Short Sale Constraints and Stock Returns

Stocks can be overpriced when short sale constraints bind. We study the costs of short selling equities, 1926-1933, using the publicly observable market for borrowing stock. Some stocks are sometimes expensive to short, and it appears that stocks enter the borrowing market when shorting demand is high. We find that stocks that are expensive to short or which enter the borrowing market have high valuations and low subsequent returns, consistent with the overpricing hypothesis. Size-adjusted returns are one to two percent lower per month for new entrants, and despite high costs it is profitable to short them.

Combining local- and large-scale models to predict the distributions of invasive plant species

Habitat-distribution models are increasingly used to predict the potential distributions of invasive species and to inform monitoring. However, these models assume that species are in equilibrium with the environment, which is clearly not true for most invasive species. Although this assumption is frequently acknowledged, solutions have not been adequately addressed. There are several potential methods for improving habitat-distribution models. Models that require only presence data may be more effective for invasive species, but this assumption has rarely been tested. In addition, combining modeling types to form ‘ensemble’ models may improve the accuracy of predictions. However, even with these improvements, models developed for recently invaded areas are greatly influenced by the current distributions of species and thus reflect near- rather than long-term potential for invasion. Larger scale models from species’ native and invaded ranges may better reflect long-term invasion potential, but they lack finer scale resolution. We compared logistic regression (which uses presence/absence data) and two presence-only methods for modeling the potential distributions of three invasive plant species on the Olympic Peninsula in Washington State, USA. We then combined the three methods to create ensemble models. We also developed climate-envelope models for the same species based on larger scale distributions and combined models from multiple scales to create an index of near- and long-term invasion risk to inform monitoring in Olympic National Park (ONP). Neither presence-only nor ensemble models were more accurate than logistic regression for any of the species. Larger scale models predicted much greater areas at risk of invasion. Our index of near- and long-term invasion risk indicates that \u3c4% of ONP is at high near-term risk of invasion while 67-99% of the Park is at moderate or high long-term risk of invasion. We demonstrate how modeling results can be used to guide the design of monitoring protocols and monitoring results can in turn be used to refine models. We propose that by using models from multiple scales to predict invasion risk and by explicitly linking model development to monitoring, it may be possible to overcome some of the limitations of habitat-distribution models

Liberalismo, nacionalismo y transnacionalismo en la obra y vida de Vicente Fidel López (1815-1903)

This article explores the contribution made to the consolidation of the Argentine national project, both as a writer and a high-ranking politician, by Vicente Fidel López (1815-1903), a member of the so-called Generation of ‘37. By focusing on some of his less well-known writings, it situates López as a socially inclusive conservative and at the same time as a patrician economic nationalist. Unlike most of the historiography on López, which has focused almost exclusively on his career as a historian, the purpose of the article is to distill the leading ideas of López on political identity out of some of his less well-known works in the fields of linguistics, literature (historical novels), journalism and political essays. It also relates these ideas to his brief performance as national finance minister (1890-1892).Este artículo explora las contribución realizada por Vicente Fidel López (1815-1903), un miembro de la así llamada Generación del ‘37, en la consolidación del proyecto nacional argentino, como escritor y como político de alto rango. Centrándose en algunos de sus escritos menos conocidos, el artículo sitúa a López como un conservador socialmente inclusivo y a la vez, como un patricio defensor del nacionalismo económico. A diferencia de la mayor parte de la historiografía sobre López, que se ha centrado casi exclusivamente en su carrera como historiador, el propósito de este artículo es extraer las ideas principales de López sobre la identidad política de algunas de sus obras menos conocidas en los campos de la lingüística, la literatura (novelas históricas), el periodismo y el ensayo político. También establece una relación entre dichas ideas y su breve actuación como Ministro de Hacienda (1890-1892)

Does a Carbonatite Deposit Influence Its Surrounding Ecosystem?

