Outside and Inside Liquidity

We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and consumption. This liquidity demand can be met with either cash reserves (inside liquidity) or via asset sales for cash (outside liquidity). The question we address is, what determines the mix of inside and outside liquidity in equilibrium? An important source of inefficiency in our model is the presence of asymmetric information about asset values, which increases the longer a liquidity trade is delayed. We establish existence of an immediate-trading equilibrium, in which asset trading occurs in anticipation of a liquidity shock, and sometimes also of a delayed-trading equilibrium, in which assets are traded in response to a liquidity shock. We show that, when it exists, the delayed-trading equilibrium is Pareto superior to the immediate-trading equilibrium, despite the presence of adverse selection. However, the presence of adverse selection may inefficiently accelerate asset liquidation. We also show that the delayed-trading equilibrium features more outside liquidity than the immediate-trading equilibrium although it is supplied in the presence of adverse selection. Finally, long term contracts do not always dominate the market provision of liquidity.

Novel Bayesian Networks for Genomic Prediction of Developmental Traits in Biomass Sorghum.

The ability to connect genetic information between traits over time allow Bayesian networks to offer a powerful probabilistic framework to construct genomic prediction models. In this study, we phenotyped a diversity panel of 869 biomass sorghum (Sorghum bicolor (L.) Moench) lines, which had been genotyped with 100,435 SNP markers, for plant height (PH) with biweekly measurements from 30 to 120 days after planting (DAP) and for end-of-season dry biomass yield (DBY) in four environments. We evaluated five genomic prediction models: Bayesian network (BN), Pleiotropic Bayesian network (PBN), Dynamic Bayesian network (DBN), multi-trait GBLUP (MTr-GBLUP), and multi-time GBLUP (MTi-GBLUP) models. In fivefold cross-validation, prediction accuracies ranged from 0.46 (PBN) to 0.49 (MTr-GBLUP) for DBY and from 0.47 (DBN, DAP120) to 0.75 (MTi-GBLUP, DAP60) for PH. Forward-chaining cross-validation further improved prediction accuracies of the DBN, MTi-GBLUP and MTr-GBLUP models for PH (training slice: 30-45 DAP) by 36.4-52.4% relative to the BN and PBN models. Coincidence indices (target: biomass, secondary: PH) and a coincidence index based on lines (PH time series) showed that the ranking of lines by PH changed minimally after 45 DAP. These results suggest a two-level indirect selection method for PH at harvest (first-level target trait) and DBY (second-level target trait) could be conducted earlier in the season based on ranking of lines by PH at 45 DAP (secondary trait). With the advance of high-throughput phenotyping technologies, our proposed two-level indirect selection framework could be valuable for enhancing genetic gain per unit of time when selecting on developmental traits

Amine-modified hyaluronic acid-functionalized porous silicon nanoparticles for targeting breast cancer tumors

Peer reviewe

Reionization: Characteristic Scales, Topology and Observability

Recently the numerical simulations of the process of reionization of the universe at z>6 have made a qualitative leap forward, reaching sufficient sizes and dynamic range to determine the characteristic scales of this process. This allowed making the first realistic predictions for a variety of observational signatures. We discuss recent results from large-scale radiative transfer and structure formation simulations on the observability of high-redshift Ly-alpha sources. We also briefly discuss the dependence of the characteristic scales and topology of the ionized and neutral patches on the reionization parameters.Comment: 4 pages, 5 figures (4 in color), to appear in Astronomy and Space Science special issue "Space Astronomy: The UV window to the Universe", proceedings of 1st NUVA Conference ``Space Astronomy: The UV window to the Universe'' in El Escorial (Spain

A High Spatial Resolution Mid-Infrared Spectroscopic Study of the Nuclei and Star-Forming Regions in Luminous Infrared Galaxies

We present a high spatial (diffraction-limited) resolution (~0.3") mid-infrared (MIR) spectroscopic study of the nuclei and star-forming regions of 4 local luminous infrared galaxies (LIRGs) using T-ReCS on the Gemini South telescope. We investigate the spatial variations of the features seen in the N-band spectra of LIRGs on scales of ~100 pc, which allow us to separate the AGN emission from that of the star formation (SF). We compare our Gemini T-ReCS nuclear and integrated spectra of LIRGs with those obtained with Spitzer IRS. The 9.7um silicate absorption feature is weaker in the nuclei of the LIRGs than in the surrounding regions. This is probably due to the either clumpy or compact environment of the central AGN or young, nuclear starburst. We find that the [NeII] luminosity surface density is tightly and directly correlated with that of Pa-alpha for the LIRG star-forming regions (slope of 1.00+-0.02). Although the 11.3um PAH feature shows also a trend with Pa-alpha, this is not common for all the regions. We also find that the [NeII]\Pa-alpha ratio does not depend on the Pa-alpha equivalent width (EW), i.e., on the age of the ionizing stellar populations, suggesting that, on the scales probed here, the [NeII] emission line is a good tracer of the SF activity in LIRGs. On the other hand, the 11.3um PAH\Pa-alpha ratio increases for smaller values of the Pa-alpha EW (increasing ages), indicating that the 11.3um PAH feature can also be excited by older stars than those responsible for the Pa-alpha emission. Additional high spatial resolution observations are essential to investigate, in a statistical way, the star formation in local LIRGs at the smallest scales and to probe ultimately whether they share the same physical properties as high-z LIRGs, ULIRGs and submillimiter galaxies.Comment: 23 pages (apjstyle), 19 figures, accepted for publicacion in Ap

