Price Momentum and Trading Volume Lee, Charles M.C.; Swaminathan, Bhaskaran
The Journal of finance (New York),
October 2000, Volume:
55, Issue:
5
Journal Article
Peer reviewed
This study shows that past trading volume provides an important link between "momentum" and "value" strategies. Specifically, we find that firms with high (low) past turnover ratios exhibit many ...glamour (value) characteristics, earn lower (higher) future returns, and have consistently more negative (positive) earnings surprises over the next eight quarters. Past trading volume also predicts both the magnitude and persistence of price momentum. Specifically, price momentum effects reverse over the next five years, and high (low) volume winners (losers) experience faster reversals. Collectively, our findings show that past volume helps to reconcile intermediate-horizon "underreaction" and long-horizon "overreaction" effects.
Examines the hypothesis that the phyllosphere microbiome of Leptospermum scoparium (mānuka) exhibits specific host association patterns congruent with those of a microbial community under host ...selective pressure (null hypothesis : the mānuka phyllosphere microbiome is recruited stochastically from the surrounding environment). Characterises the phyllosphere and associated soil microbiomes of five distinct and geographically distant mānuka populations across the North Island. Identifies a habitat-specific and relatively abundant core microbiome in the mānuka phyllosphere, which was persistent across all samples. Source: National Library of New Zealand Te Puna Matauranga o Aotearoa, licensed by the Department of Internal Affairs for re-use under the Creative Commons Attribution 3.0 New Zealand Licence.
In order to produce safe rice from cadmium (Cd) contaminated soils, a special pot experiment in the field was proposed to facilitate the study of multiple remediation measures. In the field ...experiments, four treatments were selected for the first half of the year: rice without soil treatment (R); rice with zeolite stabilization (RZ); oilseed rape phytoremediation (OR); and inter-cropping Sedum alfredii and maize phytoremediation (IC). As the early rice with zeolite stabilization still contained elevated Cd, manganese (Mn) fertilizer was added in the late rice with a special pot experiment in the field. Results showed that, in the first crops, the grains of maize and oilseed rape contained Cd below the food standard limit, while Cd in rice grain exceeded the limit of 0.2 mg/kg. The RZ treatment did not reduce Cd in rice but decreased significantly Mn in rice straw. In the late rice, Mn fertilizer additionally reduced Cd in rice grain to 0.12 mg/kg in combination with the RZ treatment. Mn accumulation in rice straw was enhanced by Mn fertilizer. These results indicate that the pot experiment in the field provides a useful tool to further evaluate effective treatment combinations to reduce Cd in rice.
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•Stabilization did not reduce Cd in early rice but decreased obviously Mn content in rice.•Mn fertilizer was added in the late rice with a special pot experiment in the field.•Mn fertilizer additionally reduced Cd in rice grain, resulting in lower than 0.2 mg/kg.•Rice accumulated Mn mainly in straw and enhanced by Mn fertilizer.
Propagating neural waves in the cerebral cortex influence the integration of incoming sensory information with ongoing cortical activity. However, the neural circuit elements that support these ...cortical waves remain to be fully defined. Here, a novel tangential slice preparation was developed that exhibited propagating wave activity across the dorsal cortical sheet, as assessed using autofluorescence imaging following focal electrical stimulation. Analysis of functional connectivity in the slice preparation with laser-scanning photostimulation via glutamate uncaging revealed a lack of short-latency, presumed monosynaptic, long-range connections (>300 μm) in the slice preparation. These results establish a novel slice preparation for assessing cortical dynamics and support the proposition that interactions among local cortical elements are sufficient to enable widespread propagating wave activity.
SATB1 (special AT-rich sequence binding protein 1) organizes cell type-specific nuclear architecture by anchoring specialized DNA sequences and recruiting chromatin remodeling factors to control gene ...transcription. We studied the role of SATB1 in regulating the coordinated expression of Il5, Il4 and Il13, located in the 200-kb T-helper 2 (T(H)2) cytokine locus on mouse chromosome 11. We show that on T(H)2 cell activation, SATB1 expression is rapidly induced to form a unique transcriptionally active chromatin structure at the cytokine locus. In this structure, chromatin is folded into numerous small loops, all anchored to SATB1 at their base. In addition, histone H3 is acetylated at Lys9 and Lys14, and the T(H)2-specific factors GATA3, STAT6 and c-Maf, the chromatin-remodeling enzyme Brg1 and RNA polymerase II are all bound across the 200-kb region. Before activation, the T(H)2 cytokine locus is already associated with GATA3 and STAT6, showing some looping, but these are insufficient to induce cytokine gene expression. Using RNA interference, we show that on cell activation, SATB1 is required not only for compacting chromatin into dense loops at the 200-kb cytokine locus but also for inducing Il4, Il5, Il13 and c-Maf expression. Thus, SATB1 is a necessary determinant for the hitherto unidentified higher-order, transcriptionally active chromatin structure that forms on T(H)2 cell activation.
