A Comparison of the Forecasting Ability of Immediate Price Impact Models

As a consequence of recent technological advances and the proliferation of algorithmic and high‐frequency trading, the cost of trading in financial markets has irrevocably changed. One important change, known as price impact, relates to how trading affects prices. Price impact represents the largest cost associated with trading. Forecasting price impact is very important as it can provide estimates of trading profits after costs and also suggest optimal execution strategies. Although several models have recently been developed which may forecast the immediate price impact of individual trades, limited work has been done to compare their relative performance. We provide a comprehensive performance evaluation of these models and test for statistically significant outperformance amongst candidate models using out‐of‐sample forecasts. We find that normalizing price impact by its average value significantly enhances the performance of traditional non‐normalized models as the normalization factor captures some of the dynamics of price impact. Copyright © 2016 John Wiley & Sons, Ltd.     

New Results on Stability and Stabilization of Delayed Caputo Fractional Order Systems with Convex Polytopic Uncertainties

In this paper, the problems of robust stability and stabilization, for the first time, are studied for delayed fractional-order linear systems with convex polytopic uncertainties. The authors derive some sufficient conditions for the problems based on linear matrix inequality technique combined with fractional Razumikhin stability theorem. All the results are obtained in terms of linear matrix inequalities that are numerically tractable. The proposed results are quite general and improve those given in the literature since many factors, such as discrete and distributed delays, convex polytopic uncertainties, global stability and stabilizability, are considered. Numerical examples and simulation results are given to illustrate the effectiveness of the effectiveness of our results.     

Regulation of innate and adaptive immune responses by MAP kinase phosphatase 5

Mitogen-activated protein (MAP) kinases are essential regulators in immune responses, and their activities are modulated by kinases and phosphatases. MAP kinase phosphatase (MKP) is a family of dual-specificity phosphatases whose function is evolutionarily conserved. A number of mammalian MKPs have been identified so far, but their specific physiological functions in negative regulation of MAP kinases have not been genetically defined. Here we examine innate and adaptive immune responses in the absence of MKP5. JNK activity was selectively increased in Mkp5 (also known as Dusp10)-deficient mouse cells. Mkp5-deficient cells produced greatly enhanced levels of pro-inflammatory cytokines during innate immune responses and exhibited greater T-cell activation than their wild-type counterparts. However, Mkp5-deficient T cells proliferated poorly upon activation, which resulted in increased resistance to experimental autoimmune encephalomyelitis. By contrast, Mkp5-deficient CD4(+) and CD8(+) effector T cells produced significantly increased levels of cytokines compared with wild-type cells, which led to much more robust and rapidly fatal immune responses to secondary infection with lymphocytic choriomeningitis virus. Therefore, MKP5 has a principal function in both innate and adaptive immune responses, and represents a novel target for therapeutic intervention of immune diseases.     

Brownian motion: absolute negative particle mobility

Noise effects in technological applications, far from being a nuisance, can be exploited with advantage - for example, unavoidable thermal fluctuations have found application in the transport and sorting of colloidal particles and biomolecules. Here we use a microfluidic system to demonstrate a paradoxical migration mechanism in which particles always move in a direction opposite to the net acting force ('absolute negative mobility') as a result of an interplay between thermal noise, a periodic and symmetric microstructure, and a biased alternating-current electric field. This counterintuitive phenomenon could be used for bioanalytical purposes, for example in the separation and fractionation of colloids, biological molecules and cells.     

Integrative taxonomic analysis reveals a new species of Leptobrachium (Anura: Megophryidae) from north-eastern Cambodia and central Vietnam

ABSTRACT

Species boundaries within the red-eyed Leptobrachium of southern Indochina have been uncertain. Leptobrachium pullum and L. mouhoti from upper and lower elevations, respectively, of the Langbian Plateau of southern Vietnam and eastern Cambodia differ in body size but have relatively low interspecific mitochondrial DNA divergence, leading to speculation that these might represent a single species with an elevational cline in body size. The recent discovery of an allopatric high-elevation population of red-eyed Leptobrachium on the Kon Tum Plateau (= Central Highlands) of north-eastern Cambodia and central Vietnam has been referred to both species, and to a putatively undescribed species. We examine variation in morphology of adults and tadpoles, mitochondrial DNA, 11 nuclear genes and advertisement calls, and show corroborating lines of evidence for the existence of three species of red-eyed Leptobrachium in southern Indochina. Although the three species are reciprocally monophyletic in mitochondrial DNA, their shallow mitochondrial DNA divergences are not mirrored by morphology, advertisement calls, or – in part – nuclear DNA, and probably reflect past mitochondrial introgression rather than recent speciation. The Central Highlands taxon is described herein as a new species.