Carbonatites are unusual alkaline rocks with diverse compositions. Although previous work has characterized the effects these rocks have on soils and plants, little is known about their impacts on local ecosystems. Using a deposit within the Great Lakes–St. Lawrence forest in northern Ontario, Canada, we investigated the effect of a carbonatite on soil chemistry and on the structure of plant and soil microbial communities. This was done using a vegetation survey conducted above and around the deposit, with corresponding soil samples collected for determining soil nutrient composition and for assessing microbial community structure using 16S/ITS Illumina Mi-Seq sequencing. In some soils above the deposit a soil chemical signature of the carbonatite was found, with the most important effect being an increase in soil pH compared with the non-deposit soils. Both plants and microorganisms responded to the altered soil chemistry: the plant communities present in carbonatite-impacted soils were dominated by ruderal species, and although differences in microbial communities across the surveyed areas were not obvious, the abundances of specific bacteria and fungi were reduced in response to the carbonatite. Overall, the deposit seems to have created microenvironments of relatively basic soil in an otherwise acidic forest soil. This study demonstrates for the first time how carbonatites can alter ecosystems in situ

Optically excited states in positronium

Optical excitation are reported of the 1 3S-2 3P transition in positronium, and a second excitation from n=2 to higher n states. The experiment used light from two pulsed dye lasers. Changes in the positronium annihilation rate during and after the laser pulse were used to deduce the excited state populations. The n=2 level was found to be saturable and excitable to a substantial fraction of n=2 positronium to higher levels. Preliminary spectroscopic measurements were performed on n=14 and n=15 positronium

Diverse CD81 proteins support hepatitis C virus infection.

Hepatitis C virus (HCV) entry is dependent on CD81. To investigate whether the CD81 sequence is a determinant of HCV host range, we expressed a panel of diverse CD81 proteins and tested their ability to interact with HCV. CD81 large extracellular loop (LEL) sequences were expressed as recombinant proteins; the human and, to a low level, the African green monkey sequences bound soluble HCV E2 (sE2) and inhibited infection by retrovirus pseudotype particles bearing HCV glycoproteins (HCVpp). In contrast, mouse or rat CD81 proteins failed to bind sE2 or to inhibit HCVpp infection. However, CD81 proteins from all species, when expressed in HepG2 cells, conferred susceptibility to infection by HCVpp and cell culture-grown HCV to various levels, with the rat sequence being the least efficient. Recombinant human CD81 LEL inhibited HCVpp infectivity only if present during the virus-cell incubation, consistent with a role for CD81 after virus attachment. Amino acid changes that abrogate sE2 binding (I182F, N184Y, and F186S, alone or in combination) were introduced into human CD81. All three amino acid changes in human CD81 resulted in a molecule that still supported HCVpp infection, albeit with reduced efficiency. In summary, there is a remarkable plasticity in the range of CD81 sequences that can support HCV entry, suggesting that CD81 polymorphism may contribute to, but alone does not define, the HCV susceptibility of a species. In addition, the capacity to support viral entry is only partially reflected by assays measuring sE2 interaction with recombinant or full-length CD81 proteins

A Predictive-Adaptive, Multipoint Feedback Controller for Local Heat Therapy of Solid Tumors

Uniform heating of tumor tissue to therapeutic temperatures without damaging surrounding normal tissue is required for optimal local heat therapy of cancer. This paper describes an algorithm for online computer control that will allow the therapist to minimize the standard deviation of measured intratumoral temperatures. The method is applicable to systems incorporating multiple surface and/or interstitial applicators delivering microwave, radiofrequency, or ultrasonic power and operating under the control of a small computer. The essential element is a novel predictive-adaptive control algorithm that infers relevant thermal parameters from the responses of multiple temperature sensors, as each of the power applicators is briefly turned off. Applied power and effective perfusion are estimated from transient slope changes of the temperature-time curves for each sensor. By substituting these values into a system of linear equations derived from the bio-heat transfer equation, the small computer can calculate the optimal allocation of power among the various applicators (“knob settings”) to generate most uniform intratumoral temperature distribution with the desired mean, or minimum, tumor temperature

Shapes of Molecular Cloud Cores and the Filamentary Mode of Star Formation

Using recent dust continuum data, we generate the intrinsic ellipticity distribution of dense, starless molecular cloud cores. Under the hypothesis that the cores are all either oblate or prolate randomly-oriented spheroids, we show that a satisfactory fit to observations can be obtained with a gaussian prolate distribution having a mean intrinsic axis ratio of 0.54. Further, we show that correlations exist between the apparent axis ratio and both the peak intensity and total flux density of emission from the cores, the sign of which again favours the prolate hypothesis. The latter result shows that the mass of a given core depends on its intrinsic ellipticity. Monte Carlo simulations are performed to find the best-fit power law of this dependence. Finally, we show how these results are consistent with an evolutionary scenario leading from filamentary parent clouds to increasingly massive, condensed, and roughly spherical embedded cores.Comment: 16 pages, incl. 11 Postscript figures. Accepted by Ap