Net Exposure Research Articles

RMB Internationalization on The Performance of Chinese Listed Companies Vis-A-Vis Forex: A Proposed Financial Model

This dissertation delves into the relationship between bank RMB internationalization and foreign exchange (forex) performance of China-listed companies, and consequently a financial model is constructed. This research is therefore concerned with the increasing global adoption of the Chinese currency, and the analysis of the link between the RMB Internationalization Index (RII) and some of the key forex performance metrics, such as the Foreign Exchange Exposure Ratio (FEER), Net Exposure (NE), and Realized Foreign Exchange Loss/Gain (RFELG). The gathered evidence yields to a firm proposition of a positive correlation between the internationalization of China's RMB and the forex performance of Chinese listed companies. More explicitly, RII (RMB Internationalization Indices) is negatively related to Net Exposure and Realized Foreign Exchange Loss/Gain, which means that if companies adopt more RMB, they are less and less exposed to foreign currency risks. The findings reveal that the transition towards RMB-denominated transactions not only facilitates the stabilization of cash flows but also acts as a means of reducing the dependence on other currencies, especially the USD. On the other hand, one of the important findings is a U-shaped relationship between RMB internationalization and Foreign Exchange Exposure Ratio. Initially, companies might suffer increased exposure due to market uncertainty, but as the RMB develops into a more globally accepted currency, forex exposure will be less, consequently, firms will be more stable in the long-term. The financial model thus developed integrates those empirical findings and gives some practical recommendations for mitigating foreign exchange risks. Through the recommendations, it is made clear that dynamic hedging strategies must be adopted at each stage of RMB internationalization. In the early stages of RMB, companies with high exposure to exchange rate fluctuations could utilize aggressive hedging to be on the safe side. As the RMB becomes more widely accepted, firms would be able to transfer to low-risk hedging strategies and thus, decrease foreign currency liabilities further by increasing the use of RMB in international transactions. The model also indicates that businesses lath the stages of RMB internationalization to make informed investment decisions and adjust currency management strategies accordingly.

The Hedging Channel of Exchange Rate Determination

Abstract We propose the currency hedging channel that connects countries’ external imbalances to their exchange rate behavior. We present a model in which investors increase their currency hedging during periods of financial distress in proportion to their net foreign asset exposure. This behavior coupled with constrained financial intermediation explains observed relationships between gradually adjusting external imbalances and volatile spot and forward exchange rates. We find empirical support for the hedging channel in both the conditional and unconditional moments of exchange rates, option prices, and countries’ uses of Federal Reserve swap lines. (JEL E44, F31, F32, F41, G11, G15)

X-ray polarization measurement of the gold standard of radio-quiet active galactic nuclei: NGC 1068

Context. NGC 1068 is the most observed radio-quiet active galactic nucleus (AGN) in polarimetry, yet its high-energy polarization has never been probed before due to a lack of dedicated polarimeters. Aims. Using the first X-ray polarimeter sensitive enough to measure the polarization of AGNs, we want to probe the orientation and geometric arrangement of (sub)parsec-scale matter around the X-ray source. Methods. We used the Imaging X-ray Polarimetry Explorer (IXPE) satellite to measure, for the first time, the 2–8 keV polarization of NGC 1068. We pointed IXPE at the target for a net exposure time of 1.15 Ms, in addition to using two Chandra snapshots of ∼10 ks each in order to account for the potential impact of several ultraluminous X-ray sources (ULXs) within IXPE’s field of view. Results. We measured a 2–8 keV polarization degree of 12.4% ± 3.6% and an electric vector polarization angle of 101° ± 8° at a 68% confidence level. If we exclude the spectral region containing bright Fe K lines and other soft X-ray lines where depolarization occurs, the polarization fraction rises to 21.3% ± 6.7% in the 3.5–6.0 keV band, with a similar polarization angle. The observed polarization angle is found to be perpendicular to the parsec-scale radio jet. Using a combined Chandra and IXPE analysis plus multiwavelength constraints, we estimated that the circumnuclear “torus” may sustain a half-opening angle of 50–55° (from the vertical axis of the system). Conclusions. Thanks to IXPE, we have measured the X-ray polarization of NGC 1068 and found comparable results, both in terms of the polarization angle orientation with respect to the radio jet and the torus half-opening angle, to the X-ray polarimetric measurement achieved for the other archetypal Compton-thick AGN: the Circinus galaxy. Probing the geometric arrangement of parsec-scale matter in extragalactic objects is now feasible thanks to X-ray polarimetry.

