Optimal multi-period consumption and investment with short-sale constraints

Cataloged from PDF version of article.This article examines agents’ consumption-investment problem in a multi-period pure exchange economy where agents are constrained with the short-sale of state-dependent risky contingent claims. In equilibrum, agents hold options written on aggregate consumption in their optimal portfolios. Furthermore, under the specific case of quadratic utility, the optimal risk-sharing rule derived for the pricing agent leads to a multifactor conditional consumption-based capital asset pricing model (CCAPM), where excess option returns appear as factors. 2013 Elsevier Inc. All rights reserved

Reverse Engineering Gene Networks with ANN: Variability in Network Inference Algorithms

Motivation :Reconstructing the topology of a gene regulatory network is one of the key tasks in systems biology. Despite of the wide variety of proposed methods, very little work has been dedicated to the assessment of their stability properties. Here we present a methodical comparison of the performance of a novel method (RegnANN) for gene network inference based on multilayer perceptrons with three reference algorithms (ARACNE, CLR, KELLER), focussing our analysis on the prediction variability induced by both the network intrinsic structure and the available data. Results: The extensive evaluation on both synthetic data and a selection of gene modules of "Escherichia coli" indicates that all the algorithms suffer of instability and variability issues with regards to the reconstruction of the topology of the network. This instability makes objectively very hard the task of establishing which method performs best. Nevertheless, RegnANN shows MCC scores that compare very favorably with all the other inference methods tested. Availability: The software for the RegnANN inference algorithm is distributed under GPL3 and it is available at the corresponding author home page (http://mpba.fbk.eu/grimaldi/regnann-supmat

The strongest gravitational lenses: I. The statistical impact of cluster mergers

For more than a decade now, it has been controversial whether or not the high rate of giant gravitational arcs and the largest observed Einstein radii are consistent with the standard cosmological model. Recent studies indicate that mergers provide an efficient mechanism to substantially increase the strong-lensing efficiency of individual clusters. Based on purely semi-analytic methods, we investigated the statistical impact of cluster mergers on the distribution of the largest Einstein radii and the optical depth for giant gravitational arcs of selected cluster samples. Analysing representative all-sky realizations of clusters at redshifts z < 1 and assuming a constant source redshift of z_s = 2.0, we find that mergers increase the number of Einstein radii above 10 arcsec (20 arcsec) by ~ 35 % (~ 55 %). Exploiting the tight correlation between Einstein radii and lensing cross sections, we infer that the optical depth for giant gravitational arcs with a length-to-width ratio > 7.5 of those clusters with Einstein radii above 10 arcsec (20 arcsec) increases by ~ 45 % (85 %). Our findings suggest that cluster mergers significantly influence in particular the statistical lensing properties of the strongest gravitational lenses. We conclude that semi-analytic studies must inevitably take these events into account before questioning the standard cosmological model on the basis of the largest observed Einstein radii and the statistics of giant gravitational arcs.Comment: 23 pages, 18 figures; accepted for publication in Astronomy and Astrophysics; v2: minor corrections (added clarifying comments; added Fig. 19) to match the accepted versio

Observational Diagnostics of Gas Flows: Insights from Cosmological Simulations

Galactic accretion interacts in complex ways with gaseous halos, including galactic winds. As a result, observational diagnostics typically probe a range of intertwined physical phenomena. Because of this complexity, cosmological hydrodynamic simulations have played a key role in developing observational diagnostics of galactic accretion. In this chapter, we review the status of different observational diagnostics of circumgalactic gas flows, in both absorption (galaxy pair and down-the-barrel observations in neutral hydrogen and metals; kinematic and azimuthal angle diagnostics; the cosmological column density distribution; and metallicity) and emission (Lya; UV metal lines; and diffuse X-rays). We conclude that there is no simple and robust way to identify galactic accretion in individual measurements. Rather, progress in testing galactic accretion models is likely to come from systematic, statistical comparisons of simulation predictions with observations. We discuss specific areas where progress is likely to be particularly fruitful over the next few years.Comment: Invited review to appear in Gas Accretion onto Galaxies, Astrophysics and Space Science Library, eds. A. J. Fox & R. Dave, to be published by Springer. Typos correcte

The Influence of Large-Scale Structure on Halo Shapes and Alignments

Alignments of galaxy clusters (the Binggeli effect), as well as of galaxies themselves have long been studied both observationally and theoretically. Here we test the influence of large-scales structures and tidal fields on the shapes and alignments of cluster-size and galaxy-size dark matter halos. We use a high-resolution N-body simulation of a $\Lambda$CDM universe, together with the results of Colberg et al. (2005), who identified filaments connecting pairs of clusters. We find that cluster pairs connected by a filament are strongly aligned with the cluster-cluster axis, whereas unconnected ones are not. For smaller, galaxy-size halos, there also is an alignment signal, but its strength is independent of whether the halo is part of an obvious large-scale structure. Additionally, we find no measureable dependence of galaxy halo shape on membership of a filament. We also quantify the influence of tidal fields and find that these do correlate strongly with alignments of halos. The alignments of most halos are thus caused by tidal fields, with cluster-size halos being strongly aligned through the added mechanism of infall of matter from filaments.Comment: 8 pages, 6 figures, accepted for publication in MNRA

