Portfolio return autocorrelation and non-synchronous trading in UK equities

Although infrequent trading in equity stocks is more prevalent in the United Kingdom (and other non-United States countries), we find that it is proportionally more important in explaining the degree of serial correlation in stock returns in the US than in the UK, in contrast to much of the existing literature.We show that infrequent trading cannot explain more than a small proportion of the serial correlation observed in monthly UK stock returns and hence, other explanations for return predictability must be sought. Many studies have shown that stock market returns in the UK and other international markets are substantially and significantly serially correlated. The success of an investment strategy that is based on the apparent predictability of returns depends on whether the serial correlation is truly random and period specific or due to time varying risk premia or to market microstructure effects. A frequently noted explanation for this serial correlation is market thinness or, more precisely, the infrequency with which a substantial number of UK stocks are traded. Non-synchronous trading results in a measurement error in the observed data for returns on individual stocks, portfolios and market indices. This measurement error generates serial correlation in the observed returns. Here, we assess the extent to which the observed serial correlation in returns can be explained by equity non-trading behaviour. This will reveal whether there is any residual serial correlation left to be explained by alternative sources. We find that, whilst a proportion of the serial correlation in the returns of portfolios of low value stocks can be explained by non-trading, much of it still remains unexplained.

Sentinel lymph node biopsy before mastectomy and immediate breast reconstruction may predict post-mastectomy radiotherapy, reduce delayed complications and improve the choice of reconstruction

AbstractBackgroundAdjuvant post-mastectomy radiotherapy (RT), which is often unpredicted, is known to increase complications following immediate breast reconstruction (IBR).AimTo investigate the role of sentinel lymph node biopsy (SLN) in predicting RT and improving the choice of IBR.Patients and methodsAll patients who had mastectomy and IBR between January 2004 and January 2007 were reviewed retrospectively. Axillary staging (clearance or SLN) was performed at the same time until October 2005 (Group 1), when the Unit’s protocol was updated to perform SLN initially prior to mastectomy and IBR (Group 2). Patients in Group 2 with positive SLN were offered either a delayed reconstruction or a temporary subpectoral immediate tissue expander, while all options were offered if SLN was negative and in Group 1 patients.ResultsOne hundred and thirty-nine patients were reviewed. 20 patients received unexpected RT in Group 1 (14 tissue expander, 4 Latissimus Dorsi flap with an implant and 2 DIEP flaps) compared to 11 patients in Group 2 who had a temporary tissue expander due to expected RT (P=0.03). Unexpected RT caused delayed complications in 14 patients (70%) compared to no delayed complications in patients who received expected RT in Group 2.ConclusionSLN biopsy before IBR helps to predict RT and avoids its complications on breast reconstruction. Patients with positive SLN biopsy are best offered a temporary subpectoral tissue expander for IBR

Structure and Magnetization of Two-Dimensional Vortex Arrays in the Presence of Periodic Pinning

Ground-state properties of a two-dimensional system of superconducting vortices in the presence of a periodic array of strong pinning centers are studied analytically and numerically. The ground states of the vortex system at different filling ratios are found using a simple geometric argument under the assumption that the penetration depth is much smaller than the spacing of the pin lattice. The results of this calculation are confirmed by numerical studies in which simulated annealing is used to locate the ground states of the vortex system. The zero-temperature equilibrium magnetization as a function of the applied field is obtained by numerically calculating the energy of the ground state for a large number of closely spaced filling ratios. The results show interesting commensurability effects such as plateaus in the B-H diagram at simple fractional filling ratios.Comment: 12 pages, 19 figures, submitted for publicatio

High-Speed Cylindrical Collapse of Two Perfect Fluids

In this paper, the study of the gravitational collapse of cylindrically distributed two perfect fluid system has been carried out. It is assumed that the collapsing speeds of the two fluids are very large. We explore this condition by using the high-speed approximation scheme. There arise two cases, i.e., bounded and vanishing of the ratios of the pressures with densities of two fluids given by $c_s, d_s$. It is shown that the high-speed approximation scheme breaks down by non-zero pressures $p_1, p_2$ when $c_s, d_s$ are bounded below by some positive constants. The failure of the high-speed approximation scheme at some particular time of the gravitational collapse suggests the uncertainity on the evolution at and after this time. In the bounded case, the naked singularity formation seems to be impossible for the cylindrical two perfect fluids. For the vanishing case, if a linear equation of state is used, the high-speed collapse does not break down by the effects of the pressures and consequently a naked singularity forms. This work provides the generalisation of the results already given by Nakao and Morisawa [1] for the perfect fluid.Comment: 11 pages, 1 figure, accepted for publication in Gen. Rel. Gra

