Browsing by Author "Wen Y"

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    Analyses of anomalous lensing events detected from the UKIRT microlensing survey
    (EDP Sciences, 2025-04-14) Han C; Zang W; Udalski A; Lee C-U; Bond IA; Wen Y; Ma B; Albrow MD; Chung S-J; Gould A; Hwang K-H; Jung YK; Ryu Y-H; Shvartzvald Y; Shin I-G; Yang H; Yee JC; Kim D; Kim D-J; Cha S-M; Kim S-L; Lee D-J; Lee Y; Park B-G; Pogge RW; Mróz P; Szymański MK; Skowron J; Poleski R; Soszyński I; Pietrukowicz P; Kozłowski S; Rybicki KA; Iwanek P; Ulaczyk K; Wrona M; Gromadzki M; Mróz MJ; Abe F; Bando K; Bennett DP; Bhattacharya A; Fukui A; Hamada R; Hamada S; Hamasaki N; Hirao Y; Ishitani Silva S; Koshimoto N; Matsubara Y; Miyazaki S; Muraki Y; Nagai T; Nunota K; Olmschenk G; Ranc C; Rattenbury NJ; Satoh Y; Sumi T; Suzuki D; Terry SK; Tristram PJ; Vandorou A; Yama H
    Aims. The United Kingdom Infrared Telescope (UKIRT) microlensing survey was conducted over four years, from 2016 to 2019, with the goal of serving as a precursor to future near-infrared microlensing surveys. Focusing on stars in the Galactic center and utilizing near-infrared passbands, the survey identified approximately one thousand microlensing events, 27 of which displayed anomalies in their light curves. This paper presents an analysis of these anomalous events, aiming to uncover the underlying causes of the observed anomalies. Methods. The events were analyzed under various configurations, considering the potential binarity of both the lens and the source. For 11 events that were additionally observed by other optical microlensing surveys, including those conducted by the OGLE, KMTNet, and MOA collaborations, we incorporated their data into our analysis. Results. Among the reported anomalous events, we revealed the nature of 24 events except for three events, in which one was likely to be a transient variable, and two were difficult to accurately characterize their nature due to the limitations of the available data. We confirmed the binary lens nature of the anomalies in 22 events. Among these, we verified the earlier discovery that the companion in the binary lens system UKIRT11L is a planetary object. Accurately describing the anomaly in UKIRT21 required a model that accounted for the binarity of both the lens and the source. For two events UKIRT01 and UKIRT17, the anomalies could be interpreted using either a binary-source or a binary-lens model. For the UKIRT05, it was found that accounting for higher-order effects induced by the orbit al motions of both Earth and the binary lens was crucial. With the measured microlensing parallax togeter with the angular Einstein radius, the component masses of the UKIRT05 binary lens were determined to be M1 = (1.05 ± 0.20) M⊙, M2 = (0.36 ± 0.07) M⊙, and the distance to the lens was found to be DL = (3.11 ± 0.40) kpc.
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    Use of Derivative and Firm Performance: Evidence from the Chinese Shenzhen Stock Exchange
    (MDPI AG, 19/02/2021) Wen Y; Kang Y; Qin Y; Kennedy J
    Financial derivatives have been increasingly used by firms to hedge against financial risks. However, it is still not clear what factors at the firm level lead to firms’ derivative use and whether derivative use can generate performance improvement, especially in the context of firms operating in emerging economies. Using the unbalanced panel data consisting of 2529 listed firms from China covering an 11-year period from 2005 to 2015, this study examines these two questions regarding firms’ use of financial derivatives. Based on results from the empirical analysis, this study identified operational cash flow, tax shield, R&D investment, and the possibility of bankruptcy, as the firmlevel factors that enable firms’ decision to invest in financial derivatives. More importantly, empirical findings from this study suggest that a firm’s derivative use tends to negatively affect firm performance, rather than improve firm performance. The negative effect of derivative use on firm performance is not consistent between the two groups of the better performer and poorer performer firms. While the poorly performed firms are more likely to use financial derivatives for the purpose of performance improvement, their derivative use tends to further damage, rather than improve, performance. These research findings have theoretical and practical implications.