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Compositional modification and surface treatments of a TiO2 film prepared by a low-temperature route are carried out by a new promising method. Inverted polymer solar cells incorporating the post-treated TiO2 :TOPD electron-transport layer achieve the highest efficiency of 10.5%, and more importantly, eliminate the light-soaking problem that is commonly observed in metal-oxide-based inverted polymer solar cells.

Quantifying the effects of climate variability and human activities on runoff changes will contribute to regional water resource planning and management. This study aims to separate the effects of climate variability and human activities on runoff changes in the upper catchment of the Red River Basin in China. The Mann–Kendall test and Pettitt’s test methods were applied to identify the trends and change points of the hydro-meteorological variables. The hydrological sensitivity, climate elasticity and hydrological simulation methods were adopted to estimate the contributions of climate variability and human activities to runoff changes. Results showed that annual runoff significantly decreased by 1.57 mm/year during the period of 1961–2012. A change point in annual runoff coefficient occurred in 2002. Accordingly, the annual runoff series were divided into the baseline period (1961–2002) and the impacted period (2003–2012). Mean annual runoff of the impacted period decreased by 29.13% compared with the baseline period. Similar estimates of the contributions of climate variability and human activities were obtained by the three different methods. Climate variability was estimated to be responsible for 69%–71% of the reduction in annual runoff, and human activities accounted for 29%–31%. Climate variability was the main driving factor for runoff decrease in the catchment.

We review recent progress in the development of organometal halide perovskite solar cells. We discuss different compounds used to construct perovskite photoactive layers, as well as the optoelectronic properties of this system. The factors that affect the morphology of the perovskite active layer are explored, e.g. material composition, film deposition methods, casting solvent and various post-treatments. Different strategies are reviewed that have recently emerged to prepare high performing perovskite films, creating polycrystalline films having either large or small grain size. Devices that are constructed using meso-superstructured and planar architectures are summarized and the impact of the fabrication process on operational efficiency is discussed. Finally, important research challenges (hysteresis, thermal and moisture instability, mechanical flexibility, as well as the development of lead-free materials) in the development of perovskite solar cells are outlined and their potential solutions are discussed.

We explore analysts’ earnings forecast data to improve upon one popular disagreement measure — the analyst forecast dispersion measure — proposed by Diether, Malloy, and Scherbina (2002). Our analysis suggests that changes in the standard deviations of forecasted earnings can work as a complementary disagreement measure that is comparable across stocks and immune from other return-predictive information contained in the normalization scalars of analyst forecast dispersion measures. We also document evidence that the change-based disagreement measure predicts future cross-sectional returns significantly only when changes in the mean forecasts are negative. This finding suggests that the interaction between disagreement and underreaction to earnings news affects asset prices.

The paper propose appropriate strategies through discussion the effect produced by internet environment on the library’s information resources, reestablish the new criteria for the collection of library; Speed up the construction of collection; Reinforce the characteristic construction of the virtual collection; Promoting exchange and cooperation in libraries.

Using stocks traded on the NYSE, AMEX and NASDAQ for the period of 1964 to 2009, this study demonstrates that, while momentum prevails among small stocks, momentum and reversals coexist among large stocks for a holding period of up to six months. The momentum/reversal divide is along the volatility dimension: Large-cap/low-volatility stocks exhibit reversals while large-cap/high-volatility stocks experience momentum. Our finding is in sharp contrast with those in the existing literature which mostly documents and explains momentum and reversals for different horizons. As such, our study not only offers fresh, new empirical findings on cross-section return predictability but also poses a challenge to the existing theoretical paradigms that are tailored to sequential occurrence of momentum and reversals. Specifically, we contribute to the literature by 1) uncovering a new empirical regularity which explains why large stocks are generally associated with no or weak momentum in the short-term, and 2) advancing a theoretical model based on "moderated confidence" which can rationalize empirical findings such as the one in the current paper where underreaction and overreaction can occur simultaneously with the same investor.

The wide application of electronic networks for human information communication convenient and share the information resources, and provide technical support also produced some new moral problems, it is urgent to strengthen moral construction through the network to solve.

