Economists have given great attention to stock markets in their efforts to test the concepts of market efficiency and rationality. Yet wagering markets are, in one key respect, better suited for testing market efficiency and rationality. The advantage of wagering markets is that each asset (bet) has a well-defined termination point at which its value becomes certain. The absence of this property is one of the factors that has made it so difficult to test for rationality in the stock market. Since a stock is infinitely lived, its value today depends both on the present value of future cash flows and on the price someone will pay for the security tomorrow. Indeed, one can argue that wagering markets have a better chance of being efficient because the conditions (quick, repeated feedback) are those which usually facilitate learning. However, empirical research has uncovered several interesting anomalies. While there are numerous types of wagering markets, legal and otherwise, this column will concentrate on racetrack betting and lotto-type lottery games.
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This book is a major contribution to decision theory, focusing on the question of when it is rational to accept scientific theories. The author examines both Bayesian decision theory and confirmation theory, refining and elaborating the views of Ramsey and Savage. He argues that the most solid foundation for confirmation theory is to be found in decision theory, and he provides a decision-theoretic derivation of principles for how many probabilities should be revised over time. Professor Maher defines a notion of accepting a hypothesis, and then shows that it is not reducible to probability and that it is needed to deal with some important questions in the philosophy of science. A Bayesian decision-theoretic account of rational acceptance is provided together with a proof of the foundations for this theory. A final chapter shows how this account can be used to cast light on such vexed issues as verisimilitude and scientific realism.
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We present a model with leverage and margin constraints that vary across investors and time. We find evidence consistent with each of the model's five central predictions: (1) Because constrained investors bid up high-beta assets, high beta is associated with low alpha, as we find empirically for US equities, 20 international equity markets, Treasury bonds, corporate bonds, and futures. (2) A betting against beta (BAB) factor, which is long leveraged low-beta assets and short high-beta assets, produces significant positive risk-adjusted returns. (3) When funding constraints tighten, the return of the BAB factor is low. (4) Increased funding liquidity risk compresses betas toward one. (5) More constrained investors hold riskier assets.
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The MYC transcription factor is a master regulator of diverse cellular functions and has been long considered a compelling therapeutic target because of its role in a range of human malignancies. However, pharmacologic inhibition of MYC function has proven challenging because of both the diverse mechanisms driving its aberrant expression and the challenge of disrupting protein-DNA interactions. Here, we demonstrate the rapid and potent abrogation of MYC gene transcription by representative small molecule inhibitors of the BET family of chromatin adaptors. MYC transcriptional suppression was observed in the context of the natural, chromosomally translocated, and amplified gene locus. Inhibition of BET bromodomain-promoter interactions and subsequent reduction of MYC transcript and protein levels resulted in G(1) arrest and extensive apoptosis in a variety of leukemia and lymphoma cell lines. Exogenous expression of MYC from an artificial promoter that is resistant to BET regulation significantly protected cells from cell cycle arrest and growth suppression by BET inhibitors. MYC suppression was accompanied by deregulation of the MYC transcriptome, including potent reactivation of the p21 tumor suppressor. Treatment with a BET inhibitor resulted in significant antitumor activity in xenograft models of Burkitt's lymphoma and acute myeloid leukemia. These findings demonstrate that pharmacologic inhibition of MYC is achievable through targeting BET bromodomains. Such inhibitors may have clinical utility given the widespread pathogenetic role of MYC in cancer.
