CLASSICAL LASSICAL AND BEHAVIOURAL FINANCE IN INVESTOR DECISION

Conceptual model of individual investor behavior presented in this paper aims to structure a part of the vast knowledge about investor behavior that is present in the finance field. The investment process could be seen as driven by dual mental processes (cognitive and affective) and the interplay between these systems contributes to bounded rational behavior manifested through various heuristics and biases. The investment decision is seen as a result of an interaction between the investor and the investment environmentinvestor behaviour; financial decisions making; cognitive modelling,;sentiments; market efficiency

What drives inflation perceptions? A dynamic panel data analysis

At the moment of the euro cash changeover, inflation perceptions in the euro area deviated from measured inflation, and in some euro-area Member States in a persistent way. In recent years, a growing body of literature has developed on the factors that might explain this deviation. This paper formally tests various explanations advanced in this literature. It adopts a cross-country perspective at the level of the euro area which is empirically implemented through a dynamic panel data model. Inflation perceptions are found to be highly persistent (the autoregressive term is large and statistically highly significant). In contrast to much of the - descriptive - literature, an index of "out-of-the-pocket expenditure" is found not to explain inflation perceptions better than does the all-items HICP index. As suggested by psychological experiments, inflation expectations seem to contribute to the formation of inflation perceptions, although to a limited extent. Prices of residential real estate contribute significantly to inflation perceptions, suggesting that households have a broader view of the cost of living when forming inflation perceptions. Our results have implications for policy, for the further research agenda and for the development of statistics. In particular, the persistence of inflation perceptions makes us think that communication efforts prior to euro introduction are essential to anchor perceptions. Once perceptions increase, it will be much harder to bring them back in line with measured inflation.inflation, perceived inflation, dynamic panel data model, euro cash changeover, D�hring, Mordonu

The Elephant Trunk Nebula and the Trumpler 37 cluster: Contribution of triggered star formation to the total population of an HII region

Rich young stellar clusters produce HII regions whose expansion into the nearby molecular cloud is thought to trigger the formation of new stars. However, the importance of this mode of star formation is uncertain. This investigation seeks to quantify triggered star formation (TSF) in IC 1396A (a.k.a., the Elephant Trunk Nebula), a bright rimmed cloud (BRC) on the periphery of the nearby giant HII region IC 1396 produced by the Trumpler 37 cluster. X-ray selection of young stars from Chandra X-ray Observatory data is combined with existing optical and infrared surveys to give a more complete census of the TSF population. Over 250 young stars in and around IC 1396A are identified; this doubles the previously known population. A spatio-temporal gradient of stars from the IC 1396A cloud toward the primary ionizing star HD 206267 is found. We argue that the TSF mechanism in IC 1396A is the radiation-driven implosion process persisting over several million years. Analysis of the X-ray luminosity and initial mass functions indicates that >140 stars down to 0.1 Msun were formed by TSF. Considering other BRCs in the IC 1396 HII region, we estimate the TSF contribution for the entire HII region exceeds 14-25% today, and may be higher over the lifetime of the HII region. Such triggering on the periphery of HII regions may be a significant mode of star formation in the Galaxy.Comment: Accepted for publication in MNRAS; 28 pages, 18 figure

Precession-driven changes in Iceland–Scotland Overflow Water penetration and bottom water circulation on Gardar Drift since ~ 200 ka

© The Author(s), 2015. This is the author's version of the work and is distributed under the terms of the Creative Commons Attribution License. The definitive version was published in Palaeogeography, Palaeoclimatology, Palaeoecology 440 (2015): 561-563, doi:10.1016/j.palaeo.2015.09.042.Benthic foraminiferal stable isotopic records from a transect of sediment cores south of the Iceland-Scotland Ridge reveal that the penetration depth of Iceland-Scotland Overflow Water (ISOW) varied on orbital timescales with precessional pacing over the past ~ 200 kyr. Similar, higher benthic foraminiferal δ13 C values (~ 1.0 ‰) were recorded at all transect sites downstream of the Iceland-Scotland Ridge during interglacial periods (Marine Isotope Chrons 5 and 1), indicating a deeply penetrating ISOW. During glacial periods (Marine Isotope Chrons 6, 4, and 2), benthic foraminiferal δ13C values from the deeper (2700-3300 m), southern sites within this transect were significantly lower (~ 0.5 ‰) than values from the northern (shallower) portion of the transect (~ 1.0 ‰), reflecting a shoaling of ISOW and greater influence of glacial Southern Component Water (SCW) in the deep Northeast Atlantic. Particularly during intermediate climate states, ISOW strength is driven by precesional cycles, superimposed on the large-scale glacial-interglacial ISOW variability. Millennial-scale variability in the penetration of ISOW, likely caused by high-frequency Heinrich and Dansgaard-Oeschger Events, is most pronounced during intermediate climate states.This research was supported by National Science Foundation grant OCE-0095219 to J.D. Wright2016-10-0