http://www.zoobank.org/urn:lsid:zoobank.org:pub:CE6650AF-D9FB-40F4-8A2E-9B4E23AAC205     

Design for Mass Customisation in Higher Education: a Systems-Thinking Approach

The point of this research is to investigate the impact of systems-thinking principles (Seddon 2003) on operationalising the ‘mass customisation’ capability of student services in higher education institutions. The research empirically contributes to student-service mass customisation in higher education through the findings of a case study conducted at the admission and academic registry service department of one of the UK’s leading universities. A qualitative methodology was employed with the use of semi-structured interviews, focus group, observations, and documentation supplements. It was found that the principles of systems-thinking are positively related to enhancement of mass customisation capability through the realisation of three different levels of service mass customisation determinants. These three levels are: employee level (i.e. micro determinants); operational level (i.e. meso determinants); and functional level (i.e. macro determinants). A conceptual model was developed to explain the relationships among these three organisational levels, supported by empirical evidences. The value of this paper is the introduction of a conceptual model that could operationalise ‘mass customisation’ in universities by integrating human resources, operational and functional dimensions in a systematic design to deliver customised services for students as individuals.     

Analysis of Plasmodium falciparum diversity in natural infections by deep sequencing

Malaria elimination strategies require surveillance of the parasite population for genetic changes that demand a public health response, such as new forms of drug resistance. Here we describe methods for the large-scale analysis of genetic variation in Plasmodium falciparum by deep sequencing of parasite DNA obtained from the blood of patients with malaria, either directly or after short-term culture. Analysis of 86,158 exonic single nucleotide polymorphisms that passed genotyping quality control in 227 samples from Africa, Asia and Oceania provides genome-wide estimates of allele frequency distribution, population structure and linkage disequilibrium. By comparing the genetic diversity of individual infections with that of the local parasite population, we derive a metric of within-host diversity that is related to the level of inbreeding in the population. An open-access web application has been established for the exploration of regional differences in allele frequency and of highly differentiated loci in the P.?falciparum genome.     

Two new approaches to dividing flood sub-seasons in flood season using the fractal theory

This paper is an attempt to analyze the hydrological phenomena’s non-linearity, randomicity, credibility and similarity. In the same season each year, the flood hydrograph is self-similar and exhibits fractal characteristics. It is an argument about using fractal theory. This paper presents two new approaches to dividing flood sub-seasons by using the fractal theory. Two approaches to calculating fractal dimensions are both the magnitude measurement in the temporal scale and the similarity measurement in th...     

A new species of Kurixalus (Anura: Rhacophoridae) from northern Vietnam with comments on the biogeography of the genus

ABSTRACT

We describe a new species of rhacophorid frogs from Nghe An Province in northern Vietnam based on morphological and molecular evidences. Morphologically, Kurixalus gracilloides sp. nov. is distinguished from its congeners by a combination of the following diagnostic characters: body size small (snout–vent length 27.9–31.2 mm in males); head width subequal to head length; snout rounded with no dermal projection; canthus rostralis distinct, curved; vomerine teeth present; single internal vocal sac; iris golden-brown; small nuptial pad in finger I; dorsal surfaces golden-brown with a saddle-shaped dark marking; large dark spots on ventral surfaces absent; dermal fringes along outer edge of limbs; conical dermal appendage at the heel; skin on dorsum rough; skin on throat and chest granular; finger webbing rudimentary and toe webbing moderately developed, webbing formula I 2–2½ II 1½–3 III 1¾–3½ IV 3–1½ V. The new species is separated from all other congeners by uncorrected genetic distances ranging from 5.4% to 12.7% based on mitochondrial 16S rRNA gene. Phylogenetic analyses of mtDNA suggest that the new species is nested within a clade of Taiwanese and Yunnan Kurixalus with strong support values. The new species is currently known only from secondary bamboo forest in Pu Mat National Park, northern Vietnam, at elevations of 150 m asl. We suggest the new species should be considered as Near Threatened (NT) following the IUCN’s Red List categories.

http://www.zoobank.org/urn:lsid:zoobank.org:pub:C1BF843F-2F31-4CED-B1F9-13A9035C77C9