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This study examines whether the impact of style investing on momentum profits depends on market states. By measuring the style comovement to evaluate the influence of style investing on momentum, our evidence shows that the momentum profits on high style comovement portfolios are higher than on low style comovement portfolios. The momentum strategies on high style comovement portfolios are more profitable when the market is optimistic. Our findings demonstrate that style chasing behavior by investors is reinforced following increased market optimism, thus generating an asymmetric influence of style investing in momentum profits.

Bali et al. (2011) document that stocks with high maximum daily return (MAX) underperform compared to stocks with low maximum daily return, referred as the “MAX effect”. This paper is based on the argument of behavioral theory to investigate the influence of advertising on the MAX effect. Using investor sentiment index to reflect investors’ optimism grows, our evidence shows that the high advertising portfolio has significant MAX effect, and the predictive power of sentiment on MAX effect in the high advertising portfolio is more pronounced than in the low advertising portfolio. Findings suggest that firm managers spreading information by increasing advertising during high levels of sentiment will increase investors’ overconfidence. This increased overconfidence generates higher stock returns and thus attracts investors with a preference for risk-taking. Consequently, an increased demand for lottery-type stocks increases the MAX effect.

Objective Numerous studies have demonstrated that fluvoxamine has considerable pharmacokinetic and pharmacodynamic interactions with clozapine. We conducted a 12-week, randomized, double-blind, placebo-controlled study to evaluate the effects of fluvoxamine on metabolic parameters and psychopathology in clozapine-treated patients with schizophrenia. Methods We recruited 85 patients who received a DSM-IV diagnosis of schizophrenia. Eligible patients were randomized to receive fluvoxamine 50 mg/day plus clozapine 100 mg/day or clozapine 300 mg/day. We studied metabolic parameters, psychopathology, and drug levels at baseline and 4, 8, and 12 weeks after the intervention. Plasma levels of clozapine, norclozapine, clozapine N-oxide, and fluvoxamine were determined using high-performance liquid chromatography with ultraviolet detection. Results No significant difference was observed in baseline characteristics between the two groups. Clozapine–fluvoxamine combined treatment significantly attenuated the increments in body weight, insulin resistance, and levels of insulin, glucose, and triglycerides compared with clozapine monotherapy. Both groups exhibited significant improvements in their Positive and Negative Syndrome Scale (PANSS) total and negative scores. The combined treatment group showed significant reduction in the PANSS general psychopathology scores compared with the monotherapy group. No difference was observed in the plasma clozapine level between the two groups. The monotherapy group showed higher levels of norclozapine and clozapine N-oxide than the combined group. Conclusions Compared with clozapine monotherapy, treatment with adjunctive fluvoxamine with clozapine for 12 weeks can alleviate body weight gain and metabolic abnormalities in patients with schizophrenia, without sacrificing the clinical effect. Clinicians should interpret these findings cautiously considering the short duration of this study. The study was registered at www.clinicaltrials.gov ( NCT01401491 ).

This study explores the role of investor attention impact on low-volatility strategy. Our evidence suggests that a low-volatility strategy for high investor attention stocks is more profitable than low investor attention stocks. Conditioned on high investor attention, the profitability of a low-volatility strategy significantly increases due to lower returns on higher idiosyncratic volatility stocks. Consistent with recent optimal beliefs theory, investors’ propensity for gambling-type strategies leads to negative returns with high idiosyncratic volatility stocks. Our results provide a behavioral support to explain the low-volatility strategy based on investors’ propensity to gamble.

This paper addresses the empirical relationship between energy poverty and energy efficiency in developed and developing countries through various domains. The analysis is conducted using energy poverty indicators, country-wise GDP, energy efficiency, and social welfare by using data envelopement analysis (DEA) and entropy method through mediating role of econometric estimation by using . The findings show that energy poverty will reduce the gross domestic product from par to par. Moreover, the countries' social welfare may dramatically decrease if long-term energy poverty is consistent and not mitigated, negating the traditional theory that only gaining energy efficiency is more than enough for energy stakeholders. Based on the deducted results, this study suggests potential policy adjustments, and illustrates the value of productive energy supply. Results reveals that expenditure associated energy poverty has major share while electricity consumption based energy poverty is the second major factor. Moreover, there is an absence of modern electricity access in less energy efficient areas. SMoreover energy prices should also provide a quantitative assessment of actual costs associated with the rising concern of energy efficiency and social welfare to reduce energy poverty. On this, the study provides valuable information for policy makers and relevant stakeholders.

This study provides an empirical investigation of currency momentum strategies traded on the Chinese Yuan (RMB). Using a cross trading strategy, we find that the RMB-based currency momentum (RCMOM) strategies are profitable and yield excess returns of up to 5% per annum (p.a.). The results are robust to risk adjustment and sub-periods analysis. We further calculate the foreign exchange volatility to explain the profits of RCMOM strategies. Our evidence shows that increased foreign exchange volatility is associated with higher RCMOM profits, and the strategies are more profitable with high volatility of the Chinese stock market. Considering the influence of Chinese market states in foreign exchange volatility, the RCMOM returns are insignificant. Our results suggest that the impact of foreign exchange risk is correlated to China’s market states.