Global ecological predictors of the soil priming effect.

Identifying the global drivers of soil priming is essential to understanding C cycling in terrestrial ecosystems. We conducted a survey of soils across 86 globally-distributed locations, spanning a wide range of climates, biotic communities, and soil conditions, and evaluated the apparent soil priming effect using 13C-glucose labeling. Here we show that the magnitude of the positive apparent priming effect (increase in CO2 release through accelerated microbial biomass turnover) was negatively associated with SOC content and microbial respiration rates. Our statistical modeling suggests that apparent priming effects tend to be negative in more mesic sites associated with higher SOC contents. In contrast, a single-input of labile C causes positive apparent priming effects in more arid locations with low SOC contents. Our results provide solid evidence that SOC content plays a critical role in regulating apparent priming effects, with important implications for the improvement of C cycling models under global change scenarios

Maize Leaf Appearance Rates: A Synthesis From the United States Corn Belt

The relationship between collared leaf number and growing degree days (GDD) is crucial for predicting maize phenology. Biophysical crop models convert GDD accumulation to leaf numbers by using a constant parameter termed phyllochron (°C-day leaf−1) or leaf appearance rate (LAR; leaf oC-day−1). However, such important parameter values are rarely estimated for modern maize hybrids. To fill this gap, we sourced and analyzed experimental datasets from the United States Corn Belt with the objective to (i) determine phyllochron values for two types of models: linear (1-parameter) and bilinear (3-parameters; phase I and II phyllochron, and transition point) and (ii) explore whether environmental factors such as photoperiod and radiation, and physiological variables such as plant growth rate can explain variability in phyllochron and improve predictability of maize phenology. The datasets included different locations (latitudes between 48° N and 41° N), years (2009–2019), hybrids, and management settings. Results indicated that the bilinear model represented the leaf number vs. GDD relationship more accurately than the linear model (R2 = 0.99 vs. 0.95, n = 4,694). Across datasets, first phase phyllochron, transition leaf number, and second phase phyllochron averaged 57.9 ± 7.5°C-day, 9.8 ± 1.2 leaves, and 30.9 ± 5.7°C-day, respectively. Correlation analysis revealed that radiation from the V3 to the V9 developmental stages had a positive relationship with phyllochron (r = 0.69), while photoperiod was positively related to days to flowering or total leaf number (r = 0.89). Additionally, a positive nonlinear relationship between maize LAR and plant growth rate was found. Present findings provide important parameter values for calibration and optimization of maize crop models in the United States Corn Belt, as well as new insights to enhance mechanisms in crop models

Disruption of the inositol phosphorylceramide synthase gene affects Trypanosoma cruzi differentiation and infection capacity

Sphingolipids (SLs) are essential components of all eukaryotic cellular membranes. In fungi, plants and many protozoa, the primary SL is inositol-phosphorylceramide (IPC). Trypanosoma cruzi is a protozoan parasite that causes Chagas disease (CD), a chronic illness for which no vaccines or effective treatments are available. IPC synthase (IPCS) has been considered an ideal target enzyme for drug development because phosphoinositol-containing SL is absent in mammalian cells and the enzyme activity has been described in all parasite forms of T. cruzi. Furthermore, IPCS is an integral membrane protein conserved amongst other kinetoplastids, including Leishmania major, for which specific inhibitors have been identified. Using a CRISPR-Cas9 protocol, we generated T. cruzi knockout (KO) mutants in which both alleles of the IPCS gene were disrupted. We demonstrated that the lack of IPCS activity does not affect epimastigote proliferation or its susceptibility to compounds that have been identified as inhibitors of the L. major IPCS. However, disruption of the T. cruzi IPCS gene negatively affected epimastigote differentiation into metacyclic trypomastigotes as well as proliferation of intracellular amastigotes and differentiation of amastigotes into tissue culture-derived trypomastigotes. In accordance with previous studies suggesting that IPC is a membrane component essential for parasite survival in the mammalian host, we showed that T. cruzi IPCS null mutants are unable to establish an infection in vivo, even in immune deficient mice