Capital Gains Realizations of the Rich and Sophisticated

This paper attempts to bring theoretical and empirical research on capital gains realization behavior closer together by considering whether investors who appear to engage more in strategic tax avoidance activity also respond differently to tax rates. We find that such investors exhibit significantly smaller responses to permanent tax rate changes than other investors. Put another way, a larger part of their response to capital gains tax rates reflects timing, consistent with their closer adherence to tax avoidance strategies emphasizing arbitrage based on tax rate differentials. This finding holds for two alternative specifications of realization behavior, one of which suggests larger permanent responses to capital gains tax rates than those of previous panel studies.

Sharp Convergence Rates for Matching Pursuit

We study the fundamental limits of matching pursuit, or the pure greedy algorithm, for approximating a target function by a sparse linear combination of elements from a dictionary. When the target function is contained in the variation space corresponding to the dictionary, many impressive works over the past few decades have obtained upper and lower bounds on the error of matching pursuit, but they do not match. The main contribution of this paper is to close this gap and obtain a sharp characterization of the decay rate of matching pursuit. Specifically, we construct a worst case dictionary which shows that the existing best upper bound cannot be significantly improved. It turns out that, unlike other greedy algorithm variants, the converge rate is suboptimal and is determined by the solution to a certain non-linear equation. This enables us to conclude that any amount of shrinkage improves matching pursuit in the worst case

Extensible Structure-Informed Prediction of Formation Energy with Improved Accuracy and Usability employing Neural Networks

In the present paper, we introduce a new neural network-based tool for the prediction of formation energies of atomic structures based on elemental and structural features of Voronoi-tessellated materials. We provide a concise overview of the connection between the machine learning and the true material-property relationship, how to improve the generalization accuracy by reducing overfitting, and how new data can be incorporated into the model to tune it to a specific material system. The present work resulted in three final models optimized for (1) highest test accuracy on the Open Quantum Materials Database (OQMD), (2) performance in the discovery of new materials, and (3) performance at a low computational cost. On a test set of 21,800 compounds randomly selected from OQMD, they achieve a mean average error (MAE) of 28, 40, and 42 meV/atom, respectively. The second model provides better predictions on materials far from ones reported in OQMD, while the third reduces the computational cost by a factor of 8. We collect our results in a new open-source tool called SIPFENN (Structure-Informed Prediction of Formation Energy using Neural Networks). SIPFENN not only improves the accuracy beyond existing models but also ships in a ready-to-use form with pre-trained neural networks and a GUI interface. By virtue of this, it can be included in DFT calculations routines at nearly no cost

The Relation Between White Matter Microstructure and Network Complexity: Implications for Processing Efficiency

Brain structure has been proposed to facilitate as well as constrain functional interactions within brain networks. Simulation models suggest that integrity of white matter (WM) microstructure should be positively related to the complexity of BOLD signal – a measure of network interactions. Using 121 young adults from the Human Connectome Project, we empirically tested whether greater WM integrity would be associated with greater complexity of the BOLD signal during rest via multiscale entropy. Multiscale entropy measures the lack of predictability within a given time series across varying time scales, thus being able to estimate fluctuating signal dynamics within brain networks. Using multivariate analysis techniques (Partial Least Squares), we found that greater WM integrity was associated with greater network complexity at fast time scales, but less network complexity at slower time scales. These findings implicate two separate pathways through which WM integrity affects brain function in the prefrontal cortex – an executive-prefrontal pathway and a perceptuo-occipital pathway. In two additional samples, the main patterns of WM and network complexity were replicated. These findings support simulation models of WM integrity and network complexity and provide new insights into brain structure-function relationships

"Antiscepticism and Easy Justification" - Ch 5 of Seemings and Epistemic Justification

In this chapter I investigate epistemological consequences of the fact that seeming-based justification is elusive, in the sense that the subject can lose this justification simply by reflecting on her seemings. I argue that since seeming-based justification is elusive, the antisceptical bite of phenomenal conservatism is importantly limited. I also contend that since seeming-based justification has this feature, phenomenal conservatism isn’t actually afflicted by easy justification problems

Outbursts of EX Hydrae: mass-transfer events or disc instabilities?

