The Classification and Market Pricing of the Cash Flows and Accruals on Trading Positions

We investigate whether the market prices the change in net trading assets as an operating or non-operating activity or some mixture of the two, and whether this market pricing is consistent with the (fundamental) association of the change in net trading assets with future cash flows from operations. Our investigation is motivated by the observation that – despite the classification of the cash flows on trading positions as operating under FAS 102 – trading is economically a hybrid operating/non-operating activity. Reflecting this hybrid nature, we hypothesize and find that the change in net trading assets has a less positive association with returns and future CFO than do the pure operating components of cash flows and accruals, and that it has a more positive association with returns and future CFO than do the pure non-operating components of cash flows. To the best of our knowledge, our paper is the first to propose and test hypotheses about the valuation implications of such hybrid cash flows and accruals

Spin dynamics near a putative antiferromagnetic quantum critical point in Cu substituted BaFe2_2As2_2 and its relation to high-temperature superconductivity

We present the results of elastic and inelastic neutron scattering measurements on non-superconducting Ba(Fe${_{0.957}}$Cu${_{0.043}}$)${_2}$As${_2}$, a composition close to a quantum critical point between AFM ordered and paramagnetic phases. By comparing these results with the spin fluctuations in the low Cu composition as well as the parent compound BaFe$_2$As$_2$ and superconducting Ba(Fe$_{1-x}$Ni$_x$)$_2$As$_2$ compounds, we demonstrate that paramagnon-like spin fluctuations are evident in the antiferromagnetically ordered state of Ba(Fe$_{0.957}$Cu$_{0.043}$)$_2$As$_2$, which is distinct from the AFM-like spin fluctuations in the superconducting compounds. Our observations suggest that Cu substitution decouples the interaction between quasiparticles and the spin fluctuations. We also show that the spin-spin correlation length, ${\xi(T)}$, increases rapidly as the temperature is lowered and find ${\omega/T}$ scaling behavior, the hallmark of quantum criticality, at an antiferromagnetic quantum critical point.Comment: 10 pages, 7 figure

Loose Groups of Galaxies in the Las Campanas Redshift Survey

A ``friends-of-friends'' percolation algorithm has been used to extract a catalogue of dn/n = 80 density enhancements (groups) from the six slices of the Las Campanas Redshift Survey (LCRS). The full catalogue contains 1495 groups and includes 35% of the LCRS galaxy sample. A clean sample of 394 groups has been derived by culling groups from the full sample which either are too close to a slice edge, have a crossing time greater than a Hubble time, have a corrected velocity dispersion of zero, or contain a 55-arcsec ``orphan'' (a galaxy with a mock redshift which was excluded from the original LCRS redshift catalogue due to its proximity to another galaxy -- i.e., within 55 arcsec). Median properties derived from the clean sample include: line-of-sight velocity dispersion sigma_los = 164km/s, crossing time t_cr = 0.10/H_0, harmonic radius R_h = 0.58/h Mpc, pairwise separation R_p = 0.64/h Mpc, virial mass M_vir = (1.90x10^13)/h M_sun, total group R-band luminosity L_tot = (1.30x10^11)/h^2 L_sun, and R-band mass-to-light ratio M/L = 171h M_sun/L_sun; the median number of observed members in a group is 3.Comment: 32 pages of text, 27 figures, 7 tables. Figures 1, 4, 6, 7, and 8 are in gif format. Tables 1 and 3 are in plain ASCII format (in paper source) and are also available at http://www-sdss.fnal.gov:8000/~dtucker/LCLG . Accepted for publication in the September 2000 issue of ApJ

Exploration of Antiferromagnetic CoO and NiO using Reverse Monte Carlo Total Neutron Scattering Refinement

