Is the social study of finance necessarily nominalist? Using realism to address shortcomings in actor-network theory approaches to financialisation and everyday life

Abstract: The financial crisis of 2007–2009 has reignited an interest among sociologists and social scientists in finance and economics, especially in technical aspects of the economy and the inner workings of market relations. However, in these cases social studies of finance retain a distinctly nominalist character, focusing on individual interactions in a market treated as a means of coordinating exchange. The social study of finance as a field seeking to address everyday financial decisions in relation to market expansion and fluctuation is predominantly characterised by its use of actor‐network theory to explain the emergence and development of financial systems and networks, to the exclusion of equally necessary studies of the inequality that pervades newly financialised economies. I therefore argue for the need to revisit earlier political economy approaches to the study of finance, taking seriously criticisms leveled at such work by actor‐network theorists who worry about excessive structural determinism and rigidity. To this end, I contrast nominalism with realism, in order to think about financial systems as emergent properties within the contemporary social formation. By thinking about actors as individuals that enter into existing sets of social relations, which shape their actions, it is possible to understand the origins of financial inequality. As actors interact with social structures, however, they ultimately change their character, rendering them anew in different circumstances, and therefore avoid the deterministic character of structures

Impacts of increasing the aerosol complexity in the Met Office global numerical weather prediction model.

The inclusion of the direct and indirect radiative effects of aerosols in high-resolution global numerical weather prediction (NWP) models is being increasingly recognised as important for the improved accuracy of short-range weather forecasts. In this study the impacts of increasing the aerosol complexity in the global NWP configuration of the Met Office Unified Model (MetUM) are investigated. A hierarchy of aerosol representations are evaluated including three-dimensional monthly mean speciated aerosol climatologies, fully prognostic aerosols modelled using the CLASSIC aerosol scheme and finally, initialised aerosols using assimilated aerosol fields from the GEMS project. The prognostic aerosol schemes are better able to predict the temporal and spatial variation of atmospheric aerosol optical depth, which is particularly important in cases of large sporadic aerosol events such as large dust storms or forest fires. Including the direct effect of aerosols improves model biases in outgoing long-wave radiation over West Africa due to a better representation of dust. However, uncertainties in dust optical properties propagate to its direct effect and the subsequent model response. Inclusion of the indirect aerosol effects improves surface radiation biases at the North Slope of Alaska ARM site due to lower cloud amounts in high-latitude clean-air regions. This leads to improved temperature and height forecasts in this region. Impacts on the global mean model precipitation and large-scale circulation fields were found to be generally small in the short-range forecasts. However, the indirect aerosol effect leads to a strengthening of the low-level monsoon flow over the Arabian Sea and Bay of Bengal and an increase in precipitation over Southeast Asia. Regional impacts on the African Easterly Jet (AEJ) are also presented with the large dust loading in the aerosol climatology enhancing of the heat low over West Africa and weakening the AEJ. This study highlights the importance of including a more realistic treatment of aerosol–cloud interactions in global NWP models and the potential for improved global environmental prediction systems through the incorporation of more complex aerosol schemes

Deep LOFAR observations of the merging galaxy cluster CIZA J2242.8+5301

Previous studies have shown that CIZA J2242.8+5301 (the 'Sausage' cluster, z = 0.192) is a massive merging galaxy cluster that hosts a radio halo and multiple relics. In this paper, we present deep, high-fidelity, low-frequency images made with the LOw-Frequency Array (LOFAR) between 115.5 and 179 MHz. These images, with a noise of 140 μJy beam- 1 and a resolution of θbeam = 7.3 arcsec × 5.3 arcsec, are an order of magnitude more sensitive and five times higher resolution than previous low-frequency images of this cluster. We combined the LOFAR data with the existing Giant Metrewave Radio Telescope (GMRT) (153, 323, 608 MHz) and Westerbork Synthesis Radio Telescope (WSRT) (1.2, 1.4, 1.7, 2.3 GHz) data to study the spectral properties of the radio emission from the cluster. Assuming diffusive shock acceleration (DSA), we found Mach numbers of Mn=2.7{}_{-0.3}^{+0.6} and Ms=1.9_{-0.2}^{+0.3} for the northern and southern shocks. The derived Mach number for the northern shock requires an acceleration efficiency of several percent to accelerate electrons from the thermal pool, which is challenging for DSA. Using the radio data, we characterized the eastern relic as a shock wave propagating outwards with a Mach number of Me=2.4_{-0.3}^{+0.5}, which is in agreement with MeX=2.5{}_{-0.2}^{+0.6} that we derived from Suzaku data. The eastern shock is likely to be associated with the major cluster merger. The radio halo was measured with a flux of 346 ± 64 mJy at 145 MHz. Across the halo, we observed a spectral index that remains approximately constant (α ^{145 MHz-2.3 GHz}_{{across ˜ 1 Mpc}^2}=-1.01± 0.10) after the steepening in the post-shock region of the northern relic. This suggests a generation of post-shock turbulence that re-energies aged electrons

