Browse Articles

Overconfidence, financial literacy, and panic selling: Evidence from Japan

This study investigates the phenomenon of panic selling, in which investors rapidly sell financial securities due to fear or uncertainty, often causing asset prices to plummet. Despite the significance of this behavior during market crises, there is limited understanding of the factors that drive panic selling. To address this gap, we applied the overreaction hypothesis, integrating financial literacy to explore whether investor sentiment influences trading decisions even when financial knowledge is present. We analyzed individual investor level data from a survey conducted by Rakuten Securities Company and Hiroshima University in Japan, covering the period between November and December 2023. Using probit regression models, we examined the relationship between panic selling, financial literacy, and overconfidence, while controlling for demographic, socioeconomic, and psychological factors. Our findings reveal that overconfident investors are more likely to engage in panic selling during market downturns, even when financial literacy reduces such tendencies. This relationship persists across various degrees of selling, including partial and full divestment of stocks and mutual funds. The results underscore the importance for policymakers to monitor the dissemination of negative information during crises to mitigate panic selling. At the household level, the findings highlight the need for investors to acquire financial knowledge and seek reliable information to make informed decisions, thereby reducing their susceptibility to panic selling.

Molecular subtyping of renal clear cell carcinoma based on prognostic RASSF family genes and validation of C1QL1 as a key prognostic marker

Benthic diel oxygen variability and stress as potential drivers for animal diversification in the Neoproterozoic-Palaeozoic

Abstract The delay between the origin of animals in the Neoproterozoic and their Cambrian diversification remains perplexing. Animal diversification mirrors an expansion in marine shelf area under a greenhouse climate, though the extent to which these environmental conditions directly influenced physiology and early organismal ecology remains unclear. Here, we use a biogeochemical model to quantify oxygen dynamics at the sunlit sediment-water interface over day-night (diel) cycles at warm and cold conditions. We find that warm temperatures dictated physiologically stressful diel benthic oxic-anoxic shifts over a nutrient-rich shelf. Under these conditions, a population-and-phenotype model further show that the benefits of efficient cellular oxygen sensing that can offer adaptations to stress outweigh its cost. Since diurnal benthic redox variability would have expanded as continents were flooded in the end-Neoproterozoic and early Palaeozoic, we propose that a combination of physiological stress and ample resources in the benthic environment may have impacted the adaptive radiation of animals tolerant to oxygen fluctuations.

Characteristics of guided modes in graphene-coated chiral nihility fibers

In this paper, guided modes in isotropic chiral nihility metamaterial fibers coated with graphene layers supported by conventional dielectric material are studied theoretically. Kubo formalism is applied to model the conductivity of single-layer graphene, and suitable boundary conditions are applied at the proposed waveguide structure. The dispersion equation for the chiral nihility fiber and the normalized cut-off frequency are derived. Characteristic curves for forward and backward modes, the effect of the graphene layer, the influence of the chirality parameter, and the energy flow distribution of several lower-order guided modes m=0,1,−1 in chiral nihility fibers are investigated briefly. It is found that the band gap between the curves of forward and backward modes may be tuned by radial distance, chiral strength, and chemical potential. By the addition of a graphene medium with chiral nihility, some novel properties of the chiral nihility fibers, such as anomalous dispersion and higher wave propagation, are examined. This graphene- and negative index material (NIM)-based structure makes it applicable for developing novel fiber devices, communication systems, and chiral sensing systems at the terahertz (THz) frequency.

Direct 3-D printing of complex optical phantoms using dynamic filament mixing

Temporal point-by-point arbitrary waveform synthesis beyond tera sample per second

Enhancement of Harbin ice and snow tourism destination competitiveness: A large-scale data study based on sentiment analysis and Latent Dirichlet Allocation