The atomic and magnetic structures of CoO and NiO have been probed using reverse Monte Carlo refinements of neutron total scattering data. The results obtained show that the known magnetic structure for NiO can be recovered by the reverse Monte Carlo process starting from random spin configurations, but it is insensitive to the spin direction in the {111} ferromagnetic planes. Refinements of the magnetic structure of CoO starting from random spin configurations result in collinear or non-collinear magnetic structure, consistent with those reported by other techniques. Starting from an ordered collinear spin structure for CoO and NiO leads to different results than when starting from a random arrangement of spins, evidence for configurational bias that highlights the need to take care when selecting a starting model for reverse Monte Carlo refinements of magnetic structures

The Classification and Market Pricing of the Cash Flows and Accruals on Trading Positions

We investigate whether the market prices the change in net trading assets as an operating or non-operating activity or some mixture of the two, and whether this market pricing is consistent with the (fundamental) association of the change in net trading assets with future cash flows from operations. Our investigation is motivated by the observation that – despite the classification of the cash flows on trading positions as operating under FAS 102 – trading is economically a hybrid operating/non-operating activity. Reflecting this hybrid nature, we hypothesize and find that the change in net trading assets has a less positive association with returns and future CFO than do the pure operating components of cash flows and accruals, and that it has a more positive association with returns and future CFO than do the pure non-operating components of cash flows. To the best of our knowledge, our paper is the first to propose and test hypotheses about the valuation implications of such hybrid cash flows and accruals

Cation composition effects on oxide conductivity in the Zr_2Y_2O_7-Y_3NbO_7 system

Realistic, first-principles-based interatomic potentials have been used in molecular dynamics simulations to study the effect of cation composition on the ionic conductivity in the Zr2Y2O7-Y3NbO7 system and to link the dynamical properties to the degree of lattice disorder. Across the composition range, this system retains a disordered fluorite crystal structure and the vacancy concentration is constant. The observed trends of decreasing conductivity and increasing disorder with increasing Nb5+ content were reproduced in simulations with the cations randomly assigned to positions on the cation sublattice. The trends were traced to the influences of the cation charges and relative sizes and their effect on vacancy ordering by carrying out additional calculations in which, for example, the charges of the cations were equalised. The simulations did not, however, reproduce all the observed properties, particularly for Y3NbO7. Its conductivity was significantly overestimated and prominent diffuse scattering features observed in small area electron diffraction studies were not always reproduced. Consideration of these deficiencies led to a preliminary attempt to characterise the consequence of partially ordering the cations on their lattice, which significantly affects the propensity for vacancy ordering. The extent and consequences of cation ordering seem to be much less pronounced on the Zr2Y2O7 side of the composition range.Comment: 22 pages, 8 figures, submitted to Journal of Physics: Condensed Matte

Succession of physiological stages hallmarks the transcriptomic response of the fungus Aspergillus niger to lignocellulose.

BackgroundUnderstanding how fungi degrade lignocellulose is a cornerstone of improving renewables-based biotechnology, in particular for the production of hydrolytic enzymes. Considerable progress has been made in investigating fungal degradation during time-points where CAZyme expression peaks. However, a robust understanding of the fungal survival strategies over its life time on lignocellulose is thereby missed. Here we aimed to uncover the physiological responses of the biotechnological workhorse and enzyme producer Aspergillus niger over its life time to six substrates important for biofuel production.ResultsWe analysed the response of A. niger to the feedstock Miscanthus and compared it with our previous study on wheat straw, alone or in combination with hydrothermal or ionic liquid feedstock pretreatments. Conserved (substrate-independent) metabolic responses as well as those affected by pretreatment and feedstock were identified via multivariate analysis of genome-wide transcriptomics combined with targeted transcript and protein analyses and mapping to a metabolic model. Initial exposure to all substrates increased fatty acid beta-oxidation and lipid metabolism transcripts. In a strain carrying a deletion of the ortholog of the Aspergillus nidulans fatty acid beta-oxidation transcriptional regulator farA, there was a reduction in expression of selected lignocellulose degradative CAZyme-encoding genes suggesting that beta-oxidation contributes to adaptation to lignocellulose. Mannan degradation expression was wheat straw feedstock-dependent and pectin degradation was higher on the untreated substrates. In the later life stages, known and novel secondary metabolite gene clusters were activated, which are of high interest due to their potential to synthesize bioactive compounds.ConclusionIn this study, which includes the first transcriptional response of Aspergilli to Miscanthus, we highlighted that life time as well as substrate composition and structure (via variations in pretreatment and feedstock) influence the fungal responses to lignocellulose. We also demonstrated that the fungal response contains physiological stages that are conserved across substrates and are typically found outside of the conditions with high CAZyme expression, as exemplified by the stages that are dominated by lipid and secondary metabolism