We analyze a model where the value of a traded security is affected by two different fundamentals, e.g., the quality of the firm's technology and the demand for its products, and where there are two groups of informed traders, each one informed about a different fundamental. We analyze the interaction between the informativeness of the price about the two fundamentals and characterize when it leads to attenuation and when it leads to amplification of shocks to market efficiency. Amplification occurs because the informativeness about one fundamental reduces the uncertainty in trading on information about the other fundamental and encourages traders to trade more aggressively on such information. This effect is dominant when the informativeness of the price is relatively balanced between the two fundamentals, which implies that economies with more diverse information -- i.e., where the information is more evenly distributed between the two groups -- will exhibit positive externalities and have higher levels of overall market efficiency. Finally, we endogenize the incentives for information production and show that the above effect leads to strategic complementarities in information production.

We extend the theory and empirics in Chen, Hong, and Stein (2002) by assuming that investors subject to market sentiment hold a biased belief in the aggregate. With a dynamic multi-asset model, we predict that the breadth-return relationship can be either positive or negative depending on the relative strength of two offsetting forces — disagreement and sentiment. Using the sentiment index developed in Baker and Wurgler (2006, 2007), we find evidence consistent with our predictions. The breadth-return relationship is positive when the sentiment effect is small. However, the relationship becomes negative when (i) the time-series variation of market-wide sentiment is high and (ii) the cross-sectional dispersion of firm-specific exposure to market-wide sentiment variation is large. Our unified framework reconciles a few seemingly inconsistent empirical studies in this literature and explains puzzling cross-sectional return patterns observed during the Internet bubble and the subprime crisis periods.

We build a general equilibrium model to examine the implications of prospect theory for the disposition effect, asset prices, and trading volume. Diminishing sensitivity predicts a disposition effect, price momentum, a reduced return volatility, and a positive return-volume correlation. Loss aversion generally predicts the opposite. In calibrated economies, there is a nontrivial range of preference parameters for prospect theory to simultaneously explain the disposition effect, the momentum effect, and the equity premium puzzle. Our model is helpful for understanding a wide range of financial phenomena and it also suggests new testable predictions.

We analyze a rational expectations equilibrium model to explore the implications of information networks for the financial market. When information is exogenous, social communication improves market efficiency. However, social communication crowds out information production due to traders' incentives to “free ride” on informed friends and on a more informative price system. Overall, social communication hurts market efficiency when information is endogenous. The network effects on the cost of capital, liquidity, trading volume, and welfare are also sensitive to whether information is endogenous. Our analysis highlights the importance of information acquisition in examining the implications of information networks for financial markets. This paper was accepted by Wei Xiong, finance.

21st century is the age of quick development of science and technology, also is the information age. People in creating and using internet while also been enslaved by the network, internet information alienation phenomenon occurred. This article based on the concept of internet information alienation, analyze the performance of internet information alienation, explore the causes internet information alienation, so as to find appropriate countermeasures.

© 2015 Elsevier Inc. This paper studies the wealth and pricing implications of loss aversion in the presence of arbitrageurs with Epstein-Zin preferences. Loss aversion affects an investor's survival prospects mainly through its effect on the investor's portfolio holdings. Loss-averse investors will be driven out of the market and do not affect long-run prices if their portfolio positions are further away from those corresponding to the log investor than arbitrageurs. In terms of wealth shares, the market selection process can be slow, but the selection force is nonetheless effective in terms of price impact, which highlights the importance of introducing preference heterogeneity in understanding asset prices.

This paper establishes dividend volatility as a fundamental risk metric that prices assets. We theoretically incorporate dividend volatility clustering into a model in which narrow-framing investors are loss averse over fluctuations in the value of their investments. Our model shows that dividend volatility positively predicts future asset returns, with the predictive power increasing with the forecasting horizon; our model also sheds light on a variety of other asset-pricing phenomena. We further provide supporting empirical evidence that dividend volatility is indeed priced in the data. More specifically, aggregate dividend volatility predicts and is predicted by aggregate price-to-dividend ratios; aggregate dividend volatility predicts future aggregate market returns; and dividend volatility of portfolios sorted by size, book-to-market ratios, and past returns predicts future portfolio-level returns respectively.

