International portfolios, capital accumulation and foreign assets dynamics

Despite the liberalisation of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanation of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk sharing, so that there is little incentive to hold diversified portfolios. We show that the interaction of the following ingredients generates a realistic equity home bias: capital accumulation, shocks to the efficiency of physical investment, as well as international trade in stocks and bonds. In our model, domestic stocks are used to hedge fluctuation in local wage income. Terms of trade risk is hedged using bonds denominated in local goods and in foreign goods. In contrast to related models, the low level of international diversification does not depend on strongly countercyclical terms of trade. The model also reproduces the cyclical dynamics of foreign asset positions and of international capital flows. --capital accumulation,international equity and bond portfolios,capital flows,current account,valuation effects,terms of trade

A comprehensive Maximum Likelihood analysis of the structural properties of faint Milky Way satellites

We derive the structural parameters of the recently discovered very low luminosity Milky Way satellites through a Maximum Likelihood algorithm applied to SDSS data. For each satellite, even when only a few tens of stars are available down to the SDSS flux limit, the algorithm yields robust estimates and errors for the centroid, position angle, ellipticity, exponential half-light radius and number of member stars. This latter parameter is then used in conjunction with stellar population models of the satellites to derive their absolute magnitudes and stellar masses, accounting for `CMD shot-noise'. We find that faint systems are somewhat more elliptical than initially found and ascribe that to the previous use of smoothed maps which can be dominated by the smoothing kernel. As a result, the faintest half of the Milky Way dwarf galaxies (M_V>-7.5) is significantly (4-sigma) flatter (e=0.47+/-0.03) than its brightest half (M_V<-7.5, e=0.32+/-0.02). From our best models, we also investigate whether the seemingly distorted shape of the satellites, often taken to be a sign of tidal distortion, can be quantified. We find that, except for tentative evidence of distortion in CVnI and UMaII, these can be completely accounted for by Poisson scatter in the sparsely sampled systems. We consider three scenarios that could explain the rather elongated shape of faint satellites: rotation supported systems, stars following the shape of more triaxial dark matter subhalos, or elongation due to tidal interaction with the Milky Way. Although none of these is entirely satisfactory, the last one appears the least problematic, but warrants much deeper observations to track evidence of such tidal interaction.Comment: 20 pages, 11 figures, ApJ in press; some typos corrected, magnitude of BooII corrected (thanks go to Shane Walsh for spotting the erroneous original value

An ESCRT module is required for neuron pruning

Neural circuits are refined by both functional and structural changes. Structural remodeling by large-scale pruning occurs where relatively long neuronal branches are cut away from their parent neuron and removed by local degeneration. Until now, the molecular mechanisms executing such branch severing events have remained poorly understood. Here, we reveal a role for the Endosomal Sorting Complex Required for Transport (ESCRT) machinery during neuronal remodeling. Our data show that a specific ESCRT pruning module, including members of the ESCRT-I and ESCRT-III complexes, but not ESCRT-0 or ESCRT-II, are required for the neurite scission event during pruning. Furthermore we show that this ESCRT module requires a direct, in vivo, interaction between Shrub/CHMP4B and the accessory protein Myopic/HD-PTP

A Deep Photometric Look at Two of Andromeda's Dwarf Spheroidals: X and XVII

We use deep wide-field photometry from the Large Binocular Camera to study the stellar and structural properties of the recently discovered Andromeda X and Andromeda XVII (And X and And XVII) dwarf galaxies. Using the mean apparent magnitude of the horizontal branch (HB), we derive distances of 621 +- 20 kpc to And X and 734+- 23 kpc to And XVII, closer by >60 kpc than the previous estimates which were based on red giant branch (RGB) observations. Thus our results warrant against the use of the RGB tip method for determining distances to systems with sparsely populated RGBs, and show how crucial HB observations are in obtaining accurate distances in systems such as these. We find that And X is a relatively faint (MV = -7.36), highly elongated (e = 0.48) system at a distance of 174 +- 62 kpc from Andromeda. And XVII is brighter (MV = -8.61) with an M31-centric distance of 73 kpc which makes it one of the closest satellites to Andromeda. Both galaxies are metal-poor: we derive =-2.2 for And X, while And XVII shows = -2.0, consistent with the relation of higher luminosity dwarfs being more metal- rich. Additionally, both galaxies show considerable intrinsic spreads in metallicity (0.2 and 0.3 dex for And X and And XVII respectively), consistent with multiple stellar populations.Comment: 8 pages, 6 figure

The PAndAS view of the Andromeda satellite system - I. A Bayesian search for dwarf galaxies using spatial and color-magnitude information

We present a generic algorithm to search for dwarf galaxies in photometric catalogs and apply it to the Pan-Andromeda Archaeological Survey (PAndAS). The algorithm is developed in a Bayesian framework and, contrary to most dwarf-galaxy-search codes, makes use of both the spatial and color-magnitude information of sources in a probabilistic approach. Accounting for the significant contamination from the Milky Way foreground and from the structured stellar halo of the Andromeda galaxy, we recover all known dwarf galaxies in the PAndAS footprint with high significance, even for the least luminous ones. Some Andromeda globular clusters are also recovered and, in one case, discovered. We publish a list of the 143 most significant detections yielded by the algorithm. The combined properties of the 39 most significant isolated detections show hints that at least some of these trace genuine dwarf galaxies, too faint to be individually detected. Follow-up observations by the community are mandatory to establish which are real members of the Andromeda satellite system. The search technique presented here will be used in an upcoming contribution to determine the PAndAS completeness limits for dwarf galaxies. Although here tuned to the search of dwarf galaxies in the PAndAS data, the algorithm can easily be adapted to the search for any localised overdensity whose properties can be modeled reliably in the parameter space of any catalog.Comment: 20 pages, 16 figures, 1 table; accepted for publication in ApJ. High res pdf available at https://www.dropbox.com/s/7zk7pme2wunwkjv/PAndAS_dwarf_galaxies.pd

The enigmatic pair of dwarf galaxies Leo IV and Leo V: coincidence or common origin?