DNIM: Deep-sea netting intelligent enhancement and exposure monitoring using bio-vision

Intelligent monitoring of deep-sea nets is affected by light attenuation, light scattering, and limited dynamic range factors of the camera, which can cause color shift, low visibility, and over/underexposure in monitoring, resulting in reduced farming efficiency, and misdetection of biological behavior. Therefore, we propose a method for underwater net tank scene enhancement and exposure using multicolor space and bio-vision, called DNIM. Specifically, we first propose an intelligent enhancement and exposure monitoring method for deep-sea nets using bio-vision, which eliminates the effect of exposure on underwater imaging by introducing a bio-vision system that uses a brightness transformation function to generate a series of exposure images. Inspired by the image fusion method, we designed a color correction and visibility recovery method using bio-vision. In the Lab color model, color shifts in bio-vision are corrected by guiding feature transformations with contrast-constrained adaptive histogram equalization; in the RGB color model, depth information is recovered by creating a linear model for the depth of field of underwater blurred images based on the characteristics of the bio-vision system. To obtain more qualified results, we also propose an efficient perceptual fusion module to mix the output of visibility recovery and color correction. Finally, we propose two deep-sea net tank culture datasets: salmon bait-eating behavior dataset (SBBD) and salmon non-bait-eating behavior dataset (SNBD). By comparing the experimental analysis in four real scenario datasets, our DNIM achieved superior results compared to 16 advanced underwater enhancement methods. The code is publicly available at: https://github.com/An-Shunmin/DNIM.

Bioequivalence and Food Effect Assessment of Eltrombopag Olamine Tablets in Healthy Chinese Subjects: An Open, Randomized, Single-Dose, and Two-Period Crossover Study.

Eltrombopag, a nonpeptide thrombopoietin receptor agonist, is primarily used for treating immune thrombocytopenic purpura. The aim of this study was to investigate the pharmacokinetic profile and food-drug interaction of test and reference eltrombopag olamine tablets among healthy Chinese volunteers. An open, randomized, single-dose, 2-period crossover design was employed, involving fasting and fed conditions with a 10-day washout period. Ninety-six healthy volunteers received a single oral dose of 25mg of the 2 eltrombopag formulations, with 48 participants in each group: fasting volunteers and those consuming a high-fat, low-calcium meal. Plasma eltrombopag concentrations were analyzed using liquid chromatography-tandem mass spectrometry, and pharmacokinetic parameters were derived from the concentration-time profiles. The geometric mean ratios, with 90% confidence intervals, for the maximum plasma concentration, area under the concentration-time curve from time 0 to the last measurable concentration, and area under the concentration-time curve from time 0 to infinity fell within the bioequivalence acceptance criteria (80%-125%) under both fasting and fed conditions, indicating bioequivalence between the test and reference formulations. Administration of eltrombopag with a high-fat, low-calcium diet reduced the net systemic exposure by approximately 40%. Adverse events were recorded, and no serious adverse events were observed in either fasting or fed conditions. In conclusion, eltrombopag is well tolerated and exhibits a favorable safety profile in the Chinese population. The achievement of bioequivalence under fasting and fed conditions supports the demonstration of biosimilarity between the test and reference formulations.

Motives and Consequences of Libor Strategic Reporting: How Much Can We Learn from Banks’ Self-Reported Borrowing Rates?

