Miracle-dz/UniFAR-FTUs huggingface dataset:
Informed Trading of Out-of-the-Money Options and Market Efficiency

This paper provides evidence of the market segmentation of stock and options. We find that informed out-of-the money (OTM) option trading measure, which is publicly available, predicts the returns of underlying stock and its at-the-money (ATM) options, but not the returns of OTM options. Specifically, higher OTM put-call trading volume ratio predicts negative returns of stock and ATM calls while predicting positive returns of ATM puts. The results are robust in large stock and not driven by short-selling costs. Using the OTM put-call volume ratio, we propose an implementable investment strategy that offers 20 bp weekly risk-adjusted stock returns (i.e., about 10% annually). Our findings support the segmentation between stock and option markets and between the option contracts in the same class.
First-order methods almost always avoid saddle points: The case of vanishing step-sizes

In a series of papers \cite{LSJR16, PP17, LPP}, it was established that some of the most commonly used first order methods almost surely (under random initializations) and with step-size being small enough, avoid strict saddle points, as long as the objective function $f$ is $C^2$ and has Lipschitz gradient. The key observation was that first order methods can be studied from a dynamical systems perspective, in which instantiations of Center-Stable manifold theorem allow for a global analysis. The results of the aforementioned papers were limited to the case where the step-size $\alpha$ is constant, i.e., does not depend on time (and bounded from the inverse of the Lipschitz constant of the gradient of $f$). It remains an open question whether or not the results still hold when the step-size is time dependent and vanishes with time. In this paper, we resolve this question on the affirmative for gradient descent, mirror descent, manifold descent and proximal point. The main technical challenge is that the induced (from each first order method) dynamical system is time non-homogeneous and the stable manifold theorem is not applicable in its classic form. By exploiting the dynamical systems structure of the aforementioned first order methods, we are able to prove a stable manifold theorem that is applicable to time non-homogeneous dynamical systems and generalize the results in \cite{LPP} for vanishing step-sizes.
Assessment of AMSR-E Antarctic Winter Sea-Ice Concentrations Using Aqua MODIS

An assessment of the standard Advanced Microwave Scanning Radiometer for the Earth Observing System (AMSR-E) sea-ice concentrations for the Antarctic winter is made from a comparison of nearly 40 000 AMSR-E sea-ice concentration values with geolocated sea-ice concentrations derived from ten Aqua Moderate Resolution Imaging Spectroradiometer (MODIS) scenes acquired on October 1st and 2nd of 2005 and 2006. The standard AMSR-E sea-ice concentration products are produced using the National Aeronautics and Space Administration Team 2 sea-ice algorithm. The ten MODIS scenes cover portions of almost all the sea-ice regions surrounding the Antarctic continent. The AMSR-E averaged ice concentration biases relative to MODIS (AMSR-E minus MODIS) ranged from less than -0.5% to - 18%, and the corresponding averaged root-mean-square (rms) errors ranged from 2% to 24%. One scene [October 1, 2006 (0550 UT)] had both the largest bias (-18%) and rms error (24%), whereas the other nine scenes had an average bias of - 1.5% and an average rms error of 4.9%. The biases and rms errors are correlated with the fractions of new ice and open water. This is consistent with the findings that the largest errors in ice concentration derived from the AMSR-E occur in the marginal ice zone (MIZ) and along the ice edge and are likely caused by sea-ice flooding in the MIZ and new-ice production at the ice edge.
On the Genesis of Interfirm Relational Contracts

In a wide range of circumstances, relational contracts can enable strategies that might not otherwise be possible. While most studies focus on the maintenance and performance of existing relational contracts, this paper explores the origins of interfirm relational contracts, focusing on how firms go from no contract to a relational contract. Relying on a microanalytic investigation of the birth of the desktop laser printer industry, we identify a combination of four emergent and deliberate steps that enhance the probability that a relational contract will arise: preexisting personal relationships, capability complementarity, cultural similarity, and pursuit of noncompeting but mutually reinforcing revenue models. We consider how each of these factors helps to undergird the parties’ clarity and credibility to increase the probability of the genesis of a relational contract, which in turn enables collaborating firms to undertake successful, difficult-to-imitate strategies.
Detailed 1H and 13C NMR Spectral Data Assignment for Two Dihydrobenzofuran Neolignans

