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Abstract While PSI-driven cyclic electron flow (CEF) and assembly of thylakoid supercomplexes have been described in model organisms likeChlamydomonas reinhardtii, open questions remain regarding their contributions to survival under long-term stress. The Antarctic halophyte,C. priscuiiUWO241 (UWO241), possesses constitutive high CEF rates and a stable PSI-supercomplex as a consequence of adaptation to permanent low temperatures and high salinity. To understand whether CEF represents a broader acclimation strategy to short- and long-term stress, we compared high salt acclimation between the halotolerant UWO241, the salt-sensitive model,C. reinhardtii, and a moderately halotolerant Antarctic green alga,C.sp. ICE-MDV (ICE-MDV). CEF was activated under high salt and associated with increased non-photochemical quenching in all threeChlamydomonasspecies. Furthermore, high salt-acclimated cells of either strain formed a PSI-supercomplex, while state transition capacity was attenuated. How the CEF-associated PSI-supercomplex interferes with state transition response is not yet known. We present a model for interaction between PSI-supercomplex formation, state transitions, and the important role of CEF for survival during long-term exposure to high salt.
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A rational asset pricing model for premiums and discounts on closed‐end funds: The bubble theory
Abstract This paper provides a new explanation for closed‐end fund (CEF) discounts and premiums using the local martingale theory of asset price bubbles. This is a rational asset pricing model that is shown to be consistent with the existing empirical evidence on CEF discounts/premiums. Additional testable implications of the model are derived, which await subsequent research for their resolution. This bubble theory also applies equally well to understanding discounts and premiums on exchange traded funds.
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- Award ID(s):
- 1714984
- PAR ID:
- 10086950
- Publisher / Repository:
- Wiley-Blackwell
- Date Published:
- Journal Name:
- Mathematical Finance
- Volume:
- 29
- Issue:
- 4
- ISSN:
- 0960-1627
- Page Range / eLocation ID:
- p. 1157-1170
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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