Abstract Libor is an estimate of interbank borrowing costs computed daily from rates reported by a fixed panel of banks. Evidence suggests that banks have manipulated Libor in recent years by misreporting their borrowing costs. I estimate a strategic reporting model that identifies banks’ borrowing costs as well as their motives for misreporting. The estimation places a lower bound on the value that Libor would have had if banks had truthfully reported their borrowing costs. The model is identified even when unobserved heterogeneity exists in the form of a common cost component that is known by all banks but unobservable to the econometrician and is allowed to follow a non-stationary process. The only data used for identification are banks’ Libor quotes. Overall, I find that the estimated lower bound for the unmanipulated Libor is always above the published Libor, with an average deviation of 25 basis points at the worst of the financial crisis of 2007–2008. The estimated bound displays a pattern similar to two other measures of interbank borrowing costs that have been used previously to assess the extent of manipulation. The model is also used to determine the extent to which misreporting was motivated by signalling or banks’ net exposure to Libor. The estimation results indicate that sending creditworthiness signals was the main driver of systematic misreporting from 2007 to 2010.

Heterogeneous impact of crop diversification on farm net returns and risk exposure: Empirical evidence from Ghana

AbstractIncreasing frequency of extreme weather events threatens the livelihoods of low‐income farm households due to the heavy dependence on rain‐fed agriculture coupled with the under‐developed formal markets for risk management products. Thus, crop diversification is one of the widely used ex ante adaptation strategies to hedge against weather risk exposure. In this study, we use survey data from the northern Savanna zone of Ghana merged with historical weather data to shed light on the heterogeneous impact of crop diversification on farm net returns and risk exposure. We employ the dose response function and instrumental variable techniques to address potential endogeneity concerns. Overall, our findings show that crop diversification is a welfare‐enhancing strategy that significantly increases farm net returns, lowers the probability of crop failure, and thus decreases downside risk exposure. Notably, our dose‐response function analysis demonstrates that the positive benefits of crop diversification are particularly pronounced at lower intensities, reaching an optimal threshold. Beyond this point, the incremental advantages tend to diminish, suggesting the importance of carefully considering the optimal level of diversification for maximum benefits. The results further underscore the significant impact of both access to agricultural extension services and fertilizer usage on the adoption of crop diversification.

Acute Microbial Protease Supplementation Increases Net Postprandial Plasma Amino Acid Concentrations After Pea Protein Ingestion in Healthy Adults: A Randomized, Double-Blind, Placebo-Controlled Trial

BackgroundDigestibility is a primary factor in determining the quality of dietary protein. Microbial protease supplementation may be a strategy for improving protein digestion and subsequent postprandial plasma amino acid availability. ObjectivesTo assess the effect of co-ingesting a microbial protease mixture with pea protein on postprandial plasma amino acid concentrations. DesignA mixture of 3 microbial protease preparations (P3) was tested for proteolytic efficacy in an in vitro static simulation of gastrointestinal digestion. Subsequently, in a randomized, double-blind, placebo-controlled crossover trial, 24 healthy adults (27 ± 4 y; 12 females, 12 males) ingested 25 g pea protein isolate (20 g protein, 2.2 g fat) with either P3 or maltodextrin placebo (PLA). Blood samples were collected at baseline and throughout a 0‒5 h postprandial period and both the early (0–2 h) iAUC and total (0–5 h) iAUC were examined. ResultsPlasma glucose concentrations decreased in both conditions (P < 0.001), with higher concentrations after P3 ingestion compared with PLA (P < 0.001). Plasma insulin concentrations increased for both conditions (P < 0.001) with no difference between conditions (P = 0.331). Plasma total amino acid (TAA) concentrations increased over time (P < 0.001) with higher concentrations observed for P3 compared with PLA (P = 0.010) during the 0‒5 h period. There was a trend for elevated essential amino acid (EAA) concentrations for P3 compared with PLA (P = 0.099) during the 0‒5 h postprandial period but not for leucine (P = 0.282) or branched-chain amino acids (BCAA, P = 0.410). The early net exposure (0‒2 h iAUC) to amino acids (leucine, BCAA, EAA, and TAA) was higher for P3 compared with PLA (all, P < 0.05). ConclusionsMicrobial protease co-ingestion increases plasma TAA concentrations (0–5 h) and leucine, BCAA, EAA, and TAA availability in the early postprandial period (0‒2 h) compared with ingesting pea protein with placebo in healthy adults.

