Tactical Asset Allocation and Presidential Elections

We analyze tactical asset allocation decisions around presidential elections using traditional methodology and then in the context of an efficient frontier analysis rather than the traditional stock-only or bond-only allocations in prior literature. To our knowledge, this is the first paper in the literature that addresses asset returns around presidential elections in a mean-variance efficient frontier framework. We find that the efficient frontier is sensitive to presidential time periods, with Democrats providing the best risk-reward opportunities over the long term, while Republicans provide better opportunities over the past quarter century

Active Investing in Strategic Acquirers Using an EVA Style Analysis

Employing an EVA style classification, we examine whether active investors (such as hedge funds and other long-short investors) can develop an alpha-generating strategy by classifying acquisitions based on the pre-acquisition EVA style quadrant of the acquirers. Over a recent ten-year period, the announcement evidence suggests that acquisitions across all style quadrants generate negative risk-adjusted returns: wherein the magnitude of economic gains from shorting acquirers is determined by EVA style characteristics; namely wealth creators or wealth destroyers. Moreover, we find that the potential for longing gains on targets of acquiring firms is also captured by EVA style

E151 (sym15), A Pleiotropic Mutant of Pea (Pisum sativum L.), Displays Low Nodule Number, Enhanced Mycorrhizae, Delayed Lateral Root Emergence, and High Root Cytokinin Levels

In legumes, the formation of rhizobial and mycorrhizal root symbioses is a highly regulated process which requires close communication between plant and microorganism. Plant mutants that have difficulties establishing symbioses are valuable tools for unravelling the mechanisms by which these symbioses are formed and regulated. Here E151, a mutant of Pisum sativum cv. Sparkle, was examined to characterize its root growth and symbiotic defects. The symbioses in terms of colonization intensity, functionality of micro-symbionts, and organ dominance were compared between the mutant and wild type. The endogenous cytokinin (CK) and abscisic acid (ABA) levels and the effect of the exogenous application of these two hormones were determined. E151 was found to be a low and delayed nodulator, exhibiting defects in both the epidermal and cortical programmes though a few mature and functional nodules develop. Mycorrhizal colonization of E151 was intensified, although the fungal functionality was impaired. Furthermore, E151 displayed an altered lateral root (LR) phenotype compared with that of the wild type whereby LR emergence is initially delayed but eventually overcome. No differences in ABA levels were found between the mutant and the wild type, but non-inoculated E151 exhibited significantly high CK levels. It is hypothesized that CK plays an essential role in differentially mediating the entry of the two micro-symbionts into the cortex; whereas it would inhibit the entry of the rhizobia in that tissue, it would promote that of the fungus. E151 is a developmental mutant which may prove to be a useful tool in further understanding the role of hormones in the regulation of beneficial root symbioses

Improving aerobic capacity in healthy older adults does not necessarily lead to improved cognitive performance.

The effects of aerobic exercise training in a sample of 85 older adults were investigated. Ss were assigned randomly to either an aerobic exercise group, a nonaerobic exercise (yoga) group, or a waiting-list control group. Following 16 weeks of the group-specific protocol, all of the older Ss received 16 weeks of aerobic exercise training. The older adults demonstrated a significant increase in aerobic capacity (cardiorespiratory fitness). Performance on reaction-time tests of attention and memory retrieval was slower for the older adults than for a comparison group of 24 young adults, and there was no improvement in the older adults ' performance on these tests as a function of aerobic exercise training. Results suggest that exercise-related changes in older adults ' cognitive performance are due either to extended periods of training or to cohort differences between physically active and sedentary individuals. Several parameters of cardiovascular functioning (e.g., maxi-mal heart rate, cardiac output, and left ventricular ejection fraction during exercise) typically exhibit a decline during later adulthood, even in the absence of overt coronary diseas

Magic identities for conformal four-point integrals

We propose an iterative procedure for constructing classes of off-shell four-point conformal integrals which are identical. The proof of the identity is based on the conformal properties of a subintegral common for the whole class. The simplest example are the so-called `triple scalar box' and `tennis court' integrals. In this case we also give an independent proof using the method of Mellin--Barnes representation which can be applied in a similar way for general off-shell Feynman integrals.Comment: 13 pages, 12 figures. New proof included with neater discussion of contact terms. Typo correcte

Planetary Collisions outside the Solar System: Time Domain Characterization of Extreme Debris Disks

Luminous debris disks of warm dust in the terrestrial planet zones around solar-like stars are recently found to vary, indicative of ongoing large-scale collisions of rocky objects. We use Spitzer 3.6 and 4.5 {\mu}m time-series observations in 2012 and 2013 (extended to 2014 in one case) to monitor 5 more debris disks with unusually high fractional luminosities ("extreme debris disk"), including P1121 in the open cluster M47 (80 Myr), HD 15407A in the AB Dor moving group (80 Myr), HD 23514 in the Pleiades (120 Myr), HD 145263 in the Upper Sco Association (10 Myr), and the field star BD+20 307 (>1 Gyr). Together with the published results for ID8 in NGC 2547 (35 Myr), this makes the first systematic time-domain investigation of planetary impacts outside the solar system. Significant variations with timescales shorter than a year are detected in five out of the six extreme debris disks we have monitored. However, different systems show diverse sets of characteristics in the time domain, including long-term decay or growth, disk temperature variations, and possible periodicity.Comment: 50 pages, 14 figures, 9 tables; Accepted for publication in the Astrophysical Journa