Estimating and Forecasting Large Panels of Volatilities with Approximate Dynamic Factor Models

We introduce an approximate dynamic factor model for modeling and forecasting large panels of realized volatilities. Since the model is estimated by means of principal components and low‐dimensional maximum likelihood, it does not suffer from the curse of dimensionality. We apply the model to a panel of 90 daily realized volatilities pertaining to S&P 100 from January 2001 to December 2008. Results show that our model is able to capture the stylized facts of panels of volatilities (comovements, clustering, long memory, dynamic volatility, skewness and heavy tails), and that it performs fairly well in forecasting, in particular in periods of turmoil, in which it outperforms standard univariate benchmarks. Copyright © 2015 John Wiley & Sons, Ltd.     

Generation of three-qubit entangled states using superconducting phase qubits

Entanglement is one of the key resources required for quantum computation, so the experimental creation and measurement of entangled states is of crucial importance for various physical implementations of quantum computers. In superconducting devices, two-qubit entangled states have been demonstrated and used to show violations of Bell's inequality and to implement simple quantum algorithms. Unlike the two-qubit case, where all maximally entangled two-qubit states are equivalent up to local changes of basis, three qubits can be entangled in two fundamentally different ways. These are typified by the states |GHZ>= (|000+?|111>)/ sqrt [2] and |W>= (|001>?+?|010>?+?|100>)/ sqrt [3]. Here we demonstrate the operation of three coupled superconducting phase qubits and use them to create and measure |GHZ> and |W>states. The states are fully characterized using quantum state tomography and are shown to satisfy entanglement witnesses, confirming that they are indeed examples of three-qubit entanglement and are not separable into mixtures of two-qubit entanglement.     

Reconciling the temperature dependence of respiration across timescales and ecosystem types

Ecosystem respiration is the biotic conversion of organic carbon to carbon dioxide by all of the organisms in an ecosystem, including both consumers and primary producers. Respiration exhibits an exponential temperature dependence at the subcellular and individual levels, but at the ecosystem level respiration can be modified by many variables including community abundance and biomass, which vary substantially among ecosystems. Despite its importance for predicting the responses of the biosphere to climate change, it is as yet unknown whether the temperature dependence of ecosystem respiration varies systematically between aquatic and terrestrial environments. Here we use the largest database of respiratory measurements yet compiled to show that the sensitivity of ecosystem respiration to seasonal changes in temperature is remarkably similar for diverse environments encompassing lakes, rivers, estuaries, the open ocean and forested and non-forested terrestrial ecosystems, with an average activation energy similar to that of the respiratory complex (approximately 0.65?electronvolts (eV)). By contrast, annual ecosystem respiration shows a substantially greater temperature dependence across aquatic (approximately 0.65?eV) versus terrestrial ecosystems (approximately 0.32?eV) that span broad geographic gradients in temperature. Using a model derived from metabolic theory, these findings can be reconciled by similarities in the biochemical kinetics of metabolism at the subcellular level, and fundamental differences in the importance of other variables besides temperature—such as primary productivity and allochthonous carbon inputs—on the structure of aquatic and terrestrial biota at the community level.     

A new member of the immunoglobulin superfamily--CTLA-4

The immunoglobulin superfamily is a group of proteins, each made of one or several domains sharing key structural features with either the variable (V) or the constant (C) immunoglobulin domains. It includes such functionally important members as the immunoglobulins themselves, major histocompatibility complex (MHC) class I and class II and T-cell receptor (TCR) molecules. Several members of this superfamily are expressed on lymphocytes where they are membrane-bound and capable of interactions with other members of the family, thus taking part in cell-cell recognition. In screening mouse cytolytic-T-cell-derived cDNA libraries, we came across cDNA clones defining a sequence, CTLA-4, which could encode a 223-amino-acid protein clearly belonging to the immunoglobulin superfamily. It consists of one V-like domain flanked by two hydrophobic regions, one of which has a structure suggestive of membrane anchoring. CTLA-4 is mainly expressed in activated lymphocytes and is coinduced with T-cell-mediated cytotoxicity in inducible models of this process. The mouse ctla-4 gene maps to band C of chromosome 1.     

Study of the coronary arteriole bed at rest and during hyperemia by selective coronary scintigraphy with labeled microspheres]

The hyperemic response induced by the tri-iodinated contrast agent injection for coronarography assesses functional value of the arteriolar areas of coronary distribution. The intracoronary injection of two kinds of micropheres labeled with gamma emitter radionuclides of different levels of energy (99m-Technetium and 113m-Indium) provides comparison of the studied areas-scintigraphies at rest and during hyperemia.     

Inherent properties and statistics with individual particles in quantum mechanics

This paper puts forward the hypothesis that the distinctive features of quantum statistics are exclusively determined by the nature of the properties it describes. In particular, all statistically relevant properties of identical quantum particles in many-particle systems are conjectured to be irreducible, ‘inherent’ properties only belonging to the whole system. This allows one to explain quantum statistics without endorsing the ‘Received View’ that particles are non-individuals, or postulating that quantum systems obey peculiar probability distributions, or assuming that there are primitive restrictions on the range of states accessible to such systems. With this, the need for an unambiguously metaphysical explanation of certain physical facts is acknowledged and satisfied.