Exposure to Dollar, financial Openness, and the heterogeneous impact of US monetary spillover

This paper studies how country heterogeneities, especially in their (1) net exposure to dollar debt and (2) financial openness affect the propagation of US monetary shocks into peripheral advanced and emerging economies. We contribute to the understanding of how interest rate and GDP responses of emerging countries depend on both their dollar liability and financial openness, as well as the interaction between these two factors. Specifically, we find that economies with higher debt dollarization have higher interest rate responses to contractionary US monetary shocks to prevent negative balance sheet effects. We also find that GDP decreases by more for economies with high debt dollarization if their financial openness is high. Using capital control as the de jure measure of financial openness, we obtain similar results that GDP decreases by more for countries net short of dollar if capital control is low, and at the same time, GDP is higher for countries with higher capital control if they are more indebted in dollar. Combined, these imply that capital control helps dampen negative US monetary spillover, and the benefit from imposing capital control is larger for countries that are more indebted in dollar.

On joint analysing &lt;i&gt;XMM-NuSTAR&lt;/i&gt; spectra of active galactic nuclei

A recently released &lt;i&gt;XMM-Newton&lt;/i&gt; note revealed a significant calibration issue between nuclear spectroscopic telescope array (&lt;i&gt;NuSTAR)&lt;/i&gt; and &lt;i&gt;XMM-Newton&lt;/i&gt; European Photon Imaging Camera (EPIC) and provided an empirical correction to the EPIC effective area. To quantify the bias caused by the calibration issue in the joint analysis of &lt;i&gt;XMM-NuSTAR&lt;/i&gt; spectra and verify the effectiveness of the correction, in this work, we perform joint-fitting of the &lt;i&gt;NuSTAR&lt;/i&gt; and EPIC-pn spectra for a large sample of 104 observation pairs of 44 X-ray bright active galactic nuclei (AGN). The spectra were extracted after requiring perfect simultaneity between the &lt;i&gt;XMM-Newton&lt;/i&gt; and &lt;i&gt;NuSTAR&lt;/i&gt; exposures (merging Good Time Intervals, GTIs from two missions) to avoid bias due to the rapid spectral variability of the AGN. Before the correction, the EPIC-pn spectra are systematically harder than the corresponding &lt;i&gt;NuSTAR&lt;/i&gt; spectra by &lt;inline-formula&gt;&lt;tex-math id="M1"&gt;\begin{document}$\Delta \varGamma \sim 0.1 $\end{document}&lt;/tex-math&gt;&lt;alternatives&gt;&lt;graphic specific-use="online" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="JUSTC-2023-0160_M1.jpg"/&gt;&lt;graphic specific-use="print" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="JUSTC-2023-0160_M1.png"/&gt;&lt;/alternatives&gt;&lt;/inline-formula&gt;, subsequently yielding significantly underestimated cutoff energy &lt;i&gt;E&lt;/i&gt;&lt;sub&gt;cut&lt;/sub&gt; and the strength of reflection component &lt;i&gt;R&lt;/i&gt; when performing joint-fitting. We confirm that the correction is highly effective and can commendably erase the discrepancy in best-fit &lt;i&gt;Γ&lt;/i&gt;, &lt;i&gt;E&lt;/i&gt;&lt;sub&gt;cut&lt;/sub&gt;, and &lt;i&gt;R&lt;/i&gt;. We thus urge the community to apply the correction when joint-fitting &lt;i&gt;XMM&lt;/i&gt;-&lt;i&gt;NuSTAR&lt;/i&gt; spectra, but note that the correction is limited to 3–12 keV and therefore not applicable when the soft X-ray band data are included. Besides, we show that as merging GTIs from two missions would cause severe loss of &lt;i&gt;NuSTAR&lt;/i&gt; net exposure time, in many cases, joint-fitting yields no advantage compared with utilizing &lt;i&gt;NuSTAR&lt;/i&gt; data alone. We finally present a technical note on filtering periods of high background flares for &lt;i&gt;XMM-Newton&lt;/i&gt; EPIC-pn exposures in the Small Window mode.

