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Consistent with recent theoretical models where binding capital constraints lead to sudden liquidity dry-ups, we find that negative market returns decrease stock liquidity, especially during times of tightness in the funding market. The asymmetric effect of changes in aggregate asset values on liquidity and commonality in liquidity cannot be fully explained by changes in demand for liquidity or volatility effects. We document interindustry spillover effects in liquidity, which are likely to arise from capital constraints in the market making sector. We also find economically significant returns to supplying liquidity following periods of large drops in market valuations.

This paper studies the dynamic interaction between the net positions of traders and risk premiums in commodity futures markets. Short-term position changes are driven mainly by the liquidity demands of noncommercial traders, while long-term variation is driven primarily by the hedging demands of commercial traders. These two components influence expected futures returns with opposite signs. The gains from providing liquidity by commercials largely offset the premium they pay for obtaining price insurance.

We document the prevalence of illiquidity premium in the international equity markets, across 45 markets over the period from 1990 to 2015. The global average illiquidity premium is economically significant at 0.85% per month and it is 1.05% for the Asia- Pacific markets, after adjusting for exposure to global and regional return factors. We also find that investors demand a premium for stock illiquidity, after controlling for various firm characteristics that predict the cross-section of stock returns.

In the first essay, I study the relation between market liquidity and intraday stock returns. In the intraday context, a momentum-reversal return pattern is observed by comparing the post returns of past winners and past losers that are generated through high-frequency transaction data. The empirical study also shows that in the reversal past winners underperform past losers even though investors still prefer to buy past winners and sell past losers. The explanation for these phenomena is that in the momentum phase there are relatively few limit orders and the market maker charges a high premium to compensate his inventory risk. Later when sufficient limit orders arise in the reversal phase, the market maker can switch to this inexpensive liquidity source and thus reduce his premium. In the second essay, I examine the difference in liquidity between NYSE-listed U.S. and non-U.S. stocks. I construct a size-matched U.S. stock and a volume-matched U.S. stock for each non-U.S. stock and compare the Kyle's λ and spread between non-U.S. stocks and their U.S. matches. The empirical results show that the average Kyle's λ and the average bid-ask spread of non-U.S. stocks are significantly larger than those of size-matched U.S. stocks. When non-U.S. stocks are compared with volume-matched U.S. stocks, the difference in spread width remains significant, although the magnitude of difference decreases. In contrast, the Kyle's λ difference between non-U.S. stocks and volume-matched U.S. stocks virtually disappears. In the third essay, I present a rational microstructure model in which informed traders have private information on multi-dimensional uncertainties and herd behavior could possibly occur. In the herd phase, informed traders choose to trade in the same direction regardless of their private signals. I find that there exists a transition phase between the normal phase and the herd phase. The market enters the transition phase when some informed traders' expectation on the risky asset value is within the bid-ask spread. In the transition phase, market liquidity deteriorates, marked by a larger spread and stronger price impact power of incoming orders.

The Kondo lattice—a matrix of local magnetic moments coupled through spin-exchange interactions to itinerant conduction electrons—is a prototype of strongly correlated quantum matter 1 – 4 . Usually, Kondo lattices are realized in intermetallic compounds containing lanthanide or actinide 1 , 2 . The complex electronic structure and limited tunability of both the electron density and exchange interactions in these bulk materials pose considerable challenges to studying Kondo lattice physics. Here we report the realization of a synthetic Kondo lattice in AB-stacked MoTe 2 /WSe 2 moiré bilayers, in which the MoTe 2 layer is tuned to a Mott insulating state, supporting a triangular moiré lattice of local moments, and the WSe 2 layer is doped with itinerant conduction carriers. We observe heavy fermions with a large Fermi surface below the Kondo temperature. We also observe the destruction of the heavy fermions by an external magnetic field with an abrupt decrease in the Fermi surface size and quasi-particle mass. We further demonstrate widely and continuously gate-tunable Kondo temperatures through either the itinerant carrier density or the Kondo interaction. Our study opens the possibility of in situ access to the phase diagram of the Kondo lattice with exotic quantum criticalities in a single device based on semiconductor moiré materials 2 – 9 . A Kondo lattice was realized in AB-stacked MoTe 2 /WSe 2 moiré bilayers and widely and continuously gate-tunable Kondo temperatures were demonstrated.

