Momentum and market correlation

This paper proposes that an important source of momentum profits is market information associated with correlation to general market movements. Empirical tests for U.S. stocks in the sample period 1965 to 2013 indicate that most momentum profits can be attributed to the correlation of big- and medium-capitalization stocks with the CRSP market index. Further results show that small loser stocks have low correlation to the market and post-formation return reversal, small losers can be added to long winner portfolios to enhance profits, and momentum crashes can be reduced by suspending portfolio formation in bear markets. We conclude that momentum profits are related to market information and therefore not entirely anomalous as commonly believed

Canopy uptake dominates nighttime carbonyl sulfide fluxes in a boreal forest

Nighttime vegetative uptake of carbonyl sulfide (COS) can exist due to the incomplete closure of stomata and the light independence of the enzyme carbonic anhydrase, which complicates the use of COS as a tracer for gross primary productivity (GPP). In this study we derived nighttime COS fluxes in a boreal forest (the SMEAR II station in Hyytiälä, Finland; 61°51′ N, 24°17′ E; 181 m a.s.l.) from June to November 2015 using two different methods: eddy-covariance (EC) measurements (FCOS-EC) and the radon-tracer method (FCOS-Rn). The total nighttime COS fluxes averaged over the whole measurement period were −6.8 ± 2.2 and −7.9 ± 3.8 pmol m−2 s−1 for FCOS-Rn and FCOS-EC, respectively, which is 33–38 % of the average daytime fluxes and 21 % of the total daily COS uptake. The correlation of 222Rn (of which the source is the soil) with COS (average R2  =  0.58) was lower than with CO2 (0.70), suggesting that the main sink of COS is not located at the ground. These observations are supported by soil chamber measurements that show that soil contributes to only 34–40 % of the total nighttime COS uptake. We found a decrease in COS uptake with decreasing nighttime stomatal conductance and increasing vapor-pressure deficit and air temperature, driven by stomatal closure in response to a warm and dry period in August. We also discuss the effect that canopy layer mixing can have on the radon-tracer method and the sensitivity of (FCOS-EC) to atmospheric turbulence. Our results suggest that the nighttime uptake of COS is mainly driven by the tree foliage and is significant in a boreal forest, such that it needs to be taken into account when using COS as a tracer for GPP

Different Relationship between hsp70 mRNA and hsp70 Levels in the Heat Shock Response of Two Salmonids with Dissimilar Temperature Preference

The heat shock response (HSR) refers to the rapid production of heat shock proteins (hsps) in response to a sudden increase in temperature. Its regulation by heat shock factors is a good example of how gene expression is transcriptionally regulated by environmental stresses. In contrast, little is known about post-transcriptional regulation of the response. The heat shock response is often used to characterize the temperature tolerance of species with the rationale that whenever the response sets on, a species is approaching its lethal temperature. It has commonly been considered that an increase in hsp mRNA gives an accurate indication that the same happens to the protein level, but this need not be the case. With climate change, understanding the effects of temperature on gene expression of especially polar organisms has become imperative to evaluate how both biodiversity and commercially important species respond, since temperature increases are expected to be largest in polar areas. Here we studied the HSR of two phylogenetically related Arctic species, which differ in their temperature tolerance with Arctic charr having lower maximally tolerated temperature than Atlantic salmon. Arctic charr acclimated to 15 degrees C and exposed to 7 degrees C temperature increase for 30 min showed both an increase in hsp70 mRNA and hsp70 whereas in salmon only hsp70 mRNA increased. Our results indicate that the temperature for transcriptional induction of hsp can be different from the one required for a measurable change in inducible hsp level. The species with lower temperature tolerance, Arctic charr, are experiencing temperature stress already at the higher acclimation temperature, 15 degrees C, as their hsp70 mRNA and hsp70 levels were higher, and they grow less than fish at 8 degrees C (whereas for salmon the opposite is true). Consequently, charr experience more drastic heat shock than salmon. Although further studies are needed to establish the temperature range and length of exposure where hsp mRNA and hsp level are disconnected, the observation suggests that by measuring both hsp mRNA and hsp level, one can evaluate if a species is approaching the higher end of its temperature tolerance, and thus evaluate the vulnerability of an organism to the challenges imposed by elevated water temperature

