Another look at trading costs and short-term reversal profits

Several studies report that abnormal returns associated with short-term reversal investment strategies diminish once trading costs are taken into account. We show that the impact of trading costs on the strategies' profitability can largely be attributed to excessively trading in small cap stocks. Limiting the stock universe to large cap stocks significantly reduces trading costs. Applying a more sophisticated portfolio construction algorithm to lower turnover reduces trading costs even further. Our finding that reversal strategies generate 30-50 basis points per week net of trading costs poses a serious challenge to standard rational asset pricing models. Our findings also have important implications for the understanding and practical implementation of reversal strategies

The Application of Cryogens in Liquid Fluid Energy Storage Systems

AbstractThis article describes the application of cryogens in liquid fluid energy storage systems and compares liquid fluid energy storage systems with conventional compressed air energy storage systems. The study focuses on the thermodynamic characteristics of different cryogens used in liquid fluid energy storage systems. It is found that liquid fluid energy storage systems have competitive factors like high energy density and no geographical limitation. A comparative analysis is conducted to present the advantages and disadvantages of different cryogens. The results show that liquid fluid energy storage systems have a promising future in large scale energy storage

Heat Conduction and Magnetic Phase Behavior in Electron-Doped Ca_{1-x} La_x MnO_3(0 <= x <= 0.2)

Measurements of thermal conductivity (kappa) vs temperature are reported for a series of Ca_{1-x} La_x MnO_3(0 <= x <= 0.2) specimens. For the undoped (x=0), G-type antiferromagnetic compound a large enhancement of kappa below the Neel temperature (T_N ~ 125 K) indicates a strong coupling of heat-carrying phonons to the spin system. This enhancement exhibits a nonmonotonic behavior with increasing x and correlates remarkably well with the small ferromagnetic component of the magnetization reported previously [Neumeier and Cohn, Phys. Rev. B 61 14319 (2000).] Magnetoelastic polaron formation appears to underly the behavior of kappa and the magnetization at x <= 0.02.Comment: submitted to PRB; 4 pp., 4 Fig.'s, RevTex

O(p6)O(p^6) extension of the large--NCN_C partial wave dispersion relations

Continuing our previous work(JHEP 0706:030,2007), large--$N_C$ techniques and partial wave dispersion relations are used to discuss $\pi\pi$ scattering amplitudes. We get a set of predictions for $O(p^6)$ low-energy chiral perturbation theory couplings. They are provided in terms of the masses and decay widths of scalar and vector mesons.Comment: 7 page

Evolutionary Genomics of Structural Variation in Asian Rice (Oryza sativa) Domestication

Structural variants (SVs) are a largely unstudied feature of plant genome evolution, despite the fact that SVs contribute substantially to phenotypes. In this study, we discovered SVs across a population sample of 347 high-coverage, resequenced genomes of Asian rice (Oryza sativa) and its wild ancestor (O. rufipogon). In addition to this short-read data set, we also inferred SVs from whole-genome assemblies and long-read data. Comparisons among data sets revealed different features of genome variability. For example, genome alignment identified a large (∼4.3 Mb) inversion in indica rice varieties relative to japonica varieties, and long-read analyses suggest that ∼9% of genes from the outgroup (O. longistaminata) are hemizygous. We focused, however, on the resequencing sample to investigate the population genomics of SVs. Clustering analyses with SVs recapitulated the rice cultivar groups that were also inferred from SNPs. However, the site-frequency spectrum of each SV type—which included inversions, duplications, deletions, translocations, and mobile element insertions—was skewed toward lower frequency variants than synonymous SNPs, suggesting that SVs may be predominantly deleterious. Among transposable elements, SINE and mariner insertions were found at especially low frequency. We also used SVs to study domestication by contrasting between rice and O. rufipogon. Cultivated genomes contained ∼25% more derived SVs and mobile element insertions than O. rufipogon, indicating that SVs contribute to the cost of domestication in rice. Peaks of SV divergence were enriched for known domestication genes, but we also detected hundreds of genes gained and lost during domestication, some of which were enriched for traits of agronomic interest.Peer reviewe

Hyperglycemia-induced inhibition of DJ-1 expression compromised the effectiveness of ischemic postconditioning cardioprotection in rats

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Combining nano-silicon with oxide glass in anodes for Li-ion batteries

Vanadium-tellurite glasses (VT) have emerged as promising anode materials for lithium-ion batteries (LIBs). Despite this, the Li-ion storage capacity of the VT glass anode is still insufficient to meet the demands for the next generation of advanced LIBs. Silicon (Si) anode has ultrahigh theoretical capacity but suffers from significant volume expansion during lithiation and delithiation. In this work, we combined Si nanoparticles with VT glass to prepare Si@VT composite anode for LIBs. The composite was produced through heat-treatment at different temperatures, some of which were hot-pressed under the isostatic pressure of 100 MPa. The Si@VT composite exhibited a synergistic effect that integrated the strengths of both VT glass and Si, resulting in a substantial enhancement of its electrochemical performance. The systematic characterizations of the composite-based anodes revealed the optimal conditions for fabricating the high-performance Si@VT composite: a silicon fraction of 10 wt% and a hot-pressing temperature of 620 K. This composite stood out as the optimal choice, exhibiting a capacity of 353 mA h g−1 at 1 A g−1 after 1000 cycles. This capacity surpasses that of VT glass anode by over threefold and that of pure Si anode by twelvefold.</p

An underwater acoustic communications scheme with inherent scale diversity for multiple users

Wideband underwater acoustic communication channels can cause undesirable multipath and Doppler scaling distortions to propagating acoustic signals. In this paper, we propose to exploit a time-scale canonical representation for wideband time-varying channels to achieve joint multipath-scale diversity. We design a signaling scheme with hyperbolic time-frequency signatures that is matched to the underwater acoustic environment to achieve scale diversity. The signaling scheme, combined with code-division multiple-access, is extended to multiple user transmission to improve multiuser detection performance, as demonstrated with simulations. © 2013 MTS