Purpose The purpose of this study is to investigate the contingencies of supply chain risk management (SCRM) in manufacturing multinational corporations (MNCs) by exploring the moderating role of international asset dispersion in the performance effect of SCRM, as well as the counteraction effect of supply chain integration (SCI). Design/methodology/approach Multi-country survey data from a sample of 378 responses collected by the sixth round International Manufacturing Strategy Survey were analyzed. Hierarchical regression analysis was conducted to test the proposed hypotheses. Findings The results demonstrate that SCRM improves the operational effectiveness of manufacturing MNCs but this performance effect is attenuated by international asset dispersion. Nevertheless, external integration can counteract the negative effect of international asset dispersion and ensure the efficacy of SCRM practices. Practical implications The results of this study provide suggestions for supply chain managers of manufacturing MNCs to better conduct SCRM practices under the condition of dispersed international assets. Besides, supply chain managers can leverage external integration to ensure the efficacy of SCRM practices. Originality/value Although there are plenty of studies on the relationship between SCRM and operational performance, prior findings are inconsistent. This study sheds light on the SCRM-operational performance relationship by considering how a manufacturing MNC’s international asset dispersion can influence the efficacy of SCRM practices and how SCI can attenuate the negative effect of international asset dispersion.

Moiré materials with superlattice periodicity many times the atomic length scale have shown strong electronic correlations and band topology with unprecedented tunability. Non-volatile control of the moiré potentials could allow on-demand switching of superlattice effects but has remained challenging to achieve. Here we demonstrate the switching of the correlated and moiré band insulating states, and the associated nonlinear anomalous Hall effect, by the ferroelectric effect. This is achieved in a ferroelectric WTe 2 bilayer of the T d structure with a centred-rectangular moiré superlattice induced by interfacing with a WSe 2 monolayer of the H structure. The results can be understood in terms of polarization-dependent charge transfer between two WTe 2 monolayers, in which the interfacial layer has a much stronger moiré potential depth; ferroelectric switching thus turns on and off the moiré insulating states. Our study demonstrates the potential for creating new functional moiré materials by incorporating intrinsic symmetry-breaking orders. Intrinsic ferroelectricity in bilayer WTe 2 can be used for electrical switching of the centred-rectangular moiré potential in WTe 2 /WSe 2 heterostructures.

Background Obstructive sleep apnea (OSA) is linked to brain alterations, but the specific regions affected and the causal associations between these changes remain unclear. Methods We studied 20 pairs of age-, sex-, BMI-, and education- matched OSA patients and healthy controls using multimodal magnetic resonance imaging (MRI) from August 2019 to February 2020. Additionally, large-scale Mendelian randomization analyses were performed using genome-wide association study (GWAS) data on OSA and 3935 brain imaging-derived phenotypes (IDPs), assessed in up to 33,224 individuals between December 2023 and March 2024, to explore potential genetic causality between OSA and alterations in whole brain structure and function. Results In the cohort study, OSA patients exhibited significantly lower fractional amplitude of low-frequency fluctuation and regional homogeneity in the right posterior cerebellar lobe and bilateral superior and middle frontal gyrus, while showing higher levels in the left occipital lobe and left posterior central gyrus. Decreased fractional anisotropy (FA) but increased apparent diffusion coefficient (ADC) was shown in the bilateral superior longitudinal fasciculus. According to the results of Affiliation file 2: table s6, it is the ADC value of right superior longitudinal fasciculus was shown a positive correlation with the lowest oxygen saturation. In the Mendelian randomization analyses, the area of left inferior temporal sulcus (OR: 0.89; 95% CI: 0.82–0.96), rfMRI connectivity ICA100 edge 893 (OR: 0.88; 95% CI: 0.82–0.96), ICA100 edge 951 (OR: 0.89; 95% CI: 0.82–0.97), and ICA100 edge 1213 (OR: 0.89; 95% CI: 0.82–0.96) were significantly decreased in OSA. Conversely, mean thickness of G-front-inf-Triangul in right hemisphere (OR: 1.14; 95% CI: 1.05–1.23), mean orientation dispersion index in right tapetum (OR: 1.13; 95% CI: 1.04–1.23), and rfMRI connectivity ICA100 edge 258 (OR: 1.13; 95% CI: 1.04–1.22) showed opposite results. Conclusions Nerve fiber damage and imbalances in neuronal activity across multiple brain regions caused by hypoxia, particularly the frontal lobe, underlie the structural and the functional connectivity impairments in OSA.

