Under-reaction in the Sovereign CDS Market

The sovereign CDS market has been growing rapidly in recent years, with a gross notional amount of around 2 trillion dollars in 2015. We document a strong momentum effect in this market. Its unique feature is that this momentum strategy returns are positively skewed and higher during recessions. Hence, this effect cannot be attributed to momentum crash risk or exposure to business cycles. Our evidence is consistent with the interpretation that the effect is due to investors’ initial underreaction to sovereign credit information followed by corrections, especially during public announcements of credit rating or outlook changes of the underlying countries

Global Perspective or Local Knowledge: The Macro-Information in the Sovereign CDS Market

This paper shows that sovereign CDS spreads can predict future stock index returns, sovereign bond yields, as well as real macroeconomic variables such as GDP and PMI. The predictive power comes almost entirely from the global, rather than country-specific, component of sovereign CDS spreads. This is consistent with the interpretation that the information advantage of sovereign CDS investors is derived from their global perspective rather than their local knowledge about individual countries. Stock and sovereign bond market indices gradually “catch up” with sovereign CDS spreads, mostly during the days surrounding credit rating or outlook changes, and especially for downgrades

A Diffusion model for POI recommendation

Next Point-of-Interest (POI) recommendation is a critical task in location-based services that aim to provide personalized suggestions for the user's next destination. Previous works on POI recommendation have laid focused on modeling the user's spatial preference. However, existing works that leverage spatial information are only based on the aggregation of users' previous visited positions, which discourages the model from recommending POIs in novel areas. This trait of position-based methods will harm the model's performance in many situations. Additionally, incorporating sequential information into the user's spatial preference remains a challenge. In this paper, we propose Diff-POI: a Diffusion-based model that samples the user's spatial preference for the next POI recommendation. Inspired by the wide application of diffusion algorithm in sampling from distributions, Diff-POI encodes the user's visiting sequence and spatial character with two tailor-designed graph encoding modules, followed by a diffusion-based sampling strategy to explore the user's spatial visiting trends. We leverage the diffusion process and its reversed form to sample from the posterior distribution and optimized the corresponding score function. We design a joint training and inference framework to optimize and evaluate the proposed Diff-POI. Extensive experiments on four real-world POI recommendation datasets demonstrate the superiority of our Diff-POI over state-of-the-art baseline methods. Further ablation and parameter studies on Diff-POI reveal the functionality and effectiveness of the proposed diffusion-based sampling strategy for addressing the limitations of existing methods

Analysis on Drivers\u27 Vision-psychology under the Influence of Color Difference after Pavement Pothole Repair

Pavement pothole repair, as one of the commonest methods used in routine road maintenance works, is effective to extend the pavement service life and increase its transport capacity. However, there are significant color differences between the old and new pavements after pothole repair, and there are few studies about the impact of color differences on driving safety. Thus, using multiple typical pavements with the pothole repair, we aim to reveal the impact of the color differences between the old and new materials on the driving safety, and to improve the safety and comfort of drivers. Tobii eye tracker and the ErgoLAB physiological recorder were used to test the driver\u27s visual parameters when the vehicles run under the pothole repair environment, including drivers\u27 gaze frequency, gaze duration, saccade range and heart rate variability. Results show that the color differences of the road after pothole repair have a significant influence on the drivers\u27 vision and psychology, resulting in reduced driving safety and stability. Compared with the unrepaired road section, the gaze frequency and duration of drivers on pothole sections are significantly increased. The speed of saccade is also increased, and the saccade range is reduced. Meanwhile, the average heart rate of drivers on the pothole sections is increased by 10-20%, indicating that drivers\u27 attention and heart rate fluctuate greatly when passing through potholes, which can easily cause emotional tension and misjudgment, and thereby reduce the safety of driving. The obtained conclusions provide a significant reference for subsequent research

A Pseudo DNA Cryptography Method

The DNA cryptography is a new and very promising direction in cryptography research. DNA can be used in cryptography for storing and transmitting the information, as well as for computation. Although in its primitive stage, DNA cryptography is shown to be very effective. Currently, several DNA computing algorithms are proposed for quite some cryptography, cryptanalysis and steganography problems, and they are very powerful in these areas. However, the use of the DNA as a means of cryptography has high tech lab requirements and computational limitations, as well as the labor intensive extrapolation means so far. These make the efficient use of DNA cryptography difficult in the security world now. Therefore, more theoretical analysis should be performed before its real applications. In this project, We do not intended to utilize real DNA to perform the cryptography process; rather, We will introduce a new cryptography method based on central dogma of molecular biology. Since this method simulates some critical processes in central dogma, it is a pseudo DNA cryptography method. The theoretical analysis and experiments show this method to be efficient in computation, storage and transmission; and it is very powerful against certain attacks. Thus, this method can be of many uses in cryptography, such as an enhancement insecurity and speed to the other cryptography methods. There are also extensions and variations to this method, which have enhanced security, effectiveness and applicability.Comment: A small work that quite some people asked abou

Observation of spin-orbit magnetoresistance in metallic thin films on magnetic insulators

