The Behavior of Intoxicated Investors: The role of institutional investors in propagating the crisis of 2007-2008

Using a novel data of institutional investors’ bond holdings, we examine a transmission of the crisis of 2007-2008 from the securitized bond market to the corporate bond market via joint ownership of these bonds by investors. We posit that, ceteris paribus, corporate bonds held by investors with high exposure to securitized bonds and liquidity needs experience greater selling pressure and price declines (yield increases) at the onset of the crisis. We further test predictions of a model of dynamic asset liquidation: Investors with large enough future liquidity shocks retain liquid assets, and instead sell assets that have relatively high temporary price impacts of trading. Mutual funds with higher sensitivity of pay to performance held higher portions of their portfolios in securitized bonds prior to the crisis. After the onset of the crisis, these funds did not sell securitized bonds on average and instead sold corporate bonds to meet their liquidity needs. Sales rose and yield spreads widened more for those corporate bonds whose mutual fund holders’ portfolios were more heavily exposed to securitized bonds, compared to same-issuer bonds held by unexposed funds. Shorter-horizon mutual funds liquidated greater portions of their corporate bond holdings and in particular lower-rated bonds. In contrast, insurance companies sold little regardless of their exposure as long as they were above the minimum capital ratio threshold. These findings suggest that short-horizon mutual funds with high exposure to securitized bonds played a role in transmitting the crisis from securitized bonds to corporate bonds.

An Efficient Spiking Neural Network for Recognizing Gestures with a DVS Camera on the Loihi Neuromorphic Processor

Spiking Neural Networks (SNNs), the third generation NNs, have come under the spotlight for machine learning based applications due to their biological plausibility and reduced complexity compared to traditional artificial Deep Neural Networks (DNNs). These SNNs can be implemented with extreme energy efficiency on neuromorphic processors like the Intel Loihi research chip, and fed by event-based sensors, such as DVS cameras. However, DNNs with many layers can achieve relatively high accuracy on image classification and recognition tasks, as the research on learning rules for SNNs for real-world applications is still not mature. The accuracy results for SNNs are typically obtained either by converting the trained DNNs into SNNs, or by directly designing and training SNNs in the spiking domain. Towards the conversion from a DNN to an SNN, we perform a comprehensive analysis of such process, specifically designed for Intel Loihi, showing our methodology for the design of an SNN that achieves nearly the same accuracy results as its corresponding DNN. Towards the usage of the event-based sensors, we design a pre-processing method, evaluated for the DvsGesture dataset, which makes it possible to be used in the DNN domain. Hence, based on the outcome of the first analysis, we train a DNN for the pre-processed DvsGesture dataset, and convert it into the spike domain for its deployment on Intel Loihi, which enables real-time gesture recognition. The results show that our SNN achieves 89.64% classification accuracy and occupies only 37 Loihi cores

Growth and slenderness index in sweet algarrobo, Neltuma flexuosa, according to the vermicompost percentage in the substrate and seed origin

