Trading and rational security pricing bubbles

Securities markets theory includes repo and distinguishes shorting from issuing. Here we revisit whether trading alone can give rise to Ponzi schemes and rational bubbles. We show that under the same institutional arrangements that limit re-hypothecation (e.g., through segregated haircut rules or explicit leverage constraints on haircut collecting dealers), (1) trading Ponzi schemes are prevented without having to assume uniform impatience, (2) for securities in positive net supply, bubbles are ruled out under complete markets but may occur when markets are incomplete. We give an example of such a bubble, under a finite present value of wealth.Repo, Short sale, Bubble, Repo specialness, Ponzi scheme, Leverage

The fate of cells:Interference and study of macrophage differentiation and activation

The immune system and its cells are important in host defence but also play a role in many acute and chronic diseases. Important cells of the immune system are the macrophages. Macrophages are phagocytic cells with a wide variety of functions including clearing up debris, cytokine production, activation, and regulation of other immune cells, etc. Macrophages originate, among other sources, from circulating monocytes. Upon entering tissue and monocytes encounter different differentiation factors like M-CSF or GM-CSF become mature macrophages. This differentiation process from monocytes to macrophages is regulated by many factors, including epigenetic processes and local mediators present in the tissues. In this thesis, the process of differentiation from monocytes to macrophages and the obtained macrophage’s phenotype, depending on the presence of different mediators (M-CSF, GM-CSF and IFNγ) is explored. Furthermore, the regulation of the differentiation by epigenetics is assessed by using small molecules inhibitors in the context of inflammatory diseases like rheumatoid arthritis or cardiovascular disease

The dollar squeeze of the financial crisis

By Covered Interest rate Parity (CIP), the FX swap implied currrency interest rates should coincide with actual interest rates. When a difference occurs, the residual is referred to as the cross currency basis. We link the Euro- Dollar currency basis (e.g. in 2008) to shadow prices of dollar funding constraints and interpret the basis as the relative physical possession value of the scarcer currency, or the “convenience yield” associated with that currency. This is similar to specialness in repo markets, expressing the physical possession value of a security. We examine how the coordinated central banks intervention can reduce the currency basis.FX swaps, Repo, Euro-Dollar currency basis, The 2008 dollar squeeze, Possession

Macroporous materials: microfluidic fabrication, functionalization and applications

This article provides an up-to-date highly comprehensive overview (594 references) on the state of the art of the synthesis and design of macroporous materials using microfluidics and their applications in different fields

New invariants for entangled states

We propose new algebraic invariants that distinguish and classify entangled states. Considering qubits as well as higher spin systems, we obtained complete entanglement classifications for cases that were either unsolved or only conjectured in the literature.Comment: published versio

In situ photogalvanic acceleration of optofluidic kinetics: a new paradigm for advanced photocatalytic technologies

A multiscale-designed optofluidic reactor is demonstrated in this work, featuring an overall reaction rate constant of 1.32 s¯¹ for photocatalytic decolourization of methylene blue, which is an order of magnitude higher as compared to literature records. A novel performance-enhancement mechanism of microscale in situ photogalvanic acceleration was found to be the main reason for the superior optofluidic performance in the photocatalytic degradation of dyes as a model reaction

Análisis temporal del combate de judo en competición

This study seeks to analyze the temporal structure of combat in judo competition. Therefore, 14 finals of men¿s and women¿s under-23 Spanish Championship were studied. Variables such as time of total work, total and mean rest time, time of total and mean work on the floor, time of total and mean work while standing, the total and mean number of work and rest sequences were analyzed. Among the results that can be highlighted include the significant differences among men and women in mean rest time, and the mean time of standing judo work. This type of analysis tries to contribute different aspects in planning and organizing the practice of judo in a more specific wayEl presente trabajo pretende analizar la estructura temporal del combate de judo de competición. Para ello, se consideraron 14 finales del Campeonato de España sub¿23 tanto en categoría masculina como femenina. En ellas se analizaron variables como tiempo de trabajo total, tiempo de descanso total y medio, tiempo de trabajo total y medio en suelo, tiempo de trabajo total y medio en pie, y el número total y medio de secuencias de trabajo y descanso. Entre los resultados destacan las diferencias significativas entre sexos del tiempo medio de pausa, y el tiempo medio de trabajo de judo pie. Este tipo de análisis intentarán aportar diferentes aspectos para planificar y organizar el entrenamiento de judo de una forma más específic

Real-time evolution of a large-scale relativistic jet

Context. Astrophysical jets are ubiquitous in the Universe on all scales, but their large-scale dynamics and evolution in time are hard to observe since they usually develop at a very slow pace. Aims. We aim to obtain the first observational proof of the expected large-scale evolution and interaction with the environment in an astrophysical jet. Only jets from microquasars offer a chance to witness the real-time, full-jet evolution within a human lifetime, since they combine a 'short', few parsec length with relativistic velocities. Methods. The methodology of this work is based on a systematic recalibraton of interferometric radio observations of microquasars available in public archives. In particular, radio observations of the microquasar GRS 1758-258 over less than two decades have provided the most striking results. Results. Significant morphological variations in the extended jet structure of GRS 1758-258 are reported here that were previously missed. Its northern radio lobe underwent a major morphological variation that rendered the hotspot undetectable in 2001 and reappeared again in the following years. The reported changes confirm the Galactic nature of the source. We tentatively interpret them in terms of the growth of instabilities in the jet flow. There is also evidence of surrounding cocoon. These results can provide a testbed for models accounting for the evolution of jets and their interaction with the environment.Comment: 5 pages, 3 figures, 2 tables. Accepted for publication in Astronomy and Astrophysics Letter