Joint Evolution Research Articles

COPEX: co-evolutionary crystal structure prediction algorithm for complex systems

Crystal structure prediction has been widely used to accelerate the discovery of new materials in recent years. Up to this day, it remains a challenge to predict the stable stoichiometries and structures of ternary or more complex systems due to the explosive increase of the size of the chemical and configurational space. Numerous novel materials with a series of unique characteristics are expected to be found in this virgin territory while new algorithms to predict crystal structures in complex systems are urgently called for. Inspired by co-evolution in biology, here we propose a co-evolutionary algorithm, which we name COPEX, and which is based on the well-known evolutionary algorithm USPEX. Within this proposed algorithm, a few USPEX calculations for ternary systems and multiple for energetically-favored pseudobinary or fixed-composition systems are carried out in parallel, and co-evolution is achieved by sharing structural information on the fittest individuals among different USPEX sub-processes during the joint evolution. We have applied the algorithm to W–Cr–B, Mg–Si–O, and Hf–Ta–C, three very different systems, and many ternary compounds have been identified. Our results clearly demonstrate that the COPEX algorithm combines efficiency and reliability even for complex systems.

Texture evolution and properties analysis of R60702 pure zirconium joint by fiber laser welding

Fiber laser welding of R60702 pure Zr was performed in this study. The joint was composed of base metal (BM), fine grain heat affected zone (FGHAZ), coarsened grain heat affected zone (CGHAZ) and weld zone (WZ), which was fractured at BM during tensile testing. WZ presented the highest hardness 240 HV1, while the lowest hardness 160 HV1 detected at BM. The microstructure in the WZ was composed of basket-weave Widmanstatten structures, and parallel-plate α' structure. The microstructure in the HAZ was composed of parallel-plate α' structure, a small amount of basket-weave Widmanstatten structure and irregular shape α' recrystallized grains. The proportion of grain sizes (≤12 μm) in BM, FGHAZ, CGHAZ and WZ were 67.9%, 86.4%, 83.1% and 90.6%, respectively. Texture evolution was characterized by electron backscatter diffraction (EBSD) and XRD. XRD results indicate that the joint was composed of α-Zr, and demonstrated a different crystal texture in WZ and HAZ compared with BM. The typical bimodal texture appeared in BM. The possible existence of textures 101¯0<12¯10> and 011¯3<2¯110> in BM. There are 101¯0<12¯10>, 011¯2<21¯1¯0>, 2¯110<0001> texture appeared in FGHAZ, and 101¯0<12¯10>, 011¯3<2¯110>, 1¯21¯0<202¯3> texture appeared in CGHAZ. In addition, 1¯21¯0<202¯3> and 011¯3<2¯110> texture appeared in WZ.

Visual Features and Their Own Optical Flow.

Symmetries, invariances and conservation equations have always been an invaluable guide in Science to model natural phenomena through simple yet effective relations. For instance, in computer vision, translation equivariance is typically a built-in property of neural architectures that are used to solve visual tasks; networks with computational layers implementing such a property are known as Convolutional Neural Networks (CNNs). This kind of mathematical symmetry, as well as many others that have been recently studied, are typically generated by some underlying group of transformations (translations in the case of CNNs, rotations, etc.) and are particularly suitable to process highly structured data such as molecules or chemical compounds which are known to possess those specific symmetries. When dealing with video streams, common built-in equivariances are able to handle only a small fraction of the broad spectrum of transformations encoded in the visual stimulus and, therefore, the corresponding neural architectures have to resort to a huge amount of supervision in order to achieve good generalization capabilities. In the paper we formulate a theory on the development of visual features that is based on the idea that movement itself provides trajectories on which to impose consistency. We introduce the principle of Material Point Invariance which states that each visual feature is invariant with respect to the associated optical flow, so that features and corresponding velocities are an indissoluble pair. Then, we discuss the interaction of features and velocities and show that certain motion invariance traits could be regarded as a generalization of the classical concept of affordance. These analyses of feature-velocity interactions and their invariance properties leads to a visual field theory which expresses the dynamical constraints of motion coherence and might lead to discover the joint evolution of the visual features along with the associated optical flows.