Abstract Gas physisorption is an experimental technique based on equilibrium Van der Waals interactions between gas molecules and solid particles, that quantifies the specific surface area (SSA), pore size distribution (PSD), and pore volume of solids and powders. The performance of catalysts, absorbents, chromatography column materials, and polymer resins depends on these morphological properties. Here we introduce the basic principles and procedures of physical adsorption, especially nitrogen physisorption, as a guide to students and researchers unfamiliar with the field. The Brunauer‐Emmett‐Teller theory (BET) is a common approach to estimate SSA that extends the Langmuir monolayer molecular adsorption model to multilayer layers. It relies on an equilibrium adsorption isotherm, measured at the normal boiling point of the adsorbate, eg, 77 K or 87 K for N 2 and Ar, respectively. Web of Science indexed 45 400 articles in 2016 and 2017 that mentioned N 2 adsorption porosimetry—BET and BJH (Barrett‐Joyner‐Halenda) keywords. The VOSViewer bibliometric tool grouped these articles into four research clusters: adsorption, activated carbon in aqueous solutions for removal of heavy metal ions; synthesis of nanoparticles and composites; catalysts performance in oxidation and reduction processes; and photocatalytic degradation with TiO 2 . According to the literature, the accuracy of the density function theory (DFT) method is higher than with the BJH theory and it is more reliable.
Clonal populations of microbial cells often show a high degree of phenotypic variability under homogeneous conditions. Stochastic fluctuations in the cellular components that determine cellular states can cause two distinct subpopulations, a property called bistability. Phenotypic heterogeneity can be readily obtained by interlinking multiple gene regulatory pathways, effectively resulting in a genetic logic-AND gate. Although switching between states can occur within the cells' lifetime, cells can also pass their cellular state over to the next generation by a mechanism known as epigenetic inheritance and thus perpetuate the phenotypic state. Importantly, heterogeneous populations can demonstrate increased fitness compared with homogeneous populations. This suggests that microbial cells employ bet-hedging strategies to maximize survival. Here, we discuss the possible roles of interlinked bistable networks, epigenetic inheritance, and bet-hedging in bacteria.
The Bromo- and Extra-Terminal (BET) proteins BRD2, BRD3, and BRD4 play important roles in transcriptional regulation, epigenetics, and cancer and are the targets of pan-BET selective bromodomain inhibitor JQ1. However, the lack of intra-BET selectivity limits the scope of current inhibitors as probes for target validation and could lead to unwanted side effects or toxicity in a therapeutic setting. We designed Proteolysis Targeted Chimeras (PROTACs) that tether JQ1 to a ligand for the E3 ubiquitin ligase VHL, aimed at triggering the intracellular destruction of BET proteins. Compound MZ1 potently and rapidly induces reversible, long-lasting, and unexpectedly selective removal of BRD4 over BRD2 and BRD3. The activity of MZ1 is dependent on binding to VHL but is achieved at a sufficiently low concentration not to induce stabilization of HIF-1α. Gene expression profiles of selected cancer-related genes responsive to JQ1 reveal distinct and more limited transcriptional responses induced by MZ1, consistent with selective suppression of BRD4. Our discovery opens up new opportunities to elucidate the cellular phenotypes and therapeutic implications associated with selective targeting of BRD4.
The surface area is one of the most important quantities for characterizing novel porous materials. The BET analysis is the standard method for determining surface areas from nitrogen adsorption isotherms and was originally derived for multilayer gas adsorption onto flat surfaces. Metal-organic frameworks (MOFs) are a relatively new class of crystalline, porous materials that have been shown to exhibit very large BET surface areas. These materials are microporous and possess surfaces that are far from flat. In some MOFs, adsorption occurs through a pore-filling mechanism rather than by layer formation. Thus, it is unclear whether BET surface area numbers reported for these materials are truly meaningful. Given the standard practice of reporting BET surface areas for novel porous materials, a critical test of the BET method is much needed. In this work, grand canonical Monte Carlo simulations were used to predict adsorption isotherms for nitrogen in a series of MOFs. The predicted isotherms were used as pseudoexperimental data to test the applicability of the BET theory for obtaining surface areas of microporous MOFs. BET surface areas calculated from the simulated isotherms agree very well with the accessible surface areas calculated directly from the crystal structures in a geometric fashion. In addition, the surface areas agree well with experimental reports in the literature. These results provide a strong validation that the BET theory can be used to obtain surface areas of MOFs.
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