Do short-sellers arbrtrage accrual-based return anomalies?

We find a positive association between short-selling and accruals, and between short-selling and NOA, during 1988-2003. The accrual and NOA return anomalies are asymmetric. The absolute value of mean abnormal returns is larger for high-accrual firms than low-accrual firms on NASDAQ, but not on NYSE, and the abnormal return asymmetry is stronger among firms with low institutional holdings. For NOA, there is only limited evidence that the abnormal return asymmetry is stronger on NASDAQ than on NYSE. These findings indicate that there is short arbitrage of the accrual and NOA anomalies, but that short sale constraints limit the effectiveness of short arbitrage (especially among NASDAQ firms).Accruals; NOA; anomalies; arbitrage; short sales; market efficiency

Ranking and Selection with Covariates for Personalized Decision Making

We consider a problem of ranking and selection via simulation in the context of personalized decision making, where the best alternative is not universal but varies as a function of some observable covariates. The goal of ranking and selection with covariates (R&S-C) is to use simulation samples to obtain a selection policy that specifies the best alternative with certain statistical guarantee for subsequent individuals upon observing their covariates. A linear model is proposed to capture the relationship between the mean performance of an alternative and the covariates. Under the indifference-zone formulation, we develop two-stage procedures for both homoscedastic and heteroscedastic simulation errors, respectively, and prove their statistical validity in terms of average probability of correct selection. We also generalize the well-known slippage configuration, and prove that the generalized slippage configuration is the least favorable configuration for our procedures. Extensive numerical experiments are conducted to investigate the performance of the proposed procedures, the experimental design issue, and the robustness to the linearity assumption. Finally, we demonstrate the usefulness of R&S-C via a case study of selecting the best treatment regimen in the prevention of esophageal cancer. We find that by leveraging disease-related personal information, R&S-C can substantially improve patients' expected quality-adjusted life years by providing patient-specific treatment regimen

Reduction of gas bubbles and improved critical current density in Bi-2212 round wire by swaging

Bi-2212 round wire is made by the powder-in-tube technique. An unavoidable property of powder-in-tube conductors is that there is about 30% void space in the as-drawn wire. We have recently shown that the gas present in the as-drawn Bi-2212 wire agglomerates into large bubbles and that they are presently the most deleterious current limiting mechanism. By densifying short 2212 wires before reaction through cold isostatic pressing (CIPping), the void space was almost removed and the gas bubble density was reduced significantly, resulting in a doubled engineering critical current density (JE) of 810 A/mm2 at 5 T, 4.2 K. Here we report on densifying Bi-2212 wire by swaging, which increased JE (4.2 K, 5 T) from 486 A/mm2 for as-drawn wire to 808 A/mm2 for swaged wire. This result further confirms that enhancing the filament packing density is of great importance for making major JE improvement in this round-wire magnet conductor.Comment: To be published in IEEE Transactions on Applied Superconductivity, 23, xxxxxx (2013

A new topology of the HK97-like fold revealed in Bordetella bacteriophage by cryoEM at 3.5 A resolution.

Bacteriophage BPP-1 infects and kills Bordetella species that cause whooping cough. Its diversity-generating retroelement (DGR) provides a naturally occurring phage-display system, but engineering efforts are hampered without atomic structures. Here, we report a cryo electron microscopy structure of the BPP-1 head at 3.5 Å resolution. Our atomic model shows two of the three protein folds representing major viral lineages: jellyroll for its cement protein (CP) and HK97-like ('Johnson') for its major capsid protein (MCP). Strikingly, the fold topology of MCP is permuted non-circularly from the Johnson fold topology previously seen in viral and cellular proteins. We illustrate that the new topology is likely the only feasible alternative of the old topology. β-sheet augmentation and electrostatic interactions contribute to the formation of non-covalent chainmail in BPP-1, unlike covalent inter-protein linkages of the HK97 chainmail. Despite these complex interactions, the termini of both CP and MCP are ideally positioned for DGR-based phage-display engineering. DOI: http://dx.doi.org/10.7554/eLife.01299.001

Particulate Matter Air Pollution Exposure, Distance to Road, and Incident Lung Cancer in the Nurses’ Health Study Cohort

Background: A body of literature has suggested an elevated risk of lung cancer associated with particulate matter and traffic-related pollutants. Objective: We examined the relation of lung cancer incidence with long-term residential exposures to ambient particulate matter and residential distance to roadway, as a proxy for traffic-related exposures. Methods: For participants in the Nurses’ Health Study, a nationwide prospective cohort of women, we estimated 72-month average exposures to PM2.5, PM2.5–10, and PM10 and residential distance to road. Follow-up for incident cases of lung cancer occurred from 1994 through 2010. Cox proportional hazards models were adjusted for potential confounders. Effect modification by smoking status was examined. Results: During 1,510,027 person-years, 2,155 incident cases of lung cancer were observed among 103,650 participants. In fully adjusted models, a 10-μg/m3 increase in 72-month average PM10 [hazard ratio (HR) = 1.04; 95% CI: 0.95, 1.14], PM2.5 (HR = 1.06; 95% CI: 0.91, 1.25), or PM2.5–10 (HR = 1.05; 95% CI: 0.92, 1.20) was positively associated with lung cancer. When the cohort was restricted to never-smokers and to former smokers who had quit at least 10 years before, the associations appeared to increase and were strongest for PM2.5 (PM10: HR = 1.15; 95% CI: 1.00, 1.32; PM2.5: HR = 1.37; 95% CI: 1.06, 1.77; PM2.5–10: HR = 1.11; 95% CI: 0.90, 1.37). Results were most elevated when restricted to the most prevalent subtype, adenocarcinomas. Risks with roadway proximity were less consistent. Conclusions: Our findings support those from other studies indicating increased risk of incident lung cancer associated with ambient PM exposures, especially among never- and long-term former smokers. Citation: Puett RC, Hart JE, Yanosky JD, Spiegelman D, Wang M, Fisher JA, Hong B, Laden F. 2014. Particulate matter air pollution exposure, distance to road, and incident lung cancer in the Nurses’ Health Study Cohort. Environ Health Perspect 122:926–932; http://dx.doi.org/10.1289/ehp.130749

