Miracle-dz/UniFAR-FTUs huggingface dataset:
Deviations from Put-Call Parity and Stock Return Predictability

Deviations from put-call parity contain information about future stock returns. Using the difference in implied volatility between pairs of call and put options to measure these deviations, we find that stocks with relatively expensive calls outperform stocks with relatively expensive puts by 50 basis points per week. We find both positive abnormal performance in stocks with relatively expensive calls and negative abnormal performance in stocks with relatively expensive puts, which cannot be explained by short sale constraints. Rebate rates from the stock lending market directly confirm that our findings are not driven by stocks that are hard to borrow. The degree of predictability is larger when option liquidity is high and stock liquidity low, while there is little predictability when the opposite is true. Controlling for size, option prices are more likely to deviate from strict put-call parity when underlying stocks face more information risk. The degree of predictability decreases over the sample period. Our results are consistent with mispricing during the earlier years of the study, with a gradual reduction of the mispricing over time.
Solar chromospheric emission and magnetic structures from plages to intranetwork: Contribution of the very quiet Sun

Context. We need to establish a correspondence between the magnetic structures generated by models and usual stellar activity indexes to simulate radial velocity time series for stars less active than the Sun. This is necessary to compare the outputs of such models with observed radial velocity jitters and is critical to better understand the impact of stellar activity on exoplanet detectability. Aims. We propose a coherent picture to describe the relationship between magnetic activity, including the so-called quiet Sun regions, and the chromospheric emission using the Sun as a test-bench and a reference. Methods. We analyzed a long time series of Michelson Doppler imaging (MDI) magnetograms jointly with chromospheric emission time series obtained at Sacramento Peak and Kitt Peak observatories. This has allowed us to study the variability in the quiet Sun over the solar cycle, and then, based on available relations between magnetic fields in active structures and chromospheric emission, to propose an empirical reconstruction of the solar chromospheric emission based on all contributions. Results. We show that the magnetic flux covering the solar surface, including in the quieted regions, varies in phase with the solar cycle, suggesting a long-term relationship between the global dynamo and the contribution of all components of solar activity. We have been able to propose a reconstruction of the solar S-index, including a relationship between the weak field component and its chomospheric emission, which is in good agreement with the literature. This allows us to explain that stars with a low average chromospheric emission level exhibit a low variability. Conclusions. We conclude that weak flux regions significantly contribute to the chromospheric emission; these regions should be critical in explaining the lower variability associated with the lower average activity level in other stars as compared to the Sun and estimated from their chromospheric emission.
Bending of clamped orthotropic rectangular plates : a variational symbolic solution

The Galerkin method is herein applied to the classical bending problem of a uniformly-loaded orthotropic rectangular plate with clamped edges, a problem for which, to our knowledge, no exact analytical solution in its general form exists. The tedious and error-prone computations inherent in such an approach are facilitated through the use of a computer algebra system; and several solutions, based on dierent approximations for the in®nite series representing the assumed de ̄ection function for the plate, are worked out, thereby extending previous work in the literature. The accuracy and convergence of the present formulation are assessed on the basis of solutions corresponding to the special case of material isotropy; and one such existing, manually-derived, result is shown to be incorrect. 7 2000 Elsevier Science Ltd. All rights reserved.
Securing Cyberspace: Towards an Agenda for Research and Practice

In this article, we seek to identify the important challenges preventing security in cyberspace and to identify the key questions that nations should set out to answer to play a leading role in securing cyberspace. An important assertion is that the challenge of securing cyberspace transcends the abilities of any single entity and requires a radical shift in our approach in how: i) research is conducted, ii) cybersecurity researchers are educated, iii) new defendable systems are developed, and iv) effective defensive countermeasures are deployed. Our response draws upon extensive source material and our personal experiences as cybersecurity professionals contributing to the establishment of the VENUS Cybersecurity Corporation, a not-for-profit corporation that aims to make Canada a global leader in cybersecurity. We view the challenge to be global and transdisciplinary in nature and this article to be of relevance world-wide to senior decision makers, policy makers, managers, educators, strategists, futurists, scientists, technologists, and others interested in shaping the online world of the future.
Interbank Exposures: Quantifying the Risk of Contagion

This paper examines the likelihood that failure of one bank would cause the subsequent collapse of a large number of other banks. Using unique data on interbank payment flows, the magnitude of bilateral federal funds exposures is quantified. These exposures are used to simulate the impact of various failure scenarios, and the risk of contagion is found to be economically small.
Review of Main Methodological Approaches Quantifying the Economic Effects of the European

