An Optimal Incentive System For Real Estate Agents

This article presents an alternative system for selling real estate. It overcomes the well-known deficiencies of the percentage commission system. In our system, the agent purchases the property from the seller and simultaneously receives a put option. The put option gives the agent the right to put the property back to the original owner. It is shown that this system has many of the desirable properties of a dealer system, while avoiding some of the problems that are inherent in that system.

An information explanation of the survival of technical analysis in capital market

In an efficient market, technical analysis cannot earn abnormal returns. Technical strategies are inferior to a buy and hold strategy since they typically churn investor accounts. Nonetheless, technical analysis appears to thrive. The purpose of this paper is to explain why technical analysis survives even though it is inferior to a buy-and-hold strategy. A model is developed that compares four investor groups --informed insiders, buy-and-hold investors, technical traders, and uninformed naive fundamental traders --and are comparedin the model. Surprisingly, it demonstrates the superiority of technical analysis relative to fundamental analysis. The equilibrium requires that different classes of investors earn different rates of return. Informed traders can only earn sufficient returns to cover their costs if there exist traders who, in some sense, are trading on bad information or noise in the Fisher Black sense. The ultimate explanation for the survival of naive investment strategies is that informed traders must have someone with whom to trade. If all uninformed traders are driven out of the market there is no benefit to being informed

An information explanation of the survival of technical analysis in capital market

In an efficient market, technical analysis cannot earn abnormal returns. Technical strategies are inferior to a buy and hold strategy since they typically churn investor accounts. Nonetheless, technical analysis appears to thrive. The purpose of this paper is to explain why technical analysis survives even though it is inferior to a buy-and-hold strategy. A model is developed that compares four investor groups --informed insiders, buy-and-hold investors, technical traders, and uninformed naive fundamental traders --and are comparedin the model. Surprisingly, it demonstrates the superiority of technical analysis relative to fundamental analysis. The equilibrium requires that different classes of investors earn different rates of return. Informed traders can only earn sufficient returns to cover their costs if there exist traders who, in some sense, are trading on bad information or noise in the Fisher Black sense. The ultimate explanation for the survival of naive investment strategies is that informed traders must have someone with whom to trade. If all uninformed traders are driven out of the market there is no benefit to being informed

Mutual Fund Tournaments: Evidence From Global And International Funds

For a sample of global and international equity mutual funds, we test the proposition that managers likely to end up as losers manipulate fund risk differently from interim winners. In contrast with Brown, Harlow, and Starks (1996) who found robust support for the tournament model, we found no evidence of tournament like behavior for international and global mutual funds. A possible explanation of this behavior is that investors in these funds are primarily seeking diversification and therefore are less sensitive to relative performance

Transcription profiling of HCN-channel isotypes throughout mouse cardiac development

Hyperpolarization-activated ion channels, encoded by four mammalian genes (HCN1-4), contribute in an important way to the cardiac pacemaker current If. Here, we describe the transcription profiles of the four HCN genes, the NRSF, KCNE2 and Kir2.1 genes from embryonic stage E9.5 dpc to postnatal day 120 in the mouse. Embryonic atrium and ventricle revealed abundant HCN4 transcription but other HCN transcripts were almost absent. Towards birth, HCN4 was downregulated in the atrium and almost vanished from the ventricle. After birth, however, HCN isotype transcription changed remarkably, showing increased levels of HCN1, HCN2 and HCN4 in the atrium and of HCN2 and HCN4 in the ventricle. HCN3 showed highest transcription at early embryonic stages and was hardly detectable thereafter. At postnatal day 10, HCN4 was highest in the sinoatrial node, being twofold higher than HCN1 and fivefold higher than HCN2. In the atrium, HCN4 was similar to HCN1 and sevenfold higher than HCN2. In the ventricle, in contrast, HCN2 was sixfold higher than HCN4, while HCN1 was absent. Subsequently all HCN isotype transcripts declined to lower adult levels, while ratios of HCN isotypes remained stable. In conclusion, substantial changes of HCN isotype transcription throughout cardiac development suggest that a regulated pattern of HCN isotypes is required to establish and ensure a stable heart rhythm. Furthermore, constantly low HCN transcription in adult myocardium may be required to prevent atrial and ventricular arrhythmogenesis

Constructive and Destructive Processes During the 2018–2019 Eruption Episode at Shiveluch Volcano, Kamchatka, Studied From Satellite and Aerial Data

