Cross‐Section Stock Return and Implied Covariance between Jump and Diffusive Volatility

I examine the information content of option‐implied covariance between jumps and diffusive risk in the cross‐sectional variation in future returns. This paper documents that the difference between realized volatility and implied covariance (RV‐ICov) can predict future returns. The results show a significant and negative association of expected return and realized volatility–implied covariance spread in both the portfolio level analysis and cross‐sectional regression study. A trading strategy of buying a portfolio with the lowest RV‐ICov quintile portfolio and selling with the highest one generates positive and significant returns. This RV‐Cov anomaly is robust to controlling for size, book‐to‐market value, liquidity and systematic risk proportion. Copyright © 2015 John Wiley & Sons, Ltd.     

Fluctuation and response in biology

In 1905, Albert Einstein proposed that the forces that cause the random Brownian motion of a particle also underlie the resistance to macroscopic motion when a force is applied. This insight, of a coupling between fluctuation (stochastic behavior) and responsiveness (non-stochastic behavior), founded an important branch of physics. Here we argue that his insight may also be relevant for understanding evolved biological systems, and we present a ‘fluctuation–response relationship’ for biology. The relationship is consistent with the idea that biological systems are similarly canalized to stochastic, environmental, and genetic perturbations. It is also supported by in silico evolution experiments, and by the observation that ‘noisy’ gene expression is often both more responsive and more ‘evolvable’. More generally, we argue that in biology there is (and always has been) an important role for macroscopic theory that considers the general behavior of systems without concern for their intimate molecular details.     

Structures of Textile-apparel Supply Chain： Concepts and Cases

In recent years, supply chain management （SCM） has been in popularity as a new management philosophy for all industries, including textile and apparel industries. The textile-apparel supply chain is relatively complex because it encompasses many participants such as yarn manufacturers, fabric manufacturers, garment manufacturers and retailers. Although many scholars are engaged in researching SCM in textile and apparel industries, a systematic classification of textile-apparel chain does not exist. The paper proposes three types of textile-apparel chain, nominated vertical integration chain, traditional sourcing chain and 3P-hub （third party as the hub） chain. Different coordinators exist in different types of chain. Three Hong Kong headquartered companies, Esquel Group, TAL Apparel Ltd., and Li ＆ Fang （Trading） Ltd. are used as cases responding to each type of the structures respectively.     

Trail-following responses ofLeptogenys diminuta to stereoisomers of 4-methyl-3-heptanol

Behavioral tests carried out with the four stereoisomers of 4-methyl-3-heptanol revealed thatLeptogenys diminuta ants respond specifically only to the (3R, 4S)-isomer.     

Human mitochondrial tRNAs in health and disease

The human mitochondrial genome encodes 13 proteins, all subunits of the respiratory chain complexes and thus involved in energy metabolism. These genes are translated by 22 transfer RNAs (tRNAs), also encoded by the mitochondrial genome, which form the minimal set required for reading all codons. Human mitochondrial tRNAs gained interest with the rapid discovery of correlations between point mutations in their genes and various neuromuscular and neurodegenerative disorders. In this review, emerging fundamental knowledge on the structure/function relationships of these particular tRNAs and an overview of the large variety of mechanisms within translation, affected by mutations, are summarized. Also, initial results on wide-ranging molecular consequences of mutations outside the frame of mitochondrial translation are highlighted. While knowledge of mitochondrial tRNAs in both health and disease increases, deciphering the intricate network of events leading different genotypes to the variety of phenotypes requires further investigation using adapted model systems.Received 3 December 2002; received after revision 14 January 2003; accepted 27 January 2003     

《河南植物志》虎耳草科补遗

报道了《河南植物志》中未记录的虎耳草科植物9种5变种(均采有标本)。     

从苏青到池莉--浅析中国现当代市民文学的承传

苏青是四十年代红极上海的“市民文学“作家,池莉所处的时代、生活经历与苏青不同,但她们都执着于平民情怀,执着于“市民文学“的创作,两者之间有着一脉相承的关系,共同成为了中国现当代市民文学上不可或缺的组成部分.文章通过她俩的价值立场和创作风格的比较,说明苏青和池莉都是继老舍辈市民文学作家以后的两代代表作家.