Aim
To evaluate the acceptance of three‐dimensional virtual reality programs and to explore the factors influencing the acceptance of the programs among the institutionalized older adults.
Design
A ...cross‐sectional explanatory study.
Methods
A total of 71 residents completed the program successfully. They were invited to join a 9‐week program included eight activities related to horticultural therapy in a virtual environment. Data were collected by structured questionnaires from August 2018 to February 2019. Ten association hypotheses were derived from the literature review. Partial least squares structural equation modelling was used to examine the proposed hypotheses.
Results
Program acceptance was defined as virtual reality practices and continuous usage intention. Frequency of practice was about 12 times during 9‐week free‐trial period, and the score of continuance usage intention was 13.06 (maximum value of 15). The findings indicated that virtual reality practices were significantly affected by presence and the presence was significantly affected by involvement and interactivity. Continuance usage intention was significantly affected by involvement; and involvement was significantly affected by interactivity. However, continuance usage intention was not significantly influenced by virtual reality practices.
Conclusions
The findings supported that immersive three‐dimensional virtual reality program was accepted by the institutionalized older adults. The acceptance, in terms of virtual reality practices and continuous usage intention, was influenced by different paths. The findings have a potential impact on the design of virtual reality technology for the care of institutionalized older adults.
Impact
What problem did the study address?
There were controversial findings about the acceptance of immersive 3D virtual reality program among older adults.
What were the main findings?
Interactivity advanced the sense of presence and, thus, resulted in a higher frequency of virtual reality practices.
Interactivity enhanced perception of involvement, thus, contributing to an increased intention of continuous usage
Where and on whom will the research have an impact?
The immersive 3D virtual reality program was appropriate for older adults, even for first time users or individuals aged over 80 years.
The findings revealed new insights for developing immersive 3D virtual reality programs for the older adults.
Shell Games Lee, Charles M. C.; Li, Kevin K.; Zhang, Ran
The Accounting review,
07/2015, Volume:
90, Issue:
4
Journal Article
Peer reviewed
We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85 percent of all ...foreign RMs). As a group, RMs are early-stage companies that typically trade over the counter. However, Chinese RMs (CRMs) tend to be more mature and less speculative than either their U.S. counterparts or a group of exchange-industry-size-matched firms. As a group, CRMs outperformed their matched peers from inception through the end of 2013, even after including most of the firms accused of accounting fraud. CRMs that receive private investment in public equity (PIPE) financing from sophisticated investors perform particularly well. Overall, despite the negative publicity, we find little evidence that CRMs are inherently toxic investments. Our results shed light on the risk-performance trade-off for CRMs, as well as the delicate balance between credibility and access in well-functioning markets.
► Auditory cortical areas receive thalamic inputs augmented by the corticocortical pathways. ► New models of the thalamocortical pathways expand the potential roles of the thalamus. ► Convergent ...interactions enable the global processing of acoustic information.
The neural processing of auditory information engages pathways that begin initially at the cochlea and that eventually reach forebrain structures. At these higher levels, the computations necessary for extracting auditory source and identity information rely on the neuroanatomical connections between the thalamus and cortex. Here, the general organization of these connections in the medial geniculate body (thalamus) and the auditory cortex is reviewed. In addition, we consider two models organizing the thalamocortical pathways of the non-tonotopic and multimodal auditory nuclei. Overall, the transfer of information to the cortex via the thalamocortical pathways is complemented by the numerous intracortical and corticocortical pathways. Although interrelated, the convergent interactions among thalamocortical, corticocortical, and commissural pathways enable the computations necessary for the emergence of higher auditory perception.
Geothermal springs are model ecosystems to investigate microbial biogeography as they represent discrete, relatively homogenous habitats, are distributed across multiple geographical scales, span ...broad geochemical gradients, and have reduced metazoan interactions. Here, we report the largest known consolidated study of geothermal ecosystems to determine factors that influence biogeographical patterns. We measured bacterial and archaeal community composition, 46 physicochemical parameters, and metadata from 925 geothermal springs across New Zealand (13.9-100.6 °C and pH < 1-9.7). We determined that diversity is primarily influenced by pH at temperatures <70 °C; with temperature only having a significant effect for values >70 °C. Further, community dissimilarity increases with geographic distance, with niche selection driving assembly at a localised scale. Surprisingly, two genera (Venenivibrio and Acidithiobacillus) dominated in both average relative abundance (11.2% and 11.1%, respectively) and prevalence (74.2% and 62.9%, respectively). These findings provide an unprecedented insight into ecological behaviour in geothermal springs, and a foundation to improve the characterisation of microbial biogeographical processes.
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