Analisis Faktor yang Mempengaruhi Kinerja Keuangan PT Gudang Garam Tbk Tahun 2019-2022

This study aims to analyze the financial performance of PT Gudang Garam Tbk during the period from 2019 to 2022, with a focus on the company's financial statements. The evaluation is conducted by understanding the assets and liabilities of the company, especially current assets, non-current assets, and net exposure. The significant increase in cash and cash equivalents reflects efficient liquidity management, while fluctuations in trade receivables and inventory highlight operational challenges. Sustained investments in fixed assets signify a commitment to long-term growth, although fluctuations in trade payables and short-term liabilities demand caution. The consistently positive net exposure provides insight into potential growth and financial stability. However, the decrease in net exposure in 2021 indicates the impact of changing dynamics in the cigarette industry. In conclusion, a comprehensive understanding of financial statements is crucial for identifying opportunities and risks, providing a foundation for informed strategic decision-making. Additionally, this research emphasizes the importance of a deep understanding of factors influencing financial performance. Focus on liquidity, fixed asset investment, and net exposure management provides a complete picture of the company's dynamics. In facing the changing dynamics of the cigarette industry, the company needs to maintain a balance between long-term growth and financial risk management. The results of this research can serve as a valuable guide for the company's strategic decision-making in the future.

Option gamma and stock returns

Stocks with high net gamma exposure systematically underperform stocks with low net gamma exposure. This effect is distinct from other well-known return predictors, and survives many robustness checks. We show that stocks with low net gamma exposure negatively predict future realized volatility, and argue that investors command a risk premium to hold low net gamma exposure stocks, which are riskier. Lastly, we show that the volatility predictability stems from a non-informational channel, and not from private information.

Experimental exploration of estrogenic effects of norethindrone and 17α-ethinylestradiol on zebrafish (Danio rerio) gonads

Synthetic progestins and xenoestrogens found in aquatic habitats are currently gaining attention on global scale. The current study aimed to investigate the time-and dose-dependent effects of synthetic progestin Norethindrone (NET; 100, 500 and 1000 ng/L) and estrogen 17α-ethinylestradiol (EE2; 100 ng/L) individually as well as in binary mixture (1000 ng/L NET + 100 ng/L EE2) on reproductive histology and transcriptional expression profile of genes in adult zebrafish. For this, 20 female (3.15 ± 0.18 cm & 0.33 ± 0.06 g) and 20 male zebrafish in each group (2.93 ± 0.13 cm & 0.29 ± 0.04 g) were exposed to drugs dissolved in water for 30 days in 12 L rectangular tanks. We found that both NET and EE2 exposure reduced the gonadosomatic index in females, while only EE2 exposure caused significant reduction in males (p ≤ 0.05). Interestingly, NET delayed oocyte maturation in females and accelerated spermatogenesis in males, while EE2 consistently suppressed sperm maturation throughout the experiment. Further, qRT-PCR results revealed differential expression pattern of the study genes (er-α, er-β1, er-β2, pgr, vegfaa and p53) in male and female zebrafish. Co-exposure indicated potential inconsistencies in steroidal function in mixtures rather than single exposures. Our findings imply that changes in gonadal histology after NET and EE2 exposure may result from unique regulation of steroid hormone receptors. Additionally, significantly reduced p53 levels (p ≤ 0.05) following co-exposure in both sexes may suggest an elevated risk of neoplastic transformations. Further research with mammalian models will help to explore the mechanisms behind differing effects of alone and co-exposures.

