Measuring the Interdependence of Banks in Hong Kong

This paper assesses systemic linkages among banks in Hong Kong using the risk measure "CoVaR" derived from quantile regression. The CoVaR measure captures the co-movements of banks¡¯ default risk by taking into account their nonlinear relationship when the banks are in distress. Based on equity price information, our estimation results show that the default risks of the banks were interdependent during the recent crisis. Although local banks are generally smaller, their systemic importance is found to be similar to their international and Mainland counterparts, which may be due to a higher degree of commonality in the risk profile of local banks. Regarding the impact of external shocks on the banks, international banks are more likely to be affected by the equity price fall in the US market, while local banks are relatively more responsive to funding liquidity risk.Value-at-Risk, Systemic Risk, Risk Spillovers, Quantile Regression

Hubble Frontier Field Free-Form Mass Mapping of the Massive Multiple-Merging Cluster MACSJ0717.5+3745

We examine the latest data on the cluster MACSJ0717.5+3745 from the Hubble Frontier Fields campaign. The critically lensed area is the largest known of any lens and very irregular making it a challenge for parametric modelling. Using our Free-Form method we obtain an accurate solution, identify here many new sets of multiple images, doubling the number of constraints and improving the reconstruction of the dark matter distribution. Our reconstructed mass map shows several distinct central substructures with shallow density profiles, clarifying earlier work and defining well the relation between the dark matter distribution and the luminous and X-ray peaks within the critically lensed region. Using our free-form method, we are able to meaningfully subtract the mass contribution from cluster members to the deflection field to trace the smoothly distributed cluster dark matter distribution. We find 4 distinct concentrations, 3 of which are coincident with the luminous matter. The fourth peak has a significant offset from both the closest luminous and X-ray peaks. These findings, together with dynamical data from the motions of galaxies and gas will be important for uncovering the potentially important implications of this extremely massive and intriguing system.Comment: 16 pages, 10 figures, 2 tables. Matches the verson submitted to mnras. New table (A2) included with additional system candidate

A Rigorous Free-form Lens Model of Abell 2744 to Meet the Hubble Frontier Fields Challenge

Hubble Frontier Fields (HFF) imaging of the most powerful lensing clusters provides access to the most magnified distant galaxies. The challenge is to construct lens models capable of describing these complex massive, merging clusters so that individual lensed systems can be reliably identified and their intrinsic properties accurately derived. We apply the free-form lensing method (WSLAP+) to A2744, providing a model independent map of the cluster mass, magnification, and geometric distance estimates to multiply-lensed sources. We solve simultaneously for a smooth cluster component on a pixel grid, together with local deflections by the cluster member galaxies. Combining model prediction with photometric redshift measurements, we correct and complete several systems recently claimed, and identify 4 new systems - totalling 65 images of 21 systems spanning a redshift range of 1.4<z<9.8. The reconstructed mass shows small enhancements in the directions where significant amounts of hot plasma can be seen in X-ray. We compare photometric redshifts with "geometric redshifts", finding a high level of self-consistency. We find excellent agreement between predicted and observed fluxes - with a best-fit slope of 0.999+-0.013 and an RMS of ~0.25 mag, demonstrating that our magnification correction of the lensed background galaxies is very reliable. Intriguingly, few multiply-lensed galaxies are detected beyond z~7.0, despite the high magnification and the limiting redshift of z~11.5 permitted by the HFF filters. With the additional HFF clusters we can better examine the plausibility of any pronounced high-z deficit, with potentially important implications for the reionization epoch and the nature of dark matter.Comment: Accepted for publication in ApJ with newly identified lensed images in complete HFF dat

A Free-Form Prediction for the Reappearance of Supernova Refsdal in the Hubble Frontier Fields Cluster MACSJ1149.5+2223

The massive cluster MACSJ1149.5+2223(z=0.544) displays five very large lensed images of a well resolved spiral galaxy at $z_{\rm spect}=1.491$. It is within one of these images that the first example of a multiply-lensed supernova has been detected recently as part of the Grism Lens-Amplified Survey from Space. The depth of this data also reveals many HII regions within the lensed spiral galaxy which we identify between the five counter-images. Here we expand the capability of our free-form method to incorporate these HII regions locally, with other reliable lensed galaxies added for a global solution. This improved accuracy allows us to estimate when the Refsdal supernova will appear within the other lensed images of the spiral galaxy to an accuracy of $\sim$ 7\%. We predict this supernova will reappear in one of the counter-images (RA=11:49:36.025, DEC=+22:23:48.11, J2000) and on November 1$^{st}$ 2015 (with an estimated error of $\pm$ 25 days) it will be at the same phase as it was when it was originally discovered, offering a unique opportunity to study the early phases of this supernova and to examine the consistency of the mass model and the cosmological model that have an impact on the time delay prediction.Comment: 12 images, 11 pages. Mateches accepted version in MNRAS. MNRAS in pres