In this work we present a complete proton (1H) and carbon 13 (13C) nuclear magnetic resonance (NMR) spectral analysis of two synthetic dihydrofuran neolignans (±)-trans-dehydrodicoumarate dimethyl ester and (±)-trans-dehydrodiferulate dimethyl ester. Unequivocal assignments were achieved by 1H NMR, proton decoupled 13C (13C{1H}) NMR spectra, gradient-selected correlation spectroscopy (gCOSY), J-resolved, gradient-selected heteronuclear multiple quantum coherence (gHMQC), gradient-selected heteronuclear multiple bond coherence (gHMBC) and nuclear Overhauser effect spectroscopy (NOESY) experiments. All hydrogen coupling constants were measured, clarifying all the hydrogen signals multiplicities. Computational methods were also used to simulate the 1H and 13C chemical shifts and showed good agreement with the trans configuration of the substituents at C7 and C8.
Hydrogen peroxide stimulates mitogen-activated protein kinase in bovine tracheal myocytes: implications for human airway disease.

We have shown that hyperoxic exposure of immature rats induces airway smooth muscle layer thickening and cell turnover parallel to that found in the airways of patients with bronchopulmonary dysplasia and chronic, severe asthma. We hypothesized that reactive oxygen species could promote the observed airway remodeling by directly stimulating signal transduction pathways that regulate cell growth. To test this hypothesis in cultured cells, we assessed the effects of hydrogen peroxide (H2O2) on mitogen-activated protein (MAP) kinase activation in bovine tracheal myocytes. The MAP kinases are a family of 40 to 46 kD cytosolic serine/threonine kinases that participate in the transduction of mitogenic signals to the cell nucleus. Quiescent cells were exposed to H2O2 (25 to 200 microns; 2 to 60 min), after which SDS-PAGE of cell extracts was performed. Western analysis using an anti-MAP kinase antiserum revealed a decrease in the mobility of the 42 and 44 kD MAP kinase bands after H2O2 exposures of 5 to 30 min, reflecting the phosphorylation at threonine and tyrosine residues required for enzymatic activity. MAP kinase activation was demonstrated by kinase renaturation assays, which showed an almost 4-fold increase in 42 and 44 kD MAP kinase activity. Down-regulation of protein kinase C (PKC) with phorbol 12,13-dibutyrate (PDBu) partially reduced H2O2-stimulated MAP kinase activity, suggesting that H2O2 induces MAP kinase activation via both PKC-dependent and PKC-independent pathways. Western analysis using a phosphotyrosine monoclonal antibody revealed increased tyrosine phosphorylation of proteins with approximate molecular weights of 72 and 125 kD after H2O2 exposure, demonstrating that H2O2 can stimulate the tyrosine phosphorylation of multiple cytosolic proteins, including MAP kinase. (ABSTRACT TRUNCATED AT 250 WORDS)
Polymerase chain reaction for detection of invasive Shigella flexneri in food

The polymerase chain reaction (PCR) was used to amplify a 760-base-pair (bp) fragment with the 220-kbp invasive plasmids of enteroinvasive Escherichia coli, Shigella flexneri, Shigella dysenteriae, Shigella boydii, and Shigella sonnei as templates. This PCR product was easily detected by agarose gel electrophoresis. A 210-bp AccI-PstI fragment lying within the amplified region was used as a probe in Southern hybridization blots and showed that the PCR-generated product was derived from the invasive plasmid. The application of PCR as a rapid method to detect enteroinvasive bacteria in foods was tested by inoculating lettuce with 10(4) S. flexneri cells per g in shigella broth base. Plasmid DNA was isolated from cultures of inoculated and uninoculated lettuce in broth after 0, 4, and 24 h of incubation. With the PCR, the 760-bp fragment was generated only from lettuce inoculated with S. flexneri, as shown by gel electrophoresis and confirmed both by Southern blotting and by nucleotide sequencing of the amplified region. Because the isolation of plasmid DNA, the performance of PCR, and gel electrophoresis all can be completed in 6 to 7 h, invasive enteric bacteria can be detected in less than 1 day.
Arthritis-specific health beliefs related to aging among older male patients with knee and/or hip osteoarthritis.