Microbial Protease Supplementation Potentiated The Early Net Exposure To Postprandial Amino Acids In Healthy Adults

Microbial Protease Supplementation Potentiated The Early Net Exposure To Postprandial Amino Acids In Healthy Adults

Effectiveness of travel behavior and infrastructure change to mitigate heat exposure

Urban heat exposure is an increasing health risk among urban dwellers. Many cities are considering accommodating active mobility, especially walking and biking, to reduce greenhouse gas emissions. However, promoting active mobility without proper planning and transportation infrastructure to combat extreme heat exposure may cause more heat-related morbidity and mortality, particularly in future with projected climate change. This study estimated the effectiveness of active trip heat exposure mitigation under built environment and travel behavior change. Simulations of the Phoenix metro region's 624,987 active trips were conducted using the activity-based travel model (ABM), mean radiant temperature (TMRT, net human radiation exposure), transportation network, and local climate zones. Two scenarios were designed to reduce traveler exposure: one that focuses on built environment change (making neighborhoods cooler) and the other on travel behavior (switching from shorter travel time but higher exposure routes to longer travel time but cooler routes) change. Travelers experienced TMRT heat exposure ranging from 29°C to 76°C (84°F to 168°F) without environmental or behavioral change. Active trip TMRT exposures were reduced by an average of 1.2–3.7°C when the built environment was changed from a hotter to cooler design. Behavioral changes cooled up to 10 times more trips than changes in built environment changes. The marginal benefit of cooling decreased as the number of cooled corridors transformed increased. When the most traveled 10 km of corridors were cooled, the marginal benefit affected over 1,000 trips/km. However, cooling all corridors results in marginal benefits as low as 1 trip/km. The results reveal that heavily traveled corridors should be prioritized with limited resources, and the best cooling results come from environment and travel behavior change together. The results show how to surgically invest in travel behavior and built environment change to most effectively protect active travelers.

Intraday momentum in the VIX futures market

This study examines intraday momentum in the unexplored VIX futures market and verifies its existence through various empirical tests. The intraday momentum of VIX futures appears to be robust across contracts with different expirations, intraday returns with different time intervals, different trading sessions, and multiple sub-periods. We propose that the hedging demand of VIX option market makers may contribute to the intraday momentum. Our empirical evidence shows that intraday momentum persists only when the net gamma exposure of VIX options is negative and the effect weakens when European investors are away from the market, supporting our proposed explanation. Strikingly, we also find that trading strategies based on intraday momentum can generate an average annualized return of up to nearly 18%.

Investigating brain uptake of a non-targeting monoclonal antibody after intravenous and intracerebroventricular administration.

Monoclonal antibodies play an important role in the treatment of various diseases. However, the development of these drugs against neurological disorders where the drug target is located in the brain is challenging and requires a good understanding of the local drug concentration in the brain. In this original research, we investigated the systemic and local pharmacokinetics in the brain of healthy rats after either intravenous (IV) or intracerebroventricular (ICV) administration of EGFRvIII-T-Cell bispecific (TCB), a bispecific monoclonal antibody. We established an experimental protocol that allows serial sampling in serum, cerebrospinal fluid (CSF) and interstitial fluid (ISF) of the prefrontal cortex in freely moving rats. For detection of drug concentration in ISF, a push-pull microdialysis technique with large pore membranes was applied. Brain uptake into CSF and ISF was characterized and quantified with a reduced brain physiologically-based pharmacokinetic model. The model allowed us to interpret the pharmacokinetic processes of brain uptake after different routes of administration. The proposed model capturing the pharmacokinetics in serum, CSF and ISF of the prefrontal cortex suggests a barrier function between the CSF and ISF that impedes free antibody transfer. This finding suggests that ICV administration may not be better suited to reach higher local drug exposure as compared to IV administration. The model enabled us to quantify the relative contribution of the blood-brain barrier (BBB) and Blood-CSF-Barrier to the uptake into the interstitial fluid of the brain. In addition, we compared the brain uptake of three monoclonal antibodies after IV dosing. In summary, the presented approach can be applied to profile compounds based on their relative uptake in the brain and provides quantitative insights into which pathways are contributing to the net exposure in the brain.

The Roles of Information Valence, Media Literacy and Perceived Information Quality on the Association Between Frequent Social Media Exposure and COVID-19 Vaccination Intention.

