Intraday pattern in bid-ask spreads and its power-law relaxation for Chinese A-share stocks

We use high-frequency data of 1364 Chinese A-share stocks traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange to investigate the intraday patterns in the bid-ask spreads. The daily periodicity in the spread time series is confirmed by Lomb analysis and the intraday bid-ask spreads are found to exhibit $L$-shaped pattern with idiosyncratic fine structure. The intraday spread of individual stocks relaxes as a power law within the first hour of the continuous double auction from 9:30AM to 10:30AM with exponents $\beta_{\rm{SHSE}}=0.19\pm0.069$ for the Shanghai market and $\beta_{\rm{SZSE}}=0.18\pm0.067$ for the Shenzhen market. The power-law relaxation exponent $\beta$ of individual stocks is roughly normally distributed. There is evidence showing that the accumulation of information widening the spread is an endogenous process.Comment: 12 Elsart pages including 7 eps figure

Higher absorbed solar radiation partly offset the negative effects of water stress on the photosynthesis of Amazon forests during the 2015 drought

Amazon forests play an important role in the global carbon cycle and Earth\u27s climate. The vulnerability of Amazon forests to drought remains highly controversial. Here we examine the impacts of the 2015 drought on the photosynthesis of Amazon forests to understand how solar radiation and precipitation jointly control forest photosynthesis during the severe drought. We use a variety of gridded vegetation and climate datasets, including solar-induced chlorophyll fluorescence (SIF), photosynthetic active radiation (PAR), the fraction of absorbed PAR (APAR), leaf area index (LAI), precipitation, soil moisture, cloud cover, and vapor pressure deficit (VPD) in our analysis. Satellite-derived SIF observations provide a direct diagnosis of plant photosynthesis from space. The decomposition of SIF to SIF yield (SIFyield) and APAR (the product of PAR and fPAR) reveals the relative effects of precipitation and solar radiation on photosynthesis. We found that the drought significantly reduced SIFyield, the emitted SIF per photon absorbed. The higher APAR resulting from lower cloud cover and higher LAI partly offset the negative effects of water stress on the photosynthesis of Amazon forests, leading to a smaller reduction in SIF than in SIFyield and precipitation. We further found that SIFyield anomalies were more sensitive to precipitation and VPD anomalies in the southern regions of the Amazon than in the central and northern regions. Our findings shed light on the relative and combined effects of precipitation and solar radiation on photosynthesis, and can improve our understanding of the responses of Amazon forests to drought

Weak Decays of Doubly-Heavy Tetraquarks bcˉqqˉ{b\bar c}{q\bar q}

We study the weak decays of exotic tetraquark states ${b\bar c}{q\bar q}$ with two heavy quarks. Under the SU(3) symmetry for light quarks, these tetraquarks can be classified into an octet plus a singlet: $3\bigotimes\bar 3=1\bigoplus8$. We will concentrate on the octet tetraquarks with $J^{P}=0^{+}$, and study their weak decays, both semileptonic and nonleptonic. Hadron-level effective Hamiltonian is constructed according to the irreducible representations of the SU(3) group. Expanding the Hamiltonian, we obtain the decay amplitudes parameterized in terms of a few irreducible quantities. Based on these amplitudes, relations for decay widths are derived, which can be tested in future. We also give a list of golden channels that can be used to look for these states at various colliders.Comment: 14 pages,3 figure