The actions of the federal government can have a profound impact on financial markets. As prominent participants in the government decision making process, U.S. Senators are likely to have knowledge of forthcoming government actions before the information becomes public. This could provide them with an informational advantage over other investors. We test for abnormal returns from the common stock investments of members of the U.S. Senate during the period 1993–1998. We document that a portfolio that mimics the purchases of U.S. Senators beats the market by 85 basis points per month, while a portfolio that mimics the sales of Senators lags the market by 12 basis points per month. The large difference in the returns of stocks bought and sold (nearly one percentage point per month) is economically large and reliably positive.

Quasiparticle dynamics of FeSe single crystals revealed by dual-color transient reflectivity measurements (∆R/R) provides unprecedented information on Fe-based superconductors. The amplitude of the fast component in ∆R/R clearly gives a competing scenario between spin fluctuations and superconductivity. Together with the transport measurements, the relaxation time analysis further exhibits anomalous changes at 90 and 230 K. The former manifests a structure phase transition as well as the associated phonon softening. The latter suggests a previously overlooked phase transition or crossover in FeSe. The electron-phonon coupling constant λ is found to be 0.16, identical to the value of theoretical calculations. Such a small λ demonstrates an unconventional origin of superconductivity in FeSe. , tremendous experimental and theoretical effort has been devoted to exploring their characteristics. These Fe-based pnictide compounds exhibit a very interesting phase diagram, with antiferromagnetism (or spin-density wave) at low doping and superconductivity at intermediate doping [2]. The simultaneous presence of magnetism and superconductivity in the phase diagram implies that magnetism plays an important role in the superconductivity mechanism. The existence of precursor superconductivity above T c which competes with the spin-density wave order [3], and a pseudogaplike feature with onset around 200 K [4] were observed on underdoped (Ba, K)Fe 2 As 2 and nearly optimally doped SmFeAsO 0.8 F 0.2 , respectively. Additionally, a coherent lattice oscillation was also found in Co-doped BaFe 2 As 2 using time-resolved pump-probe reflectivity with 40 fs time resolution [5]. Among various FeSCs, the iron chalcogenide FeSe [6] stands out due to its structure simplicity, which consists of iron-chalcogenide layers stacking one by another with the same Fe +2 charge state as the iron pnictides. This so-called "11" system is so simple that it could be the key structure to understanding the origin of high-T c superconductivity [7]. There has been considerable concern over the interplay between electronic structure, phonons, magnetism, and superconductivity in 11-type FeSe. Therefore, further studies of their quasiparticle dynamics are indispensable to understanding the high-T c mechanism in FeSCs. Here we report the first time-resolved femtosecond spectroscopy study of FeSe single crystals to elucidate the electronic structure and the quasiparticle (QP) dynamics.In this study, FeSe single crystals were grown in evacuated quartz ampoules using a KCl/AlCl 3 flux [8]. The crystalline structure of the samples was examined by xray diffraction. The superconducting transition temperature T c of the FeSe single crystal was determined to be 8.8 K by the middle point of the resistive transition. The femtosecond spectroscopy measurement was performed using a dual-color pump-probe system (for light source, the repetition rate: 5.2 MHz, the wavelength: 800 nm, and the pulse duration: 100 fs) and an avalanche photodetector with the standard lock-in te...

Herein, we describe the synthesis of two highly crystalline, robust, hydrophilic covalent organic frameworks (COFs) that display intrinsic proton conduction by the Grotthuss mechanism. The enriched redox‐active azo groups in the COFs can undergo a proton‐coupled electron transfer reaction for energy storage, making the COFs ideal candidates for pseudocapacitance electrode materials. After in situ hybridization with carbon nanotubes, the composite exhibited a high three‐electrode specific capacitance of 440 F g−1 at the current density of 0.5 A g−1, among the highest for COF‐based supercapacitors, and can retain 90 % capacitance even after 10 000 charge–discharge cycles. This is the first example using Grotthuss proton‐conductive organic materials to create pseudocapacitors that exhibited both high power density and energy density. The assembled asymmetric two‐electrode supercapacitor showed a maximum energy density of 71 Wh kg−1 with a maximum power density of 42 kW kg−1, surpassing that of all reported COF‐based systems.

This article develops a model and provides a closed-form formula to uncover the theoretical relationship between real estate price and time on market (TOM). Our model shows a nonlinear positive price-TOM relationship, and it identifies three economic factors that affect the impact of TOM on sale price. We demonstrate that conventional metrics for real estate return and risk, which are borrowed in a naïve fashion from finance theory, do not account for marketing period risk and tend to overestimate real estate returns and underestimate real estate risks. Our model provides a simple way to correct such bias. This theory helps to explain the apparent "risk-premium puzzle" in real estate. Copyright 2008 American Real Estate and Urban Economics Association

A previous study suggests that U.S. Senators trade common stock with a substantial informational advantage compared to ordinary investors and even corporate insiders. We apply precisely the same methods to test for abnormal returns from the common stock investments of Members of the U.S. House of Representatives. We measure abnormal returns for more than 16,000 common stock transactions made by approximately 300 House delegates from 1985 to 2001. Consistent with the study of Senatorial trading activity, we find stocks purchased by Representatives also earn significant positive abnormal returns (albeit considerably smaller returns). A portfolio that mimics the purchases of House Members beats the market by 55 basis points per month (approximately 6% annually).