A Regulatory Framework for Exchange-Traded Funds

This is the first academic work to show the need for, or to offer, a regulatory framework for exchange-traded funds ( ETFs ). The economic significance of this financial innovation is enormous. U.S.-listed ETFs now hold more than $3.6 trillion in assets and comprise seven of the country’s ten most actively traded securities. ETFs also possess an array of unique characteristics raising distinctive concerns. They offer what we here conceptualize as a nearly frictionless portal to a bewildering, continually expanding universe of plain vanilla and arcane asset classes, passive and active investment strategies, and long, short, and leveraged exposures. And we argue that ETFs are defined by a novel, model-driven device that we refer to as the arbitrage mechanism, a device that has sometimes failed catastrophically. These new products and the underlying innovation process create special risks for investors and the financial system

The effect of Rift Valley fever virus Clone 13 vaccine on semen quality in rams

Rift Valley fever (RVF) is an arthropod-borne viral disease of importance in livestock and humans. Epidemics occur periodically in domestic ruminants. People in contact with infected livestock may develop disease that varies from mild flu-like symptoms to fatal viraemia. Livestock vaccination may assist in disease control. Rift Valley fever virus (RVFV) Clone 13 is a relatively new vaccine against RVF, derived from an avirulent natural mutant strain of RVFV, and has been shown to confer protective immunity against experimental infection with RVFV. The hypothesis tested in the current trial was that rams vaccinated with RVFV Clone 13 vaccine would not experience a reduction in semen quality (measured by evaluating the percentage progressively motile and percentage morphologically normal spermatozoa in successive ejaculates) relative to unvaccinated control animals. Ram lambs were screened for antibodies to RVFV using a serum neutralisation test. Animals without detectable antibodies (n = 23) were randomly allocated to either a test group (n = 12) or a control group (n = 11). Animals in the test group were vaccinated with RVFV Clone 13 vaccine. Daily rectal temperature measurements and weekly semen and blood samples were taken from all animals. Seven animals were eliminated from the statistical analysis because of potential confounding factors. Logistic regression analysis was performed on data gathered from the remaining animals to determine whether an association existed between animal group, rectal temperature and semen quality parameters. No correlation existed between the treatment group and values obtained for the semen quality parameters measured. There was no statistically significant post-vaccination decline in the percentage of live morphologically normal spermatozoa, or the percentage of progressively motile spermatozoa, either when assessed amongst all animals or when assessed within individual groups. A repeat study with a larger sample size and a more comprehensive pre-screening process may be indicated to avoid the inclusion of unsuitable animals

Obliquity Constraints on an Extrasolar Planetary-Mass Companion

We place the first constraints on the obliquity of a planetary-mass companion outside of the solar system. Our target is the directly imaged system 2MASS J01225093–2439505 (2M0122), which consists of a 120 Myr 0.4 M⊙ star hosting a 12–27 M_J companion at 50 au. We constrain all three of the system's angular-momentum vectors: how the companion spin axis, the stellar spin axis, and the orbit normal are inclined relative to our line of sight. To accomplish this, we measure projected rotation rates (v sin i) for both the star and the companion using new near-infrared high-resolution spectra with NIRSPEC at Keck Observatory. We combine these with a new stellar photometric rotation period from TESS and a published companion rotation period from Hubble Space Telescope to obtain spin-axis inclinations for both objects. We also fitted multiple epochs of astrometry, including a new observation with NIRC2/Keck, to measure 2M0122b's orbital inclination. The three line-of-sight inclinations place limits on the true de-projected companion obliquity and stellar obliquity. We find that while the stellar obliquity marginally prefers alignment, the companion obliquity tentatively favors misalignment. We evaluate possible origin scenarios. While collisions, secular spin–orbit resonances, and Kozai–Lidov oscillations are unlikely, formation by gravitational instability in a gravito-turbulent disk—the scenario favored for brown dwarf companions to stars—appears promising

An HST/STIS Optical Transmission Spectrum of Warm Neptune GJ 436b

GJ 436b is a prime target for understanding warm Neptune exoplanet atmospheres and a target for multiple JWST GTO programs. Here, we report the first space-based optical transmission spectrum of the planet using two HST/STIS transit observations from 0.53-1.03 microns. We find no evidence for alkali absorption features, nor evidence of a scattering slope longward of 0.53 microns. The spectrum is indicative of moderate to high metallicity (~100-1000x solar) while moderate metallicity scenarios (~100x solar) require aerosol opacity. The optical spectrum also rules out some highly scattering haze models. We find an increase in transit depth around 0.8 microns in the transmission spectra of 3 different sub-Jovian exoplanets (GJ 436b, HAT-P-26b, and GJ 1214b). While most of the data come from STIS, data from three other instruments may indicate this is not an instrumental effect. Only the transit spectrum of GJ 1214b is well fit by a model with stellar plages on the photosphere of the host star. Our photometric monitoring of the host star reveals a stellar rotation rate of 44.1 days and an activity cycle of 7.4 years. Intriguingly, GJ 436 does not become redder as it gets dimmer, which is expected if star spots were dominating the variability. These insights into the nature of the GJ 436 system help refine our expectations for future observations in the era of JWST, whose higher precision and broader wavelength coverage will shed light on the composition and structure of GJ 436b's atmosphere.Comment: 20 pages, 11 figures, 5 tables, Accepted to AJ. A full version of table 1 is included as table1_mrt.tx

The Vulnerable Elders Survey‐13 Predicts Hospital Complications and Mortality in Older Adults with Traumatic Injury: A Pilot Study