AACE2021-A-1042: Diabetes-related Retinopathy and Peripheral Neuropathy: Prevalence and Medical Management

Diabetic retinopathy, a microvascular complication of diabetes, is the leading cause of blindness in industrialised countries before the age of 65. Similarly, diabetic peripheral neuropathy is the leading cause of non-traumatic amputation, as it predisposes to foot wounds by causing loss of sensation. In our country, epidemiological information remains insufficient. The objective of this study was to estimate the prevalence and quality of screening and medical management of diabetic retinopathy and peripheral neuropathy in the general population. This was a descriptive cross-sectional survey with an analytical aim among a representative sample of households in the commune of Bab El Oued. Information was collected using a questionnaire based on an interview with the subject, supplemented by a clinical examination. A total of 268 diabetic patients aged 18 years and over, residing in the commune of Bab El Oued, participated in the survey. Data analysis was performed using Epi Info software [version 6.04]. The mean age of the patients was 64.1±13.2 years with a mean diabetes duration of 11 years. Of the participants, 3.7% reported permanent vision loss in one eye and 16% had been treated with laser therapy for diabetic retinopathy. Fundus examination was performed in 58.6% of the individuals. Those who reported having had a fundus were more likely to have ophthalmological complications, easy access to care and other cardiovascular risk factors. Of those with diabetes, 9% reported having had an acute plantar perforation disorder and 1.1% had an amputation. Plantar tenderness of the feet was examined with a monofilament in 13.1% of cases. Those reporting monofilament testing were more likely to have received therapeutic education, as were those with self-monitoring of blood glucose and those with easy access to care. The results of the study highlight the need to improve the management of diabetes complications. These data also suggest that specific actions should be undertaken among populations that are least likely to benefit from screening and management. Finally, it appears necessary to continue to monitor and better characterise the joint evolution of complications and medical practices, i.e. screening and early management of complications in the diabetic population by a reproducible methodology.

INFLATION, CENTRAL BANK AND SHORT-TERM INTEREST RATES: A NEW MODEL WITH CALIBRATION TO MARKET DATA

In this paper, we propose a new model for the joint evolution of the inflation rate, the Central Bank official interest rate and the short-term interest rate. Our model takes into account the fact that the Central Bank interest rate changes at random times, inflation is measured at fixed, regular times, while the short-term interest rate evolves essentially continuously. We derive the valuation equation for a contingent claim and show that it has a unique solution. The payoff may depend on all three economic factors of the model and the discount factor is allowed to include inflation. Our model is not an affine model. Although in some special cases the solution of the valuation equation might admit a closed form, in general it has to be solved numerically. This can be done efficiently by the algorithm that we provide. Taking as a benchmark the model of [H. W. Ho, H. H. Huang &amp; Y. Yildirim (2014) Affine model of inflation-indexed derivatives and inflation risk premium, European Journal of Operational Research 235, 159–169], we show that our model performs better on European market data from 2008 to 2015. Our model uses many fewer parameters than the benchmark model: This is advantageous from the numerical point of view and suggests that our model describes the behavior of the economic factors more closely.

A Minimal yet Flexible Likelihood Framework to Assess Correlated Evolution.

An evolutionary process is reflected in the sequence of changes of any trait (e.g., morphological or molecular) through time. Yet, a better understanding of evolution would be procured by characterizing correlated evolution, or when two or more evolutionary processes interact. Previously developed parametric methods often require significant computing time as they rely on the estimation of many parameters. Here, we propose a minimal likelihood framework modeling the joint evolution of two traits on a known phylogenetic tree. The type and strength of correlated evolution are characterized by a few parameters tuning mutation rates of each trait and interdependencies between these rates. The framework can be applied to study any discrete trait or character ranging from nucleotide substitution to gain or loss of a biological function. More specifically, it can be used to 1) test for independence between two evolutionary processes, 2) identify the type of interaction between them, and 3) estimate parameter values of the most likely model of interaction. In the current implementation, the method takes as input a phylogenetic tree with discrete evolutionary events mapped on its branches. The method then maximizes the likelihood for one or several chosen scenarios. The strengths and limits of the method, as well as its relative power compared to a few other methods, are assessed using both simulations and data from 16S rRNA sequences in a sample of 54 $\gamma$-enterobacteria. We show that, even with data sets of fewer than 100 species, the method performs well in parameter estimation and in evolutionary model selection. [Correlated evolution; maximum likelihood; model.].

What does the distribution of fitness effects of new mutations reflect? Insights from plants.

