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Register a new userGreetings from a Triparental Planet
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In this work of speculative science, scientists from a distant star system explain the emergence and consequences of triparentalism, when three individuals are required for sexual reproduction, which is the standard form of mating on their home world. The report details the evolution of their reproductive system--that is, the conditions under which triparentalism and three self-avoiding mating types emerged as advantageous strategies for sexual reproduction. It also provides an overview of the biological consequences of triparental reproduction with three mating types, including the genetic mechanisms of triparental reproduction, asymmetries between the three mating types, and infection dynamics arising from their different mode of sexual reproduction. The report finishes by discussing how central aspects of their society, such as short-lasting unions among individuals and the rise of a monoculture, might have arisen as a result of their triparental system.
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The COVID-19 Pandemic has been described as the global challenge of our time, an enormous human tragedy with dramatic economic impacts. This paper describes the response and expected recovery process for Western Australia, where a rapid and effective response was implemented. This has enabled an early transition into an expected recovery both in health and economic terms. The positive lessons learned from this experience are documented as they emerge in order to support other states and nations as they address this issue globally in the near-term and consider enduring improvements for the longer term. While the authors have personal experience in the WA context, wider observations across Australia and selected international benchmarks are also included. Key lessons include the importance of good health advice in Australias interest; timely, synchronized and aligned action at all levels of government; a program of well communicated, aligned health and economic measures which support all in society allowing a very high level of appropriate community behaviour, ensuring the health system was not overloaded; innovation in telehealth, testing, pandemic modelling, and integrated operations which also allowed essential industries to continue; and strong border and travel controls with highly effective isolation preventing community spread, ultimately enabling rapid elimination of the disease from the hospital system. In combination, these demonstrate that in the case of Western Australia the result of first eliminating the disease from the community, and then reopening the economy progressively at a strong pace, has enabled a world leading outcome in both in health and economic terms. The lessons from this experience are widely applicable, shareable both as supporting service to other regions and through knowledge transfer.
We consider the problem of designing a derivatives exchange aiming at addressing clients needs in terms of listed options and providing suitable liquidity. We proceed into two steps. First we use a quantization method to select the options that should be displayed by the exchange. Then, using a principal-agent approach, we design a make take fees contract between the exchange and the market maker. The role of this contract is to provide incentives to the market maker so that he offers small spreads for the whole range of listed options, hence attracting transactions and meeting the commercial requirements of the exchange.
Recent advances in the fields of machine learning and neurofinance have yielded new exciting research perspectives in practical inference of behavioural economy in financial markets and microstructure study. We here present the latest results from a recently published stock market simulator built around a multi-agent system architecture, in which each agent is an autonomous investor trading stocks by reinforcement learning (RL) via a centralised double-auction limit order book. The RL framework allows for the implementation of specific behavioural and cognitive traits known to trader psychology, and thus to study the impact of these traits on the whole stock market at the mesoscale. More precisely, we narrowed our agent design to three such psychological biases known to have a direct correspondence with RL theory, namely delay discounting, greed, and fear. We compared ensuing simulated data to real stock market data over the past decade or so, and find that market stability benefits from larger populations of agents prone to delay discounting and most astonishingly, to greed.
This paper investigates whether security markets price the effect of social distancing on firms operations. We document that firms that are more resilient to social distancing significantly outperformed those with lower resilience during the COVID-19 outbreak, even after controlling for the standard risk factors. Similar cross-sectional return differentials already emerged before the COVID-19 crisis: the 2014-19 cumulative return differential between more and less resilient firms is of similar size as during the outbreak, suggesting growing awareness of pandemic risk well in advance of its materialization. Finally, we use stock option prices to infer the markets return expectations after the onset of the pandemic: even at a two-year horizon, stocks of more pandemic-resilient firms are expected to yield significantly lower returns than less resilient ones, reflecting their lower exposure to disaster risk. Hence, going forward, markets appear to price exposure to a new risk factor, namely, pandemic risk.
After the 2007/2008 financial crisis, the UK government decided that a change in regulation was required to amend the poor control of financial markets. The Financial Services Act 2012 was developed as a result in order to give more control and authority to the regulators of financial markets. Thus, the Financial Conduct Authority (FCA) succeeded the Financial Services Authority (FSA). An area requiring an improvement in regulation was insider trading. Our study examines the effectiveness of the FCA in its duty of regulating insider trading through utilising the event study methodology to assess abnormal returns in the run-up to the first announcement of mergers. Samples of abnormal returns are examined on periods, under regulation either by the FSA or by the FCA. Practically, stock price data on the London Stock Exchange from 2008-2012 and 2015-2019 is investigated. The results from this study determine that abnormal returns are reduced after the implementation of the Financial Services Act 2012; prices are also found to be noisier in the period before the 2012 Act. Insignificant abnormal returns are found in the run-up to the first announcement of mergers in the 2015-2019 period. This concludes that the FCA is efficient in regulating insider trading.
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