Re-examining the effects of verbal instructional type on early stage motor learning

The present study investigated the differential effects of analogy and explicit instructions on early stage motor learning and movement in a modified high jump task. Participants were randomly assigned to one of three experimental conditions: analogy, explicit light (reduced informational load), or traditional explicit (large informational load). During the two-day learning phase, participants learned a novel high jump technique based on the ‘scissors’ style using the instructions for their respective conditions. For the single-day testing phase, participants completed both a retention test and task-relevant pressure test, the latter of which featured a rising high-jump-bar pressure manipulation. Although analogy learners demonstrated slightly more efficient technique and reported fewer technical rules on average, the differences between the conditions were not statistically significant. There were, however, significant differences in joint variability with respect to instructional type, as variability was lowest for the analogy condition during both the learning and testing phases, and as a function of block, as joint variability decreased for all conditions during the learning phase. Findings suggest that reducing the informational volume of explicit instructions may mitigate the deleterious effects on performance previously associated with explicit learning in the literature

Energy dependent scattering and the Gross-Pitaevskii Equation in two dimensional Bose-Einstein condensates

We consider many-body effects on particle scattering in one, two and three dimensional Bose gases. We show that at zero temperature these effects can be modelled by the simpler two-body T-matrix evaluated off the energy shell. This is important in 1D and 2D because the two-body T-matrix vanishes at zero energy and so mean-field effects on particle energies must be taken into account to obtain a self-consistent treatment of low energy collisions. Using the off-shell two-body T-matrix we obtain the energy and density dependence of the effective interaction in 1D and 2D and the appropriate Gross-Pitaevskii equations for these dimensions. We present numerical solutions of the Gross-Pitaevskii equation for a 2D condensate of hard-sphere bosons in a trap. We find that the interaction strength is much greater in 2D than for a 3D gas with the same hard-sphere radius. The Thomas-Fermi regime is therefore approached at lower condensate populations and the energy required to create vortices is lowered compared to the 3D case.Comment: 22 pages, 6 figure

Mortality Burden of Heatwaves in Sydney, Australia Is Exacerbated by the Urban Heat Island and Climate Change: Can Tree Cover Help Mitigate the Health Impacts?

Heatwaves are associated with increased mortality and are exacerbated by the urban heat island (UHI) effect. Thus, to inform climate change mitigation and adaptation, we quantified the mortality burden of historical heatwave days in Sydney, Australia, assessed the contribution of the UHI effect and used climate change projection data to estimate future health impacts. We also assessed the potential for tree cover to mitigate against the UHI effect. Mortality (2006–2018) records were linked with census population data, weather observations (1997–2016) and climate change projections to 2100. Heatwave-attributable excess deaths were calculated based on risk estimates from a published heatwave study of Sydney. High resolution satellite observations of UHI air temperature excesses and green cover were used to determine associated effects on heat-related mortality. These data show that >90% of heatwave days would not breach heatwave thresholds in Sydney if there were no UHI effect and that numbers of heatwave days could increase fourfold under the most extreme climate change scenario. We found that tree canopy reduces urban heat, and that widespread tree planting could offset the increases in heat-attributable deaths as climate warming progresses.Timothy B. Chaston, Richard A. Broome, Nathan Cooper, Gerard Duck, Christy Geromboux, Yuming Guo, Fei Ji, Sarah Perkins-Kirkpatrick, Ying Zhang, Gnanadarsha S. Dissanayake, Geoffrey G. Morgan, and Ivan C. Haniga

International Consortium for Health Outcomes Measurement (ICHOM): Standardized Patient-Centered Outcomes Measurement Set for Heart Failure Patients

