Random walks and market efficiency in Chinese and Indian equity markets

Hypothesis of Market Efficiency is an important concept for the investors across the globe holding diversified portfolios. With the world economy getting more integrated day by day, more people are investing in global emerging markets. This means that it is pertinent to understand the efficiency of these markets. This paper tests for market efficiency by studying the impact of global financial crisis of 2008 and the recent Chinese crisis of 2015 on stock market efficiency in emerging stock markets of China and India. The data for last 20 years was collected from both Bombay Stock Exchange (BSE200) and the Shanghai Stock Exchange Composite Index and divided into four sub-periods, i.e. before financial crisis period (period-I), during recession (period-II), after recession and before Chinese Crisis (periodIII) and from the start of Chinese crisis till date (period- IV). Daily returns for the SSE and BSE were examined and tested for randomness using a combination of auto correlation tests, runs tests and unit root tests (Augmented Dickey-Fuller) for the entire sample period and the four sub-periods. The evidence from all these tests supports that both the Indian and Chinese stock markets do not exhibit weak form of market efficiency. They do not follow random walk overall and in the first three periods (1996 till the 2015) implying that recession did not impact the markets to a great extent, although the efficiency in percentage terms seems to be increasing after the global financial crisis of 2008

Doesn\u27t Your Work Just Re-Center Whiteness? The Fallen Impossibilities of White Allyship

Our purpose is to engage performative dialogue incorporative of currere on a central question in critical White studies (CWS). After precautionary notes and positionalities, we frame our dialogue within second-wave CWS. As its main section, six CWS scholars respond to the central question: Doesn’t research on White identities re-center whiteness? Analyzing the scholars’ responses, the performative dialogue is followed by an analytical discussion of CWS’ epistemological, ontological, and axiological convolutions. Via these convolutions, we recognize the impossibilities of facile “White allyship” within antiracist scholarship, curriculum and pedagogy, and related social movements. Instead of White allyship, we propose situated, relational, and process-oriented notions of alliance-oriented antiracist work

Associations Between Daily Wellness Behaviors and Outcomes among Medical Students

Objective: Explore which wellness behaviors have the greatest impact on wellbeing outcomes in medical students. Methods: A total of 213 medical students were enrolled in this study between June and September 2021. Participants completed a battery of online surveys, including demographic information, and 60-second nightly surveys on the WE-MD smartphone app, which assessed wellness-related indicators (exercise duration, sleep quality, nutrition quality, etc.) and wellbeing outcomes (mood, focus, stress, etc.). Results: 116 participants completed \u3e50% of nightly surveys between September 2021 and November 2021 and were included in the analysis. All wellness indicators were significantly associated with at least one wellness outcome. Quality of social interactions had the greatest relative positive association with wellbeing. Any amount of exercise, including 1-30 minutes, was significantly associated with improved wellbeing outcomes compared to no exercise. A lagged analysis separating indicators and outcomes by one day found wellbeing was only associated with limited sleep (\u3c 6 hours) and higher nutritional quality the day prior. Conclusion: This study provides substantial information on daily wellness behaviors and their relative impact on medical student wellbeing. Social interaction and exercise of any duration may be more important to wellbeing than previously recognized. Infrequently studied behaviors, including kindness, nutrition, and screen time, were also found to have significant associations with wellbeing. The numerous significant associations between behaviors and outcomes suggest a cumulative effect and point to the multifactorial nature of medical student wellbeing. This study may aid medical schools in developing high-impact initiatives and curricular changes that promote wellbeing for their students

Probing single electrons across 300 mm spin qubit wafers

Building a fault-tolerant quantum computer will require vast numbers of physical qubits. For qubit technologies based on solid state electronic devices, integrating millions of qubits in a single processor will require device fabrication to reach a scale comparable to that of the modern CMOS industry. Equally importantly, the scale of cryogenic device testing must keep pace to enable efficient device screening and to improve statistical metrics like qubit yield and process variation. Spin qubits have shown impressive control fidelities but have historically been challenged by yield and process variation. In this work, we present a testing process using a cryogenic 300 mm wafer prober to collect high-volume data on the performance of industry-manufactured spin qubit devices at 1.6 K. This testing method provides fast feedback to enable optimization of the CMOS-compatible fabrication process, leading to high yield and low process variation. Using this system, we automate measurements of the operating point of spin qubits and probe the transitions of single electrons across full wafers. We analyze the random variation in single-electron operating voltages and find that this fabrication process leads to low levels of disorder at the 300 mm scale. Together these results demonstrate the advances that can be achieved through the application of CMOS industry techniques to the fabrication and measurement of spin qubits.Comment: 15 pages, 4 figures, 7 extended data figure

