Reduced Form Estimation Of The Noise Trading Model

In this paper, we develop and implement the reduced form version of the Noise Trading Model in the Indian stock market, which we had proposed in an earlier paper. We show how to estimate the model without making any assumptions regarding the cross-sectional dependence that may exist among the individual stocks. This allows us to come up with precise estimates of the share of information versus noise in the opening stock price. To be specific, information accounts for 52% of the variance of the opening stock price and noise contributes to the rest. When we split the overall sample into weekend versus weekday, we find that the information share of the opening price is significantly higher after a weekend at 72% compared to 46% during the rest of the week

Reduced Form Estimation Of The Noise Trading Model

In this paper, we develop and implement the reduced form version of the Noise Trading Model in the Indian stock market, which we had proposed in an earlier paper. We show how to estimate the model without making any assumptions regarding the cross-sectional dependence that may exist among the individual stocks. This allows us to come up with precise estimates of the share of information versus noise in the opening stock price. To be specific, information accounts for 52% of the variance of the opening stock price and noise contributes to the rest. When we split the overall sample into weekend versus weekday, we find that the information share of the opening price is significantly higher after a weekend at 72% compared to 46% during the rest of the week

Welfare guarantees for proportional allocations

According to the proportional allocation mechanism from the network optimization literature, users compete for a divisible resource -- such as bandwidth -- by submitting bids. The mechanism allocates to each user a fraction of the resource that is proportional to her bid and collects an amount equal to her bid as payment. Since users act as utility-maximizers, this naturally defines a proportional allocation game. Recently, Syrgkanis and Tardos (STOC 2013) quantified the inefficiency of equilibria in this game with respect to the social welfare and presented a lower bound of 26.8% on the price of anarchy over coarse-correlated and Bayes-Nash equilibria in the full and incomplete information settings, respectively. In this paper, we improve this bound to 50% over both equilibrium concepts. Our analysis is simpler and, furthermore, we argue that it cannot be improved by arguments that do not take the equilibrium structure into account. We also extend it to settings with budget constraints where we show the first constant bound (between 36% and 50%) on the price of anarchy of the corresponding game with respect to an effective welfare benchmark that takes budgets into account.Comment: 15 page

Magnetic Rotator Winds and Keplerian Disks of Hot Stars

We consider rotating magnetic stars with winds and disks. We establish a theorem that relates the angular velocity of a disk region with no meridional motion to the angular velocity of the star. Also, we show that for a given value of the magnetic field strength, if the rotation rate is too high or the flow velocity into the shock boundary is too low, a Keplerian disk region will not be formed. We develop a model for the formation of disks in magnetic rotators through the processes of fill-up and diffusion into Keplerian orbits. At the end of the fill-up stage the density of the disk increases significantly and the magnetic force in the disk becomes negligible. We derive analytical expressions for the inner and outer radii of Keplerian disks in terms of the stellar rotation rate. A disk can form if the meridional component Bm of the field at the stellar surface is larger than a minimum value. The radial extent of the Keplerian region becomes larger for larger values of Bm and is largest when Bm equals an optimal value. The strengths of the minimum fields required for Keplerian disk formation in B-type stars varies from order 1G to 10G. In O-type stars they must be of order 500G. Also, we suggest that the stellar magnetic fields may be affected by rotationally driven meridional circulation leading to some of the the observed variations of disks with time.Comment: 44 pages, 1 figure, accepted by Ap

Cost and quality of life analysis of HIV self-testing and facility-based HIV testing and counselling in Blantyre, Malawi.

BACKGROUND: HIV self-testing (HIVST) has been found to be highly effective, but no cost analysis has been undertaken to guide the design of affordable and scalable implementation strategies. METHODS: Consecutive HIV self-testers and facility-based testers were recruited from participants in a community cluster-randomised trial ( ISRCTN02004005 ) investigating the impact of offering HIVST in addition to facility-based HIV testing and counselling (HTC). Primary costing studies were undertaken of the HIVST service and of health facilities providing HTC to the trial population. Costs were adjusted to 2014 US$and INT$. Recruited participants were asked about direct non-medical and indirect costs associated with accessing either modality of HIV testing, and additionally their health-related quality of life was measured using the EuroQol EQ-5D. RESULTS: A total of 1,241 participants underwent either HIVST (n = 775) or facility-based HTC (n = 446). The mean societal cost per participant tested through HIVST (US$9.23; 95$9.14-US$9.32) was lower than through facility-based HTC (US$11.84; 95 % CI: US$10.81-12.86). Although the mean health provider cost per participant tested through HIVST (US$8.78) was comparable to facility-based HTC (range: US$7.53-US$10.57), the associated mean direct non-medical and indirect cost was lower (US$2.93; 95$1.90-US$3.96). The mean health provider cost per HIV positive participant identified through HIVST was higher (US$97.50) than for health facilities (range: US$25.18-US$76.14), as was the mean cost per HIV positive individual assessed for anti-retroviral treatment (ART) eligibility and the mean cost per HIV positive individual initiated onto ART. In comparison to the facility-testing group, the adjusted mean EQ-5D utility score was 0.046 (95 % CI: 0.022-0.070) higher in the HIVST group. CONCLUSIONS: HIVST reduces the economic burden on clients, but is a costlier strategy for the health provider aiming to identify HIV positive individuals for treatment. The provider cost of HIVST could be substantially lower under less restrictive distribution models, or if costs of oral fluid HIV test kits become comparable to finger-prick kits used in health facilities