Whereas multiple national, international, and trial registries for heart failure have been created, international standards for clinical assessment and outcome measurement do not currently exist. The working group's objective was to facilitate international comparison in heart failure care, using standardized parameters and meaningful patient-centered outcomes for research and quality of care assessments. The International Consortium for Health Outcomes Measurement recruited an international working group of clinical heart failure experts, researchers, and patient representatives to define a standard set of outcomes and risk-adjustment variables. This was designed to document, compare, and ultimately improve patient care outcomes in the heart failure population, with a focus on global feasibility and relevance. The working group employed a Delphi process, patient focus groups, online patient surveys, and multiple systematic publications searches. The process occurred over 10 months, employing 7 international teleconferences. A 17-item set has been established, addressing selected functional, psychosocial, burden of care, and survival outcome domains. These measures were designed to include all patients with heart failure, whether entered at first presentation or subsequent decompensation, excluding cardiogenic shock. Sources include clinician report, administrative data, and validated patient-reported outcome measurement tools: the Kansas City Cardiomyopathy Questionnaire; the Patient Health Questionnaire-2; and the Patient-Reported Outcomes Measurement Information System. Recommended data included those to support risk adjustment and benchmarking across providers and regions. The International Consortium for Health Outcomes Measurement developed a dataset designed to capture, compare, and improve care for heart failure, with feasibility and relevance for patients and clinicians worldwide

Tomato: a crop species amenable to improvement by cellular and molecular methods

Tomato is a crop plant with a relatively small DNA content per haploid genome and a well developed genetics. Plant regeneration from explants and protoplasts is feasable which led to the development of efficient transformation procedures. In view of the current data, the isolation of useful mutants at the cellular level probably will be of limited value in the genetic improvement of tomato. Protoplast fusion may lead to novel combinations of organelle and nuclear DNA (cybrids), whereas this technique also provides a means of introducing genetic information from alien species into tomato. Important developments have come from molecular approaches. Following the construction of an RFLP map, these RFLP markers can be used in tomato to tag quantitative traits bred in from related species. Both RFLP's and transposons are in the process of being used to clone desired genes for which no gene products are known. Cloned genes can be introduced and potentially improve specific properties of tomato especially those controlled by single genes. Recent results suggest that, in principle, phenotypic mutants can be created for cloned and characterized genes and will prove their value in further improving the cultivated tomato.

Heavy quarkonium: progress, puzzles, and opportunities

A golden age for heavy quarkonium physics dawned a decade ago, initiated by the confluence of exciting advances in quantum chromodynamics (QCD) and an explosion of related experimental activity. The early years of this period were chronicled in the Quarkonium Working Group (QWG) CERN Yellow Report (YR) in 2004, which presented a comprehensive review of the status of the field at that time and provided specific recommendations for further progress. However, the broad spectrum of subsequent breakthroughs, surprises, and continuing puzzles could only be partially anticipated. Since the release of the YR, the BESII program concluded only to give birth to BESIII; the $B$-factories and CLEO-c flourished; quarkonium production and polarization measurements at HERA and the Tevatron matured; and heavy-ion collisions at RHIC have opened a window on the deconfinement regime. All these experiments leave legacies of quality, precision, and unsolved mysteries for quarkonium physics, and therefore beg for continuing investigations. The plethora of newly-found quarkonium-like states unleashed a flood of theoretical investigations into new forms of matter such as quark-gluon hybrids, mesonic molecules, and tetraquarks. Measurements of the spectroscopy, decays, production, and in-medium behavior of c\bar{c}, b\bar{b}, and b\bar{c} bound states have been shown to validate some theoretical approaches to QCD and highlight lack of quantitative success for others. The intriguing details of quarkonium suppression in heavy-ion collisions that have emerged from RHIC have elevated the importance of separating hot- and cold-nuclear-matter effects in quark-gluon plasma studies. This review systematically addresses all these matters and concludes by prioritizing directions for ongoing and future efforts.Comment: 182 pages, 112 figures. Editors: N. Brambilla, S. Eidelman, B. K. Heltsley, R. Vogt. Section Coordinators: G. T. Bodwin, E. Eichten, A. D. Frawley, A. B. Meyer, R. E. Mitchell, V. Papadimitriou, P. Petreczky, A. A. Petrov, P. Robbe, A. Vair