NGTS clusters survey -- II. White-light flares from the youngest stars in Orion

We present the detection of high energy white-light flares from pre-main sequence stars associated with the Orion complex, observed as part of the Next Generation Transit Survey (NGTS). With energies up to $5.2\times10^{35}$ erg these flares are some of the most energetic white-light flare events seen to date. We have used the NGTS observations of flaring and non-flaring stars to measure the average flare occurrence rate for 4 Myr M0-M3 stars. We have also combined our results with those from previous studies to predict average rates for flares above $1\times10^{35}$ ergs for early M stars in nearby young associations.STFC ST/M001962/1; ST/P000495/

Net positive outcomes for nature

Much research and policy effort is being expended on seeking ways to conserve living nature while enabling the economic and social development needed to increase global equity and end poverty. We propose that this will only be possible if the language of policy shifts away from setting conservation targets that focus on avoiding losses and towards developing processes that consider net outcomes for biodiversity

Oralism: a sign of the times? The contest for deaf communication in education provision in late nineteenth-century Scotland

Disability history is a diverse field. In focussing upon children within deaf education in late nineteenth-century Scotland, this essay reflects some of that diversity. In 1880, the International Congress on the Education of the Deaf in Milan stipulated that speech should have ‘preference’ over signs in the education of deaf children. The mode of achieving this, however, effectively banned sign language. Endeavours to teach deaf children to articulate were not new, but this decision placed pressures on deaf institutions to favour the oral system of deaf communication over other methods. In Scotland efforts were made to adopt oralism, and yet educators were faced with the reality that this was not good educational practice for most pupils. This article will consider responses of Scottish educators of deaf children from the 1870s until the beginning of the twentieth century

Funerary Artifacts, Social Status, and Atherosclerosis in Ancient Peruvian Mummy Bundles

Background: Evidence of atherosclerotic plaques in ancient populations has led to the reconsideration of risk factors for heart disease and of the common belief that it is a disease of modern times. Methods: Fifty-one wrapped mummy bundles excavated from the sites of Huallamarca, Pedreros, and Rinconada La Molina from the Puruchuco Museum collection in Lima, Peru, were scanned using computed tomography to investigate the presence of atherosclerosis. Funerary artifacts contained within the undisturbed mummy bundles were analyzed as an attempt to infer the social status of the individuals to correlate social status with evidence of heart disease in this ancient Peruvian group. This work also provides an inventory of the museum mummy collection to guide and facilitate future research. Results: Statistical analysis concluded that there is little association between the types of grave goods contained within the bundles when the groups are pooled together. However, some patterns of artifact type, material, atherosclerosis, and sex emerge when the 3 excavation sites are analyzed separately. Conclusions: From the current sample, it would seem that social class is difficult to discern, but those from Huallamarca have the most markers of elite status. We had hypothesized that higher-status individuals may have had lifestyles that would place them at a higher risk for atherogenesis. There seems to be some indication of this within the site of Huallamarca, but it is inconclusive in the other 2 archeological sites. It is possible that a larger sample size in the future could reveal more statistically significant results

Genomic Correlates of Atherosclerosis in Ancient Humans

Paleogenetics offers a unique opportunity to study human evolution, population dynamics, and disease evolution in situ. Although histologic and computed x-ray tomographic investigations of ancient mummies have clearly shown that atherosclerosis has been present in humans for more than 5,000 years, limited data are available on the presence of genetic predisposition for cardiovascular disease in ancient human populations. In a previous whole-genome study of the Tyrolean Iceman, a 5,300-year-old glacier mummy from the Alps, an increased risk for coronary heart disease was detected. The Iceman’s genome revealed several single nucleotide polymorphisms that are linked with cardiovascular disease in genome-wide association studies. Future genetic studies of ancient humans from various geographic origins and time periods have the potential to provide more insights into the presence and possible changes of genetic risk factors in our ancestors. The study of ancient humans and a better understanding of the interaction between environmental and genetic influences on the development of heart diseases may lead to a more effective prevention and treatment of the most common cause of death in the modern world

X-ray tomography studies on porosity and particle size distribution in cast in-situ Al-Cu-TiB2 semi-solid forged composites

X-ray computed tomography (XCT) was used to characterise the internal microstructure and clustering behaviour of TiB2 particles in in-situ processed Al-Cu metal matrix composites prepared by casting method. Forging was used in semi-solid state to reduce the porosity and to uniformly disperse TiB2 particles in the composite. Quantification of porosity and clustering of TiB2 particles was evaluated for different forging reductions (30% and 50% reductions) and compared with an as- cast sample using XCT. Results show that the porosity content was decreased by about 40% due to semi-solid forging as compared to the as-cast condition. Further, XCT results show that the 30% forging reduction resulted in greater uniformity in distribution of TiB2 particles within the composite compared to as-cast and the 50% forge reduction in semi-solid state. These results show that the application of forging in semi-solid state enhances particle distribution and reduces porosity formation in cast in-situ Al-Cu-TiB2 metal matrix composites