The distribution of fitness effects (DFE) of new mutations plays a central role in molecular evolution. It is therefore crucial to be able to estimate it accurately from genomic data and to understand the factors that shape it. After a rapid overview of available methods to characterize the fitness effects of mutations, we review what is known on the factors affecting them in plants. Available data indicate that life history traits (e.g. mating system and longevity) have a major effect on the DFE. By contrast, the impact of demography within species appears to be more limited. These results remain to be confirmed, and methods to estimate the joint evolution of demography, life history traits, and the DFE need to be developed.

Selection and analysis of optimum stacking sequence and geometry dimensions on bismaleimides composite joints under tensile loading

This paper presents experimental and numerical investigations in the single-lap, single-bolt joints of carbon fiber reinforced bismaleimides (CF/BMI) composites. In order to guide the engineering design, an optimum configuration of composite joints is determined. Effects of stacking sequence and geometry dimensions on composite joints under tensile loading are discussed to select an optimum configuration. The optimum configuration is validated by the experimental method. Quasi-static tensile tests are conducted according to ASTM D5961 to evaluate the joint stiffness, joint strength, and bearing behavior. Finite element (FE) models considering progressive failure and delamination failure are established to investigate the joint stiffness, bearing strength, damage mechanisms, and evolution of delamination damage. Results show that bearing failure accompanied with delamination caused by secondary bending is the main failure mode, indicating an expected non-catastrophic failure mode.

Probing magnetic pulse welding of aluminium and steel sheets

Magnetic pulse welding is used to join overlapped thin sheets of dissimilar materials in solid state, which is not easy by fusion welding due to severe thermomechanical distortion and the formation of brittle intermetallic compounds. An intense electromagnetic pulse is employed that causes an impact between the overlapped parts leading to plastic deformation and rapid coalescence along the interface thereby posing a challenge to monitor the evolution of joint. An effort combining experimental investigation and numerical process modelling is presented here for a quantitative understanding of magnetic pulse welding of thin AA5754 and DC04 steel sheets with a flat linear coil of Cu-OFHC alloy. The numerical model couples an electromagnetic and a dynamic mechanical analysis to compute the transient electromagnetic pressure and the progressive impact between the parts and the plastic deformation that the parts experience for a given coil and sheet geometry and materials. The computed results of the impact velocity of the flyer on the target, the top and bottom part in the overlapped assembly, and the flyer–target contact length are examined against the corresponding experimentally measured results for several process conditions. The computed results are further used to elucidate the progressive nature of the evolution of the joint. Overall, the computational model has served as an important tool to uncover the underlying phenomena and identify suitable range of process conditions to produce a defect-free weld in magnetic pulse welding of sheets.

Evolution of Natural Joints' Mesoscopic Failure Modes under Shear Tests: Acoustic Emission Investigation

Natural joints play an important role in the stability performance of rock engineering. To deeply understand the shear mechanism of natural joints (i.e., tensile fracture or shear fracture), direct shear experiments and acoustic emission (AE) monitoring were carried out for different kinds of joints under five levels of normal stress. By disposing the AE signals during a joint's shear process as AE samples databases, an optimal criterion to identify the tensile fracture and shear fracture modes was established based on the AE parameters, and this method was applied to reveal the shear damage of natural joints under the shear process. The results showed that the shear failure regions of natural joints were localized and inhomogeneous on a joint's surface, and the mesoscopic shear fracture and tensile fracture appeared along all the shearing process of the joint. The moment and the type of failure mode changed with the increase of the normal stress, but the main type of fracture did not change in each period during the whole shearing process, which provided a new way for disaster warning of shear damage.

Response‐adaptive treatment allocation for clinical studies with recurrent event and terminal event data

In long-term clinical studies, recurrent event data are frequently collected to contrast the efficacy of two different treatments. However, the recurrent event process can be stopped by a terminal event, such as death. For analyzing recurrent event and terminal event data, joint frailty modeling has recently received considerable attention because it makes it possible to study the joint evolution over time of both recurrent and terminal event processes and gives consistent and efficient parameters. For a two-arm clinical trial design based on these data sets, there has been limited research on investigating the balanced design, let alone adaptive treatment allocation. Although equal sample size allocation obtained for both treatments is intuitively first adopted in a trial design, if one treatment is expected to be superior, it may be desirable to allocate more subjects to the effective treatment. In this article, we calculate the required sample size based on restricted randomization and then propose a target response-adaptive randomization procedure for recurrent and terminal event outcomes based on the joint frailty model. A randomization procedure, the doubly adaptive biased coin design that targets some optimal allocations, is implemented. The proposed adaptive treatment allocation schemes have been shown to be capable of reducing the number of trial participants who receive inferior treatment while simultaneously reaching an optimal target, as well as retaining a comparable test power as compared to a restricted randomization design. Finally, two clinical studies, the COAPT trial and the A-HeFT trial, are used to illustrate the advantages of adopting the proposed procedure.

