve becomes independent of the details of the boundary condition at the driving wall. In this regime, the density perturbation is exponentially localized at the elastic wall opposite to the thermal wall. The short- and long-wavelength asymptotics of the marginal stability curves are obtained analytically in the dilute limit. The physics of the symmetry-breaking instability is discussed.Comment: 11 pages, 14 figure

Observation of Two New N* Peaks in J/psi -> ppi−nˉp pi^- \bar n and pˉπ+n\bar p\pi^+n Decays

The $\pi N$ system in decays of $J/\psi\to\bar NN\pi$ is limited to be isospin 1/2 by isospin conservation. This provides a big advantage in studying $N^*\to \pi N$ compared with $\pi N$ and $\gamma N$ experiments which mix isospin 1/2 and 3/2 for the $\pi N$ system. Using 58 million $J/\psi$ decays collected with the Beijing Electron Positron Collider, more than 100 thousand $J/\psi \to p \pi^- \bar n + c.c.$ events are obtained. Besides two well known $N^*$ peaks at 1500 MeV and 1670 MeV, there are two new, clear $N^*$ peaks in the $p\pi$ invariant mass spectrum around 1360 MeV and 2030 MeV. They are the first direct observation of the $N^*(1440)$ peak and a long-sought "missing" $N^*$ peak above 2 GeV in the $\pi N$ invariant mass spectrum. A simple Breit-Wigner fit gives the mass and width for the $N^*(1440)$ peak as $1358\pm 6 \pm 16$ MeV and $179\pm 26\pm 50$ MeV, and for the new $N^*$ peak above 2 GeV as $2068\pm 3^{+15}_{-40}$ MeV and $165\pm 14\pm 40$ MeV, respectively

Urinary active transforming growth factor ß in feline chronic kidney disease

The cytokine transforming growth factor beta 1 (TGF-β1) has been widely implicated in the development and progression of renal fibrosis in chronic kidney disease (CKD) in humans and in experimental models. The aims of this study were to assess the association between urinary active TGF-β1 and (a) development of CKD in a cross-sectional study, (b) deterioration of renal function over 1 year in a longitudinal study, and (c) renal histopathological parameters in cats. A human active TGF-β1 ELISA was validated for use in feline urine. Cross-sectional analysis revealed no significant difference in urinary active TGF-β1:creatinine ratio (aTGF-β1:UCr) between groups with differing renal function. Longitudinally, non-azotaemic cats that developed CKD demonstrated a significant (P = 0.028) increase in aTGF-β1:UCr approximately 6 months before the development of azotaemia, which remained elevated (P = 0.046) at diagnosis (approximately 12 months prior, 8.4 pg/mg; approximately 6 months prior, 22.2 pg/mg; at CKD diagnosis, 24.6 pg/mg). In the histopathology study, aTGF-β1:UCr was significantly higher in cats with moderate (P = 0.02) and diffuse (P = 0.005) renal fibrosis than in cats without fibrosis. Cats with moderate renal inflammation had significantly higher urinary active aTGF-β1 concentrations than cats with mild (P = 0.035) or no inflammatory change (P = 0.004). The parameter aTGF-β1:UCr was independently associated with Log urine protein:creatinine ratio in a multivariable analysis of clinicopathological parameters and interstitial fibrosis score in a multivariable analysis of histopathological features. These results suggest that urinary aTGF-β1 reflects the severity of renal pathology. Increases in urinary aTGF-β1 followed longitudinally in individual cats may indicate the development of CKD

Search for Invisible Decays of η\eta and η′\eta^\prime in J/ψ→ϕηJ/\psi \to \phi\eta and ϕη′\phi \eta^\prime