When the sun never sets : daily changes in pigment composition in three subarctic woody plants during the summer solstice

Subarctic plants in summer (subjected to continuous light) showed photosynthetic pigment contents mainly driven by PPFD (unrelated to day/night cycles) and a xanthophyll cycle responsiveness to PPFD exacerbated during night-times. Composition and content of photosynthetic pigments is finely tuned by plants according to a subtle equilibrium between the absorbed and used energy by the photosynthetic apparatus. Subarctic and Arctic plants are subjected to extended periods of continuous light during summer. This condition represents a unique natural scenario to study the influence of light on pigment regulation and the presence of diurnal patterns potentially governed by circadian rhythms. Here, we examined the modulation of the photosynthetic apparatus in three naturally co-occurring woody species: mountain birch (Betula pubescens ssp. czerepanovii), alpine bearberry (Arctostaphylos alpina) and Scots pine (Pinus sylvestris) around the summer solstice, at 67 A degrees N latitude. Plants were continuously exposed to solar radiation during the 3-day study period, although PPFD fluctuated, being lower during night-times. Photochemical efficiencies for a given PPFD were similar during daytime and night-time for the three species. In Scots pine, for a given PPFD, net assimilation was slightly higher during daytime than during night-time. Overall, the dynamism in pigment content was mainly driven by PPFD, and was generally unrelated to day/night cycles. Weak indications of potential circadian regulation were found over a few pigments only. Interestingly, the xanthophyll cycle was active at any time of the day in the three species but its responsiveness to PPFD was exacerbated during night-times. This was particularly evident for bearberry, which maintained a highly de-epoxidised state even at night-times. The results could indicate an incomplete acclimation to a 24-h photoperiod for these species, which have colonised subarctic latitudes only recently.Peer reviewe

Nuclear microRNA-466c regulates Vegfa expression in response to hypoxia

MicroRNAs are well characterized in their role in silencing gene expression by targeting 3´-UTR of mRNAs in cytoplasm. However, recent studies have shown that miRNAs have a role in the regulation of genes in the nucleus, where they are abundantly located. We show here that in mouse endothelial cell line (C166), nuclear microRNA miR-466c participates in the regulation of vascular endothelial growth factor a (Vegfa) gene expression in hypoxia. Upregulation of Vegfa expression in response to hypoxia was significantly compromised after removal of miR-466c with CRISPR-Cas9 genomic deletion. We identified a promoter-associated long non-coding RNA on mouse Vegfa promoter and show that miR-466c directly binds to this transcript to modulate Vegfa expression. Collectively, these observations suggest that miR-466c regulates Vegfa gene transcription in the nucleus by targeting the promoter, and expands on our understanding of the role of miRNAs well beyond their canonical role

How heel oxygenation changes under pressure

The mechanism of heel pressure ulcers after hip surgery is not entirely understood. The purpose of this one-group, prospective, repeated-measures design study was to examine how the external pressure of the bed surface affects heel skin oxygen tension in adults on the first 3 days after hip surgery. Transcutaneous oxygen sensors were placed on the plantar surface of each foot, close to the heels. Measures were taken on room air and with an oxygen challenge with the heels (1) suspended above the bed surface (preload), (2) on the bed surface for 15 minutes (loading), and (3) again suspended above the bed surface for 15 minutes (unloading). Eighteen hip surgery patients (mean age 58.3±16.1 years) from two hospitals participated. When compared with preload on room air, both loading and unloading on all 3 days resulted in a reduction in heel oxygen tension bilaterally (p\u3c0.001). Heel oxygenation decreased without the anticipated hyperemic response, raising the question of whether this is a sign of increased pressure ulcer risk. Further work is needed to understand why this short period of external pressure results in decreased oxygenation and why oxygen tension does not return to baseline when pressure is removed