Purpose The purpose of this paper is to scrutinize the performance effects of supply chain risk management (SCRM). Besides financial performance, two aspects of operational performance are examined: operational efficiency and flexibility. Moreover, the authors explore the moderating role of supplier integration in the relationship between SCRM and operational performance. Design/methodology/approach A survey-based methodology was adopted. Based on the data from an international survey, this study applied the structural equation modeling and latent moderated structural equations approach to test the hypotheses. Findings The results indicate that SCRM positively influences both operational efficiency and flexibility, and has an indirect effect on financial performance. In addition, supplier integration enhances the impact of SCRM on operational flexibility, but does not moderate the relationship between SCRM and operational efficiency. Originality/value This study extends the existing literature by providing a comprehensive analysis of the performance effects of SCRM. It also provides managerial insights on both risk management and supplier integration.

Background Lipids found in plant seeds are essential for controlling seed dormancy, dispersal, and defenses against biotic and abiotic stress. Additionally, these lipids provide nutrition and energy and are therefore important to the human diet as edible oils. Acer truncatum , which belongs to the Aceaceae family, is widely cultivated around the world for its ornamental value. Further because its seed oil is rich in unsaturated fatty acids (UFAs)- i.e. α-linolenic acid (ALA) and nervonic acid (NA)- and because it has been validated as a new food resource in China, the importance of A. truncatum has greatly risen. However, it remains unknown how UFAs are biosynthesized during the growth season, to what extent environmental factors impact their content, and what areas are potentially optimal for their production. Results In this study, transcriptome and metabolome of A. truncatum seeds at three representative developmental stages was used to find the accumulation patterns of all major FAs. Cumulatively, 966 metabolites and 87,343 unigenes were detected; the differential expressed unigenes and metabolites were compared between stages as follows: stage 1 vs. 2, stage 1 vs. 3, and stage 2 vs. 3 seeds, respectively. Moreover, 13 fatty acid desaturases ( FADs ) and 20 β-ketoacyl-CoA synthases ( KCSs ) were identified, among which the expression level of FAD3 ( Cluster-7222.41455 ) and KCS20 ( Cluster-7222.40643 ) were consistent with the metabolic results of ALA and NA, respectively. Upon analysis of the geographical origin-affected diversity from 17 various locations, we found significant variation in phenotypes and UFA content. Notably, in this study we found that 7 bioclimatic variables showed considerable influence on FAs contents in A. truncatum seeds oil, suggesting their significance as critical environmental parameters. Ultimately, we developed a model for potentially ecological suitable regions in China. Conclusion This study provides a comprehensive understanding of the relationship between metabolome and transcriptome in A. truncatum at various developmental stages of seeds and a new strategy to enhance seed FA content, especially ALA and NA. This is particularly significant in meeting the increasing demands for high-quality edible oil for human consumption. The study offers a scientific basis for A. truncatum ’s novel utilization as a woody vegetable oil rather than an ornamental plant, potentially expanding its cultivation worldwide.