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/86959/1/j.1532-5415.2011.03493.x.pd

In the Living Room: Second Screens and TV Audiences

© The Author(s) 2015. This article is based on a small pilot project exploring the role, function, and meanings of second screens and companion apps for TV audiences that is contextualized by existing academic audience research. This is mapped alongside industry research and academic debate about second screens. The results illustrate some disjunction between industry expectations of usage and viewers' everyday experiences. I argue that industries' tendency to conflate "viewer" with "fan" indicates a less than nuanced understanding of the television/companion app audience. Further, the lean forward/lean back binary applied to digital media users and television audiences respectively points to a problematic not addressed in much industry literature, while the respondents for this research indicate a complex interplay between the pleasures of viewing that incorporates the social and the personal with the second screen and the TV text

HOW TO DISTINGUISH BETWEEN CLOUDY MINI-NEPTUNES AND WATER/VOLATILE-DOMINATED SUPER-EARTHS

One of the most profound questions about the newly discovered class of low-density super-Earths is whether these exoplanets are predominately H2-dominated mini-Neptunes or volatile-rich worlds with gas envelopes dominated by H2O, CO2, CO, CH4, or N2. Transit observations of the super-Earth GJ 1214b rule out cloud-free H2-dominated scenarios, but are not able to determine whether the lack of deep spectral features is due to high-altitude clouds or the presence of a high mean molecular mass atmosphere. Here, we demonstrate that one can unambiguously distinguish between cloudy mini-Neptunes and volatile-dominated worlds based on wing steepness and relative depths of absorption features in moderate-resolution near-infrared transmission spectra (R ~ 100). In a numerical retrieval study, we show for GJ 1214b that an unambiguous distinction between a cloudy H2-dominated atmosphere and cloud-free H2O atmosphere will be possible if the uncertainties in the spectral transit depth measurements can be reduced by a factor of ~3 compared to the published Hubble Space Telescope Wide-Field Camera 3 and Very Large Telescope transit observations by Berta et al. and Bean et al. We argue that the required precision for the distinction may be achievable with currently available instrumentation by stacking 10-15 repeated transit observations. We provide a scaling law that scales our quantitative results to other transiting super-Earths and Neptunes such as HD 97658b, 55 Cnc e, GJ 3470b and GJ 436b. The analysis in this work is performed using an improved version of our Bayesian atmospheric retrieval framework. The new framework not only constrains the gas composition and cloud/haze parameters, but also determines our confidence in having detected molecules and cloud/haze species through Bayesian model comparison. Using the Bayesian tool, we demonstrate quantitatively that the subtle transit depth variation in the Berta et al. data is not sufficient to claim the detection of water absorption

Updated Parameters and a New Transmission Spectrum of HD 97658b

Recent years have seen increasing interest in the characterization of sub-Neptune-sized planets because of their prevalence in the Galaxy, contrasted with their absence in our solar system. HD 97658 is one of the brightest stars hosting a planet of this kind, and we present the transmission spectrum of this planet by combining four Hubble Space Telescope transits, 12 Spitzer/IRAC transits, and eight MOST transits of this system. Our transmission spectrum has a higher signal-to-noise ratio than those from previous works, and the result suggests that the slight increase in transit depth from wavelength 1.1–1.7 μm reported in previous works on the transmission spectrum of this planet is likely systematic. Nonetheless, our atmospheric modeling results are inconclusive, as no model provides an excellent match to our data. Nonetheless, we find that atmospheres with high C/O ratios (C/O ≳ 0.8) and metallicities of ≳100× solar metallicity are favored. We combine the mid-transit times from all of the new Spitzer and MOST observations and obtain an updated orbital period of P = 9.489295 ± 0.000005, with a best-fit transit time center at T₀ = 2456361.80690 ± 0.00038 (BJD). No transit timing variations are found in this system. We also present new measurements of the stellar rotation period (34 ± 2 days) and stellar activity cycle (9.6 yr) of the host star HD 97658. Finally, we calculate and rank the Transmission Spectroscopy Metric of all confirmed planets cooler than 1000 K and with sizes between 1 R⊕ and 4 R⊕. We find that at least a third of small planets cooler than 1000 K can be well characterized using James Webb Space Telescope, and of those, HD 97658b is ranked fifth, meaning that it remains a high-priority target for atmospheric characterization

The importance of the weak: Interaction modifiers in artificial spin ices

The modification of geometry and interactions in two-dimensional magnetic nanosystems has enabled a range of studies addressing the magnetic order, collective low-energy dynamics, and emergent magnetic properties, in e.g. artificial spin ice structures. The common denominator of all these investigations is the use of Ising-like mesospins as building blocks, in the form of elongated magnetic islands. Here we introduce a new approach: single interaction modifiers, using slave-mesospins in the form of discs, within which the mesospin is free to rotate in the disc plane. We show that by placing these on the vertices of square artificial spin ice arrays and varying their diameter, it is possible to tailor the strength and the ratio of the interaction energies. We demonstrate the existence of degenerate ice-rule obeying states in square artificial spin ice structures, enabling the exploration of thermal dynamics in a spin liquid manifold. Furthermore, we even observe the emergence of flux lattices on larger length-scales, when the energy landscape of the vertices is reversed. The work highlights the potential of a design strategy for two-dimensional magnetic nano-architectures, through which mixed dimensionality of mesospins can be used to promote thermally emergent mesoscale magnetic states.Comment: 17 pages, including methods, 4 figures. Supplementary information contains 16 pages and 15 figure