Using a data sample of $58\times 10^6$ $J/\psi$ decays collected with the BES II detector at the BEPC, searches for invisible decays of $\eta$ and $\eta^\prime$ in $J/\psi$ to $\phi\eta$ and $\phi\eta^\prime$ are performed. The $\phi$ signals, which are reconstructed in $K^+K^-$ final states, are used to tag the $\eta$ and $\eta^\prime$ decays. No signals are found for the invisible decays of either $\eta$ or $\eta^\prime$, and upper limits at the 90% confidence level are determined to be $1.65 \times 10^{-3}$ for the ratio $\frac{B(\eta\to \text{invisible})}{B(\eta\to\gamma\gamma)}$ and $6.69\times 10^{-2}$ for $\frac{B(\eta^\prime\to \text{invisible})}{B(\eta^\prime\to\gamma\gamma)}$. These are the first searches for $\eta$ and $\eta^\prime$ decays into invisible final states.Comment: 5 pages, 4 figures; Added references, Corrected typo

Gene expression reversal toward pre-adult levels in the aging human brain and age-related loss of cellular identity

It was previously reported that mRNA expression levels in the prefrontal cortex at old age start to resemble pre-adult levels. Such expression reversals could imply loss of cellular identity in the aging brain, and provide a link between aging-related molecular changes and functional decline. Here we analyzed 19 brain transcriptome age-series datasets, comprising 17 diverse brain regions, to investigate the ubiquity and functional properties of expression reversal in the human brain. Across all 19 datasets, 25 genes were consistently up-regulated during postnatal development and down-regulated in aging, displaying an "up-down" pattern that was significant as determined by random permutations. In addition, 113 biological processes, including neuronal and synaptic functions, were consistently associated with genes showing an up-down tendency among all datasets. Genes up-regulated during in vitro neuronal differentiation also displayed a tendency for up-down reversal, although at levels comparable to other genes. We argue that reversals may not represent aging-related neuronal loss. Instead, expression reversals may be associated with aging-related accumulation of stochastic effects that lead to loss of functional and structural identity in neurons. © 2017 The Author(s)

B_c meson rare decays in the light-cone quark model

We investigate the rare decays $B_c \rightarrow D_s(1968) \ell \bar{\ell}$ and $B_c\rightarrow D_s^*(2317) \ell \bar{\ell}$ in the framework of the light-cone quark model (LCQM). The transition form factors are calculated in the space-like region and then analytically continued to the time-like region via exponential parametrization. The branching ratios and longitudinal lepton polarization asymmetries (LPAs) for the two decays are given and compared with each other. The results are helpful to investigating the structure of $B_c$ meson and to testing the unitarity of CKM quark mixing matrix. All these results can be tested in the future experiments at the LHC.Comment: 9 pages, 11 figures, version accepted for publication in EPJ

Effects of dissolved organic matter and nitrification on biodegradation of pharmaceuticals in aerobic enrichment cultures

Natural dissolved organic matter (DOM) and nitrification can play an important role in biodegradation of pharmaceutically active compounds (PhACs) in aerobic zones of constructed wetlands (CWs). This study used an enrichment culture originating from CW sediment to study the effect of DOM and nitrification on aerobic biodegradation of seven PhACs. The enriched culture degraded caffeine (CAF), metoprolol (MET), naproxen (NAP), and ibuprofen (IBP) with a consistent biodegradability order of CAF > MET > NAP > IBP. Biodegradation of propranolol, carbamazepine, and diclofenac was insignificant (<15%). CAF biodegradation was inhibited by the easily biodegradable DOM. Conversely, DOM enhanced biodegradation of MET, NAP, and IBP, potentially by contributing more biomass capable of degrading PhACs. Nitrification enhanced biodegradation of NAP and IBP and mineralization of the PhAC mixture as well as less biodegradable DOM, which may result from co-metabolism of ammonia oxidizing bacteria or enhanced heterotrophic microbial activity under nitrification. MET biodegradation was inhibited in the presence of nitrification. DOM and nitrification effects on PhAC biodegradation in CWs gained from this study can be used in strategies to improve CW operation, namely: designing hydraulic retention times based on the biodegradability order of specific PhACs; applying DOM amendment; and introducing consistent ammonium streams to increase removal of PhACs of interest