"Liquidity, Uncertainty, and the Declining Predictive Power of the Paper-bill Spread"

This paper addresses two questions. First, what causes the paper-bill spread to vary over time in anticipation of income fluctuations’? Second, why has the predictive power of the spread declined in recent years? Consistent with previous empirical work, the paper provides evidence for the default-risk, monetary, and cash-flow hypotheses. Moreover, new evidence is provided for the liquidity hypothesis by showing that uncertainty has a strong impact on the paper-bill spread. This finding holds for two different approaches used to measure uncertainty - financial market volatility and forecaster discord - and for uncertainty about five different variables: the federal funds rate, the Treasury bill rate, the long-term corporate bond rate, stock returns, and industrial production. Using a Kalman filter to recursively estimate the reduced-form model for the paper-bill spread, the paper shows that the impact of monetary policy and uncertainty on the spread declined during the 1980s, while the impact of default risk increased. These findings are explained by two financial market developments occurring during the 1980s: 1) the rapid growth in the volume and liquidity of the commercial paper market, and 2) increased financial fragility of commercial paper issuers.

High-Resolution Chandra X-Ray Imaging And Spectroscopy Of The Sigma Orionis Cluster

We present results of a 90 ks Chandra X-ray observation of the young sigma Orionis cluster ( age similar to 3 Myr) obtained with the HETGS. We use the high-resolution grating spectrum and moderate-resolution CCD spectrum of the massive central star sigma Ori AB (O9.5 V + B0.5 V) to test wind shock theories of X-ray emission and also analyze the high spatial resolution zero-order ACIS-S image of the central cluster region. Chandra detected 42 X-ray sources on the primary CCD (ACIS-S3). All but five have near-IR or optical counterparts and about one-fourth are variable. Notable high-mass stellar detections are sigma Ori AB, the magnetic B star sigma Ori E, and the B5 V binary HD 37525. Most of the other detections have properties consistent with lower mass K- or M-type stars. We present the first X-ray spectrum of the unusual infrared source IRS 1, located approximate to 3 \u27\u27 north of sigma Ori AB. Its X-ray properties and elongated mid-IR morphology suggest that it is an embedded low-mass T Tauri star whose disk/envelope is being photoevaporated by sigma Ori AB. We focus on the radiative wind shock interpretation of the soft luminous X-ray emission from sigma Ori AB, but also consider possible alternatives including magnetically confined wind shocks and colliding wind shocks. Its emission lines show no significant asymmetries or centroid shifts and are moderately broadened to HWHM approximate to 264 km s(-1), or one-fourth the terminal wind speed. Forbidden lines in He-like ions are formally undetected, implying strong UV suppression. The Mg XI triplet forms in the wind acceleration zone within one stellar radius above the surface. These X-ray properties are consistent in several respects with the predictions of radiative wind shock theory for an optically thin wind, but explaining the narrow line widths presents a challenge to the theory

The Seventh Data Release of the Sloan Digital Sky Survey

This paper describes the Seventh Data Release of the Sloan Digital Sky Survey (SDSS), marking the completion of the original goals of the SDSS and the end of the phase known as SDSS-II. It includes 11663 deg^2 of imaging data, with most of the roughly 2000 deg^2 increment over the previous data release lying in regions of low Galactic latitude. The catalog contains five-band photometry for 357 million distinct objects. The survey also includes repeat photometry over 250 deg^2 along the Celestial Equator in the Southern Galactic Cap. A coaddition of these data goes roughly two magnitudes fainter than the main survey. The spectroscopy is now complete over a contiguous area of 7500 deg^2 in the Northern Galactic Cap, closing the gap that was present in previous data releases. There are over 1.6 million spectra in total, including 930,000 galaxies, 120,000 quasars, and 460,000 stars. The data release includes improved stellar photometry at low Galactic latitude. The astrometry has all been recalibrated with the second version of the USNO CCD Astrograph Catalog (UCAC-2), reducing the rms statistical errors at the bright end to 45 milli-arcseconds per coordinate. A systematic error in bright galaxy photometr is less severe than previously reported for the majority of galaxies. Finally, we describe a series of improvements to the spectroscopic reductions, including better flat-fielding and improved wavelength calibration at the blue end, better processing of objects with extremely strong narrow emission lines, and an improved determination of stellar metallicities. (Abridged)Comment: 20 pages, 10 embedded figures. Accepted to ApJS after minor correction

