More trading is algorithmic or computer generated, and in markets where it is allowed, high frequency. However, what happens when there is an algorithmic trading error? This study attempts to answer that question by examining the August 16, 2013, fat-finger trade in Chinese equity and equity futures markets. We find that both markets were excessively volatile, illiquid, and positively skewed. Moreover, we document that index returns are predictable for a shorttime, indicating that the fat-finger event induced an inefficient market. Our results highlight the importance of market surveillance and regulation to lessen the damage of future fat-finger events.
Ultrasmooth perovskite thin films are prepared by a solution-based one-step micro-flowing anti-solvent deposition (MAD) method carried out in air with simplicity and practicability. Engaging inert gas blow and anti-solvent drips as accelerators, ultrafast crystallizing, thickness controllable, and high quality methylammonium lead iodide films are prepared with a least root mean square roughness of 1.43 nm (1.95 nm on average), achieving the smoothest surface morphology to the best of our knowledge, as well as a rather compact perovskite layer with a high coverage ratio. Perovskite films formed from MAD require no annealing procedure to ultimately crystallize, realizing a very fast crystallizing procedure within few seconds. By controlling the thickness of perovskite films, superior photovoltaic performance of solar cells with a large fill factor of 0.8 and a PCE of 15.98% is achieved without a glovebox. MAD technology will benefit not only highly efficient photovoltaic devices, but also perovskite-based hybrid optoelectronic devices with field effect transistors and light emitting diodes as well.
In this letter, a plasma-free etch stop structure is developed for GaN HEMT toward enhancement-mode operation. The self-terminated precision gate recess is realized by inserting a thin AlN/GaN bilayer in the AlGaN barrier layer. The gate recess is stopped automatically at the GaN insertion layer after high-temperature oxidation and wet etch, leaving a thin AlGaN barrier to maintain a quantum well channel that is normally pinched off. With addition of an Al2O3 gate dielectric, quasi normally OFF GaN MOSHEMTs have been fabricated with high threshold uniformity and low ON-resistance comparable with the normally ON devices on the same wafer. A high channel mobility of 1400 cm(2)/V . s was obtained due to the preservation of the high electron mobility in the quantum-well channel under the gate.
The genetic code expansion strategy allowed incorporation of unnatural amino acids (UAAs) bearing diverse functional groups into proteins, providing a powerful toolkit for protein manipulation in living cells. We report a multifunctional UAA, Nε-p-azidobenzyloxycarbonyl lysine (PABK), that possesses a panel of unique properties capable of fulfilling various protein manipulation purposes. In addition to being used as a bioorthogonal ligation handle, an infrared probe and a photo-affinity reagent, PABK was shown to be chemically decaged by trans-cyclooctenols via a strain-promoted 1,3-dipolar cycloaddition, which provides a new bioorthogonal cleavage strategy for intracellular protein activation. The biocompatibility and efficiency of this method were demonstrated by decaging of a PABK-caged firefly luciferase under living conditions. We further extended this method to chemically rescue a bacterial toxin OspF inside mammalian host cells.
We have generated an early Pleistocene benthic isotopic record for the Ocean Drilling Program Site 807 (2804 m) from the western equatorial Pacific. Between 2.4 and 1.7 Ma, the benthic δ13C of this site and a few other deep Pacific sites was consistently higher than the Southern Ocean Site MV0502-4JC (4286 m), pointing to a reversal relative to the current gradient and hence implying a different circulation regime. We reconstructed the deepwater mass distribution of this interval by using a collection of benthic isotope records from 15 Pacific and 10 Atlantic sites and a δ13C-δ18O mixing model. A two-end-member mixing regime between the North Atlantic Deep Water (NADW) and the Antarctic Bottom Water (AABW), with properties very different from today, was identified. The Southern Ocean showed strong signs of stratification and AABW with low benthic δ13C, but high δ18O values reached out to other basins only below \textasciitilde4000 m. In contrast, NADW ventilated most of the ocean interior, contributing \textasciitilde70% to the Pacific Deep Water volumetrically. Our model results also reveal a strong remineralization effect at the bottom sites of the Pacific and the Atlantic, suggesting significant accumulation of respired carbon in the bottom water between 2.4 and 1.7 Ma. We propose that such a circulation pattern was initiated by the reversal of salinity gradient between AABW and NADW from 3.0 to 2.4 Ma, possibly linked to Antarctic sea ice expansion and reduced southward heat transport during the onset of Northern Hemisphere Glaciation.