This report is based on the outcome of a study carried out by the European Commission's Joint Research Centre - Institute for Prospective Technological Studies (JRC-IPTS, Spain) in cooperation with EuroCARE (Bonn, Germany) and the collaboration of the Agricultural Economics Research Institute (LEI, the Netherlands) and the Catholic University of the Sacred Heart (Unicatt, Italy). The report provides a review the most recent studies modelling the European milk quota. The focus is on milk quota rents, which are a central element in carrying out impact analyses on dairy policies. Direct approaches to estimating milk quota rents are the only option for providing empirically gained estimates to be used in equilibrium models. From the reviewed empirical estimates, it appears that differences in magnitude and rankings are present across the considered studies. This poses serious problems when these estimates are used for calibration, because equilibrium models are highly sensitive to the assumptions made on quota rents. Another difficulty lies in the choice of the length of run used when calibrating. As previously mentioned, equilibrium models are sensitive to the assumptions made on quota rents and different lengths of run may lead to different policy conclusions. Given that the micro-econometric estimation of milk quota rents seems to be an ongoing issue and its translation for equilibrium models far from being settled, it is advisable to perform sensitivity analysis using, whenever possible, different sets of estimates in order to assess the robustness of policy analysis.
Real-time determination of relative position between satellites using laser ranging

We made a study on real-time determination method for relative position using the laser-measured distance data between satellites. We numerically performed the determination of relative position in accordance with extended Kalman filter algorithm using the vectors obtained through nonlinear equation of relative motion, laser simulator for distance measurement, and attitude determination of chief satellite. Because the spherical parameters of relative distance and direction are used, there occur some changes in precision depending on changes in relative distance when determining the relative position. As a result of simulation, it was possible to determine the relative position with several millimeter-level errors at a distance of 10 km, and sub-millimeter level errors at a distance of 1 km. In addition, we performed the determination of relative position assuming the case that global positioning system data was not received for long hours to see the impact of determination of chief satellite orbit on the determination of relative position. The determination of precise relative position at a long distance carried out in this study can be used for scientific mission using the satellite formation flying.
Performance Characteristics of Multi-type Air-Conditioners for Buildings under Partial Thermal Load Operations

This paper presents the results of partial thermal load performance tests of multi-type air conditioners for buildings, which have been conducted by using the air enthalpy method testing apparatus that can control the indoor thermal load and the outdoor air temperature independently and arbitrarily. We have tested two types of air-conditioners, EHP and GHP, with a rated cooling capacity of 56kW. It has been found that COPs of the air-conditioners change in quite a complex manner depending on the thermal load and outdoor temperature. The reason for this variation of the performance has been analyzed based on the measured refrigerant pressures and revolutions of the compressors. Moreover, based on the results of the partial load operation tests, we have evaluated quantitatively the energy-saving performance and impact to the environment of EHP and GHP.
Mathematics Anxiety and Its Development in the Course of Formal Schooling—A Review

The purpose of the this article is to provide an overview of the current state of research concerning the development, determining factors and effects of mathematics anxiety, particularly with regard to young elementary school age level populations. Assessment instruments, potential risk-factors, consequences of mathematics anxiety, as well as approaches to intervention are summarized. Owing to the small number of studies focusing on mathematics anxiety in young children, findings from adult studies are briefly recapitulated. The available data emphasizes the need for systematic research that focuses on the one hand on the onset of mathematics anxiety at a young age, and on the other follows the development of longer periods of time. Furthermore, multi-method research designs may be the means to gain deeper insight into the dynamics of causes and effects when the interaction of mathematics anxiety and mathematical abilities are under scrutiny. Only by implementing longitudinal studies that involve different types of data and the formulation of complex models of the dynamics of mathematics anxiety over time, can its determining factors and its effects be generated.
Recovery of Sparse Signal using Hybrid IRLS-SSF

In Compressed Sensing (CS), sparse signal recovery is computationally the most exhaustive part, where we have very limited observations. We need supplementary regularization constraints, in order to seek a sparse solution for highly ill-conditioned underdetermined system of linear equations. This paper presents a novel method for reconstructing a sparse signal from limited measurements using Iterative-Reweighted-Least-Squares (IRLS) along with Separable Surrogate Functionals (SSF) algorithm. It is evident from Simulation results, that the estimated signal with the Hybrid IRLS-SSF is far more accurate than the recovered signal, using PCD, IRLS and SSF separately. Finally, the proposed Hybrid IRLS-SSF algorithm efficiency is authenticated experimentally, by almost exact recovery of a K-sparse one-dimensional signal and two-dimensional test image from few random measurements.
Determinants of the Tokyo Stock Price Index: Searching for Explanations of the Depression

