Costly arbitrage and asset prices: evidence from closed-end funds

If arbitrage is costly and noise traders are active, asset prices may deviate from fundamental values for long periods of time. We use a sample of 158 closed-end funds to show that noise-trader sentiment, as proxied by retail-investor flows, leads to fluctuations in the discount. Nevertheless, we reject the hypothesis that noise-trader risk is the cause of the long-run discount. Instead we find that funds which are more difficult to arbitrage have larger discounts, due to: (i) the censoring of the discount by the arbitrage bounds, and (ii) the freedom of managers to increase charges when arbitrage is costly

The short-term impact of director trading in UK closed-end funds

Most closed-end funds are transparent entities that hold securities that are actively traded in liquid markets. In such a setting, the argument that director transactions mitigate information asymmetry has very limited applicability. Our results provide support for the theory of Barber and Odean [2008. “All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors.” Review of Financial Studies 21: 785–818]: retail investor decision-making is influenced by attention-grabbing events. Director purchases are one such attention-grabbing event and are associated with significant positive price returns – the magnitudes of which are linked to the size of the purchase, the size of the fund, and the investment mandate. Trading volumes increase at the time of the purchase but most of the initial price responses and trading volumes dissipate over the following 15 days

Alternative outlets for sustaining photosynthetic electron transport during dark-to-light transitions.

Environmental stresses dramatically impact the balance between the production of photosynthetically derived energetic electrons and Calvin-Benson-Bassham cycle (CBBC) activity; an imbalance promotes accumulation of reactive oxygen species and causes cell damage. Hence, photosynthetic organisms have developed several strategies to route electrons toward alternative outlets that allow for storage or harmless dissipation of their energy. In this work, we explore the activities of three essential outlets associated with Chlamydomonas reinhardtii photosynthetic electron transport: (i) reduction of O2 to H2O through flavodiiron proteins (FLVs) and (ii) plastid terminal oxidases (PTOX) and (iii) the synthesis of starch. Real-time measurements of O2 exchange have demonstrated that FLVs immediately engage during dark-to-light transitions, allowing electron transport when the CBBC is not fully activated. Under these conditions, we quantified maximal FLV activity and its overall capacity to direct photosynthetic electrons toward O2 reduction. However, when starch synthesis is compromised, a greater proportion of the electrons is directed toward O2 reduction through both the FLVs and PTOX, suggesting an important role for starch synthesis in priming/regulating CBBC and electron transport. Moreover, partitioning energized electrons between sustainable (starch; energetic electrons are recaptured) and nonsustainable (H2O; energetic electrons are not recaptured) outlets is part of the energy management strategy of photosynthetic organisms that allows them to cope with the fluctuating conditions encountered in nature. Finally, unmasking the repertoire and control of such energetic reactions offers new directions for rational redesign and optimization of photosynthesis to satisfy global demands for food and other resources

Effects of Warm Up Intensity on Factors Related to Subsequent Performance of Submaximal Exercise

Introduction: Athletes often warm up (WU) prior to exercise to improve performance. However, there are no clear directives regarding the intensity of the WU that is most effective in improving physiological responses related to enhanced aerobic performance. Methods: Nine college-aged men (age, ht, mass, 20.6 yr, 1.7 m, 84.8 kg, respectively) performed WU of varying intensities, 60% ventilatory threshold (VT), 100%VT, and 120%VT prior to performing 5 min of steady state exercise at 80%VT on a cycle ergometer. O2 deficit, RPE, steady state heart rate (HRss), and steady state VO2 (VO2ss) were measured during the exercise bout. Results: There was a significant decrease in O2 deficit as WU intensity increased ((2,9)= 9.15, p = .002, 2=0.53) with the deficit being lowest after WU at 120%VT. RPE were significantly lower after WU at 120%VT than both 60% and 100%VT (=(2,9)=6.88, p=.007, 2=0.46). However, WU intensity did not significantly affect either HRss (F(2,9)=0.48, p=0.63) or VO2ss (F(2,9)=1.10, p=0.36) during the exercise bout. Conclusion: The findings suggest that a higher intensity WU improves factors related to improved aerobic performance, i.e. decreased O2 deficit and RPE, without adversely affecting factors that could lead to a decline in performance, i.e. increased HRss and VO2ss

FUS Binds the CTD of RNA Polymerase II and Regulates its Phosphorylation at Ser2

Mutations in the RNA-binding protein FUS (fused in sarcoma)/TLS have been shown to cause the neurodegenerative disease amyotrophic lateral sclerosis (ALS), but the normal role of FUS is incompletely understood. We found that FUS binds the C-terminal domain (CTD) of RNA polymerase II (RNAP2) and prevents inappropriate hyperphosphorylation of Ser2 in the RNAP2 CTD at thousands of human genes. The loss of FUS leads to RNAP2 accumulation at the transcription start site and a shift in mRNA isoform expression toward early polyadenylation sites. Thus, in addition to its role in alternative RNA splicing, FUS has a general function in orchestrating CTD phosphorylation during RNAP2 transcription

Transient subglacial water routing efficiency modulates ice velocities prior to surge termination on Sít’ Kusá, AK

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Propagating speedups during quiescence escalate to the 2020-2021 surge of Sít' Kusá, southeast Alaska

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Simple piezoelectric-actuated mirror with 180 kHz servo bandwidth

We present a high bandwidth piezoelectric-actuated mirror for length stabilization of an optical cavity. The actuator displays a transfer function with a flat amplitude response and greater than 135$^\circ$ phase margin up to 200 kHz, allowing a 180 kHz unity gain frequency to be achieved in a closed servo loop. To the best of our knowledge, this actuator has achieved the largest servo bandwidth for a piezoelectric transducer (PZT). The actuator should be very useful in a wide variety of applications requiring precision control of optical lengths, including laser frequency stabilization, optical interferometers, and optical communications