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The pricing of an ambiguous asset, whose cash flow stream is uncertain, may be affected by three factors: the belief regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude towards ambiguity. While previous literature looks at the total price discount under ambiguity, this paper investigates with laboratory experiments how much effect each factor can induce. We apply both non-parametric and parametric methods to cleanly separate the belief effects, the risk premiums, and the ambiguity premiums from each other. Both methods lead to similar results: Overall, subjects have substantial ambiguity aversion, and ambiguity premiums account for the largest price deviation component when the degree of ambiguity is high. As information accumulates, ambiguity premiums decrease. We also find that beliefs do influence prices under ambiguity. This is not because beliefs are biased towards either good or bad scenarios per se, but because subjects display sticky belief updating as new information becomes available. The clear separation performed in this paper between belief and attitude also enables a more accurate estimation of the parameter of ambiguity aversion compared to previous studies, since the effect of beliefs is partialled out. Overall, we find empirically that both factors, belief and attitude towards ambiguity, are important factors in pricing under ambiguity.
Twenty previously known species of Fissocantharis Pic, 1921 and Micropodabrus Pic, 1920 from Taiwan are illustrated and described with the genitalia of both sexes and or abdominal sternite VIII of female. The following reconfirmed combinations are proposed, Micropodabrus chujoi (Wittmer, 1972), M. mucronata (Wittmer, 1979), M. multicostata (Wittmer, 1982) and M. nodicornis (Wittmer, 1982), which were all originally described in Kandyosilis Pic, 1929. Two new species are described, Fissocantharis nigriceps Y. Yang & Okushima sp. nov. and Micropodabrus brunneipennis Y. Yang & Okushima sp. nov., which are provided with the illustrations of aedeagus and photos of male habitus.
This paper sets up an experimental asset market in the laboratory to investigate the effects of ambiguity on price formation and trading behavior in financial markets. The obtained trading data is used to analyze the effect of ambiguity on various market outcomes (the price level, volatility, trading activity, market liquidity, and the degree of speculative trading) and to test the quality of popular empirical market-based measures for the degree of ambiguity. We find that ambiguity decreases market prices and trading activity; ambiguity leads to lower market liquidity through wider bid-ask spreads; and ambiguity leads to less speculative trading. We also find that popular market-based measures of ambiguity used in the empirical literature do not seem to correctly capture the true degree of ambiguity.
Twenty species of the genus Chilocorus Leach, 1815 currently known from China are recorded, including two new species described here: C. nigricaeruleus Li & Wang sp. nov. and C. strenotubus Li & Wang sp. nov. Diagnoses and detailed descriptions of the new species are given. Each species is illustrated in detail, including genitalia. Distribution maps, a key to the Chinese species and a world checklist of Chilocorus are given.
The planthopper genus Arcofaciella Fennah, 1956 (Hemiptera: Fulgoromorpha: Delphacidae) is reviewed. Four species are recognized, of which A. obflexa Guo & Liang, 2005 and A. verrucosa Fennah, 1956 are redescribed, and one new species, A. indiana sp. nov., is described. Habitus photos for adults and illustrations of male genitalia (excluding A. penangensis (Muir, 1919)) are given. A key for identifying the species of Arcofaciella is also provided.
MKK7 (MEK7) is a key regulator of the JNK stress signaling pathway and targeting MKK7 has been proposed as a chemotherapeutic strategy. Detailed understanding of the MKK7 structure and factors that impact its activity is therefore of critical importance. Here, we present a comprehensive set of MKK7 crystal structures revealing insights into catalytic domain plasticity and the role of the N-terminal regulatory helix, conserved in all MAP2Ks, mediating kinase activation. Crystal structures harboring this regulatory helix revealed typical structural features of active kinase, providing exclusively a first model of the MAP2K active state. A small molecule screening campaign yielded multiple scaffolds, including type-II irreversible inhibitors a binding mode that has not been reported previously. We also observed an unprecedented allosteric pocket located in the N-terminal lobe for the approved drug ibrutinib. Collectively, our structural and functional data expand and provide alternative targeting strategies for this important MAP2K kinase.
The development of super-resolution microscopy (SRM) has widened our understanding of biomolecular structure and function in biological materials. Imaging multiple targets within a single area would elucidate their spatial localization relative to the cell matrix and neighboring biomolecules, revealing multi-protein macromolecular structures and their functional co-dependencies. SRM methods are, however, limited to the number of suitable fluorophores that can be imaged during a single acquisition as well as the loss of antigens during antibody washing and restaining for organic dye multiplexing. We report the visualization of multiple protein targets within the pre- and postsynapse in 350-400 nm thick neuronal tissue sections using DNA-assisted single-molecule localization microscopy. Using antibodies labeled with short DNA oligonucleotides, multiple targets are visualized successively by sequential exchange of fluorophore-labeled complementary oligonucleotides present in the imaging buffer. The structural integrity of the tissue is maintained owing to only a single labelling step during sample preparation. Multiple targets are imaged using a single laser wavelength, minimizing chromatic aberration. This method proved robust for multi-target imaging in semi-thin tissue sections, paving the way towards structural cell biology with single-molecule super-resolution microscopy.
Two species of Dolichomitus Smith, 1877 emerged from the trunks of Juglans mandshurica Maxim. in Kuandian and Benxi Manzu Autonomous Counties, Liaoning, in the Palaearctic part of China. One new species, D. juglanse Sheng #38; Li sp. nov., reared from Menesia flavotecta Heyden, 1886 and Mesosa myops (Dalman, 1817) (Cerambycidae), is described and illustrated. A key to the species of Dolichomitus known from China is provided.