© Copyright 2016 Michael G. Foster School of Business, University of Washington. Recently, exchanges have been directly selling market data. We analyze how this practice affects price discovery, the cost of capital, return volatility, market liquidity, information production, and trader welfare. We show that selling price data increases the cost of capital and volatility, worsens market efficiency and liquidity, and discourages the production of fundamental information relative to a world in which all traders observe prices. Generally, allowing exchanges to sell price information benefits exchanges and harms liquidity traders. Overall, our results suggest that regulations on selling market data can play an important role in improving market quality and trader welfare.

Here we report a facile switchable fluorescent QD probe for F(-) ions, which is based on the hydrogen bonding-driven aggregation and the analyte-triggered disaggregation.

Boutonniere deformity associated with a dorsal avulsion fracture of the central slip overlying the proximal interphalangeal joint results in loss of extension of the joint and hyperextension of the distal interphalangeal joint. This article reports a surgical technique for treatment of the injury in 21 digits, which involves application of loop stainless steel wire. We also present the long-term results using the technique on the digits. Loop wire fixation is a successful surgical technique for the treatment of displaced central slip avulsion fracture.

A water-soluble polysaccharide, FCAP1, was isolated from an alkaline extract from the fruits of Cornus officinalis. Its molecular weight was 34.5kDa. Monosaccharide composition analysis revealed that it was composed of fucose, arabinose, xylose, mannose, glucose, and galactose in a molar ratio of 0.29:0.19:1.74:1:3.30:1.10. On the basis of partial acid hydrolysis and methylation analysis, FCAP1 was shown to be a highly branched polysaccharide with a backbone of beta-(1-->4)-linked-glucose partially substituted at the O-6 position with xylopyranose residues. The branches were composed of (1-->3)-linked-Ara, (1-->4)-linked-Man, (1-->4,6)-linked-Man, (1-->4)-linked-Glc, and (1-->2)-linked-Gal. Arabinose, fucose, and galactose were located at the terminal of the branches. The structure was further elucidated by a specific enzymatic degradation with an endo-beta-(1-->4)-glucanase and MALDI-TOF-MS analysis. Oligosaccharides generated from FCAP1 indicated that FCAP1 contained XXXG-type and XXG-type xyloglucan fragments.

Using a standard Grossman and Stiglitz (1980, AER) framework, this paper explicitly models noise trading as a result of hedging-motivated trades due to hedgers' privileged investment opportunities. The hedging-motivated trading by hedgers and the speculative trading by informed speculators affect price informativeness in opposite ways, leading to the possibility of strategic complementarities in information acquisition, as opposed to the strategic substitutes in Grossman and Stiglitz (1980). This strategic complementarity may produce multiple equilibria in the information market, and switches between sharply differentiated equilibria could potentially explain large movements in asset prices and trading volumes.

What is the price impact of loss aversion in the presence of arbitrageurs? Do loss-averse investors survive in the long-run? This paper addresses these issues by analyzing a dynamic growth economy in which arbitrageurs have Epstein-Zin preferences, while the preferences of loss-averse investors are defined recursively, as proposed by Barberis and Huang (2007, 2009). I have two main results. First, if loss aversion is the only difference in investors' preferences, then for empirically relevant parameter values, the loss-averse investor will be driven out of the market and lose his price impact in the long-run. This result is obtained through the endogenous difference in investors' equilibrium portfolio choices. Second, the loss-averse investor can survive if he has a larger elasticity of intertemporal substitution parameter or time-patience parameter than the Epstein-Zin investor. For instance, in a calibrated economy, a difference in the time-patience parameter as small as two percent can justify the long-run dominance of the LA-investor in the financial market. This result is obtained through the endogenous difference in investors' saving behaviours. By providing these two results, this paper develops a framework to quantify the effect on survival and asset prices of the difference in investors' preferences.