Analysis and Assessment of New Permanent Teacher Training Activities under the Erasmus+ Program from the Perspective of the Participants of Spain in Times of COVID-19

The Erasmus+ program (2014–2020) is one of the main initiatives developed by the European Commission in the field of education and is the final joint evolution of other minor and prior actions that provide schools and teachers with funding to carry out international mobility projects with a variety of formative activities. The benefits of carrying out international mobility activities to strengthen student learning and teacher training are well known and have been researched or reported even from the early stages of a program that was born back in the 1980s but has always been focused on the university level. When considering teachers at early levels (schools and high schools), the 2014–2020 Erasmus+ program was the main source of funding to grant Spanish teachers permanent training activities abroad with a direct positive impact on their careers. The year 2020 is the last year of the first evolution of the Erasmus+ program, which has been renewed, extended, and strengthened for a new six-year term (2021–2027). However, 2020 has also been a significant year. The COVID-19 global pandemic continues to affect the mobility of citizens within the different territories of the union and, thus, have a direct negative impact on international teacher and student mobility. Being 2020 the end of a cycle and a critical moment, it is the perfect time to conduct an analysis of the data associated with the participation of teachers and schools in Spain, their perceptions of the program, the different activities carried out, and the impact of the pandemic. This research study is based on an analysis of an opinion survey through a nationwide sample of teachers participating in KA101 Erasmus+ projects. This paper gathers and presents data and conclusions using information previously not available that most of the time is published in official reports globally without considering the particularities of the different states of the European Union.

Study on the damage evolution of the joint and the arching deformation of CRTS-II ballastless slab track under complex temperature loading

Joint damage has been a severe problem for the longitudinal CRTS-II type ballastless track, which affects vertical stability of the slab track significantly and threatens operation safety of the highspeed railway potentially. This paper presents a refined and detailed finite element model of the CRTS-II track to investigate the damage initiation and evolution of the wide and narrow joint, a pivotal part of the longitudinal CRTS-II track. In detail, a bilinear cohesion model is introduced to simulate the interfacial interaction accurately. And a concrete damage plasticity model is utilized to model the initiation and propagation of the joint crack for comprehensive analysis. The refined model analyzes the joint damage initiation and evolution under complexly extreme temperature load. Then, the influence of joint damages and interface conditions on the slab track upper-arch mechanism are investigated. The results show that tensile damage causes initial cracks inside the narrow joint, then the increase of compressive damage is the leading cause of the final failure of the narrow joint concrete. And the poor quality of concrete tends to cause the wide and narrow joint to be entirely crushed, while the high quality above C30 may cause joint damage intensively, leading to joint concrete fall-block. In addition, the upper-arch on the track slab increases linearly with the joint damage degree. With the interfacial tangential shear strength changing from 0.01 MPa to 1.5 MPa, the maximum arch height of the slab reduces by 4.5 mm.

Time Course of Homeostatic Structural Plasticity in Response to Optogenetic Stimulation in Mouse Anterior Cingulate Cortex.

Plasticity is the mechanistic basis of development, aging, learning, and memory, both in healthy and pathological brains. Structural plasticity is rarely accounted for in computational network models due to a lack of insight into the underlying neuronal mechanisms and processes. Little is known about how the rewiring of networks is dynamically regulated. To inform such models, we characterized the time course of neural activity, the expression of synaptic proteins, and neural morphology employing an in vivo optogenetic mouse model. We stimulated pyramidal neurons in the anterior cingulate cortex of mice and harvested their brains at 1.5 h, 24 h, and $48\,\mathrm{h}$ after stimulation. Stimulus-induced cortical hyperactivity persisted up to 1.5 h and decayed to baseline after $24\,\mathrm{h}$ indicated by c-Fos expression. The synaptic proteins VGLUT1 and PSD-95, in contrast, were upregulated at $24\,\mathrm{h}$ and downregulated at $48\,\mathrm{h}$, respectively. Spine density and spine head volume were also increased at $24\,\mathrm{h}$ and decreased at $48\,\mathrm{h}$. This specific sequence of events reflects a continuous joint evolution of activity and connectivity that is characteristic of the model of homeostatic structural plasticity. Our computer simulations thus corroborate the observed empirical evidence from our animal experiments.