In recent years, the ice and snow tourism industry has exhibited a concurrent state of vigorous expansion and intense rivalry. Strengthening competitiveness is of paramount significance for attaining a dominant position in the market. Thus, this study endeavors to dissect the multi-dimensional determinants of the competitiveness of ice and snow tourism destinations from the demand perspective and establish an evaluation framework. Leveraging 48,420 tourist reviews sourced from ten highly reputed ice and snow tourist attractions in Harbin, text features were extracted via the application of Term Frequency - Inverse Document Frequency (TF-IDF). Subsequently, the Latent Dirichlet Allocation (LDA) topic model was deployed to precisely extract key themes. The sentiment inclination was gauged by SnowNLP. Eventually, the Importance - Performance (IPA) model was utilized to analyze the strengths and weaknesses of the ice and snow tourism competitiveness. The outcomes are as follows: (1) Seven prominent themes, namely tourist activities, environment, resources, historical and cultural aspects, cost - performance, service, and experience, were recognized as potent driving forces. (2) Tourists manifested positive emotions and a high degree of approval. (3) The competitiveness score of the Harbin ice and snow tourism destination was determined to be 0.64, with tourist activities constituting the advantage, whereas resources and environment necessitating enhancement. This study transcends the constraints of traditional supply-side-centered research. Innovatively, tourist sentiment was integrated into the evaluation system, thereby augmenting the connotations of the competitiveness evaluation model. Based on the LDA topic clustering results, sentiment analysis was conducted, enhancing the accuracy of portraying tourists’ inner experiences. Concrete and forward-looking strategic recommendations were proffered for augmenting the competitiveness of ice and snow tourism destinations, thereby furnishing theoretical and practical guidance for the high-quality progression of ice and snow tourism.

A clear distinction and presence of Acropora aff. divaricata within Acropora cf. solitaryensis species complex along their biogeographic distribution in East Asia

Reprogramming yeast metabolism for customized starch-rich micro-grain through low-carbon microbial manufacturing

Is there anything good about conspiracy beliefs? Belief in COVID-19 conspiracy theories is associated with benefits to well-being

Recent theorizing suggests that people gravitate toward conspiracy theories during difficult times because such beliefs promise to alleviate threats to psychological motives. Surprisingly, however, previous research has largely failed to find beneficial intrapersonal effects of endorsing an event conspiracy theory for outcomes like well-being. The current research provides correlational evidence for a link between well-being and an event conspiracy belief by teasing apart this relation from (1) the influence of experiencing turmoil that nudges people toward believing the event conspiracy theory in the first place and (2) conspiracist ideation—the general tendency to engage in conspiratorial thinking. Across two studies we find that, when statistically accounting for the degree of economic turmoil recently experienced and conspiracist ideation, greater belief in COVID-19 conspiracy theories concurrently predicts less stress and longitudinally predicts greater contentment. However, the relation between COVID-19 conspiracy belief and contentment diminishes in size over time. These findings suggest that despite their numerous negative consequences, event conspiracy beliefs are associated with at least temporary intrapersonal benefits.

Comprehensive evaluation of sugar beet varieties based on genotype × yield × trait (GYT) in different environments

Legacy effects cause systematic underestimation of N2O emission factors

Event-triggered iterative learning control for output constrained multi-agent systems

An event-triggered iterative learning consensus tracking control strategy is proposed for output constrained nonlinear discrete-time multi-agent systems. Firstly, the estimated Pseudo partial derivative(PPD) algorithm is determined based on the input and output data of the system, and the output observer is designed based on the estimated PPD. Secondly, the deadband controller is designed based on the output estimation error of the observer, and the event trigger condition is determined by comparing the size of the output estimation error and the deadband controller function value, and the agents communicate when the trigger condition is satisfied, and do not communicate when it is not satisfied. Then, the event-triggered iterative learning control algorithm is constructed using the estimated PPD, the trigger condition and the measurement error, and the convergence of the algorithm is proved by using the Lyapunov function, and the proposed algorithm can make the output constrained multi-agent system consistently and completely tracking on the desired trajectory without the need of real-time communication conditions. Finally, the simulation results further validate the effectiveness of the control protocol.

Achieving treatment goals in older breast cancer patients receiving neoadjuvant chemotherapy

Abstract Neoadjuvant chemotherapy (NAC) is well-established for locally advanced breast cancer, even in the early stages, especially in HER2-positive and triple-negative cases. However, the effect of chronologic age on NAC response remains controversial. This study investigates the efficacy and outcomes of NAC in older patients with breast cancer, compared to a younger cohort, to address the current knowledge gap. 535 patients who received NAC followed by curative surgery from 2010 to 2021 were retrospectively analyzed. We evaluated breast and axillary downstaging, pathologic complete response (pCR), and post-treatment toxicities. Data were stratified by age, with patients aged 65 years and older representing the older group. Anthracycline-based chemotherapy was prevalent (97.6%) and favored younger patients who received a dose-dense anthracycline regimen (71.7% vs. 38.5%, p  < 0.001). Surgical outcomes, breast and axillary downstaging, and the pathologic complete response showed no age-related differences. Grade 3–4 toxicity was higher in older patients (71% vs. 46.4%, p  < 0.01). Older patients treated with NAC achieve comparable outcomes to younger patients, supporting personalized treatment. Chronologic age should not dictate treatment decisions, emphasizing the need for comprehensive evaluation for optimal geriatric patient care.