This paper investigates the aggregation of dynamical agents in network. The communication topology of network is characterized by a undirect graph and the agents are Lyapunov stable distributed in a plane. We provide with the conditions under which the group of agents will achieves gradually aggregation. Numerical simulations show that our theoretical results are effective. By comparison with the former works on this topic, e.g., our study shows that when the dynamic agents is moving in a plane the aggregation condition is very different from that in a line. The stability conditions depend not only on the control protocol, but also on the eigenvalues of graph Laplacian associated with the network, as well as the dynamical behaviors of agents. Whereas for the agents moving in a line the aggregation stability condition depends on the control protocol only.

The transcription factor GATA-3 is expressed in T helper 2 (TH2) but not TH1 cells and plays a critical role in TH2 differentiation and allergic airway inflammation in vivo. Mice that lack the p50 subunit of nuclear factor kappa B (NF-kappa B) are unable to mount airway eosinophilic inflammation. We show here that this is not due to defects in TH2 cell recruitment but due to the inability of the p50-/- mice to produce interleukin 4 (IL-4), IL-5 and IL-13: cytokines that play distinct roles in asthma pathogenesis. CD4+ T cells from p50-/- mice failed to induce Gata3 expression under TH2-differentiating conditions but showed unimpaired T-bet expression and interferon gamma (IFN-gamma) production under TH1-differentiating conditions. Inhibition of NF-kappa B activity prevented GATA-3 expression and TH2 cytokine production in developing, but not committed, TH2 cells. Our studies provide a molecular basis for the need for both T cell receptor and cytokine signaling for GATA-3 expression and, in turn, TH2 differentiation.

We previously reported the cloning of a cDNA for IkappaBR (for IkappaB-related) from human lung alveolar epithelial cells. IkappaBR is related to the IkappaB proteins that function as regulators of the NF-kappaB family of transcription factors. Here, we investigated the consequence of IkappaBR overexpression on the expression of NF-kappaB-regulated chemokine genes in lung alveolar epithelial cells. Chemokines play an important role in many inflammatory diseases such as asthma and AIDS. Overexpression of IkappaBR in the lung cells resulted in a rapid 50-100-fold greater production of the RANTES (regulated upon activation, normal T expressed and presumably secreted) protein upon cytokine-induction compared with control cells. IkappaBR overexpression, however, did not enhance interleukin-8 or MIP-1alpha gene expression, despite the fact that the expression of all three chemokine genes are regulated by NF-kappaB. The up-regulation of RANTES gene expression resulting from overexpression of IkappaBR correlated with increased amounts of a unique RANTES-kappaB binding activity and decreased binding of p50 homodimers. Previous studies have shown that p50 homodimers function as repressors of certain kappaB sites. Our studies suggest that IkappaBR can aid activation of select NF-kappaB-regulated genes by sequestering p50 homodimers.

A highly sensitive dynamic light scattering (DLS) assay for glucose detection without interference from ascorbic acid was demonstrated based on mercaptophenylboronic acid functionalized gold nanoparticles (MPBA-AuNPs). The stable, water-solubility MPBA-AuNPs were synthesized using facile and mild method. In the presence of glucose, specific binding between glucose and boronic acids resulted in the aggregation of MPBA-AuNPs. Thus, glucose could be detected by monitoring the average particle size change of the assay solution using DLS analysis. The detection limit was estimated to be around 10 nM. This assay also showed good selectivity, and glucose could be detected without interference even if 1 mM ascorbic acid was present. Furthermore, glucose in human serum was successfully detected here. Therefore, this sensitive and selective approach has the potential to become a new key for glucose detection.

This paper describes the development of a high-speed laser probing system for surface acoustic wave (SAW) devices. For the optical detection, the phase-sensitive knife-edge method was employed, by which the system is made very insensitive to low-frequency mechanical vibration. This enables fast stage translation without disturbing the measurement. A fast scanning rate of 240 points/s was realised by continuous stage translation and by successive data acquisitions of instantaneous sampling positions, in addition to the detector output. The position is measured by a high-precision linear-scale installed in the translation stage. Since the measured intervals between two adjacent sampling positions may not be uniform, the measured data are resampled at equal intervals for data processing. By applying the system to the characterisation of spurious resonance modes, it is shown how the present system is effective in designing and developing SAW devices.

The use of electronic reading room security problems exist in the process were analyzed, and these solutions were put forward.