This paper empirically analyzes the determinants of aggregated stock movements using the Tokyo Stock Price Index (Topix). While recognizing that determinants relevant in the long-run difier from those in the short-term, we conflrm that some economic fundamentals such as the dividendprice ratio (DPR) are found to contain useful information for explaining stock prices and returns. Furthermore, we report evidence of nonlinearity in stock returns, and flnd that DPR is a signiflcant factor in sliding stock prices.
Computation of the Greatest Regular Equivalence

The notion of social roles is a centerpiece of most sociological theoretical considerations. Regular equivalences were introduced by White and Reitz in [15] as the least restrictive among the most commonly used definitions of equivalence in social network analysis. In this paper we consider a generalisation of this notion to a bipartite case. We define a pair of regular equivalences on a two-mode social network and we provide an algorithm for computing the greatest pair of regular equivalences.
The treatment of Indigenous Languages in Kenya’s Pre- and Post-independent Education Commissions and in the Constitution of 2010

An indigenous or community language is the language that nurtures the child in the early years of his or her life. The UNESCO land mark publication in 1953 underscores the importance of educating children in their community languages: an education that is packaged in a language which the child does not understand is simply difficult for the child. Kenya has had a number of education commissions that significantly address the place of indigenous languages in a child’s education. Further, Kenya Constitution on its part tackles language issues too. This paper, therefore, examines how the Constitution and the various colonial and post-colonial educational commissions that have been undertaken in Kenya treat indigenous languages. Should these indigenous languages be used as a medium of instruction? What are their benefits to a child’s life? To answer these questions, the historical method of study which utilizes mainly secondary and primary sources of data is adopted. The main sources of primary data which form the basis of the discussion and analysis in the paper are Kenya’s constitution (2010) and the educational commissions and reports in the two epochs: colonial and post-colonial periods. The main sources of secondary data scrutinized include: written documents such as books, journals and newspapers. The paper notes that the various educational commissions contain numerous recommendations that have informed Kenya’s education sector over the years on the way indigenous languages should be utilized for both individual and national development. This notwithstanding, the paper concludes that indigenous languages in Kenya have been given a short shrift to the advantage of English language hegemony. The paper proposes a sound implementation of the commissions’ recommendations in order to revitalize indigenous languages so that a Kenyan learner can reap benefits that accrue from the use of indigenous languages in education.
Immigration and investment: some theory and evidence on Italian firm level data

The aim of this paper is to assess the impact of immigration in Italian cities on the investment decisions by firms. First, we present a theoretical model which shows, in a partial equilibrium monopolistic competition framework, how firms endogenously respond to the skill level of their workforce by changing their investment decisions. Second, we test the predictions of the model in a sample of Italian manufacturing firms. We find that on average a larger immigrant inflow, computed at provincial level, increases firms’ investment rate in machineries. Our finding is robust to endogeneity concerns. Immigration increases the probability to make large investments while small firms and more competitive sectors react to the availability of foreign workers by accumulating relatively more capital.
Coral responses in single- and mixed-species plots to nutrient disturbance

Space is a limiting resource in coral reef communities causing actively growing coral colonies to come in proximity and interact with each other. Although most contact interactions among corals have been studied extensively, very few non-contact and non-aggressive interactions have been documented so far. We present results from a 3 yr field study of coral communities showing that, under unperturbed conditions, the reef-building coral Porites cylindrica exhibits significantly higher growth when transplanted together with 2 other species (P. rus and Pavona frondifera) than when grown in monoculture. However, the introduction of a chronic disturbance (nutrient enrichment) adversely affected its growth rates and survival, thus overturning the earlier trend. Furthermore, the 3 species used in the experiment exhibited different responses to the perturbation (negative, no effect, positive). Our results show that the presence of other species can enhance performance at the colony level, while differential species responses potentially provide buffering effects at the community level that may contribute to the maintenance of community structure and function during periods of disturbance.
The Criminal Profiling Illusion

There is a belief that criminal profilers can predict a criminal's characteristics from crime scene evidence. In this article, the authors argue that this belief may be an illusion and explain how people may have been misled into believing that criminal profiling (CP) works despite no sound theoretical grounding and no strong empirical support for this possibility. Potentially responsible for this illusory belief is the information that people acquire about CP, which is heavily influenced by anecdotes, repetition of the message that profiling works, the expert profiler label, and a disproportionate emphasis on correct predictions. Also potentially responsible are aspects of information processing such as reasoning errors, creating meaning out of ambiguous information, imitating good ideas, and inferring fact from fiction. The authors conclude that CP should not be used as an investigative tool because it lacks scientific support.
Does Profit Sharing in the Netherlands depend on Sectoral Revenue Volatility