Rapid sintering of high-efficiency phosphor-in-glass films for laser-driven light source

A new multiple image encryption algorithm using hyperchaotic systems, SVD, and modified RC5

Abstract Secure image encryption is critical for protecting sensitive data such as satellite imagery, which is pivotal for national security and environmental monitoring. However, existing encryption methods often face challenges such as vulnerability to traffic analysis, limited randomness, and insufficient resistance to attacks. To address these gaps, this article proposes a novel multiple image encryption (MIE) algorithm that integrates hyperchaotic systems, Singular Value Decomposition (SVD), counter mode RC5, a chaos-based Hill cipher, and a custom S-box generated via a modified Blum Blum Shub (BBS) algorithm. The proposed MIE algorithm begins by merging multiple satellite images into an augmented image, enhancing security against traffic analysis. The encryption process splits the colored image into RGB channels, with each channel undergoing four stages: additive confusion using a memristor hyperchaotic key transformed by SVD, RC5 encryption in counter mode with XOR operations, Hill cipher encryption using a 6D hyperchaotic key and invertible matrices mod 256, and substitution with a custom S-box generated by a modified BBS. Experimental results demonstrate the proposed algorithm’s superior encryption efficiency, enhanced randomness, and strong resistance to cryptanalytic, differential, and brute-force attacks. These findings highlight the MIE algorithm’s potential for securing satellite imagery in real-time applications, ensuring confidentiality and robustness against modern security threats.

Fast segmentation and multiplexing imaging of organelles in live cells

The chemotherapy agent doxorubicin induces CNS expression of Ascl1, a regulator of adult neurogenesis and differentiation

The importance of degradation mode analysis in parameterising lifetime prediction models of lithium-ion battery degradation

Abstract Predicting lithium-ion battery lifetime remains a critical and challenging issue in battery research right now. Recent years have witnessed a surge in lifetime prediction papers using physics-based, empirical, or data-driven models, most of which have been validated against the remaining capacity (capacity fade) and sometimes resistance (power fade). However, there are many different combinations of degradation mechanisms in lithium-ion batteries that can result in the same patterns of capacity and power fade, making it impossible to find a unique validated solution. Experimentally, degradation mode analysis involving measuring the loss of lithium inventory, loss of active material at both electrodes, and electrode drift/slippage has emerged as a state-of-the-art requirement for cell degradation studies. This work represents the integration of five distinct degradation mechanisms. We show how three models with different levels of complexity can all fit the remaining capacity and resistance well, but only the model with five coupled degradation mechanisms could also fit the degradation modes at three temperatures. This work proves that parameterizing using only capacity and power fade is no longer sufficient, and experimental and modelling degradation studies should include degradation mode analysis for parameterization in the future.

Long-distance winter migrations of chinstrap penguins and elephant seals to a persistent bloom at the edge of the Ross Gyre

Abstract Assessing the biological characteristics of high-latitude winter habitats of migratory marine predators is necessary for conservation and management in Antarctica. Tracking data from chinstrap penguins ( Pygoscelis antarcticus ) and southern elephant seals ( Mirounga leonina ), key Antarctic predators with different diets and foraging habits, indicate that some individuals undertake long-distance winter migrations to remote regions south of 55°S and west of 120°W. There, localized hotspots of increased use, with general reductions in mean swimming speed are evident. Presumably, these predators migrate to areas with higher productivity, however the marine productivity in this remote region during winter is unknown. Light limitation during winter precludes the use of optical satellite data to characterize marine productivity here, but biogeochemical-Argo floats can provide year-round chlorophyll data. These data inform the Biogeochemical Southern Ocean State Estimate (B-SOSE), which provides year-round estimates of marine productivity. The predator hotspots overlap with two areas with year-round elevated surface chlorophyll levels predicted by B-SOSE, consistent with previous studies indicating enhanced mixing in those areas. Our results suggest that persistent areas of elevated chlorophyll centered near 160°W and 120°W near the boundaries of the Ross Gyre and the southern boundary of the Antarctic Circumpolar Current support a productive food web capable of supporting the diverse foraging niches of pelagic species during winter.