Substrate composition and seed origin influence the morphological characteristics of future trees. This study aimed to quantify growth of sweet algarrobo plants, Neltuma flexuosa, obtained from seeds collected from two sites in Argentina and grown on substrates with varying vermicompost percentages. A completely randomized factorial design was used with four levels of vermicompost percentage (0; 20; 30; 70) and two levels of seed origin (Monte Comán, Mendoza and; Bolsón de Fiambalá, Catamarca) (n= 360). Height growth rate (from root neck to apex) (Delta height), root neck diameter growth rate (Delta diameter), and Slenderness index were measured for each plant. Results showed that northern sweet algarrobo specimens growing on vermicompost-enriched substrates had a significantly higher Delta height (p<0.05). Additionally, northern specimens growing on 30-70% vermicompost-enriched substrates and southern specimens growing on 30% vermicompost-enriched substrates had a significantly higher Delta diameter compared to those growing on vermicompost-free substrates. Moreover, northern specimens growing on vermicompost-enriched substrates had a significantly higher slenderness index than southern specimens. Based on these findings, we recommend using seeds from the northern region and substrates with a minimum addition of 20% vermicompost for sweet algarrobo cultivation. Highlights: Twenty percent vermicomposting in Sandy load soil significantly increased height in flexuosa plants. Northen individuals presented a significant increase in height when the vermicomposting percentage in sandy load soil was equal to and higher than 20%. The vermicomposting percentage did not significantly affect flexuosa plants diameter at the root neck.Substrate composition and seed origin influence the morphological characteristics of future trees. This study aimed to quantify growth of sweet algarrobo plants, Neltuma flexuosa, obtained from seeds collected from two sites in Argentina and grown on substrates with varying vermicompost percentages. A completely randomized factorial design was used with four levels of vermicompost percentage (0; 20; 30; 70) and two levels of seed origin (Monte Comán, Mendoza and; Bolsón de Fiambalá, Catamarca) (n= 360). Height growth rate (from root neck to apex) (Delta height), root neck diameter growth rate (Delta diameter), and Slenderness index were measured for each plant. Results showed that northern sweet algarrobo specimens growing on vermicompost-enriched substrates had a significantly higher Delta height (p<0.05). Additionally, northern specimens growing on 30-70% vermicompost-enriched substrates and southern specimens growing on 30% vermicompost-enriched substrates had a significantly higher Delta diameter compared to those growing on vermicompost-free substrates. Moreover, northern specimens growing on vermicompost-enriched substrates had a significantly higher slenderness index than southern specimens. Based on these findings, we recommend using seeds from the northern region and substrates with a minimum addition of 20% vermicompost for sweet algarrobo cultivation. Highlights: Twenty percent vermicomposting in Sandy load soil significantly increased height in flexuosa plants. Northen individuals presented a significant increase in height when the vermicomposting percentage in sandy load soil was equal to and higher than 20%. The vermicomposting percentage did not significantly affect flexuosa plants diameter at the root neck

Growth and slenderness index in sweet algarrobo, Neltuma flexuosa, according to the vermicompost percentage in the substrate and seed origin

Substrate composition and seed origin influence the morphological characteristics of future trees. This study aimed to quantify growth of sweet algarrobo plants, Neltuma flexuosa, obtained from seeds collected from two sites in Argentina and grown on substrates with varying vermicompost percentages. A completely randomized factorial design was used with four levels of vermicompost percentage (0; 20; 30; 70) and two levels of seed origin (Monte Comán, Mendoza and; Bolsón de Fiambalá, Catamarca) (n= 360). Height growth rate (from root neck to apex) (Delta height), root neck diameter growth rate (Delta diameter), and Slenderness index were measured for each plant. Results showed that northern sweet algarrobo specimens growing on vermicompost-enriched substrates had a significantly higher Delta height (p<0.05). Additionally, northern specimens growing on 30-70% vermicompost-enriched substrates and southern specimens growing on 30% vermicompost-enriched substrates had a significantly higher Delta diameter compared to those growing on vermicompost-free substrates. Moreover, northern specimens growing on vermicompost-enriched substrates had a significantly higher slenderness index than southern specimens. Based on these findings, we recommend using seeds from the northern region and substrates with a minimum addition of 20% vermicompost for sweet algarrobo cultivation.La composición del sustrato y el origen de las semillas influyen en las características morfológicas de los árboles a los que darán origen. El objetivo del presente fue cuantificar el crecimiento de plantines de algarrobo dulce, Neltuma flexuosa, producidos de semillas originarias de dos localidades de Argentina y cultivadas en sustratos con diferentes porcentajes de vermicompost. Se dispuso un arreglo factorial completamente aleatorizado según el porcentaje de lombricompuesto (0; 20; 30; 70) y el origen de la semilla (Monte Comán, Mendoza y; Bolsón de Fiambalá, Catamarca) (n= 360). Por cada plantín se estimó la tasa de crecimiento en altura (Delta altura), la tasa de crecimiento del diámetro del cuello de la raíz (Delta diámetro) y el Índice de esbeltez. Especímenes norteños creciendo en sustrato que contenía vermicompostado presentaron un Delta altura significativamente mayor (p<0,05). Además, plantines norteños creciendo en sustrato con 30-70% de vermicompostado, y sureños con 30% de vermicompostado presentaron un Delta diámetro significativamente mayor que el control. Sumado, individuos norteños en sustratos que contenían vermicompostado presentaron un Índice de esbeltez significativamente mayor al de individuos sureños. Se recomienda el uso de semilla proveniente de Catamarca, con un agregado mínimo de 20% de vermicompostado en el sustrato.EEA JunínFil: Massa, Anabella. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; ArgentinaFil: Quagliariello, Roxana Gaby. Instituto Nacional de Tecnología Agropecuaria (INTA). Estación Experimental Agropecuaria Junin; ArgentinaFil: Martinengo, Nora. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; ArgentinaFil: Calderón, Alberto. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; ArgentinaFil: Pérez, Silvina. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; Argentin