We have obtained deep photometry in two 1x1 degree fields covering the close pair of dwarf spheroidal galaxies (dSph) Leo IV and Leo V and part of the area in between. We find that both systems are significantly larger than indicated by previous measurements based on shallower data and also significantly elongated. With half-light radii of r_h=4'.6 +- 0'.8 (206 +- 36 pc) and r_h=2'.6 +- 0'.6 (133 +- 31 pc), respectively, they are now well within the physical size bracket of typical Milky Way dSph satellites. Their ellipticities of epsilon ~0.5 are shared by many faint (M_V>-8) Milky Way dSphs. The large spatial extent of our survey allows us to search for extra-tidal features with unprecedented sensitivity. The spatial distribution of candidate red giant branch and horizontal branch stars is found to be non-uniform at the ~3 sigma level. This substructure is aligned along the direction connecting the two systems, indicative of a possible `bridge' of extra-tidal material. Fitting the stellar distribution with a linear Gaussian model yields a significance of 4 sigma for this overdensity, a most likely FWHM of ~16 arcmin and a central surface brightness of ~32 mag arcsec^{-2}. We investigate different scenarios to explain the close proximity of Leo IV and Leo V and the possible tidal bridge between them. Orbit calculations demonstrate that they are unlikely to be remnants of a single disrupted progenitor, while a comparison with cosmological simulations shows that a chance collision between unrelated subhalos is negligibly small. Leo IV and Leo V could, however, be a bound `tumbling pair' if their combined mass exceeds 8 +- 4 x 10^9 M_sun. The scenario of an internally interacting pair appears to be the most viable explanation for this close celestial companionship. (abridged)Comment: 9 pages, 8 figures, small number of minor textual changes, accepted for publication in Astrophysical Journa

Manufacturing of nanostructures with high aspect ratios using soft UV-nanoimprint lithography with bi- and trilayer resist systems

In this contribution we introduce new multilayer (bilayer and trilayer) resist systems for the generation of nanostructures with high aspect ratios of up to 14:1 on 4-in. full wafer scale. The bilayer stack consists of a bottom resist layer (lift off polymer LOR1A) and an UV-curable top resist layer (UV-NIL resist mr-NIL210 200 nm). The top resist is structured by UV-nanoimprint lithography with a soft polydimethysiloxane (PDMS) stamp (soft UV-NIL). After removal of the residual layer a wet chemical development is performed to achieve an isotropic undercut underneath the nanostructures in the top layer. This undercut is mandatory in order to perform a reliable and precise lift-off. The bilayer system is applicable on both silicon and fused silica. For a higher variety and combination of different resists, a trilayer system is investigated. A layer stack with new materials for bottom and top layer is presented. An intermediate layer made of silicon oxide by low temperature ICP-PECVD is added between a tailor-made top resist (mr-NIL213FC 200 nm) and an organic transfer layer (UL1). The intermediate layer serves as hard mask in order to etch the bottom layer isotropically utilizing a plasma etch process and thus replacing the wet-chemical development step. Subsequently, a thin metal layer is deposited onto the structured resist stack by electron beam evaporation. After lift-off, a nanostructured metal mask remains on the substrate providing a high selectivity during the following plasma etch step. A cryogenic ICPRIE etch process creates high aspect ratio nanostructures within the substrate. An aspect ratio of 14:1 was achieved

Gas emission during laparoscopic colorectal surgery using a bipolar vessel sealing device: A pilot study on four patients

ABSTRACT: BACKGROUND: Dissection during laparoscopic surgery produces smoke containing potentially toxic substances. The aim of the present study was to analyze smoke samples produced during laparoscopic colon surgery using a bipolar vessel sealing device (LigaSuretrade mark). METHODS: Four consecutive patients undergoing left-sided colectomy were enrolled in this pilot study. Smoke was produced by the use of LigaSuretrade mark. Samples (5,5l) were evacuated from the pneumoperitoneum in a closed system into a reservoir. Analysis was performed with CO2-laser-based photoacoustic spectroscopy and confirmed by a Fourier-transform infrared spectrum. The detected spectra were compared to the available spectra of known toxins. RESULTS: Samples from four laparoscopic sigmoid resections were analyzed. No relevant differences were noted regarding patient and operation characteristics. The gas samples were stable over time proven by congruent control measurements as late as 24 h after sampling. The absorption spectra differed considerably between the patients. One broad absorption line at 100 ppm indicating H2O and several unknown molecules were detected. With a sensitivity of alpha min ca 10-5 cm-1 no known toxic substances like phenol or indole were identified. CONCLUSION: The use of a vessel sealing device during laparoscopic surgery does not produce known toxic substances in relevant quantity. Further studies are needed to identify unknown molecules and to analyze gas emission under various conditions

Self-organized transition to coherent activity in disordered media

Synchronized oscillations are of critical functional importance in many biological systems. We show that such oscillations can arise without centralized coordination in a disordered system of electrically coupled excitable and passive cells. Increasing the coupling strength results in waves that lead to coherent periodic activity, exhibiting cluster, local and global synchronization under different conditions. Our results may explain the self-organized transition in a pregnant uterus from transient, localized activity initially to system-wide coherent excitations just before delivery.Comment: 5 pages, 4 figure