Design and protocol for a pragmatic randomised study to optimise screening, prevention and care for tuberculosis and HIV in Malawi (PROSPECT Study)

Background: Adults seeking diagnosis and treatment for tuberculosis (TB) and HIV in low-resource settings face considerable barriers and have high pre-treatment mortality. Efforts to improve access to prompt TB treatment have been hampered by limitations in TB diagnostics, with considerable uncertainty about how available and new tests can best be implemented. Design and methods: The PROSPECT Study is an open, three-arm pragmatic randomised study that will investigate the effectiveness and cost-effectiveness of optimised HIV and TB diagnosis and linkage to care interventions in reducing time to TB diagnosis and prevalence of undiagnosed TB and HIV in primary care in Blantyre, Malawi. Participants (≥ 18 years) attending a primary care clinic with TB symptoms (cough of any duration) will be randomly allocated to one of three groups: (i) standard of care; (ii) optimised HIV diagnosis and linkage; or (iii) optimised HIV and TB diagnosis and linkage. We will test two hypotheses: firstly, whether prompt linkage to HIV care should be prioritised for adults with TB symptoms; and secondly, whether an optimised TB triage testing algorithm comprised of digital chest x-ray evaluated by computer-aided diagnosis software and sputum GeneXpert MTB/Rif can outperform clinician-directed TB screening. The primary trial outcome will be time to TB treatment initiation by day 56, and secondary outcomes will include prevalence of undiagnosed TB and HIV, mortality, quality of life, and cost-effectiveness. Conclusions: The PROSPECT Study will provide urgently-needed evidence under “real-life” conditions to inform clinicians and policy makers on how best to improve TB/HIV diagnosis and treatment in Africa

Improving resilience of scientific software through a domain-specific approach

In this paper we present research on improving the resilience of the execution of scientific software, an increasingly important concern in High Performance Computing (HPC). We build on an existing high-level abstraction framework, the Oxford Parallel library for Structured meshes (OPS), developed for the solution of multi-block structured mesh-based applications, and implement an algorithm in the library to carry out checkpointing automatically, without the intervention of the user. The target applications are a hydrodynamics benchmark application from the Mantevo Suite, CloverLeaf 3D, the sparse linear solver proxy application TeaLeaf, and the OpenSBLI compressible Navier–Stokes direct numerical simulation (DNS) solver. We present (1) the basic algorithm that OPS relies on to determine the optimal checkpoint in terms of size and location, (2) improvements that supply additional information to improve the decision, (3) techniques that reduce the cost of writing the checkpoints to non-volatile storage, (4) a performance analysis of the developed techniques on a single workstation and on several supercomputers, including ORNL’s Titan. Our results demonstrate the utility of the high-level abstractions approach in automating the checkpointing process and show that performance is comparable to, or better than the reference in all cases

XMM-Newton X-ray study of early type stars in the Carina OB1 association

<p><b>Aims:</b> X-ray properties of the stellar population in the Carina OB1 association are examined with special emphasis on early-type stars. Their spectral characteristics provide some clues to understanding the nature of X-ray formation mechanisms in the winds of single and binary early-type stars.</p> <p><b>Methods:</b> A timing and spectral analysis of five observations with XMM-Newton is performed using various statistical tests and thermal spectral models.</p> <p><b>Results:</b> 235 point sources have been detected within the field of view. Several of these sources are probably pre-main sequence stars with characteristic short-term variability. Seven sources are possible background AGNs. Spectral analysis of twenty four sources of type OB and WR 25 was performed. We derived spectral parameters of the sources and their fluxes in three energy bands. Estimating the interstellar absorption for every source and the distance to the nebula, we derived X-ray luminosities of these stars and compared them to their bolometric luminosities. We discuss possible reasons for the fact that, on average, the observed X-ray properties of binary and single early type stars are not very different, and give several possible explanations.</p&gt

Correlation and Path Coefficient Analysis of Biomass Yield and Quality Traits in Forage Type Hybrid Parents of Pearl Millet

One hundred and sixteen forage type hybrid parents (seed and pollinator parents) were investigated at International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), India, in summer seasons of 2015 and 2016 for estimating inter-relationships between forage quantity and quality traits and their direct and indirect effects. Significant negative correlation but of low value was found between crude protein (CP), In vitro organic matter digestibility (IVOMD) and dry forage yield (DFY). The direct and indirect effect of these forage quantity related traits on the DFY and other forage quality related traits on IVOMD was investigated in pearl millet. Path analysis revealed that total green forage yield (TGFY) had highest positive direct effect on DFY for forage quantity traits followed by plant height (PH). For forage quality traits, metabolizable energy (ME) had highest direct effect on IVOMD in both the cuts. CP and cellulose also had positive direct effects on IVOMD in both the cuts