Феномен космизма в контексте формирования антропоприродной парадигмы

The article considers the problem of transition to the anthroponatural paradigm of development, which is relevant for the modern stage of the world civilization process. It is noted that the global environmental crisis, the signs of which were clearly identifi ed at the turn of the 20th – 21st centuries, was the result of unbalanced transformative activities of people, as a result of which the very possibility of life on the planet was threatened. The current situation has shown the need for fundamental changes both in the existing type of management, based on unregulated consumption of natural resources, and in public consciousness in the direction of reorienting it to a rational attitude towards the environment, which would ensure the survival and further progressive movement of civilization. In the development of a coevolutionary strategy for the interaction of society and nature, based on a new system of moral values, the natural scientific, religious, philosophical and literary and artistic heritage of cosmism has significant spiritual potential. Based on the analysis of the works of representatives of Russian cosmism, it is concluded that the idea of the active role of humanity in transforming the environment involves, in addition to improving the scientifi c and technical sphere, the development of worldview attitudes focused on understanding a man as an organic part of natural (cosmic) unity, developing according to general evolutionary laws. The current sociocultural situation, characterized by a number of global problems (environmental, raw materials, food, etc.), indicates the need to move to an anthroponatural paradigm of civilizational development, which could ensure the joint evolution of people and nature, the formation of appropriate ethical standards and principles of ecological thinking. Clearly, the future of mankind, the prospects of which were outlined by the representatives of cosmism, is impossible without reliance on a solid moral foundation, thanks to which the population of the Earth has the opportunity not only to overcome the crisis consequences of its own activities on the planet, to carry out rational and balanced environmental management, but also to enter the next round of its development – the active exploration of outer space.

Do I build or do I move? Adaptation by habitat construction versus habitat choice.

Trait adaptation to a heterogeneous environment can occur through six modes: genetic differentiation of those traits, a jack-of-all-trades phenotypic uniformity, diversified bet-hedging, phenotypic plasticity, habitat choice, and habitat construction. A key question is what circumstances favor one mode over another, and how they might interact if a system can express more than one mode at a time. We examined the joint evolution of habitat choice and habitat construction using individual-based simulations. We manipulated when during the life cycle construction occurred and the fitness value of construction. We found that for our model habitat construction was nearly always favored over habitat choice, especially if construction happened after dispersal. Because of the ways that the various modes of adaptation interact with each other, there is no simple answer as to which will be favored; it depends on details of the biology and ecology of a given system.

Наука и техника на горизонте Четвертой технологической революции современной техногенной цивилизации

The role of science and technics in the life of people and society was different in different periods of civilization’s development. This article examines the specificity and dynamics of science and technics as the most important social institutions of modern civilization, which in philosophy is usually called technogenic. The author analyses the role and degree of influence of science and technics on civilization’s development over several centuries, starting with the modern era. Particular attention is paid to scientific and industrial revolutions; their main results in the social and anthropological dimensions are discussed. Further, the sociocultural functions of science in technogenic civilization are described. It is emphasized that science is gradually becoming the activity and technological foundation for culture. In addition, the paper reveals the specifics of technics as the core of technogenic civilization. The results of the joint evolution of science and technics, which are embodied in the scientific and technological progress and scientific and technological revolution, make the author of this study reflect on the consequences of modern scientific and technological development in terms of major challenges and priorities. It is argued that the key trend of this civilizational process is the Fourth Industrial Revolution based on advanced cyber-physical technologies of Industry 4.0. Moreover, the article emphasizes the acuity, ambiguity, global nature and potential of the development of science, technics and technology in the dynamics of the transition to the next technological order. It is argued that the transformations inherent in the scientific and technological development are coming in the near future and will affect all spheres of human life and society at all levels. Thus, the author concludes that considering the role of science and technics in modern civilization from a philosophical perspective will have a growing worldview and prognostic value.