Advances in irrigation management in greenhouse cultivation

The advantages of greenhouse include the ability to secure better conditions than outdoor environment for crop growth and development, increased off-season production and autonomy from external weather conditions. This chapter provides an up-to-date critical overview of scientific advances in irrigation management for greenhouse vegetables and ornamentals. The chapter presents a technical design of a typical greenhouse irrigation system, before covering water balance and crop evapotranspiration techniques as well as the use of high-tech moisture sensors for irrigation scheduling. In the context of enhancing the water use efficiency of greenhouse crops, the chapter also discusses innovative management practices such as biostimulants and grafting. Finally, the chapter concludes by looking ahead to future prospects and research breakthroughs

RoHNAS: A Neural Architecture Search Framework with Conjoint Optimization for Adversarial Robustness and Hardware Efficiency of Convolutional and Capsule Networks

Neural Architecture Search (NAS) algorithms aim at finding efficient Deep Neural Network (DNN) architectures for a given application under given system constraints. DNNs are computationally-complex as well as vulnerable to adversarial attacks. In order to address multiple design objectives, we propose RoHNAS , a novel NAS framework that jointly optimizes for adversarial-robustness and hardware-efficiency of DNNs executed on specialized hardware accelerators. Besides the traditional convolutional DNNs, RoHNAS additionally accounts for complex types of DNNs such as Capsule Networks. For reducing the exploration time, RoHNAS analyzes and selects appropriate values of adversarial perturbation for each dataset to employ in the NAS flow. Extensive evaluations on multi - Graphics Processing Unit (GPU) - High Performance Computing (HPC) nodes provide a set of Pareto-optimal solutions, leveraging the tradeoff between the above-discussed design objectives. For example, a Pareto-optimal DNN for the CIFAR-10 dataset exhibits 86.07% accuracy, while having an energy of 38.63 mJ, a memory footprint of 11.85 MiB, and a latency of 4.47 ms

Modelling transpiration of greenhouse gerbera (Gerbera jamesonii H. Bolus) grown in substrate with saline water in a Mediterranean climate

Gerbera plants were grown in semi-closed rockwool culture under greenhouse conditions in different seasons in a Mediterranean climate. The plants were irrigated using either fresh (FW; 1.0 mol m−3NaCl)or moderately saline (SW; 9.0 mol m−3NaCl) water. In autumn, NaCl concentration did not influence significantly plant growth, flower production and transpiration (E), which instead were reduced in springin the plants irrigated with SW. In both seasons, water salinity did not affect leaf stomatal resistance (rl),which was determined by the inversion of the Penman–Monteith (PM) equation or measured with a diffusion porometer. The PM formula and two regression equations were calibrated and validated for estimating the hourly rate of daytime transpiration (Ed); a regression model was also fit to nocturnal transpiration (En). Regression models predicted Edas a function of vapour pressure deficit (VPD) and/or the radiation intercepted by the canopy. Leaf area index (LAI), which is required by all the equations, was modelled as function of crop thermal time (i.e. growing degree days). The PM model predicted Ed using a constant value of rl. Model calibration and validation were performed using independent data sets. The irrigation with FW or SW did not require a different calibration of transpiration models. Both PM formula and regression equations provided accurate estimates of Ed; fitted equations explained between 80% and96% of the variance in measured Ed. A linear regression of En against (LAI·VPD) accounted for 92% of measured En

