The source of equity market linkages between the U.S. and U.K. is investigated by focusing on intraday price movements of stock index futures contracts. We document heightened U.K. return volatility ...at 11:30 a.m. and 1:30 p.m. GMT, which corresponds to regular macroeconomic releases in the U.K. and U.S., respectively. The response of U.K. equities in the half-hour surrounding the U.S. announcements is significant and similar to price movements for U.S. equities to the same announcements. These results support the hypothesis that the documented international equity market linkages are attributable to reactions of foreign traders to public information originating from the U.S.
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IJS, IMTLJ, KILJ, KISLJ, NUK, SBCE, SBJE, UL, UM, UPUK
2.
A genomic storm in critically injured humans Xiao, Wenzhong; Mindrinos, Michael N; Seok, Junhee ...
The Journal of experimental medicine,
12/2011, Volume:
208, Issue:
13
Journal Article
Peer reviewed
Open access
Human survival from injury requires an appropriate inflammatory and immune response. We describe the circulating leukocyte transcriptome after severe trauma and burn injury, as well as in healthy ...subjects receiving low-dose bacterial endotoxin, and show that these severe stresses produce a global reprioritization affecting >80% of the cellular functions and pathways, a truly unexpected "genomic storm." In severe blunt trauma, the early leukocyte genomic response is consistent with simultaneously increased expression of genes involved in the systemic inflammatory, innate immune, and compensatory antiinflammatory responses, as well as in the suppression of genes involved in adaptive immunity. Furthermore, complications like nosocomial infections and organ failure are not associated with any genomic evidence of a second hit and differ only in the magnitude and duration of this genomic reprioritization. The similarities in gene expression patterns between different injuries reveal an apparently fundamental human response to severe inflammatory stress, with genomic signatures that are surprisingly far more common than different. Based on these transcriptional data, we propose a new paradigm for the human immunological response to severe injury.
Any announcement from the Federal Reserve has a huge impact on the interest rate markets. The press releases from the Federal Open Market Committee (FOMC) are major inputs to the market and the ...random intervention model is applied to interest rate futures transaction data to measure FOMC announcement impact. Missing prices during non-trading time periods are imputed iteratively during the estimation of model parameters. The study shows that the market trading on the announcement day is different from the market trading on a non-announcement for both the Eurodollar and T-Note futures market.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK
A cornerstone of modern biomedical research is the use of mouse models to explore basic pathophysiological mechanisms, evaluate new therapeutic approaches, and make go or no-go decisions to carry new ...drug candidates forward into clinical trials. Systematic studies evaluating how well murine models mimic human inflammatory diseases are nonexistent. Here, we show that, although acute inflammatory stresses from different etiologies result in highly similar genomic responses in humans, the responses in corresponding mouse models correlate poorly with the human conditions and also, one another. Among genes changed significantly in humans, the murine orthologs are close to random in matching their human counterparts (e.g., R² between 0.0 and 0.1). In addition to improvements in the current animal model systems, our study supports higher priority for translational medical research to focus on the more complex human conditions rather than relying on mouse models to study human inflammatory diseases.
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BFBNIB, NMLJ, NUK, PNG, SAZU, UL, UM, UPUK
INSIDERS AND MARKET EFFICIENCY Finnerty, Joseph E.
The Journal of finance (New York),
September 1976, Volume:
31, Issue:
4
Journal Article
Peer reviewed
Open access
THIS STUDY FINDS THAT INSIDERS ARE ABLE TO OUTPERFORM THE MARKET. INSIDERS CAN AND DO IDENTIFY PROFITABLE AS WELL AS UNPROFITABLE SITUATIONS WITHIN THEIR CORPORATIONS. THIS FINDING TENDS TO REFUTE ...THE STRONG FORM OF THE EFFICIENT MARKET HYPOTHESIS. IT IS APPARENT THAT IN THE SHORT RUN INSIDERS ARE ABLE TO IDENTIFY PROFITABLE AS WELL AS UNPROFITABLE SITUATIONS IN THEIR OWN COMPANIES. A COMPARISON OF THE MAGNITUDE AND SIGN OF THESE RESULTS WITH PRATT AND DE VERE'S STUDY INDICATES AGREEMENT AS TO THE DIRECTION OF THE INSIDER RETURNS. THEIR CONCLUSIONS AND THIS STUDY AGREE AS TO THE EXISTENCE OF EXCESS RETURN. THEY ONLY DISAGREE AS TO THE MEANS OF MEASURING SUCH RETURNS. CHARTS. TABLE. REFERENCES.