The Ninth Data Release of the Sloan Digital Sky Survey: First Spectroscopic Data from the SDSS-III Baryon Oscillation Spectroscopic Survey

The Sloan Digital Sky Survey III (SDSS-III) presents the first spectroscopic data from the Baryon Oscillation Spectroscopic Survey (BOSS). This ninth data release (DR9) of the SDSS project includes 535,995 new galaxy spectra (median z=0.52), 102,100 new quasar spectra (median z=2.32), and 90,897 new stellar spectra, along with the data presented in previous data releases. These spectra were obtained with the new BOSS spectrograph and were taken between 2009 December and 2011 July. In addition, the stellar parameters pipeline, which determines radial velocities, surface temperatures, surface gravities, and metallicities of stars, has been updated and refined with improvements in temperature estimates for stars with T_eff<5000 K and in metallicity estimates for stars with [Fe/H]>-0.5. DR9 includes new stellar parameters for all stars presented in DR8, including stars from SDSS-I and II, as well as those observed as part of the SDSS-III Sloan Extension for Galactic Understanding and Exploration-2 (SEGUE-2). The astrometry error introduced in the DR8 imaging catalogs has been corrected in the DR9 data products. The next data release for SDSS-III will be in Summer 2013, which will present the first data from the Apache Point Observatory Galactic Evolution Experiment (APOGEE) along with another year of data from BOSS, followed by the final SDSS-III data release in December 2014.Comment: 9 figures; 2 tables. Submitted to ApJS. DR9 is available at http://www.sdss3.org/dr

Bioterrorism: Legislation to Improve Public Health Preparedness and Response Capacity

While lawmakers work towards final passage of new authorizing legislation, Congress has appropriated $3 billion to the Dept. of Health and Human Services (HHS) for FY2002 to increase bio-terrorism preparedness at the federal, state, and local levels. HHS anti bio-terrorism funding was included in theFY2002Labor-HHS-Education appropriations bill (P.L. 107-116, H.R. 3061) and in the$20 billion emergency spending package (P.L. 107- 117, H.R. 3338). HHS is dispersing the funds according to existing authorities and the broad spending parameters set out in the appropriations bills

Bioterrorism: Legislation to Improve Public Health Preparedness and Response Capacity

This report shows that while lawmakers work towards final passage of new authorizing legislation, Congress has appropriated more than $3 billion to the Dept. of Health and Human Services (HHS) to increase bioterrorism preparedness at the federal, state, and local levels. HHS anti-bioterrorism funding was included in the FY2002 Labor-HHSEducation appropriations bill and in the$20 billion emergency spending package that was attached to the FY2002 Defense appropriations bill. Until the new authorizing legislation is enacted, HHS is dispersing the funds according to existing authorities and the broad parameters set out in the appropriations bills