PurposeThis study aimed to examine the associations between frequent exposure to positive/negative information about vaccine efficacy/safety on social media and intention of COVID-19 vaccination, and to test if media literacy and perceived information quality would moderate such associations.DesignA multi-city cross-sectional survey.SettingAt five universities in different regions of China.Subjects6922 university students (a response rate of 72.3%).Measuresfrequency of exposure to social media information about COVID-19 vaccination, media literacy, perceived information quality, intention of COVID-19 vaccination, and sociodemographic characteristics.AnalysisLogistic regression analysis was conducted to test main and interaction effects.ResultsHigher exposure to positive information about vaccine efficacy (adjusted odds ratio [AOR] = 1.30, P < .001) and vaccine safety (AOR = 1.27, P < .001) were positively associated with vaccination intention. No significant associations were shown between exposure to negative information about vaccine efficacy/safety and vaccination intention. Higher net exposure to negative vs positive information was negatively associated with vaccination intention (AOR = .82, P < .001). High media literacy was further found to attenuate the effect of negative information exposure and strengthen that of positive information exposure. Perceived information quality was not a significant moderator.ConclusionThe valence of social media information regarding the efficacy and safety of COVID-19 vaccines and individuals’ media literacy jointly shaped COVID-19 vaccination intention. The findings can inform the development of effective health promotion strategies for enhancing COVID-19 vaccination.

699 An in-vitro keratinocyte model for the evaluation of skin damage induced by 5G radiation

With the rapid spread of next-generation cellular communication technology, wireless bands between 3 – 100 GHz (5G), are increasingly in use in major population centers. The electromagnetic radiation involved remains non-ionizing, however it is of higher energy compared to existing cellular or wi-fi bands; and, this technology’s range is shorter – so that more emitter stations will be needed, placed closer to one another, and thus also closer to the user. This will result in higher net EM energy exposure. There is no clear consensus on the risks inherent in this exposure yet, but there is concern among the public and the scientific community, based on indications that this radiation can affect immune function, trigger inflammatory responses, and influence gene expression linked to protein folding, oxidative stress, tissue / ECM matrix turnover, and more. Further, some skin appendages have been shown to act as antennae for this radiation, which may lead to localized damage. To better understand the effects of this radiation on skin, we irradiated a normal human epidermal keratinocyte culture using a 6 GHz signal generator. Biological effects were evaluated by ELISA or immunostaining. After a remarkably short 1-h exposure time, clear effects were observable in several indicators of keratinocyte function, including: an increase in key inflammatory cytokine IL1-alpha; a reduction in collagenase inhibitor TIMP1; an increase in wound healing and epidermal differentiation facilitator ANGPLT4; and an increase in SA100A9, involved in immune recruitment during injury. These results indicate a clear influence of 5G irradiation on the keratinocytes, suggesting induced changes in skin homeostasis which may be consistent with a state of injury and damage response. In upcoming studies, we hope to be able to show these effects in more depth, and propose some possible solutions for daily users of 5G technology.

Social trading: do signal providers trigger gambling?

Social trading—also referred to as copy trading—is an interactive platform-based innovation facilitating visibility and traceability of signal provider trading activities. Based on published portfolio transaction and return track records, platform users can copy one or several signal providers, i.e. delegate their investment decisions, and thereby become signal followers. Allowing signal providers to administer purely virtual portfolios, in combination with a remuneration scheme based on performance fees and high watermarks, creates convex or option-like incentives (Carpenter, J Finance 55:2311–2331, 2000; Doering and Jonen, SSRN J, 2018). We argue that the incentive structure imposed by social trading providers, including a very limited monetary downside risk for signal providers, may motivate traders to gamble. In this context, we assess the factors that have an impact on signal provider lottery-like stock transactions (Bali et al., J Financ Econ 99:427–446, 2011; Kumar, J Finance 64:1889–1933, 2009). We provide empirical evidence that signal providers tend to increase the traded relative share of lottery-like stocks when being located at an extreme end of the relative performance spectrum. Furthermore, we provide evidence that underperforming signal providers increase their net exposure towards lottery-like stocks, in turn exposing signal followers to a lottery-like return structure—triggering gambling.