Solitary Fibrous Tumours of the Pleura

Solitary fibrous tumours of the pleura (SFTP) are rare neoplasms originating from one of the components of the sub-mesothelial connective layer underlying the pleura. They are the most common non-mesothelial primary pleural neoplasms but still remain relatively rare. Their behaviour is mostly indolent; however, some may de-differentiate into malignant and aggressive tumours. Surgical resection is the mainstay treatment for SFTP, even more so in case of voluminous masses, due to compression onto lung, mediastinum and great vessels. In this chapter, we discuss the disease characteristics reported in the literature with respect to clinical presentation, diagnosis and treatment; also, we will discuss the results of patients treated for SFTP who underwent a surgical treatment in our unit of thoracic surgery

O Papel das Subsidiárias de Corporações Multinacionais: Um Estudo de Caso na Indústria Brasileira de Refrigerantes

An important challenge for companies which internationalize its business is to develop a globalization level that balance local and globalized operations. The effective management of subsidiaries and business unities could create competitive advantage for the whole corporation in an uncertain and dynamic business scenario. A case study was conducted in a Brazilian soft drink subsidiary. The current paper presents an example the strategic importance of MNEs´subsidiaries of MNE. In our vision subsidiaries could not only implement global strategy but also help in the process of global strategic management, identifying market opportunities and creating competitive advantages.Um importante desafio para as empresas que hoje internacionalizam seus negócios é desenvolver um nível de globalização que gere concentrações adequadas das operações locais e globalizadas para a empresa. Em um cenário muito mais incerto e dinâmico que os seguros mercados regionais, o gerenciamento eficaz das subsidiárias e unidades de negócios por parte das matrizes das multinacionais pode criar vantagens competitivas aplicáveis em toda corporação. A partir do estudo de caso de uma subsidiária atuando no mercado brasileiro de refrigerantes, o presente trabalho busca reconhecer a importância estratégica das subsidiárias das corporações multinacionais, conscientizando as empresas brasileiras que internacionalizam seus negócios e as multinacionais que atuam no Brasil, do papel das subsidiárias não apenas como instrumentos para implementação ou adaptação das diretrizes globais da empresa, mas com destaque na formulação de estratégias, na identificação de oportunidades de mercado e na criação de vantagens competitivas

Análises Univariadas e Multivariadas na classificação de atletas de voleibol masculino

O objetivo deste tudo foi comparar a utilização de análises univariadas e multivariadas e suas eventuais diferenças na elaboração de um coeficiente de classificação que possa auxiliar no processo de treinamento a longo prazo e na seleção e promoção de talentos na modalidade esportiva voleibol. A partir dos resultados de testes e medidas cineantropométricas selecionadas de acordo com a especificidade do voleibol, obtidas em uma amostra composta por atletas de voleibol masculino participantes das categorias mirim, infantil, infanto-juvenil, juvenil e principal, foram construídos três coeficientes de classificação: a) coeficiente de classificação por médias (CCM); b) coeficiente utilizando o escore padrão Z (CEZ); e c) coeficiente utilizando análise de componentes principais (CP), que foram comparados com a classificação subjetiva dos próprios treinadores (CT) dos atletas participantes do estudo. Os resultados demonstraram que as análises multivariadas, principalmente o CCM, parecem se ajustar ao que é observado na prática pelos treinadores, oferecendo boas perspectivas para a sua aplicação em estudos futuros. A análise de CEZ também apresentou resultados semelhantes mas, por não considerar as relações existentes entre as variáveis, é mais restrita tomando-se limitada para a complexidade que envolve os processos de seleção e promoção de talentosThe objective of this study is to compare univariate and multivariate analysis and its eventual differences in the elaboration of a classification coefficient that could help in the long term training process and in the promotion of talent in volleyball. From results of kinanthropometric tests and measures selected in accord with the specificity of volleyball, obtained from a sample composed by male volleyball athletes participating in young and adult categories, three classification coefficients were established: a) coefficient of classification by means (CCM); b) coefficient based on standard Z score (CEZ); c) coefficient based on principal components analysis (CP). They were compared with the subjective coaches classification (CT) of participating athletes. The results show that multivariate analysis, mainly the CCM, seems to adjust better the coaches impressions, offering good perspectives to its application to further studies. The CEZ analysis shows close results to CCM but, because is doesn’t consider the existence of interactions among the variables, it’s more restricted and therefore limited to the complexity that involves the procedures in talent selection and promotio