Sources of variation in cuticular hydrocarbons in the ant formica exsecta

Phenotypic variation arises from interactions between genotype and environment, although how variation is produced and then maintained remains unclear. The discovery of the nest-mate recognition system in Formica exsecta ants has allowed phenotypic variation in chemical profiles to be quantified across a natural population of 83 colonies. We investigated if this variation was correlated or not with intrinsic (genetic relatedness), extrinsic (location, light, temperature) or social (queen number) factors. (Z)-9-Alkenes and n-alkanes showed different patterns of variance: island (location) explained only 0.2% of the variation in (Z)-9-alkenes, but 21¬–29% in n-alkanes, whereas colony of origin explained 96% and 45–49% of the variation in (Z)-9-alkenes and n-alkanes, respectively. By contrast, within-colony variance of (Z)-9-alkenes was 4%, and 23–34% in n-alkanes, supporting the function of the former as recognition cues. (Z)-9-Alkene and n-alkane profiles were correlated with the genetic distance between colonies. Only n-alkane profiles diverged with increasing spatial distance. Sampling year explained a small (5%), but significant, amount of the variation in the (Z)-9-alkenes, but there was no consistent directional trend. Polygynous colonies and populous monogynous colonies were dominated by a rich C23:1 profile. We found no associations between worker size, mound exposure, or humidity, although effect sizes for the latter two factors were considerable. The results support the conjecture that genetic factors are the most likely source of between-colony variation in cuticular hydrocarbons

The Fifth Data Release of the Sloan Digital Sky Survey

This paper describes the Fifth Data Release (DR5) of the Sloan Digital Sky Survey (SDSS). DR5 includes all survey quality data taken through June 2005 and represents the completion of the SDSS-I project (whose successor, SDSS-II will continue through mid-2008). It includes five-band photometric data for 217 million objects selected over 8000 square degrees, and 1,048,960 spectra of galaxies, quasars, and stars selected from 5713 square degrees of that imaging data. These numbers represent a roughly 20% increment over those of the Fourth Data Release; all the data from previous data releases are included in the present release. In addition to "standard" SDSS observations, DR5 includes repeat scans of the southern equatorial stripe, imaging scans across M31 and the core of the Perseus cluster of galaxies, and the first spectroscopic data from SEGUE, a survey to explore the kinematics and chemical evolution of the Galaxy. The catalog database incorporates several new features, including photometric redshifts of galaxies, tables of matched objects in overlap regions of the imaging survey, and tools that allow precise computations of survey geometry for statistical investigations.Comment: ApJ Supp, in press, October 2007. This paper describes DR5. The SDSS Sixth Data Release (DR6) is now public, available from http://www.sdss.or

The Fourteenth Data Release of the Sloan Digital Sky Survey: First Spectroscopic Data from the extended Baryon Oscillation Spectroscopic Survey and from the second phase of the Apache Point Observatory Galactic Evolution Experiment

The fourth generation of the Sloan Digital Sky Survey (SDSS-IV) has been in operation since July 2014. This paper describes the second data release from this phase, and the fourteenth from SDSS overall (making this, Data Release Fourteen or DR14). This release makes public data taken by SDSS-IV in its first two years of operation (July 2014-2016). Like all previous SDSS releases, DR14 is cumulative, including the most recent reductions and calibrations of all data taken by SDSS since the first phase began operations in 2000. New in DR14 is the first public release of data from the extended Baryon Oscillation Spectroscopic Survey (eBOSS); the first data from the second phase of the Apache Point Observatory (APO) Galactic Evolution Experiment (APOGEE-2), including stellar parameter estimates from an innovative data driven machine learning algorithm known as "The Cannon"; and almost twice as many data cubes from the Mapping Nearby Galaxies at APO (MaNGA) survey as were in the previous release (N = 2812 in total). This paper describes the location and format of the publicly available data from SDSS-IV surveys. We provide references to the important technical papers describing how these data have been taken (both targeting and observation details) and processed for scientific use. The SDSS website (www.sdss.org) has been updated for this release, and provides links to data downloads, as well as tutorials and examples of data use. SDSS-IV is planning to continue to collect astronomical data until 2020, and will be followed by SDSS-V.Comment: SDSS-IV collaboration alphabetical author data release paper. DR14 happened on 31st July 2017. 19 pages, 5 figures. Accepted by ApJS on 28th Nov 2017 (this is the "post-print" and "post-proofs" version; minor corrections only from v1, and most of errors found in proofs corrected