Analysis of multivariate longitudinal immuno-epidemiological data using a pairwise joint modelling approach

BackgroundImmuno-epidemiologists are often faced with multivariate outcomes, measured repeatedly over time. Such data are characterised by complex inter- and intra-outcome relationships which must be accounted for during analysis. Scientific questions of interest might include determining the effect of a treatment on the evolution of all outcomes together, or grouping outcomes that change in the same way. Modelling the different outcomes separately may not be appropriate because it ignores the underlying relationships between outcomes. In such situations, a joint modelling strategy is necessary. This paper describes a pairwise joint modelling approach and discusses its benefits over more simple statistical analysis approaches, with application to data from a study of the response to BCG vaccination in the first year of life, conducted in Entebbe, Uganda.MethodsThe study aimed to determine the effect of maternal latent Mycobacterium tuberculosis infection (LTBI) on infant immune response (TNF, IFN-γ, IL-13, IL-10, IL-5, IL-17A and IL-2 responses to PPD), following immunisation with BCG. A simple analysis ignoring the correlation structure of multivariate longitudinal data is first shown. Univariate linear mixed models are then used to describe longitudinal profiles of each outcome, and are then combined into a multivariate mixed model, specifying a joint distribution for the random effects to account for correlations between the multiple outcomes. A pairwise joint modelling approach, where all possible pairs of bivariate mixed models are fitted, is then used to obtain parameter estimates.ResultsUnivariate and pairwise longitudinal analysis approaches are consistent in finding that LTBI had no impact on the evolution of cytokine responses to PPD. Estimates from the pairwise joint modelling approach were more precise. Major advantages of the pairwise approach include the opportunity to test for the effect of LTBI on the joint evolution of all, or groups of, outcomes and the ability to estimate association structures of the outcomes.ConclusionsThe pairwise joint modelling approach reduces the complexity of analysis of high-dimensional multivariate repeated measures, allows for proper accounting for association structures and can improve our understanding and interpretation of longitudinal immuno-epidemiological data.

Effects of Si contents in filling wires on microstructure evolution and properties of Al-steel dissimilar joint by laser welding-brazing

The overlap joints of 6061 aluminium alloy and galvanized DP590 steel were made by the laser welding-brazing technology. Effects of Si contents in filler wires on weld appearances, microstructure and mechanical properties of the welding-brazing joints were studied. The well-formed joints could be obtained under the optimized welding-brazing parameters. The interfacial intermetallic compounds (IMCs) could divided into five zones from the steel side to the Al side: the R-IMCs and G-IMCs mainly composed by Fe(Al,Si) phases, the S-IMCs mainly consisted of Fe2(Al,Si)5 phases, the P-IMCs mainly made up of Fe(Al,Si)3 phases and the Fe2Al8Si phases formed at edges of the P-IMCs. Various ranges and morphologies of IMCs within different zones were attributed to the element diffusion and microstructure evolution affected by thermal interactions. Formation of the Fe–Al–Si ternary compounds softened the hardness of interfacial zones compared to the Fe–Al binary compounds. Harness of the Fe2(Al,Si)5 phase was highest, followed by the Fe(Al,Si)3 phase and then the Fe(Al,Si) phase. Addition of Si element significantly improved tensile properties of the welding-brazing joints, optimal tensile strength and ductility could be achieved when the AlSi10 wire was adopted, owing to the dispersion strengthening of the soft G-IMCs distributed discretely within S-IMCs.

A tale of two sentiment scales: disentangling short-run and long-run components in multivariate sentiment dynamics

The digitalization of news and social media provides an unprecedented source to investigate the role of information on market dynamics. However, the observed sentiment time-series represent a noisy proxy of the true investor sentiment. Moreover, modeling the joint dynamics of different sentiment series can be beneficial for the assessment of their economic relevance. The main methodological contribution of this paper is twofold: (i) we filter the latent sentiment signals in a genuinely multivariate model; (ii) we propose a decomposition into a long-term random walk component, named long-term sentiment, and a short-term component driven by a stationary Vector Autoregressive process of order one, named short-term sentiment. The proposed framework is a dynamic factor model describing the joint evolution of the observed sentiments of a portfolio of assets. Empirically, we find that the long-term sentiment co-integrates with the market price factor, while the short-term sentiment captures transient and firm-specific swings. By means of quantile regressions, we assess the significance of the explanatory power of filtered present sentiment on future returns. Then, we demonstrate how the lagged relation can be successfully exploited in a portfolio allocation exercise.