The effect of assimilating satellite derived soil moisture in SiBCASA on simulated carbon fluxes in Boreal Eurasia

Boreal Eurasia is a region where the interaction between droughts and the carbon cycle may have significant impacts on the global carbon cycle. Yet the region is extremely data sparse with respect to meteorology, soil moisture and carbon fluxes as compared to e.g. Europe. To better constrain our vegetation model SiBCASA, we increase data usage by assimilating two streams of satellite derived soil moisture. We study if the assimilation improved SiBCASA's soil moisture and its effect on the simulated carbon fluxes. By comparing to unique in situ soil moisture observations, we show that the passive microwave soil moisture product did not improve the soil moisture simulated by SiBCASA, but the active data seem promising in some aspects. The match between SiBCASA and ASCAT soil moisture is best in the summer months over low vegetation. Nevertheless, ASCAT failed to detect the major droughts occurring between 2007 and 2013. The performance of ASCAT soil moisture seems to be particularly sensitive to ponding, rather than to biomass. The effect on the simulated carbon fluxes is large, 5-10% on annual GPP and TER, and tens of percent on local NEE, and 2% on area-integrated NEE, which is the same order of magnitude as the inter-annual variations. Consequently, this study shows that assimilation of satellite derived soil moisture has potentially large impacts, while at the same time further research is needed to understand under which conditions the satellite derived soil moisture improves the simulated soil moisture

The effect of assimilating satellite-derived soil moisture data in SiBCASA on simulated carbon fluxes in Boreal Eurasia

Boreal Eurasia is a region where the interaction between droughts and the carbon cycle may have significant impacts on the global carbon cycle. Yet the region is extremely data sparse with respect to meteorology, soil moisture, and carbon fluxes as compared to e.g. Europe. To better constrain our vegetation model SiBCASA, we increase data usage by assimilating two streams of satellite-derived soil moisture. We study whether the assimilation improved SiBCASA's soil moisture and its effect on the simulated carbon fluxes. By comparing to unique in situ soil moisture observations, we show that the passive microwave soil moisture product did not improve the soil moisture simulated by SiBCASA, but the active data seem promising in some aspects. The match between SiBCASA and ASCAT soil moisture is best in the summer months over low vegetation. Nevertheless, ASCAT failed to detect the major droughts occurring between 2007 and 2013. The performance of ASCAT soil moisture seems to be particularly sensitive to ponding, rather than to biomass. The effect on the simulated carbon fluxes is large, 5-10% on annual GPP and TER, tens of percent on local NEE, and 2% on area-integrated NEE, which is the same order of magnitude as the inter-annual variations. Consequently, this study shows that assimilation of satellite-derived soil moisture has potentially large impacts, while at the same time further research is needed to understand under which conditions the satellite-derived soil moisture improves the simulated soil moisture.Peer reviewe

Understanding Crowd-Powered Search Groups: A Social Network Perspective

Background: Crowd-powered search is a new form of search and problem solving scheme that involves collaboration among a potentially large number of voluntary Web users. Human flesh search (HFS), a particular form of crowd-powered search originated in China, has seen tremendous growth since its inception in 2001. HFS presents a valuable test-bed for scientists to validate existing and new theories in social computing, sociology, behavioral sciences, and so forth. Methodology: In this research, we construct an aggregated HFS group, consisting of the participants and their relationships in a comprehensive set of identified HFS episodes. We study the topological properties and the evolution of the aggregated network and different sub-groups in the network. We also identify the key HFS participants according to a variety of measures. Conclusions: We found that, as compared with other online social networks, HFS participant network shares the power-law degree distribution and small-world property, but with a looser and more distributed organizational structure, leading to the diversity, decentralization, and independence of HFS participants. In addition, the HFS group has been becoming increasingly decentralized. The comparisons of different HFS sub-groups reveal that HFS participants collaborated more often when they conducted the searches in local platforms or the searches requiring a certain level of professional knowledge background. On the contrary, HFS participants did not collaborate much when they performed the search tas