The slippage paradox

Buying or selling assets leads to transaction costs for the investor. On one hand, it is well know to all market practionaires that the transaction costs are positive on average and present therefore systematic loss. On the other hand, for every trade, there is a buy side and a sell side, the total amount of asset and the total amount of cash is conserved. I show, that the apparently paradoxical observation of systematic loss of all participants is intrinsic to the trading process since it corresponds to a correlation of outstanding orders and price changes

The slippage paradox

Buying or selling assets leads to transaction costs for the investor. On one hand, it is well know to all market practionaires that the transaction costs are positive on average and present therefore systematic loss. On the other hand, for every trade, there is a buy side and a sell side, the total amount of asset and the total amount of cash is conserved. I show, that the apparently paradoxical observation of systematic loss of all participants is intrinsic to the trading process since it corresponds to a correlation of outstanding orders and price changes.

Native Danish listeners’ evaluation of English accents

This paper examines native Danish listeners' attitudes towards five native English accents and some of the factors which are likely to influence listeners' evaluations. Forty-seven native Danish listeners participated in a verbal guise test in which they rated samples from five English varieties on status/competence (the power dimension), solidarity and voice quality dimensions, and had to guess the speaker's origin: Standard Southern British English (SSBE), General American (GA), Australian English (AUS), Scottish English (SCO), and Southern US English (SUS). Additionally, the listeners stated their accent preference and responded to questions regarding their English media consumption. The standard varieties SSBE and GA were rated highly on the power dimension, but downgraded on solidarity. The varieties AUS, SCO, and SUS were rated more positively on solidarity, but downgraded on power. SUS was correctly identified most frequently, followed by SSBE and GA, while the listeners had problems identifying SCO and AUS correctly. Accent preference and English media consumption were related to some of the individual traits, and the listeners' ability to identify GA correctly was related to their English media consumption. Overall, the present results suggest that future studies should examine the influence of media consumption on attitudes towards accents in greater detail

Structure, Scaling and Phase Transition in the Optimal Transport Network

We minimize the dissipation rate of an electrical network under a global constraint on the sum of powers of the conductances. We construct the explicit scaling relation between currents and conductances, and show equivalence to a a previous model [J. R. Banavar {\it et al} Phys. Rev. Lett. {\bf 84}, 004745 (2000)] optimizing a power-law cost function in an abstract network. We show the currents derive from a potential, and the scaling of the conductances depends only locally on the currents. A numerical study reveals that the transition in the topology of the optimal network corresponds to a discontinuity in the slope of the power dissipation.Comment: 4 pages, 3 figure

Individualized metacognitive therapy for delusions: A randomized controlled rater-blind study

Theory-driven interventions targeting specific factors that contribute to delusions are receiving increased interest. The present study aimed to assess the efficacy of individualized metacognitive therapy (MCT+), a short manualized intervention that addresses delusion-associated cognitive biases.; 92 patients with current or past delusions were randomized to receive 12 twice-weekly sessions of either MCT+ or a control intervention within a randomized controlled rater-blind design. Psychopathology and cognitive biases were assessed at baseline, 6 weeks and 6 months. ANCOVAs adjusted for baseline scores were used to assess differences between groups regarding outcome variables. Both per-protocol and intention-to-treat analyses were conducted.; At 6 weeks, there was a significant difference in favor of MCT+ regarding decrease in delusion severity and improvement of self-reflectiveness (medium effect size), and a trend-wise difference regarding probability thresholds to decision. These effects increased, when only patients attending a minimum of 4 therapy sessions were considered. Control group patients subsequently showed further improvement while patients in the MCT+ group remained stable, such that there were no differences between groups at the 6-month follow-up.; Lower attendance rates in the control group possibly leading to unequal therapeutic effort; lower baseline delusion severity in the MCT+ group.; The result pattern suggests that MCT+ led to earlier improvement in delusions and cognitive biases compared to the control intervention. The absence of a long-term effect might reflect floor effects in the MCT+ group, but may also indicate the need for further measures to promote sustainability of MCT+ effects