Sustainability through information and communication technologies is a complex matter, raising interesting debate among researchers. Pursuing the same, this research investigates the impact of information and communication technologies, economic growth, and financial development on carbon dioxide emissions by simultaneously testing the Environmental Kuznets curve (EKC) hypothesis in BRICS countries. In doing so, this study employs Methods of Moments - Quantile Regression, which confirms that the effects of the explanatory variables vary across different quantiles of carbon dioxide emissions. The overall results indicate that economic growth and financial development contribute to carbon dioxide emissions across all quantiles, while information and communication technologies significantly mitigate the level of carbon dioxide emissions only at lower emissions quantiles. Moreover, the results confirm the presence of the EKC hypothesis. Interestingly, the effect of economic growth and information and communication technologies on carbon dioxide emissions is lowest in magnitude at lower quantiles and highest at higher quantiles of carbon dioxide emissions. The empirical findings of DH panel heterogenous causality test confirm bidirectional causality between the model parameters, indicating that any policy intervention concerning explanatory variables significantly causes carbon dioxide emissions and vice versa. The results set out the foundation for policymakers to devise a policy framework to attain the objectives of Sustainable Development Goals (SDGs).

We investigate whether the funding liquidity risk to institutional investors influences the negative relation between expected returns and variance (the ‘‘Low-volatility anomaly’’). With the Taiwan stock market as a setting, we implement a multivariate Markov switching model and use the funding liquidity risk to model the time-varying transition probabilities of the regime-switching process to capture changes in the funding liquidity risk regime. Our evidence documents that the low-volatility anomaly is most pronounced when there is high funding liquidity risk. When there is low funding liquidity risk, however, the low-volatility anomaly has a significant reversal. These results imply that the increased funding liquidity risk due to financial shock transmitted from parent banks is associated with higher selling pressure on institutional investors’ high-volatility stocks, leading to the low-volatility anomaly.

Femoral shaft fractures can be treated using retrograde interlocking nailing systems; however, fracture nonunion still occurs. Dynamic fixation techniques, which remove either the proximal or distal locking screws, have been used to solve the problem of nonunion. In addition, a surgical rule for dynamic fixation techniques has been defined based on past clinical reports. However, the biomechanical performance of the retrograde interlocking nailing systems with either the traditional static fixation technique or the dynamic fixation techniques has not been investigated by using nonlinear numerical modeling. Three-dimensional nonlinear finite element models were developed, and the implant strength, fixation stability, and contact area of the fracture surfaces were evaluated. Three types of femoral shaft fractures (a proximal femoral shaft fracture, a middle femoral shaft fracture, and a distal femoral shaft fracture) fixed by three fixation techniques (insertion of all the locking screws, removal of the proximal locking screws, or removal of the distal locking screws) were analyzed. The results showed that the static fixation technique resulted in sufficient fixation stability and that the dynamic fixation techniques decreased the failure risk of the implant and produced a larger contact area of the fracture surfaces. The outcomes of the current study could assist orthopedic surgeons in comprehending the biomechanical performances of both static and dynamic fixation techniques. In addition, the surgeons could also select a fixation technique based on the specific patient situation using the numerical outcomes of this study.

Locking compression plates (LCPs) have been used to fix femoral shaft fractures. Previous studies have attempted to identify the best LCP screw positions and numbers to achieve the fixation stability. However, the determined screw positions and numbers were mainly based on the surgeons' experiences. The aim of this study was to discover the best number and positions of LCP screws to achieve acceptable fixation stability. Three-dimensional numerical models of a fractured femur with the LCP were first developed. Then, the best screw position and number of LCPs were determined by using a simulation-based particle swarm optimization algorithm. Finally, the results of the numerical study were validated by conducting biomechanical tests. The results showed that the LCP with six locking screws resulted in the necessary fixation stability, and the best combination of positions of locking screws inserted into the LCP was 1-5-6-7-8-12 (three locking screws on either side of the bone fragment with two locking screws as close as practicable to the fracture site). In addition, the numerical models and algorithms developed in this study were validated by the biomechanical tests. Both the numerical and experimental results can provide clinical suggestions to surgeons and help them to understand the biomechanics of LCP systems.

