Seasonality in the cross section of stock returns: Advanced markets versus emerging markets

We extend the studies of stock return seasonality by Heston and Sadka (2008, 2010) to a comprehensive sample of 42 international markets, including 21 advanced markets and 21 emerging markets. The empirical results show a large variation in stock seasonality across markets and suggest that this phenomenon exists primarily in advanced markets. A winner-loser portfolio approach shows that return seasonality is economically significant in advanced markets but not in emerging markets. We conduct statistical, rational and behavioral analyses to explore the potential reasons for the seasonality observed in advanced markets and find that regression bias, the January effect, and the Fama-French-Carhart type risk premium all can partially explain this seasonality difference

Infrared Imaging of Magnetic Octupole Domains in Non-collinear Antiferromagnets

Magnetic structure plays a pivotal role in the functionality of antiferromagnets (AFMs), which not only can be employed to encode digital data but also yields novel phenomena. Despite its growing significance, visualizing the antiferromagnetic domain structure remains a challenge, particularly for non-collinear AFMs. Currently, the observation of magnetic domains in non-collinear antiferromagnetic materials is feasible only in Mn$_{3}$Sn, underscoring the limitations of existing techniques that necessitate distinct methods for in-plane and out-of-plane magnetic domain imaging. In this study, we present a versatile method for imaging the antiferromagnetic domain structure in a series of non-collinear antiferromagnetic materials by utilizing the anomalous Ettingshausen effect (AEE), which resolves both the magnetic octupole moments parallel and perpendicular to the sample surface. Temperature modulation due to the AEE originating from different magnetic domains is measured by the lock-in thermography, revealing distinct behaviors of octupole domains in different antiferromagnets. This work delivers an efficient technique for the visualization of magnetic domains in non-collinear AFMs, which enables comprehensive study of the magnetization process at the microscopic level and paves the way for potential advancements in applications.Comment: National Science Review in pres

Brain Map of Intrinsic Functional Flexibility in Anesthetized Monkeys and Awake Humans

Emerging neuroimaging studies emphasize the dynamic organization of spontaneous brain activity in both human and non-human primates, even under anesthesia. In a recent study, we were able to characterize the heterogeneous architecture of intrinsic functional flexibility in the awake, resting human brain using time-resolved analysis and a probabilistic model. However, it is unknown whether this organizational principle is preserved in the anesthetized monkey brain, and how anesthesia affects dynamic and static measurements of spontaneous brain activity. To investigate these issues, we collected resting-state functional magnetic resonance imaging (fMRI) datasets from 178 awake humans and 11 anesthetized monkeys (all healthy). Our recently established method, a complexity measurement (i.e., Shannon entropy) of dynamic functional connectivity patterns of each brain region, was used to map the intrinsic functional flexibility across the cerebral cortex. To further explore the potential effects of anesthesia, we performed time series analysis and correlation analysis between dynamic and static measurements within awake human and anesthetized monkey brains, respectively. We observed a heterogeneous profile of intrinsic functional flexibility in the anesthetized monkey brain, which showed some similarities to that of awake humans (r = 0.30, p = 0.007). However, we found that brain activity in anesthetized monkeys generally shifted toward random fluctuations. Moreover, there is a negative correlation between nodal entropy for the distribution of dynamic functional connectivity patterns and static functional connectivity strength in anesthetized monkeys, but not in awake humans. Our findings indicate that the heterogeneous architecture of intrinsic functional flexibility across cortex probably reflects an evolutionarily conserved aspect of functional brain organization, which persists across levels of cognitive processing (states of consciousness). The coupling between nodal entropy for the distribution of dynamic functional connectivity patterns and static functional connectivity strength may serve as a potential signature of anesthesia. This study not only offers fresh insight into the evolution of brain functional architecture, but also advances our understanding of the dynamics of spontaneous brain activity

Functional Evaluation of Genetic and Environmental Regulators of P450 mRNA Levels

Variations in the activities of Cytochrome P450s are one of the major factors responsible for inter-individual differences in drug clearance rates, which may cause serious toxicity or inefficacy of therapeutic drugs. Various mRNA level is one of the key factors for different activity of the major P450 genes. Although both genetic and environmental regulators of P450 gene expression have been widely investigated, few studies have evaluated the functional importance of cis- and trans-regulatory factors and environmental factors in the modulation of inter-individual expression variations of the P450 genes. In this study, we measured the mRNA levels of seven major P450 genes (CYP1A1, CYP1A2, CYP2C9, CYP2C19, CYP2D6, CYP3A4 and CYP3A5) in 96 liver biopsy samples from Chinese population. Both trans-acting (mRNA levels and non-synonymous SNPs of putative regulator genes) and cis-acting (gene copy number and functional SNPs) factors were investigated to identify the determinants of the expression variations of these seven P450 genes. We found that expression variations of most P450 genes, regulator genes and housekeeping genes were positively correlated at the mRNA level. After partial correlation analysis using ACTB and GAPDH expression to eliminate the effect of global regulators, a UPGMA (Unweighted Pair Group Method with Arithmetic Mean) tree was constructed to reveal the effects of specific regulation networks potentially masked by global regulators. Combined with the functional analysis of regulators, our results suggested that expression variation at the mRNA level was mediated by several factors in a gene-specific manner. Cis-acting genetic variants might play key roles in the expression variation of CYP2D6 and CYP3A5, environmental inducers might play key roles in CYP1A1 and CYP1A2 variation and global regulators might play key roles in CYP2C9 variation. In addition, the functions of regulators that play less important roles in controlling expression variation for each P450 gene were determined

An empirical analysis of herd behavior in global stock markets

This paper examines herding behavior in global markets. By applying daily data for 18 countries from May 25, 1988, through April 24, 2009, we find evidence of herding in advanced stock markets (except the US) and in Asian markets. No evidence of herding is found in Latin American markets. Evidence suggests that stock return dispersions in the US play a significant role in explaining the non-US market's herding activity. With the exceptions of the US and Latin American markets, herding is present in both up and down markets, although herding asymmetry is more profound in Asian markets during rising markets. Evidence suggests that crisis triggers herding activity in the crisis country of origin and then produces a contagion effect, which spreads the crisis to neighboring countries. During crisis periods, we find supportive evidence for herding formation in the US and Latin American markets.Herding behavior Cross-sectional stock dispersion Financial crisis

Analytical modeling and analysis of magnetic field and torque for novel axial flux eddy current couplers with PM excitation

Rotational permanent magnet eddy current couplers are promising devices for torque and speed transmission without any mechanical contact. In this study, flux-concentration disk-type permanent magnet eddy current couplers with double conductor rotor are investigated. Given the drawback of the accurate three-dimensional finite element method, this paper proposes a mixed two-dimensional analytical modeling approach. Based on this approach, the closed-form expressions of magnetic field, eddy current, electromagnetic force and torque for such devices are obtained. Finally, a three-dimensional finite element method is employed to validate the analytical results. Besides, a prototype is manufactured and tested for the torque-speed characteristic