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BFBNIB, INZLJ, NMLJ, NUK, PNG, SAZU, UL, UM, UPUK, ZRSKP
Two small RNAs regulate the timing of Caenorhabditis elegans development. Transition from the first to the second larval stage fates
requires the 22-nucleotide lin-4 RNA, and transition
from late ...larval to adult cell fates requires the 21-nucleotide let-7
RNA. The lin-4 and let-7 RNA genes are not homologous
to each other, but are each complementary to sequences in the 3′ untranslated
regions of a set of protein-coding target genes that are normally negatively
regulated by the RNAs. Here we have detected let-7
RNAs of ∼21 nucleotides in samples from a wide range of animal
species, including vertebrate, ascidian, hemichordate, mollusc, annelid and
arthropod, but not in RNAs from several cnidarian and poriferan species,
Saccharomyces cerevisiae, Escherichia coli or Arabidopsis.
We did not detect lin-4 RNA in these species. We found that let-7
temporal regulation is also conserved: let-7 RNA expression is
first detected at late larval stages in C. elegans and Drosophila
, at 48 hours after fertilization in zebrafish, and in adult stages
of annelids and molluscs. The let-7 regulatory RNA may control late temporal
transitions during development across animal phylogeny.
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DOBA, IJS, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
This study examines the impact of US and UK news on futures prices of US, UK, German, and Japanese government bonds. We find that certain US information has a significant influence on German, ...Japanese, and British interest rates, while UK information has almost no effect on foreign rates. Second, we examine the foreign term structure to investigate whether the importance of US information arises because it either signals common world-wide shocks or induces an anticipated exchange rate stabilization by foreign central banks. The evidence is mixed, except for the US CPI surprise which appears to provide information about a common world-wide shock. (G15).
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IJS, IMTLJ, KILJ, KISLJ, NUK, SBCE, SBJE, UL, UM, UPUK
Abstract
We present James Webb Space Telescope (JWST) Mid-Infrared Instrument (MIRI) integral-field spectroscopy of the nearby merging, luminous infrared galaxy, NGC 7469. This galaxy hosts a Seyfert ...type-1.5 nucleus, a highly ionized outflow, and a bright, circumnuclear star-forming ring, making it an ideal target to study active galactic nucleus (AGN) feedback in the local universe. We take advantage of the high spatial/spectral resolution of JWST/MIRI to isolate the star-forming regions surrounding the central active nucleus and study the properties of the dust and warm molecular gas on ∼100 pc scales. The starburst ring exhibits prominent polycyclic aromatic hydrocarbon (PAH) emission, with grain sizes and ionization states varying by only ∼30%, and a total star formation rate of 10–30
M
⊙
yr
−1
derived from fine structure and recombination emission lines. Using pure rotational lines of H
2
we detect 1.2 × 10
7
M
⊙
of warm molecular gas at a temperature higher than 200 K in the ring. All PAH bands get significantly weaker toward the central source, where larger and possibly more ionized grains dominate the emission, likely the result of the ionizing radiation and/or the fast wind emerging from the AGN. The small grains and warm molecular gas in the bright regions of the ring however display properties consistent with normal star-forming regions. These observations highlight the power of JWST to probe the inner regions of dusty, rapidly evolving galaxies for signatures of feedback and inform models that seek to explain the coevolution of supermassive black holes and their hosts.
A study examines the intraday efficiency of US futures prices (Eurodollars and T-bonds) to the news content of US macroeconomic releases in which news is determined using MMS expectations data. Since ...the latter data are available to the market at the 8:30 a.m. relapse time for various macroeconomic series investigated in the analysis, the news associated with the expectational errors should be impounded in market prices quickly, if market are efficient. The pricing behavior of each instrument in 2 futures markets is examined. Furthermore, macroeconomic releases for which the corresponding MMS expectations exhibit bias over the sample period are deleted from the regression analysis. The findings indicate that the prices of the Eurodollar and T-bond contracts behave anomalously over the course of the trading day. In the case of news about the merchandise trade balance, the market's response appears to be delayed; while in the case of CPI and nonfarm payroll news shocks, the markets tend to underreact initially.
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BFBNIB, CEKLJ, FZAB, GIS, IJS, KILJ, NLZOH, NUK, OILJ, SAZU, SBCE, SBMB, UL, UM, UPUK
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