Gas Accretion and Star Formation Rates

Cosmological numerical simulations of galaxy evolution show that accretion of metal-poor gas from the cosmic web drives the star formation in galaxy disks. Unfortunately, the observational support for this theoretical prediction is still indirect, and modeling and analysis are required to identify hints as actual signs of star-formation feeding from metal-poor gas accretion. Thus, a meticulous interpretation of the observations is crucial, and this observational review begins with a simple theoretical description of the physical process and the key ingredients it involves, including the properties of the accreted gas and of the star-formation that it induces. A number of observations pointing out the connection between metal-poor gas accretion and star-formation are analyzed, specifically, the short gas consumption time-scale compared to the age of the stellar populations, the fundamental metallicity relationship, the relationship between disk morphology and gas metallicity, the existence of metallicity drops in starbursts of star-forming galaxies, the so-called G dwarf problem, the existence of a minimum metallicity for the star-forming gas in the local universe, the origin of the alpha-enhanced gas forming stars in the local universe, the metallicity of the quiescent BCDs, and the direct measurements of gas accretion onto galaxies. A final section discusses intrinsic difficulties to obtain direct observational evidence, and points out alternative observational pathways to further consolidate the current ideas.Comment: Invited review to appear in Gas Accretion onto Galaxies, Astrophysics and Space Science Library, eds. A. J. Fox & R. Dav\'e, to be published by Springe

The HST/ACS+WFC3 Survey for Lyman Limit Systems II: Science

We present the first science results from our Hubble Space Telescope Survey for Lyman limit absorption systems (LLS) using the low dispersion spectroscopic modes of the Advanced Camera for Surveys and the Wide Field Camera 3. Through an analysis of 71 quasars, we determine the incidence frequency of LLS per unit redshift and per unit path length, l(z) and l(x) respectively, over the redshift range 1 < z< 2.6, and find a weighted mean of l(x)=0.29 +/-0.05 for 2.0 < z < 2.5 through a joint analysis of our sample and that of Ribaudo et al. (2011). Through stacked spectrum analysis, we determine a median (mean) value of the mean free path to ionizing radiation at z=2.4 of lambda_mfp = 243(252)h^(-1) Mpc, with an error on the mean value of +/- 43h^(-1) Mpc. We also re-evaluate the estimates of lambda_mfp from Prochaska et al. (2009) and place constraints on the evolution of lambda_mfp with redshift, including an estimate of the "breakthrough" redshift of z = 1.6. Consistent with results at higher z, we find that a significant fraction of the opacity for absorption of ionizing photons comes from systems with N_HI <= 10^{17.5} cm^(-2) with a value for the total Lyman opacity of tau_lyman = 0.40 +/- 0.15. Finally, we determine that at minimum, a 5-parameter (4 power-law) model is needed to describe the column density distribution function f(N_HI, X) at z \sim 2.4, find that f(N_HI,X) undergoes no significant change in shape between z \sim 2.4 and z \sim 3.7, and provide our best fit model for f(N_HI,X).Comment: 36 pages, 20 figures, 10 tables, revision to match accepted ApJ versio

Acerca de uma leitura geopolítica das relações entre Portugal e o Atlântico

O artigo pretende traçar uma breve perspectiva geopolítica da relação entre Portugal e o oceano Atlântico. Essa relação, embora sempre presente e importante, variou ao longo da nossa histó- ria. O autor, depois de tentar sumariamente caracterizar essas variações, analisa simplificadamente aquela relação no actual contexto do sistema global das relações internacionais. Dessa análise retira argumentos para afirmar que na ligação com o Atlântico poderão de novo ser encontradas as soluções mais adequadas para os nossos actuais problemas do desenvolvimento e da afirmação internacional, através da possível e desejável futura assumpção por Portugal de um papel de entreposto de importantes fluxos nas relações transatlânticas, em que as luso-brasileiras e as com a CPLP deverão desempenhar um papel centra

Swift trust and commitment: the missing links for humanitarian supply chain coordination?

Coordination among actors in a humanitarian relief supply chain decides whether a relief operation can be or successful or not. In humanitarian supply chains, due to the urgency and importance of the situation combined with scarce resources, actors have to coordinate and trust each other in order to achieve joint goals. This paper investigated empirically the role of swift trust as mediating variable for achieving supply chain coordination. Based on commitment-trust theory we explore enablers of swift-trust and how swift trust translates into coordination through commitment. Based on a path analytic model we test data from the National Disaster Management Authority of India. Our study is the first testing commitment-trust theory (CTT) in the humanitarian context, highlighting the importance of swift trust and commitment for much thought after coordination. Furthermore, the study shows that information sharing and behavioral uncertainty reduction act as enablers for swift trust. The study findings offer practical guidance and suggest that swift trust is a missing link for the success of humanitarian supply chains

scATAcat: cell-type annotation for scATAC-seq data

Cells whose accessibility landscape has been profiled with scATAC-seq cannot readily be annotated to a particular cell type. In fact, annotating cell-types in scATAC-seq data is a challenging task since, unlike in scRNA-seq data, we lack knowledge of 'marker regions' which could be used for cell-type annotation. Current annotation methods typically translate accessibility to expression space and rely on gene expression patterns. We propose a novel approach, scATAcat, that leverages characterized bulk ATAC-seq data as prototypes to annotate scATAC-seq data. To mitigate the inherent sparsity of single-cell data, we aggregate cells that belong to the same cluster and create pseudobulk. To demonstrate the feasibility of our approach we collected a number of datasets with respective annotations to quantify the results and evaluate performance for scATAcat. scATAcat is available as a python package at https://github.com/aybugealtay/scATAcat