Ubiquitous CP violation in a top-inspired left-right model

We explore CP violation in a Left-Right Model that reproduces the quark mass and CKM rotation angle hierarchies in a relatively natural way by fixing the bidoublet Higgs VEVs to be in the ratio m_b:m_t. Our model is quite general and allows for CP to be broken by both the Higgs VEVs and the Yukawa couplings. Despite this generality, CP violation may be parameterized in terms of two basic phases. A very interesting feature of the model is that the mixing angles in the right-handed sector are found to be equal to their left-handed counterparts to a very good approximation. Furthermore, the right-handed analogue of the usual CKM phase delta_L is found to satisfy the relation delta_R \approx delta_L. The parameter space of the model is explored by using an adaptive Monte Carlo algorithm and the allowed regions in parameter space are determined by enforcing experimental constraints from the K and B systems. This method of solution allows us to evaluate the left- and right-handed CKM matrices numerically for various combinations of the two fundamental CP-odd phases in the model. We find that all experimental constraints may be satisfied with right-handed W and Flavour Changing Neutral Higgs masses as low as about 2 TeV and 7 TeV, respectively.Comment: 37 pages, 13 figure

Spatially resolved Spectro-photometry of M81: Age, Metallicity and Reddening Maps

In this paper, we present a multi-color photometric study of the nearby spiral galaxy M81, using images obtained with the Beijing Astronomical Observatory 60/90 cm Schmidt Telescope in 13 intermediate-band filters from 3800 to 10000{\AA}. The observations cover the whole area of M81 with a total integration of 51 hours from February 1995 to February 1997. This provides a multi-color map of M81 in pixels of 1\arcsec.7 \times 1\arcsec.7. Using theoretical stellar population synthesis models, we demonstrate that some BATC colors and color indices can be used to disentangle the age and metallicity effect. We compare in detail the observed properties of M81 with the predictions from population synthesis models and quantify the relative chemical abundance, age and reddening distributions for different components of M81. We find that the metallicity of M81 is about $Z=0.03$ with no significant difference over the whole galaxy. In contrast, an age gradient is found between stellar populations of the central regions and of the bulge and disk regions of M81: the stellar population in its central regions is older than 8 Gyr while the disk stars are considerably younger, $\sim 2$ Gyr. We also give the reddening distribution in M81. Some dust lanes are found in the galaxy bulge region and the reddening in the outer disk is higher than that in the central regions.Comment: Accepted for publication in AJ (May 2000 issue). 27 pages including 6 figures. Uses AASTeX aasms4 styl

Lysosome-mediated processing of chromatin in senescence

Cellular senescence is a stable proliferation arrest, a potent tumor suppressor mechanism, and a likely contributor to tissue aging. Cellular senescence involves extensive cellular remodeling, including of chromatin structure. Autophagy and lysosomes are important for recycling of cellular constituents and cell remodeling. Here we show that an autophagy/lysosomal pathway processes chromatin in senescent cells. In senescent cells, lamin A/C–negative, but strongly γ-H2AX–positive and H3K27me3-positive, cytoplasmic chromatin fragments (CCFs) budded off nuclei, and this was associated with lamin B1 down-regulation and the loss of nuclear envelope integrity. In the cytoplasm, CCFs were targeted by the autophagy machinery. Senescent cells exhibited markers of lysosomal-mediated proteolytic processing of histones and were progressively depleted of total histone content in a lysosome-dependent manner. In vivo, depletion of histones correlated with nevus maturation, an established histopathologic parameter associated with proliferation arrest and clinical benignancy. We conclude that senescent cells process their chromatin via an autophagy/lysosomal pathway and that this might contribute to stability of senescence and tumor suppression

Exposure measurement error in PM2.5 health effects studies: A pooled analysis of eight personal exposure validation studies

Background: Exposure measurement error is a concern in long-term PM2.5 health studies using ambient concentrations as exposures. We assessed error magnitude by estimating calibration coefficients as the association between personal PM2.5 exposures from validation studies and typically available surrogate exposures. Methods: Daily personal and ambient PM2.5, and when available sulfate, measurements were compiled from nine cities, over 2 to 12 days. True exposure was defined as personal exposure to PM2.5 of ambient origin. Since PM2.5 of ambient origin could only be determined for five cities, personal exposure to total PM2.5 was also considered. Surrogate exposures were estimated as ambient PM2.5 at the nearest monitor or predicted outside subjects’ homes. We estimated calibration coefficients by regressing true on surrogate exposures in random effects models. Results: When monthly-averaged personal PM2.5 of ambient origin was used as the true exposure, calibration coefficients equaled 0.31 (95% CI:0.14, 0.47) for nearest monitor and 0.54 (95% CI:0.42, 0.65) for outdoor home predictions. Between-city heterogeneity was not found for outdoor home PM2.5 for either true exposure. Heterogeneity was significant for nearest monitor PM2.5, for both true exposures, but not after adjusting for city-average motor vehicle number for total personal PM2.5. Conclusions: Calibration coefficients were <1, consistent with previously reported chronic health risks using nearest monitor exposures being under-estimated when ambient concentrations are the exposure of interest. Calibration coefficients were closer to 1 for outdoor home predictions, likely reflecting less spatial error. Further research is needed to determine how our findings can be incorporated in future health studies