Asset delegation, career concerns and trade volume

The paper analyzes the e¤ects of career concerns of portfolio managers on their incentives to trade in a order-driven market. We show that career concerns lead portfolio managers to trade even whithout valuable informa- tion, and hence even when they expect a negative return from trading. We then analyze how managers reacts to changes in asset volatility and .nd that uninformed managers facing career concerns trade larger quantities as asset riskiness increases. As a testable empirical implication, the model predicts that increasing levels of institutional ownership in .nancial markets lead to higher trading volumes that are positively correlated with asset volatility

A simplified method for thermal analysis of a cowl leading edge subject to intense local shock-wave-interference heating

Type IV shock wave interference heating on a blunt body causes extremely intense heating over a very localized region of the body. An analytical solution is presented to a heat transfer problem that approximates the shock wave interference heating of an engine cowl leading edge of the National Aero-Space Plane. The problem uses a simplified geometry to represent the leading edge. An analytical solution is developed that provides a means for approximating maximum temperature differences between the outer and inner surface temperatures of the leading edge. The solution is computationally efficient and, as a result, is well suited for conceptual and preliminary design or trade studies. Transient and steady state analyses are conducted, and results obtained from the analytical solution are compared with results of 2-D thermal finite element analyses over a wide range of design parameters. Isotropic materials as well as laminated composite materials are studied. Results of parametric studies are presented to indicate the effects of the thickness of the cowl leading edge and the width of the region heated by the shock wave interference on the thermal response of the leading edge

Operational modules for space station construction

Identification of an effective space construction concept is a current objective of NASA studies. One concept, described in this memorandum, consists of repetitive use of operational modules, which minimizes on-orbit stay time for the shuttle. A space station constructed of operational modules may benefit from fabrication and system checkout in ground-based facilities, and since the modules are the primary structure of the space station, a minimum of additional structure, and trips and on-orbit stay time of the shuttle are required

Uncertainty quantification for mineral precipitation and dissolution in fractured porous media

In this work we present an uncertainty quantification analysis to determine the influence and importance of some physical parameters in a reactive transport model in fractured porous media. An accurate description of flow and transport in the fractures is key to obtain reliable simulations, however, fractures geometry and physical characteristics pose several challenges from both the modeling and implementation side. We adopt a mixed-dimensional approximation, where fractures and their intersections are represented as objects of lower dimension. To simplify the presentation, we consider only two chemical species: one solute, transported by water, and one precipitate attached to the solid skeleton. A global sensitivity analysis to uncertain input data is performed exploiting the Polynomial Chaos expansion along with spectral projection methods on sparse grids

Dynamic Smagorinsky model on anisotropic grids

Large Eddy Simulation (LES) of complex-geometry flows often involves highly anisotropic meshes. To examine the performance of the dynamic Smagorinsky model in a controlled fashion on such grids, simulations of forced isotropic turbulence are performed using highly anisotropic discretizations. The resulting model coefficients are compared with a theoretical prediction (Scotti et al., 1993). Two extreme cases are considered: pancake-like grids, for which two directions are poorly resolved compared to the third, and pencil-like grids, where one direction is poorly resolved when compared to the other two. For pancake-like grids the dynamic model yields the results expected from the theory (increasing coefficient with increasing aspect ratio), whereas for pencil-like grids the dynamic model does not agree with the theoretical prediction (with detrimental effects only on smallest resolved scales). A possible explanation of the departure is attempted, and it is shown that the problem may be circumvented by using an isotropic test-filter at larger scales. Overall, all models considered give good large-scale results, confirming the general robustness of the dynamic and eddy-viscosity models. But in all cases, the predictions were poor for scales smaller than that of the worst resolved direction

Time-resolved photoluminescence of n-doped SrTiO_3

Following the recent surge of interest in n-doped strontium titanate as a possible blue light emitter, a time-resolved photoluminescence analysis was performed on nominally pure, Nb-doped and oxygen-deficient single-crystal SrTiO3 samples. The doping-effects on both the electronic states involved in the transition and the decay mechanism are respectively analyzed by comparing the spectral and dynamic features and the yields of the emission. Our time-resolved analysis, besides shedding some light on the basic recombination mechanisms acting in these materials, sets the intrinsic bandwidth limit of the proposed blue light emitting optoelectronic devices made of Ti-based perovskites heterostructures in the GHz range

Discovery of near-Earth asteroids by CCD scanning

The found near-Earth asteroid are different objects with peculiar orbits. With the new technique of CCD scanning we entered the domain of the smallest, the fastest, and the closest near-Earth asteroids. The results are presented

Response of human engineered cartilage based on articular or nasal chondrocytes to interleukin-1? and low oxygen

Previous studies showed that human nasal chondrocytes (HNC) exhibit higher proliferation and chondrogenic capacity as compared to human articular chondrocytes (HAC). To consider HNC as a relevant alternative cell source for the repair of articular cartilage defects it is necessary to test how these cells react when exposed to environmental factors typical of an injured joint. We thus aimed this study at investigating the responses of HNC and HAC to exposure to interleukin (IL)-1? and low oxygen. For this purpose HAC and HNC harvested from the same donors (N=5) were expanded in vitro and then cultured in pellets or collagen-based scaffolds at standard (19%) or low oxygen (5%) conditions. Resulting tissues were analyzed after a short (3 days) exposure to IL-1?, mimicking the initially inflammatory implantation site, or following a recovery time (1 or 2 weeks for pellets and scaffolds, respectively). After IL-1? treatment, constructs generated by both HAC and HNC displayed a transient loss of GAG (up to 21.8% and 36.8%, respectively) and, consistently, an increased production of metalloproteases (MMP)-1 and -13. Collagen type II and the cryptic fragment of aggrecan (DIPEN), both evaluated immunohistochemically, displayed a trend consistent with GAG and MMPs production. HNC-based constructs exhibited a more efficient recovery upon IL-1? withdrawal, resulting in a higher accumulation of GAG (up to 2.6-fold) compared to the corresponding HAC-based tissues. On the other hand, HAC displayed a positive response to low oxygen culture, while HNC were only slightly affected by oxygen percentage. Collectively, under the conditions tested mimicking the postsurgery articular environment, HNC retained a tissue-forming capacity, similar or even better than HAC. These results represent a step forward in validating HNC as a cell source for cartilage tissue engineering strategies