We present the 45-yr record of EX Hya's lightcurve and discuss the characteristics of its 15 observed outbursts. We then concentrate on the 1998 outburst, reporting the first outburst X-ray observations. We discover an X-ray beat-cycle modulation, indicating that an enhanced accretion stream couples directly with the magnetosphere in outburst, confirming our previous prediction. Optical eclipse profiles late in outburst show that the visible light is dominated by an enhanced mass-transfer stream overflowing the accretion disc. We are uncertain whether the enhanced mass transfer is triggered by a disc instability, or by some other cause. While in outburst, EX Hya shows some of the characteristics of SW Sex stars.Comment: To appear in MNRAS (8 pages; 9 figs

Rational Design of Combination Enzyme Therapy for Celiac Sprue

SummaryCeliac sprue (also known as celiac disease) is an inheritable, gluten-induced enteropathy of the upper small intestine with an estimated prevalence of 0.5%–1% in most parts of the world. The ubiquitous nature of food gluten, coupled with inadequate labeling regulations in most countries, constantly poses a threat of disease exacerbation and relapse for patients. Here, we demonstrate that a two-enzyme cocktail comprised of a glutamine-specific cysteine protease (EP-B2) that functions under gastric conditions and a PEP, which acts in concert with pancreatic proteases under duodenal conditions, is a particularly potent candidate for celiac sprue therapy. At a gluten:EP-B2:PEP weight ratio of 75:3:1, grocery store gluten is fully detoxified within 10 min of simulated duodenal conditions, as judged by chromatographic analysis, biopsy-derived T cell proliferation assays, and a commercial antigluten antibody test

Hypophosphatemia after high-dose iron repletion with ferric carboxymaltose and ferric derisomaltose-the randomized controlled HOMe aFers study

Background In patients with iron deficiency anemia, ferric carboxymaltose (FCM) and ferric derisomaltose (FDI) allow high-dose iron repletion. While FCM is reported to induce hypophosphatemia, the frequency of hypophosphatemia after an equivalent dosage of FDI had not been assessed prospectively. Methods In the prospective, single-center, double-blind HOMe aFers study, 26 women with iron deficiency anemia (hemoglobin < 12 g/dL plus either plasma ferritin ≤ 100 ng/mL or a plasma ferritin ≤ 300 ng/mL and transferrin saturation (TSAT) ≤ 30%) were randomized to a single intravenous infusion of 20 mg/kg body weight (up to a maximum of 1000 mg) FCM or FDI. The primary endpoint was the incidence of hypophosphatemia (plasma phosphorus levels < 2.0 mg/dL at day 1, day 7 ± 2, and/or day 35 ± 2 after the infusion). In order to investigate potential skeletal and cardiovascular implications, we assessed changes in other components of mineral and bone metabolism, left ventricular function, and arrhythmias. Results Hypophosphatemia occurred more frequently in women treated with FCM (9 out of 12 [75%]) than in those treated with FDI (1 out of 13 [8%]; p = 0.001). Within 24 h after iron supplementation, women in the FCM group had significant higher plasma intact FGF23 (p < 0.001) and lower plasma 1.25-dihydroxyvitamin D (p < 0.001). As an indicator of urinary phosphorus losses, urinary fractional phosphorus excretion was higher in the FCM group (p = 0.021 at day 7 ± 2 after iron supplementation). We did not observe differences in skeletal and cardiovascular markers, potentially because of the limited number of participants. Conclusions While both FCM and FDI provide efficient iron repletion in participants with iron deficiency anemia, FCM induced hypophosphatemia more often than FDI. Trial registration Clinical Trials.gov NCT02905539. Registered on 8 September 2016. 2015-004808-36 (EudraCT Number) U1111-1176-4563 (WHO Universal Trial Number) DRKS00010766 (Deutsches Register Klinischer Studien