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

Raman Quantum Memory with Built-In Suppression of Four-wave Mixing Noise

Quantum memories are essential for large-scale quantum information networks. Along with high efficiency, storage lifetime and optical bandwidth, it is critical that the memory add negligible noise to the recalled signal. A common source of noise in optical quantum memories is spontaneous four-wave mixing. We develop and implement a technically simple scheme to suppress this noise mechanism by means of quantum interference. Using this scheme with a Raman memory in warm atomic vapour we demonstrate over an order of magnitude improvement in noise performance. Furthermore we demonstrate a method to quantify the remaining noise contributions and present a route to enable further noise suppression. Our scheme opens the way to quantum demonstrations using a broadband memory, significantly advancing the search for scalable quantum photonic networks.Comment: 6 pages, 5 figures plus Supplementary Materia

Instructional strategies to promote incremental beliefs in youth sport

Implicit beliefs about the nature of human abilities have significant motivational, behavioral, and affective consequences. The purpose of this article was to review the application of implicit beliefs to the youth sport context and to provide theoretically derived and evidence-based instructional strategies to promote adaptive implicit beliefs about human abilities within this context. A narrative overview of theory and a review of research pertaining to implicit beliefs in education, sport, and physical activity are undertaken. Theoretically derived and evidence-based instructional strategies are outlined, and specific coaching behaviors are suggested. Six instructional strategies to promote adaptive implicit beliefs in these contexts are suggested: focusing on effort and persistence, facilitating challenge, promoting the value of failure, defining success as effort, the promotion of learning, and providing high expectations. It is concluded that instructional strategies may be used to facilitate positive motivational, behavioral, and affective outcomes for young people within a sport context

Exploring the effect of baryons on the radial distribution of satellite galaxies with GAMA and IllustrisTNG

We explore the radial distribution of satellite galaxies in groups in the Galaxy and Mass Assembly (GAMA) survey and the IllustrisTNG simulations. Considering groups with masses 12.0≤log10⁡(Mh/h−1M⊙)\u3c14.8 role= presentation style= box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: normal; font-family: inherit; vertical-align: baseline; display: inline; word-spacing: normal; overflow-wrap: normal; white-space: nowrap; float: none; direction: ltr; max-width: none; max-height: none; min-width: 0px; min-height: 0px; position: relative; \u3e12.0≤log10(Mh/h−1M⊙)\u3c14.812.0≤log10⁡(Mh/h−1M⊙)\u3c14.8 at z \u3c 0.267, we find a good agreement between GAMA and a sample of TNG300 groups and galaxies designed to match the GAMA selection. Both display a flat profile in the centre of groups, followed by a decline that becomes steeper towards the group edge, and normalized profiles show no dependence on group mass. Using matched satellites from TNG and dark matter-only TNG-Dark runs we investigate the effect of baryons on satellite radial location. At z = 0, we find that the matched subhaloes from the TNG-Dark runs display a much flatter radial profile: namely, satellites selected above a minimum stellar mass exhibit both smaller halocentric distances and longer survival times in the full-physics simulations compared to their dark-matter only analogues. We then divide the TNG satellites into those which possess TNG-Dark counterparts and those which do not, and develop models for the radial positions of each. We find the satellites with TNG-Dark counterparts are displaced towards the halo centre in the full-physics simulations, and this difference has a power-law behaviour with radius. For the ‘orphan’ galaxies without TNG-Dark counterparts, we consider the shape of their radial distribution and provide a model for their motion over time, which can be used to improve the treatment of satellite galaxies in semi-analytic and semi-empirical models of galaxy formation

Ubiquitin Proteasome System Activity is Suppressed by Curcumin Following Exercise-Induced Muscle Damage in Human Skeletal Muscle

PURPOSE: Curcumin is a natural polyphenolic compound with antioxidant and anti-inflammatory properties. In vitro and in vivo animal studies have demonstrated that exposure to curcumin leads to dysregulation of the ubiquitin-proteasome system (UPS). However, to date, no study has investigated curcumin’s ability to influence UPS activity in a human model. Therefore, the purpose of this study was to investigate the effects of curcumin supplementation on markers of UPS activity in the presence of elevations in UPS activity due to exercise-induced muscle damage. METHODS: Twenty-three recreationally active male and female participants between the ages of 18-30 were randomized into a curcumin (CUR; n=11) or placebo (PLA; n=12) group. Both groups were instructed to consume 2 g of their respective supplement and 20 mg of piperine for 11 consecutive days. Following 8 consecutive days of supplementation, participants performed a 45 minute eccentrically-biased muscle damaging treadmill protocol at 60% VO2max. Muscle biopsies and delayed onset muscle soreness (DOMS) analyses were performed 30 minutes prior and 3, 24, 48, and 72 hours following exercise-induced muscle damage. Skeletal muscle ubiquitin, MAFbx/Atrogin-1, ubiquitin specific peptidase 19 (USP19), and chymotrypsin-like protease concentrations were measured using ELISA. A 3-way repeated measures ANOVA with pairwise comparisons was conducted with significance set at p≤0.05. RESULTS: Both groups had a significant time effect for DOMS (p \u3c .001). Pairwise comparisons indicated DOMS was significantly greater from baseline at all time points except 72 hours following muscle damage. No significant differences were found for USP19 between groups. Regardless of time, a significant main effect for condition was observed for ubiquitin (p=.016) and MAFbx/Atrogin-1 (p=.006) where CUR was significantly lower than PLA. Additionally, a significant main effect for gender was observed for MAFbx/Atrogin-1 (p=.013) where females were greater than males. A significant group x gender interaction was found for chymotrypsin-like protease (p = .049) where males had lower values with curcumin supplementation while females had slightly higher. CONCLUSION: Curcumin supplementation in humans does appear to dysregulate UPS activity in the presence of exercise-induced muscle damage. Specifically, curcumin’s ability to suppress protein ubiquination provides preliminary evidence of curcumin supplementation’s potential therapeutic role in decreasing protein degradation associated with skeletal muscle damage and perhaps other atrophic scenarios