LOFAR MSSS: Flattening low-frequency radio continuum spectra of nearby galaxies

Accepted for publication in Astronomy and AstrophysicsAims. The shape of low-frequency radio continuum spectra of normal galaxies is not well understood, the key question being the role of physical processes such as thermal absorption in shaping them. In this work we take advantage of the LOFAR Multifrequency Snapshot Sky Survey (MSSS) to investigate such spectra for a large sample of nearby star-forming galaxies. Methods. Using the measured 150 MHz flux densities from the LOFAR MSSS survey and literature flux densities at various frequencies we have obtained integrated radio spectra for 106 galaxies characterised by different morphology and star formation rate. The spectra are explained through the use of a three-dimensional model of galaxy radio emission, and radiation transfer dependent on the galaxy viewing angle and absorption processes. Results. Our galaxies' spectra are generally flatter at lower compared to higher frequencies: the median spectral index α low measured between ≈ 50 MHz and 1.5 GHz is -0.57 ± 0.01 while the high-frequency one α high, calculated between 1.3 GHz and 5 GHz, is -0.77 ± 0.03. As there is no tendency for the highly inclined galaxies to have more flattened low-frequency spectra, we argue that the observed flattening is not due to thermal absorption, contradicting the suggestion of Israel & Mahoney (1990, ApJ, 352, 30). According to our modelled radio maps for M 51-like galaxies, the free-free absorption effects can be seen only below 30 MHz and in the global spectra just below 20 MHz, while in the spectra of starburst galaxies, like M 82, the flattening due to absorption is instead visible up to higher frequencies of about 150 MHz. Starbursts are however scarce in the local Universe, in accordance with the weak spectral curvature seen in the galaxies of our sample. Locally, within galactic disks, the absorption effects are distinctly visible in M 51-like galaxies as spectral flattening around 100-200 MHz in the face-on objects, and as turnovers in the edge-on ones, while in M 82-like galaxies there are strong turnovers at frequencies above 700 MHz, regardless of viewing angle. Conclusions. Our modelling of galaxy spectra suggests that the weak spectral flattening observed in the nearby galaxies studied here results principally from synchrotron spectral curvature due to cosmic ray energy losses and propagation effects. We predict much stronger effects of thermal absorption in more distant galaxies with high star formation rates. Some influence exerted by the Milky Way's foreground on the spectra of all external galaxies is also expected at very low frequencies.Peer reviewedFinal Accepted Versio

Extracellular vesicles released following heat stress induce bystander effects in unstressed populations

Cells naïve to stress can display the effects of stress, such as DNA damage and apoptosis when they are exposed to signals from stressed cells; this phenomenon is known as the bystander effect. We previously showed that bystander effects induced by ionising radiation are mediated by extracellular vesicles (EVs). Bystander effect can also be induced by other types of stress, including heat shock, but it is unclear whether EVs are involved. Here we show that EVs released from heat shocked cells are also able to induce bystander damage in un-stressed populations. Naïve cells treated with media conditioned by heat shocked cells showed higher levels of DNA damage and apoptosis than cells treated with media from control cells. Treating naïve cells with EVs derived from media conditioned by heat shocked cells also induced a bystander effect when compared to control, with DNA damage and apoptosis increasing whilst the level of cell viability was reduced. We demonstrate that treatment of naïve cells with heat shocked cell-derived EVs leads to greater invasiveness in a trans-well matrigel assay. Finally, we show that naïve cells treated with EVs from heat-shocked cells are more likely to survive a subsequent heat shock, suggesting that these EVs mediate an adaptive response. We propose that EVs released following stress mediate an intercellular response that leads to apparent stress in neighbouring cells but also greater robustness in the face of a subsequent insult