Systematic risk in the biopharmaceutical sector: a multiscale approach

It is well documented that the biopharmaceutical sector has exhibited weak financial returns, contributing to underinvestment. Innovations in the industry carry high risks; however, an analysis of systematic risk and return compared to other asset classes is missing. This paper investigates the time–frequency interconnectedness between stocks in the biotech sector and ten asset classes using daily cross-country data from 1995 to 2019. We capture investors' heterogeneous investment horizons by decomposing time series according to frequencies. Using a maximal overlap discrete wavelet transform (MODWT) and a dynamic conditional correlation (DCC)-Student-t copula, diversification potentials are revealed, helping investors to reap the benefits of investing in biotech. Our findings indicate that the underlying assets exhibit nonlinear asymmetric behavior that strengthens during periods of turmoil.

An Analysis of the Effects Causing an Asymmetric Behavior of the Lateral Lubricating Films of External Spur Gear Machines

The torque efficiency and flow efficiency of positive displacement machines for fluid power applications are determined by the behavior of their internal lubricating interfaces. This aspect has motivated the development of tribological simulation tools for the analysis of these interfaces. The level of details these tools can provide allows explaining some counterintuitive aspects that occur in these interfaces. This paper focuses on a significant example, which is the high asymmetric behavior of the lubricating films occurring in pressure compensated external gear pumps. These units are often designed with a symmetric axial balancing compensation system. Notwithstanding, there are differences between the lateral gaps that can be explained only considering the mutual effects of the pressure development in the film and the material deformation. To study this problem, this paper utilizes the tool Multics-HYGESim developed by the authors’ research team. Two analyses are performed: the first one imposing axial symmetry in the behavior of the gap, which is the common assumption discussed in literature; the second one (referred to as “full configuration”), which holds the asymmetric behavior of the gap. An experimental set-up is used to validate the modeling assumptions based on the measurements of the drain leakage and volumetric efficiency. The main paper findings are on the uneven distribution of these leakages, which indicates an asymmetric behavior of the gap films in the unit.

Asymmetric Cost Behavior Across Life Cycle Stages

The traditional model of cost behavior has been criticized for its symmetric cost behavior assumption. A new model has been proposed assuming that costs respond differently to upward and downward activity changes. The main objectives of this paper are to investigate the existence, degree, and nature of asymmetric cost behavior (ACB) phenomenon and examine how the organization life cycle (OLC) affects this phenomenon in the context of Egypt. The current study achieves these objectives by employing multiple regression to explore the behavior of cost of goods sold (COGS), selling, general and administrative cost (SGA), and total cost (TC) for 1577 firm-year observations (99 manufacturing firms) during the period from 2000 to 2019. The results demonstrate that all three cost proxies (COGS, SGA, and TC) are sticky with the highest degree of stickiness to TC. In addition, OLC is a conditional factor that affects how costs behave in response to change in activity level. Consistent with theoretical propositions, both COGS and TC exhibit anti-stickiness behavior for firms in the introduction stage and stickiness behavior for firms in the growth, mature, and shakeout/decline stages. However, SGA is only sticky for firms in the mature stage. However, the hypotheses related to asymmetric behavior of SGA were rejected for firms in the introduction, growth, and shakeout/decline stages.

Metatony, S-constituent linkage, and cognate objects

We examine metatony and its grammatical conditioning in an under described Edoid language of West Africa. In Emai, metatony on verbs is signaled by perfective suffix -í with underlying high tone. With a following adjunct, tone on this suffix is high and retained. When clause final, -í is retained but with low tone. When followed by a verb argument, the -í suffix is prohibited. Verbs with a following S-constituent exhibit metatonic asymmetry. Class one verbs prohibit suffix -í, treating S-constituents as verb arguments. Class two verbs require high tone -í, as if their S-constituent were an adjunct. When these same class two verbs occur with an immediately following cognate object nominal, they prohibit suffix -í. We interpret this asymmetric behavior of class two verbs in terms of boundary permeability (Berg 2014). We posit that class two forms are transitive and that their S-constituent derives historically from a complex Noun S-constituent structure that has become truncated and assumed a simple S-constituent form, having lost its erstwhile “cognate object noun.” It is thus the strict boundary for transitivity imposed by perfective suffix -í that signals a weakened status of S-constituents with class two verbs.

Functional modules within a distributed neural network control feeding in a model medusa

SummaryJellyfish are free-swimming, radially symmetric organisms with complex behaviors that arise from coordinated interactions between distinct, autonomously functioning body parts. This behavioral complexity evolved without a corresponding cephalization of the nervous system. The systems-level neural mechanisms through which such decentralized control is achieved remain unclear. Here, we address this question using the jellyfish, Clytia, and present it as a new neuroscience model. We describe a coordinated, asymmetric behavior in which food is passed from the umbrellar margin to the central mouth via directed margin folding. Using newly developed transgenic jellyfish lines to ablate or image specific neuronal subpopulations, we find, unexpectedly, that margin folding reflects the local activation of neural subnetworks that tile the umbrella. Modeling suggests that this structured ensemble activity emerges from sparse, local connectivity rules. These findings reveal how an organismal behavior can emerge from local interactions between functional modules in the absence of a central brain.

Zebrafish Melanophores Suggest Novel Functions of Cell Chirality in Tissue Formation

Several types of cells show left–right asymmetric behavior, unidirectional rotation, or spiral movements. For example, neutrophil-like differentiated HL60 (dHL60) cells show leftward bias in response to chemoattractant. Neurons extend neurites, creating a clockwise spiral. Platelet cells shows unidirectional spiral arrangements of actin fibers. In the microfabricated culture environment, groups of C2C12 cells (mouse myoblast cell line) were autonomously aligned in a counter-clockwise spiral pattern, and isolated C2C12 cells showed unidirectional spiral pattern of the actin skeleton. This biased directionality suggested that these cells have inherent cell chirality. In addition to these cells, we recently found that melanophores of zebrafish also have an intrinsic cellular chirality that was shown by their counter-clockwise self-rotation. Although this cell chirality is obvious, the function of the cell chirality is still unclear. In this review, we compare the cell chirality of melanophores of zebrafish with other cell chirality and consider the function of cell chirality in morphogenesis.