Wnt/β-Catenin and Androgen Receptor Signaling Increase Following High Load Resistance Exercise Without Elevations in Serum/Muscle Testosterone or Androgen Receptor Content

PURPOSE: The purpose of this study was 1) to determine the effect of single bouts of volume- and intensity-equated low (LL) and high load (HL) full-body resistance exercise (RE) on AR-DNA binding, serum/muscle testosterone and dihydrotestosterone, muscle androgen receptor (AR), and AR-DNA binding and 2) to determine the effect of RE on sarcoplasmic and nucleoplasmic β-catenin concentrations in order to determine their impact on mediating AR-DNA binding in the absence/presence of serum/muscle androgen and AR protein. METHODS: In a cross-over design, ten resistance-trained males completed volume- and intensity-equated LL and HL full-body RE. Blood and muscle samples were collected at pre-, 3h-, and 24h post-exercise. Separate 2x3 factorial ANOVAs with repeated measures and pairwise comparisons with a Bonferroni adjustment were used to analyze main effects. RESULTS: No significant differences were observed in muscle AR, testosterone, dihydrotestosterone, or serum total testosterone in either condition (p \u3e.05). Serum free testosterone was significantly decreased 3h post-exercise and remained significantly less than baseline 24h post-exercise in both conditions (p.05). Moreover, sarcoplasmic β-catenin was significantly greater in HL (p.05). CONCLUSION: Increases in AR-DNA binding in response to HL indicates AR signaling may be load-dependent. Furthermore, despite the lack of increase in serum and muscle androgens or AR content following HL RE, elevations in AR-DNA binding with elevated sarcoplasmic β-catenin suggests β-catenin may be facilitating this response

LGD-4033 and MK-677 Use Impacts Body Composition, Circulating Biomarkers, and Skeletal Muscle Androgenic Hormone and Receptor Content: A Case Report

LGD-4033, a selective androgen receptor modulator, and MK-677, a growth hormone secretagogue, are being used increasingly amongst recreationally active demographics. However, limited data exist describing their effects on health- and androgen-related biomarkers. The purpose of this case study was to determine changes in body composition and biomarkers during and after continued co-administration of LGD-4033 and MK-677. We also aimed to examine muscular strength and intramuscular androgen-associated biomarkers relative to non-users. A 25-year-old male ingested LGD-4033 (10 mg) and MK-677 (15 mg) daily for 5 weeks. Blood and body composition metrics were obtained pre-, on- and post-cycle. One-repetition maximum leg and bench press, in addition to intramuscular androgens and androgen receptor content, were analysed on-cycle. We observed pre- to on-cycle changes in body composition (body mass, +6.0%; total lean body mass, +3.1%; trunk lean body mass, +6.6%; appendicular lean body mass, +4.3%; total fat mass, +15.4%; trunk fat mass, +2.8%; and appendicular fat mass, +14.8%), bone (bone mineral content, −3.60%; area, −1.1%; and bone mineral density, −2.1%), serum lipid-associated biomarkers (cholesterol, +14.8%; triglycerides, +39.2%; low-density lipoprotein–cholesterol, +40.0%; and high-density lipoprotein–cholesterol, −36.4%), liver-associated biomarkers (aspartate aminotransferase, +95.8%; and alanine aminotransferase, +205.0%) and androgen-associated biomarkers (free testosterone, −85.7%; total testosterone, −62.3%; and sex hormone-binding globulin, −79.6%); however, all variables returned to pre-cycle values post-cycle, apart from total fat mass, appendicular fat mass, bone area, total cholesterol and low-density lipoprotein–cholesterol. Follicle-stimulating hormone was below clinical reference values on- (1.2 IU/L) and post-cycle (1.3 IU/L). Intramuscular androgen receptor (−44.6%), testosterone (+47.8%) and dihydrotestosterone (+34.4%), in addition to one-repetition maximum leg press and bench press (+39.2 and +32.0%, respectively), were different in the case subject compared with non-users. These data demonstrate that LGD-4033 and MK-677 increase several body composition parameters, whilst negatively impacting bone and several serum biomarkers. Given the sparsity of data in recreationally using demographics, further research is warranted to elucidate the acute and chronic physiological effects of these anabolic agents

Eigenspectra: A Framework for Identifying Spectra from 3D Eclipse Mapping

Planetary atmospheres are inherently 3D objects that can have strong gradients in latitude, longitude, and altitude. Secondary eclipse mapping is a powerful way to map the 3D distribution of the atmosphere, but the data can have large correlations and errors in the presence of photon and instrument noise. We develop a technique to mitigate the large uncertainties of eclipse maps by identifying a small number of dominant spectra to make them more tractable for individual analysis via atmospheric retrieval. We use the eigencurves method to infer a multi-wavelength map of a planet from spectroscopic secondary eclipse light curves. We then apply a clustering algorithm to the planet map to identify several regions with similar emergent spectra. We combine the similar spectra together to construct an "eigenspectrum" for each distinct region on the planetary map. We demonstrate how this approach could be used to isolate hot from cold regions and/or regions with different chemical compositions in observations of hot Jupiters with the James Webb Space Telescope (JWST). We find that our method struggles to identify sharp edges in maps with sudden discontinuities, but generally can be used as a first step before a more physically motivated modeling approach to determine the primary features observed on the planet.Comment: 13 pages, 17 figures, accepted to MNRA