Dome-building volcanoes often develop by intrusion and extrusion, recurrent destabilization and sector collapses, and renewed volcanic growth inside the collapse embayment. However, details of the structural architecture affiliated with renewed volcanic activity and the influences of regional structures remain poorly understood. Here, we analyze the recent activity of Shiveluch volcano, Kamchatka Peninsula, characterized by repeated episodes of lava dome growth and destruction due to large explosions and gravity-driven collapses. We collect and process a multisensor dataset comprising high-resolution optical (aerial and tri-stereo Pleiades satellite), radar (TerraSAR-X and TanDEM-X satellites), and thermal (aerial and MODIS, Sentinel-2, and Landsat 8 satellites) data. We investigate the evolution of the 2018–2019 eruption episode and evaluate the morphological and structural changes that led to the August 29, 2019 explosive eruption and partial dome collapse. Our results show that a new massive lava lobe gradually extruded onto the SW flank of the dome, concurrent with magmatic intrusion into the eastern dome sector, adding 0.15 km3 to the lava dome complex. As the amphitheater infilled, new eruption craters emerged along a SW-NE alignment close to the amphitheater rim. Then, the large August 29, 2019 explosive eruption occurred, followed by partial dome collapse, which was initially directed away from this SW-NE trend. The eruption and collapse removed 0.11 km3 of the dome edifice and led to the formation of a new central SW-NE-elongated crater with dimensions of 430 m × 490 m, a collapse scar at the eastern part of the dome, and pyroclastic density currents that traveled ∼12 km downslope. This work sheds light on the structural architecture dominated by a SW-NE lineament and the complex interplay of volcano constructive and destructive processes. We develop a conceptual model emphasizing the relevance of structural trends, namely, 1) a SW-NE-oriented (possibly regional) structure and 2) the infilled amphitheater and its decollement surface, both of which are vital for understanding the directions of growth and collapse and for assessing the potential hazards at both Shiveluch and dome-building volcanoes elsewhere

The Gene Ontology knowledgebase in 2023

The Gene Ontology (GO) knowledgebase (http://geneontology.org) is a comprehensive resource concerning the functions of genes and gene products (proteins and noncoding RNAs). GO annotations cover genes from organisms across the tree of life as well as viruses, though most gene function knowledge currently derives from experiments carried out in a relatively small number of model organisms. Here, we provide an updated overview of the GO knowledgebase, as well as the efforts of the broad, international consortium of scientists that develops, maintains, and updates the GO knowledgebase. The GO knowledgebase consists of three components: (1) the GO-a computational knowledge structure describing the functional characteristics of genes; (2) GO annotations-evidence-supported statements asserting that a specific gene product has a particular functional characteristic; and (3) GO Causal Activity Models (GO-CAMs)-mechanistic models of molecular "pathways" (GO biological processes) created by linking multiple GO annotations using defined relations. Each of these components is continually expanded, revised, and updated in response to newly published discoveries and receives extensive QA checks, reviews, and user feedback. For each of these components, we provide a description of the current contents, recent developments to keep the knowledgebase up to date with new discoveries, and guidance on how users can best make use of the data that we provide. We conclude with future directions for the project

In vivo Expansion of Naïve CD4+CD25high FOXP3+ Regulatory T Cells in Patients with Colorectal Carcinoma after IL-2 Administration

Regulatory T cells (Treg cells) are increased in context of malignancies and their expansion can be correlated with higher disease burden and decreased survival. Initially, interleukin 2 (IL-2) has been used as T-cell growth factor in clinical vaccination trials. In murine models, however, a role of IL-2 in development, differentiation, homeostasis, and function of Treg cells was established. In IL-2 treated cancer patients a further Treg-cell expansion was described, yet, the mechanism of expansion is still elusive. Here we report that functional Treg cells of a naïve phenotype - as determined by CCR7 and CD45RA expression - are significantly expanded in colorectal cancer patients. Treatment of 15 UICC stage IV colorectal cancer patients with IL-2 in a phase I/II peptide vaccination trial further enlarges the already increased naïve Treg-cell pool. Higher frequencies of T-cell receptor excision circles in naïve Treg cells indicate IL-2 dependent thymic generation of naïve Treg cells as a mechanism leading to increased frequencies of Treg cells post IL-2 treatment in cancer patients. This finding could be confirmed in naïve murine Treg cells after IL-2 administration. These results point to a more complex regulation of Treg cells in context of IL-2 administration. Future strategies therefore might aim at combining IL-2 therapy with novel strategies to circumvent expansion and differentiation of naïve Treg cells