A magnetoresistance effect induced by the Rashba spin-orbit interaction was predicted, but not yet observed, in bilayers consisting of normal metal and ferromagnetic insulator. Here, we present an experimental observation of this new type of spin-orbit magnetoresistance (SOMR) effect in a bilayer structure Cu[Pt]/Y3Fe5O12 (YIG), where the Cu/YIG interface is decorated with nanosize Pt islands. This new MR is apparently not caused by the bulk spin-orbit interaction because of the negligible spin-orbit interaction in Cu and the discontinuity of the Pt islands. This SOMR disappears when the Pt islands are absent or located away from the Cu/YIG interface, therefore we can unambiguously ascribe it to the Rashba spin-orbit interaction at the interface enhanced by the Pt decoration. The numerical Boltzmann simulations are consistent with the experimental SOMR results in the angular dependence of magnetic field and the Cu thickness dependence. Our finding demonstrates the realization of the spin manipulation by interface engineering.Comment: 12 pages, 4 figures, 14 pages in supplementary. To appear on Science Advance

Evolutionary Stages and Disk Properties of Young Stellar Objects in the Perseus Cloud

We investigated the evolutionary stages and disk properties of 211 Young stellar objects (YSOs) across the Perseus cloud by modeling the broadband optical to mid-infrared (IR) spectral energy distribution (SED). By exploring the relationships among the turnoff wave bands lambda_turnoff (longward of which significant IR excesses above the stellar photosphere are observed), the excess spectral index alpha_excess at lambda <~ 24 microns, and the disk inner radius R_in (from SED modeling) for YSOs of different evolutionary stages, we found that the median and standard deviation of alpha_excess of YSOs with optically thick disks tend to increase with lambda_turnoff, especially at lambda_turnoff >= 5.8 microns, whereas the median fractional dust luminosities L_dust/L_star tend to decrease with lambda_turnoff. This points to an inside-out disk clearing of small dust grains. Moreover, a positive correlation between alpha_excess and R_in was found at alpha_excess > ~0 and R_in > ~10 $\times$ the dust sublimation radius R_sub, irrespective of lambda_turnoff, L_dust/L_star and disk flaring. This suggests that the outer disk flaring either does not evolve synchronously with the inside-out disk clearing or has little influence on alpha_excess shortward of 24 microns. About 23% of our YSO disks are classified as transitional disks, which have lambda_turnoff >= 5.8 microns and L_dust/L_star >10^(-3). The transitional disks and full disks occupy distinctly different regions on the L_dust/L_star vs. alpha_excess diagram. Taking L_dust/L_star as an approximate discriminator of disks with (>0.1) and without (<0.1) considerable accretion activity, we found that 65% and 35% of the transitional disks may be consistent with being dominantly cleared by photoevaporation and dynamical interaction respectively. [abridged]Comment: 31 pages, 13 figures, 2 tables. To appear in a special issue of RAA on LAMOST science

Adipose-derived mesenchymal stem cells improve glucose homeostasis in high-fat diet-induced obese mice

Introduction Effective therapies for obesity and diabetes are still lacking. The aim of this study was to evaluate whether a single intravenous infusion of syngeneic adipose-derived mesenchymal stem cells (ASCs) can reduce obesity, lower insulin resistance, and improve glucose homeostasis in a high-fat diet-induced obese (DIO) mouse model. Methods Seven-week-old C57BL/6 mice were fed a high-fat diet for 20 weeks to generate the DIO mouse model. Mice were given a single intravenous infusion of ex vivo expanded syngeneic ASCs at 2 × 10 6 cells per mouse. DIO or CHOW mice injected with saline were used as controls. Body weights, blood glucose levels, glucose, and insulin tolerance test results were obtained before and 2 and 6 weeks after cell infusion. Triglyceride (TG), high-density lipoprotein (HDL), and insulin levels in serum were measured. Expressions of genes related to insulin resistance, including peroxisome proliferator-activated receptor γ (PPARγ) and insulin receptor (InsR), and inflammation (IL-6, F4/80, and nucleotide-binding oligomerization domain containing 2, or NOD2), were measured in livers at mRNA level by real-time-polymerase chain reaction analysis. Beta-cell mass in pancrheases from CHOW, DIO, and DIO + ASC mice was quantified. GFP + ASCs were injected, and the presence of GFP + cells in livers and pancreases was determined. Results DIO mice that had received ASCs showed reduced body weights, reduced blood glucose levels, and increased glucose tolerance. ASC treatment was found to reduce TG levels and increase serum HDL levels. In livers, less fat cell deposition was observed, as were increased expression of InsR and PPARγ and reduction in expressions of IL-6 and F4/80. Treated mice showed well-preserved pancreatic β-cell mass with reduced expression of F4/80 and TNF-α compared with DIO controls. GFP + cells were found in liver and pancreas tissues at 1 and 2 weeks after cell injection. Conclusions ASC therapy is effective in lowering blood glucose levels and increasing glucose tolerance in DIO mice. The protective effects of ASCs arise at least in part from suppression of inflammation in the liver. In addition, ASCs are associated with better-preserved pancreatic β-cell mass