BACKGROUND Disease-specific beliefs may impact patients' perceptions of the efficacy of various treatment options, thus, it is important to understand these beliefs. We examined the relationship between patients' demographic characteristics and arthritis-specific beliefs related to aging. METHODS We performed a cross-sectional survey of 591 elderly primary care patients, who had symptomatic osteoarthritis (OA) of the knee and/or hip, at the Louis Stokes VA Medical Center in Cleveland, Ohio. Data were collected on age, race, educational level, income, and whether patients agreed or disagreed with four statements regarding aging and arthritis. We also assessed OA symptom severity using the Western Ontario McMaster Universities Index (WOMAC) and depressive symptoms using the Geriatric Depression Scale. We used logistic regression analyses to examine relationships between patients' age, race, and educational level and arthritis-specific health beliefs, while adjusting for OA symptom severity, radiographic confirmation of OA, OA joint burden, depressive symptoms, and income. RESULTS Patients 70 years old or older, as compared to patients 50-59 years old, were more likely to believe that: arthritis is a natural part of growing old; people should expect that when they get older, they won't be able to walk as well, and people should expect to live with pain as they grow older. CONCLUSION Among older, male veterans, health beliefs regarding the relationship between aging and arthritis vary by age. Clinicians should consider these differences when discussing treatment strategies with their patients with knee and/or hip OA.
Differences between short and long break tourists in urban destinations: the case of Barcelona

Short break trips in urban destinations are clearly increasing, and this fact has implications for destinations linked to the different length of stay segments. Thus, this paper analyses the duration of the stay in relation to motivation, satisfaction, image, repetition and recommendation of leisure tourists in an urban destination. The main contribution of this article is to highlight the differences and similarities between the behaviours of short and long breakers for the constructs mentioned, not developed until now. The theoretical model is validated using a structural equation modelling methodology. The sample size is 10,953 tourists visiting the city of Barcelona, relevant for its increasing tourism appeal. Results confirm that differences and similarities are found for those tourist segments. By way of example it is worth mentioning that the repeat visits have a negative effect on tourists’ recommendation, in particular in the case of long break as compared with short break tourists.
Modeling and Forecasting (Un)Reliable Realized Covariances for More Reliable Financial Decisions

We propose a new framework for modeling and forecasting common financial risks based on (un)reliable realized covariance measures constructed from high-frequency intraday data. Our new approach explicitly incorporates the effect of measurement errors and time-varying attenuation biases into the covariance forecasts, by allowing the ex-ante predictions to respond more (less) aggressively to changes in the ex-post realized covariance measures when they are more (less) reliable. Applying the new procedures in the construction of minimum variance and minimum tracking error portfolios results in reduced turnover and statistically superior positions compared to existing procedures. Translating these statistical improvements into economic gains, we find that under empirically realistic assumptions a risk-averse investor would be willing to pay up to 170 basis points per year to shift to using the new class of forecasting models.
Accounting Information Content and Timeliness of Annual Report Disclosure - An Evidence from China's Listed Companies

In China, new corporate accounting standards and new CPAs auditing standards were mandatory implemented in 2007, which brought in more convergence with international standards. In the same year, the Administrative Measures on Information Disclosure for Listed Companies was also implemented, setting up more specific requirements on information disclosure for annual reports. Based on these institutional changes and current analysis of report disclosure, this study examines the timeliness of accounting information disclosure and related information content. Our findings provide evidences that in current China market, while the pattern of “slack starting and tight ending” continues, most listed corporations still won’t disclose their information until latter half of report disclosure period, some evidence of improvements has begun to appear in comparison with previous years. The empirical results further suggest that compared with companies making late disclosures, firms making early disclosures tent to surprise the market with stronger price reactions, larger abnormal earning and more accumulative surplus profits. It also indicates that institutional changes have improved the timeliness of information disclosure; the timeliness does possess information capacity. The earlier a disclosure is made, the larger information content it may carry out, which is particularly reflected non-state enterprises and competition industry.
The Employment and Countermeasures Solutions of College Graduates

