How the 52-week high and low affect beta and volatility

Academic Session 14 - Capital Market and Investment Strategy IIIWe provide a new perspective on stock price behavior around 52-week highs and lows. Instead of focusing on noisy measurements of abnormal returns (alpha), our main focus is to analyze whether a stock’s beta, return volatility and option-implied volatility change (i) when stock prices approach their 52-week high or low, and (ii) when stock prices break through these highs or lows. We find that betas and volatilities decrease when approaching a high or low, and that volatilities increase after breakthroughs. The effects are economically large and very significant, and consistent across stock and stock-option markets. Among several explanations for our findings, we find most support for the anchoring theory.postprintThe 8th NTU International Conference on Economics, Finance and Accounting (2010 IEFA), Taiwan, 21-23 June 2010

Fabrication and characterization of the charge-plasma diode

We present a new lateral Schottky-based rectifier called the charge-plasma diode realized on ultrathin silicon-oninsulator. The device utilizes the workfunction difference between two metal contacts, palladium and erbium, and the silicon body. We demonstrate that the proposed device provides a low and constant reverse leakage-current density of about 1 fA/μm with ON/OFF current ratios of around 107 at 1-V forward bias and room temperature. In the forward mode, a current swing of 88 mV/dec is obtained, which is reduced to 68 mV/dec by back-gate biasing

Mortgage Timing

We study how the term structure of interest rates relates to mortgage choice, both at the household and the aggregate level. A simple utility framework of mortgage choice points to the long-term bond risk premium as theoretical determinant: when the bond risk premium is high, fixed-rate mortgage payments are high, making adjustable-rate mortgages more attractive. This long-term bond risk premium is markedly different from other term structure variables that have been proposed, including the yield spread and the long yield. We confirm empirically that the bulk of the time variation in both aggregate and loan-level mortgage choice can be explained by time variation in the bond risk premium. This is true whether bond risk premia are measured using forecasters' data, a VAR term structure model, or from a simple household decision rule based on adaptive expectations. This simple rule moves in lock-step with mortgage choice, lending credibility to a theory of strategic mortgage timing by households

SHAPE-guided RNA structure homology search and motif discovery

The rapidly growing popularity of RNA structure probing methods is leading to increasingly large amounts of available RNA structure information. This demands the development of efficient tools for the identification of RNAs sharing regions of structural similarity by direct comparison of their reactivity profiles, hence enabling the discovery of conserved structural features. We here introduce SHAPEwarp, a largely sequence-agnostic SHAPE-guided algorithm for the identification of structurally-similar regions in RNA molecules. Analysis of Dengue, Zika and coronavirus genomes recapitulates known regulatory RNA structures and identifies novel highly-conserved structural elements. This work represents a preliminary step towards the model-free search and identification of shared and conserved RNA structural features within transcriptomes.Molecular basis of virus replication, viral pathogenesis and antiviral strategie

Different rates of (non-)synonymous mutations in astrovirus genes; correlation with gene function

BACKGROUND: Complete genome sequences of the Astroviridae include human, non-human mammalian and avian species. A consensus topology of astroviruses has been derived from nucleotide substitutions in the full-length genomes and from non-synonymous nucleotide substitutions in each of the three ORFs. Analyses of synonymous substitutions displayed a loss of tree structure, suggesting either saturation of the substitution model or a deviant pattern of synonymous substitutions in certain virus species. RESULTS: We analyzed the complete Astroviridae family for the inference of adaptive molecular evolution at sites and in branches. High rates of synonymous mutations are observed among the non-human virus species. Deviant patterns of synonymous substitutions are found in the capsid structural genes. Purifying selection is a dominant force among all astrovirus genes and only few codon sites showed values for the dN/dS ratio that may indicate site-specific molecular adaptation during virus evolution. One of these sites is the glycine residue of a RGD motif in ORF2 of human astrovirus serotype 1. RGD or similar integrin recognition motifs are present in nearly all astrovirus species. CONCLUSION: Phylogenetic analysis directed by maximum likelihood approximation allows the inclusion of significantly more evolutionary history and thereby, improves the estimation of dN and dS. Sites with enhanced values for dN/dS are prominent at domains in charge of environmental communication (f.i. VP27 and domain 4 in ORF1a) more than at domains dedicated to intrinsic virus functions (f.i. VP34 and ORF1b (the virus polymerase)). Integrin recognition may play a key role in astrovirus to target cell attachment