Fusarium wilt, caused by Fusarium oxysporum (Fo), is one of the most important fungal diseases worldwide. Like other plant pathogens, Fo displays specialized forms in association with its hosts. For example, F. oxysporum f. sp. niveum (Fon) is the damaging pathogen causing Fusarium wilt disease on watermelon, whereas F. oxysporum f. sp. cubense is the pathogen that infects banana. A rapid and reliable pathogen identification or disease diagnosis is essential for the integrated disease management practices in many crops. In this study, two new primer sets, Fon-1/Fon-2 and FnSc-1/FnSc-2, were developed to differentiate Fon and Fo, respectively. The PCR method using the novel primer sets has high sensitivity to detect Fon when the DNA concentration was as low as 0.01 pg or when the conidia number was as few as 5. In comparison with the published primer set, the Fon-1/Fon-2 primer set, derived from the sequence of OP-M12 random primer-amplified fragment, produced a 174 bp DNA fragment, and was more specific to Fon in Taiwan. In addition, with optimized PCR parameters, the molecular method using the Fon-1/Fon-2 primer set could directly detect Fon even when watermelon samples were collected in its early stage of disease development.

Background Healing of tibial fractures treated by locked nailing is threatened by locking screw failure. However, the effects of the design factors of the screws on their mechanical strength have rarely been studied. Method Three-point bending tests and finite element analyses were used to investigate the bending strength of five types of commercially available tibial locking screws and two types of specially designed screws. Yielding strength and fatigue life measured in bending tests were correlated to total strain energy and maximal tensile stress computed in finite element analyses. Parametric analysis and design optimization were done according to the Taguchi method. Validation studies to assess the stress rising effect of the threads on the fatigue strength were conducted in two types of new screws made of either stainless steel or titanium alloy. Findings The yielding strength of the screws was closely related to their total strain energy, and the logarithm of the fatigue life was closely related to the maximal tensile stress with correlation coefficients of −0.95 and −0.90, respectively. Parametric studies indicated that fatigue strength of the screws was affected mainly by inner diameter (contribution, 63.8%) and root radius (27.8%). The yielding strength was determined primarily by inner diameter (88.5%). Titanium screws had a longer fatigue life than stainless steel screws, especially in screws with larger root radii. Interpretation A screw’s strength is closely related to its design factors. Finite element models, which can reliably reflect the mechanical strength of screws can save time and effort during screw design. Larger root radius can effectively improve the fatigue strength, especially for titanium screws as compared with stainless steel screws.

One of the major problems for automatically constructed portals and information discovery systems is how to assign proper order to unvisited web pages. Topic-specific crawlers and information seeking agents should try not to traverse the off-topic areas and concentrate on links that lead to documents of interest. In this paper, we propose an effective approach based on the relevancy context graph to solve this problem. The graph can estimate the distance and the relevancy degree between the retrieved document and the given topic. By calculating the word distributions of the general and topic-specific feature words, our method will preserve the property of the relevancy context graph and reflect it on the word distributions. With the help of topic-specific and general word distribution, our crawler can measure a page's expected relevancy to a given topic and determine the order in which pages should be visited first. Simulations are also performed, and the results show that our method outperforms than the breath-first and the method using only the context graph.

Objective. To investigate the bone holding power of tibial locking screws. Design. The bone holding power was assessed by mechanical testing and finite element analysis. Background. Screw loosening might threaten fracture fixation and bone healing. Methods. In mechanical tests, six types of different tibial locking screws were inserted into low-density polyurethane foam tubes, which simulated osteoporotic bone. The screws were pushed out of the foam bone by an axial load, and the maximal pushout load was recorded. In finite element analysis, three-dimensional finite element models with a nonlinear contact interface between the screws and the bones were created to simulate the mechanical testing. The total strain energy of the bone and total reaction force of the screws were recorded. The contribution of the design factors was analyzed by the Taguchi method. Results. In the mechanical tests, foam bone was stripped by the screw threads without screw deformation. The testing results were closely related to those of finite element analysis. The Taguchi analysis showed that the descending order of contribution of the design factors was outer diameter, pitch, half angle, and inner diameter. Root radius and thread width had minimal effects. Conclusions. The bone holding power of the screws could be reliably assessed by finite element models, which could analyze the effects of all the design factors independently and were potentially applicable to screws with irregular thread patterns. RelevanceThe finite element models built in this study may help manufacturers in evaluating new designs of locking screws and assist surgeons in selecting suitable devices for patients with severe osteoporosis.

Serotonergic dysfunction has been implicated in mood disorders and suicidal behaviors. This study examined the association between a serotonin-2A (5HT2A) receptor gene polymorphism (102T/C) and mood disorders. The genotype and allele frequencies did not differ between patients with mood disorders and control subjects. Furthermore, the 102T/C polymorphism was not found to be associated with suicidal history in mood disorder patients. Our results suggest that this polymorphism is unlikely to play a role in the genetic susceptibility to mood disorders.

Keyword based querying has been an immediate and efficient way to specify and retrieve related information that the user inquired. However, conventional document ranking based on an automatic assessment of document relevance to the query may not be the best approach when little information is given. In this poster, we propose an idea to integrate two existing techniques: query expansion and relevance feedback to achieve a concept-based information search for the Web.