Role of IFN-gamma and IL-6 in a protective immune response to Yersinia enterocolitica in mice

<p>Abstract</p> <p>Background</p> <p><it>Yersinia </it>outer protein (Yop) H is a secreted virulence factor of <it>Yersinia enterocolitica </it>(Ye), which inhibits phagocytosis of Ye and contributes to the virulence of Ye in mice. The aim of this study was to address whether and how YopH affects the innate immune response to Ye in mice.</p> <p>Results</p> <p>For this purpose, mice were infected with wild type Ye (pYV⁺) or a YopH-deficient Ye mutant strain (Δ<it>yopH</it>). CD11b⁺cells were isolated from the infected spleen and subjected to gene expression analysis using microarrays. Despite the attenuation of Δ<it>yopH in vivo</it>, by variation of infection doses we were able to achieve conditions that allow comparison of gene expression in pYV⁺and Δ<it>yopH </it>infection, using either comparable infection courses or splenic bacterial burden. Gene expression analysis provided evidence that expression levels of several immune response genes, including IFN-γ and IL-6, are high after pYV⁺infection but low after sublethal Δ<it>yopH </it>infection. In line with these findings, infection of IFN-γR^-/-and IL-6^-/-mice with pYV⁺or Δ<it>yopH </it>revealed that these cytokines are not necessarily required for control of Δ<it>yopH</it>, but are essential for defense against infection with the more virulent pYV⁺. Consistently, IFN-γ pretreatment of bone marrow derived macrophages (BMDM) strongly enhanced their ability in killing intracellular Ye bacteria.</p> <p>Conclusion</p> <p>In conclusion, this data suggests that IFN-γ-mediated effector mechanisms can partially compensate virulence exerted by YopH. These results shed new light on the protective role of IFN-γ in Ye wild type infections.</p

Synchronization of Sound Sources

Sound generation and -interaction is highly complex, nonlinear and self-organized. Already 150 years ago Lord Rayleigh raised the following problem: Two nearby organ pipes of different fundamental frequencies sound together almost inaudibly with identical pitch. This effect is now understood qualitatively by modern synchronization theory (M. Abel et al., J. Acoust. Soc. Am., 119(4), 2006). For a detailed, quantitative investigation, we substituted one pipe by an electric speaker. We observe that even minute driving signals force the pipe to synchronization, thus yielding three decades of synchronization -- the largest range ever measured to our knowledge. Furthermore, a mutual silencing of the pipe is found, which can be explained by self-organized oscillations, of use for novel methods of noise abatement. Finally, we develop a specific nonlinear reconstruction method which yields a perfect quantitative match of experiment and theory.Comment: 5 pages, 4 figure

Деякі проблеми використання тимчасово зайнятих земель

<div><p>Glucocorticoid induced-leucine zipper (GILZ) has been shown to be induced in cells by different stimuli such as glucocorticoids, IL-10 or deprivation of IL-2. GILZ has anti-inflammatory properties and may be involved in signalling modulating apoptosis. Herein we demonstrate that wildtype <em>Yersinia enterocolitica</em> which carry the pYV plasmid upregulated GILZ mRNA levels and protein expression in epithelial cells. Infection of HeLa cells with different <em>Yersinia</em> mutant strains revealed that the protease activity of YopT, which cleaves the membrane-bound form of Rho GTPases was sufficient to induce GILZ expression. Similarly, <em>Clostridium difficile</em> toxin B, another bacterial inhibitor of Rho GTPases induced GILZ expression. YopT and toxin B both increased transcriptional activity of the GILZ promoter in HeLa cells. GILZ expression could not be linked to the inactivation of an individual Rho GTPase by these toxins. However, forced expression of RhoA and RhoB decreased basal <em>GILZ</em> promoter activity. Furthermore, MAPK activation proved necessary for profound GILZ induction by toxin B. Promoter studies and gel shift analyses defined binding of upstream stimulatory factor (USF) 1 and 2 to a canonical c-Myc binding site (E-box) in the <em>GILZ</em> promoter as a crucial step of its trans-activation. In addition we could show that USF-1 and USF-2 are essential for basal as well as toxin B induced GILZ expression. These findings define a novel way of <em>GILZ</em> promoter trans-activation mediated by bacterial toxins and differentiate it from those mediated by dexamethasone or deprivation of IL-2.</p> </div