Novel impeller design for stem cell bioprocessing and its application in hMSC stirred-tank bioreactor cultures

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A Geometrically Supported z∼10z\sim10 Candidate Multiply-Imaged by the Hubble Frontier Fields Cluster Abell 2744

The deflection angles of lensed sources increase with their distance behind a given lens. We utilize this geometric effect to corroborate the $z_{phot}\simeq9.8$ photometric redshift estimate of a faint near-IR dropout, triply-imaged by the massive galaxy cluster Abell 2744 in deep Hubble Frontier Fields images. The multiple images of this source follow the same symmetry as other nearby sets of multiple images which bracket the critical curves and have well defined redshifts (up to $z_{spec}\simeq3.6$), but with larger deflection angles, indicating that this source must lie at a higher redshift. Similarly, our different parametric and non-parametric lens models all require this object be at $z\gtrsim4$, with at least 95\% confidence, thoroughly excluding the possibility of lower-redshift interlopers. To study the properties of this source we correct the two brighter images for their magnifications, leading to a SFR of $\sim0.3 M_{\odot}$/yr, a stellar mass of $\sim4\times10^{7} M_{\odot}$, and an age of $\lesssim220$ Myr (95\% confidence). The intrinsic apparent magnitude is 29.9 AB (F160W), and the rest-frame UV ($\sim1500 \AA$) absolute magnitude is $M_{UV,AB}=-17.6$. This corresponds to $\sim0.1 L^{*}_{z=8}$ ($\sim0.2 L^{*}_{z=10}$, adopting $dM^{*}/dz\sim0.45$), making this candidate one of the least luminous galaxies discovered at $z\sim10$.Comment: 7 pages, 4 figures, 1 table; V2: very minor changes, ApJ Letters Accepte

Draft versus finished sequence data for DNA and protein diagnostic signature development

Sequencing pathogen genomes is costly, demanding careful allocation of limited sequencing resources. We built a computational Sequencing Analysis Pipeline (SAP) to guide decisions regarding the amount of genomic sequencing necessary to develop high-quality diagnostic DNA and protein signatures. SAP uses simulations to estimate the number of target genomes and close phylogenetic relatives (near neighbors or NNs) to sequence. We use SAP to assess whether draft data are sufficient or finished sequencing is required using Marburg and variola virus sequences. Simulations indicate that intermediate to high-quality draft with error rates of 10(−3)–10(−5) (∼8× coverage) of target organisms is suitable for DNA signature prediction. Low-quality draft with error rates of ∼1% (3× to 6× coverage) of target isolates is inadequate for DNA signature prediction, although low-quality draft of NNs is sufficient, as long as the target genomes are of high quality. For protein signature prediction, sequencing errors in target genomes substantially reduce the detection of amino acid sequence conservation, even if the draft is of high quality. In summary, high-quality draft of target and low-quality draft of NNs appears to be a cost-effective investment for DNA signature prediction, but may lead to underestimation of predicted protein signatures

RALFL34 regulates formative cell divisions in Arabidopsis pericycle during lateral root initiation

We describe the role of RALFL34 during early events in lateral root development, and demonstrate its specific importance in orchestrating formative cell divisions in the pericycle.In plants, many signalling molecules, such as phytohormones, miRNAs, transcription factors, and small signalling peptides, drive growth and development. However, very few small signalling peptides have been shown to be necessary for lateral root development. Here, we describe the role of the peptide RALFL34 during early events in lateral root development, and demonstrate its specific importance in orchestrating formative cell divisions in the pericycle. Our results further suggest that this small signalling peptide acts on the transcriptional cascade leading to a new lateral root upstream of GATA23, an important player in lateral root formation. In addition, we describe a role for ETHYLENE RESPONSE FACTORs (ERFs) in regulatingRALFL34 expression. Taken together, we put forward RALFL34 as a new, important player in lateral root initiation