Halogen Bonds in Clathrate Cages: A Real Space Perspective

We thank the Spanish MINECO, grant CTQ2015-65790-P, and theFICYT, gran

High-Resolution Spectroscopy in Tr37: Gas Accretion Evolution in Evolved Dusty Disks

Using the Hectochelle multifiber spectrograph, we have obtained high-resolution (R~34,000) spectra in the Halpha region for a large number of stars in the 4 Myr-old cluster Tr 37, containing 146 previously known members and 26 newly identified ones. We present the Halpha line profiles of all members, compare them to our IR observations of dusty disks (2MASS/JHK + IRAC + MIPS 24 micron), use the radial velocities as a membership criterion, and calculate the rotational velocities. We find a good correlation between the accretion-broadened profiles and the presence of protoplanetary disks, noting that a small fraction of the accreting stars presents broad profiles with Halpha equivalent widths smaller than the canonical limit separating CTTS and WTTS. The number of strong accretors appears to be lower than in younger regions, and a large number of CTTS have very small accretion rates (dM/dt<10^{-9} Msun/yr). Taking into account that the spectral energy distributions are consistent with dust evolution (grain growth/settling) in the innermost disk, this suggests a parallel evolution of the dusty and gaseous components. We also observe that about half of the "transition objects" (stars with no IR excesses at wavelengths shorter than ~6 micron) do not show any signs of active accretion, whereas the other half is accreting with accretion rates <10^{-9} Msun/yr. These zero or very low accretion rates reveal important gas evolution and/or gas depletion in the innermost disk, which could be related to grain growth up to planetesimal or even planet sizes. Finally, we examine the rotational velocities of accreting and non accreting stars, finding no significant differences that could indicate disk locking at these ages.Comment: 51 pages, 13 (reduced resolution) figures, 2 tables. AJ in pres

In search of sleep biomarkers of Alzheimer's disease: K-Complexes do not discriminate between patients with mild cognitive impairment and healthy controls

The K-complex (KC) is one of the hallmarks of Non-Rapid Eye Movement (NREM) sleep. Recent observations point to a drastic decrease of spontaneous KCs in Alzheimer's disease (AD). However, no study has investigated when, in the development of AD, this phenomenon starts. The assessment of KC density in mild cognitive impairment (MCI), a clinical condition considered a possible transitional stage between normal cognitive function and probable AD, is still lacking. The aim of the present study was to compare KC density in AD/ MCI patients and healthy controls (HCs), also assessing the relationship between KC density and cognitive decline. Twenty amnesic MCI patients underwent a polysomnographic recording of a nocturnal sleep. Their data were compared to those of previously recorded 20 HCs and 20 AD patients. KCs during stage 2 NREM sleep were visually identified and KC densities of the three groups were compared. AD patients showed a significant KC density decrease compared with MCI patients and HCs, while no differences were observed between MCI patients and HCs. KC density was positively correlated with Mini-Mental State Examination (MMSE) scores. Our results point to the existence of an alteration of KC density only in a full-blown phase of AD, which was not observable in the early stage of the pathology (MCI), but linked with cognitive deterioratio

Random exams using Sweave

The adaptation of the Spanish University to the European Higher Education Area (EEES in Spanish) demands the integration of new tools and skills that would make the teaching- learning process easier. This adaptation involves a change in the evaluation methods, which goes from a system where the student was evaluated with a final exam, to a new system where we include a continuous evaluation in which the final exam may represent at most 50% in the vast majority of the Universities. Devising a new and fair continuous evaluation system is not an easy task to do. That would mean a student’s’ learning process follow-up by the teachers, and as a consequence an additional workload on existing staff resources. Traditionally, the continuous evaluation is associated with the daily work of the student and a collection of the different marks partly or entirely based on the work they do during the academic year. Now, small groups of students and an attendance control are important aspects to take into account in order to get an adequate assessment of the students. However, most of the university degrees have groups with more than 70 students, and the attendance control is a complicated task to perform, mostly because it consumes significant amounts of staff time. Another problem found is that the attendance control would encourage not-interested students to be present at class, which might cause some troubles to their classmates. After a two year experience in the development of a continuous assessment in Statistics subjects in Social Science degrees, we think that individual and periodical tasks are the best way to assess results. These tasks or examinations must be done in classroom during regular lessons, so we need an efficient system to put together different and personal questions in order to prevent students from cheating. In this paper we provide an efficient and effective way to elaborate random examination papers by using Sweave, a tool that generates data, graphics and statistical calculus from the software R and shows results in PDF documents created by Latex. In this way, we will be able to design an exam template which could be compiled in order to generate as many PDF documents as it is required, and at the same time, solutions are provided to easily correct them

GLI equations improve interpretation of FEV1 decline among patients with cystic fibrosis

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