PathwayAccess: CellDesigner plugins for pathway databases

Summary: CellDesigner provides a user-friendly interface for graphical biochemical pathway description. Many pathway databases are not directly exportable to CellDesigner models. PathwayAccess is an extensible suite of CellDesigner plugins, which connect CellDesigner directly to pathway databases using respective Java application programming interfaces. The process is streamlined for creating new PathwayAccess plugins for specific pathway databases. Three PathwayAccess plugins, MetNetAccess, BioCycAccess and ReactomeAccess, directly connect CellDesigner to the pathway databases MetNetDB, BioCyc and Reactome. PathwayAccess plugins enable CellDesigner users to expose pathway data to analytical CellDesigner functions, curate their pathway databases and visually integrate pathway data from different databases using standard Systems Biology Markup Language and Systems Biology Graphical Notation

Purification of Highly Active Alphavirus Replication Complexes Demonstrates Altered Fractionation of Multiple Cellular Membranes

Positive-strand RNA viruses replicate their genomes in membrane-associated structures; alphaviruses and many other groups induce membrane invaginations called spherules. Here, we established a protocol to purify these membranous replication complexes (RCs) from cells infected with Semliki Forest virus (SFV). We isolated SFV spherules located on the plasma membrane and further purified them using two consecutive density gradients. This revealed that SFV infection strongly modifies cellular membranes. We removed soluble proteins, the Golgi membranes, and most of the mitochondria, but plasma membrane, endoplasmic reticulum (ER), and late endosome markers were retained in the membrane fraction that contained viral RNA synthesizing activity, replicase proteins, and minus-and plus-strand RNA. Electron microscopy revealed that the purified membranes displayed spherule-like structures with a narrow neck. This membrane enrichment was specific to viral replication, as such a distribution of membrane markers was only observed after infection. Besides the plasma membrane, SFV infection remodeled the ER, and the cofractionation of the RC-carrying plasma membrane and ER suggests that SFV recruits ER proteins or membrane to the site of replication. The purified RCs were highly active in synthesizing both genomic and subgenomic RNA. Detergent solubilization destroyed the replication activity, demonstrating that the membrane association of the complex is essential. Most of the newly made RNA was in double-stranded replicative molecules, but the purified complexes also produced single-stranded RNA as well as released newly made RNA. This indicates that the purification established here maintained the functionality of RCs and thus enables further structural and functional studies of active RCs. IMPORTANCE Similar to all positive-strand RNA viruses, the arthropod-borne alpha-viruses induce membranous genome factories, but little is known about the arrangement of viral replicase proteins and the presence of host proteins in these replication complexes. To improve our knowledge of alphavirus RNA-synthesizing complexes, we isolated and purified them from infected mammalian cells. Detection of viral RNA and in vitro replication assays revealed that these complexes are abundant and highly active when located on the plasma membrane. After multiple purification steps, they remain functional in synthesizing and releasing viral RNA. Besides the plasma membrane, markers for the endoplasmic reticulum and late endosomes were enriched with the replication complexes, demonstrating that alphavirus infection modified cellular membranes beyond inducing replication spherules on the plasma membrane. We have developed here a gentle purification method to obtain large quantities of highly active replication complexes, and similar methods can be applied to other positive-strand RNA viruses.Peer reviewe

Spectral Autofluorescence Imaging of the Retina for Drusen Detection

The presence and characteristics of drusen in retinal images, namely their size, location, and distribution, can be used to aid in the diagnosis and monitoring of Age Related Macular Degeneration (AMD); one of the leading causes for blindness in the elderly population. Current imaging techniques are effective at determining the presence and number of drusen, but fail when it comes to classifying their size and form. These distinctions are important for correctly characterising the disease, especially in the early stages where the development of just one larger drusen can indicate progression. Another challenge for automated detection is in distinguishing them from other retinal features, such as cotton wool spots. We describe the development of a multi-spectral scanning-laser ophthalmoscope that records images of retinal autofluorescence (AF) in four spectral bands. This will offer the potential to detect drusen with improved contrast based on spectral discrimination for automated classification. The resulting improved specificity and sensitivity for their detection offers more reliable characterisation of AMD. We present proof of principle images prior to further system optimisation and clinical trials for assessment of enhanced detection of drusen

An Examination of Acquiescent Response Styles in Cross-Cultural Research

Response styles constitute a formidable challenge for cross-cultural research. In this article, three different response styles are discussed (acquiescence, extremity scoring, and social desirability). Acquiescence responding (ARS) is then integrated into a larger classical test theoretical framework, which allows for an examination of the various roles that ARS may play in cross-cultural research. A new meta-analytical method is proposed to examine the prevalence and nature of ARS. Preliminary evidence suggests that ARS has only a small, but systematic effect on survey responses. The meaning of ARS is explored through correlations with nation-level indicators. Implications for future research are discussed