The employment of university students has become the focus attention and indisputable fact of the community with the increasingly serious employment situation. We need to strengthen the employment guidance for graduates, put up with feasible response measures to encourage students to be employed. According to the learning and discovery of the situation of college students’ employment, we found that the reasons are various, including social environment and their own factors. This article does research on society and personal aspects, put forward solving strategies and to sum up ways of improving the employment of graduates.
Downside risk and flight to quality in the currency market

Some currencies systematically crash together with the stock market, while others serve as a „safe haven‟. This paper studies which country macroeconomic fundamentals are consistently related to the riskiness of its currency. I look at various macroeconomic variables and find that high real interest rates in a country are associated with high downside risk of its currency, while inflation rate, nominal interest rate and other variables are not that relevant. But to be a „safe haven‟ currency, both low real interest rate and low inflation rate are required. I suggest that there is a „flight to quality‟ in the currency market when the stock market goes down.
DEVELOPMENT AND APPLICATION OF SWAT TO LANDSCAPES WITH TILES AND POTHOLES

SWAT (Soil and Water Assessment Tool) is a watershed model that has been incorporated into USEPA’s modeling framework called BASINS used for total maximum daily load (TMDL) analysis. It is thus important that SWAT realistically simulate tile flow and pothole landscapes that are common in much of the Corn Belt and Great Lakes states. In this study, SWAT was modified to simulate water table dynamics and linked with a simple tile flow equation. Algorithms were also added to SWAT to include simulation of potholes (closed depressions), surface tile inlets, and aeration stress on plants. Flow interaction between HRUs was introduced in order to simulate pothole water. The modified SWAT model (SWAT-M) was evaluated using eight years of measured flow data from Walnut Creek watershed (WCW), an intensively tile-drained watershed in central Iowa. The model was calibrated during the period of 1992 to 1995 and validated during the period of 1996 to 1999. In addition, comparisons between the enhanced version (SWAT-M) and older version (SWAT2000) of SWAT were conducted. For assessing overall performance of the SWAT models, predictions were compared to data measured at stream sites approximately at the midpoint of the watershed (site 310) and at the outlet (site 330). Nash-Sutcliffe E values for the simulated monthly flows during the calibration/validation periods were 0.88/0.82 and 0.84/0.72 at sites 310 and 330, respectively. The relative mean errors (RME) of the simulated monthly flows during the calibration/validation periods were -2% / -1% and -18% / 10%, respectively, for the same two sites. These statistical values indicate that SWAT-M estimated both pattern and amount of the monthly flows reasonably well for the large flat landscape of WCW containing tile drains and potholes. SWAT-M needs to improve in its daily prediction because of its lower E values (-0.11 to 0.55), compared to the monthly results. In applying the model to a third site (site 210) that was predominantly influenced by tile drainage, it was concluded that the pattern and amount of simulated monthly subsurface flows (E values of 0.61 and 0.70 and RME values of 10% and -9% for the calibration and validation periods, respectively) were relatively close to the measured values. Nevertheless, SWAT-M simulation of daily subsurface flows was less accurate than monthly results. In general, the pattern and amount of monthly flow and subsurface tile drainage predicted by SWAT-M has been greatly improved as compared to SWAT2000.
Online P&A March 27.indd

