Value investing or investing in illiquidity? The profitability of contrarian investment strategies, revisited

Abstract Background  We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamour portfolios. Methods Following Lakonishok et al. (J Financ 49:1541–1578, 1994), we assess the illiquidity characteristics of portfolios that underlie contrarian investment strategies that are based on the level of stock’s book to market. Results We find strong evidence that those portfolios characterized as value investments are associated with dramatically greater levels of illiquidity than glamour portfolios. We further demonstrate that strategies based on the illiquidity in the year prior to portfolio formation result in return characteristic of ostensibly contrarian strategies. Conclusions These results suggest that the higher returns associated with contrarian investment strategies are the result of the higher illiquidity associated with value portfolios and represent compensation that the investor receives for accepting illiquidity. They also suggest that researchers should be cautious before attributing apparent anomalies to behavior-driven expectational errors rather than to other attributes unrelated to behavior, such as illiquidity

Prospects of CKM elements ∣Vcs∣|V_{cs}| and decay constant fDs+f_{D_{s}^+} in Ds+→μ+νμD_s^+\to\mu^+\nu_\mu decay at STCF

We report a feasibility study of pure leptonic decay $D_s^+\to\mu^+\nu_\mu$ by using a fast simulation software package at STCF. With an expected luminosity of $1~\mathrm{ab}^{-1}$ collected at STCF at a center-of-mass energy of 4.009 GeV, the statistical sensitivity of the branching fraction is determined to be 0.3\%. Combining this result with the $c\rightarrow s$ quark mixing matrix element $|V_{cs}|$ determined from the current global Standard Model fit, the statistical sensitivity of $D_s^+$ decay constant, $f_{D_s^+}$, is estimated to be 0.2\%. Alternatively, combining the current results of $f_{D_s^+}$ calculated by lattice QCD, the statistical sensitivity of $|V_{cs}|$ is determined to be 0.2\%, which helps probe possible new physics beyond. The unprecedented precision to be achieved at STCF will provide a precise calibration of QCD and rigorous test of Standard Model.Comment: 8pages, 7 figure

Motor Unit Properties of the First Dorsal Interosseous in Chronic Stroke Subjects: Concentric Needle and Single Fiber EMG Analysis

The purpose of this study was to better understand changes in motor unit electrophysiological properties in people with chronic stroke based on concentric needle electromyography (EMG) and single fiber EMG recordings. The first dorsal interosseous (FDI) muscle was studied bilaterally in eleven hemiparetic stroke subjects. A significant increase in mean fiber density (FD) was found in the paretic muscle compared with the contralateral side based on single fiber EMG (1.6 ± 0.2 vs. 1.3 ± 0.1, respectively, P = 0.003). There was no statistically significant difference between the paretic and contralateral sides in most concentric needle motor unit action potential (MUAP) parameters, such as amplitude (768.7 ± 441.7 vs. 855.0 ± 289.9 μV), duration (8.9 ± 1.8 vs. 8.68 ± 0.9 ms) and size index (1.2 ± 0.5 vs. 1.1 ± 0.3) (P > 0.18), nor was there a significant difference in single fiber EMG recorded jitter (37.0 ± 9.6 vs. 39.9 ± 10.6 μs, P = 0.45). The increase in FD suggests motor units of the paretic FDI have enlarged due to collateral reinnervation. However, sprouting might be insufficient to result in a statistically significant change in the concentric needle MUAP parameters. Single fiber EMG appears more sensitive than concentric needle EMG to reflect electrophysiological changes in motor units after stroke. Both single fiber and concentric needle EMG recordings may be necessary to better understand muscle changes after stroke, which is important for development of appropriate rehabilitation strategies. The results provide further evidence that motor units are remodeled after stroke, possibly in response to a loss of motoneurons

Early events in the photochemistry of 5-diazo Meldrum's acid : Formation of a product manifold in C-N bound and pre-dissociated intersection seam regions

5-Diazo Meldrum's acid (DMA) undergoes a photo-induced Wolff rearrangement (WR). Recent gas-phase experiments have identified three photochemical products formed in a sub-ps scale after irradiation, a carbene formed after nitrogen loss, a ketene formed after WR and a second carbene formed after nitrogen and CO elimination (A. Steinbacher, et al. Phys. Chem. Chem. Phys., 2014, 16, 7290-7298). In this work, ground- and excited-state potential energy surfaces (PESs) have been investigated at the MS-CASPT2// CASSCF level. The key element of the PESs is an extended S0/S1 conical intersection seam along the C-N dissociation coordinate. The C-N predissociated region of the seam is accessed after excitation to the bright S2 state, and decay paths from the seam to the three primary products have been characterized. For the ketene and carbene II products, we show two possible formation pathways, a direct and a stepwise one, which suggests that these products may be formed in a bi-modal fashion. We have also characterized two possible mechanisms for triplet formation, one occurring before C-N dissociation involving a (S1/T2/T1) crossing region, and another one through the carbene. In contrast, excitation to S1 leads to a C-N bound region of the seam from where DMA regeneration or diazirine formation is possible, with a preference for the first case. The results are in good agreement with experimental data. Together with our previous work on diazonaphthoquinone, they show the importance of an extended seam in the photochemistry of a-diazoketones

Ultrasonic neuromodulation mediated by mechanosensitive ion channels: current and future

Ultrasound neuromodulation technology is a promising neuromodulation approach, with the advantages of noninvasiveness, high-resolution, deep penetration and good targeting, which aid in circumventing the side effects of drugs and invasive therapeutic interventions. Ultrasound can cause mechanical effects, activate mechanosensitive ion channels and alter neuronal excitability, producing biological effects. The structural determination of mechanosensitive ion channels will greatly contribute to our understanding of the molecular mechanisms underlying mechanosensory transduction. However, the underlying biological mechanism of ultrasonic neuromodulation remains poorly understood. Hence, this review aims to provide an outline of the properties of ultrasound, the structures of specific mechanosensitive ion channels, and their role in ultrasound neuromodulation

Association of p53 rs1042522, MDM2 rs2279744, and p21 rs1801270 polymorphisms with retinoblastoma risk and invasion in a Chinese population.

Single nucleotide polymorphisms (SNPs) of p53 rs1042522, MDM2 rs2279744 and p21 rs1801270, all in the p53 pathway, which plays a crucial role in DNA damage and genomic instability, were reported to be associated with cancer risk and pathologic characteristics. This case-control study was designed to analyse the association between these SNPs and retinoblastoma (RB) in a Chinese Han population. These SNPs in 168 RB patients and 185 adult controls were genotyped using genomic DNA from venous blood. No significant difference was observed in allele or genotypic frequencies of these SNPs between Chinese RB patients and controls (all P > 0.05). However, the rs1042522 GC genotype showed a protective effect against RB invasion, as demonstrated by event-free survival (HR = 0.53, P = 0.007 for GC versus GG/CC). This effect was significant for patients with a lag time >1 month and no pre-enucleation treatment (P = 0.007 and P = 0.010, respectively), indicating an interaction between p53 rs1042522 and clinical characteristics, including lag time and pre-enucleation treatment status. Thus, the rs1042522 SNP may be associated with RB invasion in the Han Chinese population; however, further large and functional studies are needed to assess the validity of this association