“The rapid growth of interest in profit sharing schemes is related to shifts in technology and work organization which favour cooperation and interaction rather than isolated and routine tasks. ” (Fitzroy and Kraft 1987: 24) The extent to which different sectors in the Netherlands make use of profit sharing differs noticeably. The question that arises here is: what is the relationship between the sectoral revenue volatility and the extent to which different sectors make use of profit sharing. Based on two theories, the agency theory and the prospect theory, this study will try to give an answer to that question. Agency theory concludes that employers should not use profit sharing in their company because the agent has to bear too much risk, as a result there should be no relationship between profit sharing and the volatility of the revenues. The prospect theory predicts two different outcomes. For the naive type of employee the relationship should be positive and for the sophisticated employee the relationship should be negative. Data analysis confirms the hypothesis of the prospect theory in case of the naive employee.
The space density of Compton-thick AGN at z~0.8 in the zCOSMOS-Bright Survey

The obscured accretion phase in BH growth is a key ingredient in many models linking the AGN activity with the evolution of their host galaxy. At present, a complete census of obscured AGN is still missing. The purpose of this work is to assess the reliability of the [NeV] emission line at 3426 A to pick up obscured AGN up to z~1 by assuming that [NeV] is a reliable proxy of the intrinsic AGN luminosity and using moderately deep X-ray data to characterize the amount of obscuration. A sample of 69 narrow-line (Type 2) AGN at z=0.65-1.20 were selected from the 20k-zCOSMOS Bright galaxy sample on the basis of the presence of the [NeV] emission. The X-ray properties of these galaxies were then derived using the Chandra-COSMOS coverage of the field; the X-ray-to-[NeV] flux ratio, coupled with X-ray spectral and stacking analyses, was then used to infer whether Compton-thin or Compton-thick absorption were present in these sources. Then the [NeV] luminosity function was computed to estimate the space density of Compton-thick (CT) AGN at z~0.8. Twenty-three sources were detected by Chandra, and their properties are consistent with moderate obscuration (on average, ~a few 10^{22} cm^-2). The X-ray properties of the remaining 46 X-ray undetected Type 2 AGN were derived using X-ray stacking analysis. Current data indicate that a fraction as high as ~40% of the present sample is likely to be CT. The space density of CT AGN with logL_2-10keV>43.5 at z=0.83 is (9.1+/-2.1) 10^{-6} Mpc^{-3}, in good agreement with both XRB model expectations and the previously measured space density for objects in a similar redshift and luminosity range. We regard our selection technique for CT AGN as clean but not complete, since even a mild extinction in the NLR can suppress [NeV] emission. Therefore, our estimate of their space density should be considered as a lower limit.
Temperature Trends on Gran Canaria (Canary Islands). An Example of Global Warming over the Subtropical Northeastern Atlantic

The variation in temperature on the island of Gran Canaria is studied using the method applied to the nearby island of Tenerife [1]. An upward warming trend of 0.09°C ± 0.05°C (α = 0.01) was seen from 1946 to date, which has accelerated since the seventies to 0.17°C ± 0.10°C (α = 0.01). The increase was higher at night (0.11°C ± 0.05°C) than by day (0.08°C ± 0.06°C), so the temperature range decreased slightly. These values are similar to those of Tenerife and the time series of anomalies for the two islands are highly correlated. On the coast the same relationship to the sea surface temperature was found as in Tenerife, but in the mid-altitude areas to windward, some differences were detected that are hypothetically attributable to the different relief of the two islands.
Marroux, H. J. B., & Orr-Ewing, A. J. (2016). Distinguishing Population and Coherence Transfer Pathways in a Metal Dicarbonyl Complex Using Pulse-

Collection of two dimensional infrared (2DIR) spectra using two ultrafast, broadband infrared pump pulses followed by an ultrafast probe pulse optimizes the experimental time and frequency resolution, but can also introduce quantum beat and coherence transfer pathways. The associated coherent dynamics create intensity oscillations and add extra features to 2DIR spectra. We describe a method to suppress these pathways using pump-pulse shaping, without significantly degrading the time and spectral resolution. We illustrate the method for a rhodium dicarbonyl complex, acetylacetonato dicarbonyl rhodium, to establish the relative importance of coherence and population transfer between carbonyl symmetric and asymmetric stretching modes. Our technique effectively suppresses the quantum beats. Comparison of peak intensities obtained with shaped and unshaped pump pulses demonstrates that coherence transfer does not play a significant role in the 2DIR spectrum of RDC in this spectral region.