Veterinary surgeons are known to be at a higher risk of suicide compared with the general population. There has been much speculation regarding possible mechanisms underlying the increased suicide risk in the profession, but little empirical research. A computerised search of published literature on the suicide risk and influences on suicide among veterinarians, with comparison to the risk and influences in other occupational groups and in the general population, was used to develop a structured review. Veterinary surgeons have a proportional mortality ratio (PMR) for suicide approximately four times that of the general population and around twice that of other healthcare professions. A complex interaction of possible mechanisms may occur across the course of a veterinary career to increase the risk of suicide. Possible factors include the characteristics of individuals entering the profession, negative effects during undergraduate training, work-related stressors, ready access to and knowledge of means, stigma associated with mental illness, professional and social isolation, and alcohol or drug misuse (mainly prescription drugs to which the profession has ready access). Contextual effects such as attitudes to death and euthanasia, formed through the profession’s routine involvement with euthanasia of companion animals and slaughter of farm animals, and suicide ‘contagion’ due to direct or indirect exposure to suicide of peers within this small profession are other possible influences.
An 847–955 Mb/s 342–397 mW Dual-Path Fully-Overlapped QC-LDPC Decoder for WiMAX System in 0.13  $\mu$m CMOS

This paper presents a partially-parallel dual-path fully-overlapped QC-LDPC decoder for the WiMAX system. By adopting five techniques including symmetrical six-stage pipelining, block column and row interleaving, nonzero sub-matrix reordering, sum memory quad-partition and read-write bypass, the decoder continuously scans nonzero sub-matrices two by two in the block row-wise order without any memory access conflict. Two phases are fully overlapped with each other, and the check node updating phase always takes the latest sums from the previous variable node updating phase. The sum memory stores not only the posterior sums but also the prior messages, which saves 11,520 memory bits. It only takes 48-54 clock cycles for the decoder to finish one iteration. The read-write accesses to sum memories are reduced by 24.3%-48.8%. Fabricated in the SMIC 0.13 μ m CMOS process, the decoder occupies 4.84 mm 2 with core area of 3.03 mm2, attains 847-955 Mb/s at 214 MHz and 10 iterations, and consumes 342-397 mW at 1.2 V with power efficiency of 39-46 pJ per bit per iteration.
Differential requirements of novel A1PiZ degradation deficient (ADD) genes in ER-associated protein degradation

In the eukaryotic cell, a protein quality control process termed endoplasmic reticulum-associated degradation (ERAD) rids the ER of aberrant proteins and unassembled components of protein complexes that fail to reach a transport-competent state. To identify novel genes required for ERAD, we devised a rapid immunoassay to screen yeast lacking uncharacterized open reading frames that were known targets of the unfolded protein response (UPR), a cellular response that is induced when aberrant proteins accumulate in the ER. Six genes required for the efficient degradation of the Z variant of theα 1-proteinase inhibitor (A1PiZ), a known substrate for ERAD, were identified, and analysis of other ERAD substrates in the six A1PiZ-degradation-deficient (add) mutants suggested diverse requirements for the Add proteins in ERAD. Finally, we report on bioinformatic analyses of the new Add proteins, which will lead to testable models to elucidate their activities.
Do Countries Matter for Information Diffusion in Financial Markets? Evidence from Global Supply-Chain Networks

We document large cross-sectional variation in the speed of information diffusion between U.S. suppliers and their international principal customers. Based on the rigorous and comprehensive framework of risks in emerging markets from Karolyi (2015), we find that market operating efficiency is the predominant country-level characteristic among six major dimensions in explaining this cross-sectional variation. Our results are robust under both panel data analysis and a quasi-natural experiment using exogenous short-selling regulation changes. We suggest that country-level characteristics play an important and distinct role in determining the diffusion of firm-specific information in international financial markets. Our results indicate that stock price efficiency of U.S. firms is partially determined by the institutional and regulatory environment abroad.
Design of Photonic Crystal Semiconductor Optical Amplifier With Polarization Independence

Slow-light effects in photonic crystal (PC) waveguides can enhance light-mater interaction near the photonic band edge, which can be used to design a short cavity length semiconductor optical amplifier (SOA). In this paper, a novel SOA based on slow-light effects in PC waveguides (PCSOA) is presented. To realize the amplification of the optical signal with polarization independence, a PCSOA is designed with a compensated structure. The cascaded structure leads to a balanced amplification to the TE and TM polarized light.