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.     

Feeding ecology of the common sun skink,Eutropis multifasciata (Reptilia: Squamata: Scincidae), in the plains of central Vietnam

We studied the feeding ecology of Eutropis multifasciata in the tropical plains of central Vietnam to understand better the foraging mode, spatiotemporal and sexual variation in dietary composition, and rarefaction curves of prey-taxon richness for males and females. Stomach contents (n = 161) were collected from October 2013 to May 2014 using a nonlethal stomach-flushing technique. A total of 680 food items (624 animal items and 56 plant items) was found in 161 stomachs of skinks, representing 19 unique animal categories. We found that the diet of E. multifasciata is composed mainly of small, sedentary and clumped prey and that this skink specialises on spiders, insect larvae, snails, grasshoppers and crickets (with a combined importance index of 60%). Dietary composition, prey size and total prey volume in E. multifasciata changed between dry and rainy seasons and among regions. The total volume of food items consumed by males was larger than that of females, and the diversity and evenness index of prey categories were larger in males than in females. However, using rarefaction curves revealed that females have the higher prey-taxon richness after points between 130 and 140 prey items for frequency, and between 160 and 170 prey items for number of items, and the differences were not statistically significant. The foraging behaviour of E. multifasciata best fits a ‘widely foraging’ model.     

条件价值评估法在森林生态旅游非使用价值评估中范围效应的研究

条件价值评估法(CVM)是目前最受欢迎的环境资源价值评估方法之一,但同时也是争议最多的方法,争议的焦点围绕该方法的有效性和可靠性。影响CVM结果有效性的因素很多,其中范围效应是最重要因素。笔者归纳了研究CVM范围效应有关理论,并通过1个实际案例来验证CVM评估环境资源非使用价值时范围效应是否存在。研究结果表明:范围效应不是CVM普遍现象,并非由CVM方法本身的缺陷造成。     

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.     

ABCB6 is dispensable for erythropoiesis and specifies the new blood group system Langereis

The human ATP-binding cassette (ABC) transporter ABCB6 has been described as a mitochondrial porphyrin transporter essential for heme biosynthesis, but it is also suspected to contribute to anticancer drug resistance, as do other ABC transporters located at the plasma membrane. We identified ABCB6 as the genetic basis of the Lan blood group antigen expressed on red blood cells but also at the plasma membrane of hepatocellular carcinoma (HCC) cells, and we established that ABCB6 encodes a new blood group system (Langereis, Lan). Targeted sequencing of ABCB6 in 12 unrelated individuals of the Lan(-) blood type identified 10 different ABCB6 null mutations. This is the first report of deficient alleles of this human ABC transporter gene. Of note, Lan(-) (ABCB6(-/-)) individuals do not suffer any clinical consequences, although their deficiency in ABCB6 may place them at risk when determining drug dosage.     

Novel Criteria for Exponential Stability of Linear Non-Autonomous Functional Differential Equations

General linear non-autonomous functional differential equations are considered. Explicit criteria for exponential stability are given. Furthermore, the authors present an explicit robust stability bound for systems subject to time-varying perturbations. Two examples are given to illustrate the obtained results.     

培养基种类及激素配方对青钱柳悬浮细胞次生代谢物质积累的影响

以青钱柳无菌苗诱导出的愈伤组织为材料进行悬浮培养,通过控制基本培养基的种类和激素配方,初步筛选出适合于青钱柳次生代谢产物生产的植物悬浮细胞培养体系。结果表明:青钱柳悬浮细胞培养的最佳基本培养基为MS培养基,激素配方为1.0 mg/L NAA+0.5 mg/L KT;有利于青钱柳悬浮细胞的干质量增加、次生代谢产物生产的基本培养基为MS培养基;有利于青钱柳悬浮细胞总黄酮积累的激素配方B1为1.0 mg/L NAA+0.5mg/L KT,有利于青钱柳悬浮细胞多糖积累的激素配方B3为1.0 mg/L IBA+0.5 mg/L TDZ,有利于青钱柳悬浮细胞总三萜积累的激素配方B2为0.5 mg/L 2,4-D+0.3 mg/L NAA。     

Reduced mixing generates oscillations and chaos in the oceanic deep chlorophyll maximum

Deep chlorophyll maxima (DCMs) are widespread in large parts of the world's oceans. These deep layers of high chlorophyll concentration reflect a compromise of phytoplankton growth exposed to two opposing resource gradients: light supplied from above and nutrients supplied from below. It is often argued that DCMs are stable features. Here we show, however, that reduced vertical mixing can generate oscillations and chaos in phytoplankton biomass and species composition of DCMs. These fluctuations are caused by a difference in the timescales of two processes: (1) rapid export of sinking plankton, withdrawing nutrients from the euphotic zone and (2) a slow upward flux of nutrients fuelling new phytoplankton production. Climate models predict that global warming will reduce vertical mixing in the oceans. Our model indicates that reduced mixing will generate more variability in DCMs, thereby enhancing variability in oceanic primary production and in carbon export into the ocean interior.     

Identification of an oviposition-regulating pheromone in the European grapevine moth,Lobesia botrana (Lepidoptera: Tortricidae)

The oviposition of the European grapevine moth (EGVM)Lobesia botrana can be deterred by an extract of conspecific eggs corresponding to 20 egg equivalents. The reduction of the oviposition behavior is dose-dependent. Nine chemicals have been extracted from the eggs and identified as straight chain fatty acids and esters of fatty acids. A mixture of these rather simple molecules induces the same levels of deterrence as the total extract. It might be possible to use oviposition regulating pheromone in the future for the control of EGVM populations.