Validation of Sentinel-5P TROPOMI tropospheric NO2 products by comparison with NO2 measurements from airborne imaging, ground-based stationary, and mobile car DOAS measurements during the S5P-VAL-DE-Ruhr campaign

Airborne imaging differential optical absorption spectroscopy (DOAS), ground-based stationary and car DOAS measurements were conducted during the S5P-VAL-DE-Ruhr campaign in September 2020. The campaign area is located in the Rhine-Ruhr region of North Rhine-Westphalia, Western Germany, which is a pollution hotspot in Europe comprising urban and large industrial emitters. The measurements are used to validate space-borne NO2 tropospheric vertical column density data products from the Sentinel-5 Precursor (S5P) TROPOspheric Monitoring Instrument (TROPOMI). Seven flights were performed with the airborne imaging DOAS instrument for measurements of atmospheric pollution (AirMAP), providing measurements which were used to create continuous maps of NO2 in the layer below the aircraft. These flights cover many S5P ground pixels within an area of 30 km x 35 km and were accompanied by ground-based stationary measurements and three mobile car DOAS instruments. Stationary measurements were conducted by two Pandora, two zenith-sky and two MAX-DOAS instruments distributed over three target areas. Ground-based stationary and car DOAS measurements are used to evaluate the AirMAP tropospheric NO2 vertical column densities and show high Pearson correlation coefficients of 0.87 and 0.89 and slopes of 0.93 &plusmn; 0.09 and 0.98 &plusmn; 0.02 for the stationary and car DOAS, respectively. Having a spatial resolution of about 100 m x 30 m, the AirMAP tropospheric NO2 vertical column density (VCD) data creates a link between the ground-based and the TROPOMI measurements with a resolution of 3.5 km x 5.5 km and is therefore well suited to validate the TROPOMI tropospheric NO2 VCD. The measurements on the seven flight days show strong NO2 variability, which is dependent on the different target areas, the weekday, and the meteorological conditions. The AirMAP campaign dataset is compared to the TROPOMI NO2 operational off-line (OFFL) V01.03.02 data product, the reprocessed NO2 data, using the V02.03.01 of the official L2 processor, provided by the Product Algorithm Laboratory (PAL), and several scientific TROPOMI NO2 data products. The TROPOMI data products and the AirMAP data are highly correlated with correlation coefficients between 0.72 and 0.87, and slopes of 0.38 &plusmn; 0.02 to 1.02 &plusmn; 0.07. On average, TROPOMI tropospheric NO2 VCDs are lower than the AirMAP NO2 results. The slope increased from 0.38 &plusmn; 0.02 for the operational OFFL V01.03.02 product to 0.83 &plusmn; 0.06 after the improvements in the retrieval of the PAL V02.03.01 product were implemented. Different auxiliary data, such as spatially higher resolved a priori NO2 vertical profiles, surface reflectivity and the cloud treatment, are investigated using scientific TROPOMI tropospheric NO2 VCD data products to evaluate their impact on the operational TROPOMI NO2 VCD data product. The comparison of the AirMAP campaign dataset to the scientific data products shows that the choice of surface reflectivity data base has a minor impact on the tropospheric NO2 VCD retrieval in the campaign region and season. In comparison, the replacement of the a priori NO2 profile in combination with the improvements in the retrieval of the PAL V02.03.01 product regarding cloud heights has a major impact on the tropospheric NO2 VCD retrieval and increases the slope from 0.88 &plusmn; 0.06 to 1.00 &plusmn; 0.07. This study demonstrates that the underestimation of the TROPOMI tropospheric NO2 VCD product with respect to the validation dataset has been and can be further significantly improved.</p