Complete Genome Sequence and Comparative Metabolic Profiling of the Prototypical Enteroaggregative Escherichia coli Strain 042

Background \ud Escherichia coli can experience a multifaceted life, in some cases acting as a commensal while in other cases causing intestinal and/or extraintestinal disease. Several studies suggest enteroaggregative E. coli are the predominant cause of E. coli-mediated diarrhea in the developed world and are second only to Campylobacter sp. as a cause of bacterial-mediated diarrhea. Furthermore, enteroaggregative E. coli are a predominant cause of persistent diarrhea in the developing world where infection has been associated with malnourishment and growth retardation. \ud \ud Methods \ud In this study we determined the complete genomic sequence of E. coli 042, the prototypical member of the enteroaggregative E. coli, which has been shown to cause disease in volunteer studies. We performed genomic and phylogenetic comparisons with other E. coli strains revealing previously uncharacterised virulence factors including a variety of secreted proteins and a capsular polysaccharide biosynthetic locus. In addition, by using Biolog™ Phenotype Microarrays we have provided a full metabolic profiling of E. coli 042 and the non-pathogenic lab strain E. coli K-12. We have highlighted the genetic basis for many of the metabolic differences between E. coli 042 and E. coli K-12. \ud \ud Conclusion \ud This study provides a genetic context for the vast amount of experimental and epidemiological data published thus far and provides a template for future diagnostic and intervention strategies

Identification of dfrA14 in two distinct plasmids conferring trimethoprim resistance in Actinobacillus pleuropneumoniae

OBJECTIVES: The objective of this study was to determine the distribution and genetic basis of trimethoprim resistance in Actinobacillus pleuropneumoniae isolates from pigs in England. METHODS: Clinical isolates collected between 1998 and 2011 were tested for resistance to trimethoprim and sulphonamide. The genetic basis of trimethoprim resistance was determined by shotgun WGS analysis and the subsequent isolation and sequencing of plasmids. RESULTS: A total of 16 (out of 106) A. pleuropneumoniae isolates were resistant to both trimethoprim (MIC >32 mg/L) and sulfisoxazole (MIC ≥256 mg/L), and a further 32 were resistant only to sulfisoxazole (MIC ≥256 mg/L). Genome sequence data for the trimethoprim-resistant isolates revealed the presence of the dfrA14 dihydrofolate reductase gene. The distribution of plasmid sequences in multiple contigs suggested the presence of two distinct dfrA14-containing plasmids in different isolates, which was confirmed by plasmid isolation and sequencing. Both plasmids encoded mobilization genes, the sulphonamide resistance gene sul2, as well as dfrA14 inserted into strA, a streptomycin-resistance-associated gene, although the gene order differed between the two plasmids. One of the plasmids further encoded the strB streptomycin-resistance-associated gene. CONCLUSIONS: This is the first description of mobilizable plasmids conferring trimethoprim resistance in A. pleuropneumoniae and, to our knowledge, the first report of dfrA14 in any member of the Pasteurellaceae. The identification of dfrA14 conferring trimethoprim resistance in A. pleuropneumoniae isolates will facilitate PCR screens for resistance to this important antimicrobial